Month: June 2020

TransferWise granted permission to offer investment services in UK

(Reuters) – London-based money transfer startup TransferWise said on Tuesday that it had been granted permission by the UK’s financial watchdog to offer retail investment services in Britain.

The company said it expects to offer its first investment product there over the next year, one that will enable customers to invest money stored in their multi-currency accounts into affordable funds by established providers.

Money held as investments of a value up to £85,000 will be protected under the Financial Services Compensation scheme, the company said.

The move into investment services makes TransferWise the latest financial technology startup to branch out into offering a wider range of financial products. Online investment managers Betterment and Wealthfront recently started offering cash or checking accounts, while student lender SoFi expanded into offering stock trading.

Founded in 2011, TransferWise is one of Europe’s most well-known financial technology startups. It has over 8 million customers worldwide

Read More

Facebook bans accounts linked to anti-government U.S. ‘boogaloo’ movement

(Reuters) – Facebook Inc stepped up the battle against the amorphous anti-government “boogaloo” movement on Tuesday, banning accounts of adherents who encouraged violence during recent anti-racism protests across the United States.

FILE PHOTO: A 3D-printed Facebook logo is seen placed on a keyboard in this illustration taken March 25, 2020. REUTERS/Dado Ruvic/Illustration

The social media company for the first time designated a subset of boogaloo followers as a dangerous organization, marking them for the same sanctions Facebook applies to 250 white supremacist groups and organizations it categorizes as supporting terrorism around the world.

The move came four days after Attorney General William Barr established a Justice Department task force to counter violent anti-government extremists including boogaloo as well as the left-wing antifa movement.

The boogaloo movement’s name is inspired by the 1984 breakdancing film “Breakin’ 2: Electric Boogaloo.” Followers suggest that, just as the movie was a sequel, any coming

Read More

Postmates revives IPO plans amid takeover interest

(Reuters) – Postmates Inc has revived plans for an initial public offering following dealmaking in the U.S. online food delivery service sector that sparked acquisition interest in the company, according to people familiar with the matter.

Postmates had struggled to generate the revenue growth required to excite IPO investors. But the COVID-19 pandemic buoyed its fortunes, as consumers who are staying at home order meals from restaurants or have their groceries delivered.

Postmates has received acquisition offers from other companies, including ride-sharing giant Uber Technologies Inc and a so-called blank-check acquisition vehicle led by investment banker Michael Klein, according to the sources.

Postmates registered its IPO confidentially with the U.S. Securities and Exchange Commission in February 2019 but did not proceed with a stock market debut.

Just Eat NV’s $7.3 billion deal to acquire GrubHub Inc earlier this month, as well as recent fundraisings by peers, convinced it that

Read More

‘Not a generic name’: wins trademark fight at U.S. Supreme Court

FILE PHOTO: A man bikes past the U.S. Supreme Court building in Washington, U.S., June 25, 2020. REUTERS/Al Drago

WASHINGTON (Reuters) – The travel reservation company, a unit of Booking Holdings Inc, deserves to be able to trademark its name, the U.S. Supreme Court decided on Tuesday, overruling a federal agency that found it too generic to merit protection. The court decided 8-1 that the U.S. Patent and Trademark Office was incorrect when it denied the company’s application to trademark the name, with the justices finding it distinctive enough that the agency should have approved it.

The court said surveys made clear that consumers understand that refers to a particular company, and not online hotel reservation services in general.

“Because ‘’ is not a generic name to consumers, it is not generic,” liberal Justice Ruth Bader Ginsburg wrote in the ruling.

In a dissent, liberal Justice Stephen

Read More