Archives: Briefings

Shopify’s business bank account to be backed by Stripe, Evolve Bancorp

The Memphis, Tenn.-based financial institution will hold deposits and issue debit cards for U.S. merchants using the e-commerce giant’s new Balance feature. Stripe is also launching a new set of APIs that allows its clients to offer their customers accounts and other services with Goldman Sachs in the U.S. and Citibank and Barclays internationally. (The Wall Street Journal, The Logic)

OMERS Ventures stumps millions into European customer-service AI startup

The pension fund’s investment arm led a US$20-million Series A round of funding for ultimate.ai, a Helsinki- and Berlin-based startup that uses artificial intelligence to build virtual customer service agents. Silicon Valley’s Felicis Ventures and the Berlin-based fund HV Capital also participated in the round. (TechCrunch)

Small enterprises made up the bulk of BIGS recipients in 2018

Businesses with fewer than 100 employees made up over four-fifths of enterprises receiving support from federal government programs to support business innovation and growth in 2018, said Statistics Canada. Those businesses received 45.8 per cent of the total value of support. (The Logic)

WeChat deletes Australian prime minister’s post

Scott Morrison used the Chinese messaging platform, owned by Shenzhen-based tech conglomerate Tencent, to appeal to its over one billion users about a doctored image shared on Twitter by a top Chinese Communist Party official. Morrison said in his now-deleted post that the tweet “does not diminish our respect and appreciation of our Chinese Australian community or indeed our friendship with the people of China.” (News.Com.Au)

Lightspeed POS buys restaurant-software maker Upserve for US$430 million

The Montreal-based firm is paying US$123 million in cash and issuing new shares for the balance for the Providence-based company, whose technology is used by 7,000 food-service locations in the U.S. The transaction also triggered a change in Lightspeed’s share structure, converting CEO Dax Dasilva’s multiple-voting shares into regular single-vote shares. (The Logic)