Portage Ventures launches fund for late-stage fintech investments
Portage Capital Solutions, which will be based in Toronto and New York, plans to write cheques above US$50 million, the firm said in a statement. (The Logic)
Portage Capital Solutions, which will be based in Toronto and New York, plans to write cheques above US$50 million, the firm said in a statement. (The Logic)
The Vancouver-based firm said the regulator chose not to intervene in its $38.3-million acquisition of Coinberry, and told WonderFi that all of its future takeovers would be subject to review. (Financial Post)
The Chinese billionaire will reportedly step down as part of the fintech giant’s process of converting to a financial holding company. (The Wall Street Journal)
The bankrupt crypto-lending firm requested that Rod Bolger, a longtime banker at RBC who was previously the Celsius’s CFO, stay on as an advisor for at least six weeks, given his expertise and familiarity with the business. CoinDesk first reported the filing. (The Logic, CoinDesk)
In October 2021, Culver City, Calif.-based Within announced that Facebook’s parent company would acquire it for an undisclosed sum. On Wednesday, the FTC filed a complaint in the U.S. District for the Northern District of California seeking to halt the deal. “The FTC’s case is based on ideology and speculation, not evidence,” said Meta spokesperson Alex Kucharski, adding it’s “simply not credible” that the acquisition would pose“anti-competitive outcomes in a dynamic space with as much entry and growth as online and connected fitness.” (The Logic)
Zhao sued Modern Media in Hong Kong for running a cover story in the Chinese-language edition of Bloomberg Businessweek that carried the headline “Zhao Changpeng’s Ponzi scheme.” (South China Morning Post)
In a statement to The Logic, a spokesperson for the automaker said the buyouts are part of the company’s shift toward becoming a “mobility tech company,” adding that it remained “firmly committed” to its Canadian operations. Stellantis did not respond to questions about how many staff lwill be affected. (The Logic)
The money it expects to credit customers for its total telecom-service failure that began July 8 won’t be booked until the next quarter, the company said in announcing its most recent financial results. It also said it’s agreed with Shaw Communications to extend the deadline to close its acquisition of Shaw until the end of the year as it faces the Competition Bureau’s and Innovation Minister François-Philippe Champagne’s regulatory objections. (The Logic)
The funding is part of a US$550-million raise from other existing Octopus Energy investors. The money will help build out the London.-based firm’s energy technology platform, Kraken. (The Logic)
The Detroit-based automaker’s second-quarter net income fell just over 40 per cent from a year ago amid supply-chain disruptions in June and the ongoing chip shortage. (The Logic)