What our Analysts Have Been Reading….
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
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.
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.
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.
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