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Synapse’s collapse has frozen nearly $160M from fintech users — here’s how it happened

TechCrunch · 11m ago

Synapse’s collapse has frozen nearly $160M from fintech users — here’s how it happened

The collapse of BaaS fintech Synapse has raised concerns about the banking-as-a-service concept and its impact on end-users and other fintechs. Synapse provided banking services for other companies, allowing them to offer features such as instant payments and specialized credit/debit cards. The San Francisco-based startup filed for Chapter 11 bankruptcy in April 2024 and its assets were intended to be sold to TabaPay, but the deal fell through. As a result, millions of consumers with approximately $160 million in deposits are unable to access their funds. The incident has affected numerous fintechs and led to calls for restoration of customer access to their money.

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NASA’s Webb finds cold giant planet caught in cosmic tug of war: Here’s why it intrigues scientists

Economic Times

Economic Times · 18d ago

NASA’s Webb finds cold giant planet caught in cosmic tug of war: Here’s why it intrigues scientists

NASA’s James Webb Space Telescope captured an image of 14 Herculis c, a cold exoplanet 58.4 light-years away. This frozen giant, seven times Jupiter's mass, orbits in an unusual 'X' pattern with another planet, possibly due to a third planet's ejection. With JWST, astronomers detected carbon dioxide and monoxide in its atmosphere, revealing atmospheric churning. The discovery provides insights into planetary evolution and how planetary systems form and stabilize after initial chaos.

Policybazaar Parent Rolls Out ESOP Prog Worth INR 96.6 Lakh

Inc42 · 1y ago

Policybazaar Parent Rolls Out ESOP Prog Worth INR 96.6 Lakh

PB Fintech, a company whose employee share plan was approved by investors earlier this week, has issued nearly 4.83 million new shares. However, it is uncertain how many employees will benefit from this plan. The company's stock experienced a significant increase, rising by almost 9% on Friday, potentially in response to being added to the MSCI Global Standard Index during its quarterly rebalancing.

Global regulators seek to crack down on decentralised finance

Economic Times

Economic Times · 1y ago

Global regulators seek to crack down on decentralised finance

The collapse of crypto exchange FTX and of the Terra USD stablecoin during 2022 showed how shocks in one part of the crypto market can trigger billions of dollars in outflows from DeFI applications, said IOSCO, the global umbrella body for securities watchdogs from across the world.

Here’s why AI search engines really can’t kill Google

The Verge

The Verge · 1y ago

Here’s why AI search engines really can’t kill Google

AI-powered search engines are being touted as the future of search, with companies like Perplexity and You.com claiming to be the next-gen search products. However, the real question is not only how well these search engines can find information but also how well they can handle various types of queries that users typically have. When it comes to navigation queries, AI search engines struggle to provide immediate and accurate results compared to Google. For information queries, AI search engines vary in their performance, with Google often providing faster and more reliable results. In terms of exploration queries, AI search engines can shine by providing more in-depth and synthesized answers with helpful citations. However, when it comes to queries like "what to watch," Google's specific page design and curated recommendations surpass the capabilities of AI bots. Overall, while AI-powered search engines show promise in certain areas, they still have a long way to go in replicating the comprehensive and efficient search experience that Google provides.

BharatPe Turns The Super App Switch On

Inc42 · 10m ago

BharatPe Turns The Super App Switch On

BharatPe has finally jumped into the fintech super app market, but some question if it's a bit too late. The move comes nearly 10 months after the company first announced its foray into the consumer fintech space. With other players already making strides in the super app space, such as PhonePe, CRED, Groww, Google Play, Jio Financial Services, and Flipkart, some wonder if BharatPe's entry is delayed or if it still has a chance to compete. Time will tell how the market receives its offerings.

Vision Pro owners are reporting a mysterious crack in the front glass

The Verge

The Verge · 1y ago

Vision Pro owners are reporting a mysterious crack in the front glass

Owners of Apple's Vision Pro headset are reporting an issue with cracks appearing on the front glass, despite not knowing how it happened. Several Redditors and Engadget's review unit have shared pictures of vertical hairline cracks in the same area above the nose bridge. Speculation suggests it could be a heating issue when charging or a manufacturing problem. It's uncertain if this is merely a cosmetic issue and repairs are expensive, with a $299 deductible or $799 without Apple Care. It remains unclear how widespread this issue is.

Here’s how Rainforest, a budding Stripe rival, aims to win over software companies

TechCrunch · 1y ago

Here’s how Rainforest, a budding Stripe rival, aims to win over software companies

Atlanta-based fintech startup Rainforest is challenging incumbents like Fiserv and FIS, as well as rival fintech Stripe, by offering software companies a way to embed financial services and payments into their platforms. Rainforest has secured $8.5 million in seed funding, including participation from Accel, Infinity Ventures, and BoxGroup. The startup is focused exclusively on software companies, giving it an edge over traditional processors that have had to retrofit their platforms for software platforms. Rainforest aims to capture more market share as software platforms transition from legacy processors and compete against companies like Stripe.

ZestMoney investors infuse capital months after PhonePe deal fails

Money Control

Money Control · 1y ago

ZestMoney investors infuse capital months after PhonePe deal fails

ZestMoney, the fintech startup, has received additional funding from its current investors, including Quona Capital, Omidyar Network India, Flourish Ventures, and Scarlet Capital. This investment follows the collapse of acquisition discussions with PhonePe due to due diligence issues. The departure of ZestMoney's founders in May led to the establishment of a new leadership team.

Deepinder Goyal reveals how Zomato was named: Here’s the backstory

Livemint

Livemint · 7m ago

Deepinder Goyal reveals how Zomato was named: Here’s the backstory

Zomato CEO Deepinder Goyal revealed the story behind the company's name on The Great Indian Kapil Show. Initially, he wanted to name it Tomato but couldn't due to a domain issue. They changed a letter from tomato to get the domain and ended up with Zomato. Goyal also shared that the app's romantic notifications were inspired by his own messages to his wife. Additionally, he talked about meeting his wife and how friends had predicted they would end up getting married.

Irish fintech Nomupay gets $40 mln investment from SoftBank

Economic Times

Economic Times · 1m ago

Irish fintech Nomupay gets $40 mln investment from SoftBank

Irish fintech Nomupay secured a $40 million investment from SoftBank, raising its valuation to $290 million to support expansion in Asia, including Japan. Established in 2021, Nomupay acquired licenses from Wirecard after the latter's collapse in a fraud scandal. With a focus on local and cross-border payments, rivaling firms like Stripe and Adyen, Nomupay aims for profitability by year’s end. This adds to its total fundraising of $120 million.

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