Welcome to the FinTech Times, a weekly newsletter covering the biggest FinTech news from around the globe. If you want to read F|T before anyone else, make sure to subscribe using the form at the bottom of this page.
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 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.
A one-of-a-kind experience, Inventures is a high-energy forum of conversations, convergence and creative collisions that attracts more than 3,000 investors, entrepreneurs and industry leaders. It’s the place to discover new technologies, talent, capital, customers and markets.
Hosted by Alberta Innovates, Inventures brings the world’s brightest minds and boldest ideas together in Calgary for three extraordinary days of learning, sharing, inspiration, and fun. The diverse program features eight curated program tracks with more than 150 sessions and 300+ speakers, including keynotes, expert panels, startup pitch events, networking opportunities, and more.
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.
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, and VerticalScope are the latest companies to publicly announce departures in their leadership teams as the tech sector grapples with a volatile market.
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.
The SEC settlement sends a clear message about crypto interest and lending programs.
“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 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.
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.
Many once-promising financial startups are cash-strapped; others have broken business models.