Reddit Hires First Chief Product Officer: Pali Bhat

Daily Crunch: October 11, 2021

A daily summary of TechCrunch’s most significant and impactful stories can be delivered directly to your inbox each day at 3 p.m. PDT. You can subscribe to this service here.

Welcome Back to Work

Greetings, and welcome to Daily Crunch for October 11, 2021. Monday has arrived, signaling a return to professional endeavors for many.

Upcoming Public Debuts and Earnings Reports

The week ahead promises two initial public offerings (IPOs) with GitLab and AvidXchange both scheduled to debut. Furthermore, the period of quarterly earnings reports is beginning.

Expect increased activity and announcements as companies share their financial performance. This is a key time for investors and industry observers.

– Alex

TechCrunch's Top 3 Updates

Here's a rundown of the most significant tech news as reported by TechCrunch.

Apple's Appeal of Epic Games Ruling

Apple is challenging the court's decision regarding its App Store policies. The initial ruling directed Apple to permit third-party developers to inform users about alternative purchasing options outside the iOS ecosystem.

This move comes as Microsoft actively seeks to strengthen its relationships with developers. Apple, however, seems secure in its current market standing and is proceeding with an appeal and a request for a stay of the ruling.

The situation evokes a traditional saying – “Pigs get fat, hogs get slaughtered” – suggesting a potential risk in overconfidence.

Reddit Appoints New Executive

Reddit, the popular platform hosting diverse online communities, has added a new member to its leadership team.

The newly appointed executive comes from Google Cloud. While executive team expansions often precede an IPO, Reddit’s successful private funding rounds suggest a public offering isn’t immediately planned.

NerdWallet's IPO Filing Details

NerdWallet, a venture-backed company focused on consumer finance, has publicly filed for an IPO.

The company operates primarily as a content provider, creating articles and resources for both consumers and small to medium-sized businesses seeking financial guidance and products.

NerdWallet aims to deliver impartial information while generating revenue through commissions. The IPO filing reveals the effects of the COVID-19 pandemic on its growth, as well as the impact of recent advertising initiatives on profitability.

Overall, NerdWallet presents a solid business model, despite these recent challenges.

Startups/VC

Los Angeles is actively exploring the feasibility of air taxis. This development stems from the city’s notoriously heavy traffic congestion, mirroring the transportation challenges faced by São Paulo, Brazil, where helicopter travel is common among the elite.

Air Taxi Development in LA

Given the comparable traffic conditions, it’s logical that Los Angeles is leading the charge in determining how air taxis could function. The success of this concept remains to be seen.

Varda Space and In-Orbit Manufacturing

Varda Space is preparing to launch its initial space factories into orbit during 2023. This will be achieved through the utilization of SpaceX launch systems and hardware support from Rocket Lab.

The company plans to deploy three vesicles, each containing a manufacturing module and a return-to-Earth mechanism. Initially, these space factories will focus on producing materials in low gravity environments that are difficult to replicate on Earth, with the finished products being brought back to the planet.

FrankieOne Secures $16M for Fintech Fraud Prevention

FrankieOne has successfully raised $16 million to advance its fintech fraud prevention services. The company’s business model centers around identifying a specific problem within a larger industry and offering a dedicated solution.

As reported by TechCrunch, FrankieOne provides ID and fraud management as a service to financial technology companies.

Swile's $200M Funding Round

Swile, a French company, has secured $200 million in funding from SoftBank for its employee card service. This service consolidates employee benefits onto a single card.

The cards unlock access to benefits such as meal vouchers, gift cards, and sustainable mobility vouchers, as detailed by TechCrunch.

Homa Games Raises $50M

Homa Games, another French startup, has raised $50 million in a funding round led by Northzone. The company specializes in mobile game development.

This year alone, Homa Games’ games have amassed hundreds of millions of downloads, demonstrating significant growth and user engagement.

Mono's $15M Funding for African Fintech

Mono, a startup operating in Africa, has secured $15 million in funding. Despite the name, it is not related to monophonic audio.

Instead, Mono is developing a service similar to Plaid, designed specifically for the African continent. This initiative aims to enhance the connectivity within the rapidly growing African fintech sector, making it an attractive investment for venture capitalists.

The increasing prominence of African fintech has created a favorable environment for investment in its supporting infrastructure.

Banking-as-a-Service: Examining Three Distinct Approaches

Ryan Lawler delves further into the burgeoning banking-as-a-service (BaaS) industry, analyzing three primary strategies currently being employed.

BaaS Implementation Strategies

• Complete, ready-to-use banking as a service solutions.
• Facilitating connections between financial institutions and fintech companies.
• Acquiring a bank specifically to participate in the BaaS market.

Understanding the positioning of these different competitors is crucial for fintechs aiming to launch new applications or integrate financial services into their current offerings.

This knowledge extends to banks seeking effective partnerships within the BaaS ecosystem.

Lawler emphasizes that selecting the right approach depends on specific business goals and technical capabilities.

(Access to TechCrunch+ provides founders and startup teams with valuable resources and insights. Registration is available here.)

Big Tech Inc.

Recent developments involve Facebook’s oversight board scheduling a meeting with Frances Haugen, a former employee who publicly voiced concerns regarding the company’s practices last week.

This meeting represents a new development in the ongoing scrutiny of Facebook’s product choices, though the subsequent actions of the oversight board remain uncertain.

Notable Mentions

• Robbie Baldwin on TechCrunch: Roberto Baldwin, previously with Engadget, has contributed an article to TechCrunch focusing on Ford’s electric Mustang.
• Baldwin is recognized as an exceptional journalist and a dedicated automotive enthusiast.

His expertise combines journalistic skill with a deep understanding of vehicles, making his analysis particularly insightful.

The article provides a detailed look at the electric Mustang, offering valuable perspectives for those interested in the evolving automotive landscape.

This coverage highlights the intersection of technology and the automotive industry, showcasing Ford’s advancements in electric vehicle technology.

TechCrunch Experts

Did you manage to stay current with last week’s reports on growth marketing and software development? A recap of the previous week’s articles can be found here.

TechCrunch is seeking recommendations for growth marketers possessing skills in areas like SEO, social media, and content creation.

If you are a growth marketing professional, please share this survey with your clients.

We are interested in learning about the positive experiences clients have had while collaborating with you.

Seeking Expert Recommendations

The goal is to identify top-tier growth marketers.

• Expertise in SEO is highly valued.
• Proficiency in social media marketing is essential.
• Strong content writing skills are a key requirement.

Client testimonials are crucial to this process.

Your clients’ feedback will help us understand the value you bring to their projects.

Community Engagement

Danny Crichton will be hosting a Twitter Spaces interview on Thursday, October 14th. The event is scheduled to begin at 2 p.m. PDT / 5 p.m. EDT.

Interview with Jacob Helberg

The featured guest will be Jacob Helberg, the author of the forthcoming book, “The Wires of War.” The book’s official release date is scheduled for tomorrow.

This discussion offers an opportunity to learn more about Helberg’s insights and the themes explored within “The Wires of War.”

Image Credits: Simon & Schuster, Inc.

Attendees can participate in the live Q&A session during the Twitter Spaces event. Don't miss this chance to engage with the author directly.