F|T: FinTech Times – Binance to exit Canada in face of new regulation
Plus: Float launches a new business card on the back of new growth.
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Float launches new corporate card as it experiences growth in economic downturn (BETAKIT)
The second version of the corporate card comes two years after Float was first launched, and follows a 4x increase in revenue. Float claims it has helped thousands of customers, processing over 140,000 transactions per month.
Some of the new features in “Float Cards 2.0” include merchant and category restrictions, temporary spending limits and single-use cards.
Binance pulls out of Canada amid new crypto regulations (REUTERS)
Binance said on Friday it was pulling out of Canada, weeks after the country issued a raft of new guidelines for cryptocurrency exchanges including investor limits and mandatory registrations.
‘A new bottom’: Toronto and Waterloo Region’s venture funding fell short in Q1 2023 (BETAKIT)
Venture funding in Toronto and Waterloo Region had a particularly slow start to 2023, with startups in the nearby tech ecosystems raising less than eight percent of what was raised in the same quarter last year.
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Revolut hit by departures from CFO and UK bank manager
(FINANCIAL TIMES)
Revolut has lost its UK bank chief and chief financial officer in the UK, the latest departures from the London-based fintech, whose culture has drawn scrutiny from regulators even as it seeks a banking license in its home market.
The company is still waiting for a banking license in the home market 28 months after the first application for one.
BC venture deal volume hits three-year low in Q1 2023 (BETAKIT)
According to briefed.in’s latest report, in the first quarter of 2021, startups in BC raised a total of $95.1 million through nine deals. Investments in terms of dollars raised fell by 78 percent from the fourth quarter of 2022 and 82 percent year-on-year.
Canada faces risk of falling behind G7 on open banking, says Abraham Tachjian (THE LOGIC)
With the US Consumer Financial Protection Bureau intending to introduce regulations around open banking next year, Canada could potentially be the only G7 country without a system if it doesn’t go ahead, Tachjian, the federal government’s appointed head of open banking, said on Payments Canada summit on Friday. “We risk falling behind our peers,” he said.
How startups can better manage their e-waste (BETAKIT)
The life cycle of electronics needs to be revisited, said Electronic Recycling Association (ERA) CEO Andrew Wesolowski, especially if we want to sustain the environment in which we live.
Wesolowski said startups are the target companies ERA aims to help with the equipment it reuses, as they “usually don’t want to have a lot to discard since they’re just entering the market.”
Digital crap? Bank of Canada wants your thoughts on potential new currency (GLOBAL NEWS)
Compared to private cryptocurrencies like Bitcoin, which can sometimes fluctuate in value like a stock, a digital currency backed by the central bank will not be subject to the same level of volatility – it will always retain the same value as a Canadian dollar.
Inflation blamed for decline in mental health of Canadian founders over past year (BETAKIT)
Based on a survey of 1,500 respondents, the Business Development Bank of Canada (BDC) found that rising inflation rates have taken a toll on startup founders, and identified it as a potential stressor behind why their mental health declined significantly in the past year.
Robinhood Launches 24-Hour Weekday Trading in Stocks and ETFs (THE WALL STREET JOURNAL)
Robinhood said Wednesday it will offer 24-hour trading of select stocks and exchange-traded funds, five days a week. The move is part of a growing push in parts of the financial industry to expand trading beyond traditional Wall Street business hours.
Walmart takes fintech plunge into Mexico’s risky marketplace (REUTERS)
US retail giant Walmart wants to top Mexico’s fintech market with its digital wallet Cashi, but analysts say the drive is strewn with potential pitfalls due to the proliferation of risky customers in the largely untapped market.
Diagram Ventures Closes $100M for Latest Fund as It Continues to Bet on FinTech (BETAKIT)
Diagram Ventures remains bullish on FinTech companies as it launches its latest venture fund with an initial close of $100 million CAD.
This bullish focus on FinTech comes as the state of the sector has been a mixed bag over the past year.
Ripple Will Have Spent $200M Fighting SEC Lawsuit, CEO Says (CNBC)
The SEC accuses Ripple, CEO Brad Garlinghouse and co-founder Chris Larsen of violating US securities laws by selling XRP (a cryptocurrency closely related to Ripple) without first registering it with the regulator.
Ripple disputes the SEC’s claims, maintaining the view that XRP should be considered a digital currency rather than a security.
