Welcome to TechCrunch Fintech!
This week, we’re looking at Rippling’s controversial decision to ban some former employees from selling their stock, Carta’s massive valuation drop, a GenZ-focused fintech raise, and more!
But there is one big exception: It has banned former employees who work for a handful of competitors from selling their stock.
What else we’re writingIn early 2022, the fintech startup Bloom was accepted into Y Combinator as the first-ever startup from Sudan to participate in the famed accelerator.
In an unusual move, Capital One is teaming up with payment giants (and rivals) Stripe and Amsterdam-based Adyen to offer a free product aimed at fraud reduction, the financial services giant told TechCrunch in an exclusive interview.
If death and taxes are inevitable, why are companies so prepared for taxes, but not for death?
In the immediate aftermath of Linder’s loss, founding a company would have been a long shot.
So Bereave built a B2B product to sell to employers, which they can offer their employees in times of need.
The platform catalogs resources for people experiencing loss, walking them through the steps of closing out a loved one’s affairs.
Tall Poppy, a company that offers digital safety guidance for employees navigating online harassment and hacks, also uses step-by-step checklists.
Sources tell TechCrunch that employees at those companies received no information about the tender offer, but heard about their exclusion through the grapevine.
None of the former employees TechCrunch spoke to were surprised to hear one name on the list: Deel.
“Rippling put together a tender offer for the benefit of its employees, ex-employees, and early investors.
To be sure, as a private company, Rippling certainly has the freedom to place restrictions on participation in its stock sales.
In addition to the price of the stock, employees may face huge tax bills on options they exercise from the paper gains of the value of the stock.
Last week, Australian authorities sounded the alarm saying they had become aware of “successful compromises of several companies utilising Snowflake environments,” without naming the companies.
TechCrunch has this week seen hundreds of alleged Snowflake customer credentials that are available online for cybercriminals to use as part of hacking campaigns, suggesting that the risk of Snowflake customer account compromises may be far wider than first known.
When we checked the web addresses of the Snowflake environments — often made up of random letters and numbers — we found the listed Snowflake customer login pages are publicly accessible, even if not searchable online.
In our checks, we found that these Snowflake login pages redirected to Live Nation (for Ticketmaster) and Santander sign-in pages.
There is some evidence to suggest that several employees with access to their company’s Snowflake environments had their computers previously compromised by infostealing malware.
The company on Wednesday introduced a beta of what it’s calling ‘AI teammates,’ in a bid to help move work inside an organization.
“We believe that the future of work is humans not just working with humans, but humans also working with AI,” Costello told TechCrunch.
“The work graph enables us to tell AI not just how work happens, but how work happens in this specific instance.
So when we embed AI teammates into a particular workflow, they’re given a specific job to do.
“We have found that we’re able to embed AI teammates to remove a lot of administrative work and tracking work within these systems very quickly, with high degrees of success.
That means there’s a market for a layer between companies and Large Language Models (LLMs) — something companies can use to pick LLMs easily without needing to commit for all time to one platform.
That’s the market Langdock is targeting with its chat interface that sits between LLMs and a company.
“Companies don’t want to have a vendor lock-in on just one of those LLM providers,” Lennard Schmidt, co-founder and CEO of Langdock, told TechCrunch.
In addition to the chat interface, the company also offers security, cloud and on-premises solutions.
In contrast, Langdock’s chat interface works for a broader range of use cases and can be used by any kind of staff.
Google has terminated the employment of 28 employees following a prolonged sit-in protest at the company’s Sunnyvale and New York offices.
The protests were in response to Project Nimbus, a $1.2 billion cloud computing contract inked by Google and Amazon with the Israeli government and its military three years ago.
So many workers don’t know that Google has this contract with the IOF [Israel Offensive Forces].
Those of us sitting in Thomas Kurian’s office repeatedly requested to speak with the Google Cloud CEO, but our requests were denied.
Hundreds and thousands of Google workers have joined No Tech for Apartheid’s call for the company to Drop Project Nimbus.
Tesla layoffs hit high performers, some departments slashed, sources say 'I lost 20% of my team, some really good players too'Tesla management told employees Monday that the recent layoffs — which gutted some departments by 20% and even hit high performers — were largely due to poor financial performance, a source familiar with the matter told TechCrunch.
High performers also cutMany of the laid-off employees were high performers, according to two sources who spoke to TechCrunch on condition of anonymity.
Some departments saw layoffs beyond the 10% outlined in the companywide email, according to sources.
In 2022, he told employees that he wanted a “clean robotaxi” with no steering wheel or pedals.
Patel told TechCrunch he decided Sunday evening to leave Tesla because of “[b]ig overall changes” at the company.
Tesla layoffs hit high performers, some departments slashed, sources say 'I lost 20% of my team, some really good players too'Tesla management told employees Monday that the recent layoffs — which gutted some departments by 20% and even hit high performers — were largely due to poor financial performance, a source familiar with the matter told TechCrunch.
Its margins, however, took a hit after Tesla repeatedly slashed prices in a bid to drum up sales and undercut the competition.
High performers also cutMany of the laid-off employees were high performers, according to two sources who spoke to TechCrunch on condition of anonymity.
In 2022, he told employees that he wanted a “clean robotaxi” with no steering wheel or pedals.
Patel told TechCrunch he decided Sunday evening to leave Tesla because of “[b]ig overall changes” at the company.
Companies that offer role referral bonuses do so with the assumption that their employees know their work culture — and a role’s requirements — best.
But what if companies were to open up those referral bonuses to people outside the organization?
Draftboard lets employers post referral bonuses and have referrers compete to earn them by scouring their networks for talent.
Free for companies, Draftboard notifies its roughly 1,000 referrers — in Draftboard’s parlance, “scouts” — as referrals move through the different stages of companies’ recruiting processes.
Referrers are graded on the quality of their referrals, and Draftboard takes a 20% cut of each referral bonus.
