FFCON21 Breaking Barriers May 11-13, 2021

FINTECH FRIDAY$ (EP.3-Aug 3): Investing in Canadian Diversity with Peggy Van De Plassche, Founding Partner at Roar Ventures

NCFA Canada | Craig Asano | Aug 3, 2018

Fintech Fridays Peggy V - FINTECH FRIDAY$ (EP.3-Aug 3): Investing in Canadian Diversity with Peggy Van De Plassche, Founding Partner at Roar Ventures

FINTECH FRIDAY$ (ep.3-Aug 3): Investing in Canadian Diversity - Interview with Peggy Van De Plassche of Roar Ventures

Host: Manseeb Khan, NCFA, Fintech Fridays show host

Guest: Peggy Van De Plassche, Founding Partner, Roar Ventures

About this episode: On this episode of the Fintech Friday Podcast, host Manseeb Khan interviews the incredible Peggy Van De Plassche about doubling down on investing in diversity and launching her new fund, Roar Ventures!

Fintech Fridays EP3 Peggy V resize - FINTECH FRIDAY$ (EP.3-Aug 3): Investing in Canadian Diversity with Peggy Van De Plassche, Founding Partner at Roar Ventures

Join NCFA's weekly Podcast series 'FINTECH FRIDAY$' where we sit down with the incredible people in the Fintech community and talk about leading fintech products innovations developments and challenges!

Subscribe and tune in each Friday to check out the latest movers and shakers in fintech.

Listen to more Fintech Fridays podcasts here

 


Transcription of Interview

Manseeb Khan (MK): Hi everybody Manseeb Khan here and you are tuning in to the NCFA's newest podcast series finito Fridays. And today I have an amazing amazing guest super talented she's odd She's a board member of probably every investment venture you can think of any amazing startup organization you can think of. She is actually a board member of the NCFA. Believe it or not I'm sitting down with the incredibly Peggy Van De Plassche. Peggy thank you so much for making it here. Thank you very much. To give you a little more context both me and Peggy are sick so if we do sound a little distorted please please bear with us. We both have teas both have our waters and tissue boxes so should be okay. So Peggy could you for just a minute give a brief introduction of who you are we're backgrounds from and your role in the financial tech community.

Peggy Van De Plassche (PV): OK well thank you so much Manseeb. I hope my accent and my cold will be will be still easy for people to understand me so as I'm sure you can hear my accent I am from France originally. I moved to Canada 15 years ago.  I live in Toronto was in Montreal for many years before that and well I'm a finance person by trade I fell in technology 12 years ago.  So I became fintech even before fintech really existed and was cool and I've been unbelievably lucky with my carrier because I've been (I am actually) an investor an entrepreneur incorporated as well so it really allowed me to see how we'll see the the interesting challenges coming in fintech from every seat at the table and right now actually and raising my first fund for world ventures and we are investing in early stage data and AI startups as focus for our financial services industry and there is a little twist to that is that we have a gender diversity overly and we are looking at companies that the needs that have c0-founders, management team, board members that are female. I would see a Funder's male founders who were very supportive and active in the change of diversity so I think I did my minute and I hope that it was clear enough Manseeb.

MK: Yeah no it was amazing. So you do come from as as you mentioned you do come from the banking space.  Could you just talk a little bit more about that transition from being a part of CIBC being a part of BMO and then transitioning and starting your own venture.

PV: Yes yes definitely. Well I have done that twice actually.  So I went from being like maybe six-seven years ago now to a more entrepreneurial background. I was working for were entrepreneurs and I was started companies for him and managing his media office so that was really my first real brush with entrepreneurship and the thing that I felt extremely funny at the time is that oh my god I have no meetings because they are coming from the moon in the large banks you know always doing meetings. That was definitely a feeling of freedom that I could manage my time the way I wanted. But at the same time you know like obviously you have the perks up where you are. And also it's you don't have the support of a large organization. And in one and you move a little annoyance from an large organization. But on the other end you don't have the processes you know have the rigor. That comes with a large organization as well. So actually leaving a large organization is also what made me the first time really appreciate some of the things that were that were coming with large organizations but also the opportunity to write my own story is something that you know besides being an entrepreneur is you cannot really do that that. I would say ever in a large corporation banking on venture

MK:  Yeah no I totally agree.  It's very difficult to say but especially being in a part of a huge organization just like the banking system it's very hard to I guess be a little bit more entrepreneurial and just have a little bit more freedom to be a little bit more creative when it comes to your ideas and your ambitions and your goals right.

PV: Yeah and you know it it comes back to diversity its diversity of diversity of backgrounds you know like if you look at the banking industry it's still a very very homogenous in Canada.  And it makes obviously things way more difficult when they shouldn't be by having a system that is not very prone to thinking and doing things differently.

MK: What made you want to start Roar ventures and I guess what makes in your eyes what makes Roar ventures stand out compared to the other I guess VC funds.

PV: Yeah well I guess it's it's probably the same answer to both of your questions I started Roar because I first obviously had this entrepreneurial bug in me so that's definitely something but also I'm still a bit of a whitespace in the way most VC operate. So we start seeing a challenge I have is that we're actually not really data driven. So I'm not sure we're always optimizing our returns financially but also the fact that we're very very prudent seats and our science vis LOFAR not a lot of bias in the way you're funding your entrepreneurs. So as you know you know women are diverse people with a dress cultural backgrounds are way less funded and are traditional I would say male type entrepreneurs that we are in North America. So so for me again one of the things that was very important which with my venture was the opportunity to use data not only to be better in my returns but actually to remove a lot of PR in the industry and I would say the last thing is really linked with my profile and the fact that not only am I an investor but I'm also an operator. But they also understand collaborate and you really need that to be able to help young entrepreneurs grow and be successful. The international NGOs is very important to me so that's also something as I'm speaking with LP really making sure for Elfi mix of international LP that we'll be able to help my portfolio company grow. So I would say I didn't really look at me when I decided to to start Roar. I looked at OK what are the whitespace I see in the industry that I will be able to hopefully fill in with new ventures.

MK: That's incredible because I think that's the one important thing but I guess a lot of entrepreneurs or people are drawn to entrepreneurship right they see a wide space they see a problem that needs to be solved. And I guess in your case would be the lack of diversity the lack of just underrepresentation in certain sectors and you just Hey I have the experience I have the talent I have the drive and I have the operational know how to build something that helps build these amazing white spaces with the incredibly talented people that are under I guess Roar ventures right.

PV: Yeah you know it's it's very this idea of doing good work and doing well.  So it's a bit of super super tough.  So I do I do sincerely believe that the VC industry and the investment industry in general are not just VC but PE is the same as we usual to play but also in Canada. Now to really make our country grow and are like you know we're still very much resource base when I speak with international investor lot of them don't know Canada. They don't know what we're doing in AI. I we are great with startups. And and I mean this years as a crutch to create to make sure that. We're building a future for all Canadians which I mean and sustainable jobs.

MK: What would be your thesis to be great. So when you have entrepreneurs that are either trying to become a part but that you are either vetting for your ventures or be it any of the other organizations be part of I guess would be your thesis or what are you looking for in an entrepreneur to take them on.

PV: Yeah. So so you know we spoke about diversity that's something that for me it's very very important someone who really understand and value diversity not because it's fashionable but because it brings value you know like it out feel good and it's a rational thing to do. That's say the first thing. The second thing is obviously an approach that is very collaborative. And. Again the goal for me when I invest in an entrepreneur is to let him do his job. This is the one was the best position to lead his organization that if I can help I'll be happy to do that. And that's really something that is important is set in a two way conversation where you can have someone bouncing back. The Good The Bad and The Ugly were you and being able to help. In order for them to be very successful and you know sometimes unfortunately people every bit of securities which don't always make them you know welcoming help and I think that's that's unfortunate here not good for the growth of the company. So. Collaboration very important for me and I would say the third thing is really ambition and ambition global ambition very very important for me I really want people to look at that and you know I do believe Canada should become what is east to cyber security for AI. So for me being entrepreneurs who really believe that they can go above and beyond North America is very very key.

MK: So everybody you heard it here first Canada is going to become the Israel of AI. So I'm excited for the other for that. You absolutely will we have amazing people like you and just incredibly talented people in this space to make that make a reality. Right so it's it's a matter of time in my in my perspective really well.

PV: Yes it is.  But at the same time there is also a bit of an urgency here you know like we've been in Canada extremely extremely well positioned with the AI obviously the U.S. China. You know they are not really standing still either.  And and as I speak with a lot of international and potential investors in China Europe's of America even in the U.S. people don't know enough or great we are. And you know like it's it's it's it's nice to be nice but you know I think now is the time to really be a bit more assertive on our amazing we.

MK: Yeah I told you either the world have a I guess misunderstanding of how incredible Canadians are because we are just seen as just very nice very polite people that live in igloos and drink maple syrup right.

PV: Exactly.

MK: Aside from gender diversity being open to I guess advice and having a willing to change and looking globally what else is a part of. guess your vetting process when it when it when it comes to our founder.

PV: Yeah well you know I would say that the vetting process is probably very similar to what you see with a lot of VCs obviously really like serial entrepreneurs. That's of use because these are people who know what you're doing.  You want to. I would say technology Edge where you have a special factor where you have a special set of data a special algorithm that guides are going to give you that is going to give you an edge. Very important. What is your value prop as you know with data in AI. We are just scratching the face of the use cases. So very important to know OK what other use cases you're you're starting with in the financial services industry. The fact that I and some of my advisor from our ex of the corporate where we can definitely vent a of these cases because I've seen in the past many times the great idea is that when you're willing to corporate world you know that you're never going to be able to sell because it might be definity a white space or a bank or an insurance but that might be also so risky for them and they will never touch that with a ten foot pole. So and so it's it's it's very important to see what are the use cases that by the organization is going for and I would say that the last thing which is very important for me in terms of due diligence is the fact that once again I really really want to bring not only data but also of standardization. So I really want to make sure that when we do our due diligence is the same regardless of the people we are speaking with. And what I mean is that sometimes we get very excited by a good salesperson and great salesperson doesn't mean that he or she is going to be the best operator but at the same time the challenge is that if you tend to look at people who might be seen in our venue which is by default what we all do you're not irrationally. Increase the number of points you might give someone who will look like you or think like you. And that's something I really really want to make sure I'm winning as much as possible for an hour from my vetting process.

MK:  So I guess the standardization the founder themselves. And I guess the VC ploy a little bit more self-awareness and understanding. Ok hey I'm an amazing salesperson and want to focus on sales. I'm good at the tag on a co-founder that can be a little bit more on the operational side of it right.

PV: Yeah. And what I mean by that is that when when an entrepreneur comes here we see he or she is an incredible salesperson and meaning don't show Manisha woman as sometimes for an investor it's difficult to stick to a script. They fall in love with a song before you know so. So what I mean by standardization is making sure that you're not skipping 12 questions that might be a bit harder because oh my god you love that guy so much and really want to be close to her.

MK:  Yes it's a lot like a first date. You don't want to like the one I'm the one to make sure you vet them and want to make sure they're on the same page and everything. Okay perfect. Got it.

PV: You know what's interesting is that so HVA did a study maybe 6-9 months ago and they were showing why many women entrepreneurs get less funding by men and did lot a lot of analysis done on interviews from VCs to entrepreneurs and what they noticed is that when entrepreneurs is a female. Two thirds of the questions asked by the VCs are actually prevention focused. So all can you do all. Are you going to mitigate the risk in that type of question when it's a male. Two thirds of the questions are promotion focused. So can you be all or fast are you going to be able to do in another geography. So that was actually really the base of why woman gets with less funding than men. It wasn't anything else. So I think a script removes that tendency that we all have due to social conditioning. I'm not saying anyone is mean or whatever to ask settled certain types of questions of certain type of people.

MK: That's why we have programs like the female founders like are the DMZ and these accelerators are starting to have a little bit better of a diverse diverse programs to have a little bit more inclusion and I guess to make these female founders or more I guess bulletproof when it comes to when it comes to pitching VCs and to help you stigmatize the entire I guess scope when it comes to when when the season investors think of entrepreneurship.

PV: Yeah you know I think it's a type of process that needs to change at every level because I hear you in the concept of saying OK you want your female founders to be bullet proof. Why would they have to be more bulletproof vest and men because they know that if you have them get a seat. So you really need to work at every really big bet. You're totally right because things won't change overnight. You still need to to a female expecting that type of question. So some advice that was given recently to two female founders was OK. Act like a politician.  You know if you asked another prevention type question answer your own version of that question but is it going to be promotion based. It's a way to deal with that.

MK: Programs like female founders and she and SHEOo are. I mean hopefully we can have more programs like this to help make diversity a little bit more you know some palatable.

PV: And you know I've been very fortunate because I've been working on collaborating in the gender diversity space for the last 10 to 12 years and before it was two people or so I've seen now what works what doesn't work so in a big corporation the most impactful change you can make is through your hiring process.  You know it has been does business still a lot of organizations. When I was at CIBC. I was leading the diversity diversity committee that. It is shown by organizing events organizing things that might be a bit softer don't really make any change. So I'm very bottom line focused personally so I always go for it was going to be the best ROI. So for example again I took upbraids going to be hiring. If I look at programs to your point that that will be impactful in the in the gender diversity space. Alonzo Bodden this amazing non-profit that was launched by Shalamar from extreme venture.  And what I call Geldart is he's organized a catalyst for middle school girls just before selling their elective so get more comfortable with technology and they get more comfortable with speaking computer science when they are very young because everything we're doing right now in gender diversity space for adults women is great. But we also need to work at the root of a problem so adding more women in STEM for example is a very good way to add to make these changes. And I like to I would say on shorter term and longer term initiatives to really make make an impact.

MK: Anywhere I could get my little sister more computers more learn more than welcome really.

PV: Lets you know at the end of the day you want it's 50 percent of the population.  It's good for everyone to have more educated people.  Woman women are not navigator's and going to go in fields that's going to create value for themselves for their family but also for the country.  So it is just a win win win it's just something to do.

MK: And just to wrap this up will be your advice. If not golden nuggets that's that you've held very close.

PV: Yeah I think that there are maybe two. One is really.  We might be cliche I'm sorry but one is dream big you know unfortunately we are constantly approaching a situation where people are trying to make us play small because it scares everyone when we're playing big bets you really really want to make sure you're dreaming big and you know for me it's very much. I have this litmus test which is OK when I die which hopefully is going to be a long time when I die. Will I regret doing this on and doing it. And usually I can tell you it's a very good indication of what what you should do.  And that was a very good indication for me to start ventures and the second thing which also is quite well-known is to have great resilience because things are always way more complicated. Difficult. We're more costly at many levels than what you think they would be. So you need to dream big but you need to also have a great resilience to make it happen.

MK: But that immediately click. That's that's the vice my founder and CEO Jonathan at Curexe at first two things. When I when I first got on board it's like we have this incredible world map of like okay we took over Canada next is this. Now we're going to do this and I guess they're resilient right.

PV: They just need to remind yourself that every day of everything the way that you just need to remember every day.  Ok. Well tomorrow is another day and we're going to fight another day.

MK: Peggy thank you. Thank you so so much for today. I know today is definitely not the best for both of us though did. I think we did incredible. Thank you so much.  I can't wait to have you again.

PV: Thank you so much Manseeb have a fanastic day.

MK: You too take care.

 

End of Podcast

 


NCFA Jan 2018 resize - FINTECH FRIDAY$ (EP.3-Aug 3): Investing in Canadian Diversity with Peggy Van De Plassche, Founding Partner at Roar VenturesThe National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, STO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: ncfacanada.org

Click for News:

latest news - FINTECH FRIDAY$ (EP.3-Aug 3): Investing in Canadian Diversity with Peggy Van De Plassche, Founding Partner at Roar Ventures

 

The Globe and Mail | James Bradshaw and Mark Rendell | May 6, 2021 The federal government has introduced a new law to begin regulating technology companies offering payment services, aiming to increase trust in financial technology startups and stoke competition with established banks as digital payments become more popular. The Retail Payments Activities Act will put the Bank of Canada in charge of regulating payment services providers in Canada that aren’t governed by another regulator, as well as foreign companies facilitating payments for Canadian customers. It does not apply to domestic or foreign banks, credit unions or insurance companies that are already regulated in other ways. Instead, it is aimed at financial technology startups – often called “fintechs” or “paytechs” – as well as global technology giants such as Google and Apple that have made inroads in digital payments without robust oversight. See:  Wait and see approach for Fintechs as Payments Canada chooses Interac as Canada’s real-time payments provider The new law comes at a moment when adoption and use of digital payments by consumers and small businesses has accelerated dramatically amid the coronavirus pandemic. The tighter controls on startups are intended to make payments more secure and reliable ...
Read More
Bank of Canada update - FINTECH FRIDAY$ (EP.3-Aug 3): Investing in Canadian Diversity with Peggy Van De Plassche, Founding Partner at Roar Ventures
Dragonfly Research | Haseeb Qureshi | Apr 27, 2021 Stablecoin usage has exploded in the last year. And yet, fewer and fewer people seem to understand how these stablecoins actually work. For some reason, stablecoin creators are obsessed with making these designs seem impenetrably complex. Almost every white paper is mired in equations and newly invented jargon, as though their authors are trying to convince you: trust me, you’re not smart enough to understand this. I don’t agree. At bottom, all stablecoin design is pretty simple. I’m going to show you a simple visual language to understand how all stablecoins work. Think of each stablecoin protocol as a bank. They each hold assets and owe liabilities. Each of them captures value somehow and distributes that value to “equity” holders. Consider a normal full-reserve bank. On the left side are its real assets — the actual physical dollars it holds in reserve. On the right side are its liabilities—call them “digital dollars”—which are claims on the assets in reserve. See:  A Brilliant Fintech Future – Banking on Stablecoins In a full-reserve bank, each liability is matched 1:1 with assets in reserve. If someone with a digital dollar asks for the cash ...
Read More
Stablecoins full reserve bank - FINTECH FRIDAY$ (EP.3-Aug 3): Investing in Canadian Diversity with Peggy Van De Plassche, Founding Partner at Roar Ventures
NCFA Release | May 6, 2021 Conference to explore accelerated Blockchain - Fintech trends and innovations paving the way to mass adoption and scale TORONTO, ON / ACCESSWIRE / May 6, 2020 / The Fintech & Financing Conference and Expo (#FFCON21), Canada's premier Fintech conference organized by The National Crowdfunding & Fintech Association (NCFA), Toronto Finance International (TFI), and partners has announced its agenda and speaker line-up for its seventh annual event taking place online from May 11-13. Building on the success of previous conferences will bring together an international community of leading voices in fintech, digital banking, payments, tokenization, blockchain, CBDCs, digital identity, AI, capital markets innovation and finance - all in an immersive and interactive platform. The FFCON21 audience is composed of 500 global Fintechs, financial institutions, investors, tech providers, government, and media. This year's theme is 'Breaking Barriers' - reflecting the growth and emerging challenges that the Canadian Fintech industry must navigate to achieve mass adoption and scale. Through keynotes, lively panel discussions, and workshops the conference will share new ideas and thought-provoking insights into: AI and the Future of Innovation in Financial Services The Rise of Decentralized Finance and Web 3.0 and its Barriers to Adoption ...
Read More
FFCON21 Ticket 1 - FINTECH FRIDAY$ (EP.3-Aug 3): Investing in Canadian Diversity with Peggy Van De Plassche, Founding Partner at Roar Ventures
Bloomberg | Kevin Orland | May 3, 2021 Power Corp. of Canada’s Wealthsimple online brokerage raised C$750 million ($610 million) in a funding round that valued it about $4 billion, more than triple what it was worth in October. The round was led by existing investors Meritech Capital Partners and Greylock Partners, the Toronto-based company said Monday. Also participating are Canadian celebrities including rapper Drake, actors Ryan Reynolds and Michael J. Fox and basketball player Kelly Olynyk. Wealthsimple, which has more than 2 million users, is benefiting from surging valuations for tech companies and an increase in online trading that has fueled rivals like Robinhood Markets Inc. Wealthsimple offers commission-free stock trading as well as automated investing, cryptocurrency trading and tax services. See:  Wealthsimple CEO Michael Katchen on his not-so-simple mission: to help people — especially youth — build the foundations of financial freedom The financing announcement confirmed a Bloomberg report on April 30 that the company was in talks to raise money at a valuation of at least C$4.3 billion. Wealthsimple raised C$114 million at a C$1.5 billion post-money valuation in October, giving it unicorn status. Continue to the full article --> here The National Crowdfunding & Fintech Association ...
Read More
Drake invests in wealthsimple - FINTECH FRIDAY$ (EP.3-Aug 3): Investing in Canadian Diversity with Peggy Van De Plassche, Founding Partner at Roar Ventures
The Regulatory Review | April 26, 2021 Technological innovation is changing the financial sector. Cryptocurrency markets have surged to all-time highs, culminating in the historic initial public offering of Coinbase, the first major cryptocurrency company to go public on a U.S. stock exchange. Retail investors have used Reddit and various commission-free trading platforms to spark unprecedented market volatility in “meme stocks,” such as GameStop. And at the same time, the Internal Revenue Service has struggled to distribute stimulus checks to millions of Americans, highlighting the need for better technological and regulatory solutions to facilitate faster payments in the United States. New financial technology, or “fintech,” promises to make the financial system faster, better informed, and more global. Once a budding sector of finance, fintech is now a constant presence in every corner of the industry. Fintech products have opened the door to many new opportunities for consumers, investors, and businesses. But with these opportunities, come new challenges. Regulators and policymakers face key choices as they adapt to meet the needs of this constantly changing landscape while keeping investors and consumers safe. See:  SEC Commissioner Peirce speak at FFCON21 May 11-13 - Register Here The Regulatory Review has invited policymakers, scholars, ...
Read More
Regulations - FINTECH FRIDAY$ (EP.3-Aug 3): Investing in Canadian Diversity with Peggy Van De Plassche, Founding Partner at Roar Ventures
Sifted | Ryan Weeks | Apr 28, 2021 There have been hundreds of cases of harassment in the fintech sector. Today, InChorus launched a slack bot to track and collate data on microaggressions. The fact that InChorus, a reporting platform for workplace harassment, chose fintech as its ground zero is a sobering sign for the sector. More sobering still is the fact that, this time last year, more than 500 incidents of harassment were reported through InChorus’ system by fintech employees in the UK. Of those, 85% related to gender and 10% involved “unwanted physical contact”. See:  Why workplace learning matters more than ever Unsurprisingly, more than 85 companies in the sector have since signed up to the FinTech For All Charter, which aims to tackle these issues with the support of the Financial Conduct Authority, Innovate Finance, Level39 and others. The next phase in that initiative begins today, with the rollout of a new Slackbot which will track and collate data on microaggressions relating to harassment and diversity issues within the fintech sector. “We really believe in the ongoing collection of data around this problem in order to ultimately drive accountability,” said Rosie Turner, cofounder and co-CEO of InChorus ...
Read More
harassment guidance advice - FINTECH FRIDAY$ (EP.3-Aug 3): Investing in Canadian Diversity with Peggy Van De Plassche, Founding Partner at Roar Ventures
The Defiant | Dan Kahan | Apr 29, 2021 ETH is breaking new all-time highs of just under $2,800 on Thursday, and the breathtaking rally from $200 a year ago is coming with a boom in users. MetaMask said it has surpassed the 5M monthly active users milestone, while a popular Dune Analytics dashboard shows DeFi users just recently climbed above 2M for the first time. MetaMask Boom MetaMask’s active user base has grown 400% during the past six months, according to the April 27 blog post. The DeFi wallet had reached 1M cumulative monthly active users across its browser extension and mobile app for the first time in October 2020. Now in April, MetaMask is reporting over 5M active users over the past month. FFCON21 May 11-13:  Join us for VIP Masterclasses on Decentralized Finance (DeFi) Workshops MetaMask attributed the influx of users to a combination of factors including the NFT craze and increased interest in DeFi from people in what the company calls “the Global South.” “India and Indonesia are both in the top 5 countries in terms of MetaMask mobile adoption, while Vietnam and Nigeria are in the top 10,” the post says. “Many people in these ...
Read More
ethereum continued growth - FINTECH FRIDAY$ (EP.3-Aug 3): Investing in Canadian Diversity with Peggy Van De Plassche, Founding Partner at Roar Ventures
Politico | Kellie Mejdrich and Zachary Warmbrodt | Apr 28, 2021 Alex Oh said in a resignation letter that she was leaving because of a "development" in a case on which she worked as a corporate lawyer. SEC Chair Gary Gensler's pick to serve as the agency's enforcement director resigned unexpectedly on Wednesday amid mounting criticism from progressives over her work as a corporate defense lawyer. Alex Oh, who was in private practice for two decades before Gensler announced her new role last week, resigned after a federal judge reprimanded her and others defending oil giant ExxonMobil in a class action lawsuit brought by Indonesian villagers. It was a stunning reversal for the SEC less than two weeks into Gensler's tenure at the helm of the agency. "In light of the time and attention it will take from me, I have reached the conclusion that I cannot address this development without it becoming an unwelcome distraction to the important work of the division," Oh said in a resignation letter. Oh walked away from the job as Gensler faced growing concern from progressives on Capitol Hill and in the activism community about his decision to hire a long-time corporate lawyer for ...
Read More
Alex Oh - FINTECH FRIDAY$ (EP.3-Aug 3): Investing in Canadian Diversity with Peggy Van De Plassche, Founding Partner at Roar Ventures
Bloomberg Opinion | Matt Levine | Apr 28, 2021 Tesla Bitcoin I wrote back in February: A funny thing for Elon Musk to do would be: Tesla Inc. buys some Bitcoin. 2. Tesla announces that Bitcoin is good now and that it bought some. 3. The price of Bitcoin goes up, because institutional adoption of Bitcoin is good for its price, but also because, by the Elon Markets Hypothesis, anything that Musk buys goes up. 4. Tesla sells some Bitcoin, making a profit. 5. Musk tweets that the price of Bitcoin is too high. 6. Bitcoin prices go down due to the Elon Markets Hypothesis. 7. Go to Step 1. Well, on Monday Tesla announced earnings, and guess what guess what guess what: Tesla pulled a new lever to juice earnings in the quarter, generating $101 million in income from selling about 10% of its Bitcoin holdings. Profit from the cryptocurrency and the sale of regulatory credits and tax benefits contributed about 25 cents to Tesla’s adjusted earnings of 93 cents a share, allowing the carmaker to beat Wall Street’s 80-cent average estimate, Dan Levy, an analyst with Credit Suisse, wrote in a note Monday. See:  Elon Musk says people ...
Read More
elon and bitcoin - FINTECH FRIDAY$ (EP.3-Aug 3): Investing in Canadian Diversity with Peggy Van De Plassche, Founding Partner at Roar Ventures
CNBC | Yun Li | Apr 21, 2021 Key Points After a record of 109 new SPAC deals in March alone, issuance has now come to almost a standstill with just 10 SPACs in April, according to data from SPAC Research. The SEC issued accounting guidance that would classify SPAC warrants as liabilities instead of equity instruments. Bank of America’s client flows showed that retail SPAC buying slowed down significantly. The proprietary CNBC SPAC Post Deal Index has wiped out 2021 gains and fallen more than 20% year-to-date. SPAC mania has come to a screeching halt. Just last month, special purpose acquisition companies celebrated a head-turning milestone by breaking their 2020 issuance record in just three-month’s time. After more than 100 new deals in March alone, issuance is nearly at a standstill with just 10 SPACs in April, according to data from SPAC Research. FFCON21 May 11-13:  The Rise of Retail Investors, Stakeholder Capitalism and IPO Innovations The drastic slowdown came after the Securities and Exchange Commission issued accounting guidance that would classify SPAC warrants as liabilities instead of equity instruments. If it becomes law, deals in the pipeline as well as existing SPACs would have to go back and recalculate their ...
Read More
Number of SPACs per month - FINTECH FRIDAY$ (EP.3-Aug 3): Investing in Canadian Diversity with Peggy Van De Plassche, Founding Partner at Roar Ventures