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.
Payments Canada delays Real-Time Rail payment system launch (again) (BETAKIT)
It’s the second time Payments Canada has delayed the system’s launch. It first promised to deliver the RTR in 2022, and then rescheduled the launch to mid-2023.
No revised timeline was given by Payments Canada as part of its most recent delay announcement. Black said that Payments Canada’s members, stakeholders, and the broader payment industry would need to be consulted first.
“At some point, we need to recognize that what’s happening in Canada is not normal,” said Koho CEO Daniel Eberhard.
Oh look, TripActions raised at a $9.2B valuation after reported $12B IPO filing (TECHCRUNCH)
The deal comes weeks after the Palo Alto-based company was said to have filed confidentially to go public in the second quarter of next year at a $12 billion valuation. Totaling $304 million, the Series G financing has been in the works since at least May, confirming earlier Bloomberg reports that the travel company was seeking financing at a higher valuation.
NorthOne raises $92.1 million CAD to build new working capital, credit products (BETAKIT)
The financing, which closed in “late summer,” included participation from Battery Ventures, Don Griffith, retired National Football League player Drew Brees, Ferst Capital Partners, FinTLV, Next Play Capital, Operator Stack, Redpoint Ventures, Tencent, and BetterCompany founder Tom Williams.
‘It’s a very big deal’: Coinsquare gets IIROC approval in crypto world first (YAHOO FINANCE)
The new registration will bring a number of changes to the exchange. It will have to fully segregate client assets through a licensed and insured custodian, be subject to more stringent operational controls, keep more capital on hand and regularly report on the state of its balance sheet.
It also means cash held in client trading accounts will be insured by the Canadian Investment Protection Funds.
Amid questions on progress, Canada’s open banking lead says implementation “absolutely” remains on track (BETAKIT)
Given the status of efforts to date, some members of the country’s financial services community have questioned whether those tasked with implementing open banking in Canada will be able to meet the two-phase, 18-month timeline outlined in the Advisory Committee on Open Banking’s long-awaited report.
Brex, valued at $12.3B earlier this year, lays off 11% of staff as part of restructuring (TECHCRUNCH)
It’s been a tumultuous year for Brex, which announced in April that it was leaning into the enterprise segment. That new focus led to the company announcing in June that it would no longer work with small businesses or non professionally funded startups. The latter news caused a bit of an uproar — and some feelings of abandonment — in the startup community, which Brex initially set out to serve.
IP expert Peter Cowan tapped to head Intellectual Property Ontario (BETAKIT)
Cowan has been working as IPON’s head since least late summer, multiple sources confirmed to BetaKit. Those sources, who asked to remain anonymous as they’re not allowed to speak publicly on the matter, noted that Cowan has been taking meetings with members of the ecosystem for several weeks.
Crypto Custodian Copper Raises $196M in Series C Funding Round (COINDESK)
The new funding is part of an ongoing Series C investing round in the company. Of the $196 million, $181 million came from new and existing shareholders, with the rest coming from a convertible loan note.
The valuation of the firm was not known, and the company reported a loss of $16 million in 2021, up significantly from $4.1 million in 2020. Copper didn’t immediately respond to a request for comment.
Quandri raises $2 million CAD to automate time-consuming, repetitive tasks for insurance industry (BETAKIT)
Vancouver-based Quandri experimented with the idea of providing bots-as-a-service to small and medium-sized businesses in a bunch of different sectors before landing on insurance a year and a half ago.
EU Lawmakers Pass Landmark Crypto Assets Regulation Bill (DECRYPT)
European Union lawmakers today signed off the Markets in Crypto Assets Regulation (MiCA)—landmark legislation that hopes to regulate the digital asset space within the union.
Alberta tech CEOs sign letter claiming restrictions over “software engineer” title hampering province’s talent gains (BETAKIT)
Companies and startups have written Premier Danielle Smith protesting the “aggressive position” the Association of Professional Engineers and Geoscientists of Alberta (APEGA) has taken over the title of software engineer.
The some 30-plus signatories of the letter contend that APEGA is unnecessarily regulating the designation of software engineer and has made the position subject to “onerous, restrictive, and unnecessary certification requirements.”
Couple mistakenly given $10.5m from Crypto.com thought they had won contest, court hears (THE GUARDIAN)
A Victorian woman accused of theft over a $10.5m mistaken cryptocurrency refund has been released on bail as she awaits trial, despite claims she allegedly tried to flee the country.
26 Canadian tech startups added to list of firms on path to $1 billion in annual revenue (BETAKIT)
Combined with the 35 startups named to Communitech’s initial list, which was published in June, the tech hub has now identified a total of 61 privately-held Canadian tech firms on the path to hitting $1 billion in annual revenue, based on each company’s current annual revenue and growth rate.
Subscribe to F|T: The FinTech Times Newsletter
The post F|T: The FinTech Times – FinTech startups say what’s happening in Canada is “not normal” first appeared on BetaKit.