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Amid unprecedented growth on its platform, Acorns cuts roles and shuts down an office

Acorns, which helps millions of people invest their spare change in the stock market, has laid off between 50 to 70 people, TechCrunch has learned from multiple sources. The Irvine, Calif.-based company would not confirm the total number of people laid off, but did confirm that there were cuts at the company as a result of broader business changes. The news emerged days after the fintech company closed its Portland office earlier this week, one of four offices the company maintained. While Acorn...
Tags: TC, Layoffs, Finance, Tech, Paypal, Portland, Irvine, Irvine Calif, Acorns, Brex, While Acorns, In Acorns, Bain Capital Fintech


Brex, the credit card for startups, cuts staff amid restructuring

Brex, last valued at $2.6 billion, is restructuring its credit card for startups business and cut 62 staff members, the co-founders Pedro Franceschi and Henrique Dubugras said in a blog post. “Today we’re restructuring the company to better align our priorities with this new reality, while simultaneously accelerating our product vision. With that, I have some very sad news to share. 62 people will be leaving Brex today,” the post reads. The cuts come as Brex’s customer base itself is struggli...
Tags: TC, Layoffs, Finance, Tech, Brazil, Brex, Henrique Dubugras, Pedro Franceschi, Dubugras, Abraços Pedro


Bunq adds donations to charities and tests redesign

Challenger bank Bunq is adding a new feature that lets you donate to charities directly from the app. In addition to that, Bunq is also in the process of redesigning its app. The company is launching a public beta test to get feedback from its users. Other fintech startups, such as Revolut and Lydia, have launched donation features in the past. But in those cases, startups have selected a handful of charities. Bunq has chosen a different approach as you can create your own donation campaigns ...
Tags: Startups, Europe, Finance, Tech, Fintech, Challenger Bank, Lydia, Bunq, Neobank


How startups can leverage elastic services for cost optimization

Joey Lei Contributor Share on Twitter Joey Lei is director of service management at Synoptek, a global systems integrator and managed services provider. Prior to joining Synoptek, he was a lead product manager for Dell EMC’s Data Protection Division and was a founding product manager for Dell EMC PowerProtect Data Manager, Dell EMC’s newest generation data protection and data management solution. Due to COVID-19, business cont...
Tags: Startups, Cloud, Column, Enterprise, Finance, Cloud Computing, Tech, Economy, SaaS, Manufacturing, Financial Services, Pricing, Subscription Services, Dell EMC, Cloud Infrastructure, Managed Services


Belvo scores $10M from Founders Fund and Kaszek to scale its API for financial services

Belvo , a Latin American fintech startup which launched just 12 months ago, has already snagged funding from two of the biggest names in North and South American venture capital. The company is aiming to expand the reach of its service that connects mobile applications in Mexico and Colombia to a customer’s banking information and now has some deep-pocketed investors to support its efforts.  If the business model sounds familiar, that’s because it is. Belvo is borrowing a page from the ...
Tags: TC, Y Combinator, Mexico, Finance, Tech, Barcelona, Banking, Economy, Engineer, Nasa, Companies, Colombia, United States, Mexico City, Venture Capital, Brazil


Huawei Executive One Step Closer to U.S. Extradition After Major Loss in Court

The chief financial officer of Chinese tech giant Huawei, Meng Wanzhou, is much likelier to end up facing prison time in the United States after her legal strategy to avoid extradition from Canada suffered a massive blow on Wednesday.Read more...
Tags: Science, Technology, Crime, Finance, China, Banking, Iran, Canada, United States, Telecommunications, Espionage, Sanctions, Huawei, Iran Sanctions, US China Trade War, Meng Wanzhou


Fintech regulations in Latin America could fuel growth or freeze out startups

Ximena Aleman Contributor Share on Twitter Ximena Aleman is co-founder and chief business development officer at Prometeo, an open banking platform that serves Latin America. It may have entered the game later than other leading regions such as Europe and North America, but Latin America’s fintech industry is dynamic and growing fast. The sector was recently given a valuation of more than $150 billion and continues to expan...
Tags: Startups, Column, Europe, Mexico, Finance, Government, Tech, Banking, Policy, Venture Capital, Brazil, North America, Fintech, Peer-to-peer Lending, Latin America, Peer To Peer


Rivian is building an in-house insurance agency

Rivian is hiring an insurance agency data manager, a job posting that suggests the all-electric automaker is planning to offer its own insurance to customers. The job was first posted by , which also reached out to TechCrunch with the tip. Roadshow/CNET about this new position. Rivian wouldn’t provide more details about its plans, but did confirm it has some job postings in the area of insurance. The job is to lead Rivian’s property and casualty (P&C) insurance agency, a position that e...
Tags: Money, California, Finance, Insurance, Tech, Tesla, Economy, Automotive, Michigan, Illinois, TechCrunch, Normal, State Farm Insurance, Bloomington Ill, Plymouth Mich, Rivian


LeverEdge wants to get you and your friends a volume discount on student loans

Student loans are both a trillion-dollar debt category and also one of the most popular mini-verticals out there in fintech startup investing right now. There are dozens if not hundreds of companies in the space, and they all mostly do one of two things: either they help students think through their student loan options before choosing one (acting as a financial advisor to avoid mistakes) or they help students after they finish school figure out how to optimize their repayments or acquire loan f...
Tags: Fundings & Exits, Startups, Facebook, Finance, Funding, Tech, Debt, Earnest, Harvard, Student Loans, SoFi, Global Founders Capital, Agarwal, HBS, Harvard Business School, NFX


Kentik raises $23.5M for its network intelligence platform

Kentik, the company once known as CloudHelix, today announced that it has raised a $23.5 million growth funding round led by Vistara Capital Partners, with existing investors August Capital, Third Point Ventures, DCVC, and Tahoma Ventures also participating. With this round, Kentik has now raised a total of $61.7 million. The company’s platform allows enterprises to monitor their networks, no matter whether that’s over the Internet, inside their own data centers or in public clouds. “The worl...
Tags: Startups, Enterprise, Entrepreneurship, Finance, Godaddy, Tech, Cisco, Private Equity, Ibm, Startup Company, Zoom, Freedman, Kentik, Avi Freedman, Third Point Ventures, Recent Funding


With an ex-Uber exec as its new CEO, digital mental health service Mindstrong raises $100 million

Daniel Graf has had a long career in the tech industry. From founding his own startup in the mid-2000s to working at Google, then Twitter, and finally Uber, the tech business has made him extremely wealthy. But after leaving Uber, he wasn’t necessarily interested in working at another business… At least, not until he spent an afternoon in the spring of 2019 with an old friend, General Catalyst managing director Hemant Taneja, walking in San Francisco’s South Park neighborhood and ...
Tags: Google, TC, Uber, South Park, Finance, US, San Francisco, Tech, Investment, Smartphone, Mental Health, Schizophrenia, United States, Healthcare, Catalyst, General Catalyst


Spruce is eliminating the drudgery of real estate, and has $29M more from Scale to make sales easy

Real estate is one of those classic industries we always talk about in Silicon Valley: multi-trillion dollars in scale in terms of assets and transaction volume, but still relying on good ole’ pen and paper to get anything actually done. A huge number of companies have launched to digitize all aspects of real estate, from calculating valuations to monitoring operational costs and underwriting mortgages. Where top VCs are investing in real estate and proptech (Part 1 of 2)   One of those ...
Tags: Fundings & Exits, Startups, Real Estate, Finance, Funding, New York City, Tech, Silicon Valley, Mortgage, Bessemer, Burns, Scale Venture Partners, Spruce, New York Texas, Patrick Burns, Home Sales


This UX specialist opened 12 UK bank accounts and ‘logged everything’

“I’ve got a really high attention to detail, which might sound great, but it’s possibly a curse because I can’t help but spot problems with everything around me,” says Peter Ramsey . He’s the founder of Built for Mars, a U.K.-based UX advisory, and he has spent the last three months documenting and analyzing the user experience of a dozen leading British banks — both incumbents and challengers — including Barclays, HSBC, Santander, Monzo, Starling and Revolut. “Quite literally, I opened 12 rea...
Tags: TC, Europe, UK, Design, Finance, Tech, Banking, Hsbc, User Experience, Payments, Mars, Financial Services, Starling, Revolut, Online Banking, User Interaction Design


Human Interest tacks on $10M more to its Series C

The COVID-19 pandemic is making life worse for many startups, but not all. Those benefiting are often taking advantage of the market updraft to add more capital to their accounts. Robinhood, for example, saw usage of its consumer fintech product rise rapidly. Then the company raised a Series F worth $280 million at a new, higher valuation. Another startup has done something similar. Human Interest, a finservices 401(k) provider for SMBs, added $10 million to its Series C today. The company’s Ser...
Tags: Fundings & Exits, Startups, TC, Finance, San Francisco, Tech, Fintech, TechCrunch, GTM, Human Interest, Glynn Capital, Jeff Schneble, CEO Human Interest, Schneble, Glynn Capital They, Oberndorf Enterprises While


Plaid launches Plaid Exchange to help banks manage their API

Plaid, the fintech company that was acquired by Visa for $5.3 billion a few months ago, is launching Plaid Exchange this week. Plaid is mostly known for its range of APIs that let developers access banking information. This time, with Plaid Exchange, the company wants to help financial institutions directly so that they can build and maintain an API that other developers can use. An API is an interface that lets two services interact with each other. If you’ve used Venmo, Betterment, Square’s...
Tags: Developer, Finance, Tech, Plaid, Fintech, Cash App, Plaid Exchange, Venmo Betterment Square, financial services And Plaid


Extra Crunch Live: Join Alexia and Niko Bonatsos for a Q&A today at 2 pm EDT/11 am PDT

The Extra Crunch Live series continues today with two venture capitalists: Alexia and Niko Bonatsos. The two investors don’t work for the same firm, but they each have an interesting perspective on the world of investing. Alexia is a former journalist — and a former co-editor of TechCrunch — who now runs Dream Machine, her own venture capital fund. In contrast, Niko has worked for General Catalyst for nearly ten years. So Alexia will bring the small-fund perspective, and Niko will let us know ...
Tags: Startups, TC, Finance, Events, Tech, Fundraising, Venture Capital, General Catalyst, Alexia, Niko, ECL, Niko Bonatsos, Dream Machine, Alexia Bonatsos, Extra Crunch, Extra Crunch Live


Following multiple scandals including Luckin Coffee, Nasdaq ready to tighten rules on IPO listings

Chinese stocks have seen the highest highs and the lowest lows in recent weeks. While the country suffered the first economic shocks of the novel coronavirus that originated in Wuhan, China’s aggressive containment strategy has allowed the country to reopen in recent weeks, sending stocks at least temporarily to multi-year highs. Yet, those bold numbers aren’t always what they seem. Multiple scandals in recent weeks have raised serious questions about the state of Chinese accounting practices, a...
Tags: Asia, Hong Kong, Finance, China, Tech, Alibaba, SEC, Nasdaq, TSMC, Coo, Reuters, MSCI, ADR, US China, Wuhan China, TAL Education Group




How to protect your equity if you’ve been furloughed or laid off

Wouter Witvoet Contributor Share on Twitter Wouter Witvoet is founder and CEO of Secfi, a pre-wealth management equity planning platform for startup employees. If you’ve been lucky enough to keep your job or business, you almost certainly know someone who wasn’t so fortunate. Thousands have lost their jobs as companies significantly reduce workforces to adjust to uncertainties and economic challenges created by COVID-19. Many ...
Tags: Startups, Column, Finance, Tech, Stock Market, Equity, Stock, Options, Corporate Finance, Vesting, Wouter Witvoet, Secfi, Coronavirus, COVID-19


Intelsat files for bankruptcy protection

Global satellite operator Intelsat has voluntarily filed for Chapter 11 bankruptcy protection, the company announced late on Wednesday. Intelsat has attempted to position this as a positive moment that sees it embark on a “financial restructuring” project to enable its future growth, but a bankruptcy filing is seldom cause for celebration. The company cites a need to participate in the FCC’s C-band spectrum clearing for 5G network build out in the U.S. as one of the factors behind its decisio...
Tags: TC, Space, Fcc, Finance, Tech, Bankruptcy, United States, Federal Communications Commission, Gm, Satellite, Private Equity, Aerospace, American Airlines, Intelsat, OneWeb, 5G Network


Trillions are at stake in the retirement wars, and Vise nets $14.5M from Sequoia to manage it

The retirement wars are heating up. As millions of baby boomers leave their jobs in the coming years and transition into retirement, there is a huge competition for who will manage their savings. On one hand are traditional wealth managers, firms like Edward Jones, who either employ full-time human financial advisors or empower independent contractors to help clients plan through their finances. On the other side has been the rise of “roboadvisors” like Wealthfront that use algorithms and sim...
Tags: Fundings & Exits, Startups, Finance, Funding, Tech, Silicon Valley, Mehrotra, Sequoia Capital, Wealthfront, Sequoia, Founders Fund, Edward Jones, Keith Rabois, Personal Capital, Shaun Maguire, Ben Ling


Fintech startups amass war chests for the economic downturn

Consumer fintech startups were massively successful in 2019, attracting millions of new users and disrupting traditional retail banks and financial services with mobile-first, consumer-oriented products. Despite the economic downturn in public markets and the massive wave of cuts at public and private companies in recent weeks, fintech startups have been raising a ton of money. It feels like they’re all building a war chest to survive the economic winter as traditional banks continue to itera...
Tags: Fundings & Exits, Startups, Finance, Tech, Fundraising, Venture Capital, Robinhood, Fintech, Coinbase, Nubank, Revolut, Transferwise, Challenger Bank, Monzo, Chime, Market Analysis


Vista Partners founder calls for a fintech revolution to help pandemic-hit, minority-owned small businesses

The head of what is arguably private equity’s most successful technology investment firm — Vista Equity Partners — made a rare appearance on Meet The Press to discuss the steps that the country needs to take to help minority-owned businesses recover from the economic collapse caused by the COVID-19 epidemic. Robert F. Smith is one of the worlds wealthiest private equity investors, a noted philanthropist, and the richest African American in the U.S.  Days after announcing a $1.5 billion invest...
Tags: TC, London, Money, Nbc, Finance, India, Tech, Banking, Economy, United States, Treasury, Bank, Smith, PPP, Head, Forbes




Uber pushes adjusted quarterly profit target to 2021

Uber has pushed its target to achieve a measure of profitability to a quarter in 2021, reversing a decision made just three months ago to move up the goal to the end of this year. Uber will miss its target to reach an adjusted EBITDA quarterly profit in the fourth period of 2020, CFO Nelson Chai said during the company’s earnings call Thursday. The new target is a quarter in 2021. “Our goal remains the same, returning our growth to business and achieving profitability for all of our stakeh...
Tags: TC, Transportation, Uber, Europe, Money, Finance, Tech, Ceo, Economy, Automotive, Profit, Earnings, North America, Cfo, Earnings Guidance, EBITDA


Talking with Professor Galloway about the economy vs the stock market

Josh Brown joins Scott to share his thoughts on PPP and how you should be assessing the stock market. Scott also discusses the difference between tech giants Elon Musk and Jeff Bezos, and why Amazon is positioned for the biggest unlock in recent business history. Today’s Algebra of Happiness: Stop howling in the money storm. Listen here on Apple Podcasts Listen on Spotify Everywhere else ...The post Talking with Professor Galloway about the economy vs the stock market appeared first on The Refor...
Tags: Apple, Amazon, Elon Musk, Finance, Uncategorized, Jeff Bezos, PPP, Scott, Galloway, Josh Brown


Symend raises $52M to help mediate when customers are at risk of defaulting on payments

With unemployment growing at a worrying rate, we’re seeing a lot more people finding themselves in hot water when it comes to their finances. Today a startup that’s built a platform to help identify and help those users when they find themselves unable to make payments is announcing a very large growth round of funding to meet new demands for its services. Symend, a Calgary, Canada-based company that builds behavioural analytics into customer engagement products to identify customers having trou...
Tags: Startups, TC, Finance, Tech, Payments, Fintech, Kaminsky, Markus Frind, Recent Funding, Dennis Kavelman, Ignition Partners Impression Ventures BDC Capital, Hanif Joshaghani, Symend, Tiffany Kaminsky, Joshaghani, Symend a Calgary Canada


As investing apps boom, Public doubles down on its social focus

Savings and investing apps are having a moment. While many startups are struggling in the wake of COVID-19 and its economic impacts, services that help regular folks save a bit more or invest their funds are seeing a demand boom. Coming into 2020 on the back of a huge fundraising year for the fintech cohort, it’s a welcome result for investors and founders alike Public, a startup whose app allows consumers to invest for free, is enjoying the updraft. So much so that it accelerated a feature rele...
Tags: Startups, TC, Apps, Finance, Tech, Community, Public, Robinhood, Betterment, Jannick Malling, Malling





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