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E-commerce


#389
Calling About Your Expiring Warranty

Published:

May 29, 2021


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Posted In:

E-commerce

Published:

May 29, 2021


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“Attention Shoppers: Internet Is Open” read the NYT headline in 1994 after the internet’s first recorded retail transaction, a CD by Sting - great choice!

Fast forward 27 years and online shopping is ubiquitous - peaking at 35% of retail sales during the pandemic (it’s prior peak was 10%). In Latin America, e-commerce is at a tipping point, growing over 60% YoY. But, alongside this global breakneck growth, a myriad of sophisticated cyber threats and data privacy concerns has surfaced.

Just this week, Klarna battled a data breach, albeit an internal human error and not a hack. Around 10k accounts were affected, although the CEO did mention that “... the access to data has been entirely random and not showing any data containing card or bank details (obfuscated data). Even though GDPR would classify the information visible as ‘non-sensitive’, for Klarna all data is important.”

GDPR (General Data Protection Regulation) plays an important role in Europe - which gives individuals the right to control their data (to some degree). The US and most other markets have yet to formalize data regulation.

With e-commerce likely to remain a cornerstone in our lives, this past week interestingly saw several fraud prevention software providers announce fundraises, totaling ~$400m across four startups. Ecommerce and payment companies will surely continue to beef up their security capabilities, as Stripe did by acquiring Bouncer earlier this month.

While some of us may still get a spam call asking if your car warranty has expired, these ladies don't care! For the first time EVER a majority female Indy 500 team, sponsored by MoneyLion, will rip past the competition on Sunday May 30th at 11am EST (on NBC) - Join us in supporting Simona, a team for all the girls who want to go faster!

Portfolio News


MoneyLion joins Paretta Autosport to sponsor the first female race team at the Indy500 - To further the INDYCAR’s “Race for Equality and Change” initiative, and in honor of International Women’s Day, MoneyLion and Paretta Autosport are partnering to launch MoneyLion’s “Women Who Roar” campaign to advance financial empowerment, support women’s careers and level the playing field for women across a number of areas in finance, science, and technology. Read more

Centrifuge wraps up its token sale as it pushes to connect DeFi to real world assets - Congratulations to portfolio company Centrifuge on their successful public token sale with the potential to bring trillions in new assets to DeFi. The sale on CoinList raised $19m and was oversubscribed with over 600k registrants and allotted space for 36k. Read more

DeFi liquidity provider Balancer Labs raised $24m - Congratulations to portfolio company Balancer is on a mission to become the leading source of programmable liquidity for DeFi, adding $24m to its arsenal for continued development and marketing of the Balancer protocol. Read more

Meet the Women of Paretta Autosport - For the first time in motorsports history, four of its seven over-the-wall pit crew members will be women. De Silvestro's two spotters, two of her engineers will be women. And every front office role at Paretta Autosport -- from business operations to public relations to merchandise and marketing -- is filled by a woman. Read more

CNBC's Disruptor50 list announced - Congratulations to portfolio companies Flutterwave and Plaid on being included in CNBC 's 2021 Disruptor50 list of private, venture-backed companies transforming industries. Read more

Visa takes a swipe in fintech, builds a new online marketplace - Portfolio company Extend was selected and certified for Visa’s new fintech program - Visa Fintech Partner Connect, designed to help financial institutions quickly connect with a “vetted & curated” set of tech providers. Read more

Calling About Your Expiring Warranty


Klarna battles serious data breach, with reports of leaked user info - The company, which recently closed a deal valuing it at $40b, came under fire after users complained they were being accidentally logged in as other people, given them access to strangers’ personal information. The company, which is headquartered in Sweden, now boasts over 90m users worldwide. Read more

The e-commerce landscape: what has changed - The pandemic has caused online retail to step into the spotlight and become a necessity for many brands. Online retail sales as a percentage of total retail sales were sitting at around 19% in February 2020. A year later, it had skyrocketed to close to 35%. Read more

Industry News


Behind every racy fintech, a sensible German saver - Germans who give their hard-earned euros to banks attached to fintechs are being perfectly prudent. They are often doing so in return for higher interest rates. And should the bank go bust, up to €100,000 of their deposits are protected by deposit insurance. Read more

The rise of crypto laundries: how criminals cash out of Bitcoin - Criminals are locked in battle with forensics firms tracking how "Treasure Men", privacy wallets, and gift cards are used to turn virtual hauls into hard cash. Read more

Buy now, pay later players tackle credit conundrum in Mideast’s Gulf - In the Gulf, BNPL companies present themselves as an alternative to cash on delivery, the most common payment method for online purchases in many Middle East countries. However a cultural challenge for BNPL in the Gulf is to make sure it "doesn't look or smell like credit." as Islamic customs prohibit charging interests on loans, which has deterred some Middle East consumers from using credit cards. Read more

Square takes aim at JPMorgan with checking, savings accounts - Square is quietly preparing to offer checking and savings accounts to those customers, taking direct aim at behemoths such as JPM. Square’s shares jumped on the news. Read more

ACI Worldwide and JPMorgan form European payments partnership - ACI Worldwide announced a collaboration with J.P. Morgan that will enable merchants in certain European countries to deliver in-store payment acceptance capabilities to their customers. Read more

Goldman Sachs joins Green Software Foundation - Goldman Sachs is the first financial service player to sign up to a new Green Software Foundation founded by Microsoft, Accenture, GitHub, and ThoughtWorks. Read more

Regulation and new market players pave the way for financial digitization in Colombia and Mexico - From newly financially included users to new fintechs and services seeking financial institution licenses, the pandemic led to unprecedented digitization in countries such as Colombia and Mexico. Read more

Upstart peer-to-peer crypto exchanges take aim at Coinbase - Coinbase Global Inc is facing competition from a new breed of upstarts that look less like the New York Stock Exchange and more like Napster, the defunct music-sharing service. Read more

U.S. Treasury deputy chief sees G7 backing for 15%-plus global minimum tax - U.S. Treasury Deputy Secretary Adeyemo said he expects strong backing from G7 peers for Washington's proposed 15%-plus global minimum corporate tax, which should help solidify support in the U.S. Congress for domestic corporate tax legislation. Read more

LatAm’s fintech lenders seek new models amid growing competition - Latin America’s lending fintechs are looking to add new services and functions for clients, as competition in the vertical increases. Read more

Select Financings


Agicap - France based cashflow management platform raised $100m in Series B funding at a $500m valuation led by Greenoaks. Read more

Commerce Layer - Italy based provider of e-commerce APIs raised $16m in Series B funding led by Coatue. Read more

Forter - New York-based provider of e-commerce fraud prevention solutions raised $300 million in Series F funding led by Tiger Global. Read more

Fraudio - Netherlands based AI-powered payment fraud detection system has raised $3.3m in Seed funding led by BiG Start Ventures and BYND Venture Capital. Read more

iLife - Los Angeles based life insurance sales automation platform raised $4m in Seed funding led by Foundation Capital. Read more

Obie - Chicago based insurance platform for property investors raised $10.7m in Series A funding led by Battery Ventures. Read more

Paysend - UK based mobile payments platform raised $125m in Series B funding at a $700m valuation led by One Peak. Read more

Perch - Boston based Amazon marketplace rollup platform raised $775m in Series A funding led by SoftBank Vision. Fund 2. Read more

Pintu - Indonesia based crypto exchange raised $6m in Series A funding led by Pantera, Intudo and Coinbase Ventures. Read more

QuintoAndar - Sao Paulo based real estate marketplace focused on rentals and sales raised $300m in Series E funding led by Ribbit Capital. Read more

Sentieo - San Francisco based financial and corporate research platform raised $20m in Series B funding led by Ten Coves Capital. Read more

Snapdocs - San Francisco based digital mortgage closing platform raised $150m in Series D funding at a $1.5b valuation led by Tiger Global. Read more

SpotOn - San Francisco based provider of point-of-sale payment solutions raised $125m in Series D funding at a $1.75b valuation led by Andreesen Horowitz. Read more

Tilled - Colorado based payment facilitation startup raised $11m in Series A funding led by Canvas Ventures. Read more

Tiv - Chicago based payment platform for gamers raised $3.5m in Seed funding led by 4490 Ventures. Read more

Wayflyer - Ireland based financing platform for e-commerce merchants raised $76m in Series A funding led by Left Lane Capital. Read more

Yalo - San Francisco based conversational commerce platform raised $50m in Series C funding led by B Capital Group. Read more

Zeta -India based banking software startup raised $250m in Series D funding led by SoftBank Vision Fund 2. Read more


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