F|T: The FinTech Times – Canadian FinTech is in the tank, but this challenger bank thinks it can stay afloat with scale
Plus: Canadian tech companies continue to hire despite downturn.
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Canadian startup news of the week (8/28/22)
Plus: How GrowthX found product-market fit across Canada’s accelerators.
Bank of Canada’s Ron Morrow: FinTechs “need to be ready” for upcoming retail payments regulations
Morrow expects the Bank will begin registering payments service providers in 2024.
ZayZoon raises $25.5 million to expand its earned wage access business across the US
ZayZoon’s earned wage access model never caught on in Canada, but took off south of the border.
Portage Ventures rolls out new late-stage FinTech fund, aims to raise up to $1 billion USD
Amid downturn, Portage sees chance to fund FinTech firms reluctant to take valuation hit.
Sagard hits $400 million CAD goal for private equity fund
Firm plans to continue raising capital for the fund.
Manzil looks to expand Halal financial services platform with $2.44 million CAD, acquisition of Muslim Will
Manzil’s mandate is “to bring a digital Islamic financial institution to Canada.”
Canadian tech venture deal count continued to decline in Q1 2022, but total investment stayed high: CVCA
Q1 2022 was also just shy of the most private equity deals on record.
Value of Power Corp’s FinTech portfolio drops as Wealthsimple faces second May markdown
Power calls decrease in fair value of Wealthsimple stake “consistent” with broader stock market decline.
Neo Financial joins Canada’s unicorns as Peter Thiel’s Valar triples down with $185 million round
Wealthsimple had Paul Desmaris to fuel its growth; Neo has Peter Thiel.
Brim co-founder raises $10 million for new “smart card” startup Savvii
A new, but familiar player has entered the Canadian consumer cards game.
Toronto venture funding continued to reach new heights in Q1 2022, but tech valuations may be due for a cooling
Toronto broke another venture funding record in Q1, but what’s going on under the hood?
With new investment product, is Neo Financial’s biggest competition now Wealthsimple and Questrade, or the big banks?
The Prairie FinTech has teamed up with fellow Calgary startup OneVest for Neo Invest.
Portage Ventures closes $788.5 million CAD for third FinTech fund
Portage claims the early stage FinTech fund is one of the largest in the world.
F|T: The FinTech Times – Bitcoin’s Bonnie and Clyde
Plus: Tories push Trudeau for plan to lure crypto investment.