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Venture Capital

Samsung Pay reveals rise in contactless transaction numbers and new partnership with Bankwest

samsungSamsung announce a new partnership with Bankwest that allows cardholders to make contactless payments from their Samsung smartphone or wearable device.

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Samsung Electronics Australia has today announced a new partnership with Bankwest that allows the financial institution’s cardholders to make contactless payments from their compatible Samsung smartphone or wearable device using Samsung Pay. The partnership builds on Samsung’s growing offering of payment and wallet capabilities from its mobile devices.

This announcement comes at a time when the use of digital payments is growing strongly.  Samsung has seen the number of monthly active users grow 16% since the start of the year, and the number of monthly transactions grow by 35%.

Bankwest customers are now able to load their credit and debit cards on Samsung Pay to make payments using their Samsung devices. Users have access to Samsung Pay’s simple and secure digital wallet experience which allows them to pay securely using biometric identification or a PIN, load their favourite loyalty cards and pay for transit journeys on Transport for NSW’s Opal network. Bankwest joins over 70 card brands that have already partnered with Samsung Pay.

Bankwest GM Everyday Banking Louise Tovey said, “Bankwest’s vision is to provide brilliant customer experiences every day and we’re excited to partner with Samsung to help us deliver on that commitment.

“Australians are using their smart devices more than ever, with customers wanting choices that allow them to transact and do their banking in their own time and in their own way.”

Mark Hodgson, Head of Product and Services at Samsung Electronics Australia, said, “Our partnership with Bankwest is an important step for Samsung in our commitment to providing a walletless solution for all Australians using our mobile devices. The announcement also comes at an exciting time following the launch of our latest Galaxy Note smartphone, as well as a range of wearable devices that further enhance our mobile experiences.”

“Demand for digital wallet solutions and contactless payments have grown strongly this year and we see this trend continuing as more people understand the convenience, secure authentication methods,  as well as peace of mind that comes with removing the need to physically touch a terminal.”

The partnership with Bankwest follows Samsung Galaxy Unpacked and the announcement of a slew of new powerful devices, including the Galaxy Note 20, Galaxy ZFold 2, Galaxy Watch 3, Tab S7 and Galaxy Buds Live.

Source: https://australianfintech.com.au/samsung-pay-reveals-rise-contactless-transaction-numbers-new-partnership-bankwest/

Venture Capital

Facebook Researchers Found Company’s ‘Political Whitelist’ Influenced Misinformation Spread

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During a September 2019 speech in Washington, D.C., Facebook’s global policy and communications chief Nick Clegg gave an ardent defense of the company’s policy to not fact-check politicians, saying that it wasn’t the social network’s role to “intervene when politicians speak.”

Behind the scenes that summer, some of Facebook’s employees had argued just the opposite, warning that exempting politicians from fact-checking “is protecting content that is especially likely to deceive,” according to an internal presentation reviewed by The Information and two people familiar with the matter. They cited a survey they did that found Facebook users were more likely to believe false information if it is shared by a politician.

Source: https://www.theinformation.com/articles/facebook-researchers-found-companys-political-whitelist-influenced-misinformation-spread

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Private Equity

Venture Capital: Toast Valued At $8B In Secondary Share Offering By Employees

Toast, which makes software for restaurants, has rebounded from the pandemic like a phoenix. Consider this: In February, shortly before the pandemic, the start-up raised $ 400 million at a valuation of $ 4.9 billion. After the virus, in April, Toast faced up to the economic devastation and cut its workforce by 50% through layoffs and furloughs. It also was forced to cut executive pay, freeze hiring, and halt bonuses. However, the startup’s software for takeout orders enabled in-house dining restaurants to pivot to the alternative mode of service. Result: business is good again.

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Venture Capital: Toast Valued At $8B In Secondary Share Offering By Employees

https://platodata.net/wp-content/uploads/2020/11/venture-capital-toast-valued-at-8b-in-secondary-share-offering-by-employees.png

Vested shares held by employees sold at $75 each.

Toast, which makes software for restaurants, has rebounded from the pandemic like a phoenix. Consider this: In February, shortly before the pandemic, the start-up raised $ 400 million at a valuation of  $ 4.9 billion. After the virus, in April, Toast faced up to the economic devastation and cut its workforce by 50% through layoffs and furloughs. It also was forced to cut executive pay, freeze hiring, and halt bonuses. However, the startup’s software for takeout orders enabled in-house dining restaurants to pivot to the alternative mode of service. Result: business is good again. (CNBC)

Toast valued at $8 billion

In a nutshell, despite the ravages from the virus pandemic, Toast managed to hike its valuation from nearly $ 5 billion in February to $ 8 billion in November.

With business now booming, Toast did not forget its employees. It allowed them to encash some of their shareholdings by selling up to 25% of their vested shares for $ 75 each in a secondary sale.

People with knowledge of the matter told CNBC that the secondary offer was for 800,000 shares worth about $ 60 million.

“In order to support our employees and former employees as they navigate the impact of Covid-19, we did complete a secondary offering recently,” a company spokesman confirmed to CNBC, though he refused to reveal the identity of the buyer(s) or the valuation.

A sea change in Toast’s fortunes

According to CNBC, recent bids in the secondary market have valued Toast significantly above this $ 8 billion valuation.

The company also rehired many of the personnel it had laid off earlier.

Meanwhile, the market considers the start-up as a candidate for an IPO in 2021.

Related Story:  Restaurant Software Maker Toast Raises $400 Million

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Source: https://dailyalts.com/toast-valued-at-8b-in-secondary-share-offering-by-employees/

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Venture Capital

To Regulate Social Media, Forget Net Neutrality

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The conservative Federalist Society’s virtual national convention recently hosted a panel on “Regulating Social Media” featuring a prominent cast of government officials and outside experts. I tuned in, expecting a robust discussion on privacy, data portability, algorithmic bias and content moderation.

It was a disappointment. They spent most of the time relitigating the merger between Sprint and T-Mobile and the net neutrality debate around broadband internet service providers.

Source: https://www.theinformation.com/articles/to-regulate-social-media-forget-net-neutrality

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