Wonderfi Goes International with Acquisition of Australian Crypto License – The Fintech Times

WonderFi, a Toronto-based cryptocurrency company, has finalized an agreement to acquire a company registered to offer cryptocurrency trading services in Australia. Dean Skurka, CEO of WonderFi, revealed in an exclusive interview with BetaKit that the company is re-prioritizing international expansion as a key component of its growth strategy, particularly with improved market conditions following the cryptocurrency downturn.

Rails, a decentralized cryptocurrency exchange, has secured $6.2 million in funding in an effort to address the void left by the crash of FTX in 2022, according to Satraj Bambra, the startup’s co-founder and CEO, in an exclusive statement to TechCrunch. Rails is currently in the early stages of launching an offshore service in certain cryptocurrency-friendly jurisdictions, excluding the United States. The funding round was led by Slow Ventures, with additional investments from CMCC Global, Round13 Capital, and Quantstamp.

In a recent interview with BetaKit, Bambra, who also serves as Round13’s Digital Asset Fund managing partner, emphasized the significant developments in the crypto market over the past couple of years, stating that “everyone has been decimated” and highlighting the challenges of investing in cryptocurrency during this period.

In a statement released on March 17, Nuvei confirmed that it is currently engaged in discussions with “certain third parties” regarding a potential acquisition transaction that could result in the Montréal-based payments company transitioning to private ownership. Following this announcement, Nuvei’s shares experienced a significant surge in trading activity, with the stock price rising by nearly 20 percent on the Toronto Stock Exchange (TSX). This increase saw Nuvei’s share price climb from $29.48 per share at the close of trading on Friday to $37.57 as of 11:30 am EST on Monday. The potential move to go private comes amid a broader trend of Canadian tech companies opting for privatization following substantial declines in their stock values. Despite having reached heights of $171 per share in 2021, Nuvei’s recent market performance has prompted considerations of this strategic shift.

Abaxx Technologies Inc., a financial technology startup established by a former commodity strategist from Goldman Sachs Group Inc., is in the process of raising new equity as it gears up to commence trading in commodities futures. The Canadian-based company, poised to launch a new exchange and clearinghouse situated in Singapore, intends to utilize the raised capital to support its operational activities and facilitate growth. Chief Executive Officer Josh Crumb anticipates that the company will oversee its initial trades within the coming weeks, marking a significant milestone in its journey.

The United States Securities and Exchange Commission has imposed a $225,000 USD penalty on the US division of Delphia, a Toronto-based FinTech startup, for misleading statements regarding its use of artificial intelligence. Delphia claimed to utilize collective data to enhance its AI capabilities, enabling it to predict lucrative investment opportunities ahead of the market. However, the SEC found these assertions to be false, stating that Delphia lacked the AI and machine learning capabilities it professed. This misrepresentation was deemed as “AI washing” by the SEC.

Robinhood co-founder Baiju Bhatt is stepping down from his executive position at the company, marking the end of his tenure at the forefront of the online brokerage platform. Since its establishment in 2013, Bhatt has played a significant role in Robinhood’s development, providing everyday investors with a user-friendly platform. However, on Thursday, the company announced that Bhatt would relinquish his role as chief creative officer to explore other entrepreneurial ventures.

Vancouver-based financial service platform VoPay has forged a partnership with New Jersey’s Cross River Bank, marking its initial move toward expansion into Europe. This recent collaboration with Cross River Bank aims to accelerate VoPay’s presence in the United States, granting it access to the country’s banking and payment network infrastructure.

Moreover, VoPay intends to establish its European foothold in London, United Kingdom, leveraging the city’s strategic position. Additionally, the company has been accepted into the UK FinTech branch of the Canadian Technology Accelerators program, further solidifying its commitment to expansion and innovation in the European market.

Intuit’s decision to shut down budgeting app Mint has created an opportunity for competitor Copilot, according to founder Andrés Ugarte. Mint’s closure signifies the end of an era and underscores consumers’ desire for more robust features in their finance apps, Ugarte told TechCrunch.

As a subscription-based personal finance tracker launched in January 2020, Copilot was established to provide an alternative to Mint. Since then, the New York-based company has seen significant growth, amassing over 100,000 subscribers, with the majority engaging with the app daily.

Capitalizing on its rapid expansion, Copilot recently secured a $6 million Series A funding round, further solidifying its position in the personal finance market and highlighting the demand for innovative solutions in the wake of Mint’s discontinuation.

One year following the collapse of Silicon Valley Bank, venture capitalists and lenders interviewed by BetaKit noted a void in the ecosystem, as one of the few avenues for debt funding has disappeared.SVB’s four-year presence in Canada had a profound impact on the tech lending landscape, prompting the Big Five banks to enter the arena, vying for business from startups. This competition resulted in smaller companies gaining improved access to bank pricing for debt.

In the aftermath of SVB’s demise, major financial institutions in the country are poised to become more active tech lenders, as they absorb talent and clientele from SVB Canada, signaling a shift in the lending landscape within the tech sector.Moove, an African mobility fintech, has secured $100 million in funding to fuel its expansion into new markets. The company, established four years ago, specializes in providing vehicle financing solutions to ride-hailing and delivery app drivers. Moove purchases vehicle fleets and offers financing to drivers through its platform, enabling them to acquire new vehicles for various mobility services such as ride-hailing, logistics, and deliveries.

The BetaKit Keynote Stage is making its way to Vancouver for INNOVATEwest 2024. Scheduled for April 16 and 17 at the Vancouver Convention Centre, the stage will host engaging discussions with tech leaders, including Canva chief evangelist Guy Kawasaki, prominent figures from Canada’s quantum sector, and a dynamic conversation between Koho founder and CEO Daniel Eberhard and Wealthsimple co-founder and CEO Michael Katchen.

Swiss fintech startup nsave has raised $4 million in seed funding to facilitate offshore banking for individuals in regions with unstable economies or high inflation rates. Founded in 2022 by Amer Baroudi and Abdallah AbuHashem, nsave aims to make banking in Switzerland accessible to those who face challenges in traditional banking sectors. Baroudi’s personal experience of witnessing his family lose their savings due to currency devaluation and inability to open bank accounts in foreign countries during wartime inspired the creation of nsave. The startup seeks to democratize offshore banking access for individuals beyond the affluent and well-connected circles.