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Here are five of the top news from the financial and tech world this week.
US cryptocurrency company Celsius has filed for bankruptcy protection with the aim of “stabilizing its business” as the cryptocurrency winter begins.
Celsius said voluntary Chapter 11 proceedings at the US Bankruptcy Court in Southern New York with the aim of “completed a comprehensive restructuring transaction that maximizes the value of all stakeholders” and continued business. It states that it has started.
According to the company, it has $ 167 million in cash “sufficient liquidity” to support certain businesses during the restructuring process.
Celsius will join Voyager Digital, a US-based crypto lender who filed for bankruptcy protection last week.
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Buy Now, Pay Later (BNPL) Company Klarna has raised $ 800 million in a new funding round with a valuation of $ 6.7 billion.
Klarna Raises $ 800 Million
The new valuation is down about $ 39 billion from last year, when the company was valued at $ 45.6 billion, after a $ 639 million funding round led by Japanese company Softbank.
The news is in the midst of a global market downturn, and the company states that it is “not affected by the significant decline in FinTech stocks in the public market.”
In May, the company relinquished about 10% of the world’s workforce due to the ongoing tough conditions in the global economy.
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Islamic Bank Australia (IBA), the first Islamic bank in the country, has been licensed by the Australian Health Regulatory Authority (APRA) for a restricted licensed deposit receiving agency (ADI) and will begin beta testing in 2023. is.
Founded in 2020 and based in Sydney, IBA operates as a brand of the IBA Group. The purpose is to bring a Shariah compliant bank to Australia.
According to the bank, the limited ADI period will last for two years, during which time the system will be built and the product will be tested and tried with a selected number of customers in 2023.
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Deutsche Bank has partnered with wealthtech Abbove to use a wells planning platform for Belgian customers.
Deutsche Bank Partner Abbove
Starting this month, the company’s private bankers will be able to use this technology to provide a variety of wealth management services to Belgian customers.
Abbove CEO Guillaume Descle states that the partnership with Deutsche Bank in Belgium represents a new step in Wealsteck’s private banking development strategy. Our technology helps private banks expand and specialize their wealth planning services to better serve their customers, adds Descle.
Deutsche Bank’s private banking clients in Belgium organize important and relevant documents into a digital safe, create a structured inventory of assets and gifts, access family wealth charts and over time. Estimate inheritance tax that can simulate wealth growth.
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Brazil’s Consumer Finance FinTech Creditas has secured a $ 50 million expansion over the $ 260 million Series F funding round.
The recent capital injection has marked the beginning of a strategic partnership between the two companies with the participation of Andorra-based private bank Andbank.
Creditas will obtain Andbank’s Brazilian banking license to diversify its funding sources and expand its portfolio of credit products.
Andbank will allow Creditas to act as a partner in the search for “strategic synergies” between asset management and capital markets, and will continue to operate the private wealth and asset management businesses in another entity.
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