Category Archives: finance

Robinhood said to not be properly insured to offer checking & savings

Robinhood’s new high-interest, zero-fee checking and savings feature seems to be too good to be true. Users’ money may not be fully protected. The CEO of the Securities Investor Protection Corporation, a nonprofit membership corporation that insures stock brokerages, tells TechCrunch its insurance would not apply to checking and savings accounts the way Robinhood claims. “Robinhood would be buying securities for its account and sharing a portion of the proceeds with their customers, and that’s not what we cover,” says SIPC CEO Stephen Harbeck. “I’ve never seen a single […]

Read more

Revolut gets European banking license in Lithuania

Fintech startup Revolut is now officially a bank. While the startup initially expected to get its European banking license during the first half of 2018, the company has finally come out of the regulatory tunnel with a license in hand. As expected, Revolut applied for a license through the Bank of Lithuania and is leveraging passporting rules to operate in other European countries. Users will see some changes over the coming months. First, the company expects to roll out new features in the U.K., France, Germany and […]

Read more

The economics and tradeoffs of ad-funded smart city tech

In order to have innovative smart city applications, cities first need to build out the connected infrastructure, which can be a costly, lengthy, and politicized process. Third-parties are helping build infrastructure at no cost to cities by paying for projects entirely through advertising placements on the new equipment. I try to dig into the economics of ad-funded smart city projects to better understand what types of infrastructure can be built under an ad-funded model, the benefits the strategy provides to cities, and the non-obvious costs cities have to […]

Read more

N26 says it now has more than 2M customers

N26 announced today that it now has more than 2 million customers — up from 1.5 million in October. The German fintech startup’s CEO Valentin Stalf was interviewed onstage at Disrupt Berlin with Tandem CEO Ricky Knox, where they discussed the growth of what are sometimes called challenger banks or neobanks — new banks that are taking on the incumbents by focusing on digital tools. Stalf said N26 is seeing more than €1.5 billion in transactions each month, with €1 billion in deposits. He also discussed the […]

Read more

LearnLux raises $2M from Sound Ventures, Marc Benioff to help employees make financial decisions

Earlier this year, Rebecca Liebman impressed a panel of high-profile investors, including Ashton Kutcher and Salesforce chief executive Marc Benioff, at a SXSW pitch competition. She won and Benioff wrote her a check for $200,000 on the spot. Today, she’s announcing that her educational fintech startup LearnLux has closed a $2 million seed round from Kutcher’s investment firm Sound Ventures, Benioff, Underscore VC and former Wealthfront CEO Adam Nash. LearnLux operates under a SaaS model, partnering with businesses to offer access to its digital financial wellness product, which helps employees make […]

Read more

Robinhood hires 20-year Amazon veteran to CFO role as high-flying startup eyes IPO

Robinhood, the zero-fee stock trading app and cryptocurrency exchange is bringing on a former Amazon finance exec to help the company prepare for an eventual public debut. Warnick The startup has hired Jason Warnick, a former exec at Amazon who was with the company for nearly 20 years, most recently serving as the commerce giant’s VP of Finance. Warnick has worn many hats inside the Seattle company’s finance departments, with positions touching operations, internal audit, investor relations and risk management. In his most recent role, Warnick also served […]

Read more

October lets 11 public companies borrow money on its platform

French crowd-lending platform October (formerly known as Lendix), wants to educate more people about new ways to borrow money. That’s why the company is launching a project called Grandir Ensemble (grow together). 11 big companies are borrowing €100,000 each on October at a 2.5 percent interest rate. October users will be able to lend as little as €20 to one of these companies. If you look at the list of companies, all those names will sound familiar to French readers and beyond. Most of them are public […]

Read more

Our 3 favorite startups from Morgan Stanley’s 2nd Multicultural Innovation Lab Demo Day 

The Morgan Stanley Multicultural Innovation Lab, Morgan Stanley’s in-house accelerator focused on companies founded by multicultural and female entrepreneurs, hosted its second Annual Showcase and Demo Day. The event also featured companies from accelerators HearstLab, Newark Venture Partner Labs and PS27 Ventures. (Note: I was formerly employed by Morgan Stanley and have no financial ties.) The showcase represented the culmination of the program’s second year, which followed an initial five-company class that has already seen two acquisitions. Through the six-month program, Morgan Stanley provides early-stage companies with a wide range of […]

Read more

Today in brighter crypto news: SEC says tokens are securities

Crypto news got a little boost last week after a dark month of crashes, stablecoins and birthdays. The SEC ruled that two ICO issuers, CarrierEQ Inc. and Paragon Coin Inc., were in fact selling securities instead of so-called utility tokens. “Both companies have agreed to return funds to harmed investors, register the tokens as securities, file periodic reports with the Commission, and pay penalties,” wrote Pamela Sawhney of the SEC. “These are the Commission’s first cases imposing civil penalties solely for ICO securities offering registration violations.” From […]

Read more

Pitching a $99 tax advisory service for the masses, Visor has raised $9 million

The only sure things in this life, according to Ben Franklin, are death and taxes. And a new startup called Visor has just raised $9 million in financing to make one of them as painless as possible. Unlike Nectome, Visor won’t kill anyone, but it may ring the death knell for the high-end tax advisors that most Americans can’t even access to get help filing and paying their taxes. It’s like having a personalized accountant for the cost of a high-end do-it-yourself tax-prep service. The $9 million Visor raised came […]

Read more
1 2 3 7