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Apple's iPad Mini 7 Stuck at 20W Charging Speed: Is It Time for an Upgrade?

Apple's iPad Mini 7 Stuck at 20W Charging Speed: Is It Time for an Upgrade?

The newly released iPad Mini 7 continues to charge at a capped speed of 20W, unchanged from its predecessor, according to a recent regulatory filing. This limitation places Apple behind competitors like the OnePlus Pad 2, which offers a much faster 67W charging capability. While Apple maintains that this conservative approach prioritizes battery longevity over speed, many users may find the lack of improvement disappointing. The iPad Mini remains a dependable device, but its charging efficiency lags behind current market standards, raising questions about its competitiveness.

Created at: October 17, 2024 4:30pm

Google Enhances NotebookLM with Guided AI Conversations and Business Pilot Launch

Google Enhances NotebookLM with Guided AI Conversations and Business Pilot Launch

Google has updated its AI note-taking tool NotebookLM, allowing users to guide AI-generated audio conversations and create customized audio summaries. This feature enhances users' ability to focus on specific topics within lengthy documents. Since its launch, NotebookLM has seen a remarkable 371% traffic increase, reaching over 3 million visits last month. The company has introduced a Business pilot program to support organizations interested in utilizing NotebookLM, offering early access to features and training. Google plans to announce general availability and pricing details later this year.

Created at: October 17, 2024 4:30pm

Tinder's New Voting Stickers Encourage Political Engagement Among Singles

Tinder's New Voting Stickers Encourage Political Engagement Among Singles

As election season approaches, dating apps are pivoting to address political alignment in relationships. Tinder has launched its 'Take Action Center,' featuring voting stickers that allow users to express their political views. These stickers, including messages on reproductive rights, aim to foster transparency in dating. Similarly, OkCupid has introduced matching questions focused on voting behavior to enhance compatibility. With political beliefs becoming pivotal in dating, apps like The Right Stuff cater to conservative users, highlighting the growing influence of politics in modern relationships.

Created at: October 17, 2024 4:00pm

Wyvern Secures $6M Funding to Expand U.S. Hyperspectral Imaging Operations

Wyvern Secures $6M Funding to Expand U.S. Hyperspectral Imaging Operations

Wyvern, a Canadian hyperspectral imagery startup, has raised $6 million to enhance its presence in the U.S. commercial and defense markets. Led by Squadra Ventures, the funding will assist the Alberta-based company in accessing key defense programs. Wyvern has established an American subsidiary and aims to launch two additional satellites next year, increasing its data collection capacity. The company focuses on agriculture and forestry monitoring and plans to develop a next-gen system for capturing more wavelengths. Previous investors include Uncork Capital and Y Combinator.

Created at: October 17, 2024 4:00pm

French Court Orders Porn Sites to Implement Age Verification or Face Blocking

French Court Orders Porn Sites to Implement Age Verification or Face Blocking

The Paris Court of Appeal has mandated that several pornography websites, including Tukif and Xhamster, must enhance their age verification systems to protect minors from accessing adult content. They have 15 days to comply, or the site blocking will be extended. This ruling aligns with ongoing child safety measures in the EU, which recently classified certain adult sites under stricter regulations. The decision follows earlier interventions in tech, emphasizing the importance of protecting children online.

Created at: October 17, 2024 4:00pm

Dottxt Secures $11.9 Million to Enhance AI Communication

Dottxt Secures $11.9 Million to Enhance AI Communication

Dottxt, a U.S.-based startup, has raised $11.9 million to improve how AI models understand and generate structured data. Founded by the team behind the open-source project Outlines, Dottxt aims to bridge the gap between traditional software engineering and generative AI workflows. The startup's structured generation approach allows developers to guide large language models more effectively. CEO Rémi Louf emphasizes the importance of grammar and structured text in maximizing AI utility. With growing demand for structured generation tools, Dottxt plans to expand its remote team and focus on enterprise clients in the coming months.

Created at: October 17, 2024 4:00pm

Scientists Make Strides in Reviving the Extinct Tasmanian Tiger

Scientists Make Strides in Reviving the Extinct Tasmanian Tiger

Researchers have made significant progress in reviving the extinct Tasmanian tiger, or thylacine, using genome sequencing from a newly discovered specimen in a Melbourne museum. The preserved head contained long RNA molecules vital for reconstructing the thylacine's genome. Colossal, a Texas-based biotech firm, is spearheading this de-extinction effort, which aims to create a living thylacine within a few years. Critics raise ethical concerns about prioritizing extinct species over living ones, while the project continues to attract global attention and funding for its ambitious goals.

Created at: October 17, 2024 3:30pm

Apple Pay Celebrates 10 Years with New Rewards and Loan Options

Apple Pay Celebrates 10 Years with New Rewards and Loan Options

Apple has announced significant updates to Apple Pay as it celebrates a decade of the service. Starting today, users in the U.S. and U.K. can redeem rewards and access installment loans through partnerships with Klarna, Affirm, and Monzo Flex. Future expansions will include credit card loan options from Citi and Synchrony, and additional countries like Canada, Australia, and Spain will also see these features. Apple aims to replace physical wallets with digital alternatives, enhancing connectivity between consumers and their banking partners. Millions now utilize Apple Pay across 78 markets globally.

Created at: October 17, 2024 3:01pm

Hackers Extort Globe Life Over Stolen Customer Data

Hackers Extort Globe Life Over Stolen Customer Data

Globe Life, a major insurance provider, has reported being extorted by hackers who have stolen sensitive customer data. In a regulatory filing, the company disclosed that the compromised information includes names, addresses, and potentially Social Security numbers of approximately 5,000 individuals. The breach is linked to its American Income Life Insurance subsidiary, and the total number of affected customers could be much higher. The incident is classified as an extortion-only attack, with no financial data compromised. Globe Life has notified federal law enforcement about the situation.

Created at: October 17, 2024 3:01pm

Zuora Set to be Acquired by GIC and Silver Lake for $1.7 Billion

Zuora Set to be Acquired by GIC and Silver Lake for $1.7 Billion

Zuora, a leading subscription management software firm, has reached an agreement to be acquired by private equity firms GIC and Silver Lake for $1.7 billion in an all-cash deal. The acquisition, expected to close in Q1 2025, will transition Zuora from public to private ownership, with CEO Tien Tzuo remaining at the helm. Founded in 2007, Zuora has pioneered solutions for businesses navigating the subscription economy. The deal comes amidst a surge in private equity mega-deals, highlighting the growing importance of subscription models in the market.

Created at: October 17, 2024 3:00pm

Navigating Startup Decisions: When to Cash Out or Scale Up

Navigating Startup Decisions: When to Cash Out or Scale Up

At TechCrunch Disrupt 2024, industry leaders Naveen Rao from Databricks, Kamakshi Sivaramakrishnan from Snowflake, and Dharmesh Thakker of Battery Ventures will tackle the critical decision-making process for startup founders debating whether to sell or continue scaling their businesses. The discussion will offer insights into market timing, growth challenges, and strategic advice from their extensive experiences. Founders attending will gain invaluable knowledge to navigate today's complex startup landscape. The event is set for October 28-30 at Moscone West in San Francisco, with tickets selling quickly.

Created at: October 17, 2024 3:00pm

DJI Faces Product Import Blocks in US Amidst Drone Scrutiny

DJI Faces Product Import Blocks in US Amidst Drone Scrutiny

DJI has reported that its products, including the Air 3S drone, are being blocked by US Customs due to the Uyghur Forced Labor Prevention Act (UFLPA). The company is seeking clarification from US authorities regarding these import restrictions, which it claims are not connected to the 'Countering CCP Drones Act.' DJI insists that it does not manufacture products in Xinjiang and produces its drones in Shenzhen and Malaysia. This situation highlights the ongoing tensions between the US and China in the tech industry, especially amidst heightened scrutiny of Chinese technology firms.

Created at: October 17, 2024 2:30pm

AI Startup Abel Secures $5 Million to Revolutionize Police Report Writing

AI Startup Abel Secures $5 Million to Revolutionize Police Report Writing

Abel, founded by Daniel Francis, has raised $5 million in a seed round led by Day One Ventures, with backing from Y Combinator. The startup utilizes AI to automate police report writing, streamlining the process that often consumes a third of officers' time. Inspired by personal experiences with law enforcement inefficiencies, Francis aims to ease the burden on police, enabling them to focus more on their core duties. Abel is already operational in Richmond, California, enhancing report efficiency for local officers. Francis plans to use the funding to expand his engineering team and improve the technology.

Created at: October 17, 2024 2:30pm

UK Startup Farewill Acquired by Dignity for $16.8M

UK Startup Farewill Acquired by Dignity for $16.8M

Farewill, a digital end-of-life services startup based in the U.K., has been acquired by funeral service provider Dignity in a share deal valued at £12.9 million ($16.8 million). Founded in 2015, Farewill offers online tools for writing wills and organizing probate. This acquisition aims to enhance Dignity's digital transformation and expand its market share in the $190 billion death care sector. Despite recent growth in sales and revenue, Farewill reported operational losses of £4.2 million. The deal is pending regulatory approval and is expected to finalize by January 2025.

Created at: October 17, 2024 2:30pm

Top VCs to Judge Startup Battlefield 200 Final at TechCrunch Disrupt 2024

Top VCs to Judge Startup Battlefield 200 Final at TechCrunch Disrupt 2024

TechCrunch Disrupt 2024 is set to feature the Startup Battlefield 200, showcasing 200 selected startups. A final group of esteemed venture capitalists will evaluate five standout companies during the final pitch on October 30. The event will provide insights from leading investors including Navin Chaddha of Mayfield Fund and Chris Farmer of SignalFire. Attendees can learn key traits for startup success while witnessing live pitches. The competition promises to be intense, with a $100,000 prize for the winner. The event will take place at Moscone West, San Francisco from October 28-30.

Created at: October 17, 2024 2:30pm

Google Flights Launches New 'Cheapest' Tab for Budget-Conscious Travelers

Google Flights Launches New 'Cheapest' Tab for Budget-Conscious Travelers

Google Flights has unveiled a new 'Cheapest' tab designed to help users find the most affordable airfare options available online. This feature aims to streamline the process of locating budget-friendly flights, allowing users to prioritize cost over convenience. In addition to the traditional search results, travelers can now easily compare prices, potentially saving money by considering flights from different airports. Google also refers users to third-party booking platforms when they offer lower prices. This development reinforces Google's commitment to enhancing the travel experience through innovative search capabilities.

Created at: October 17, 2024 2:00pm

Apple's Ambitious EV Dream with BYD: The Untold Story Behind the Axed Apple Car

Apple's Ambitious EV Dream with BYD: The Untold Story Behind the Axed Apple Car

Apple's now-scrapped electric vehicle project, known as Project Titan, involved a significant partnership with China's BYD to develop lithium iron phosphate batteries. Although the Apple Car was internally canceled last February, reports reveal that the collaboration aimed to create longer-range and safer battery solutions. Apple's dedicated team worked closely with BYD for nearly seven years, exploring groundbreaking technology for a fully autonomous vehicle. Despite its potential, the project faced numerous challenges, leading to Apple seeking alternative partnerships in battery technology. Insiders indicate that the ambitious project was designed to rival industry leaders like Tesla.

Created at: October 17, 2024 1:30pm

Prada Joins Axiom Space to Design Spacesuit for NASA's Artemis III Mission

Prada Joins Axiom Space to Design Spacesuit for NASA's Artemis III Mission

Fashion powerhouse Prada has partnered with Axiom Space to develop the AxEMU spacesuit for NASA's upcoming Artemis III mission, set for December 2025. This mission aims to return humans to the Moon, marking the first lunar landing in over 50 years. Prada's expertise in innovative materials and design will enhance the suit's functionality, comfort, and protection against lunar conditions. Axiom Space has praised Prada's advanced sewing techniques and engineering capabilities. Notably, this mission will also feature the first female astronaut landing on the Moon, making it a historic event for humanity.

Created at: October 17, 2024 1:30pm

Russia's GPS Jamming in Norway: A New Aviation Crisis

Russia's GPS Jamming in Norway: A New Aviation Crisis

In Northeastern Norway, pilots are increasingly facing dangerous GPS jamming, which has become a regular occurrence attributed primarily to Russian interference. This disruption, lasting between six to eight minutes, forces aviators to revert to outdated navigation methods. The situation has escalated since Russia's invasion of Ukraine, affecting not only aviation but also agricultural operations. Local authorities have ceased documenting these incidents, raising safety concerns. With growing reliance on GPS, Norway is now testing countermeasures, although experts warn that the problem may extend beyond its borders.

Created at: October 17, 2024 1:00pm

Google Appeals Play Store Changes, Citing Security Risks

Google Appeals Play Store Changes, Citing Security Risks

Google has filed an appeal with the 9th Circuit Court, seeking a stay on a ruling mandating significant changes to its Play Store operations. This decision follows Epic Games' victory in its antitrust case against Google, which found the company guilty of monopolistic practices. The court's ruling requires Google to allow third-party app stores and alternative payment methods by November 1. Google argues that these changes pose security risks for users and could undermine competition with Apple's iOS. The tech giant claims flaws in the original ruling and urges for more time to implement the changes.

Created at: October 17, 2024 1:00pm

Permira Acquires Squarespace for $7.2 Billion, Completing Take-Private Deal

Permira Acquires Squarespace for $7.2 Billion, Completing Take-Private Deal

Private equity firm Permira has successfully acquired Squarespace, ending its run as a publicly-traded company. Initially offering $44 per share, Permira increased its bid to $46.50 after pushback from shareholders and proxy advisory firms. The acquisition is valued at approximately $7.2 billion, marking one of the largest take-private transactions of 2024. Additionally, Squarespace sold its restaurant reservation service, Tock, to American Express for $400 million. CEO Anthony Casalena remains a significant shareholder post-acquisition, alongside notable VC firms.

Created at: October 17, 2024 1:00pm

Eclipse Ventures Expands to NYC, Strengthening East Coast Investment Focus

Eclipse Ventures Expands to NYC, Strengthening East Coast Investment Focus

Eclipse Ventures has opened a new office in New York's Soho neighborhood, marking its first expansion outside Silicon Valley since its founding in 2015. The venture capital firm aims to enhance its investment in East Coast startups, particularly in manufacturing, supply chain, healthcare, and infrastructure. Partner Kaitlyn Glancy emphasized the growing demand for innovation in legacy industries, driven by recent challenges in supply chains and transportation. The New York office will support existing portfolio companies and attract new founders. Eclipse is actively investing from its recent $720 million fund and seeks to engage with local entrepreneurs.

Created at: October 17, 2024 1:00pm

AI App Manifest Aims to Tackle Gen Z's Loneliness Epidemic

AI App Manifest Aims to Tackle Gen Z's Loneliness Epidemic

Amy Wu, founder of the mental health app Manifest, believes that technology can help combat loneliness among Gen Z. The seed-stage startup has raised $3.4 million to create a platform that allows users to express their feelings and receive AI-generated affirmations. With a staggering 73% of young adults reporting feelings of loneliness, Manifest offers bite-sized wellness interactions through an engaging interface. While not a replacement for professional help, Wu hopes the app provides a comforting space for young people navigating their emotional challenges.

Created at: October 17, 2024 1:00pm

SpaceX Aims to Catch Starship with Mechazilla Next Year

SpaceX Aims to Catch Starship with Mechazilla Next Year

Elon Musk announced that SpaceX plans to attempt catching the Starship rocket using its Mechazilla system after the successful catch of the Super Heavy Booster during its fifth test flight. This endeavor is part of SpaceX's commitment to enhancing its reusable rocket technology. Musk hinted that the attempt could occur early next year but did not specify a date. Following recent successes, SpaceX is focused on achieving further milestones in its Starship program, which aims to facilitate future missions to Mars. The company is riding a wave of success as it prepares for its next significant tests.

Created at: October 17, 2024 12:30pm

India's Central Bank Halts Navi's Loan Operations Amid Regulatory Issues

India's Central Bank Halts Navi's Loan Operations Amid Regulatory Issues

The Reserve Bank of India has ordered Navi Finserv, founded by Flipkart co-founder Sachin Bansal, to cease new loan disbursements starting October 21. Citing violations in interest rates and regulatory guidelines, the central bank emphasized the need for compliance in income assessment and asset classification. This decision follows multiple warnings regarding responsible lending practices. While existing customers can continue to receive services, Navi must implement corrective measures to resume lending. The move adds to Navi's challenges, including a previous rejection of its banking license application.

Created at: October 17, 2024 12:30pm

Elon Musk's X Enhances Transparency for EU Users Amid DSA Investigations

Elon Musk's X Enhances Transparency for EU Users Amid DSA Investigations

Elon Musk-owned X is set to update its privacy policy to clarify European Union users' rights under the Digital Services Act (DSA). Effective November 15, 2024, users will be informed of their ability to appeal decisions like account bans and shadowbanning. The DSA imposes significant penalties for non-compliance, prompting X to revise its terms. The platform faces multiple investigations by the European Commission regarding its handling of illegal content and user appeals. Critics argue that X must proactively notify users affected by shadowbanning, a legal obligation under the DSA.

Created at: October 17, 2024 12:00pm

Casio Faces Extended Downtime After Ransomware Attack

Casio Faces Extended Downtime After Ransomware Attack

Casio has confirmed it is struggling to recover from a ransomware attack that occurred on October 5, leaving many systems unusable. The company reported shipping disruptions affecting customers in Japan, where order placements have been halted. While sensitive data, including personal information of employees and partners, was compromised, no credit card information was accessed. Casio's spokesperson stated there is 'no prospect of recovery yet' and that they are prioritizing customer service during this crisis. The hackers, linked to a Russian cybercriminal group, left a threatening message regarding data leaks.

Created at: October 17, 2024 11:30am

Instagram Enhances Safety for Teens with New Anti-Sextortion Features

Instagram Enhances Safety for Teens with New Anti-Sextortion Features

Instagram has announced new safety measures aimed at protecting teens from sextortion scams. The platform will now prevent users from screenshotting ephemeral content sent via direct messages, ensuring that images meant for single viewing remain private. Additionally, Instagram is rolling out Teen Accounts that limit messaging capabilities from unknown users and enhance follow request filtering. New safety notices will alert teens when communicating with potentially deceptive accounts, while nudity protection features will automatically blur inappropriate content. The company is also partnering with Crisis Text Line to provide support for affected users.

Created at: October 17, 2024 11:00am

Cyera Acquires Trail Security for $162M, Eyes $3B Valuation

Cyera Acquires Trail Security for $162M, Eyes $3B Valuation

Cyera, a U.S.-based cybersecurity unicorn, has acquired Trail Security for $162 million, marking its first acquisition amid a rapid growth phase. The deal enhances Cyera's data security posture management with Trail's data loss prevention technology. As it expands, Cyera is also raising at least $200 million at a pre-money valuation of around $3 billion. The acquisition aligns with market trends favoring comprehensive security platforms over standalone solutions. All 40 Trail employees will join Cyera, further bolstering its capabilities in an increasingly demanding cybersecurity landscape.

Created at: October 17, 2024 10:30am

Zepto Seeks $100M in New Funding as Quick Commerce Grows

Zepto Seeks $100M in New Funding as Quick Commerce Grows

Zepto, a leading Indian quick commerce startup, is in advanced talks to raise $100 million, marking its third funding round in just six months. The Mumbai-based company, known for delivering groceries and office supplies in 10 minutes, aims to attract more domestic investors, including high-net-worth individuals and family offices. The new investment values Zepto at $5 billion post-money, maintaining its valuation from a recent $340 million round. With over $1 billion raised recently, Zepto plans to go public next year, projecting 150% growth in the coming year.

Created at: October 17, 2024 7:30am

Accel Eyes $30M Investment in India's Truemeds, Valuation at $330M

Accel Eyes $30M Investment in India's Truemeds, Valuation at $330M

Accel is reportedly in advanced talks to lead a $30 million to $40 million funding round for Truemeds, an Indian online pharmacy aiming to provide affordable generic medications. Sources indicate a proposed valuation of approximately $330 million for the Mumbai-based startup. Truemeds distinguishes itself by eliminating middlemen in the supply chain, allowing direct access to generic options recommended by doctors. This funding could more than double its previous valuation of $132 million from last year. The online platform facilitates consultations and deliveries, reaching customers in remote areas.

Created at: October 17, 2024 5:30am

Meta Announces Workforce Reductions Across Key Teams

Meta Announces Workforce Reductions Across Key Teams

Meta confirmed layoffs affecting multiple teams, including Threads, recruiting, legal operations, and design, as part of a resource reallocation strategy. A spokesperson stated these changes align with long-term goals and location strategies. While the exact number of affected employees remains undisclosed, reports indicate over a dozen layoffs occurred via video calls. Severance packages of six weeks were offered to some impacted staff. This follows a series of substantial workforce reductions at Meta, totaling over 21,000 employees since 2022 due to post-pandemic adjustments.

Created at: October 17, 2024 2:00am

Meta's AI Chief: Achieving Human-Level AI Could Take a Decade

Meta's AI Chief: Achieving Human-Level AI Could Take a Decade

Meta's chief AI scientist, Yann LeCun, asserts that current AI models are far from replicating human cognitive abilities, suggesting that true human-level AI might still be a decade away. During a recent talk, he emphasized the need for 'world models' that enable machines to understand and interact with the three-dimensional world. LeCun criticized existing AI systems for their inability to perform tasks that humans learn quickly, such as cleaning a room. He believes advancements in AI will require a shift in architecture and more complex models. Despite optimism from industry leaders, he warns that significant challenges remain ahead.

Created at: October 17, 2024 2:00am

ODD Secures $27M for Innovative Diamond Chips to Aid Fukushima Cleanup

ODD Secures $27M for Innovative Diamond Chips to Aid Fukushima Cleanup

Ookuma Diamond Device (ODD) has raised approximately $27 million to develop diamond semiconductor technology aimed at clearing radioactive debris at the Fukushima Daiichi Nuclear Power Plant. The startup plans to construct a manufacturing facility by January 2025, producing diamond chips that outperform traditional silicon in harsh environments. This funding boosts ODD's total to around $45 million since its inception. Diamond semiconductors, made from methane gas, promise superior thermal management and efficiency. ODD is in discussions with over ten global clients in nuclear and aerospace sectors, positioning itself as a leader in this innovative technology.

Created at: October 17, 2024 12:00am

OroraTech Secures $25M for Advanced Wildfire Detection Satellites

OroraTech Secures $25M for Advanced Wildfire Detection Satellites

OroraTech has raised $25 million to enhance its space-based wildfire detection capabilities. The German startup currently operates two thermal-infrared satellites and plans to expand its constellation to eight by mid-2025. This funding round, led by Korys and the European Circular Bioeconomy Fund, will support the development of predictive AI systems and the launch of the FOREST-3 satellite in early 2025. OroraTech aims to provide near-real-time monitoring of wildfire-prone areas, having recently secured a €20 million contract to monitor forests in Greece.

Created at: October 16, 2024 11:30pm

Analogue 3D Revives N64 Gaming Experience with Modern Technology

Analogue 3D Revives N64 Gaming Experience with Modern Technology

Analogue has unveiled the Analogue 3D, a retro gaming console that reimagines the beloved N64 for modern audiences. Designed to provide 100% compatibility with original N64 cartridges, the 3D features a built-in upscaler that delivers a digital 4K output, preserving the nostalgic feel of CRT displays. This innovative console, set for pre-order at $250 on October 21, includes support for new wireless controllers while embracing the original's charm. The Analogue 3D aims to be the definitive way to experience classic N64 games, despite limitations in framerate and resolution.

Created at: October 16, 2024 11:30pm

Apple Collaborates with BYD to Develop Battery for Canceled Car Project

Apple Collaborates with BYD to Develop Battery for Canceled Car Project

Apple worked with Chinese automaker BYD Co. for several years on a battery system intended for its now-canceled car project, as reported by Bloomberg. The collaboration focused on lithium iron phosphate (LFP) cells, where Apple provided engineering expertise while BYD contributed manufacturing resources. The battery was designed to be safer and offer a longer range than standard EV batteries. Although Apple halted the car initiative, insights from this project have benefited the development of other Apple technologies, including the Vision Pro and Neural Engine chip.

Created at: October 16, 2024 11:30pm

SpaceX Sues California Agency Over Launch Approval Denial and Political Bias

SpaceX Sues California Agency Over Launch Approval Denial and Political Bias

SpaceX has initiated legal action against the California Coastal Commission following the agency's rejection of its proposal to increase annual launches from the state’s coastline to 50. The commission's decision, influenced by CEO Elon Musk's political activities, raised allegations of political discrimination. While the U.S. Air Force backs SpaceX's launches as vital for national security, the commission demands a coastal development permit due to the dual nature of the company's activities. This case highlights the tension between federal and private business operations in the space sector.

Created at: October 16, 2024 10:00pm

Y Combinator-Backed Fintech CapWay Shuts Down Amidst Challenges

Y Combinator-Backed Fintech CapWay Shuts Down Amidst Challenges

CapWay, a fintech startup backed by Y Combinator, has officially shut down, as confirmed by its founder, Sheena Allen. The company aimed to provide financial services to underserved communities, known as banking deserts. Allen expressed disappointment over the closure, citing a failed acquisition and the challenges within the fintech sector. Despite raising nearly $800,000, CapWay struggled to secure a banking partner amid heightened requirements and increased competition for funding, particularly affecting Black founders. Allen remains committed to financial inclusion and is exploring new entrepreneurial opportunities.

Created at: October 16, 2024 9:30pm

Fisker Bankruptcy Court Approves Liquidation Plan, Resolving Recall Repair Costs

Fisker Bankruptcy Court Approves Liquidation Plan, Resolving Recall Repair Costs

The bankruptcy court in Delaware has approved Fisker's liquidation plan, ending a four-month process. This decision clarifies the responsibility for labor costs related to two recalls affecting Fisker’s Ocean SUVs. Owners must initially pay for labor but can seek reimbursement from the liquidation trustee. Fisker also reached a deal with American Lease to secure cloud data essential for operating its remaining EV fleet, allowing the leasing company to pay an additional $2.5 million. Creditors will receive a share from the sale of approximately $1 billion in assets, including manufacturing equipment.

Created at: October 16, 2024 7:00pm