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Gett inks deal with Curb Mobility to bring yellow cabs to its enterprise-focused on-demand ride-hailing app - techcrunch

Gett inks deal with Curb Mobility to bring yellow cabs to its enterprise-focused on-demand ride-hailing app

Gett, the ride-hailing startup that has been carving out a niche for itself in a crowded and competitive market for on-demand transportation by focusing on enterprise accounts and connecting people with rides in some 1,500 cities leveraging a number of third-party fleets, is adding another partner today as it continues to double down on its […]
techcrunch - 3 hours ago
India’s Razorpay raises funds at $3 billion valuation ahead of Southeast Asia launch - techcrunch

India’s Razorpay raises funds at $3 billion valuation ahead of Southeast Asia launch

Six-year-old Bangalore-based fintech Razorpay topped a $1 billion valuation late last year, becoming the first Y Combinator-backed Indian startup to reach the much sought after unicorn status. In less than six months since, the Indian startup has tripled its valuation and is preparing to launch in the Southeast Asian markets. Razorpay said on Monday it […]
techcrunch - 5 hours ago
Once VMware is free from Dell, who might fancy buying it? - techcrunch

Once VMware is free from Dell, who might fancy buying it?

If you accept that VMware is in play, the prospective price tag means that the number of firms that could afford such a purchase are few and far between.
techcrunch - 12 hours ago
Consumer agency warns against Peloton Tread+ use, as company pushes back - techcrunch

Consumer agency warns against Peloton Tread+ use, as company pushes back

Almost exactly a month ago, Peloton CEO John Foley wrote an open letter about the the company’s treadmill. “I’m reaching out to you today because I recently learned about a tragic accident involving a child and the Tread+, resulting in, unthinkably, a death,” it begins. “While we are aware of only a small handful of […]
techcrunch - 1 day ago
How one founder build a startup around compassion and care facilitated by AI - techcrunch

How one founder build a startup around compassion and care facilitated by AI

In the second episode of our new podcast Found, our guest is Brie Code. Code is the founder and CEO of TRU LUV, a startup based out of Toronto that has its roots in the game industry, but that is taking a radically different approach to designing interactive experiences based on a historically-overlooked motivating paradigm […]
techcrunch - 1 day ago
Hear how StockX brought the sneaker scene to Detroit - techcrunch

Hear how StockX brought the sneaker scene to Detroit

At TechCrunch’s Detroit City Spotlight this week, I sat down with Rae Witte, the journalist behind the StockX EC-1. TechCrunch’s EC-1 push allows individual authors to go deep on a particular company. And as StockX has been headquartered in Detroit since its inception, we took the chance to dig into our reporting in front of […]
techcrunch - 1 day ago
Outdoor startups see supercharged growth during COVID-19 era - techcrunch

Outdoor startups see supercharged growth during COVID-19 era

After months of shelter-in-place orders, widespread shutdowns and physical distancing, outdoors became the only location for safe socializing.
techcrunch - 1 day ago
Daily Crunch: Squarespace files to go public - techcrunch

Daily Crunch: Squarespace files to go public

Squarespace is going public, Apple shares some music payment details and Twitter bans the founder of the right-wing media organization Project Veritas. This is your Daily Crunch for April 16, 2021. The big story: Squarespace files to go public Squarespace has filed to go public via direct listing on the New York Stock Exchange, under […]
techcrunch - 2 days ago
Pakistan temporarily blocks social media - techcrunch

Pakistan temporarily blocks social media

Pakistan has temporarily blocked several social media services in the South Asian nation, according to users and a government-issued notice reviewed by TechCrunch. In an order titled “Complete Blocking of Social Media Platforms,” the Pakistani government ordered Pakistan Telecommunication Authority to block social media platforms including Twitter, Facebook, WhatsApp, YouTube, and Telegram from 11am to […]
techcrunch - 2 days ago
Oxbotica raises $13.8M from Ocado to build autonomous vehicle tech for the online grocer’s logistics network - techcrunch

Oxbotica raises $13.8M from Ocado to build autonomous vehicle tech for the online grocer’s logistics network

Ocado, the UK online grocer that has been making strides reselling its technology to other grocery companies to help them build and run their own online ordering-and-delivery operations, is making an investment today into what it believes will be the next stage of development of that business: the company is taking a £10 million ($13.8 […]
techcrunch - 2 days ago
Sen. Wyden proposes limits on exportation of American’s personal data - techcrunch

Sen. Wyden proposes limits on exportation of American’s personal data

Senator Ron Wyden (D-OR) has proposed a draft bill that would limit the types of information that could be bought and sold by tech companies abroad, and the countries it could be legally sold in. The legislation is imaginative and not highly specific, but it indicates growing concern at the federal level over the international […]
techcrunch - 3 days ago
Twitter bans James O’Keefe of Project Veritas over fake account policy - techcrunch

Twitter bans James O’Keefe of Project Veritas over fake account policy

Twitter has banned right-wing provocateur James O’Keefe, creator of political gotcha video producer Project Veritas, for violating its “platform manipulation and spam policy,” suggesting he was operating multiple accounts in an unsanctioned way. O’Keefe has already announced that he will sue the company for defamation. The ban, or “permanent suspension” as Twitter calls it, occurred […]
techcrunch - 3 days ago
Daily Crunch: Google Earth gets an update - techcrunch

Daily Crunch: Google Earth gets an update

Google Earth gives users a new look at a changing planet, Facebook tests new business discovery features and Autodesk acquires Upchain. This is your Daily Crunch for April 15, 2021. The big story: Google Earth gets an update Google is describing this as Google Earth’s biggest update since 2017, though there’s really just one major […]
techcrunch - 3 days ago
Should Dell have pursued a more aggressive debt-reduction move with VMware? - techcrunch

Should Dell have pursued a more aggressive debt-reduction move with VMware?

The spin-out generates a large slug of cash Dell can use for debt relief, but could it have squeezed more money out of the deal?
techcrunch - 3 days ago
You can now pay for BART using an iPhone or Apple Watch - techcrunch

You can now pay for BART using an iPhone or Apple Watch

Good news, Bay Area! Apple Pay now works with Clipper cards. That means you can now use an iPhone or Apple Watch to pay for BART. Or Muni. Or Caltrain. Or the Ferry! Or (almost) any other transit-related thing you’d otherwise use the plastic Clipper card for. Clipper has a page outlining the Apple Pay […]
techcrunch - 3 days ago
How startups can ensure CCPA and GDPR compliance in 2021 - techcrunch

How startups can ensure CCPA and GDPR compliance in 2021

Small startups might not think the world’s strictest data privacy laws apply to them, but it’s important to enact best data management practices before a legal situation arises.
techcrunch - 3 days ago
Rivian to initially launch in-house insurance program in 40 states - techcrunch

Rivian to initially launch in-house insurance program in 40 states

Electric truck startup Rivian released Thursday details of its in-house Rivian Insurance program, which it says will be integrated into its digital ordering process. The insurance will initially be available in 40 states. Keeping in line with the company’s marketing as an “adventure vehicle” company, customers will also have the option to cover their home […]
techcrunch - 3 days ago
Join ECL on Wednesday to pitch your startup to Fifth Wall’s Brendan Wallace and Hippo’s Assaf Wand - techcrunch

Join ECL on Wednesday to pitch your startup to Fifth Wall’s Brendan Wallace and Hippo’s Assaf Wand

Have you ever dreamed about the opportunity to find yourself in, say, an elevator with an investor who is open to hearing your pitch? Well, then the next episode of Extra Crunch Live is for you. If you’ve hung out with us on an ECL before, you know we start with a bit of top […]
techcrunch - 3 days ago
Facebook brings software subscriptions to the Oculus Quest - techcrunch

Facebook brings software subscriptions to the Oculus Quest

Subscription pricing is landing on Facebook’s Oculus Store, giving VR developers another way to monetize content on Facebook’s Oculus Quest headset. Developers will be allowed to add premium subscriptions to paid or free apps, with Facebook assumedly dragging in their standard percentage fee at the same time. Oculus and the developers on its platform have […]
techcrunch - 3 days ago
Billion-dollar B2B: cloud-first enterprise tech behemoths have massive potential - techcrunch

Billion-dollar B2B: cloud-first enterprise tech behemoths have massive potential

Billion-dollar B2B refers to the forces shaping a new class of cloud-first, enterprise-tech behemoths with the potential to reach $1 billion in ARR.
techcrunch - 3 days ago
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techcrunch
TrueLayer raises $70M for its open banking platform

TrueLayer raises $70M for its open banking platform

techcrunch - 1 week ago

TrueLayer, the London startup that offers a developer-friendly platform for companies, including other fintechs, to utilise open banking, is disclosing $70 million in new funding.

The Series D round is led by new investor Addition. Existing investors, including Anthemis Group, Connect Ventures, Mouro Capital, Northzone and Temasek, also participated. New investors include Visionaries Club, Zack Kanter (CEO Stedi), Daniel Graf (ex-Uber, Google, Twitter) and David Avgi (ex-CEO SafeCharge, CEO UniPaaS).

TrueLayer says the Series D brings the total investment to date to $142 million. The injection of capital will be used to continue scaling its open banking network, which brings together payments, financial data and identity to enable companies to build new products that improve “how we spend, save, and transact online”.

This will include further development of premium open banking-based services that go beyond simply accessing open banking APIs and will enable more innovation across financial services, including embedded finance and payments more generally.

To do this, and to support what it says is growing demand, TrueLayer is expanding its engineering, product and commercial teams. In the past 12 months, the fintech has expanded its services across 12 European markets.

Over the years, TrueLayer CEO and co-founder Francesco Simoneschi and I have often pontificated on what open banking’s killer use case or use cases may turn out to be. We may finally have our answer: payments.

That’s because one aspect of open banking is payment initiation, which lets an authorised third party initiate the transfer of money out of your bank account on your behalf as an alternative to card payments, which were never built with online payments in mind.

We believe open banking payments will become the default way to pay online, replacing other payment methods in the next five years, says Simoneschi. Open banking is digitally native and mobile-first, moving money at a fraction of the cost, securely and conveniently, while also delivering a vastly better consumer experience.

The past year has also exposed some of the problems with existing payments methods, as people have turned to digital channels to manage every aspect of their lives. The problem is cards, says the TrueLayer CEO, which werent designed for online and have been retrofitted into current online payment flows. Newer digital approaches such as Google Pay or Apple Pay paper over those cracks but dont change the fundamentals.

Simoneschi says the company has seen the use of its payments API grow rapidly as more consumers embrace instant bank payments. Volumes grew by 600x over the last year, driven by more and more companies adopting open banking payments, including the likes of Revolut, Trading 212, Freetrade and Nutmeg.

We typically see that 1 in 3 customers choose the open banking payment option after trying it once, he notes, revealing that for some clients, closer to 70% of their customers are using open banking as the primary payment method.

There are a number of reasons why it makes sense for customers. For one, they dont need to remember card details. Instead, they authenticate with their face or fingerprint on their mobile device, instantly and securely. Plus, theyll never need to update stored details if their card is lost, stolen or expires.

Open banking payments as a checkout option benefits merchants too, argues Simoneschi. These payments typically convert 20% better than cards (and up to 40% with our flows) and have success rates higher than 95%, equating to millions or hundreds of millions in recovered revenue at the end of the year, adds the TrueLayer co-founder.

sauce: techcrunch
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