F|T: The FinTech Times – A Bankrupt Fund
Plus: Stripe reduces internal rating by 28%.
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The financial rate comparison platform Ratehub receives a “major” investment from Novacap (BETAKIT)
Novacap has acquired a majority stake in Ratehub, but the company refuses to disclose how much it has invested and the size of its stake. However, a spokesperson notes that “the founders of Ratehub and the rest of the management team retain a large portion of the shares.”
Caisse-backed crypto company Celsius Network files for bankruptcy protection (THE GLOBE AND THE MAIL)
Cryptocurrency lender Celsius Network Ltd. filed for bankruptcy as token prices plunge to multi-year lows, leaving the Caisse de depot et placement du Quebec vulnerable to losing its investment in the troubled company.
EQ Bank is the latest bank to join Flinks Open Banking Environment (BETAKIT)
This agreement and the integration of Flinks’ Open Banking Environment (OBE) offering should provide EQ Bank with the necessary framework to deliver open banking capabilities and launch new API data sharing methods while providing the bank new data management capabilities.
Klarna funding round cuts value from $46 billion to $6.7 billion (BNN BLOOMBERG)
The buy-it-now-pay-after giant said it has raised $800 million from new and existing investors, according to a statement on Monday. “It was a testament to the strength of Klarna’s business that, during the steepest decline in global stock markets in more than fifty years, investors recognized our strong position and continued progress in revolutionizing the healthcare industry. retail banking,” Chief Executive Sebastian Siemiatkowski said in the statement. .
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Payments Canada Appoints Wealthsimple Chief Compliance Officer to Member Advisory Council (BETAKIT)
The CCM is a 20-person council that provides advice to the Payments Canada Board of Directors on Canada’s clearing and settlement systems, as well as the development of new technologies.
“The changes we are making today allow us to maintain several years of trail in various crypto winter scenarios (5 years at current volume) and give us great confidence that we will only have to go through this process only once,” OpenSea CEO Devin Finzer said in a written statement on Twitter.
Hackers are smart but lazy. Here’s how startups can benefit (BETAKIT)
When multi-factor authentication became widely available, many thought it was enough to stop all hacker attacks. Today, even multi-factor authentication is targeted by hackers.
Stripe reduces its internal valuation by 28% (THE WALL STREET JOURNAL)
Payments giant Stripe, last valued by private investors at $95 billion, has reduced the internal value of its shares by 28%, people familiar with the matter said. Stripe told employees in an email on Friday that the stock’s internal price was around $29, down from $40 at the last internal valuation.
Solana Ventures, co-founder of Twitch, bought Web3 Play-to-Earn video game from Bravo Ready (BETAKIT)
According to Bravo Ready co-founder and CEO Evan Ryer, the initial NFT hype led to a flood of “random, useless, worthless crypto projects” that drained liquidity from the market.
Founded in Berlin in 2015, Wefox sells various insurance products through a combination of internal and external brokers, bypassing the direct-to-consumer sales model of insurtech rivals that include rival German startup Getsafe.
This way of increasing the number of users, by getting third-party brokers to use Wefox to advise their own clients, is how CEO and founder Julian Teicke believes he helped the company double its revenue to $320 million. Last year.
Client Alleges Vena Solutions’ “Falsely Claimed” SOC Report Has Been Independently Audited (BETAKIT)
Verra Mobility may not be the only customer challenging Vena’s SOC compliance. A source familiar with Vena’s operations, speaking on condition of anonymity, claimed that Vena had misled several customers about its SOC compliance and alleged that Vena was currently undergoing audits to rectify the situation.
Crypto Funding Figures Drop in Bumpy First Half (NEW CRUNCHBASE)
Investments in VC-backed crypto companies slowed in the first half of the year, dropping from a record $12.5 billion invested in the first half of last year to around 9.3 billion invested in the first six months of this year, according to data from Crunchbase.
As Crypto Crashes, WonderFi Reaches Deal to Acquire Coinberry’s Another Regulated Crypto Trading Platform (BETAKIT)
“It’s basically [WonderFi’s] thesis happening in real time, which is compliant and regulated,” said Ben Samaroo, co-founder and CEO of WonderFi. “We couldn’t have done something like this being regulated by the [Ontario Securities Commission].”
“It seems too little too late, but putting your money in cryptocurrencies is gambling,” MetaMask co-founder Aaron Davis, who goes by the pseudonym “Kumavis” online, told Motherboard. “I’m not saying what we have right now is the future of finance and [you should] move your savings. A lot of people are advocating this and I think it’s extremely dangerous behavior.