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Conquest Planning raises $24 million to expand AI financial advisor solution to US, UK markets (BETAKIT)
The round closed in late 2022 and was led by Fidelity International Strategic Investors, which also invested in Conquest’s previous funding rounds. Also returning to invest in Conquest is Portage, joined by new investors BNY Mellon and the Royal Bank of Canada (RBC).
Affirm cuts 19% of workforce; shares tank on earnings miss (CNBC)
Affirm said in June 2022 it had 2,552 employees, which means the layoffs impact about 485 people.
Koho lays off 14 percent of staff (BETAKIT)
Around 42 full, part-time, and contract staff were affected. Koho’s headcount now sits at 300 people following the staff cut.
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PayPal CEO Dan Schulman to Retire (THE WALL STREET JOURNAL)
PayPal's board hasn't yet chosen a successor. Mr. Shulman said he would help with the leadership transitionand remain on the board.
As unregulated crypto players collapse around the world, Netcoins expands into the US (BETAKIT)
Netcoins is one of the 11 crypto trading platforms currently registered with securities regulators in Canada. The company is also one of the first and only regulated Canadian crypto firms to expand into the US to date.
‘Sam? Are you there?!’ The bizarre and brutal final hours of FTX (FINANCIAL TIMES)
What follows is the most detailed account yet of FTX’s final days. It is based on interviews with people with first-hand knowledge of events, as well as court documents and extensive internal messages and emails, which have been minimally edited for length and clarity.
Thinkific, WonderFi, VerticalScope face leadership changes following layoffs (BETAKIT)
Thinkific, WonderFi, and VerticalScope are the latest companies to publicly announce departures in their leadership teams as the tech sector grapples with a volatile market.
Canada's Hut 8 Mining to merge with US Bitcoin to weather crypto downturn (REUTERS)
The companies consolidate after a steep fall in valuations for the crypto sector that saw high-profile collapses in recent months.
Canadian Web3 Council calls on Senate to examine how to “effectively harmonize” regulatory framework for digital assets (BETAKIT)
The Canadian Web3 Council’s membership includes some of the biggest crypto, blockchain and FinTech startups in Canada. Among its membership it counts Wealthsimple, WonderFi, Dapper Labs, Ledn, and Shakepay. The council’s goal is to accelerate the growth of Web3 technology in Canada through policy innovation.
Kraken pays a $30 million fine and shuts down crypto staking in the US (THE VERGE)
The SEC settlement sends a clear message about crypto interest and lending programs.
Levr.ai closes $1 million in pre-seed funding to simplify loan applications (BETAKIT)
“I‘ve seen many qualified businesses struggle to get financing,” said Levr.ai co-founder and CEO Kaylan Pepin in a statement. “Even worse than the complex loan application process is the lack of software tools available to manage active business loans. We’re building Levr.ai to solve these issues.”
Coinbase CEO Armstrong Decries Rumors of Possible US SEC Ban on Crypto Staking (BNN BLOOMBERG)
Coinbase Global Inc.’s head Brian Armstrong escalated his war of words with the US Securities and Exchange Commission, warning he’d heard rumors the agency wants to ‘get rid of’ crypto staking by retail investors.
CoinSmart to seek monetary damages from Coinsquare following collapse of acquisition deal (BETAKIT)
While CoinSmart has accepted that the deal will no longer proceed, the startup reiterated its position that Coinsquare “had no legal basis” to terminate the transaction. CoinSmart said it plans to pursue the matter further in court.
Merge Or Perish: 25 Struggling Fintech Startups (FORBES)
Many once-promising financial startups are cash-strapped; others have broken business models.