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Clearco CEO Michele Romanow steps down as company cuts almost 30 percent of staff (BETAKIT)
Replacing Romanow as CEO is Andrew Curtis, a New York-based investment banker who has 20 years of experience in investment management and financial services.
Romanow is the second Clearco CEO to step down from the role in the last year. Then-president, Romanow replaced fellow co-founder and former romantic partner Andrew D’Souza as CEO in February 2022 as part of a swap that saw D’Souza move to executive chair.
Genesis demise marks end of era for crypto’s pseudo-banks (THE WALL STREET JOURNAL)
Many of the biggest names in crypto lending have failed in the past half-year, highlighting the shaky foundations, risky practices and lack of regulation in the sector. Now, millions of depositors who parked savings with such lenders are in limbo as they hope to get back some portion of their money in slow-moving bankruptcy proceedings.
CoinSmart rejects Coinsquare’s notice to terminate acquisition deal (BETAKIT)
The crypto trading startup said it has written to Coinsquare to advise “that the notice [to terminate] is invalid and that it expects Coinsquare to close the transaction on the terms set out in the Share Purchase Agreement.” Coinsquare had originally proposed to buy CoinSmart for around $29 million in cash and shares.
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PhonePe raises $350 million from General Atlantic at a valuation of $12 billion (MONEY CONTROL)
PhonePe’s fundraise follows the company’s spin-off from e-commerce startup Flipkart, which was announced in December. The Flipkart spin-off also completes PhonePe’s transition to a fully Indian-domiciled company, which began in 2022.
What Xero learned after 15 years of building software for SMBs (BETAKIT)
Speaking with BetaKit, Xero’s chief product officer Anna Curzon explained the challenges of building what she calls a “purposeful platform” for small businesses.
New FTX chief says crypto exchange could restart (THE WALL STREET JOURNAL)
In his first interview since taking over FTX in November, FTX’s new chief executive, John J. Ray III said that he has set up a task force to explore restarting FTX.com, the company’s main international exchange. Although top FTX executives have been accused of criminal misconduct, some customers have praised its technology and suggested that there would be value in rebooting the platform, he said.
After navigating “major” changes to restaurant industry, Notch closes $13.7 million CAD to fuel pivot to FinTech (BETAKIT)
Much like other food tech companies and the industry it caters to, Notch was hit hard by the pandemic when in-person dining halted amid the spread of COVID-19. As Notch CEO Jordan Huck previously told BetaKit, COVID-19 posed “an extinction-level event” for the startup.
How Charlie Javice Got JPMorgan to Pay $175 Million for … What Exactly? (THE NEW YORK TIMES)
A young founder promised to simplify the college financial aid process. It was a compelling pitch. Especially, as now seems likely, to those with little firsthand knowledge of financial aid.
Alberta Innovates’ Bryan Helfenbaum on the future of energy in Canada (BETAKIT)
“The fundamental challenge is how do we maintain the prosperity that we have enjoyed while simultaneously moving into a net-zero world, and in fact, not just surviving, but thriving,” said Executive Director at Alberta Innovates, Bryan Helfenbaum.
Fintech in 2022: A story of falling funding, fewer unicorns and insurtech M&A (TECHCRUNCH)
If you thought the fourth quarter of 2022 felt slow when it came to investment activity in the fintech space, that’s because it was. In fact, the three-month period marked the lowest quarter for U.S. fintech funding since 2018, according to CB Insights’ State of Fintech 2022 Report.
Nuvei enters $1.7 billion CAD deal to acquire US payments tech firm Paya (BETAKIT)
On Monday, Nuvei announced its intent to purchase Paya for $9.75 USD per share as the former looks to expand in the US and enter new verticals. Nuvei said it expects to finance the acquisition with a combination of cash on hand, and an existing as well as a new $600 million USD credit facility.
Crypto is back — in Davos, at least — as redemption tour rolls on (THE WASHINGTON POST)
After a year of massive losses, arrests and unfolding legal troubles, many of the world’s largest cryptocurrency and blockchain companies are back in Davos this year, hoping to shore up — or resuscitate, if necessary — the industry’s image and attract new investors.
Properly pivots away from home sale guarantee as real estate market dips (BETAKIT)
A digital real estate brokerage, Properly differentiated itself in the Canadian market by promising listing homeowners a “near-instant offer” on their homes, with the option to sell directly to Properly. Having since “paused” its home purchase guarantee, Properly now looks more like a typical digital real estate brokerage.
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The post F|T: The FinTech Times – A Clearco co-founder resigns as CEO, again first appeared on BetaKit.