F|T: The FinTech Times – Wealthsimple co-founder steps back in C-suite shake-up

Wealthsimple Crypto
Plus: Canada's new crypto rules: comply or leave.

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Wealthsimple co-founder Rudy Adler steps back as CMO as company makes exec changes (BETAKIT)

Wealthsimple co-founder Rudy Adler has stepped away from his operational role of CMO. New addition Rubina Singh will take over as CMO. At the same time, Wealthsimple has switched up its CTO, bringing in Diederik van Liere and moving Karney Li to chief architect.

There was just one fintech unicorn minted in the first quarter (TECHCRUNCH)

Global fintech funding totaled $15 billion in the first quarter of this year, growing 55% from the fourth quarter, but $6.5 billion of that was Stripe.

If we remove Stripe’s round and stick with the $8.5 billion, when comparing this quarter to first quarters of previous years, funding is the lowest it has been since 2019.

Yield Exchange raises $700,000 CAD to simplify access to guaranteed investment certificates (BETAKIT)

Vancouver-based FinTech startup Yield Exchange, which provides an online marketplace for guaranteed investment certificates (GICs), has secured $700,000 CAD in pre-seed funding.

Despite the volatility in current fundraising conditions, Yield Exchange said the round was oversubscribed, as it had originally set out to raise $500,000.

Osler releases multi-year study of 350+ Canadian VC and growth equity financings

Osler’s market-leading Emerging and High Growth Companies Group has released its second annual Deal Points Report: Venture Capital Financings, a study of 353 anonymized venture capital and growth equity financings from 2020 to 2022, valued at more than US$6 billion.

This comprehensive report is a must read for founders, entrepreneurs, investors and advisors who are contemplating transactions in 2023 and beyond.

Read the Deal Points Report now.

Canada’s new crypto rules push trading platforms to comply or leave (BNN BLOOMBERG)

Canadian securities regulators in February gave a 30-day deadline for unregistered crypto trading platforms operating in the country to commit to a so-called pre-registration undertaking. Firms are required to follow tougher regulations on segregating customer assets and prohibited from offering margin or leverage to users in Canada.

Yung Wu to depart as MaRS CEO at end of 2023 as innovation hub begins search for next leader (BETAKIT)

Over the past five-plus years, Wu guided MaRS through the pandemic, helped MaRS launch its flagship scale-up program, a climate impact program, biotech accelerator, cleantech accelerator, Graphite Ventures, a $100 million private venture capital fund, and open a new waterfront campus.

Apple wants to be ‘top of wallet’ with new savings account, expert says. Here’s how its 4.15% offer ranks among best rates (CNBC)

As the Federal Reserve continues to hike interest rates, some online banks have been jockeying to offer the highest yields on savings. Now, Apple has entered the competition with a new savings account offering a 4.15% interest rate.

Raghwa Gopal to retire as head of Innovate BC, kicking off search for new leader (BETAKIT)

Innovate BC has announced Raghwa Gopal, its president and CEO, is retiring in August.

Gopal was appointed to lead Innovate BC in 2019 after the organization’s previous CEO, Shirley Vickers, resigned at the beginning of that year.

How London lost its lustre for fintechs (FINANCIAL TIMES)

Fintech founders say that, despite the right noises from government, much more is needed to ensure the UK keeps its pre-eminence in fintech, from unlocking additional funding to reforming listings.

Calgary Police Force, Chainalysis partnership aims to reduce cryptocurrency scams (BETAKIT)

One of the largest blockchain data platforms globally is partnering with the Calgary Police Force to fight cybercrime following a rise in complaints from Calgarians over cryptocurrency scams.

With Chainalysis, the Calgary Police Service Cyber Forensics Unit has created the CPS Blockchain Investigation Team (BIT), dedicated to support cryptocurrency and blockchain-related investigations.

Actor Ryan Reynolds adds payments company Nuvei to portfolio of business interests (FINANCIAL POST)

Montreal-based payments company Nuvei Corp. has joined Aviation Gin, Mint Mobile, and Wrexham Football Club in Canadian-actor Ryan Reynolds' investment portfolio.

“While a lot of people are running away from fintech, this is one company worth running toward,” Reynolds said, calling the move “Canada-flexing.”

Crypto exchange Bittrex violated federal laws, SEC charges in lawsuit (COINDESK)

Bittrex worked with crypto issuers to "delete … 'problematic statements'" that the SEC would investigate, the regulator said in a press release Monday, including price predictions and statements implying an "expectation of profit." The SEC also claims Bittrex should have registered as an exchange, clearing agency and broker, as it provided the services of all three types of entities.

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Alex Riehl

Alex Riehl

Alex Riehl is a staff writer and newsletter curator at BetaKit with a Bachelor of Journalism from Carleton University. He's interested in tech, gaming, and sports. You can find out more about him at alexriehl.com or @RiehlAlex99 on Twitter.

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