F|T: The FinTech Times – Klarna slows expansion, Ripple targets EU
Plus: Canadian tech layoffs continue.
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Canadian tech layoffs continue as tough year draws to a close (BETAKIT)
TealBook, D2L, Symend and League have all resigned in recent weeks. Along with recent cuts from Apollo Insurance, Faire, Swift Medical, VanHack and Koho, these moves indicate that Canadian technology companies across verticals and geographies continue to feel the pressure of challenging market conditions.
As FTX’s ties in Canada grew, was due diligence conducted by regulators and the Ontario Teachers’ Pension Plan? (GLOBE AND POST)
The Amazing Implosion of FTX Ltd. have derailed their plans to officially launch in Canada, but it’s unclear whether regulators in that country were even able to look into the cryptocurrency exchange’s books as part of their due diligence on the company, which now faces potential criminal liability .
Intuit Launches Third Edition of Prosperity Accelerator for Toronto FinTech Startups (BETAKIT)
In partnership with venture capital firm Highline Beta, the Prosperity Accelerator is an equity-free program designed to support startups that aim to improve the economic prosperity of consumers and small businesses. The four-month program is focused on startups based in the Greater Toronto Area.
FTX Will Sell or Restructure Global Empire, CEO Says (CNBC)
FTX’s new CEO said Saturday that the bankrupt crypto exchange is looking to sell or restructure its global empire, even as Bahamian regulators and FTX spar in court documents and press releases over whether the bankruptcy filing should proceed in New York or in Delaware.
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Canada’s 2022 Developer 30 Under 30 (BETAKIT)
Developer 30 Under 30 is a recurring list that recognizes some of the top developers based in Canada. WeaveSphere also added a new award for this year’s conference, honoring 20 technology leaders in the country.
Wall Street Sours on Coinbase, Signals Major Crypto Doubt (THE WALL STREET JOURNAL)
Nonetheless, Coinbase has burned through its cash and lost the confidence of investors. The shares are down 81% since the start of the year, the market capitalization has shrunk to $11 billion, and the bonds are trading at a little more than half their face value.
WeaveSphere’s 2022 Tech Titans List Names 20 Technology Leaders in Canada (BETAKIT)
Named Tech Titans: Top 20 of 2022, this new award honors people in the tech ecosystem who have disrupted industries through technology, led a digital transformation to deliver business value and enable growth in customer relationships.
Klarna says Investor Mood is holding back expansion plans (BNN BLOOMBERG)
“The consequence of the new environment is that investors value companies differently,” CEO Sebastian Siemiatkowski said in an interview at the Slush conference in Helsinki this week. “That means the money is not as cheap as it was a year ago. It does not allow you to invest as much in the future as you would like.”
Fintech June cuts a third of its team in second set of layoffs (SIFTED EU)
Juni declined to answer why the redundancies were split into two sets, but a spokesperson said: “We have 217 employees at Juni and around a third will be affected by these changes. We are restructuring our organization and operating model, so all areas are affected .”
The Painful Changes That Helped GSoft Scale From Zero Revenue to $100M ARR (BETAKIT)
GSoft is one such centaur, which reached $100 million ARR in 2021 and is on track to grow its revenue base in 2022, with plans to hire over 200 new employees across Canada this year.
But reaching this rare startup milestone required many painful and difficult decisions.
Canada’s government and securities regulators work on rules for stablecoins (THE LOGIC)
Regulations for stablecoins — digital assets whose value is tied to a government-issued currency — are in the works as part of the federal government’s legislative review of digital assets.
Hopper closes $96 million USD from Capital One at more than $5 billion valuation (BETAKIT)
In an interview with BetaKit, Hopper president Dakota Smith said the firm plans to invest in a few areas, including Hopper Cloud, social commerce and international market expansion. Capital One is also extending the length of its existing strategic partnership with Hopper.
Crypto startup Ripple seeks license in Ireland to pursue EU expansion (CNBC)
In an interview with CNBC earlier this week, Ripple General Counsel Stuart Alderoty said that Ripple is “effectively operating outside the United States” today due to the fallout from the extensive legal battle with the Securities and Exchange Commission.
Do-it-yourself investors make worse decisions when platforms ‘gamify’ trading, study says (THE GLOBE AND MAIL)
In a research report scheduled to be released on Thursday, the Ontario Securities Commission, in collaboration with the UK-based Behavioral Insights Team, found that investors who received rewards from trading platforms – such as digital points or online tokens for buying or selling stocks – earned almost 40 per cent more trades than those who were not exposed to the same gamification rewards.
