Author: TechBrunch
The European Union has fined Apple 1.84 billion euros for violating antitrust rules in the market for music streaming services on the iOS mobile platform. The penalty focuses on the enforcement of Apple's anti-steering provisions, which impose limits on music streaming apps' ability to notify consumers of cheaper offers outside of Apple's App Store. The iPhone maker has its own music streaming service, Apple Music, but rivals such as Spotify say the restrictions put them at a disadvantage compared to platform operators. Today, the European Commission said this restriction prevents European consumers from making free choices. “Apple's rules have resulted…
The CEO of a Norwegian hardware startup shared with me his pitch deck, which included some unusual slides. It included the company's capitalization table, a breakdown of who owned what part of the company. Cap tables are typically shared during the investment diligence stage. If you take a closer look at the table, something is very wrong. This cap chart is an exact reproduction of the cap chart that was in the deck. Condensed and edited to remove investor names. Image credit: Haje Kamps/TechCrunch The problem here is that the company gave up more than two-thirds of its equity to…
Wagely, an Indonesian fintech company, has made a name for itself with its access to earned wages, a way for workers in Southeast Asian countries to get salary advances without resorting to high-interest loans. The startup, which currently has 500,000 users on its platform, is expanding its business into a broader “financial wellness” platform, and the company has now raised $23 million to further boost its efforts. Masu. This news is particularly noteworthy given the funding crunch that Indonesian startups have faced over the past few years, and shows that developing countries have been hit even harder than developed markets…
India has entered the global AI debate with an advisory requiring technology companies to seek government permission before launching new models. India's Ministry of Electronics and IT issued the advisory to companies on Friday. The advisory, which is not in the public domain but a copy of which was seen by TechCrunch, requires technology companies to ensure that their services and products “do not tolerate bias or discrimination of any kind and do not threaten the integrity of the electoral process.” ”. Although the ministry acknowledged that the recommendations were not legally binding, Rajiv Chandrasekhar, India's deputy IT minister, said…
Camshaft announced this week that approximately $533 million that it controlled for Byju's Alpha, the U.S. arm of Indian education technology group Byju's, has been transferred to another wholly owned U.S.-based subsidiary of Byju's. It made the disclosure in a court filing, refuting claims that Indian companies had used the wealth. Misappropriation of money from the services of a manager. Camshaft said in a court filing that the capital was transferred to Byju's Delaware-based subsidiary Inspilearn LLC. Camshaft also clarified that Byju and its entities are not limited partners of hedge funds. Byju's said in a statement that the camshaft…
Derek Smith, founder of Plug In South LA, grew up in South Los Angeles and saw firsthand the frustration that comes from a lack of economic development. That's why, after spending the first half of his career in New York, he decided to return to his hometown in 2015 and start his startup incubator in his old neighborhood. He wants to help aspiring entrepreneurs learn the tricks of growing a startup, and in the process learn that building these businesses can bring good-paying jobs to the region. I was expecting it. Smith already knew that founders of historically underrepresented groups…
Welcome to TechCrunch Fintech (formerly The Interchange)! Sorry for being absent last week. I'm sick with a cold, but I'm back to talk about the fact that startup shutdowns are big business, Stripe's new valuation, Klarna's latest AI update, and more. Get TechCrunch's roundup of the biggest and most important fintech stories delivered to your inbox every Sunday at 7:30 a.m. PT. Subscribe here. big story Last week, I wrote about Sunset and SimpleClosure, two startups that help other startups shut down funding. We took a deep dive into how and why this business has become so popular with investors.…
To give female academics and others focused on AI their well-deserved and overdue spotlight time, TechCrunch is launching a series of interviews highlighting notable women who have contributed to the AI revolution. Start. As the AI boom continues, we'll be publishing several articles throughout the year highlighting key research that may go unrecognized. Click here for a detailed profile. Francine Bennett is a founding member of the Ada Lovelace Institute Board of Directors and currently serves as the Institute's interim director. Prior to that, she worked in the field of biotechnology using AI to find treatments for rare diseases. She…
Amid speculation and volatility in crypto land such as casinos, there is still a segment of individuals who support the potential of blockchain to decentralize various aspects of human activity for the greater good. . Taiko founder Daniel Wang is one of these idealistic founders. Wang, a serial entrepreneur, initially wanted to bring decentralization to social platforms. He believes decentralized networks like blockchain can help resist censorship through decentralized data storage and community-based content moderation. “I hope the next generation will grow up free and be able to say anything on the internet,” he told me at the Ethereum developer…
Listen here or wherever you get your podcasts. Hello. Welcome to Equity, the startup business podcast. Uncover the numbers and nuances behind the headlines. This is an interview show where we sit down with our guests to think about their work and find out the rest. This week, we spoke to David Vélez, co-founder and CEO of Nubank, a $50 billion digital bank based in São Paulo, Brazil that provides consumers with credit cards, checking accounts, and life insurance. I heard. How Nubank was able to increase its market capitalization by over 40% in 8 months and post $1 billion…