In other industry developments, Marqeta is diversifying its revenue sources by partnering with Upside, while Westpac plans to introduce SafeBlock to combat scams. Monzo has launched the Monzo Split app for organizing group expenses and is expanding in the U.S. dLocal has partnered with Airtel Mobile Money to enhance Google Pay in Kenya, and Qlarifi, a BNPL credit reporting startup, secured $1.8 million in pre-seed funding. Google will soon allow children in select countries to access digital payments via Google Wallet, with parental controls in place.
Key takeaways:
- Jack Dorsey's Block laid off 931 employees, focusing on reducing off-strategy teams, below-average performers, and middle managers, while also closing 748 roles it had sought to hire for.
- Western Union is transitioning to an AI-focused platform operating model with HCLTech, aiming for cost savings and improved employee satisfaction.
- Marqeta is diversifying its revenue sources by collaborating with Upside, a digital marketplace, to offer marketing incentives and expand merchant relationships.
- Monzo is expanding in the U.S. with its Monzo Split app, which helps organize group expenses, while also planning to find a U.S.-regulated partner for its expansion.