Oh my, it’s not an easy end of the year for Meta. Another big leave has been announced yesterday, as Meta’s current chief of the Messenger division Stan Chudnovsky announced he will be leaving Meta at some point in Q2 of next year. Wonder if this decision is related to the “metaverse” path that Facebook has recently chosen???
Speaking of leaving the company - Better.com CEO Vishal Garg has recently become very popular. And not on good terms. Apparently, he had fired 900 people via Zoom accusing them of stealing by being not productive. If you want to have my opinion on that: everything in this case is simply wrong.?
And the biggest highlight of the day: we've just launched our own Disruption Talks podcast. You can now listen to our top interviews on Spotify and Apple Podcasts. That's 57 episodes (and counting) packed with insights from brands like Klarna, VISA, Deel, Wise, N26, Zilch, H&M and more. You definitely need to click that "follow" button.
Disrupting Retail
- In February 2020, Under Armour set up a special team built around a core of about a dozen people called "Project Buffalo." It got its name from the tendency among American Bison to face storms rather than run away from them. Its aim was to respond in real time to a supply chain crisis unfolding as a new coronavirus was spreading through China and other countries, threatening lives and the production of many of the world's goods.
- True Fit, whose online platform is leveraged by apparel and footwear retailers to tackle the fit and size part of the shopper journey, has announced a $30 million funding round led by lead investor Georgian. William R. Adler, True Fit’s President and CEO, comments: “We’re inspired by this moment. Consumers are in the midst of a generational shift to digital shopping.” “Apparel brands and retailers are rapidly partnering with True Fit to make their customer experience excellent. We’re thrilled to help unlock growth in apparel - the last huge consumer category to go digital.”
- We’ve been operating in a state of ‘normal-ish’ for a few months now. But things aren’t as they were and the experiences of the past couple of years and new learned behaviours won’t be forgotten in a hurry. To understand what customers want, what brands are planning, and uncover any blindspots in between, Adyen surveyed 3,000 consumers and 460 retail and hospitality brands across the UK and Ireland.
Finance & Tech
- Visa has invested in Belvo, backing up a recently-announced partnership with the Mexico City-based open finance API platform. Romina Seltzer, SVP, products and innovation, Visa Latin America and the Caribbean, says: "At Visa, we believe open finance has the potential to unleash great collaboration across all payment’s ecosystem participants, while ultimately driving greater financial inclusion and empowering consumers with more choice in how and where they share their financial data."?
- Blockchain intelligence platform TRM Labs has raised $60 million in a Series B funding round joined by a host of big-name firms, including Visa, Amex Ventures, Citi Ventures, PayPal Ventures, and Block (formerly Square). Esteban Casta?o, CEO, TRM, says: "This round enables TRM to continue to offer the most reliable data and most innovative technology solutions in the market to its customers." Explaining Visa's participation, Terry Angelos, global head of crypto and fintech, says that "enhancing trust and security in the crypto ecosystem through sophisticated risk assessment is key to the future of crypto, and we see TRM as a leader in the space".
- American Express has teamed up with Nova Credit to enable more newcomers to the US to use their home-country credit history to apply for its cards. Nova Credit is a startup taking on the problem that immigrants have when they arrive in the US - that their credit history is stopped at the border. Sara Milsten, SVP, new member acquisition, US consumer services, AmEx, says: “Serving newcomers lets us back more people going places and deliver on our commitment to build financial confidence for everyone.”?
- French startup Lydia appears to be more popular than ever. It’s now the second-most downloaded fintech app in France, allowing 5.5m customers to bank, invest and send money to each other. Giant investors like Tencent and Accel are also Lydia supporters, joining its $133m Series B. And — finally — Lydia is a unicorn, having been valued at over $1bn in a new $100m round, flanked by US funds Dragoneer and Echo Street. The new feat is accompanied by a fresh set of ambitious goals.
- The world’s largest card company just doubled down on its bid to capture the crypto market. Visa announced that it has launched a crypto advisory practice for its clients and partners under its Visa Consulting and Analytics (VCA) arm. The news comes just a few months after Cuy Sheffield, Visa’s head of crypto, declared the asset class had become “cool” at a fintech conference last month. The payments behemoth made waves when it bought a CryptoPunk NFT in August this year, but its move to launch a dedicated crypto consultancy shows its attempts to capture crypto market share in a crowded field extend beyond marketing stunts.
All Things-Innovation?
- UK bank TSB has teamed up with fintech startup Cogo to help customers monitor and reduce their carbon footprints. John Lyons, director, payments, TSB, says: "By partnering with Cogo, we are providing millions of our online customers with all the tools necessary to help make more informed and sustainable choices about their purchases."
- Craig Wright, the self-declared inventor of bitcoin, is claiming victory in a civil lawsuit filed against him by the family of a dead business partner, despite being ordered to pay $100 million in damages. Wright responded to the verdict in a video message, saying: "This has been a remarkably good outcome and I feel completely vindicated."
- Visa is to use its request to pay platform to pilot a consolidated bill payment and subscription management service for UK consumers. Mark Nelsen, SVP, product, Europe, Visa, comments: “Most people have a long list of regular payments to keep on top of - from gas, electricity or water bills, to mobile phones, streaming services and recurring deliveries. At the same time, a growing number of subscription services are gaining in popularity. Our new request to pay service consolidates these bills into one, easy-to-use platform, allowing consumers to pay in a way that suits them. Gone are the days of needing to manage multiple payments to different billers across separate accounts and logins.
- SoLo Funds is a capital marketplace reimagining how traditional lending platforms should operate in communities. Founders Rodney Williams and Travis Holoway created a solution to financially empower underserved communities. The fintech company was launched after witnessing the economic hardships of close peers and family members that arose during an unplanned emergency.? In fact, most Americans can not afford a $1,000 surprise expense, according to a new survey. For cash-strapped Americans who do not have aid from family members or access to financial solutions, the founders pondered, “Where can they go for assistance?”
- Wealthsimple, a Canadian digital wealth manager, is shutting up shop in the UK. It has announced to its clients that it will be transferring all eligible accounts to Moneyfarm, a fellow digital wealth management firm. Wealthsimple was launched in 2014 – initially as a robo-advisor – and is based in Toronto. Earlier this year it raised $610 million (one of the largest technology investments in Canada at the time), tripling its valuation to over $4 billion. In comparison, its previous round was $87 million.
A Number to Remember
- Whether you call it sustainability, ESG or climate tech, there is no doubt that doing good while making money has taken the world by storm. According to Bloomberg, global sustainable investment assets grew to $35.3 trillion just last year. That pencils out to about $1 of every $3 managed globally seeking to profit out of “making the world a better place.”
Reader’s Corner
- Cash in little wrapped boxes or tucked inside Hallmark cards is one of the most reliable and beloved gifts. But this holiday season, cash gifts are taking a new form as cryptocurrencies and nonfungible tokens, or NFTs.?
- And if you are into Tesla and wonder what Elon Musk has to say, Tesla CEO talks for Wall Street Journal about what’s next for Tesla and SpaceX, the role of government in business and provides an update on the Starship launch.
Making sure the BaseLinker story is being heard ??
3 年Disruption Talks Podcast ?????? Zofia Musia? Tomasz Grynkiewicz