F|T: The FinTech Times – A Clearco co-founder steps down as CEO, again
Plus: the end of an era for crypto’s pseudo-banks.
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Clearco CEO Michele Romanow steps down as company cuts nearly 30 percent of staff (BETAKIT)
Replacing Romanow as CEO is Andrew Curtis, a New York-based investment banker with 20 years of experience in investment management and financial services.
Romanow is the second Clearco CEO to step down from the role in the past year. Then-president, Romanow replaced co-founder and former romantic partner Andrew D’Souza as CEO in February 2022 as part of a swap that saw D’Souza move to CEO.
Genesis’ demise marks the end of the era of crypto’s pseudobanks (THE WALL STREET JOURNAL)
Many of the biggest names in crypto lending have failed over the past six months, highlighting the shaky foundations, risky practices and lack of regulation in the sector. Now millions of depositors who parked their savings with such lenders are in limbo as they hope to get some of their money back in slow-moving bankruptcy proceedings.
CoinSmart Rejects Coinsquare’s Notice to Terminate Acquisition Agreement (BETAKIT)
The crypto-trading startup said it has written to Coinsquare to inform “that the notice [to terminate] is invalid and that it expects Coinsquare to close the transaction on the terms set forth in the stock purchase agreement.” Coinsquare had originally proposed to buy CoinSmart for about $29 million in cash and stock.
What needs to happen before the IPO window opens again in 2023? What trends will affect the world’s largest economies? And how likely is the risk of a global recession or energy crisis?
Find out in RBC’s Global Market Outlook
PhonePe Raises $350M From General Atlantic At $12B Value (MONEY CONTROL)
PhonePe’s fundraising follows the company’s spin-off from e-commerce startup Flipkart, which was announced in December. The Flipkart spin-off also completes PhonePe’s transition to a fully Indian-domiciled company, which started in 2022.
What Xero Learned After 15 Years of Building Software for Small and Medium Businesses (BETAKIT)
Speaking with BetaKit, Xero’s Product Manager Anna Curzon explained the challenges of building what she calls a “targeted platform” for small businesses.
New FTX CEO Says Crypto Exchange Can Restart (THE WALL STREET JOURNAL)
In his first interview since taking over FTX in November, FTX’s new CEO, John J. Ray III, said he has set up a task force to explore restarting FTX.com, the company’s main international exchange. Although senior FTX executives have been accused of wrongdoing, some customers have praised the technology and suggested there would be value in restarting the platform, he said.
After Navigating ‘Major’ Changes In Restaurant Industry, Notch Closes $13.7M CAD To Fuel FinTech (BETAKIT)
Just like other food tech companies and the industries it caters to, Notch was hit hard by the pandemic when personal dining came to a halt amid the spread of COVID-19. As Notch CEO Jordan Huck previously told BetaKit, COVID-19 posed “an extinction-level event” for the startup.
How Charlie Javice Made JPMorgan Pay $175 Million For … What Really? (NEW YORK TIMES)
A young founder promised to simplify the college financial aid process. It was a convincing pitch. Especially, as now seems likely, for those with little first-hand knowledge of financial aid.
Alberta Innovates’ Bryan Helfenbaum on the Future of Energy in Canada (BETAKIT)
“The fundamental challenge is how do we maintain the prosperity we’ve had while moving into a net-zero world, and actually not just survive, but thrive,” said Alberta Innovates CEO Bryan Helfenbaum.
Fintech in 2022: A story of declining funding, fewer unicorns and insurtech M&A (TECHCRUNCH)
If you thought the fourth quarter of 2022 felt slow when it came to investment activity in the fintech space, that’s because it was. In fact, the three-month period marked the lowest quarter for US fintech funding since 2018, according to CB Insights’ State of Fintech 2022 report.
Nuvei enters into $1.7 billion CAD deal to acquire US payment technology company Paya (BETAKIT)
On Monday, Nuvei announced its intention to acquire Paya for $9.75 USD per share as the former looks to expand in the US and enter new verticals. Nuvei said it expects to finance the acquisition with a combination of cash on hand, and an existing as well as a new US$600 million credit facility.
Crypto is back — at least in Davos — as redemption tour continues (THE WASHINGTON POST)
After a year of massive losses, arrests and unfolding legal troubles, many of the world’s biggest cryptocurrency and blockchain companies are back in Davos this year, hoping to boost – or revive, if necessary – the industry’s image and attract new investors.
Correctly pivots away from the home sale guarantee when the real estate market falls (BETAKIT)
A digital real estate agency, Properly differentiated itself in the Canadian market by promising listing homeowners a “near-instant offer” on their home, with the option to sell directly to Properly. After “pausing” its home buying guarantee, Properly now looks more like a typical digital real estate agency.
