F|T: The FinTech Times – Profit crunch

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New York-based FinTech startup Jeeves announces $71.6 million CAD, expansion into Canada (BETAKIT)

“Our goal is to get to 30 to 40 people in Canada across Vancouver and Toronto, so we’re hiring pretty aggressively in the market,” Jeeves co-founder and CEO, Dileep Thazhmon, told BetaKit in an interview.


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Intuit in talks to buy Mailchimp for more than $10 billion (BLOOMBERG)

Intuit Inc., the maker of TurboTax and QuickBooks software, is in talks to buy email marketing firm Mailchimp for more than $10 billion, according to people familiar with the matter.

Liberals and Conservatives both promise to introduce open banking on election trail (BETAKIT)

A number of FinTech startups expressed their frustration to BetaKit in May that after two years they were still waiting for the Liberals to deliver the Advisory Committee on Open Banking’s report.

Prosus acquires Indian payments giant BillDesk for $4.7B, will merge with its PayU FinTech group (TECHCRUNCH)

The proposed acquisition will make PayU one of the bigger online payment providers globally with some $147 billion in payment volume annually.

Affirm shares soar nearly 47% after Amazon partnership that lets consumers buy expensive things in installments (CNBC)

The partnership will allow customers to break up purchases of $50 or more into smaller installments.

Payments Canada launches real-time payment transfer system (BETAKIT)

Payments Canada will own and operate Lynx, while the Bank of Canada will oversee the system.

U.S. SEC sues crypto platform BitConnect in US$2B fraud (BNN BLOOMBERG)

BitConnect falsely told investors that it could generate monthly returns as high as 40 per cent with its proprietary “volatility software trading bot” when no such strategy existed, according to the SEC.

Insurify, a ‘virtual insurance agent,’ raises $100M Series B (TECHCRUNCH)

With the new financing, Cambridge, Massachusetts-based Insurify has now raised a total of $128 million since its 2013 inception.

Flinks CEO says Montreal FinTech has “grand plans” as National Bank takes majority stake (BETAKIT)

Leboeuf said Flinks has “grand plans,” starting with expanding its product offering in analytics and data enrichment, and growing its market share in the wealth and lending spaces.

Feeling a profit crunch, buy now pay later services bet on advertising (MODERN RETAIL)

As buy now pay later services achieve ubiquity across e-commerce, they are looking to advertising as a new revenue stream.

Robinhood tanks after SEC chair tells Barron’s that banning payment for order flow is a possibility (CNBC)

Securities and Exchange Commission Chairman Gary Gensler told Barron’s that banning the controversial practice of payment for order flow is “on the table.”

Blockstream secures $266 million CAD at $4 billion valuation to monetize the Liquid Network (BETAKIT)

With years invested in building its sidechain-based settlement network, Blockstream has raised significant funding to continue to blend the worlds of finance and industrial Bitcoin mining.

B.C.-based Chinese currency exchange implodes amid tangle of lawsuits and failed transfers (CBC)

The CBC has found at least eight lawsuits filed against Xu Dong Liu and her husband, Jiahua Dong, for losses of up to US $1 million through breached exchange agreements.

Payroll data is FinTech’s $10 billion ‘holy grail’ (PROTOCOL)

A glimpse at consumers’ paychecks gives crucial clues that help financial firms market mortgages, retirement accounts and more. No wonder it’s such a tricky field to master.

Josh Scott

Josh Scott

Josh Scott is a BetaKit reporter focused on telling in-depth Canadian tech stories and breaking news. His coverage is more complete than his moustache.

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