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Streetbees raises $39M in a Series B round as brands race to interrogate Pandemic-hit consumers - techcrunch

Streetbees raises $39M in a Series B round as brands race to interrogate Pandemic-hit consumers

Streetbees started out as an app for consumers to snap pictures of supermarket shelf layouts and get paid. Consumer brands wanted to know if the supermarkets really had put them at eye level or not. Quickly, the startup realized it could interrogate consumers about how they felt about the brands themselves, turning their app into a […]
techcrunch - 14 minutes ago
Harley-Davidson is getting into the electric bicycle business - techcrunch

Harley-Davidson is getting into the electric bicycle business

Harley-Davidson has spun out a new business dedicated to electric bicycles and plans to bring its first line of products to market in spring 2021. The new business called Serial 1 Cycle Company started as a project within the motorcycle manufacturer’s product development center. The name comes from “Serial Number One,” the nickname for Harley-Davidson’s oldest […]
techcrunch - 4 hours ago
Watch Facebook, Google, and Twitter’s CEOs defend the law that created social media to Congress - techcrunch

Watch Facebook, Google, and Twitter’s CEOs defend the law that created social media to Congress

The CEOs of Twitter, Facebook and Google will appear before the Senate Commerce Committee on Wednesday in big tech’s latest showdown with Congress. The Senate hearing will have a narrower, more policy-centric scope than other recent high profile tech hearings, focusing specifically on Section 230 of the Communications Decency Act. That short law might sound […]
techcrunch - 4 hours ago
Fab founder Jason Goldberg is back with Moxie, a new live-streaming fitness marketplace - techcrunch

Fab founder Jason Goldberg is back with Moxie, a new live-streaming fitness marketplace

Amid a pandemic that has closed down fitness centers worldwide, a spate of companies has muscled their way into the booming at-home fitness market. In just the last two weeks, three-year Future, which promises at-home customers access to elite training, closed on $24 million in Series B funding; and Playbook, a nearly five-year-old fitness platform […]
techcrunch - 7 hours ago
Trump’s campaign website hacked by cryptocurrency scammers - techcrunch

Trump’s campaign website hacked by cryptocurrency scammers

President Trump’s campaign website was briefly and partially hacked Tuesday afternoon as unknown adversaries took over the “About” page and replaced it with what appeared to be a scam to collect cryptocurrency. There is no indication, despite the hackers’ claims, that “full access to trump and relatives” was achieved or “most internal and secret conversations […]
techcrunch - 8 hours ago
Via and Hyundai-Aptiv joint venture to offer shared robotaxi rides next year - techcrunch

Via and Hyundai-Aptiv joint venture to offer shared robotaxi rides next year

Motional, the Hyundai-Aptiv joint venture, and on-demand shuttle startup Via plan to launch a shared robotaxi service for the public in a U.S. city in the first half of 2021. The companies said the aim is to develop a “blueprint” for on-demand shared robotaxis and learn how these driverless vehicles can be integrated into mass transit. […]
techcrunch - 8 hours ago
Intel Geospatial is a cloud platform for AI-powered imagery analytics - venture beat

Intel Geospatial is a cloud platform for AI-powered imagery analytics

Intel Geospatial is a platform that provides customers access to satellite imagery and more, as well as analytics tools.
venture beat - 9 hours ago
Daily Crunch: Zoom adds end-to-end encryption to free calls - techcrunch

Daily Crunch: Zoom adds end-to-end encryption to free calls

Zoom adds a much-requested feature (but with a catch), TikTok partners with Shopify and Jack Dorsey lays out his argument for tomorrow’s Senate hearing. This is your Daily Crunch for October 27, 2020. The big story: Zoom adds end-to-end encryption to free calls Zoom was criticized earlier this year for saying it would only offer […]
techcrunch - 10 hours ago
Mophie introduces a modular wireless charging module - techcrunch

Mophie introduces a modular wireless charging module

Here’s a clever addition for Mophie, one of the longstanding battery case makers, which is now a part of the same smartphone accessory conglomerate as Zagg, Braven, iFrogz and InvisibleShield. The Juice Pack Connect is a modular take on the category, with a battery pack that slides on and off. For $80, a 5,400mAh battery […]
techcrunch - 10 hours ago
Armenian email campaign asks SpaceX not to aid Turkish regime with satellite launch - techcrunch

Armenian email campaign asks SpaceX not to aid Turkish regime with satellite launch

SpaceX staff and members of the media have been inundated this morning with emails ostensibly from concerned Armenians around the world, asking the company to cancel a launch contract with the Turkish government. The concerns are valid — and the mass-email method surprisingly effective. In the form email, received by TechCrunch staff hundreds of times […]
techcrunch - 11 hours ago
Launch next-level networking with CrunchMatch at our TC Sessions: Space event - techcrunch

Launch next-level networking with CrunchMatch at our TC Sessions: Space event

TC Sessions: Space 2020, our first space technology event, launches December 16-17 and you won’t want to miss our virtual conference focused on this fast-emerging startup category. You’ll hear from the space industry’s top movers, shakers and decision makers including Space Command’s General John W. Raymond, NASA Administrator Jim Bridenstine and Tess Hatch of Bessemer […]
techcrunch - 11 hours ago
T-Mobile launches new TVision streaming bundles, pricing starts at $10 per month - techcrunch

T-Mobile launches new TVision streaming bundles, pricing starts at $10 per month

T-Mobile is launching new skinny bundles of live TV and streaming services to compete with expensive cable subscriptions. The carrier has already been moving into the TV market with the acquisition of Layer3 and the subsequent launch of TVision Home last year. However, that was closer to traditional cable, with a price tag starting at […]
techcrunch - 11 hours ago
Microsoft stock flat despite better-than-expected earnings, strong Azure growth - techcrunch

Microsoft stock flat despite better-than-expected earnings, strong Azure growth

Today after the bell, Microsoft reported its calendar Q3 2020 earnings, the period of that time corresponds to its Q1 fiscal 2021 period. In the three months ending September 30, Microsoft had revenues of $37.2 billion and per-share profit of $1.82. Analysts had anticipated the company to report $1.54 in earnings per share, generated from […]
techcrunch - 12 hours ago
Reddit will allow employees to work from anywhere, going forward - techcrunch

Reddit will allow employees to work from anywhere, going forward

Spurred on by the seemingly endless COVID-19 pandemic — and no doubt inspired by similar moves from companies like Twitter — Reddit today announced plans to offer its staff the opportunity to work remotely, going forward. The company announced the move in a blog post today, noting some practical exceptions to the rule, including those […]
techcrunch - 12 hours ago
How Jack Dorsey will defend Twitter in tomorrow’s Senate hearing on Section 230 - techcrunch

How Jack Dorsey will defend Twitter in tomorrow’s Senate hearing on Section 230

Three of tech’s most prominent CEOs tomorrow will face the Senate Commerce Committee during a virtual hearing tomorrow and their opening statements are beginning to trickle out. The hearing, scheduled for 10 AM ET Wednesday, will see Twitter’s Jack Dorsey, Facebook’s Mark Zuckerberg and Sundar Pichai of Alphabet in the hot seat for what’s sure […]
techcrunch - 13 hours ago
Instagram extends time limits on live streams to 4 hours, will soon support archiving - techcrunch

Instagram extends time limits on live streams to 4 hours, will soon support archiving

Instagram is adapting to the way creators have been using its service during the coronavirus pandemic. With individuals and businesses now limited from hosting in-person events — like concerts, classes, meetups, and more — users have turned to Instagram to live stream instead. Today, the company says it’s significantly expanding the time limit for these […]
techcrunch - 13 hours ago
Let’s move beyond 2020 and start thinking about the 2020s - techcrunch

Let’s move beyond 2020 and start thinking about the 2020s

Seasonality is critical for the media. End-of-year wrap-ups, best books for the summer, things to do this weekend — they’re all methods to note not only the passage of time, but also to begin to set the tone for what is about to come. Everyone covered the end of the 2010s with aplomb, a decade […]
techcrunch - 13 hours ago
Stark raises $1.5M for a toolkit that helps developers and others create more inclusive design - techcrunch

Stark raises $1.5M for a toolkit that helps developers and others create more inclusive design

Diversity and inclusion are slowly, slowly moving away from being an afterthought (or worse, a no-thought) in the tech world. And to underscore the new attention the area is getting — in every aspect of the concept — today a startup that’s building tools to help designers and developers make their end products more accessible […]
techcrunch - 14 hours ago
Wyze launches version 3 of its $20 security camera - techcrunch

Wyze launches version 3 of its $20 security camera

Wyze first made a name for itself when it launched its $20 indoor security camera a few years ago. Since then, the company branched out into other smart home products, ranging from doorbells to scales. Today, it’s going back to its origins with the launch of the Wyze Cam V3, the third generation of its […]
techcrunch - 15 hours ago
Ex-Blizzard dev Chris Metzen unveils Warchief Gaming tabletop game company - venture beat

Ex-Blizzard dev Chris Metzen unveils Warchief Gaming tabletop game company

Chris Metzen was the primary visionary at Blizzard Entertainment on games such as Warcraft, Diablo, StarCraft, and Overwatch. But toiling on games took a toll, and after 22 years, he left it all behind in 2016. Now, four years later, Metzen has recharged and is diving into tabletop games with Warchief Gaming. The former Blizzard […]
venture beat - 15 hours ago
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techcrunch
Chime adds $485M at a $14.5B valuation, claims EBITDA profitability

Chime adds $485M at a $14.5B valuation, claims EBITDA profitability

techcrunch - 1 month ago

In the midst of IPO week we have to add another name to our future debuts’ list, namely Chime, which announced a huge new round of capital today. The $485 million Series F values the consumer fintech giant at $14.5 billion, a huge figure given that Chime was most recently worth $5.8 billion after raising $700 million last December.

Even more stark is the company’s $1.5 billion valuation set in early 2019. From $1.5 billion to $14.5 billion in less than two years is quite a run for any startup. Powering the latest round there were a host of familiar names, including Tiger, ICONIQ and General Atlantic, along with Dragoneer and DST Global. Names I’m less familiar with like Whale Rock Capital and Access Technology Ventures also took part.

Tucked inside a CNBC article that broke the story was news that Chime is now EBITDA profitable and could be “IPO-ready” in its CEO’s eyes in around a year’s time.

TechCrunch reached out to Chime for clarification on the EBITDA point, asking if the figure is adjusted or not, as many EBTIDA metrics remove the cost of share-based compensation given to their employees. According to Chime, the metric is “true EBITDA,” to which we award an extra five points. In response to a growth question, Chime said that its “transaction and top-line” has tripled compared to the year ago period.

The Chime round and news of its nascent, non-GAAP profitability comes on the heels of a grip of reports on the financial health of a number of European neobanks, or challenger banks as they are often called. The numbers showed huge growth, and steep losses. If Chime’s numbers hold up when we get its eventual S-1 — start your countdowns — it will be among the healthiest of the startups in its cohort in financial terms, we reckon.

Finally, the company is trying to paint itself as something of a software company, and not a fintech company. This is a move to attract better revenue multiples when it comes time to defend its new $14.5 billion valuation. Software companies have flat-out bonkers multiples these days, as evinced by the blockbuster Snowflake debut.

Here’s how Chime thinks of itself, via CNBC:

Were more like a consumer software company than a bank, Britt said. Its more a transaction-based, processing-based business model that is highly predictable, highly recurring and highly profitable.

The key phrases there are “software company” and “highly predictable, highly recurring and highly profitable.” In effect Chime will argue that interchange revenues should fit under the SaaS umbrella given their regularity. Investors will decide how to view that pitch. If it works, maybe fintechs are more valuable than expected. And those fintechs with obvious SaaS components, like Acorns, could be sitting pretty when it comes to making the fintech v. SaaS argument.

Regardless, it’s another huge round for Chime, which makes it a good day for the highly-valued fintech sector.

sauce: techcrunch
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