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When three former employees of Revolut founded Flux in 2016, the mission was clear: build a platform to bridge the gap between the itemised receipt data captured by a merchant's point-of-sale (POS) system and what little information typically shows up in your bank statement or mobile banking app.

Off the back of this, the young fintech saw an opportunity to power loyalty schemes and card-linked offers, and provide merchants with deeper analytics. However, that was always intended to be just the start.

Once Flux had made fully itemised digital receipts a reality — which requires bank and merchant partnerships[...]

Thu, Apr 02, 2020, Continue reading at the source

Google is shutting down Neighbourly, a Q&A social app that it launched in select parts of India two years, the company has informed users.

The app, developed by company's Next Billion Initiative, aimed to give local communities an outlet to seek answers to practical questions about life, routine and more.

At the time of the app's launch, Google told TechCrunch that it believed that an increase in urban migration, short-term leasing and busy lives had changed the dynamic of local communities and made it harder to share information quite so easily.

The app supported voice-based entry for questions and a range of [...]

Thu, Apr 02, 2020, Continue reading at the source

Until very recently, it had begun to seem like anyone with a thick enough checkbook and some key contacts in the startup world could not only fund companies as an angel investor but even put himself or herself in business as a fund manager.

It helped that the world of venture fundamentally changed and opened up as information about its inner workings flowed more freely. It didn't hurt, either, that many billions of dollars poured into Silicon Valley from outfits and individuals around the globe who sought out stakes in fast-growing, privately held companies — and who needed help in securing [...]

Thu, Apr 02, 2020, Continue reading at the source

In the wake of the financial crisis, Congress passed regulations limiting the types of investments that banks could make into private equity and venture capital funds. As cash strapped investors pull back on commitments to venture funds given the precipitous drop of public market stocks, loosening restrictions on the how banks invest cash could be a lifeline for venture funds.

That's the position that the National Venture Capital Association is taking on the issue in comments sent to the chairs of the Federal Reserve, the Securities and Exchange Commission and the Federal Deposit Insurance Corp., and the Commodities Future Trading [...]

Thu, Apr 02, 2020, Continue reading at the source

Detroit Mayor Mike Duggan said today on Wolf Blitzer's CNN show that the city of Detroit is on track to be the first city to deploy Abbott Labs' five-minute COVID-19 test. The mayor said the test would be available for first responders. The goal, he said, was to test those first responders who are self-isolating but have yet to test positive for the virus.

The city of Detroit received the Abbott Labs tests today, April 1. They will be available for use within the next 24 hours, the mayor said.

This system from Abbott received emergency clearance for use by the U.S. [...]

Thu, Apr 02, 2020, Continue reading at the source
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