Fintech
F|T: The FinTech Times – Bitfarms rebels against activist takeover
Furthermore: Nesto aims to control the stake in CMLS Financial.
Welcome to FinTech Times, a weekly newsletter covering the biggest FinTech news from around the world. If you want to read F|T before anyone else, make sure you do subscribe using this form.
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.
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.
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.
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.
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
Embrace revolution and innovation
In today’s business world, every leader needs a technological edge. Schulich’s Tech MBA offers an innovative, ever-evolving curriculum and experiential learning opportunities in Toronto’s tech scene. Designed for those who aim to lead transformation, not just follow it.
Watch our “Tech Talks” video series to learn more.
Featured image by Dmitry Demidko through Unsplash