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Thursday, July 5, 2018

Tinder Loops, the dating app’s new video feature, rolls out globally

Tinder Loops, the recently announced video feature from Tinder, is today rolling out globally.

Tinder has been testing this feature in Canada and Sweden since April, when it was first announced, and has rolled out to a few other markets since then.

Today, Loops are available to Tinder users across the following markets: Japan, United Kingdom, United States, France, Korea, Canada, Australia, Germany, Italy, Netherlands, Russia, Sweden, Belgium, Denmark, Iceland, Ireland, Kuwait, New Zealand, Norway, Qatar, Saudi Arabia, Singapore, Switzerland, Taiwan, Thailand and United Arab Emirates.

Loops are two-second, looping videos that can be posted to users’ profiles. Users can’t shoot Tinder Loops from within the app, but rather have to upload and edit existing videos in their camera roll or upload a Live Photo from an iOS device.

Tinder is also expanding the amount of images you can post to your profile to nine, in order to make room for Loops without displacing existing photos.

Given that Tinder has been testing the feature since early April, the company now has more data around how Tinder Loops have been working out for users. For example, users who added a Loop to their profile saw that their average conversation length went up by 20 percent. The feature seems to be particularly effective in Japan — Loops launched there in June — with users receiving an average of 10 percent more right swipes if they had a Loop in their profile.

In the age of Instagram and Tinder, people have used photos to represent themselves online. But, with all the editing tools out there, that also means that photos aren’t always the most accurate portrayal of personality or appearance. Videos on Tinder offer a new way to get to know someone for who they are.



from Social – TechCrunch https://ift.tt/eA8V8J Tinder Loops, the dating app’s new video feature, rolls out globally Jordan Crook https://ift.tt/2KAkS0X
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Wednesday, July 4, 2018

Mobike unveils first initiatives since acquisition by Meituan, including no longer requiring deposits

Mobike made a roster of announcements about its bikesharing program today, including the end of customer deposits and full integration into Meituan Diaping’s app. The developments, its first since its acquisition by Meituan for $2.7 billion in April, are meant to help Mobike become a stronger competitor against Ofo, its biggest rival, and a slew of smaller startups in China’s heated bikesharing wars.

Mobike, which claims 200 million users, will have the chance to reach more customers thanks to its integration into Meituan’s platform. Meituan has ambitious growth plans (filed for an IPO in Hong Kong last month) and describes itself as a “one-stop super app” because of the large range of services, including dining, salon, entertainment and travel bookings, it offers. Meituan’s 310 million users were already able to pay for Mobike on the platform and will now also be able to rent a bike through the app.

Mobike also upped the ante for competitors by announcing that it will stop requiring users in China to pay deposits and will refund all deposits already paid. Mobike says it is getting rid of deposits to “establish a no-threshold, zero-burden and zero-condition deposit-free standard for the entire bikesharing industry.”

Deposits are a contentious issue among bikesharing users. Though Mobike and Ofo claim they do not use customer deposits to fund operations, some bikesharing startups have been accused of spending deposits on operational expenses, with users complaining that it is very difficult to get their money back, even if they stop using a service or it goes out of business. The issue has resulted in Chinese lawmakers drafting regulations that require bikesharing companies to store deposits in a separate bank account so the funds are still available to return to customers even if a company goes out of business.

Another controversial issue is the large number of trashed or abandoned bikes created by bikesharing companies, with photos of “bikesharing graveyards” becoming symbolic of the sector’s excesses and unsustainable growth. To address environmental concerns, Mobike says it is launching a bike components recycling program in partnership with several companies, including Dow, China Recycling Resources and Tianjin Xinneng Recycling Resources. Called Mobike Life Cycle, the program will recycle bike components into new parts or raw materials. Mobike says it has already recycled and reused over 300,000 Mobike tires.

Mobike will also add a new e-bike that can reach a top speed of 20 km/hour and travel up to 70 km on a single charge. The company hopes that the e-bike, which will be available in China and Mobike’s international markets, will increase trip lengths. In its press statement, Mobike says most of its bikes are used for trips up to 3 km, but the e-bikes will hopefully increase that to 5 km.



https://ift.tt/eA8V8J Mobike unveils first initiatives since acquisition by Meituan, including no longer requiring deposits https://ift.tt/2tUFUgf

Deliveroo opens its first shared kitchen in Paris

Food delivery startup Deliveroo opened its first shared kitchen in Paris earlier today. Deliveroo first launched this concept of shared kitchens called Deliveroo Editions in London last year.

As the AFP reports, the company is starting with 12 kitchens in a warehouse in Saint-Ouen, right next to the north-western part of Paris. So far, 8 restaurants have agreed to make a deal with Deliveroo.

You’ll find top restaurants on Deliveroo, such as Blend, Petit Cambodge, Tripletta and Santosha. Restaurants can choose to pay a rent or get started for free and pay higher fees.

Deliveroo customers currently pay €2.50 per order for the delivery in Paris. But the company also gets a cut of the total order amount — customers don’t realize that Deliveroo gets a cut from both sides. It can be as much as 25 or 30 percent of what you order. It’s unclear how much Deliveroo is asking for those new kitchens.

But it makes sense for restaurants that can’t expand indefinitely. Deliveroo lets you accept orders without any additional table.

Gérard Julien / AFP / Getty Images

While there are multiple Blend or Petit Cambodge restaurants in Paris, they can’t deliver everywhere around the city. But opening a new restaurant also represents a huge investment.

That’s why those Deliveroo kitchens can be a good compromise. You can hire a handful of people and see if there’s enough demand in the area. It’s also a good way to differentiate Deliveroo from UberEats and other compatitors.

This is the first site in France. Let’s see if it gets out of control like in the U.K. The Guardian reported that Deliveroo Editions are now tiny containers with no window on car parks. It gets hot in the summer, cold in the winter, and you can hear a ton of mopeds getting orders from those metal boxes.

Deliveroo first started with the idea of helping regular restaurants accept online orders — not just pizza places with existing delivery persons. But containers on a car park don’t sound as attractive.

Gérard Julien / AFP / Getty Images



https://ift.tt/2tV8gqN Deliveroo opens its first shared kitchen in Paris https://ift.tt/2KNhID8

ISAI closes new $175 million fund

French venture capital firm ISAI just raised a new $175 million fund (€150 million) called ISAI Expansion II. This fund is designed for later stage investments.

The firm says that it managed to raise this fund in less than three months. This is a growth fund and the team plans to invest between $6 million and $35 million per deal (between €5 million and €30 million).

ISAI first started with a seed fund back in 2010. The company raised a $41 million fund (€35 million) and invested in BlaBlaCar shortly after that. The firm has raised a growth fund and another seed fund since then.

If you include today’s new fund, ISAI has raised over $350 million in total (€300 million). So ISAI Expansion II is by far the biggest fund to date.

Limited partners include dozens of successful tech entrepreneurs as well as institutional partners. Many existing investors invested once again in ISAI’s new fund. Some entrepreneurs joined the list for the first time.

With the previous ISAI Expansion fund, the firm invested in nine companies over five years. And ISAI already sold its shares in two companies, Hospimedia and Labelium.

ISAI also says that it can help entrepreneurs using owner buy-out transactions. By creating a holding company, this type of operations lets entrepreneurs cash out, buy shares from existing minor investors and work with a new investor.

More interestingly, ISAI doesn’t necessarily want to focus on Paris-based tech startups. The firm is also looking for investments in more traditional companies that aren’t yet taking advantage of digital opportunities.



https://ift.tt/eA8V8J ISAI closes new $175 million fund https://ift.tt/2zbKoEl

Starling CEO Anne Boden is coming to Disrupt Berlin

The European fintech wave can’t stop and won’t stop. That’s why I’m excited to announce that the founder and CEO of Starling Bank Anne Boden is joining us at Disrupt Berlin.

While it feels like everybody is talking about challenger banks, Boden started thinking about building a new bank back in 2014. She ditched a carrer in traditional banks to start her own thing.

Starling provides a current account specifically designed for your phone. You can open an account in just a few minutes using the company’s mobile app.

Whenever you use your card or send money, you can instantly see the transaction in the app — there’s no delay. You can also receive push notifications instantly. When it comes to your card, you can lock it when you can’t find it, and there’s no exchange fee when you use your card abroad. Starling supports Apple Pay, Google Pay, Samsung Pay, Fitbit Pay and, yes, even Garmin Pay.

Starling is even better with multiple people. For instance, if your roommate or significant other also has a Starling account, you can create a joint account for shared bills. You can also send money instantly to other Starling accounts.

The startup has been building a marketplace to become the only banking app you need. There are already a handful of fintech companies leveraging the Starling API. You’ll find savings, investment and mortgage products. You can centralize your paper receipts and more from the Starling app.

The startup already has its own banking license and has been raising a funding round of more than $100 million.

Starling operates in a very competitive market, with well-funded startups such as Monzo, Revolut and N26 all iterating quite quickly. That’s why it’s going to be interesting to hear Boden’s take on challenger banks, the fintech industry and her experience with Starling.

TechCrunch is coming back to Berlin to talk with the best and brightest people in tech from Europe and the rest of the world. In addition to fireside chats and panels, new startups will participate in the Startup Battlefield Europe to win the coveted cup.

Tickets to the show, which runs November 29-30, are available here.



https://ift.tt/eA8V8J Starling CEO Anne Boden is coming to Disrupt Berlin https://ift.tt/2tUWYCR

Wikipedia goes dark in Spanish, Italian ahead of key EU vote on copyright

Wikipedia’s Italian and Spanish language versions have temporarily shut off access to their respective versions of the free online encyclopedia in Europe to protest against controversial components of a copyright reform package ahead of a key vote in the EU parliament tomorrow.

The protest follows a vote by the EU parliament’s legal affairs committee last month which backed the reforms — including the two most controversial elements: Article 13, which makes platforms directly liable for copyright infringements by their users — pushing them towards pre-filtering all content uploads, with all the associated potential chilling effects for free expression; and Article 11, which targets news aggregator business models by creating a neighboring right for snippets of journalistic content — aka ‘the link tax’, as critics dub it.

Visitors to Wikipedia in many parts of the EU (and further afield) are met with a banner which urges them to defend the open Internet against the controversial proposal by calling their MEP to voice their opposition to a measure critics describe as ‘censorship machines’, warning it will “weaken the values, culture and ecosystem on which Wikipedia is based”.

Clicking on a button to ‘call your MEP’ links through to anti-Article 13 campaign website, saveyourinternet.eu, where users can search for the phone number of their MEP and/or send an email to protest against the measure. The initiative is backed by a large coalition of digital and civil rights groups  — including the EFF, the Open Rights Group, and the Center for Democracy & Technology.

In a longer letter to visitors explaining its action, the Spanish Wikipedia community writes that: “If the proposal were approved in its current version, actions such as sharing a news item on social networks or accessing it through a search engine would become more complicated on the Internet; Wikipedia itself would be at risk.”

The Spanish language version of Wikipedia will remain dark throughout the EU parliament vote — which is due to take place at 10 o’clock (UTC) on July 5.

“We want to continue offering an open, free, collaborative and free work with verifiable content. We call on all members of the European Parliament to vote against the current text, to open it up for discussion and to consider the numerous proposals of the Wikimedia movement to protect access to knowledge; among them, the elimination of articles 11 and 13, the extension of the freedom of panorama to the whole EU and the preservation of the public domain,” it adds.

The Italian language version of Wikipedia went dark yesterday.

While the protest banners about the reform are appearing widely across Wikipedia, the decisions to block out encyclopedia content are less widespread — and are being taken by each local community of editors.

As you’d expect, Wikipedia founder Jimmy Wales has been a very vocal critic of Article 13 — including lashing out at whoever was in control of the European Commission’s Twitter feed yesterday when they tried to suggest that online encyclopedias will not be affected by the proposal — by suggesting they would not be “considered” to be giving access to “large amounts of unauthorised protected content” by claiming most of their content would fall outside the scope of the law because it’s covered by Creative Commons licenses. (An interpretation of the proposed rules that anti-Article 13 campaigners dispute.)

And the commissioners drafting this portion of the directive do appear to have been mostly intending to regulate YouTube — which has been a target for record industry ire in recent years, over the relatively small royalties paid to artists vs streaming music services.

But critics argue this is a wrongheaded, sledgehammer-to-crack a nut approach to lawmaking — which will have the unintended consequence of damaging free expression and access to information online.

Wales shot back at the EC’s tweet — saying it’s “deeply inappropriate for the European Commission to be lobbying publicly and misleading the public in this way”.

A little later in the same Twitter thread, as more users had joined the argument, he added: “The Wikipedia community is not so narrow minded as to let the rest of the Internet suffer just because we are big enough that they try to throw us a bone. Justice matters.”

The EU parliament will vote as a whole tomorrow — when we’ll find out whether or not MEPs have been swayed by this latest #SaveYourInternet campaign.



from Social – TechCrunch https://ift.tt/eA8V8J Wikipedia goes dark in Spanish, Italian ahead of key EU vote on copyright Natasha Lomas https://ift.tt/2KLgaJL
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Tuesday, July 3, 2018

Captiv8 is making its influencer database available for free

You might think that the main selling point of an influencer marketing startup like Captiv8 is to help marketers find influencers and creators to work with. Maybe so, but that isn’t stopping the company from making its creator discovery product available for free.

“We felt that we really wanted to just open up that ecosystem, to provide brands access to find and research influencers without having to pay for it,” co-founder Krishna Subramanian told me.

Through the free product, marketers can look through the 1 million-plus influencers indexed on the platform — in some cases, those profiles are based entirely on public data, but influencers can also claim them and provide additional data.

Marketers can then search based on filters like personality archetype, content type, location, representation and much more. Plus, Captiv8 is offering demographic and brand affinity data about an influencer’s audiences.

Until now, Subramanian said that if you weren’t paying for a service like Captiv8, you could only find influencers in scattershot, ad hoc ways, like reading articles about the top influencers in various categories.

Captiv8 Creator Discovery

On Captiv8, meanwhile, marketers are apparently spending two hours per day on creator discovery, saving them 60 percent of the time they would have spent on the process.

So why make it available for free? While brands like Dr Pepper, Snapple, StubHub and Honda already use Captiv8, Subramanian said the goal is to “widen the funnel,” turning this into “the default place” where marketers go to learn about influencers.

And then, of course, the company can upsell you on Captiv8’s entire “end-to-end SaaS platform,” charging for additional audience data, as well as tools like campaign management, measurement and social listening.



from Social – TechCrunch https://ift.tt/2Kt6gR0 Captiv8 is making its influencer database available for free Anthony Ha https://ift.tt/2lTuLbn
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Facebook quietly relaunches Apps For Groups platform after lockdown

Facebook is becoming a marketplace for enterprise apps that help Group admins manage their communities.

To protect itself and its users in the wake of the Cambridge Analytica scandal, Facebook locked down the Groups API for building apps for Groups. These apps had to go through a human-reviewed approval process, and lost access to Group member lists, plus the names and profile pics of people who posted. Now, approved Groups Apps are reemerging on Facebook, accessible to admins through a new in-Facebook Groups apps browser that gives the platform control over discoverability.

Facebook confirmed the new Group apps browser after our inquiry, telling TechCrunch “What you’re seeing today is related to changes we announced in April that require developers to go through an updated app review process in order to use the Groups API. As part of this, some developers who have gone through the review process are now able to access the Groups API.”

Facebook wouldn’t comment further, but this Help Center article details how Groups can now add apps. Matt Navarra first spotted the new Group apps option and tipped us off. Previously,  admins would have to find Group management tools outside of Facebook and then use their logged-in Facebook account to give the app permissions to access their Group’s data.

Groups are often a labor of love for admins, but generate tons of engagement for the social network. That’s why the company recently began testing Facebook subscription Groups that allow admins to charge a monthly fee. With the right set of approved partners, the platform offers Group admins some of the capabilities usually reserved for big brands and businesses that pay for enterprise tools to manage their online presences.

Becoming a gateway to enterprise tool sets could make Facebook Groups more engaging, generating more time on site and ad views from users. This also positions Facebook as a natural home for ad campaigns promoting different enterprise tools. And one day, Facebook could potentially try to act more formally as a Groups App Store and try to take a cut of software-as-a-service subscription fees the tool makers charge.

Facebook can’t build every tool that admins might need by itself, so in 2010 it launched the Groups API to enlist some outside help. Moderating comments, gathering analytics, and posting pre-composed content were some of the popularity capabilities of Facebook Groups Apps. But in April, it halted use of the API, announcing that “there is information about people and conversations in groups that we want to make sure is better protected. Going forward, all third-party apps using the Groups API will need approval from Facebook and an admin to ensure they benefit the group.”

Now apps that have received the necessary approval are appearing in this Groups Apps browser. It’s available to admins through their Group Settings page. The apps browser lets them pick from a selection of tools like Buffer and Sendible for scheduling posts to their Group, and others for handling commerce messages.

Facebook is still trying to bar the windows of its platform, ensuring there are no more easy ways to slurp up massive amounts of sensitive user data. Yesterday it shut down more APIs and standalone apps in a what appears to be an attempt to streamline the platform so there are fewer points of risk and more staff to concentrate on safeguarding the most popular and powerful parts of its developer offering.

The Cambridge Analytica scandal has subsided to some degree, with Facebook’s share price recovering and user growth maintaining at standard levels. However, a new report from the Washington Post says the FBI, FTC, and SEC will be investigating Facebook, Cambridge Analytica, and the social network’s executives testimonies to congress. Facebook surely wants to get back to concentrating on product, not politics, but must take it slow and steady. There are too many eyes on it to move fast or break anything.



from Social – TechCrunch https://ift.tt/2z3Lsds Facebook quietly relaunches Apps For Groups platform after lockdown Josh Constine https://ift.tt/2KJctEi
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Facebook quietly relaunches Apps For Groups platform after lockdown

{rss:content:encoded} Facebook quietly relaunches Apps For Groups platform after lockdown https://ift.tt/2KJctEi https://ift.tt/2z3Lsds July 03, 2018 at 11:36PM

Facebook is becoming a marketplace for enterprise apps that help Group admins manage their communities.

To protect itself and its users in the wake of the Cambridge Analytica scandal, Facebook locked down the Groups API for building apps for Groups. These apps had to go through a human-reviewed approval process, and lost access to Group member lists, plus the names and profile pics of people who posted. Now, approved Groups Apps are reemerging on Facebook, accessible to admins through a new in-Facebook Groups apps browser that gives the platform control over discoverability.

Facebook confirmed the new Group apps browser after our inquiry, telling TechCrunch “What you’re seeing today is related to changes we announced in April that require developers to go through an updated app review process in order to use the Groups API. As part of this, some developers who have gone through the review process are now able to access the Groups API.”

Facebook wouldn’t comment further, but this Help Center article details how Groups can now add apps. Matt Navarra first spotted the new Group apps option and tipped us off. Previously,  admins would have to find Group management tools outside of Facebook and then use their logged-in Facebook account to give the app permissions to access their Group’s data.

Groups are often a labor of love for admins, but generate tons of engagement for the social network. That’s why the company recently began testing Facebook subscription Groups that allow admins to charge a monthly fee. With the right set of approved partners, the platform offers Group admins some of the capabilities usually reserved for big brands and businesses that pay for enterprise tools to manage their online presences.

Becoming a gateway to enterprise tool sets could make Facebook Groups more engaging, generating more time on site and ad views from users. This also positions Facebook as a natural home for ad campaigns promoting different enterprise tools. And one day, Facebook could potentially try to act more formally as a Groups App Store and try to take a cut of software-as-a-service subscription fees the tool makers charge.

Facebook can’t build every tool that admins might need by itself, so in 2010 it launched the Groups API to enlist some outside help. Moderating comments, gathering analytics, and posting pre-composed content were some of the popularity capabilities of Facebook Groups Apps. But in April, it halted use of the API, announcing that “there is information about people and conversations in groups that we want to make sure is better protected. Going forward, all third-party apps using the Groups API will need approval from Facebook and an admin to ensure they benefit the group.”

Now apps that have received the necessary approval are appearing in this Groups Apps browser. It’s available to admins through their Group Settings page. The apps browser lets them pick from a selection of tools like Buffer and Sendible for scheduling posts to their Group, and others for handling commerce messages.

Facebook is still trying to bar the windows of its platform, ensuring there are no more easy ways to slurp up massive amounts of sensitive user data. Yesterday it shut down more APIs and standalone apps in a what appears to be an attempt to streamline the platform so there are fewer points of risk and more staff to concentrate on safeguarding the most popular and powerful parts of its developer offering.

The Cambridge Analytica scandal has subsided to some degree, with Facebook’s share price recovering and user growth maintaining at standard levels. However, a new report from the Washington Post says the FBI, FTC, and SEC will be investigating Facebook, Cambridge Analytica, and the social network’s executives testimonies to congress. Facebook surely wants to get back to concentrating on product, not politics, but must take it slow and steady. There are too many eyes on it to move fast or break anything.

Facebook confirms that it’s acquiring Bloomsbury AI

Facebook announced this morning that the London-based team at Bloomsbury AI will be joining the company.

My colleague Steve O’Hear broke the news about the acquisition yesterday, reporting that Facebook would deploy the team and technology to assist in its efforts to fight fake news and address other content issues.

In fact, Bloomsbury AI co-founder and Head of Research Sebastian Riedel also co-founded Factmata, a. startup that purports to have developed tools to help brands combat fake news.

Facebook doesn’t quite put it that way in the announcement post. Instead, it says the team’s “expertise will strengthen Facebook’s efforts in natural language processing research, and help us further understand natural language and its applications” — but it certainly seems possible that those applications could include detecting misinformation and other problematic content.

While financial terms were not disclosed, we reported that Facebook is paying between $23 and $30 million. Bloomsbury AI is an alumnus of Entrepreneur First, and it was also backed by Fly.VC, Seedcamp, IQ Capital, UCL Technology Fund, and the U.K. tax payer-funded London Co-investment Fund.



from Social – TechCrunch https://ift.tt/eA8V8J Facebook confirms that it’s acquiring Bloomsbury AI Anthony Ha https://ift.tt/2KtrAWH
via IFTTT

Facebook confirms that it’s acquiring Bloomsbury AI

Facebook announced this morning that the London-based team at Bloomsbury AI will be joining the company.

My colleague Steve O’Hear broke the news about the acquisition yesterday, reporting that Facebook would deploy the team and technology to assist in its efforts to fight fake news and address other content issues.

In fact, Bloomsbury AI co-founder and Head of Research Sebastian Riedel also co-founded Factmata, a. startup that purports to have developed tools to help brands combat fake news.

Facebook doesn’t quite put it that way in the announcement post. Instead, it says the team’s “expertise will strengthen Facebook’s efforts in natural language processing research, and help us further understand natural language and its applications” — but it certainly seems possible that those applications could include detecting misinformation and other problematic content.

While financial terms were not disclosed, we reported that Facebook is paying between $23 and $30 million. Bloomsbury AI is an alumnus of Entrepreneur First, and it was also backed by Fly.VC, Seedcamp, IQ Capital, UCL Technology Fund, and the U.K. tax payer-funded London Co-investment Fund.



https://ift.tt/eA8V8J Facebook confirms that it’s acquiring Bloomsbury AI https://ift.tt/2KtrAWH

Airwallex raises $80M for its international payment service for businesses

Airwallex, a three-year-old fintech startup focused on international payments for SMEs and businesses, is putting itself on the map after it raised an $80 million Series B round.

Based out of Melbourne, but with six offices in Asia and other parts of the world, Airwallex’s new funding round is the second-largest financing deal for an Australian startup in history. The round was led by existing investors Tencent, the $500 billion Chinese internet giant, and Sequoia China. Other participants included China’s Hillhouse, Horizons Ventures — the fund from Hong Kong’s richest man, Li Ka-Shing — Indonesia-based Central Capital Ventura (BCA) and Australia’s Square Peg, a firm from Paul Bassat, who took recruitment firm Seek to IPO and is one of Australia’s highest-profile founders.

The financing takes Airwallex to $102 million raised. Tencent led a $13 million Series A in May 2017, while Square Peg added $6 million more via a Series A+ in December. Mastercard is also a backer; the finance giant uses Airwallex to handle its “Send” product, while Tencent uses the service to power an overseas remittance service for its WeChat app.

Airwallex handles cross-border transactions for companies that do business in multiple countries using international currencies. So it’s not unlike a TransferWise-style service for SMEs that lack the capital to develop a sophisticated (and expensive) international banking system of their own.

The service uses wholesale FX rates to route overseas payments back to a client’s domestic bank and is capable of processing “thousands of transactions per second,” according to the company. A use case example might include helping a China-based seller return money earned in the U.S. or Europe via Amazon or other e-commerce services, or route sales revenue back directly from their own website.

Airwallex CEO Jack Zhang (far right) onstage at TechCrunch Shenzhen in 2017

China is a key market for Airwallex — which was started by four Australian-Chinese founders — as well as the wider Asian region, and in particular Australia, Hong Kong and Southeast Asia. With this new capital, Airwallex co-founder and CEO Jack Zhang said the company will increase its focus on Hong Kong and Southeast Asia, whilst also extending its business in Europe (where it has a London-based office) and pushing into North America.

Product R&D is shared across Melbourne and Shanghai, while Hong Kong accounts for business development, compliance and more, Zhang explained. However, Airwallex’s locations in London and San Francisco are likely to account for most of the upcoming headcount growth planned following this funding. Right now, Airwallex has around 100 staff, according to Zhang.

The company is also aiming to expand its product range.

The firm is in the process of applying for a virtual banking license in Hong Kong, a third-party payment license in mainland China and a cross-border Chinese yuan license. One goal, Zhang revealed, is to offer working capital loans to SMEs to help them scale their businesses to the next level. Airwallex is working with an undisclosed partner to underwrite deals in the future. Zhang explained that the company sees a gap in the market since banks don’t have access to critical data on clients for loan assessments.

More generally, he’s bullish for the future, despite Brexit and the ongoing trade war between the U.S. and China.

“The trade war gives the Chinese yuan a lot of vitality, and we’ve seen more demand in the market. China’s belt road initiative has really taken off, too, and we’re seeing the impact in many, many of our payment corridors,” he explained. “Business has been booming, especially as traditional offline SMEs start to move online and go from domestic to global.”

“We want to be the backbone to support these new opportunities for businesses,” Zhang added.



https://ift.tt/2KsKo8v Airwallex raises $80M for its international payment service for businesses https://ift.tt/2Nn1Lp5

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