Plus: How a Fintech reckoning Is rippling through a small bank in Washington.
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FinTech startup Peloton Technologies announces acquisition of KIS Payments (BETAKIT)
Victoria-based FinTech startup Peloton Technologies has announced the acquisition of Nanaimo, British Columbia-based payment processing startup KIS Payments. The financial terms of the deal were not disclosed.
Not to be confused with the indoor cycling retailer, Peloton Technologies hosts what it calls a “unified SaaS payments platform.” The startup says its platform allows users and merchants to process payments, complete transfers, exchange currency, and store payment data all in one place.
Vista Equity Partners to buy EngageSmart for $4 billion (REUTERS)
Payments software vendor EngageSmart said on Monday it would be taken private by Vista Equity Partners for about $4 billion, marking the latest buyout deal in the technology sector.
EngageSmart software simplifies customer activities for companies such as paying a bill and going paperless. The Massachusetts-based company serves clients across the health and wellness, government, utilities and financial services sectors.
Bigg Digital Assets, owner of Netcoins, appoints Dan Reitzik as new interim CEO (BETAKIT)
Vancouver-based Bigg Digital Assets, which owns and operates Web3 and blockchain companies, has appointed Dan Reitzik as its interim CEO as former CEO Mark Binns steps down.
Reitzik is the founder and former CEO of DMG Blockchain Solutions, and most recently served as CEO of metaverse company TerraZero Technologies, which is in Bigg’s portfolio.
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Crypto Lender BlockFi Ends Bankruptcy With a Plan to Repay Customers (DECRYPT)
Fallen crypto lending firm BlockFi announced on Tuesday that it has “emerged” from bankruptcy, making its bankruptcy recovery plan effective as of October 24.
Emergence is when a firm that previously entered bankruptcy successfully reorganizes its balance sheet so that its ready to repay its creditors.
PADS Financial secures $3 million CAD in pre-seed funding, launches online mortgage platform (BETAKIT)
Montréal-based FinTech startup PADS Financial has secured $3 million CAD in pre-seed funding for its now-launched online mortgage platform.
On top of the typical claims of speediness in the digital mortgage space, PADS is differentiating itself by promising the integration of AI and blockchain, two active sectors for investment, into its platform.
Why bitcoin is surging again (CNN)
Bitcoin is rocketing higher, topping $35,000 on Tuesday for the first time since May 2022. It’s up 20% over the past five days.
The famously volatile cryptocurrency has more than doubled in value this year as investors grow excited about the prospect of being able to buy bitcoin funds that trade on good old-fashioned stock exchanges rather than having to deal with less-regulated and sometimes sketchy crypto platforms.
Version One Ventures explains how to fundraise when capital is no longer a commodity (BETAKIT)
What’s a founder to do if you’ve only just started your company in 2023—right on time to miss the COVID-19 stimulus-fueled boom cycle and see capital dry up?
Angela Tran, General Partner at Version One Ventures, on the #CIBCInnovationBanking podcast shared more about the first major venture “winter” since the Great Recession and what founders can do about it today.
How a Fintech Reckoning Is Rippling Through a Small Bank in Washington (THE INFORMATION)
When Washington state–based Coastal Community Bank struck its first fintech partnership with Aspiration, it ushered in a new era for the sleepy bank north of Seattle. Coastal quickly became one of the most prolific banking partners for fintech companies, striking deals with dozens of them.
But today, Coastal’s list of fintech clients is shrinking as they collapse one by one or Coastal severs ties with them. One of the startups it recently cut off came under fire from regulators months later for alleged fraud.
How to get hybrid work right for the long term (BETAKIT)
Experts in support of remote work say employee difficulties are the fault of leadership, while leaders driving the return-to-office push say hybrid work is fundamentally flawed.
For John P. Trougakos, a professor of organizational behaviour at the University of Toronto and a workplace productivity consultant, both parties have a point, so what are businesses to do?
Speaking with BetaKit, Trougakos explained how to truly get hybrid work right—and why no two organizations should use the same strategy.
Singapore-based fintech YouTrip picks up $50M led by Lightspeed (TECHCRUNCH)
YouTrip, a Singapore-based fintech that offers multicurrency wallet for consumers and business accounts with corporate cards for SMEs, has its eyes on growth throughout Southeast Asia after landing a $50 million Series B led by Lightspeed.
Since its inception five years ago, YouTrip has processed close to $10 billion in annualized transaction volume and its e-commerce payment volume has grown 238% in annualized transaction volume since its Series A in 2021.
How to navigate the “imperfect storm” of startup cybersecurity (BETAKIT)
What would you do if your business was the victim of a cyberattack—and to top it off, you lost half your customers because of it?
In a recent BetaKit Live conversation, three expert panellists discussed the very real business risks of a cyberattack and how small business and startup owners should engage with those risks.
Learn about the rapid growth of cybercrime from Aviva Klein, VP of Digital Payments & Cybersecurity Solutions at Mastercard in Canada, Darryl Julott, Managing Lead at Digital Main Street, and Charles Finlay, Executive Director of the Rogers Cybersecure Catalyst at Toronto Metropolitan University.
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