Tag: economy
In Nigeria PalmPay waives fees and creates ₦100M COVID-19 payout fund
Africa focused payment startup PalmPay will waive transfer fees in Nigeria and offer direct payouts to customers who have contracted COVID-19 in the West African country. The venture — that launched in 2019 backed by China’s Transsion — has created the PalmPay Support Fund. The initiative will start with 100…
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Betterment adds checking and savings products
Betterment, the New York-based automated advisory service for wealth management, is adding FDIC-insured checking and savings account services through partnerships with several banks. “It’s the culmination of something we’ve been working on for a long time.,” says Betterment chief executive and founder, Jon Stein. While the money management services company…
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Saving, not spending, is the new hotness in fintech
Hello and welcome back to our regular morning look at private companies, public markets and the gray space in between. Yesterday news broke that Robinhood is on the hunt for new capital at a roughly flat valuation, per friend of the blog Katie Roof. If you are a bit confused…
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Uber pulls back from operating profit target
Uber is walking back its guidance for what was supposed to be a milestone year for the ride-hailing company that included reaching an operating profit by the last quarter. Uber said Thursday it was withdrawing its 2020 guidance for gross bookings, adjusted net revenue, and adjusted EBITDA, which were provided…
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Changing policy, Y Combinator cuts its pro rata stake and makes investments case-by-case
In a message posted to its internal communications channel earlier this week, the massive startup accelerator Y Combinator said it will change the terms of its own PPP (the YC pro rata investment program) and investing in companies raising seed and Series A rounds on a case-by-case basis. The company…
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Markets dragged down by abysmal retail sales and factory output
U.S. major stock indexes fell in Wednesday trading as new data from the Commerce Department and Federal Reserve indicated a collapse in manufacturing output and retail sales. However, the declines did not completely erase yesterday’s gains in another sign that U.S. investors and corporations may be better positioned to withstand…
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