April 15, 2024
Tech News
PayJoy, a fintech company, has achieved $300 million in annualized revenue and profitability, alongside securing $150 million in Series C funding. The company offers a unique model that helps underserved communities build credit through pay-as-you-go financing for smartphones, using the devices as collateral for future loans. This growth reflects the increasing demand for financial inclusion solutions in the market.
Petal, known for helping the underserved build credit without accruing debt, is being acquired by Empower Finance. The acquisition comes after Petal began seeking buyers due to financial constraints. Both companies utilize cash flow underwriting for their credit products, aiming to expand their offerings through this merger. This acquisition signals a strategic move towards enhancing financial services for marginalized communities.
TransferGo, a U.K.-based fintech specializing in global remittances, has raised $10 million in growth funding from Taiwania Capital. This investment aims to support TransferGo’s expansion into the Asia-Pacific region, following a successful $50 million Series C funding round in 2021, which doubled the company’s valuation. The company’s expansion plans highlight the growing importance of cross-border payment solutions in the global market.
Salvy, a mobile carrier for businesses from Brazil, was the only Latin American company in Y Combinator’s latest batch. This marks a significant decrease from previous cohorts, possibly reflecting the declining interest in fintech funding and the overall state of the fintech sector. The inclusion of Salvy in Y Combinator showcases the potential for innovative tech solutions from emerging markets.
The Verge suggests that the “Fallout” TV show might be the best video game adaptation ever, offering a mix of post-apocalyptic themes, epic storytelling, and humor. The show has received excellent reviews and is part of a recent surge in high-quality video game adaptations. This positive reception indicates a shift towards more successful adaptations of popular video game franchises.
Blackmagic Design has released the DaVinci Resolve Micro Color Panel for iPads, priced at $495. Designed for video editing on the go, it features three weighted trackballs, 12 control knobs, and connects via Bluetooth or USB-C. This product aims to offer a portable and affordable solution for professional video editing, catering to the increasing demand for mobile editing tools.
Apple has approved the first Game Boy Advance emulators for the iPhone, including iGBA. However, iGBA has been criticized for potentially copying the work of GBA4iOS, an open-source emulator. This move by Apple could be in response to regulatory pressures, marking a significant shift in its App Store policies. The approval of Game Boy Advance emulators signals a more lenient approach towards retro gaming on Apple devices.
Tech Explained
Fintech – Fintech, short for financial technology, refers to the use of technology to improve and automate financial services. Fintech companies like PayJoy and TransferGo offer innovative solutions for banking, lending, and payments, revolutionizing the traditional financial industry.
Credit Building – Credit building involves establishing a positive credit history to qualify for loans and financial products. Companies like Petal and Empower Finance use cash flow underwriting to assess creditworthiness, providing opportunities for individuals to access credit without traditional credit scores.
Video Game Adaptations – Video game adaptations are film or TV productions based on popular video game franchises. The success of adaptations like the “Fallout” TV show demonstrates the potential for translating interactive gaming experiences into compelling visual narratives.
