PrimaryBid closes $8.6M round for its platform aimed to help retail investors – gpgmail


PrimaryBid, a UK-regulated platform connecting publicly listed companies with everyday investors for discounted share issuances has previously raised $3M. It’s now upped those stakes with an $8.6M funding round, led by UK VCs Pentech and Outward VC with participation from new and existing investors. Craig Anderson, a partner at Pentech, will join the PrimaryBidBoard of Directors with Outward VC having a Board Observer seat.

This investment is representative of the trend towards unpacking complex financial investment products for the average person, especially in the UK.

The FCA-regulated platform recently made a long-term commercial agreement with Euronext, the leading pan-European exchange in the Eurozone. The partnership gives the company access to nine new geographies, with the first new site launching in France later this year.

Commenting, Anand Sambasivan, co-founder and CEO of PrimaryBid, said: “Everyday investors are a vital part of the stock market and yet unable to buy discounted share deals – a longstanding imbalance in the public markets. This is true whether it is a government selling down its holding in a large company or a quoted company is raising growth capital. Our platform addresses this challenge, giving small investors the same access as traditionally afforded to large institutional investors.”

Investors can tap into PrimaryBid’s centralizing infrastructure that allows access to everyday investors as part of a share issuance, including block sales. The inclusion of retail investors can improve pricing and liquidity outcomes for their clients. The company’s solution allows private investors to participate, at the same time and the same price, delivering open access regardless of the size of their investment. The service is free of charge for investors, from £100 upwards.

PrimaryBid doesn’t have competitors because Retail investors have not previously had access to discounted equity offerings run by investment banks. This is because the retail investment market is too fragmented, and these deals are highly time-sensitive. As a result, only clients of Investment Banks (i.e. institutional investors) could previously access these attractive deals.

So now, listed companies that want to raise more capital on the stock exchange by issuing new shares can now connect with retail investors and offer these retail investors these shares at the same discounted rates as those offered to institutional investors. “In the past, these retail investors just couldn’t access these attractive deals for these new shares,” explains Sambasivan.

Craig Anderson of Pentech said: “We believe equity capital markets infrastructure is dominated by an institutional focus and is not geared for retail investors, which unfairly restricts consumer access to the primary equity markets. PrimaryBid addresses this problem by using technology to democratize the equity capital markets to provide a new asset class to retail investors.”

Kevin Chong of Outward VC said: “By bringing publicly listed companies directly to ordinary investors, PrimaryBid addresses increasing frustrations felt by equity issuers and potentially expands global equity markets to the benefit of all players – investors, issuers and investment bank advisers.”

Pentech previously invested in Nutmeg (which recently closed a £45m funding round led by Goldman Sachs) . Outward VC has previously backed Monese, Curve and Bud.


10 minutes mail – Also known by names like : 10minemail, 10minutemail, 10mins email, mail 10 minutes, 10 minute e-mail, 10min mail, 10minute email or 10 minute temporary email. 10 minute email address is a disposable temporary email that self-destructed after a 10 minutes. https://tempemail.co/– is most advanced throwaway email service that helps you avoid spam and stay safe. Try tempemail and you can view content, post comments or download something

Goldman backs Kobo360, Rwanda commits to EVs, Interswitch IPO update – gpgmail


Nigerian freight logistics startup Kobo360 raised a $20 million Series A round led by Goldman Sachs and $10 million in working capital financing from Nigerian commercial banks.

The company — with an Uber-like app that connects truckers and companies to delivery services — will use the funds to upgrade its platform and expand to 10 new countries beyond current operating markets of Nigeria, Togo, Ghana and Kenya.

Kobo360 looks to grow beyond its Nigeria roots to become a truly Pan-African company, co-founder Obi Ozor told gpgmail .  He co-founded the venture in 2017 with fellow Nigerian Ife Oyedele II.

Since its launch in Lagos, the startup has continued to grow its product offerings, VC backing and customer base. Kobo360 claims a fleet of more than 10,000 drivers and trucks operating on its app. Top clients include Honeywell, Olam, Unilever, Dangote and DHL.

Kobo360’s latest round is also notable for Goldman Sachs’ involvement. Goldman’s participation tracks a growing list of African venture investments made by the U.S. based finance firm.

Chinese mobile-phone and device maker Transsion will list in an IPO on Shanghai’s STAR Market, Transsion confirmed to gpgmail.

The company — which has a robust Africa sales network — could raise up to 3 billion yuan (or $426 million).

Transsion’s IPO prospectus is downloadable (in Chinese) and its STAR Market listing application available on the Shanghai Stock Exchange’s website.

STAR is the Shanghai Stock Exchange’s new Nasdaq-style board for tech stocks that also went live in July with some 25 companies going public.

Headquartered in Shenzhen — where African e-commerce unicorn Jumia also has a logistics supply-chain facility — Transsion is a top-seller of smartphones in Africa under its Tecno brand.

The company has a manufacturing facility in Ethiopia and recently expanded its presence in India.

Transsion plans to spend the bulk of its STAR Market raise (1.6 billion yuan or $227 million) on building more phone assembly hubs and around 430 million yuan ($62 million) on research and development, including a mobile phone R&D center in Shanghai, a company spokesperson said.

The government of Rwanda will soon issue national policy guidelines to eliminate gas motorcycles in its taxi sector in favor of e-motos, according to a preview of the plan by President Paul Kagame at a public-rally

The director general for the Rwanda Utilities Regulatory Authority, Patrick Nyirishema, confirmed Kagame’s comments were ahead of a national e-mobility plan in the works for the East African nation.

“The president’s announcement is exactly the policy direction we’re in…it’s about converting to electric motos…The policy is prepared, it’s yet to be passed…and is going through the approval process,” Nyirishema told gpgmail on a call from Kigali.

Motorcycle taxis in Rwanda are a common mode of transit, with estimates of 20 to 30 thousand operating in the capital of Kigali.

Nyirishema explained that converting to e-motorcycles is part of a national strategy to move Rwanda’s entire mobility space to electric. The country will start with public transit operators, such as moto-taxis, and move to buses and automobiles.

Ampersand, a Kigali-based e-moto startup, has already begun to pilot EVs and charging systems in Rwanda and will work with the country’s government on the moto-taxi conversion.

In an ExtraCrunch feature, gpgmail delved into tech talent accelerator Andela — one of the most recognized and well funded startups operating in Africa.

In a byte, Andela is Series D stage startup ― backed by $180 million in VC ― that trains and connects African software developers to global companies for a fee.

CEO Jeremy Johnson dished on the company’s strategy toward profitability and responded to some of the criticism it receives ― namely a claim the startup is creating a second brain-drain when software developers leave Andela and Africa, to take positions with global companies.

Today Andela has offices in New York and five African countries: Nigeria, Kenya,  Rwanda, Uganda, and Egypt ― which largely align with the continent’s top tech VC markets.

Across this network the company recruits software developers, builds software engineers, and deploys teams of software engineers.

Johnson disclosed numbers on Andela’s expected new hires for the year, current developer staff, how many departures the company expects, and how many of those will likely leave their home countries―which actually amounts to a fairly small percentage.

gpgmail checked in with Nigerian fintech company Interswitch for the latest on its anticipated dual-listing London and Lagos stock exchanges.

A Bloomberg News story (based on background sourcing) revived speculation the IPO could happen this year for the company — which provides much of Nigeria’s digital banking infrastructure and has expanded its operations presence and payments products across Africa and globally.

Reports that Interswitch could be one of the earliest big tech companies out of Africa to go public trace back to 2016, when CEO and founder Mitchell Elegbe told gpgmail the company was considering a listing before the end of that year.

Last month, an Interswitch spokesperson would neither confirm or deny a pending IPO, per a gpgmail inquiry. So, it’s still tough to say if or when the company could list. But there are still several reasons why the business (and its possible IPO) are worth keeping an eye on, which we detailed in the update story.

 

One could be an eventual increase in venture funding to African startups, that could come from Interswitch. Another could be an Interswitch IPO adding another benchmark for global investors to gauge Africa’s tech sector beyond Jumia — the e-commerce company that became the first big tech firm operating in Africa to launch on a major exchange, the NYSE in April.

More Africa-related stories @gpgmail

African tech around the ‘net

 


10 minutes mail – Also known by names like : 10minemail, 10minutemail, 10mins email, mail 10 minutes, 10 minute e-mail, 10min mail, 10minute email or 10 minute temporary email. 10 minute email address is a disposable temporary email that self-destructed after a 10 minutes. https://tempemail.co/– is most advanced throwaway email service that helps you avoid spam and stay safe. Try tempemail and you can view content, post comments or download something

Kaszek Ventures raises $600 million in two funds as Latin America’s startup market booms – gpgmail


Kaszek Ventures, the investment firm that has been one of the primary architects of the recent boom in startup financing and growth in Latin America, has just raised $600 million across two new funds.

The new commitments (raised in roughly two months) put Kaszek’s total capital under management at roughly $1 billion, making the firm the first local early stage investor to hit that milestone.

In the eight years since Hernan Kazah and Nicolas Szekasy launched Kaszek Ventures in 2011 the startup ecosystem in Latin America has experienced a renaissance, with investments in the region surging to nearly $2 billion in 2018.

Much of that growth has come on the back of Kaszek portfolio companies like Gympass, the provider of corporate-sponsored gym memberships and perks; Konfio, the Mexican small business lending platform; Nubank, the Brazilian consumer credit company now worth roughly $10 billion; and Loggi, the Latin American logistics company with the billion-dollar valuation.

For Kazah and Szekasy, the growth of their nearly eponymous venture fund marks a successful reinvention of two of the most prominent executives of Latin America’s most highly valued tech startup, MercadoLibre.

The former chief operating officer and chief financial officer of the region’s leading e-commerce marketplace, initially launched their firm to see if they could replicate their success as entrepreneurs from the other side of the table and bring the expertise and wisdom they’d amassed from their time running what is now a $29.2 billion dollar company (by market capitalization).

“We thought we could identify many more MercadoLibres and identify teams that were outstanding and would have a very ambitious vision in a very large market,” says Szekasy. “I thought I could have more impact if I moved and started working on the investing side.”

The first fund was a relatively modest $95 million investment vehicle, but one of its first investments would go on to show the potential for outsized returns that existed in the Latin American market. That company would be Nubank, and Kaszek was among the first money into the company (alongside Sequoia Capital) when it was little more than a pitch deck and an entrepreneur — David Velez.

“They had very relevant experience in scaling a tech company to multiple countries in the region,” says Velez of the decision to take cash from Kaszek. In the early days, the firms partners were involved in all stages of the company’s growth, helping recruit talent like country managers in different regions, to localizing the pitch for different countries. “They were very active also and continue to be very active around marketing and product. They helped us develop our first website and craft our pitch to consumers and eventually develop a lot of the digital marketing muscle,” Velez says. 

The local knowledge that Kaszek provided was a great compliment to the global perspective that Sequoia brought to the table, says Velez.

For Matias Muchnick, a co-founder and chief executive of NotCo, the experience of Kaszek’s founders and the breadth of their network provided incalculable help as the company expanded beyond Chile to Latin America more broadly — and as it was fundraising.

From a Kaszek-sponsored retreat at Stanford University, Muchnick was introduced to a professor who became an advisor to the company. The professor then put Muchnick in touch with Bezos Expeditions through a connection and the firm wound up investing.

Nubank may have been the firm’s first success story to come from its portfolio, but Kaszek would notch multiple other wins from its later funds.

Standouts from the firm’s $200 million third investment vehicle include the The Not Co, a new food company working on a range of products from vegetarian ice cream and mayonnaise to replacement meat patties. That company managed to attract the attention of Jeff Bezos and his Bezos Expeditions investment fund. Two other standouts in Mexico are Kavak, a car marketplace and Credijusto, an online lending company which raised $42 million from Goldman Sachs and other investors earlier today. 

Now the firm has added to its firepower with the close of a $375 million main fund and its first “Opportunity Fund” a $225 million investment vehicle that will enable the company to maintain its stakes in later stage companies as they raise increasingly large rounds.

Kazah expects that the firm will invest a bit larger amounts in roughly the same number of companies, with the fund making between 25 and 30 new investments, he said.

And increasingly large rounds are becoming the norm in Latin America just as they’ve done in other rapidly maturing technology ecosystems.

Screen Shot 2019 08 29 at 7.02.31 AM

Chart courtesy of Crunchbase News

That rapid growth has been parlayed into returns that represent an 8x multiple on invested capital for the first Kaszek Ventures fund, a 5x multiple on the second fund, and a 2x return for the firm’s third fund — already, according to a person familiar with the firm. 

“We have been investors in Kaszek Ventures since 2011 and are thrilled to continue this partnership” said Du Chai, Managing Director at Horsley Bridge Partners, in a statement. “Kaszek has been a top performer while building a great platform with talented individuals.”

In part, Kaszek’s success is an extension of broader macroeconomic trends that were bound to transform the region, according to Szekasy.

“We were looking at Silicon Valley and looking at what was happening in China and saw that Latin America was a very large region with a large population and GDP and the right demographics and a fast pace of adoption of new technologies,” says Szekasy.

One of those new technologies that helped speed up the adoption of new technology services across Latin America was the rollout of 4G, says Kazah.

Screen Shot 2019 08 29 at 7.40.18 AM

The mobile internet was always going to be the way that Latin Americans went online, thanks to the penetration of mobile phones across the continent. But high speed internet transformed the types of companies and services that could be on offer, Kazah says.

“In 2011 we had 10% 4G penetration… now more than 90% of the cell phones purchased have been cellphones with 4G access,” according to Kazah. “That really changed the entire ecosystem… companies can aspire to have more sophisticated products… in the last couple of years they started to accelerate their growth.. We finally got to a point where there’s critical mass.”

Not only has the technology improved, but increasing political stability and the rise of a middle class market in countries like Colombia and Mexico mean that there’s more opportunities for new businesses in countries across the continent.

Brazil has always been an economic powerhouse, but now Mexico, Colombia and even countries like Argentina and Chile are showing signs of increasingly vibrant startup ecosystems.

Attention from international investors is also helping to drive the region to new heights. Earlier this year Softbank announced that it would create a new Latin America fund with $5 billion to invest in startup companies. DST and Tiger Global are also active investors in the region.

“One of the reasons Latin America was lagging was that the region was not at a critical mass inflection point technologically, but it was also the lack of capital,” says Kazah. “Softbank on the one hand provides capital but  on the other hand it has opened the eyes of others as well.”

 


10 minutes mail – Also known by names like : 10minemail, 10minutemail, 10mins email, mail 10 minutes, 10 minute e-mail, 10min mail, 10minute email or 10 minute temporary email. 10 minute email address is a disposable temporary email that self-destructed after a 10 minutes. https://tempemail.co/– is most advanced throwaway email service that helps you avoid spam and stay safe. Try tempemail and you can view content, post comments or download something

Cloudflare files for initial public offering – gpgmail


After much speculation and no small amount of controversy, Cloudflare, one of the companies that ensures that websites run smoothly on the internet, has filed for its initial public offering.

The company, which made its debut on gpgmail’s Battlefield stage back in 2010, has put a placeholder value of the offering at $100 million, but it will likely be worth billions when it finally trades on the market.

Cloudflare is one of a clutch of businesses whose job it is to make web sites run better, faster and with little to no downtime.

Recently the company has been at the center of political debates around some of the customers and company it keeps, including social media networks like 8chan and racist media companies like the Daily Stormer.

Indeed, the company went so far as to cite 8chan as a risk factor in its public offering documents.

As far as money goes, Cloudflare is — like other early-stage technology companies — losing money. But it’s not losing that much money, and its growth is impressive.

As the company notes in its filing with the Securities and Exchange Commission:

We have experienced significant growth, with our revenue increasing from $84.8 million in 2016 to $134.9 million in 2017 and to $192.7 million in 2018, increases of 59% and 43%, respectively. As we continue to invest in our business, we have incurred net losses of $17.3 million, $10.7 million, and $87.2 million for 2016, 2017, and 2018, respectively. For the six months ended June 30, 2018 and 2019, our revenue increased from $87.1 million to $129.2 million, an increase of 48%, and we incurred net losses of $32.5 million and $36.8 million, respectively.

Cloudflare sits at the intersection of government policy and private company operations and its potential risk factors include a discussion about what that could mean for its business.

The company isn’t the first network infrastructure service provider to hit the market. That distinction belongs to Fastly, whose shares likely have not performed as well as investors would have liked.

Cloudflare has raised roughly $332 million to date from investors, including Franklin Templeton Investments, Fidelity, Union Square Ventures, New Enterprise Associates, Pelion Venture Partners and Venrock. Business Insider reported that the company’s last investment gave Cloudflare a valuation of $3.2 billion.

The company will trade on the New York Stock Exchange under the ticker symbol “NET.” Underwriters on the company’s public offering include Goldman Sachs, Morgan Stanley, JP Morgan, Jefferies, Wells Fargo Securities and RBC Capital Markets.


10 minutes mail – Also known by names like : 10minemail, 10minutemail, 10mins email, mail 10 minutes, 10 minute e-mail, 10min mail, 10minute email or 10 minute temporary email. 10 minute email address is a disposable temporary email that self-destructed after a 10 minutes. https://tempemail.co/– is most advanced throwaway email service that helps you avoid spam and stay safe. Try tempemail and you can view content, post comments or download something

Nigerian logistics startup Kobo360 raises $30M backed by Goldman Sachs – gpgmail


Nigerian freight logistics startup Kobo360 has raised a $20 million Series A round led by Goldman Sachs and $10 million in working capital financing from Nigerian commercial banks.

The company — with an Uber -like app that connects truckers and companies to delivery services — will use the funds to upgrade its platform and expand to 10 new countries beyond current operating markets of Nigeria, Togo, Ghana and Kenya.

Since its launch in Lagos in 2017, Kobo360 has continued to grow its product offerings, VC backing and  customer base. The startup claims a fleet of more than 10,000 drivers and trucks operating on its app. Top clients include Honeywell, Olam, Unilever, Dangote and DHL.

In addition to customer focus, founders Ife Oyodelo and Obi Azor have prioritized serving the startup’s drivers. They offer the company’s app in languages common to drivers, such as Hausa and Pidgin. 

Kobo360 also launched its own driver working capital finance program, KoPay, KoboSafe insurance product and KoboCare: a suite of driver services from HMO packages to family tuition assistance.

The startup is part of a growing e-logistics and transport space in Africa linking on-demand apps to mobile-based connectivity to move people and goods around the continent more effectively.

In the ride-hail space, global players such as Uber and Bolt are competing with each other and homegrown startups to digitize and capture revenues in the continent’s auto and motorcycle taxi markets.

In e-logistics freight delivery, two startups — Kobo360 and Lori Systems — have continued to compete tit for tat on investment, scale and expansion.

Kobo360 moved into Lori Systems’ HQ country Kenya last year. Lori Systems expanded into Nigeria in September of 2018.

Commercial research firm MarketLine estimated the value of Nigeria’s transportation sector in 2016 at $6 billion, with 99.4% comprising road freight.

Kobo360’s CEO Obi Azor told gpgmail the startup would make final decisions on the 10 new  countries by first quarter 2020.

As a cross-border freight service, the company looks to benefit from Africa’s Continental Free Trade Area (AFCFTA), signed this year by all the continent’s 54 countries to reduce barriers and friction on Pan-African commercial activity.

In addition to lower costs for Kobo360’s country to country freight movement, the startup expects to have a voice in AFCTA’s final implementation.

“We’re going to do some policy work through the IFC so we can help shape AFCTA. The key to the deal is really logistics, so if the logistics component doesn’t work out the deal isn’t going to work,” Azor said.

Kobo360 will use part of its $30 million funding to build out its Global Logistics Operating System —  GLOS for short — a blockchain-enabled platform that will help the company transition to more supply-chain services.

Kobo360 Product Shot Accept Trips

By Digest Africa’s latest ranking, Kobo360’s $20 million Series A is the 5th largest investment in an African startup this year, after Egyptian ride-hail company Svwl’s $42 million raise in June. Kobo360’s existing investors IFC, TLCom Capital and Y Combinator joined the round.

Goldman Sachs confirmed to gpgmail its lead on the Series A. Over the last several years the U.S. based finance firm’s Africa investments have included backing for e-commerce unicorn Jumia (which recently listed on the NYSE) and leading a $52 million investment in South African fintech startup Jumo in 2018.

Goldman Sachs’ Jules Frebault named Kobo360’s ability to scale quickly over a short period of time and use of tech to improve reliability and efficiency in Africa’s logistics ecosystem as a reason for leading the Series A.

“It’s also a business model that’s replicable across multiple geographies on the continent,” he told gpgmail on a call.

Kobo360 has a mind toward international expansion but expects to remain focused on Nigeria and Africa for now. “We’re definitely thinking global, we just want to make sure we close out our home market first, then we’ll start looking outside,” Azor said.

 


10 minutes mail – Also known by names like : 10minemail, 10minutemail, 10mins email, mail 10 minutes, 10 minute e-mail, 10min mail, 10minute email or 10 minute temporary email. 10 minute email address is a disposable temporary email that self-destructed after a 10 minutes. https://tempemail.co/– is most advanced throwaway email service that helps you avoid spam and stay safe. Try tempemail and you can view content, post comments or download something

How a Swedish saxophonist built Kobalt, the world’s next music unicorn – gpgmail


You may not have heard of Kobalt before, but you probably engage with the music it oversees every day, if not almost every hour. Combining a technology platform to better track ownership rights and royalties of songs with a new approach to representing musicians in their careers, Kobalt has risen from the ashes of the 2000 dot-com bubble to become a major player in the streaming music era. It is the leading alternative to incumbent music publishers (who represent songwriters) and is building a new model record label for the growing “middle class’ of musicians around the world who are stars within niche audiences.

Having predicted music’s digital upheaval early, Kobalt has taken off as streaming music has gone mainstream across the US, Europe, and East Asia. In the final quarter of last year, it represented the artists behind 38 of the top 100 songs on U.S. radio.

Along the way, it has secured more than $200 million in venture funding from investors like GV, Balderton, and Michael Dell, and its valuation was last pegged at $800 million. It confirmed in April that it is raising another $100 million to boot. Kobalt Music Group now employs over 700 people in 14 offices, and GV partner Avid Larizadeh Duggan even left her firm to become Kobalt’s COO.

How did a Swedish saxophonist from the 1980s transform into a leading entrepreneur in music’s digital transformation? Why are top technology VCs pouring money into a company that represents a roster of musicians? And how has the rise of music streaming created an opening for Kobalt to architect a new approach to the way the industry works?

Gaining an understanding of Kobalt and its future prospects is a vehicle for understanding the massive change underway across the global music industry right now and the opportunities that is and isn’t creating for entrepreneurs.

This article is Part 1 of the Kobalt EC-1, focused on the company’s origin story and growth. Part 2 will look at the company’s journey to create a new model for representing songwriters and tracking their ownership interests through the complex world of music royalties. Part 3 will look at Kobalt’s thesis about the rise of a massive new middle class of popular musicians and the record label alternative it is scaling to serve them.

Table of Contents

Early lessons on the tough road of entrepreneurship

Image via Kobalt Music

It’s tough to imagine a worse year to launch a music company than 2000. Willard Ahdritz, a Swede living in London, left his corporate consulting job and sold his home for £200,000 to fully commit to his idea of a startup collecting royalties for musicians. In hindsight, his timing was less than impeccable: he launched Kobalt just as Napster and music piracy exploded onto the mainstream and mere months before the dot-com crash would wipe out much of the technology industry.

The situation was dire, and even his main seed investor told him he was doomed once the market crashed. “Eating an egg and ham sandwich…have you heard this saying? The chicken is contributing but the pig is committed,” Ahdritz said when we first spoke this past April (he has an endless supply of sayings). “I believe in that — to lose is not an option.”

Entrepreneurial hardship though is something that Ahdritz had early experience with. Born in Örebro, a city of 100,000 people in the middle of Sweden, Ahdritz spent a lot of time as a kid playing in the woods, which also holding dual interests in music and engineering. The intersection of those two converged in the synthesizer revolution of early electronic music, and he was fascinated by bands like Kraftwerk.


10 minutes mail – Also known by names like : 10minemail, 10minutemail, 10mins email, mail 10 minutes, 10 minute e-mail, 10min mail, 10minute email or 10 minute temporary email. 10 minute email address is a disposable temporary email that self-destructed after a 10 minutes. https://tempemail.co/– is most advanced throwaway email service that helps you avoid spam and stay safe. Try tempemail and you can view content, post comments or download something

Apple rolls out Apple Card Preview to select users – gpgmail


Apple Card is getting its first group of public test users today. A limited amount of customers that signed up to be notified about the release of Apple Card are getting the ability to apply for the card in their Wallet app today — as well as the option to order their physical Apple Card.

I’ve been using the card for a few days on my own device, making purchases and payments and playing around with features like Apple Cash rewards and transaction categorization.

A full rollout of Apple Card will come later in August. It requires iOS 12.4 and up to operate.

The application process was simple for me. Portions of the information you need are pre-filled from your existing AppleID account, making for less manual entry. I had an answer in under a minute and was ready to make my first purchase instantly. I used it both online and in person with contactless terminals.

It…works.

The card on the screen has a clever mechanism that gives you a sort of live heat map of your spending categories. The color of the card will shift and blend according to the kinds of things you buy. Spend a lot at restaurants and the card will take on an orange hue. Shop for entertainment related items and the card shifts into a mix of orange and pink. It’s a clever take on the chart based spending category features many other credit cards have built into their websites.

As many have pointed out, if you’re the kind of person that maximizes your points on current cards towards super specific rewards, like travel miles, the rewards system of Apple Card will not feel all that impressive. This is by design. Apple’s aim on this initial offering was to provide the most representational and easy to understand reward metric, rather than to provide top of category points returns.

But it also means that this may not be the card for you if you’re a big travel points maximizer.

I am a points person, and I carry several cards with differing rewards returns and point values depending on what I’m trying to accomplish. Leveraging these cards has allowed me to secure upgrades to higher classes, first class flights for family members and more due to how much I travel. Getting to this point, though, required a crash course in points values, programs and a tight grip on what cards to use when. Shout out to TPG.

IMG 0677

You will not be able to leverage Apple’s card in this way as a frequent traveler. Instead, Apple decided on a (by comparison) transparent rewards methodology: cash back based on a percentage of your purchases in 3 categories.

Those categories are 3% on all purchases from Apple Stores, the App Store and Apple subscriptions, 2% daily cash on any Apple Pay purchase and 1% with the physical card either online or offline.

The cash rewards are delivered daily, and made available to you very quickly on your Apple Cash card balance. Usually in less than a day. You can then do an instant transfer to your bank for a maximum $10 fee or a 1-3 day transfer for free. This cashout is faster than just about any other cash back program out there and certainly way faster cash reward tallying than anyone else. And Apple makes no effort to funnel you into a pure statement credit version of cash back, like many other cards do. The cash becomes cash pretty instantly.

I could easily see the bar Apple sets here — daily rewards tallies and instant cashouts — becoming industry standard.

The card interface itself is multiples better to use than most card apps, with the new Amex apps probably coming the closest. But even those aren’t system level, requiring no additional usernames and passwords. Apple Card has a distinct advantage there, one that Apple I’m sure hopes to use to the fullest. This is highlighted by the fact that the Apple Card application option is present on the screen any time you add a new credit card or debit card to Apple Pay now. Top of mind.

The spending categories and clear transaction names (with logos in many cases) are a very welcome addition to a credit card interface. The vast majority of time with even the best credit card dashboards you are presented with super crappy list of junk that includes a transaction identifier and a mangled vendor ID that could or could not map directly to the name of the actual merchant you purchased from. It makes deciphering what a specific transaction was for way harder then it should be. Apple Card parses these by vendor name, website name and then whatever it can parse on its own before it defaults back to the raw identifier. Way easier.

IMG 0681

A note, during the setup process the card will ask you if you want it to be your payment default for everything Apple and will automatically attach to your Apple stuff like App Store and subscription payments. So keep an eye out for that and make a call. You will get 3% cash back on any apps you buy, of course, even if they’re third party.

The payments interface is also unique in that Apple is pushing very hard to help you not pay interest. It makes recommendations on how to pay chunks of your balance over time before you incur interest. It places 1-3 markers on the circle-shaped interface that show you how much you need to pay off minimum, minimum with no interest and in full. These markers are personalized a bit and can vary depending on balance, due date and payment history.

I really dug hard on how Apple Card data was being handled the last time I wrote about the service, so you should read that for more info. Goldman Sachs is the partner for the card but it absolutely cannot use the data it gathers on transactions via Apple Card for market maps, as chunks of anonymized data it can offer partners about spending habits or any of the typical marketing uses credit card processors get up to. Mastercard and Goldman Sachs can only use the data for operations uses. Credit reporting, remittance, etc.

And Apple itself neither collects nor views anything about where you shopped, what you bought or how much you paid.

And, as advertised, there are no fees with Apple Card.

One thing I do hope that Apple Card adds is an ability to see and filter out recurring payments and subscriptions. This fits with the fiscal responsibility theme it’s shooting for with the payments interface and it’s sorely lacking in most first party apps.

Some nice design touches beyond the transaction maps, the color grading that mirrors purchases and the far more readable interface is a pleasant metallic sheen that is activated on device tilt.

My physical card isn’t here yet so I can’t really evaluate that part of it. But it is relatively unique in that it is nearly featureless, with no printed number, expiration, signature or security codes on its surface.

The titanium Apple Card comes in a package with an NFC chip that allows you to simply tap your phone to the envelope to begin the process of activating your card. No phone numbers to call and, heavens forbid, no 1-800 stickers on the surface of the card.

I can say that this is probably the first experience most people will ever have with a virtual credit card number. The physical card has a ‘hard coded’ number that cannot be changed. You never need to know it because it’s only used in in-person transactions. If it ever gets compromised, you can request a new card and freeze the old one in the app.

For online purchases that do not support Apple Pay, you have a virtual card number in the Wallet app. You enter that number just as you would any other card number and it’s automatically added to your Safari auto-fill settings when you sign up for Apple Card.

The advantage to this, of course, is that if it’s ever compromised, you can hit a button to request an entirely new number right from within the app. Notably, this is not a ‘per transaction’ number — it’s a semi-permanent virtual number. You keep it around until you have an issue. But when you do have a problem, you’ve got a new number instantly, which is far superior to having to wait for a new physical card just to continue making online purchases.

Some banks like Bank of America and Citibank already offer virtual options for online purchases, and third party services like Privacy.com also exist. But this is the beginning of the mainstreaming of VCCs. And it’s a good thing.


10 minutes mail – Also known by names like : 10minemail, 10minutemail, 10mins email, mail 10 minutes, 10 minute e-mail, 10min mail, 10minute email or 10 minute temporary email. 10 minute email address is a disposable temporary email that self-destructed after a 10 minutes. https://tempemail.co/– is most advanced throwaway email service that helps you avoid spam and stay safe. Try tempemail and you can view content, post comments or download something

Apple Card can’t be used to buy crypto – gpgmail


Cryptocurrency fans who were hoping to use Apple’s forthcoming credit card to splash on coin are out of luck. You also won’t be able to use the Apple Card to buy lottery tickets, casino gambling chips in any form, physical or virtual, or foreign currency or travelers checks.

Reuters spotted the detail in a customer agreement posted to Apple Card’s card issuer partner Goldman Sachs’ website which lists restrictions on transactions it describes as “cash advance and cash equivalents”.

The agreement defines these as meaning “any cash advance and other cash-like transaction, including purchases of cash equivalents such as travelers checks, foreign currency, or cryptocurrency; money orders; peer to peer transfers, wire transfers or similar cash-like transactions; lottery tickets, casino gaming chips (whether physical or digital), or race track wagers or similar betting transactions”.

Given the wild swings in crypto valuations the Apple+Goldman credit tie-up saying a firm ‘no’ to cardholders splashing on such shaky stuff is hardly surprising.

Apple announced it was getting into the credit card game back in March, saying the card would offer a 2% cash back incentive for using Apple Pay to make purchases. (The physical version of the Apple Card is slightly less generous vs the digital card.) While if you’re buying stuff direct from Apple there’s 3% cash-back.

There are also no late fees and no penalty rates. Interest rates for Apple Card are in the range of 13-24%, based on the user’s creditworthiness.

As with Apple Pay, there’s a privacy promise too — with a pledge that Apple Card transaction data won’t be sold for advertising or marketing, not by Apple, Goldman or any other partners. Though data may be shared with regulators for financial reporting purposes and so on.

The Apple Card is due to be released in the US next month.


10 minutes mail – Also known by names like : 10minemail, 10minutemail, 10mins email, mail 10 minutes, 10 minute e-mail, 10min mail, 10minute email or 10 minute temporary email. 10 minute email address is a disposable temporary email that self-destructed after a 10 minutes. https://tempemail.co/– is most advanced throwaway email service that helps you avoid spam and stay safe. Try tempemail and you can view content, post comments or download something

The “world’s largest internet restaurant company” quietly raised $125 million this month – gpgmail


In May, venture capitalist Michael Moritz of Sequoia Capital warned in a Financial Times column that Amazon’s recent $575 million investment in the London-based delivery service Deliveroo could prove ominous for local restaurants. Wrote Moritz: “Amazon is now one step away from becoming a multi-brand restaurant company — and that could mean doomsday for many dining haunts.”

Moritz was right to attract more attention to the deal. Deliveroo has begun operating shared kitchens from which it will not simply transport food to customers but eventually prepare it, too. His warning may even have played a role in the recent decision of Britain’s competition regulator to halt work on Amazon’s investment so it can first investigate whether the deal poses competitive concerns.

Moritz knows the playbook because of Sequoia’s early investment in Rebel Foods, formerly known as Faasos, a once-small Pune, India-based company that now prepares a variety of foods in its cloud kitchens. As he says in the same column, Faasos largely pioneered the trend. Still, the growth of the nine-year-old company is a bit breathtaking.

According to Bloomberg, Rebel — which this month raised $125 million in fresh capital from the Indonesian delivery service Go-jek, Coatue Management, and Goldman Sachs — now operates 235 kitchens across 20 Indian cities. And it’s processing two million orders a month. (It calls itself the “world’s largest internet restaurant company.”)

While it began life as a chain of kebab restaurants, that original concept, Faasos, is now just one of eight other brands that Rebel operates, including a tea brand called Kettle & Kegs, a Chinese concept called Mandarin Oak; a pizza brand called Oven Story; and a brand called Behrouz through which Rebel makes and sells slow-cooked rice dishes known as biryani.

Rebel Foods isn’t the only fast-moving operator using cloud kitchens to offer every kind of cuisine imaginable under one roof. Competitors of the company — which tells Bloomberg it is now valued at $525 million — include UberEats and the food delivery company Zomato, which itself has plans to open more than 100 cloud kitchens by the end of this year.

Zomato says it isn’t getting into the food preparation business — yet — but rather renting out facilities, kitchen equipment, and software to restaurants.

Still, it’s little wonder that Rebel is racing headlong into new markets as fast as it can. According to Bloomberg, the company is currently planning to build 100 cloud kitchens in Indonesia over the next 18 months with Go-Jek’s help. It also expects to open 20 cloud kitchen facilities in the United Arab Emirates by December.

Rebel was founded by Jaydeep Barman, a native of Mumbai with an MBA from INSEAD who spent nearly four years with McKinsey before joining forces with business school classmate Kallol Banerjee to launch Faasos.

Despite raising money early on from Sequoia, the company was once at risk of going out of business, in part owing to high rents and employee turnover. As Moritz tells the story, things turned around dramatically when the duo closed their restaurants and opened their first centralized kitchen.

That decision would prove pivotal. Not did Rebel survive, but today, the company tells Bloomberg, the entire operation runs the equivalent of 1,600 restaurants.


10 minutes mail – Also known by names like : 10minemail, 10minutemail, 10mins email, mail 10 minutes, 10 minute e-mail, 10min mail, 10minute email or 10 minute temporary email. 10 minute email address is a disposable temporary email that self-destructed after a 10 minutes. https://tempemail.co/– is most advanced throwaway email service that helps you avoid spam and stay safe. Try tempemail and you can view content, post comments or download something

Tim Cook confirms Apple Card is rolling out next month – gpgmail


Apple hitting its release timelines has become far from certain these days, cough, cough AirPower, but the Apple Card will be released during the summer time frame it was given at launch.

CEO Tim Cook announced on the company’s quarterly earnings call that the Apple Card — which Apple has partnered with Goldman Sachs to produce — will begin rolling out next month.

“Thousands of Apple employees are using Apple card every day in our beta test, and we plan to begin the rollout of Apple card in August,” Cook said.

Cook’s announcement confirms a Bloomberg report last week that Apple was targeting an early August rollout for the card.


10 minutes mail – Also known by names like : 10minemail, 10minutemail, 10mins email, mail 10 minutes, 10 minute e-mail, 10min mail, 10minute email or 10 minute temporary email. 10 minute email address is a disposable temporary email that self-destructed after a 10 minutes. https://tempemail.co/– is most advanced throwaway email service that helps you avoid spam and stay safe. Try tempemail and you can view content, post comments or download something