Stripe Acquires Paystack: Daily Crunch

Stripe completes a significant acquisition, Google introduces enhancements to its search functionality, and Snapchat unveils a feature reminiscent of TikTok. This is your Daily Crunch for October 15, 2020.

Key News: Stripe acquires Paystack, a Nigerian company

Stripe has announced its largest acquisition to date, purchasing Paystack, a Lagos-based company that simplifies the integration of payment processing services – often described as “the Stripe of Africa.”

Reports indicate the acquisition was valued at over $200 million.

In a discussion with TechCrunch, Stripe CEO Patrick Collison explained that expanding operations into Africa represents a substantial opportunity for the company, emphasizing a long-term strategic outlook: “We are considering how the world will evolve between 2040 and 2050.”

Major Tech Companies

Google releases a series of Search updates — These AI-driven improvements include enhanced capabilities for providing precise answers to specific questions, alongside a refined algorithm designed to better manage errors in search queries.

Snapchat introduces Sounds on Snapchat, a competitor to TikTok — Snapchat has delivered on its commitment to launch a new feature enabling users to add music to their Snaps.

Review of Mario Kart Live: Home Circuit — Bryce Durbin presents an illustrated review of a new Mario Kart version that integrates a functioning, remote-controlled vehicle.

Startups, Funding, and Venture Capital

River, a new venture led by Wander founder Jeremy Fisher, launches with $10.4 million in funding — River aims to reimagine how individuals interact with content online.

Fivestars, a startup focused on payments and marketing for small businesses, secures $52.5 million in funding — Recognizing the challenges faced by small businesses, Fivestars CEO Victor Ho noted that many large digital platforms are not providing adequate support.

Agility, a developer of bipedal robots, announces a $20 million funding round — Agility’s Digit is a robot designed for package delivery, capable of navigating obstacles like stairs and uneven surfaces.

Insights and Analysis from Extra Crunch

Calm’s pursuit of additional funding at a higher valuation does not represent groundbreaking innovation — We revisit data from 2018, 2019, and 2020 concerning the meditation application.

Alex Latsis of Brighteye Ventures discusses European edtech funding trends in 2020 — Brighteye Ventures, a European edtech investment firm, recently announced a $54 million initial closing of its second fund.

Tesla’s decision to eliminate its PR department may lead to public relations challenges — This change effectively designates founder Elon Musk as the sole public spokesperson for the company.

(Please remember: Extra Crunch is our subscription program dedicated to providing accessible information about startups. You can find subscription details here.)

Other News

A new machine learning-based COVID-19 test developed by Oxford can deliver results in less than 5 minutes — The test also provides benefits in terms of detecting the virus itself, rather than antibodies or other indicators of infection.

A discussion on prioritizing personal well-being — Another exploration of funding within the wellness startup sector, featured in the latest episode of the Equity podcast.

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