Rob Walker, a Senior author at Marker on the intersections of design, client tradition, branding and enterprise, is asking whether or not Jack Dorsey is enjoying Jay-Z, or is the billionaire hip-hop artist and entrepreneur enjoying the Twitter and Sq. CEO?

Walker, a longtime NYT contributor and likewise the writer of The Artwork of Noticing, not too long ago commented on what he thinks the “shock” Sq. (NYSE:SQ) acquisition of Tidal is “actually about.”

Walker claims that it is a deal that just about nobody was “anticipating.” As reported, funds firm Sq. introduced on March 4, 2021 that it will likely be buying a majority stake in Tidal, the music-streaming platform that’s co-owned by Jay-Z.

In keeping with the announcement, $297 million in money and inventory was supplied for the acquisition. Sq. CEO Jack Dorsey confirmed the deal through Twitter — the opposite firm he manages — the place he “preemptively” raised the apparent query: “Why would a music streaming firm and a monetary companies firm be a part of forces?”

Walker identified in a weblog submit that the thread that quickly adopted supplied considerably obscure PR-speak responses and solutions to that query: “New concepts are discovered on the intersections, and we consider there’s a compelling one between music and the financial system.”

Though that’s prone to be anticipated on the announcement stage of a “distinctly surprising” partnership, Walker described the “instant” market response as “tepid,” with Sq. shares dropping round 6.75% on Thursday (March 4, 2021). Nonetheless, there could possibly be a number of causes — “maybe not so lofty as these Dorsey advised — that this deal isn’t as totally random because it sounds,” Walker claims.

He added that “for starters, the motivation for getting Tidal could possibly be so simple as Sq. making a high-level acqui-hire: Jay-Z, whose rep for road cred and entrepreneurial acumen continues to prime itself — luxurious large LVMH simply purchased into his champagne model, and he’s a backer of soon-to-IPO Oatly — will be a part of Sq.’s board.”

As famous by Walker, “maybe this can proceed no matter dialogue he and Dorsey might have began whereas yachting collectively over the summer season.” In keeping with Walker, the “backside line: There’s no draw back to Jay-Z’s counsel and halo impact.”

He continued:

“And it’s believable that in a world the place the enterprise of being a musician actually is extra of a enterprise, for indie artists in addition to mainstream stars, serving as their Fintech resolution of selection (for merch cost processing and different instruments much like these Sq. has developed for its enterprise clients) could possibly be value one thing over time for Tidal. This hardly must be a game-changing, risk-it-all gambit to repay: The acquisition worth is a sliver of Sq.’s $100 billion-plus valuation, and even the corporate’s official announcement stated it anticipated no materials affect on income or earnings this 12 months.”

Walker additionally talked about that if that “sounds extra like a ‘why not?’ than a ‘hell yeah!,’ properly, perhaps that’s the entire level. And that could possibly be much more true for Tidal, and significantly Jay-Z.

As defined by Walker, one in all Tidal’s promoting factors, together with nice sound high quality, was its “artist-first perspective,” paying a significantly higher royalty than Spotify and Apple Music within the hopes of buying unique content material.

Nonetheless, Tidal has by no means truly come even near meaningfully difficult Spotify and Apple Music. By 2018, Tidal reportedly had about three million subscribers, and has been kind of mum or quiet on that topic ever since, Walker famous.

In the meantime, Spotify claims over 155 million paid subscribers and Apple Music has over 60 million. Tidal doesn’t disclose its monetary outcomes, nevertheless, a Billboard report reveals that though the agency’s income surged 13% in 2019, its losses stood at about 52% — from $36 million to $55 million.

As talked about in a weblog by Walker, maybe this deal “bolsters Tidal’s authentic mission, or perhaps it suggests a brand new sport plan within the offing.” Both manner, nevertheless, the acquisition worth is a “good enchancment” over the $56 million that Jay-Z and several other different artists had paid for Tidal simply round 5 years in the past.

Walker argues that perhaps Jay-Z didn’t actually achieve making Tidal a “dominant” new streaming-music participant. However this newest deal suggests that you simply can’t actually name the enterprise an entire “failure,” Walker acknowledged. He added that it’s simply been co-signed by “one of the profitable entrepreneurs alive” and “plugged” right into a $100 billion Fintech large that now has a board seat with Jay-Z’s title on it. Maybe Dorsey didn’t acqui-hire Jay-Z; perhaps “it’s the opposite manner round,” Walker argues.

GHL Techniques Berhad’s Malaysia-based enterprise operations have reportedly added the ShopeePay cellular pockets to their digital funds acceptance choices. The brand new funds service has been added after a current partnership with ShopeePay Malaysia Sdn Bhd.

By the partnership, GHL will allow its offline service provider base and new retailers with the choice to take digital funds for purchases through the ShopeePay cellular pockets.

ShopeePay cellular pockets customers are in a position to make funds at 104,300 chosen GHL Transaction Cost Acquisition (TPA) service provider touchpoints based mostly in Malaysia.

GHL mentioned that it will introduce ShopeePay fee acceptance companies in numerous phases with the preliminary batch going dwell in early February 2021.

GHL’s administration claims they’re one of many ASEAN area’s largest non-bank service provider acquirers. They purpose to supply a complete vary of cashless fee acceptance choices and assist transactions with credit score and debit playing cards, cellular wallets and direct financial institution transfers for on-line and offline retailers.

Sean S. Hesh, Group CEO aat GHL, acknowledged:

“With the addition of one other e-wallet is unquestionably the best way ahead to allow our retailers attain a bigger client base, and the bottom continues to develop together with ShopeePay’s promising scalability. We hope to assist ShopeePay cellular pockets holders transfer past their use on-line to the offline retailers. On the finish of the day, shoppers are the clear winners from the big selection of selections and an enhanced fee expertise.”

Alain Yee, Head of ShopeePay, remarked:

“By our partnership with GHL Malaysia, ShopeePay will likely be built-in additional for a seamless fee expertise for offline transactions. And with our added cashback advantages, we’ll make the adoption of our cellular pockets a win-win for all sides by main our customers to assist companies by way of good offers, subsequently bettering visitors for his or her retailers and serving to them retain much more clients in the long term.”

Eco, a U.S.-based digital pockets for saving and spending, introduced on Friday it raised greater than $26 million via its newest funding spherical, which was led by a16z Crypto with participation from Founders Fund, Activant Capital, Coinbase Ventures, and Sluggish Ventures. Eco reported that the funding spherical comes after it raised over $8.5 million from Expa and Pantera Capital.

Based in 2018, Eco describes itself as a digital pockets for saving and spending. The platform states it replaces checking accounts, bank cards, and extra with a single product that rewards prospects each time they save, spend, or ship cash. 

“With Eco, customers earn as much as 5% yearly on their deposits and in addition get 5% cashback on spending at main retailers. Eco is creating options to assist customers pay payments, ship cash to mates, and extra — all from the identical, single pockets. However immediately, there’s a second development at play: belief in establishments is plummeting. Not solely is everybody on the lookout for alternate options, however they’re open to new concepts from non-institutional gamers.”

Whereas sharing extra particulars in regards to the firm’s companies, Andy Bromberg, CEO of Eco, defined:

“Eco is arriving for the time being we’d like it most, present monetary infrastructure is failing us, and we deserve one thing higher. Eco places your a reimbursement to be just right for you. It’s not a financial institution, checking account, or bank card — we’re constructing one thing higher than all of these mixed.”

Eco added it’s now centered on increasing the advantages provided to customers, assembly the rising demand for the product, and constructing in direction of the way forward for novel, aligned monetary companies enterprise fashions. The funds will likely be used for the continual progress and improvement of the Eco merchandise.

Singapore-based Symbo Platform Holdings, an Insurtech platform, has finalized a $9.four million funding spherical that was led by the CreditEase Fintech Funding Fund.

Symbo’s funding spherical included contributions from San Francisco’s funding firm Suppose Investments together with investments from present traders AJ Capital, Insignia Ventures, and Integra Companions.

With this newest funding, the Symbo group plans to boost its core know-how stack and additional help a dynamic management group in an effort to deliver its product choices to scale throughout India and the broader Southeast Asia area.

Key areas of focus and funding embrace hiring new expertise throughout senior tech and product roles, together with new senior enterprise growth hires for places of work in Malaysia, Indonesia, and Singapore.

Proceeds from the funding spherical will even be channeled into Symbo’s Indian affiliate, with the purpose of buying full possession of the enterprise (which is topic to relevant and customary regulatory clearance).

This new funding spherical has come after Symbo acquired Singapore’s digital well being platform Vivant, which was carried out to deliver on a complete digital well being providing to its platform and additional develop its buyer base throughout India and Southeast Asia.

Launched in 2017, Symbo’s Insurtech providers goal to help brokers, third-party directors, brokerages, firms and insurance coverage corporations within the buy, distribution and administration of insurance coverage.

Symbo’s engagements embrace AXA Affin Common Insurance coverage Berhad (Malaysia), PM Care (Malaysia), Bajaj Finserv Well being, and different main corporates, insurance coverage service suppliers and nationwide retailers as effectively.

The Symbo platform claims greater than 80,000 brokers and 45 tech licensing companions. It  helps greater than $100 million in yearly GWP throughout India, Malaysia, Singapore and Indonesia.

Adrit Raha, Co-Founder and CEO at Symbo, acknowledged:

“My colleagues and I are thrilled to welcome CreditEase Fintech Funding Fund and Suppose Investments to the corporate, and are additionally extraordinarily grateful to Integra Companions, Insignia Ventures and all our traders for his or her continued help. That is the dream group of traders and their deep information of Asia will play a pivotal position in Symbo’s continued development. With this vital funding, we’ll quickly scale our main know-how platform to enhance the supply of insurance coverage to hundreds of thousands of underinsured people and households throughout India and Southeast Asia.”