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.
Canada open banking report released (BETAKIT)
The Advisory Committee recommends that a limited initial phase of open banking would become operational by January 2023.
India’s BharatPe valued at $2.85 billion in Tiger Global-led $370 million funding (TECHCRUNCH)
The new round — a Series E — was led by Tiger Global and valued the New Delhi-based startup at $2.85 billion (post-money), it said in a statement.
Mako Fintech secures $2 million CAD to meet “absolute tsunami of client demand” for wealth management automation (BETAKIT)
Mako’s founder and president, Raphael Bouskila, told BetaKit the startup has seen significant demand for its offering from wealth professionals searching for ways to digitize during the pandemic.
Plaid’s paying $58 million to end a 98 million-person privacy lawsuit (PROTOCOL)
Beyond the cash going to those users (and their lawyers), the agreement spells out how Plaid will inform consumers about the financial data it collects and how it uses it. It could set a standard for open banking.
Bitcoin exchange Binance.US CEO Brian Brooks suddenly resigns after only four months (FORBES)
The parent company Binance.com has been beset by accelerated regulatory scrutiny around the world, increasing the focus on locally-based regulated franchises such as Binance.US.
Synctera launches card API as company builds its Banking-as-a-Service marketplace (BETAKIT)
Created in 2020, Synctera is led by Peter Hazlehurst, the former head of Google Wallet and Uber Money, and Kris Hansen, the former CTO of Koho and Portage Ventures.
Digital payments platform Rapyd raises $300m in Series E funding (SILICON REPUBLIC)
Rapyd plans to use the investment to expand its service provision across different locations.
Wealthsimple adds Inovia partner, former Google exec Patrick Pichette to board of directors (BETAKIT)
The move follows Montréal-based Inovia’s recent investment in Wealthsimple’s $750 million CAD funding round, through which the Toronto-based FinTech startup secured a $5 billion valuation.
Human Interest raises $200 million on its path to IPO in 2023 (FORBES)
This round was led by TPG’s The Rise Fund and included SoftBank, NewView Capital, Wing VC, Crosslink Capital and Slow Ventures, among others.
Paystone secures $30 million from Crédit Mutuel Equity as part of plan to expand beyond North America (BETAKIT)
The all-equity round comes about six months after Paystone raised $69 million CAD from the Canadian Business Growth Fund and National Bank of Canada, and brings Paystone’s total institutional funding to $99 million.
Ethereum founder says upgrade sets stage for energy usage cut (BNN BLOOMBERG)
Ethereum and better-known-rival Bitcoin both operate using a proof-of-work system that requires a global network of computers running around the clock.
Cryptocurrency compromise emerges for infrastructure bill (WALL STREET JOURNAL)
The Biden-backed provision aims to boost tax enforcement on crypto transactions.
