Plus: PayPal gets new CEO, Coinbase looks to be long-term leader in Canada.
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Coinbase says it wants to be a long-term leader in Canada’s crypto market (BETAKIT)
American cryptocurrency giant Coinbase sees room to invest and expand in Canada given the country’s “regulatory clarity,” strong developer ecosystem, and crypto-aware population.
As Binance and other foreign crypto-trading platforms pulled out of the country in response to tightening rules by securities regulators following the collapse of Voyager, Celsius, and FTX, Coinbase signalled its commitment to Canada and regulatory compliance earlier this year.
Intuit’s Alex Chriss named new PayPal CEO (CNBC)
PayPal’s new CEO will be Alex Chriss, the executive who runs the small business and self-employed group at Intuit, members of PayPal’s board announced Monday.
The board members said they were impressed by Chriss’ leadership at Intuit, particularly as he steered the company through its $12 billion acquisition of the marketing platform Mailchimp.
FinTech vertical sluggish as investors worry over economy, KPMG report says (BETAKIT)
Concerned about the state of the global economy, and compounded with fears of a recession, elevated inflation and interest rates, investors are currency wary when it comes to measuring the valuations of FinTech companies.
The latest available PitchBook data on the Canadian market, shared with BetaKit, indicates that the VC investment deal count in Canadian tech companies has fallen steadily since the second quarter of 2022.
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Fintech Ramp is Raising Capital at $5.5 Billion Valuation, Down 30% (THE INFORMATION)
Fintech startup Ramp, which offers credit cards and expense management software, is raising several hundred million from investors at a $5.5 billion valuation, measured before the investment, according to two people familiar with the matter.
That’s a 32% cut to the $8.1 billion at which Ramp was valued at in early 2022, reflecting how startup values have fallen in the past two years.
How a cold DM to a16z helped Finofo raise its $1.6million CAD pre-seed round (BETAKIT)
Calgary-based Finofo is developing a platform meant to be the “all-in-one” solution for businesses’ financial needs, starting with tools for global cross-border payments.
With the launch of the initial stages of its platform, Finofo said it is targeting businesses that trade around $10 to $15 million in currencies annually.
Stripe’s new country head sees a bright future for the fintech in Canada (THE LOGIC)
Stripe has quietly promoted a new head of Canada, Matt Burlak, after the FinTech giant’s first general manager for the country left his post in April. Burlak expects rapid growth in Canada in the years to come as companies look to update legacy technology.
Coinberry team relaunches with APX Lending platform (BETAKIT)
The team behind Coinberry, the first startup crypto exchange to register with the Canadian Securities Administrators, has launched a Bitcoin-backed lending platform dubbed APX Lending.
APX describes itself as a direct-to-consumer Bitcoin-lending platform as well as a business-to-business Bitcoin-backed lending software for banks that can integrate the platform and expand their lending offerings.
UK launches £1 billion fintech fund to compete with Silicon Valley (CNBC)
The U.K. has created an investment vehicle to back growth-stage financial technology companies until they can go public, in a bid to bolster Britain’s global image as a fintech investment hub.
The Fintech Growth Fund aims to invest between £10 million to £100 million into fintech companies, ranging from consumer-focused challenger banks and payments tech groups to financial infrastructure and regulatory technology.
Lending Startups Seek Buyers as Rate Hikes Hobble Growth
(THE INFORMATION)
Lending startups have sought acquirers after a spike in interest rates reversed the conditions that powered a breakneck expansion of fintech startups during the pandemic.
Higher rates have boosted the cost of funding loans and hurt borrowers’ ability to keep up with payments. Meanwhile, venture capitalists’ interest in the once-hot sector has fallen sharply.
Canadian startups NL Patent, BorderlessHR, Monark crack Google’s Women Founders accelerator (BETAKIT)
Three Canadian startups are joining Google’s latest cohort for its women founders accelerator.
NLPatent, BorderlessHR, and Monark–which are respectively based in Toronto, Ottawa, and Calgary–are among the 11 North American startups selected to take part in this year’s edition of Google for Startups’ Women Founders program.
Blockstream Is Betting on Bitcoin Comeback as It Hoards Crypto Mining Rigs (BNN BLOOMBERG)
Montreal-based Bitcoin developer Blockstream Corp. is betting that the world’s most valuable cryptocurrency is poised for a massive rebound, and is buying up Bitcoin mining rigs so that it can sell them for a profit later should the prediction hold.
Founders of VendorPM, Shakudo, Moment Energy among C100’s 2023 fellows (BETAKIT)
Non-profit Canadian tech member association The C100 has unveiled the participants in this year’s installation of its fellowship program, including founders of notable early Canadian startups such as VendorPM, Shakudo, and Moment Energy.
Crypto Custody Startup BitGo Hits $1.75B Valuation After $100M Series C (CRUNCHBASE)
Palo Alto, California-based BitGo has locked in a $1.75 billion valuation from investors after raising a $100 million Series C.
The round is eye-catching considering how few nine-figure raises there have been this year in crypto. BitGo’s is only the sixth such round in a down year for crypto funding.
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