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How Super raised $85 million USD after rebranding from Snapcommerce (BETAKIT)
Toronto-born Super.com has raised $85 million USD in Series C financing, nearly six months after rebranding from Snapcommerce as it expands its from travel and shopping discounts to financial services.
According to Super.com, the Series C round “significantly increases” the valuation of the company since closing its $107 million add currency Series B round in March 2021.
Binance Faces Mounting Pressure as U.S. Crypto Crackdown Intensifies (THE NEW YORK TIMES)
For years, the giant cryptocurrency exchange Binance has had a reputation for dodging regulators and skirting financial rules, all without significant consequences. Now the world’s largest crypto exchange is facing mounting legal pressure.
Neo Financial bets on embedded finance, D2C combo amid tough consumer banking market (BETAKIT)
Neo Financial started in 2019 with a mission to re-imagine everyday banking products for consumers. As the startup evolved, it has found itself working more and more with businesses to provide financial solutions.
If you ask Neo co-founder and CEO Andrew Chau, embedded finance has been a part of Neo’s strategy since the beginning.
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Revolut’s valuation troubles signal a stormy horizon for less-profitable neobanks (TECHCRUNCH)
Earlier this week, Revolut, a highly valued, U.K.-based neobank saw its valuation decline by some 46% in the eyes of one of its backers.
Revolut’s revaluation raises a few questions: How much trimming is there left to do in the fintech world? And, are we likely to see something similar more generally in the neobanking startup sector?
Banking apps Pillar and Billi shut down as funding dries up for FinTech businesses (BETAKIT)
Montréal neobank Pillar, backed by Diagram Ventures, and Victoria-based personal finance app Billi have both shut down in the last month, becoming the latest casualties in the slowdown in venture capital investments.
OSFI head says collapse of Silicon Valley Bank was a wake-up call to Canadian banks (THE GLOBE AND MAIL)
OSFI head Peter Routledge said the swift fallout from the failure of three banks, the run on deposits at First Republic Bank, and the rescue of Swiss banking giant Credit Suisse AG is prompting regulators to be prepared to act more quickly and reassess current standards as rising risks threaten the stability of the international financial system.
How new tools will change the way developers learn to build software (BETAKIT)
Mark Paulsen, the Global Director of Enterprise Advocacy at GitHub, shared with BetaKit the major trends he’s seeing globally, where Canada fits in, and why companies need to change their approach to skills training for developers.
Coinbase offers a fiery response to the SEC’s threat of enforcement action (CNBC)
“Coinbase does not list, clear, or effect trading in securities,” the company’s response said. The analysis SEC staffers did to justify an enforcement action “appears to rest on superficial and incorrect analogies to products and services offered by others,” Coinbase wrote in a blog post from chief legal officer Paul Grewal.
Inside the reborn OneEleven (BETAKIT)
Toronto tech hub OneEleven has seen high executive turnover, an ill-fated national expansion, and in 2020, an abrupt shutdown that sent shockwaves through the local tech sector.
While questions remain as to why it went away in the first place, OneEleven is now firmly back. How did that happen and what does the innovation hub look like in 2023?
Africa fell in love with crypto. Now, it’s complicated (REST OF WORLD)
“I used to be bullish on crypto because I believed it could liberate Africans financially,” Chiamaka, who asked to be identified by a pseudonym, told Rest of World. “Instead, it has managed to do the opposite so far … at least to me and a few of my friends.”
Wealthsimple co-founder Rudy Adler steps back as CMO as company makes exec changes (BETAKIT)
Wealthsimple co-founder Rudy Adler has stepped away from his operational role of CMO. New addition Rubina Singh will take over as CMO. At the same time, Wealthsimple has switched up its CTO, bringing in Diederik van Liere and moving Karney Li to chief architect.
Muslims come into the frame in Southeast Asia’s fintech boom (TECHCRUNCH)
To make services shariah-compliant, a new wave of fintechs don’t charge interest, embrace profit sharing and avoid alcohol and tobacco transactions.
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The post F|T: The FinTech Times – Super and Neo evolve, Pillar and Billi shut down first appeared on BetaKit.