F | T: The FinTech Times – A Caisse of Bankruptcy
Plus: Stripe reduces internal valuation by 28%.
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Platform for comparing economic prices Ratehub receives “large” investment from Novacap (BETAKIT)
Novacap has acquired a majority stake in Ratehub, but the company refuses to disclose the amount they invested and the size of the stake. However, a spokesman noted that Ratehub’s “entrepreneurs and the rest of the management team retain a large share of the shares.”
Caisse-backed crypto company Celsius Network files for bankruptcy protection (THE GLOBE AND MAIL)
Cryptocurrency lender Celsius Network Ltd. has filed for bankruptcy protection as token prices fall to their lowest levels in several years, making Caisse de dépot et placement du Québec vulnerable to losing investment in the troubled company.
EQ Bank’s last bank to join Flink’s open banking environment (BETAKIT)
This agreement, and the integration of Flinks’ offer of an open banking environment (OBE), is expected to provide EQ Bank with the framework for delivering open banking functions and launching new API data sharing methods, while at the same time giving the bank new data administration opportunities.
Klarna funding round cuts value to $ 6.7 billion from $ 46 billion (BNN BLOOMBERG)
The buy-now-pay-later giant said it raised $ 800 million from new and existing investors, according to a statement on Monday. “It is a testament to the strength of Klarna’s business that during the sharpest fall in global stock markets in over fifty years, investors recognized our strong position and continued progress in revolutionizing the retail banking industry,” said CEO Sebastian Siemiatkowski in the statement. .
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Payments Canada appoints Wealthsimples chief compliance officer as member advisory board (BETAKIT)
MAC is a council of 20 people that provides advice to Payments Canada’s board on Canada’s clearing and settlement systems, as well as the development of new technologies.
The NFT marketplace OpenSea lays off around 20% of its team (THE BLOCK)
“The changes we are making today put us in a position to maintain several years of runway under different cryptwinter scenarios (5 years with today’s volume), and give us high confidence that we only need to go through this process once,” said OpenSea CEO Devin Finzer in a written statement on twitter.
Hackers are smart but lazy. Here’s how startups can benefit (BETAKIT)
When multifactor authentication became widely available, many felt that it was enough to stop all hacker attacks. Now even multifactor authentication is targeted by hackers.
Stripe reduces internal valuation by 28% (THE WALL STREET JOURNAL)
Payment giant Stripe was last valued by private investors at $ 95 billion, cutting the intrinsic value of the shares by 28%, said people familiar with the matter. Stripe told employees in an email Friday that the internal stock price was around $ 29, compared to $ 40 in the previous internal valuation.
Solana Ventures, Twitch co-founder buys into Bravo Readys play-to-earn, Web3 video game (BETAKIT)
According to Bravo Ready co-founder and CEO Evan Ryer, the first NFT hype led to a flood of “random, no-use, no-value crypto projects” that drained liquidity from the market.
Wefox raises $ 400 billion worth $ 4.5 billion to counter insurtech downside trend (TECHCRUNCH)
Founded in Berlin in 2015, Wefox sells various insurance products through a combination of internal and external brokers, bypassing the direct-to-consumer model to insurtech competitors that include rival German startup Getsafe.
This way of increasing users, by getting third-party brokers to use Wefox to advise their own clients, is how CEO and founder Julian Teicke expects to help the company double its revenue to $ 320 million last year.
The customer claims that Vena Solutions’ “allegedly alleged” SOC report was independently audited (BETAKIT)
Verra Mobility may not be the only customer having problems with Vena’s SOC compliance. A source familiar with Vena’s activities, who stated on condition of anonymity, claimed that Vena has misled several customers about their SOC compliance, and claimed that Vena is currently undergoing audits to rectify the situation.
Crypto-financing figures fall during bumpy first half (CRUNCHBASE NEWS)
Investments in VC-backed crypto companies declined during the first half of the year, from a record $ 12.5 billion invested in the first half of last year to around $ 9.3 billion invested in the first six months of this year, according to Crunchbase data.
When cryptocurrency crashes, WonderFi terminates agreement to buy another regulated cryptocurrency trading platform in Coinberry (BETAKIT)
“It simply came to our notice then [WonderFi’s] the dissertation is played out in real time, which is compatible and regulated, “said WonderFi founder and CEO Ben Samaroo.” We would not have been able to do anything like that by being regulated by [Ontario Securities Commission]. “
MetaMask co-founders: “We can not stop people from making Ponzis on blockchains” (VICE)
“It feels too little too late, but putting your money in cryptocurrencies is gambling,” MetaMask founder Aaron Davis, who goes by the pseudonym “Kumavis” online, told Motherboard. “I’m not saying that what we have right now is the future of finance and [you should] move over your savings. “A lot of people are talking about it, and I think it’s extremely dangerous behavior.”
