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Oway raised $4 million in a seed round to support its “rideshare freight platform” that provides an artificial intelligence (AI)-enabled marketplace designed to cut less-than-truckload (LTL) freight costs.
Founder and CEO Phillip Nadjafov shared the news of the seed round in a Friday (Aug. 22) post on LinkedIn.
Oway is designed to reduce LTL freight costs by taking advantage of the...
Visa shut its open banking business in the U.S., Bloomberg reported Friday (Aug. 22), citing unnamed sources.
The move was also reported Friday by Reuters.
In a statement provided to both media outlets, a Visa spokesperson said, per the reports: “We are focusing our open banking strategy in high-potential markets like Europe and Latin America.”
Both reports noted that the closure of...
Square has introduced a grant program designed to provide local businesses with financial support and mentorship.
The Cornerstone Grant Program will provide selected Square sellers with a $10,000 grant, support from a certified public accountant, financial therapy sessions with a board-certified therapist, business technical assistance from the Northwest Mountain Minority Supplier...
The Workday Wellness employee benefits platform will integrate the Chime Workplace suite of financial wellness solutions, enabling employers to offer additional benefits.
The integration is part of a new partnership between human resources (HR) and finance provider Workday and consumer FinTech company Chime, the firms said in a Friday (Aug. 22) press release.
Chime Workplace offers...
TikTok reportedly plans to lay off hundreds of staffers in its trust and safety department as it reorganizes its content moderation efforts and automates more of that work with artificial intelligence.
The social media platform is set to lay off content moderation and security staff in London, south Asia and southeast Asia, the Financial Times (FT) reported Friday (Aug. 22), citing an...
Vendor Pay Express, an affiliate of 1st Commercial Credit, has launched a digital platform for B2B transactions that provides faster payments to suppliers and interest-free credit lines to buyers.
With this new digital supplier payment platform, suppliers receive accelerated payments by accepting what the company describes as a small discount from the invoice amount, while buyers...
The Consumer Financial Protection Bureau’s Thursday (Aug. 21) lawsuit against Synapse Financial Technologies highlights the accurate tracking and reconciliation of consumer funds within the evolving FinTech landscape.
The complaint detailed how an alleged breakdown in Synapse’s record-keeping and fund management created financial instability and hardship for thousands of consumers.
The...
Some of the biggest names in tech, including Google, Amazon, and Apple, saw their stocks battered this week amid fears that the artificial intelligence (AI) revolution has turned into a dangerous bubble. Read more in the PYMNTS weekly roundup of AI news.
AI Hype Spooked Investors on Wall Street
Tech stocks took a beating this week as fears that an AI bubble was forming. Amazon, Apple,...
U.S. banks are reportedly lobbying for national standards that would limit the ability of states to make their own rules for the industry.
Advocates of this effort say the changes would prevent states from disrupting banks’ operations and would make it easier for financial institutions to operate, Reuters reported Friday (Aug. 22).
The Bank Policy Institute told Reuters, per the report...
OpenAI reportedly said in a Thursday (Aug. 21) court filing that Tesla, SpaceX and X CEO Elon Musk sought financing arrangements or investments from Meta founder, Chairman and CEO Mark Zuckerberg for his $97.4 billion bid for OpenAI.
Zuckerberg did not join the bid, the filing said, Reuters reported Friday (Aug. 22).
Musk was a co-founder and initial board member of OpenAI, but he left...