Amazon And Visa Agree to Settle Fee Dispute ⚔
Scott D. Clary | Daily Business, Tech & Finance Newsletter
This is a daily newsletter that covers trending business, tech and finance stories. If you enjoyed the newsletter, please share it with a friend who’d find it useful.
Amazon And Visa Agree to Settle Fee Dispute ⚔
Amazon has finally reached an agreement with Visa to settle a dispute involving the credit card company’s fees.
As part of the global agreement between the two companies, Visa cards will be continued to be accepted at all e-commerce and brick-and-mortar stores of Amazon.
The dispute between the two companies started in November last year when Amazon said that it would stop accepting Visa credit cards issued in the UK because Visa was levying high transaction fees on payments.
Amazon was putting pressure on Visa to reduce its fees owing to growing frustration from retailers over the costs associated with major cards networks.
However, in the last month, Amazon changed its decision by dropping plans to accept Visa stores, saying it was working closely with the card giant on a potential solution.
Now, both the companies have reached a global agreement, allowing Amazon UK customers to make payments using their Visa credit cards.
Besides this, Amazon is also dropping a 0.5% surcharge on Visa credit card transactions in Australia and Singapore, which it introduced last year.
Spotify 🎙 Acquires Podcast Firms Podsights And Chartable
Audio-streaming giant Spotify is deepening its investment in the podcasting market with the acquisition of two more podcast firms- Chartable and Podsights, which are well-known for providing greater insights for advertisers and publishers.
“We believe the opportunity for digital audio and podcast remains significant. With these acquisitions, we’re taking a big step in upleveling digital audio measurement and insights to help the entire industry scale to new heights,” Spotify said in an announcement.
Podsights is a New York-based leading podcast advertising measurement service company helping advertisers better measure and scale their podcast advertising.
Chartable is a podcast analytics platform that builds world-class tools for the podcast industry, starting with podcast analytics for creators.
Spotify did not disclose the financial terms of the acquisition. However, with these acquisitions, Spotify wants to be a more attractive partner for advertisers and publishers to do business with.
The acquisitions will also help Spotify to capture a major share of the podcasting market and pursue its goal of becoming the #1 platform for podcasts globally.
Romance Scammers Made Away 🚨 With $139 Million in Crypto in 2021, Says FTC Report
According to a new report from the Federal Trade Commission (FTC), romance scammers collected a total of $139 million in cryptocurrency in 2021.
The report also says that a total amount of $547 million of money was lost through cryptocurrency payments to scammers in the last year. A median individual is said to have reported a loss of $9,770 using cryptocurrency.
FTC says that romance scammers create fake profiles on social media by using pictures taken from the internet.
Later they trick victims by asking them to send money, stating some reasons like they are undergoing a financial crisis, or even promising to invest their money to make higher profits.
Although most money was lost through crypto scams, gift cards were the most common payment method used by romance scammers to carry out scams, as one in four people paid a romance scammer with a gift card, reporting a loss of $36 million last year.
Additionally, the report says that romance scams increased for every age group in 2021. For individuals ages 18 to 29, the number of scams reported increased 10 times from 2017 to 2021.
Fintech Startup Flutterwave Raises $250 Million in Series D 💰
Flutterwave, a fintech company providing payment infrastructure for global merchants and payment service providers, has raised $250 million in its Series D funding round.
The funding was led by B Capital Group and also saw participation from Alta Park Capital, Whale Rock Capital, Lux Capital, among others. Several existing investors such as Glynn Capital, Avenir Growth, Tiger Global, Green Visor Capital, and Salesforce Ventures also participated in the funding.
Founded in 2016 by a team of ex-bankers, entrepreneurs, and engineers, Flutterware is on a mission to build payments infrastructure to connect Africa to the global economy.
For this, the company builds tools, technology, and infrastructure for banks and businesses that are looking to provide a more seamless and secure payments experience to their customers.
Since its launch, the company has processed more than 200 million transactions worth over $16 billion across 34 countries where it currently operates.
Flutterware will use the fresh funds for expansion and customer acquisition in existing markets and develop complementary products while encouraging new innovations in its products and services development.
Around the Web 🌐
Social E-Commerce Platform DealShare Raises $45 Million: DealShare, an Indian-based social e-commerce startup and online platform for buying multi-category consumer products has raised a fresh infusion of $45 million in its Series E funding round from Abu Dhabi Investment Authority (ADIA). The company plans to use the fresh funds to use funds to strengthen technology, product innovations, and hiring.
If you like the content in this newsletter, there’s a pretty good chance you’ll like my podcast, “Success Story”, where I unpack the playbooks of entrepreneurs, executives and other high performing individuals.
Latest Episode 👇
If you enjoyed the newsletter, please share it with a friend who’d find it useful.