Author: Neuralnexus

This week, we’re looking at Payoneer’s $61 million acquisition of Skuad, Robinhood and Dave’s second-quarter results, X’s progress on its payments system, and more. To get a roundup of TechCrunch’s biggest and most important fintech stories delivered to your inbox every Tuesday at 8:00 a.m. PT, subscribe here.

The Big Story

Last week, I got the scoop on publicly traded fintech Payoneer acquiring Singaporean startup Skuad for $61 million in cash, with the potential to pay up to $81 million. This was a pretty fast exit for Skuad founder Sundeep Sahi, who launched the company in 2019 with the aim of simplifying international hiring and had raised $19 million in venture funding.

Both Payoneer and Skuad are geared toward SMBs that operate internationally, particularly in emerging markets. Notably, rather than build out the tech itself, Payoneer decided to acquire Skuad and integrate its payroll and contract management products into its own offering.

Analysis of the Week

A couple of publicly traded fintechs posted strong results last week:

• Robinhood beat its second-quarter earnings expectations, posting 40% higher revenue of $682 million. Citizens JMP director of financial technology research Devin Ryant told Yahoo Finance that Robinhood had an ‘outstanding quarter’ that also saw ‘great profitability’ and new net deposits surge by 40%.
• Dave, a neobank, has 2.3 million paying members, 31% higher revenue of $80.1 million with $15.2 million of EBITDA. CEO Jason Wilk shared that CAC (customer acquisition cost) is down 26% year-over-year to $15.

When public fintechs are notching such strong numbers, that can bode well for their private counterparts.

Dollars and Cents

CloudPay, a joint venture in 1996 providing payroll and payments services to enterprises, has announced its acquisition of Skuad. The move is expected to expand CloudPay’s offerings in the SMB market and strengthen its position in the international HR space.

This deal demonstrates the growing importance of fintech solutions for small businesses and highlights the increasing competition among providers.

Topics

• Fintech
• TechCrunch Fintech

Mary Ann Azevedo, Senior Reporter, Fintech

http://www.twitter.com/bayareawriter

Mary Ann Azevedo has more than 20 years of business reporting and editing experience for publications such as FinLedger, Crunchbase News, Crain, Forbes, and Silicon Valley Business Journal. Prior to joining TechCrunch in 2021, she earned numerous awards including the New York Times Chairman’s Award and others for breaking news coverage.

She holds a Master’s degree in journalism from the University of Texas in Austin, where she currently lives.

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In a remarkable achievement, KoBold Metals has secured over half a billion dollars in funding, valuing the company at an impressive $2 billion. This significant milestone comes just eight months after the discovery of one of the largest high-grade copper deposits ever found.

A Breakthrough Discovery

Earlier this year, KoBold Metals made headlines with the announcement of its massive copper deposit in Zambia. According to reports, the deposit has the potential to produce hundreds of thousands of metric tons per year, making it a game-changer for the industry. The discovery was hailed as one of the largest high-grade copper deposits ever found.

Rapid Progress and Investment

The company’s rapid progress and significant investment have been nothing short of impressive. With over $491 million raised out of a targeted $527 million round, KoBold Metals is poised to develop its massive copper resource while advancing its other exploration projects. The startup’s previous round of $195 million valued the company at $1 billion post-money, according to PitchBook.

The Role of Artificial Intelligence

KoBold Metals has been at the forefront of using artificial intelligence (AI) in mineral discovery. By leveraging AI to sift through enormous amounts of data, the company aims to find mineral deposits that can help drive the energy transition. In addition to copper, KoBold searches for lithium, nickel, and cobalt.

A New Era in Mineral Discovery

Historically, prospecting for minerals has been an endeavor fraught with risk. The rule of thumb is that for every 1,000 attempts to find a deposit, only about three tend to be successful. However, KoBold Metals is challenging this conventional wisdom by harnessing the power of AI to improve success rates.

A Strategic Shift

KoBold has announced a strategic shift in its approach, intending to develop the Zambia resource itself. This undertaking is expected to cost around $2.3 billion. The company’s decision to take on the development process reflects its commitment to maximizing returns from its massive copper deposit.

Notable Investors

KoBold Metals’ previous investors include notable figures such as Bill Gates, Jeff Bezos, Jack Ma, Andreessen Horowitz, and Breakthrough Energy Ventures. These high-profile investors have no doubt contributed to the company’s rapid growth and success.

The Future of Mineral Discovery

As KoBold Metals continues to make waves in the industry, its innovative approach to mineral discovery is paving the way for a new era in exploration and development. With AI at the forefront, the company is poised to revolutionize the way minerals are discovered and extracted, driving the transition to cleaner energy sources.

Key Players

• KoBold Metals: A mineral discovery startup leveraging artificial intelligence to find mineral deposits that can help drive the energy transition.
• Bill Gates: A notable investor in KoBold Metals, known for his commitment to clean energy and sustainable development.
• Jeff Bezos: Another prominent investor in KoBold Metals, recognized for his investments in clean technology and renewable energy.

Sources

• [1] SEC Filing: KoBold Metals Raises Over Half a Billion Dollars
• [2] PitchBook: KoBold Metals Valued at $1 Billion Post-Money
• [3] Report: KoBold Metals to Develop Zambia Resource Itself, Estimated Cost $2.3 Billion

Conclusion

KoBold Metals’ achievement is a testament to the power of innovation and investment in the mineral discovery industry. As the company continues to push boundaries with its AI-driven approach, it is likely to remain at the forefront of efforts to drive the energy transition.

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• Electra Found a Cheap, Clean Way to Purify Iron, and It’s Raising $257M to Make it Happen: Electra has discovered a cost-effective method for purifying iron using clean energy, raising $257 million to bring the technology to market.

About the Author

Tim De Chant is a senior climate reporter at TechCrunch. With a background in environmental science and policy, he brings a unique perspective to his coverage of climate-related news and innovation.

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Posted: 2:20 PM PST · November 21, 2024

Apple’s Efforts to Catch Up in AI

The tech giant is reportedly building a more conversational Siri powered by Large Language Models (LLMs), aiming to bridge the gap with competitors who have released advanced features like Google’s Gemini Live.

A New Version of Siri: Powered by LLMs

According to sources cited by Bloomberg, Apple is developing a new version of its voice assistant, Siri, which will be fully powered by advanced large language models (LLMs). This move is part of Apple’s attempt to catch up in the Artificial Intelligence (AI) space, where competitors have already released impressive features that are more natural to interact with.

The new assistant is expected to fully replace the current Siri interface that users rely on today. Apple plans to release this feature in the spring of 2026, marking a significant shift in how users will interact with their devices.

A Similar Feature to OpenAI’s Advanced Voice Mode

The new assistant seems to be similar to OpenAI’s Advanced Voice Mode, which allows for more natural and conversational interactions. However, unlike OpenAI’s feature, Apple’s version will have access to all the same personal information and apps that Siri has today.

Third-Party Providers Filling the Gap

Until then, Apple is relying on third-party providers to power its advanced AI features. For example, OpenAI’s ChatGPT will become available inside Apple Intelligence in December, and the company has reportedly discussed similar deals with other AI providers like Google and Anthropic.

Aiming to Bridge the Gap with Competitors

The new Siri feature is a clear attempt by Apple to bridge the gap with competitors who have released advanced features. For instance, Google’s Gemini Live allows users to interact with their devices in a more natural way, using voice commands that are more intuitive and human-like.

Release Date: Spring 2026

Apple plans to release the new Siri feature in the spring of 2026, marking a significant shift in how users will interact with their devices. This move is expected to have a major impact on the AI space, as Apple looks to catch up with its competitors and establish itself as a leader in the field.

The Future of AI: A Conversation-Driven Interface

The new Siri feature is a key step towards a conversation-driven interface that is more natural and intuitive. As users become increasingly comfortable with interacting with their devices using voice commands, Apple’s move to release a more conversational Siri powered by LLMs is likely to have far-reaching implications for the AI space.

Related Developments in AI

• Nvidia’s Project Digits: A ‘personal AI supercomputer’ that allows users to interact with their devices in a more natural way.
• Google’s Gemini Live: An AI-powered TV that summarizes the news for users, using a conversational interface that is more human-like.

Conclusion

Apple’s efforts to catch up in AI are underway, with the company reportedly building a new version of Siri powered by LLMs. This move is expected to have significant implications for the AI space, as Apple looks to bridge the gap with its competitors and establish itself as a leader in the field.

The release of this feature in 2026 will be a major milestone for Apple, marking a shift towards a conversation-driven interface that is more natural and intuitive. As users become increasingly comfortable with interacting with their devices using voice commands, Apple’s move to release a more conversational Siri powered by LLMs is likely to have far-reaching implications for the AI space.

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Stay Informed with Related Articles

• Nvidia is helping humanoid robots learn through Apple Vision Pro instruction by Brian Heater
• Google unveils an AI-powered TV that summarizes the news for you at CES 2025 by Maxwell Zeff
• Here’s the full list of 49 US AI startups that have raised $100M or more in 2024 by Rebecca Szkutak

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Apple Unveils Exciting New Features at WWDC 2024

At this year’s Worldwide Developers Conference (WWDC) 2024, Apple took the stage to announce a slew of new features and updates across its operating systems. While some of these were showcased on stage, others have only recently come to light as developers have been exploring the sessions and developer betas.

New Features in iOS 18

One such update that didn’t make it onto the main stage is the support for Rich Messaging Service (RMS) in the Messages app. For Android users, this means they’ll be able to send and receive high-quality media while chatting with friends on Apple devices. RMS will also enable typing indicators and read receipts.

More Features in iOS 18

In addition to RMS, iOS 18 includes several other exciting features:

• Motion Cues: Reduce motion sickness while traveling in a vehicle by using motion cues with dots on the screen.
• Eye Tracking: Set up eye movement tracking to control devices through eye movement.
• Vocal Shortcuts: Define custom phrases that trigger actions, such as going to the home screen or opening an app.
• Sound Actions: Map sounds like "Click," "Cluck," "Eh," "La," "Oo," and "Sh" to specific actions.

New Features in Accessibility

iOS 18 also includes several new features aimed at improving accessibility:

• Haptic Feedback: Experience music through haptics, such as taps, textures, and refined vibrations that match the track’s audio.
• Motion Cues: Reduce motion sickness while traveling in a vehicle by using motion cues with dots on the screen.

New Features in Photos

The new update also brings several exciting features to the Photos app:

• Receipts: A new type of album for receipts, allowing users to easily manage and track their expenses.
• Handwriting Recognition: Improve handwriting recognition capabilities, making it easier to search for handwritten notes.
• QR Code Detection: Detect and read QR codes in images.

New Features in Other Areas

Other areas that have seen new features include:

• Siri: Improved Siri capabilities, including the ability to perform more complex tasks through voice commands.
• HomeKit: Enhanced HomeKit capabilities, allowing for easier home automation and control.

These are just a few of the exciting new features coming to iOS 18. As developers continue to explore the developer betas, we can expect even more surprises to emerge in the coming weeks.

Introduction

Reddit, a popular social news and discussion website, is set to introduce AI-generated summaries at the top of search results. This feature will help users "dive deeper" into content and discover new Reddit communities. The company’s CEO, Steve Huffman, announced this plan during its earnings call on Tuesday.

AI-Powered Search Result Pages

Huffman explained that Reddit will use a combination of first-party and third-party technology to power the AI-powered search result pages. This feature is part of the company’s ongoing efforts to enhance user experience and make it easier for users to find relevant content.

Partnership with OpenAI

In May, Reddit announced its partnership with OpenAI, which enables the company to leverage OpenAI’s large language models and build AI-powered features for Redditors and mods. This deal also gives OpenAI permission to use Reddit’s data. Huffman noted that this partnership is crucial in developing the AI-powered search feature.

Expansion of AI-Powered Features

The success of Reddit’s AI-powered language translation feature has been impressive, with France being one of its "fastest growing countries." The company is also expanding the translation feature to German, Spanish, and Portuguese. Huffman touted the importance of AI in enhancing user experience and making content more accessible.

Quarterly Earnings Report

Today marked the second time Reddit reported its quarterly earnings since becoming a public company. For the second quarter, the company reported 342.3 million weekly active users, a 57% jump from the year prior. Revenue increased to $281.2 million, higher than Wall Street estimates of $253.8 million.

The Future of AI on Reddit

Reddit’s focus on AI-powered features is expected to continue, with Huffman stating that the company is committed to leveraging AI to improve user experience and enhance content discovery.

AI-Powered Search Result Pages: A Breakdown

• Combination of First-Party and Third-Party Technology: Reddit will use a combination of its own technology and third-party tools to power the AI-powered search result pages.
• Enhancing User Experience: The feature aims to help users "dive deeper" into content and discover new Reddit communities.
• Partnership with OpenAI: The partnership enables Reddit to leverage OpenAI’s large language models and build AI-powered features for Redditors and mods.

The Importance of AI in Enhancing User Experience

Reddit’s focus on AI is part of its ongoing efforts to enhance user experience. The company has reported impressive growth in its weekly active users, with revenue exceeding Wall Street estimates.

Related Developments

• Generative AI Funding Reaches New Heights: According to a recent report, generative AI funding reached new heights in 2024.
• FTC Orders AccessiBe to Pay $1M for Misleading Advertising: The Federal Trade Commission (FTC) has ordered accessiBe to pay $1 million for misleading advertising.

Conclusion

Reddit’s introduction of AI-generated summaries at the top of search results marks an exciting development in the world of social media and AI. As the company continues to leverage AI to enhance user experience, it is likely that we will see more innovative features in the future.

Sources

• "Reddit to Introduce AI-Powered Search Result Pages" by TechCrunch
• "Reddit’s Partnership with OpenAI Enables AI-Powered Features" by TechCrunch
• "Quarterly Earnings Report: Reddit Reports 342.3 Million Weekly Active Users" by TechCrunch