F|T: The FinTech Times – Wealthsimple achieves a Canadian FinTech first, plots new products

Michele Romanov
Plus: Mastercard to help make crypto trading easier.

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Wealthsimple first FinTech startup approved by Bank of Canada for direct settlement (BETAKIT)

“Approval is monumental for our business but beyond that, will change the landscape of financial services in Canada,” wrote Wealthsimple CEO Michael Katchen in a LinkedIn post published Tuesday morning. “This decision helps level the playing field with incumbents.”

Michele Romanow’s Clearco raising US$30-million, hires CFO, as troubled unicorn seeks stability in tech slump (THE GLOBE AND MAIL)

Clearco revealed in a Canadian securities filing this month that it has raised US$17.1-million. Romanow said the funding, in the form of a convertible promissory note, represents the first close of what is intended to be a US$30-million financing from existing investors.

ChainSafe closes $25.7 million CAD Series A to build blockchain-agnostic Web3 tools (BETAKIT)

“What makes us very unique at ChainSafe is that from day one, we’ve been focused on building out for a multi-chain, interoperable world,” ChainSafe Systems co-founder and CEO Aidan Hyman told BetaKit in an interview. “That’s something that, especially when we started, was not a very normal thing.”

Stripe Takes Steps To Prune Workforce (FORBES)

Potential cuts, which Stripe wouldn’t have to disclose as layoffs because they would be performance-based, could affect hundreds of workers at the dual Dublin- and San Francisco-headquartered company, which has more than 8,000 employees.

SingleKey acquires competitor Naborly to take the risk out of renting (BETAKIT)

Naborly, which got its start in Toronto before moving south of the border, provides tenant credit and background screening services across Canada and the United States. According to SingleKey, the acquisition of Naborly will give the startup “the first all-in-one management solution for Canadian homeowners with tenants.”

Payments tech firm Super Apps to list in U.S. via $1.1 bln SPAC deal (REUTERS)

Before the deal with Technology & Telecommunication Acquisition Corporation closes, Super Apps will buy 60% of fintech firm MobilityOne’s stake in OneShop Retail. Proceeds from the merger will be used to expand headcount, Super Apps said. The combined company will be listed on Nasdaq and named TETE Technologies Inc.

With HQ half a world away, how do Xero’s Canadian hubs stay connected? (BETAKIT)

Speaking with BetaKit, Smith explained how Xero’s hubs all stay connected to one another, how employees align to global business decisions, and what it means to ‘be a Xero’ around the world.

The BetaKit Keynote Stage returns to SAAS NORTH 2022 (BETAKIT)

Similar to last year, SAAS NORTH’s main stage will be renamed the BetaKit Keynote Stage for the entirety of the two-day conference, featuring content co-programmed and moderated by BetaKit.

Mastercard will help banks offer cryptocurrency trading (CNBC)

The payments giant plans to announce a program Monday that will help financial institutions offer cryptocurrency trading, the company told CNBC.

Mastercard will act as a “bridge” between Paxos, a crypto trading platform already used by PayPal to offer a similar service, and banks, according to the company. Mastercard and Paxos will handle regulatory compliance and security — two core reasons banks cite for avoiding the asset class.

Mortgage startup Perch raises $4 million with continued backing from venture arm of National Association of Realtors (BETAKIT)

Second Century Ventures is a return investor in Perch after the firm took part in the $1 million financing the startup secured in October 2021. At the time, Perch also joined Reach Canada, an accelerator program created by Second Century Ventures and backed by the NAR.

Investors keep pouring money into NFT and blockchain gaming projects (PROTOCOL)

Crypto winter doesn’t appear to be scaring away investors in the burgeoning NFT and blockchain gaming space. According to a new report from investment bank Drake Star Partners, crypto-related gaming companies accounted for roughly half of the last quarter’s private financing, or about $1.2 billion.

Super Advisor secures $2 million to give financial advisors independence (BETAKIT)

Led by a pair of former Purpose Advisor Solutions employees, Super Advisor aims to give financial advisors the tools they need to go their own way and build, manage, and scale their independent businesses.

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Michael Edgar

Michael Edgar

Michael is a multimedia journalist working out of the U.K. and a staff writer for BetaKit.

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