F|T: The FinTech Times – Stripe’s path to IPO
Plus: Blockstream lands $125 million.
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Bitcoin Infrastructure Startup Blockstream Raises $125M to Expand Crypto Mining Services (BETAKIT)
Kingsway Capital led the convertible note, with participation from other investors including Fulgur Ventures. Blockstream said this recent sum of capital will be allocated to the expansion of its mining facilities to meet “the strong demand” for Blockstream’s institutional hosting services.
Stripe sets one-year timetable to decide on going public (THE WALL STREET JOURNAL)
Stripe co-founders Patrick and John Collison told employees Thursday that executives were aiming to either take the company public or let employees sell shares in a private market transaction within the next 12 months, according to people familiar with the matter.
Investors’ liquidity woes put pressure on Canadian startups (BETAKIT)
The immediate damage is to Canadian startups looking to raise money – including those that had closed rounds, only to never see the funds materialize or get knocked back.
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DCG-Owned Crypto Exchange Luno Axes 35% of Employees, Citing Market Turbulence (CNBC)
The London-based firm’s chief executive, Marcus Swanepoel, informed staff of the layoffs at 12 noon London time on Wednesday in a live town hall.
StoryTap founder Bernadette Butler on how she overcame the “shocks” of entrepreneurship (BETAKIT)
“I want to question anyone who claims they got it right out of the gate,” said StoryTap founder Bernadette Butler.
Gemini lays off several employees citing “bad actors” in the crypto industry (THE INFORMATION)
It is at least the third round of cuts at Gemini in the past eight months. Gemini president Cameron Winklevoss informed employees, known internally as “astronauts,” of the latest layoffs in a message on Slack on Monday.
Delphia co-founder takes leave due to sexual assault allegations, lawsuit from former employee (BETAKIT)
The lawsuit, filed in California, alleges that Delphia co-founder and CTO Cameron Westland “sexually assaulted and harassed” the now-former employee at a work retreat on August 17, 2022.
HR company Deel, now valued at $12 billion, approaches $300 million in revenue (FORBES)
Alex Bouaziz, co-founder and CEO of Deel, is armed with metrics that would be the envy of almost any software startup CEO. Deel, which sells HR software for hiring international workers, started 2021 with $4 million in annual recurring revenue. That number has risen to 295 million dollars as of 1 January, he tells Forbes. In addition, the company operates with better than 85% gross margins, and has been profitable, based on Ebitda measurements, since September.
Nuula sold to Nav Technologies after collapse of series A round (BETAKIT)
Nuula CEO Mark Ruddock wrote that “the vast majority” of Nuula’s technology team, as well as core data science, accounting and marketing talent from the Canadian office, joined Nav in the acquisition in December.
Bolt’s CEO cuts staff a third time as revenue lags (THE INFORMATION)
In an all-hands meeting Tuesday after the latest layoffs, CEO Maju Kuruvilla said “quite a few” of the company’s efforts, including partnerships, new products and acquisitions, had not worked.
How to turn graduates into successful employees (BETAKIT)
Younger generations value interesting work and team connection; they require structure and strong communication.
Startups and Other Firms Created by the Square Mafia (BUSINESS INSIDER)
From PayPal to Facebook, Silicon Valley has long been obsessed with the idea of corporate “mobs.” Take a look at ex-Square employees who have created more than $40 billion in startup value.
As Big Tech Makes Mass Layoffs, Recent Canadian Startup Cutbacks May Cut Deeper (BETAKIT)
The financial pressures that are causing some of the world’s biggest tech companies to cut staff continue to be felt by Canadian tech startups as well. In recent weeks, PartnerStack, SSENSE, #paid, Shakepay and Venngage have all joined the growing list of tech startups to cut staff.
Fintech Cadence, Atlantic FinTech Partner to Create National Reach (BETAKIT)
The Hub is a free, equity-free program that gives startups access to industry and knowledge experts, pro-bono legal office hours, discounted software, workshops and peer-to-peer support.
