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.
FTX’s fall could have implications for more Canadian orgs than just Ontario Teachers’ (BETAKIT)
Ontario Teachers-backed crypto exchange FTX has filed for bankruptcy in the United States, after its proposed Binance deal fell through. The fast fall of FTX has been felt around the world, with Canadian organizations not immune to the fallout.
Bankrupt Crypto Exchange FTX Probing Unauthorized Transactions (THE WALL STREET JOURNAL)
Bankrupt cryptocurrency exchange FTX is probing a potential hack and asked customers to stay off the FTX website, the company said. More than $370 million worth of crypto funds appears to be missing, according to crypto analytics firm Elliptic Enterprises Ltd.
‘The Devil In Nerd’s Clothes’: How Sam Bankman-Fried’s Cult Of Genius Fooled Everyone (FORBES)
Crypto insiders paint a picture of a charismatic tech founder who became the darling of high-powered investors, even as he was brazen about his cryptocurrency exchange’s shaky business model and kept the books closed to all but a few confidants.
Hopper closes $96 million USD from Capital One at more than $5 billion valuation (BETAKIT)
In an interview with BetaKit, Hopper president Dakota Smith said the firm plans to invest in a few areas, including Hopper Cloud, social commerce, and international market expansion. Capital One is also extending the length of its existing strategic partnership with Hopper.
At CDW, we work with startups at every stage of their journey, and we have partnered with leading technology provider Cisco to help you find the right technology for your growing business.
In this exclusive, on-demand webinar, Brent Lowe, scale-up coach and lead coach at BASE Associates, discusses the 5 Cs of designing your future as a leader of a scaling business.
By registering and watching this video, you will be automatically entered into a draw to win a private consulting session with Brent and his team.
Don’t miss out on this great session – sign up now!
GoTo plans to cut more than 1,000 jobs in bid to reach profit (BNN BLOOMBERG)
The reduction, equal to more than 10% of the workforce, will affect all divisions, said the people, who asked not to be identified as the deliberations are private. Shares of the company rose as much as 9.6% in Jakarta, the biggest intraday gain in almost two months.
How Poseidon Ocean Systems pivoted internationally when domestic opportunity dried up (BETAKIT)
Speaking with BetaKit, Clarke explained Poseidon’s journey, how she stumbled upon her big opportunity, and how she managed the process of commercializing two products globally.
Thomson Reuters to acquire tax automation company SurePrep for $500M (TECHCRUNCH)
The transaction, which Thomson Reuters said it expects to close in Q1 2023, values SurePrep at $500 million, which will be paid entirely in cash.
Founded in 2002, SurePrep is one of numerous software providers that help tax professionals and accountants gather and file 1040 tax returns on behalf of their clients.
FinTech investor Holt Xchange launches fund at intersection of Web3, sports media, entertainment (BETAKIT)
Through the newly announced fund, Holt Xchange plans to invest in Web3 startups at the seed and Series A stages that are using digital collectibles, blockchain tech, smart contracts, and non-fungible tokens (NFTs) to disrupt existing business models across the sports media and entertainment industries.
Fintech Investor Quona Closes Oversubscribed $332M Fund (CRUNCHBASE)
This latest fund was Quona’s third, and it far exceeded the firm’s initial target of $250 million. Quona started to raise the fund a year ago, taking an extra quarter to close the deal. Its last Fund 2 was announced in 2020 at $203 million.
Market watch: Lightspeed, Nuvei increase revenues but reports lead shares to fluctuate (BETAKIT)
Lightspeed and Nuvei’s revenue increases when played against the backdrop of losses appeared to underwhelm investors who, during the current tech downturn, are eager for good news of any kind but are swift to react when it doesn’t meet their expectations.
Meet Aquanow, the company quietly powering Canadian crypto behind the scenes (THE LOGIC)
Aquanow says it partners with the majority of Canadian cryptocurrency trading platforms to source crypto for customers on global markets. The firm’s role highlights the interconnectedness and borderless nature of crypto.
Louis Têtu explains how Coveo is bucking tech trends ahead of SAAS NORTH keynote (BETAKIT)
Ahead of his SAAS NORTH talk on the BetaKit Keynote Stage, we sat down with Têtu to discuss why Coveo continues to buck tech trends, and tease some of the predictions the CEO will provide in Ottawa next week.
Columbus company Root to cut 20% of its jobs (THE COLUMBUS DISPATCH)
“To further improve cash flow we are prioritizing resources that support Root’s go-forward strategy,” Root CEO and co-founder Alex Timm said in a letter to shareholders as part of the company’s release of its third-quarter financial results. “As a result, we have made the difficult decision to reduce our headcount by roughly 20%.”
