What our Analysts Have Been Reading….
Overview
Brex Is Helping Startups Borrow More Than $1 Billion To Meet SVB Payroll Crunch
Gopuff Makes Another Round of Layoffs
Rippling Struggles to Provide Services to Customers
Instacart Implements ChatGPT Chatbot to its App
SpaceX to Test Satellite-to-Cellular Service This Year
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Brex is (temporarily) entering the lending business to help startups affected by the SVB collapse meet payroll. According to Brex CEO Henrique Dubugras, the company has received $1B in applications, with affected firms having $10B in aggregate tied up in SVB.
Gopuff has laid off another 2% of its global workforce. This includes more than 100 employees across its operations department and marks the third time in a year the company has conducted layoffs.
https://www.retaildive.com/news/gopuff-makes-third-round-of-layoffs-since-last-spring/644734/
Rippling, an online payroll provider, struggled to provide services to its clients following the SVB collapse. In response, the company expedited its transition to JP Morgan Chase, a move it said was already in the works.
https://bankautomationnews.com/allposts/payments/fintech-rippling-moves-to-jpmorgan-chase-from-svb/
Instacart is adding a ChatGPT-powered chatbot to its consumer app. This service, called Ask Instacart, will allow customers to search for recipe ideas, ingredients, or meal options.
SpaceX plans to test its Starlink-powered satellite-to-cellular service this year, according to one of its executives. The service will be launched on T-Mobile with the intention of covering the network’s dead spots.
https://www.cnet.com/tech/mobile/spacex-reportedly-to-test-satellite-to-cellular-service-this-year/
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