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.
Clearco hands overseas business to Outfund to focus on North American market (BETAKIT)
Clearco told BetaKit that its partnership with Outfund does not include any of Clearco’s staff, technology, intellectual property, infrastructure, or operations. Under the terms of this partnership, Clearco will receive a commission for referring its international clients to Outfund.
Fintech firm Klarna’s losses triple after aggressive U.S. expansion and mass layoffs (CNBC)
Klarna on Wednesday reported a dramatic jump in losses in the first half, adding to a deluge of negative news for the “buy now, pay later” pioneer. The Swedish payments firm generated revenues of 9.1 billion Swedish krona ($950 million) in the period spanning January to the end of June 2022. That was up 24% from a year ago.
WonderFi to acquire Blockchain Foundry in all-stock deal (BETAKIT)
WonderFi said it expects around 26.2 million of its common shares to be issued to shareholders of BCF as consideration, representing approximately 13.4 percent of the issued and outstanding shares of WonderFi. A spokesperson for WonderFi told BetaKit that BCF’s acquisition is worth around $12.6 million CAD.
TimePayment Closes on $375M Credit Facility for Equipment Financing (PYMNTS)
“This new facility is an important part of our overall, long-term capital markets strategy,” TimePayment President and CEO Jay Haverty said in a press release. “The expansion and extension of our primary facility was a priority as we continue to realize record originations and earnings growth.”
Thoughtwire, Finaeo make staff cuts as Canadian tech continues to face economic headwinds (BETAKIT)
Thoughtwire and Finaeo are among the latest Canadian startups to make layoffs in recent weeks as companies adjust to a tighter investment landscape and economy. Both companies are staying mum on the number of employees cut.
Crypto.com pulled out of huge Champions League sponsorship at last moment (SPORT BUSINESS)
Uefa narrowly missed out on what was set to be one of its largest-ever sponsorships for the Champions League earlier this summer when a deal with the Crypto.com cryptocurrency company fell through at the last moment.
Five months in, details on Canada’s new Innovation and Investment Agency remain sparse (BETAKIT)
Since the budget announcement, the federal government has little to offer about what the agency will look like, its role, how it will work and, most importantly, whether it will work at all. Queries to the federal government only elicit vague statements about why the new agency is needed, but yield nothing concrete about its potential workings.
Who Are You? Alloy Raises At $1.55B Valuation To Help Answer That Question (CRUNCHBASE NEWS)
The new round was led by Lightspeed Venture Partners and Avenir Growth with participation from existing investors Canapi Ventures, Bessemer Venture Partners, Avid Ventures and Felicis Ventures.
How startups can avoid the “Frankenstein data stack” trap (BETAKIT)
In the quest for speed, many startup founders cobble together multiple low-quality data sources, hoping it offers practical insight. This is a problem Peter Fishman, co-founder and CEO of Mozart Data, frequently saw at fast-growing startups in the Bay Area.
Ticketmaster taps the Flow blockchain to let event organizers issue NFTs tied to tickets (TECHCRUNCH)
Ticketmaster initially partnered with Ethereum-based blockchain Polygon last November, to issue virtual ticket stubs to NFL fans through the rest of the season. The ticketing giant then elected the Flow blockchain earlier this year to issue digital collectibles to over 70,000 Super Bowl LVI ticket owners.
Ticketmaster is also extending its partnership with the NFL to this season, where it plans to issue NFTs to all attendees of 100 select games, including at least three home games for all 32 teams.
Canadian tech companies continue to hire despite downturn – here’s an (incomplete) list (BETAKIT)
350 companies have now added their job listings, indicating a strong and continued desire to hire #CDNtech talent.
Information VP, National Bank invest in US FinTech FX HedgePool’s $8 million Series A round (BETAKIT)
Launched in 2020, FX HedgePool is a peer-to-peer matching platform for institutional foreign exchange (FX) transactions. The New York-headquartered startup said it has facilitated over $4 trillion in matched FX trades for dozens of firms.
Tether Says Audit Is Still Months Away as Crypto Market Falters (THE WALL STREET JOURNAL)
Many crypto companies lack the basic financial guardrails that help protect investors in traditional banks. Firms often don’t publish financial statements, or have anyone check their books. Even if they are audited, there are no agreed accounting standards for digital assets.
SureBright raises $3.2 million CAD to reinvent retail insurance (BETAKIT)
The startup’s solution enables any e-commerce merchant to begin selling insurance and warranty products in their stores in under 15 minutes. SureBright has already embedded its app with three Shopify merchants, but sees the potential for growth.
Subscribe to F|T: The FinTech Times Newsletter
The post F|T: The FinTech Times – Clearco comes home, Klarna’s losses triple first appeared on BetaKit.