Fintech

F|T: The FinTech Times – Bitfarms rebels against activist takeover

Published

11 months ago

3 June, 2024

Furthermore: Nesto aims to control the stake in CMLS Financial.

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Riot Platforms makes public its rejection of a $950 million proposal to acquire Bitfarms

Colorado-based Riot Platforms’ proposal to buy another Bitcoin mining company, Toronto-based Bitfarms, for $950 million has been rejected. Now, he said he wants to hold a special meeting aimed at bringing “necessary change” to Bitfarms’ board of directors.

“We are deeply concerned that the founders of Bitfarms’ board of directors, Nicolas Bonta and Emiliano Grodzki, may not be acting in the best interests of all Bitfarms shareholders,” said Riot CEO Jason Les.

Bitfarms said a special committee of its board of directors “carefully considered” Riot’s proposal when it was received in April and determined that it “significantly undervalues the company and its growth prospects.” The company added that it is examining “strategic alternatives to ensure maximum shareholder value,” including a merger or similar transaction, a sale of the company or the continuation of its current business plan.

(BetaKit)

Online mortgage lender Nesto is in talks to buy a controlling stake in CMLS Financial, sources say

Online mortgage lender Nesto Inc. is in talks to buy a controlling stake in Canada’s third-largest non-bank mortgage lender, CMLS Financial Inc., according to three people familiar with the matter.

The deal, which has not been finalized, would allow Montreal-based Nesto to diversify into new lines of business, particularly commercial mortgage lending, a segment of the market that Nesto does not currently serve, one of the sources close to the deal said. negotiations. The globe and the mail.

(The globe and the mail)

BCV leads Relay’s second round, while SME-focused FinTech closes C$44 million Series B

Toronto-based FinTech startup Relay has secured approximately C$44 million ($32.2 million) in Series B funding led by existing investor Bain Capital Ventures to consolidate its growth and fuel its development plans of the products.

In an interview with BetaKit, Relay co-founder and CEO Yoseph West said that in what has become a challenging market for technology companies and especially FinTech companies, it was time for Relay to invest in growth .

(BetaKit)

PayPal is planning an advertising push using data on its millions of shoppers

PayPal hopes to boost its growth by launching an ad network enriched with something it already has: data on its millions of users.

The digital payments company plans to build an ad-selling business around the reams of data generated by tracking the purchases and broader spending behaviors of millions of consumers who use its services, which include the Venmo app plus socially enabled.

(The Wall Street Journal)

Cryptocurrency consensus conference coming to Toronto in 2025

A long-standing conference dedicated to digital assets, blockchain, Web3 and artificial intelligence has announced it will be held in Toronto for the first time in 2025.

Consensus 2025 will take place May 14-16, 2025 at the Metro Toronto Convention Centre, Consensus President Michael Casey announced Thursday on the main stage at Consensus 2024 in Austin, Texas.

Consensus says it is the longest-running cryptocurrency and Web3 event globally, with over 15,000 attendees, 750 journalists and 550 speakers at this year’s conference.

(BetaKit)

Elevate reveals speakers and content tracks ahead of 2024 tech festival

Elevate Festival has revealed its lineup of speakers and content for its 2024 event.

This year’s conference will feature a wide range of technology-focused content. The FinTech phase will bring together experts from across the financial sector to discuss the future of the sector and discuss the state of Canadian FinTech compared to that of other nations. BetaKit is a media partner of Elevate and is excited to curate the program for Elevate’s FinTech phase this year.

(BetaKit)

Established for over a decade, this Dallas company just secured $110 million to help people pay bills via text

Solutions by Text, a company that gives people a way to pay bills and apply for loans through text messages, has secured $110 million in new growth funding.

Solutions by Text is not your typical startup capital raise. The company was founded in 2008 by brothers Danny and Mike Cantrell, who ran it until 2021, when Edison Partners wrote its first check into the company as part of a $35 million growth round.

Since its rise at the end of that year, [CEO David] Baxter said SBT saw its revenue increase “more than 3x,” although he declined to say what the underlying revenue was.

(TechCrunch)

Ecosystem spotlight: Alberta tech is striking gold

Less than a decade ago, Alberta’s global reputation had little to do with its tech ecosystem. But according to Joe Timlin, managing director of CIBC Innovation Banking, the province is quickly emerging as a key destination for investment and impact.

“We’ve just seen the ecosystem mature to the point where a number of big-name venture capital and private equity firms have made their first investments in Alberta, and now I think they’re eager to do more after seeing the “opportunity there,” Timlin told BetaKit.

(BetaKit)

Mastercard Launches P2P Crypto Network, Vanity Address System

Mastercard is launching a peer-to-peer platform for cryptocurrency users in Europe and Latin America.

The Mastercard Crypto Credential network, which is in pilot mode, supports transactions on Bit2Me, Lirium and Mercado Bitcoin exchanges, enabling cross-border payments across the Atlantic, Mastercard said in a statement Wednesday. The launch of the P2P platform is part of the payments company’s push to leverage digital assets for cross-border payments, a growing sector of payment services.

(The block)

When the classroom works on a large scale

Last month, Amanda Fong was in Santiago, Chile, to present a benchmarking analysis to the CEO and management team of a local agriculture-focused venture capital firm.

Originally from Ottawa and now based in Toronto, Fong has a degree in commerce and work experience as a Product Manager for the PC Health portfolio at Loblaw Companies Limited. But she found herself on a two-week study trip to Peru and Chile as part of an elective course in her MBA in Technology Leadership, offered by York University’s Schulich School of Business.

“The pace of change in business is unprecedented,” he explained. “To stay competitive and effective, I knew I needed to invest in myself, continually develop my skills, and challenge the status quo.”

(BetaKit)

What’s good, readers?

It’s time to tell us what you think! We’re reaching out to the BetaKit community as the Collision conference comes to Toronto for its fifth year. Let us know if you’ll be attending, which speakers you’d like to see on stage, and share your tips for tech visitors to Toronto during the conference.

We will use anonymized data to inform our next coverage. Your information is important to us, so please complete our quick BetaKit survey Here.

F|T: The FinTech Times is run by Schulich

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Watch our “Tech Talks” video series to learn more.

Featured image by Dmitry Demidko through Unsplash

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Fintech

Lloyds and Nationwide invest in Scottish fintech AI Aveni

Published

9 months ago

29 July, 2024

FinCrypto Staff

Lloyds and Nationwide invest in Scottish AI fintech Aveni

Lloyds Banking Group and Nationwide have joined an £11m Series A funding round in Scottish artificial intelligence fintech Aveni.

The investment is led by Puma Private Equity with additional participation from Par Equity.

Aveni creates AI products specifically designed to streamline workflows in the financial services industry by analyzing documents and meetings across a range of operational functions, with a focus on financial advisory services and consumer compliance.

The cash injection will help fund the development of a new product, FinLLM, a large-scale language model created specifically for the financial sector in partnership with Lloyds and Nationwide.

Joseph Twigg, CEO of Aveni, explains: “The financial services industry doesn’t need AI models that can quote Shakespeare, it needs AI models that offer transparency, trust and, most importantly, fairness. The way to achieve this is to develop small, highly tuned language models, trained on financial services data, vetted by financial services experts for specific financial services use cases.

“FinLLM’s goal is to set a new standard for the controlled, responsible and ethical adoption of generative AI, outperforming all other generic models in our selected financial services use cases.”

Robin Scher, head of fintech investment at Lloyds Banking Group, says the development programme offers a “massive opportunity” for the financial services industry by streamlining operations and improving customer experience.

“We look forward to supporting Aveni’s growth as we invest in their vision of developing FinLLM together with partners. Our collaboration aims to establish Aveni as a forerunner in AI adoption in the industry, while maintaining a focus on responsible use and customer centricity,” he said.

Source

Fintech

Fairexpay: Risk consultancy White Matter Advisory acquires 90% stake in fintech Fairexpay

Published

9 months ago

29 July, 2024

FinCrypto Staff

Treasury Risk Consulting Firm White Matter Alert On Monday he announced the acquisition of a 90% stake in the fintech startup Fair payment for an undisclosed amount. The acquisition will help White Matter Advisory expand its portfolio in the area of cross-border remittance and fundraising services, a statement said. White Matter Advisory, which operates under the name SaveDesk (White Matter Advisory India Pvt Ltd), is engaged in the treasury risk advisory business. It oversees funds under management (FUM) totaling $8 billion, offering advisory services to a wide range of clients.

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White Matter Advisory, based in Bangalore, helps companies navigate the complexities of treasury and risk management.

Fairexpay, authorised by the Reserve Bank of India (RBI) under Cohort 2 of the Liberalised Remittance Scheme (LRS) Regulatory Sandbox, boasts features such as best-in-class exchange rates, 24-hour processing times and full security compliance.

“With this acquisition, White Matter Advisory will leverage Fairexpay’s advanced technology platform and regulatory approvals to enhance its services to its clients,” the release reads.

The integration of Fairexpay’s capabilities should provide White Matter Advisory with a competitive advantage in the cross-border remittance and fundraising market, he added.

The release also states that by integrating Fairexpay’s advanced technology, White Matter Advisory aims to offer seamless and convenient cross-border payment solutions, providing customers with secure options for international money transfers.

Source

Fintech

Rakuten Delays FinTech Business Reorganization to 2025

Published

9 months ago

29 July, 2024

FinCrypto Staff

Rakuten (Japan:4755) has released an update.

Rakuten Group, Inc. and Rakuten Bank, Ltd. announced a delay in the reorganization of Rakuten’s FinTech Business, moving the target date from October 2024 to January 2025. The delay is to allow for a more comprehensive review, taking into account regulatory, shareholder interests and the group’s optimal structure for growth. There are no anticipated changes to Rakuten Bank’s reorganization objectives, structure or listing status outside of the revised timeline.

For more insights on JP:4755 stock, check out TipRanks Stock Analysis Page.

Source

Fintech

White Matter Advisory Acquires 90% Stake in Fintech Startup Fairexpay

Published

9 months ago

29 July, 2024

FinCrypto Staff

White Matter Advisory Acquires 90% Stake in Fintech Startup Fairexpay

You are reading Entrepreneur India, an international franchise of Entrepreneur Media.

White Matter Advisory, which operates under the name SaveDesk in India, has announced that it is acquiring a 90% stake in fintech startup Fairexpay for an undisclosed amount.

This strategic move aims to strengthen White Matter Advisory’s portfolio in cross-border remittance and fundraising services.

By integrating Fairexpay’s advanced technology, White Matter Advisory aims to offer seamless and convenient cross-border payment solutions, providing customers with secure options for international money transfers.

White Matter Advisory, known for its treasury risk advisory services, manages funds under management (FUM) totaling USD 8 billion.

Founded by Bhaskar Saravana, Saurabh Jain, Kranthi Reddy and Piuesh Daga, White Matter Advisory helps companies effectively manage the complexities of treasury and risk management.

The SaveDesk platform offering includes a SaaS-based FX market data platform with real-time feeds for over 100 currencies, bank cost optimization services, customized treasury risk management solutions, and compliance guidance for the Foreign Exchange Management Act (FEMA) and other trade regulations.

Fairexpay is a global aggregation platform offering competitive currency exchange rates from numerous exchange partners worldwide. Catering to both private and corporate customers, Fairexpay provides seamless money transfer solutions for education, travel and immigration, as well as simplifying cross-border payments via API and white-label solutions for businesses. Key features include competitive currency exchange rates, 24-hour processing times, extensive currency coverage of over 30 currencies in more than 200 countries, and secure, RBI-compliant transactions.

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