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F|T: The FinTech Times – Klarna slows expansion, Ripple targets the EU

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Plus: Canadian tech layoffs continue.

Welcome to the FinTech Times, a weekly newsletter covering the biggest FinTech news from around the globe. If you want to read F|T before anyone else, make sure to subscribe using the form at the bottom of this page.


Canadian tech layoffs continue as tough year comes to a close (BETAKIT)

Properly, TealBook, D2L, Symend, and League have all made layoffs in recent weeks. Along with recent cuts by Apollo Insurance, Faire, Swift Medical, VanHack, and Koho, these moves indicate that Canadian tech companies across verticals and geographies continue to feel the pressure of challenging market conditions.


As FTX’s ties in Canada grew, was due diligence done by regulators and the Ontario Teachers’ Pension Plan? (THE GLOBE AND MAIL)

The stunning implosion of FTX Ltd. has derailed its plans to officially launch in Canada, but it’s unclear if regulators in this country were even able to peer into the books of the cryptocurrency exchange as part of their due diligence on the company that now faces potentially criminal liability.


Intuit launches third edition of Prosperity Accelerator for Toronto FinTech startups (BETAKIT)

In collaboration with venture capital firm Highline Beta, the Prosperity Accelerator is an equity-free program created to support startups whose mission is to improve the financial 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 on Saturday that the bankrupt crypto exchange is looking to sell or restructure its global empire, even as Bahamian regulators and FTX squabble in court filings and press releases about whether the bankruptcy filing should proceed in New York or in Delaware.


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Canada’s 2022 Developer 30 Under 30 (BETAKIT)

The 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, which honours 20 technology leaders in the country.


Wall Street Sours on Coinbase, Signaling Broad Crypto Doubts (THE WALL STREET JOURNAL)

Nonetheless, Coinbase has been burning through its cash and losing the confidence of investors. Its shares are down 81% since the start of the year, its market capitalization has shrunk to $11 billion, and its bonds are trading at a little more than half their face value.


WeaveSphere’s 2022 Tech Titans list names 20 tech leaders in Canada (BETAKIT)

Named Tech Titans: Top 20 of 2022, this new award honours people in the tech ecosystem that have disrupted the industry through technology, led a digital transformation to deliver business value, and enable growth in client relationships.


Klarna Says Investor Mood Is Holding Back Expansion Plans (BNN BLOOMBERG)

“The consequence of the new environment is that investors price companies differently,” CEO Sebastian Siemiatkowski said in an interview at the Slush conference in Helsinki this week. “It means that money isn’t as cheap as it was a year ago. It doesn’t allow you to invest as much into the future as you’d like to.”


Fintech Juni cuts a third of its team in second set of layoffs (SIFTED EU)

Juni declined to answer why the layoffs were divided into two sets but a spokesperson said: “We have 217 employees at Juni and roughly a third will be impacted by these changes. We are restructuring our organisation and operating model, and all areas are therefore impacted.”


The painful changes that helped GSoft scale from zero revenue to $100 million ARR (BETAKIT)

GSoft is one such centaur, hitting $100 million ARR in 2021 and on track to grow that revenue base in 2022, with plans to hire over 200 new employees across Canada this year.

But hitting this rare startup milestone required making a lot of painful and difficult decisions.


Canada’s government and securities regulators working on rules for stablecoins (THE LOGIC)

Regulations for stablecoins—digital assets whose value is pegged 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 is seeking a license in Ireland to drive EU expansion (CNBC)

Speaking in an interview with CNBC earlier this week, Ripple General Counsel Stuart Alderoty said that “effectively, Ripple is operating outside of the U.S.” today due to the fallout from its extensive legal fight with the Securities and Exchange Commission.


DIY investors make worse decision 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 British-based Behavioural Insights Team found that investors who received rewards from trading platforms – such as digital points or online badges for buying or selling stocks – made almost 40 per cent more trades than those who were not exposed to the same gamification rewards.






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