When it comes to the holiday season, it’s always the final moment for closing deals or making big decisions. What I really love during this time is that cherishing vibe and real actions behind it. Tech to the Rescue - a platform connecting innovation companies with impactful organizations looking for tech support - has just raised €700K for its further growth. There’s now way to make a real change if technology is not involved. Glad to see that TTTR will expand and go more global with this heart-warming initiative.?
If you are into retail, I recommend a long read by Jinder Kang, an Innovation Consultancy Lead here at Netguru, about the upcoming industry trends in 2022. Jinder points out that 2022 will be all about the rise of machine learning in supply chain management or virtual try-ons as the next step to improve or implement in the upcoming year, among other things.????
Disrupting Retail
- GoodBox has partnered with Mulberry to offer its contactless devices in UK stores, with the aim of raising funds for The Felix Project. A number of the luxury fashion brand’s stores have been fitted with the devices to raise awareness of the charity and encourage shoppers over the festive period to donate with a simple tap.
- Cogsy, a real-time operational intelligence and supply chain management platform for SME e-commerce merchants, has raised a $6 million seed round led by Accel. There was also participation from Bain Capital Ventures, WooCommerce (Automattic), Sugar Capital, and RiverPark Ventures.
- Livestream commerce platform provider Firework has been selected to explore a partnership with Unilever. This follows Firework’s participation in the global consumer goods giant’s Positive Beauty Growth Platform, powered by its Beauty & Personal Care Division and The Unilever Foundry, Unilever’s collaborative innovation network. “Building a thriving two way relationship with the global startup community helps power experimentation, deliver business solutions and fuel growth: this is the Positive Beauty Growth Platform,” says Baz Saidieh, Head of The Unilever Foundry.
Finance & Tech
- Acorns co-founder Walter Cruttenden has raised $20 million in Series A funding for his latest venture, Ant Money, and merged it with another of his fintech firms, Blast. Cruttenden founded micro-investing app Acorns with his son Jeff in 2012 before moving on in 2018 to launch Blast, a startup that lets gamers link their gaming activity to their bank accounts so they can save as they play.
- Dutch financial services firm ING has announced it is set to discontinue its French retail banking operations. Aris Bogdaneris, member of the management board banking and head of retail banking, challengers and growth markets at ING Group, says: “We continuously evaluate our activities, including assessing whether they are likely to achieve the preferred scale in their market within a reasonable time frame. “In this context we have decided to exit the French retail market, sharpening the focus of our business portfolio on where we can better scale.” The company launched ING France in 2000 as an online bank. It currently claims around 1 million customers and provides current accounts, mortgages, consumer lending and investment products.
- Detroit-based financial services and consumer lending firm Rocket Companies has entered into an agreement to purchase personal finance app Truebill for $1.275 billion in an all-cash transaction Rocket says the acquisition will bring millions of users to its platform and is expected to add $100 million to its $1.3 billion annual revenue. The deal is due to close before the end of the year. Rocket will integrate Truebill into its end-to-end real estate and home financing platform – which also includes Rocket Mortgage and Rocket Homes – and says the deal brings it closer to its goal of “creating a centralized destination for consumers to manage their entire financial lives”.
- Banking co-operative Swift is to explore how it can support interoperability in the development of the tokenized asset market, working in conjunction with Clearstream, Northern Trust, SETL and other market participants. These experiments will use both established forms of payment and central bank digital currencies (CBDCs), says Thomas Zschach, chief innovation officer, Swift. “As a neutral cooperative with a reach across 11,000 institutions in more than 200 countries, and oversight by central banks globally, Swift is uniquely placed to engage closely in the future of securities,” says . “We look forward to this set of new experiments and innovating collaboratively with market participants on the emerging trend of tokenised assets.”
- Nationwide customers have been left panicked after a Faster Payments outage at the building society days before Christmas. After problems on Tuesday, Nationwide says that the "technical issue" has now been resolved and that "all delayed payments have now been processed". The firm urged customers not to resend money and promised to refund any charges incurred. The timing of the outage led to an outpouring on social media from customers concerned about last minute Christmas shopping and getting their paycheques.
- Revolut, the financial superapp with more than 18 million customers worldwide, announced that it will bring Google Pay to Revolut Junior customers across the UK and EEA. Tara Massoudi, Head of Product for Revolut Junior said: "Customer desires drive most of Revolut's product development and this is no exception. Our research shows that young people have a strong preference for digital wallets. Bringing Google Pay to teens simplifies payments with Revolut Junior and adds an extra layer of safety - for teens and their parents. We're moving towards a cashless society, and the pandemic has accelerated digital payment trends even more. We've come a long way since piggy banks with cash and kids need new tools to evolve with this shift."
All Things Innovation?
- Berlin-based language learning service Babbel was supposed to IPO on the Frankfurt stock exchange in late September. But only a few days before the initial listing the company pulled the plug with an eye on the developing Evergrande debt crisis that made the global stock markets very nervous. It has yet to announce a new date, but as Babbel CEO Arne Schepker told me, the company continues to monitor the markets.
A Number to Remember
- Tech To The Rescue, a voluntary movement of tech companies to help social impact organizations develop digital products, raised €700k for further development. WOW! I’m super proud that Netguru is among the Founding Partners. Congrats Jacek Siadkowski, Daniel Di Giusto, Karolina D?ugosz, Agata Stafiej-Bartosik, Tomasz Karwatka & all the teams involved.
Reader’s Corner
- Over the last two years, we’ve seen a significant digital acceleration in retail. The rising role of artificial intelligence and machine learning, the growing need for a seamless shopping experience, and increasing personalization have made their mark on the retail landscape. These trends are here to stay, not only when it comes to e-commerce. With that in mind, what retail technology trends can we expect to shape the industry in 2022 and beyond?
