WEEK STARTING 6 JULY
AUSTRALIAN FINTECH & STARTUPS
Westpac did something really interesting this week. They offered people ages 18-29 a massive 3% savings rate on Westpac Life accounts, as long as the linked transaction card has at least 5 transactions per month (and the amount deposited increases each month). This is a clear attempt to stop people switching to neos who entice customers with higher savings %. Look forward to seeing how the other Big Three respond! Link
BNPL 'Splitit' soared after announcing its Q2 results. Link
AMEX is going to release an instalment product called 'Plan It', to help with repaying credit card debt. It allows you to defer a portion of your credit card debt and then repay that over a predefined period. Link
Billionaire 'Twiggy' Forest has bough a 36% stake in local payments Fintech Azupay. Link
Insurtech 'Lemonade' floated on the NYSE, shares went up 138% and it reached a $3bn market cap. When life gives you lemons, float. Link
TikTok is being pulled from both India and Hong Kong due to some questionable data practices. Link
Aside: Detailed technical / privacy analysis of the TikTok app. tl;dr Don't install it. Link
Lululemon is buying 'Mirror', a fitness startup for $500m as it seeks to be an experiential brand. Link
There was a weird phenomenon going over the last few weeks where shopping carts were hitting massive abandonment levels. Turns out it was a GoogleBot checking if prices were legit. Link
Analysis: Why Sony invested a further $250m into Epic Games, creator of Fortnite. Link
Answers at the end of the email.
(a) What country has roughly the same surface area as Pluto?
(b) The following cities are the second largest cities in which countries? Basra, Chittagong, and Split? (Two in Asia, one in Europe.)
(c) Mongolian ruler Genghis Khan died in battle in what modern day country?
(d) Azerbaijan sits on the shore of what sea?