In today’s top news, Facebook announced a slate of new tools for businesses, and buy now, pay later firm Sezzle signed a three-year deal with Target. Plus, Indian home services marketplace Urban Company is valued at $2.1 billion after its latest funding round.
Facebook’s F8 Refresh conference, held virtually on Wednesday (June 2), focused on technologies that enable developers and businesses to build and grow on Facebook’s platforms. The tech giant is aiming to launch tools that will enable seamless interactions between businesses and customers of Instagram and WhatsApp, and also wants to help creators make money on its platforms.
The FinTech Sezzle has landed a three-year deal to provide its interest-free installment product to Target customers online and in some physical stores. The process doesn’t affect credit scores unless customers opt into a credit-building feature.
Urban Company has raised $255 million in a Series F funding round that values the online home services marketplace at $2.1 billion. The company plans to expand into the 100 largest cities in India and international markets, and will also use the capital for a variety of initiatives, including product development, training and enhanced quality control.
Rent the Runway (RTR) is jumping into the resale apparel market, letting customers rent designer clothing in addition to purchasing the outfits — without a membership fee. The company’s move comes as it seeks new avenues to help offset the devastating effects of the COVID-19 pandemic on its business.
It’s a known fact that traditional lending metrics allow a lot of unbanked, young or financially limited customers to slip through the cracks. But according to OppFi CEO Jared Kaplan in the latest Monetizing Digital Intent Tracker, new behavioral analytics tools are proving better at assessing credit risk and improving loan access.
Eight in 10 U.S. banks plan to invest in artificial intelligence (AI) technology this year to better manage credit risk. In our exclusive AI in Focus: The Bank Technology Roadmap Playbook, PYMNTS asked 100 financial decision-makers, “how come?”
From pipelines to meat processors, reports of bad actors seeking to disrupt supply chains and transportation hubs are on the rise, along with demand for payment in bitcoin — and due to recent success, they are not expected to slow down anytime soon.