Business banking startup Mercury, founded in 2020, is now launching a consumer banking product.
“We already have a few hundred thousand users of our business banking product, and a lot of people have expressed that they want a personal banking product,” he told TechCrunch in an interview.
The person also said the fintech partner banking market as a whole has been the target of more regulatory scrutiny.
Crossing overBut success in B2B banking doesn’t automatically queue up Mercury to handle consumer banking.
Sign up for TechCrunch Fintech here.
Your cut out & keep guide to Big Tech talking points in a new age of antitrust With regulatory risk soaring, platforms are in lobbying overdrive.
We cut to the chase with a no-nonsense glossary of Big Tech’s top whines…As the likes of Amazon, Apple, Google, Meta, Microsoft and TikTok face unprecedented (yes, actually!)
But there’s an even greater nightmare for Big Tech: The break-up of established empires may be on the cards.
This may explain why some of the defensive claims put out in response to dialled-up regulatory attention are so familiar.
“why am I seeing this ad?”because we tracked you“why are we doing this?”to keep tracking you for 🤑“publicly available information”stuff we stole
And it did reduce its loss from operations by nearly half, from $506 million in 2022 to $267 million in 2023.
Under a deal reached in November 2020, Canoo reimburses Aquila Family Ventures, an entity owned by the CEO, for use of an aircraft.
In 2023, Canoo spent $1.7 million on this reimbursement — that’s double the amount of revenue it generated.
Canoo paid Aquila Family Ventures $1.3 million in 2022 and $1.8 million in 2021 for use of the aircraft.
This could be chalked up to small monetary potatoes if Canoo reaches its revenue forecast for 2024 of $50 million to $100 million.
Microsoft’s latest gambit to snag much of the human talent from Inflection AI is causing waves this week.
The subtext is clear enough: Microsoft doesn’t want to run into regulatory oversight in the form of anti-trust action.
Regardless of your perspective on such deal-killing, Microsoft seems to have found a way around the matter in this case.
Elsewhere in Microsoft land there’s talk of a new GPT model from OpenAI, and even some new Surface and Windows news that has an AI lilt.
Wherever you look, there’s Microsoft and AI, cutting up the rug.
Binance will discontinue its naira (NGN) services in response to heightened regulatory scrutiny in Nigeria, it said in a blog post today.
The cryptocurrency exchange will begin delisting any existing NGN spot trading pairs by Thursday, March 7.
Any remaining NGN balances in users’ spot and funding wallets will be converted to USDT on Friday, March 8, it noted.
This development follows recent regulatory actions by the Nigerian government, which imposed restrictions on both local and foreign cryptocurrency exchanges, including Binance.
What followed was the reported detention of two Binance officials after they were invited to Nigeria to discuss the regulatory restrictions.
Indian firms whose apps were delisted by Google last week have begrudgingly started to comply with Play Store billing rules to get their apps back on the store.
A lot of protesting developers have opted for a consumption-only model for now, while others have opted for the Google Play billing.
And what about alternate app stores like the recently launched Indus app store from PhonePe?” Janakiraman told the publication.
Google also noted that the company has given developers three years to comply with Play Store rules.
Firms seeking regulatory actionThe firms that are protesting against Google’s move are looking for regulatory intervention.
TikTok is introducing a data portability API to help it comply with new European regulations designed to rein in Big Tech’s market dominance through various obligations and restrictions.
Data transfersData portability and interoperability constitutes a major part of the DMA regulations, and tech companies have been bolstering their efforts on this front for several years in preparation.
Thus the data portability API goes some way toward addressing that limitation, allowing third-party developers to build conduits for data to travel from TikTok to their own apps — if the user authorizes this.
Through the API, developers can request access to “all available data,” or individual categories including TikTok posts and profile data, activity, and direct messages (DMs).
The data portability API is available to applicants globally, but the developer must be able to demonstrate a “well-defined use case” before they will be approved.
The deal’s latest hurdle is the European Commission, which has set a February 14 deadline to reach a final decision.
According to a new report, the EU regulatory body is set to vote against acquisition, citing the perceived anti-competitive nature of deal.
In July, Amazon announced that it was lowering its asking price from $61 to $51.75 per share.
The day the initial deal was announced, iRobot cut its headcount by 10% — around 140 people – as part of a restructure.
As of this writing, share prices have dipped below $20 – one-third of where things where when the deal was announced.
ABL Space Systems is looking to raise up to $100 million in new funding, and has just closed over $40 million, according to a new filing with the U.S. Securities and Exchange Commission.
It’s the first indication that ABL has raised venture funding since October 2021, when the launch company closed $200 million at a $2.4 billion valuation.
Together, they’re meant to provide a mobile, all-in-one launch system.
However, the overall launch site layer represents a weak link.”Unsurprisingly, they argue that GS0 is the solution to this vulnerability, offering both a launch mount and a site system in a “proliferated” architecture.
“It was not in our plans to have RS1 grounded for most of 2023,” O’Hanley wrote after the launch.
The trading volume at top Indian crypto exchange WazirX fell to $1 billion in 2023 as the platform faced intensifying regulatory pressure in its home market alongside a broader slump for digital asset prices — and equities — globally.
WazirX, which has had a dispute with Binance over the Indian firm’s ownership, put a positive gloss on the latest figures, touting the $1 billion trading tally in a public statement Tuesday.
The 97% plunge in trading volume comes as WazirX faces mounting regulatory pressures from Indian authorities that have left the country’s once-burgeoning crypto sector fighting for survival.
India began taxing virtual currencies last year, levying a 30% tax on the gains and a 1% deduction on each crypto transaction.
India’s intensifying regulatory crackdown on cryptocurrencies has cast a chill over local investors once eager to back the country’s crypto startups.
