Weekly News Roundup: Feb 26th – Mar 1st

In an industry where so much happens within a short timespan, you are either so bombarded by updates that you miss out on some of the hottest news stories or find yourself completely zoning out to avoid drowning in the noise. To save you the hassle, our concise and easy-to-read Weekly News Round-up is designed to be your most organised way to stay up-to-date on the major news stories every week. We cram one week’s worth of news into a 5min read. You’re welcome!

Weekly News Roundup: Feb 26th – Mar 1st

Amazon

Amazon’s $1 billion Industrial Innovation Fund has zoomed its focus in on investments in companies combining artificial intelligence (AI) and robotics to drive efficiencies across its logistics network. This includes firms involved in the last mile of deliveries, geographic expansion, and late-stage companies. This emphasis on automation aligns with Amazon’s broader strategy to enhance margins and improve customer fulfilment.

Binance

Two Binance executives were reportedly detained in Nigeria amid increasing government scrutiny of the cryptocurrency sector in the country. Authorities claim that the company is being investigated for alleged involvement in illegal operations and tax evasion. Local news outlets report that the country has now fined Binance US$10bn for its offences. Nigeria’s crackdown on crypto exchanges follows concerns over currency speculation, leading the ban of Binance and other similar platforms. This is the latest in a flurry of regulatory challenge for Binance, following legal issues in the U.S. and app removals in India.

Bitcoin

Bitcoin’s price surpassed $60K this week fuelled by growing investor optimism, marking a significant milestone amid a resurgence in cryptocurrency demand. The most recent rally has been credited to factors such as the launch of bitcoin exchange-traded funds (ETFs) in the U.S. and anticipation surrounding the pending reduction in bitcoin’s supply growth contribute to the rally. The broader crypto market is experiencing a FOMO-driven surge, with smaller tokens like ether and dogecoin also benefiting from the positive sentiment.

Marqeta

Marqeta has reported a 33% surge in total processing volume to $62 billion in Q4, highlighting continued momentum in card issuance. The company has now set its sight on embedded finance opportunities, pointing to a shift in focus towards small and mid-sized business (SMB) credit and other sectors. Despite investor concerns over slower growth from certain customers, Marqeta anticipates adjusted EBITDA positivity in three quarters of the current year, aiming for a 30% TPV growth in 2024.

Microsoft

Microsoft has announced the launch of Copilot for Finance, an AI assistant aimed at streamlining financial tasks for professionals by automating workflows and providing insights. While hailed for its potential to enhance productivity, some initial testers express concerns over its costs, despite Microsoft’s record-breaking quarter attributed to the adoption of AI tools like Copilot.

Robinhood

Grubhub, Gopuff, and Taskrabbit have been named as Robinhood’s latest partners as the fintech looks to expand its retirement offering to gig workers. The initiative aims to provide independent workers with access to retirement savings through Robinhood Retirement For Independent Workers program, offering enhanced match rates and financial counselling.

Stripe

Stripe marked a new milestone this week as its valuation reached $65 billion following a share sale deal with employees. Despite internal valuation adjustments and challenges during the pandemic, Stripe continues to invest in growth initiatives like partnerships and international expansion. The company’s commitment to employee equity compensation programs underscores its focus on retaining top talent and sustaining momentum in the competitive payments landscape.

Uber

Uber has doubled down on the already stringent parental oversight on its app with the introduction of monthly spending limits for teen accounts. With this new feature, Uber hopes to foster responsible financial habits among young consumers. Recent research have shown that many Gen Z consumers tend to deplete their savings on discretionary spending, and moves like these serve as a good means of promoting financial literacy.

Xero

Xero has announced its partnership with BILL to enhance its accounts payable capabilities for U.S. customers, offering a bill pay solution within the Xero platform to streamline cash flow management for SMBs. The integration aims to automate financial operations and improve efficiency for small businesses, leveraging BILL’s network of vendors.