Here are the top reads on deals and financial services over the last 24 hours,
The secret is out: Toronto’s 1Password raises $200-million led by U.S. venture capital giant Accel: Silicon Valley venture capital giant Accel has made the largest single investment in its history, leading a US$200-million funding for the Toronto company behind a popular password management software product. AgileBits Inc., which operates as 1Password, has never taken outside investment in its 14-year history. It is little-known in the Toronto tech community where it is based, despite having millions of users who pay $3 or more monthly for its product, which automatically creates and stores complex passwords for users that they can use to auto-fill login credentials on a range of websites and platforms. Story (Sean Silcoff)
Canadian industry regulator requires investment companies to report cybersecurity attacks: Canadian investment companies will be required to report cybersecurity attacks within days of an occurrence, allowing the industry regulator to alert other brokerages of risks. The Investment Industry Regulatory Organization of Canada (IIROC), which regulates securities dealers, published new rules on Thursday. They require companies to provide, within three days of an attack, a preliminary description of the incident and the steps taken to respond. Story (Clare O’Hara)
Alibaba goes paperless for $13.4-billion listing in a first for Hong Kong: report: Alibaba Group will carry out Hong Kong’s first paperless stock market listing with its $13.4 billion (£10.5 billion) share sale, according to a source with knowledge of the matter, ending the long-held tradition of Hong Kong investors queuing in bank branches to place stock orders. Story (Reuters)
WeWork bond drops, spread hits record on report of delayed share tender: WeWork’s junk bond price dropped and its risk premium shot to a record high on Thursday following a report that its main backer had yet to deliver on a plan to buy $3 billion of stock from existing shareholders. Story (Reuters)
EU’s investment bank to end funding for fossil-fuel projects in two years: The European Investment Bank said on Thursday it would stop funding fossil fuel projects at the end of 2021, in a landmark decision. The bank’s new energy lending policy, which was approved with “overwhelming” support, will bar most fossil fuel projects, including traditional use of natural gas, bank vice president, Andrew McDowell told reporters in a call. Story (Reuters)
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