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Wealthsimple sells UK book of business as FinTech giant focuses solely on Canada (for now?) (BETAKIT)
It was a busy week for Wealthsimple, which announced that it has sold its United Kingdom book of business to Moneyfarm, completing a transition it began earlier this when it sold its United States (US) book of business to focus its efforts on Canada. The startup also shared a pricing change to its Trade service designed to simplify US trades. Is Wealthsimple gunning to build Canada’s FinTech super app?
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Wealthsimple Trade to launch ‘Plus’ tier, sunset ‘Premium’ offering, streamline US trading (BETAKIT)
This change to Wealthsimple’s Trade service is a win-win: active users on the platform are rewarded with reduced fees, US meme stocks trades – which helped the app reach number one overall on the Canadian Apple App Store in January – become more palatable, and Wealthsimple makes more money per month if its users do nothing at all.
Canadian tech investor Georgian targets $2.8 billion for two funds (WALL STREET JOURNAL)
Like a growing number of technology investors, Toronto-based Georgian wants to double down on its best investments, and the firm is pitching a $1.5 billion fund that would give it money to do just that.
Nuvei shares drop amid short seller report (BETAKIT)
Nuvei saw its share price fall rapidly after a short-seller report from Spruce Point Capital Management, which also recently targeted Lightspeed Commerce, accused Nuvei of covering up a pattern of business failures, lack of organic growth, and “web of relationships with individuals connected to major Ponzi Schemes and alleged fraudulent activities.” Nuvei has since called the report “intentionally misleading,” adding that it “draws inaccurate conclusions.”
Portage Ventures’ new $600M fund seeking to invest directly in cryptocurrencies (THE LOGIC)
Following publication of this article, Sagard Holdings spokesperson, Adam Daifallah, sent an emailed statement to The Logic stating that Portage Ventures “has no intent to invest directly in cryptocurrencies or to buy tokens, and has not done so.”
How to (successfully) pivot your startup, from a company that did it twice (BETAKIT)
It’s hard to recognize you need a radical course correction. And it’s hard to pull one off once you’ve decided to go for it. We asked a CEO who had two successful pivots to share tips with us.
Mambu valued at $5.3 billion in investment led by private-equity firm EQT (WALL STREET JOURNAL)
The banking-software company looks to take advantage of a growing preference among businesses and consumers for digital-banking services.
Monzo confirms $4.5bn valuation after closing new $500m round (SIFTED)
The fundraise offers a vote of confidence in the neobank, which had a turbulent 2020.
The metrics that show your startup is healthy (BETAKIT)
Mike Kwatinetz of Azure Capital Partners shares his approach to evaluating businesses and how to paint a picture that shows the quality of your startup.
Pleo picks up $200M at a $4.7B valuation to build the next generation of business expense management (TECHCRUNCH)
Danish startup Pleo, a developer of expense management tools aimed at SMBs to let them issue company cards and better manage how employees spend money, has picked up a large tranche of funding to help it double down on its business at a time of strong growth.
Payment Rails rebrands to Trolley, closes $7 million Series A to expand reach of global payouts platform (BETAKIT)
The funding round and name change comes as demand for Trolley’s platform has “skyrocketed” since the beginning of 2020, after the shift to remote work led many companies to become more willing to work with contractors and suppliers from around the world.
Better CEO ‘taking time off effective immediately’: email (VICE)
The company has also hired an outside firm to “do a leadership and cultural assessment.”
Tech panel thinks Canadian startups are ready to move from defence to offence in 2022 (BETAKIT)
In a recent BetaKit Live panel discussion, Shaun Ricci, General Manager, Talent Intelligence at Ceridian Dayforce, Lissa Ricci, Head of Sales, Small Business Solutions at Cisco Canada, and Andrew Popliger, Partner, National Tech Sector Leader at PwC spoke about the changing tides in Canadian tech and explained why talent is at the top of everyone’s mind right now.
Buffett-backed Nubank becomes Latin America’s most valuable listed bank (REUTERS)
Founded only eight years ago to offer consumers a no fee credit card, Nubank became Latin America’s most valuable listed bank, at $41.5 billion, ahead of Brazil’s Itau Unibanco Holding SA.