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After Healthtech platform <keyword id="4951201" type="General" weightage="100" keywordseo="mfine" source="Orion">mFine</keyword> laid off over 50 per cent of its total workforce (more than 500 employees), <keyword id="2976227" type="General" weightage="50" keywordseo="prime-venture-partners" source="Orion">Prime Venture Partners</keyword> which is one of its existing investors said on Monday that this restructuring will give the platform an opportunity to pull through and continue to provide access to quality healthcare. mFine, which raised $48 million (over Rs 356 crore) in Series C funding co-led by <keyword id="10261757" type="General" weightage="50" keywordseo="moore-strategic-ventures" source="Orion">Moore Strategic Ventures</keyword> and BEENEXT with participation from existing investors like Prime Venture Partners in September last year, has let go half of its total workforce and the fired staff is from operations, product and marketing verticals, according to sources. The Bengaluru-based startup has raised close to $75 million across three equity and debt rounds to date. <keyword id="815566" type="General" weightage="50" keywordseo="shripati-acharya" source="Orion">Shripati Acharya</keyword>, managing partner, Prime Venture Partners, told IANS that we are in unprecedented times and the steep change in macro-conditions is particularly difficult on companies who are in active fundraise right now. "Unfortunately, restructuring and layoffs are inevitable in such scenarios and are very hard decisions for entrepreneurs to make. MFine has built a great product which is being used by millions of people and has built a huge hospital network with esteemed doctors," <keyword id="7587" type="General" weightage="50" keywordseo="acharya" source="Orion">Acharya</keyword> said. This restructuring will give mFine "an opportunity to pull through and continue to provide access to quality healthcare", Acharya told IANS. With the layoffs, mFine joins a growing list of startups that have laid off employees as investment shrinks and mindless cash burn comes back to haunt them. Recently, Vedantu, <keyword id="2900267" type="General" weightage="50" keywordseo="byju" source="Orion">BYJU</keyword>'s-owned <keyword id="8080458" type="General" weightage="50" keywordseo="whitehat-jr" source="Orion">WhiteHat Jr</keyword>, Unacademy, CARS24 and more have cut workforce amid high uncertainty in the overall market conditions. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/elon-musk-replies-to-pune-techies-witty-tweet-says-he-does-not-run-the-techies-account/articleshow/91735503.cms">Elon Musk replies to Pune techie's witty tweet, says he does not run the techie's account</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/billionaire-wealth-rose-more-in-2-years-than-in-the-last-23-years-combined/articleshow/91734674.cms">Billionaire wealth rose more in 2 years than in the last 23 years combined</a>

Healthtech platform MFine lays off more than 500 employees amid financial crunch

<keyword id="2461546" type="General" weightage="20" keywordseo="fintech" source="Orion">Fintech</keyword> company <keyword id="657366" type="General" weightage="100" keywordseo="slice" source="Orion">Slice</keyword> on Monday announced it has become India's new unicorn with raising $220 million in a Series B round, that values it at over $1 billion. The round was led by <keyword id="526777" type="General" weightage="20" keywordseo="tiger-global" source="Orion">Tiger Global</keyword> and New York-based global private equity and venture capital Insight Partners. Slice (Written as slice) is a credit card challenger to pay bills, manage expenses and unlock rewards. "We've kept our heads down in the initial years and focused solely on simplifying the consumer journey and creating a cutting-edge risk underwriting system," said Rajan Bajaj, Founder and CEO. New and existing investors including <keyword id="312345" type="General" weightage="20" keywordseo="advent-international" source="Orion">Advent International</keyword>'s Sunley House Capital, Moore Strategic Ventures, Anfa, Gunosy, <keyword id="592779" type="General" weightage="20" keywordseo="blume-ventures" source="Orion">Blume Ventures</keyword>, and 8i also participated in the round. Users can sign up with Slice in seconds, quickly get a virtual card (and get a physical card delivered to their home), and enjoy up to 2 per cent cashback on each transaction. Slice, which is shipping over 200,000 cards each month, recently opened doors to the new-to-credit population. They can start their financial journey with the newly introduced card with a limit of Rs 2,000. "Slice has built a product that customers love, which we expect will result in continued growth and market share gains," said Alex Cook, Partner at Tiger Global. Slice said it now has a registered user base of over 5 million and a 40 per cent month-on-month growth rate accompanied by industry-leading risk metrics. Nearly 38 Indian startups have made it to the unicorn list this year, raising more than $32 billion (till October). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/after-coinbase-and-crosstower-singapores-coinstore-is-now-entering-india-despite-fears-of-a-ban-on-crypto/articleshow/87976839.cms">After Coinbase and CrossTower, Singapore’s Coinstore is now entering India despite fears of a ban on crypto</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/comparison-between-airtel-vs-jio-vs-vodafone-idea-prepaid-plans-after-hikes/articleshow/87977165.cms">Airtel vs Jio vs Vodafone Idea: latest prepaid plans and what you will get</a>

Fintech firm Slice becomes India's new unicorn

<ul class="summary-list"><li>Security and privacy is a growing concern as companies adopt AI.</li><li>Companies strive to protect against malicious attacks and follow strict data compliance standards.</li></ul>As more companies <a target="_blank" class="" href="https://www.businessinsider.com/how-ai-changing-business-telecommunications-giants-mwc-2024-10">adopt using AI</a>, it has brought to light issues regarding security and privacy.AI models get trained on massive datasets that can include <a target="_blank" class="" href="https://www.businessinsider.com/how-companies-can-respond-to-cybersecurity-risks-after-layoffs-2024-9">personal or sensitive information</a>, making it critical for companies — particularly those in highly regulated industries like finance and healthcare with strict data compliance rules — to ensure that AI systems are safe from <a target="_blank" class="" href="https://www.businessinsider.com/guides/tech/data-breach">potential threats</a> like leaked or poisoned data.The hazards against AI models and the data that train them are growing in the age of large language models. "It's so easy for an employee to take something that's confidential and share it with an LLM," said Ashish Kakran of Thomvest Ventures. "LLMs do not have, as of right now, a forget it kind of button…You need safeguards and controls around all of this in the way these LLMs are deployed in production."What's emerged is a growing group of startups aimed at tackling security threats related to AI. "This is actually a gap," Kakran added. "But that's also an opportunity for startups."Thomvest-backed Opaque Systems, for instance, enables companies to share private data through a confidential computing platform to accelerate AI adoption. Credo AI, which has raised $41.3 million in total funding, is an AI governance platform that helps companies adopt AI responsibly by measuring and monitoring its risks.Another startup, Zendata, has raised over $3.5 million and focuses on preventing leakage of sensitive data when integrating AI into enterprise systems and workflows. Companies can be vulnerable to attacks through a compromised third-party AI vendor if attackers gain unauthorized access to confidential data. Companies "don't really know if some shadow AI applications are in place and a bunch of user information is being sent to that," said Zendata CEO Narayana Pappu.Pappu added that customers may not be aware that the shared information may also be used to train broader AI models. "There's a cross-use of information. There's information leakage, all of that. And that's a huge concern with the foundation models or even copilots."Startups like Glean, an enterprise AI startup valued at $4.6 billion, are incorporating security principles, such as strict permissioning control, into their core products. "Glean's AI assistant is fully permissions-aware and personalized, only sourcing information the user has explicit access to," said CEO Arvind Jain. This ensures that users only access the information they are authorized to see, preventing any unintended access or misuse of the data.Adversarial attacks are also a growing concern when it comes to deploying AI. Attackers can exploit vulnerabilities in a system for malicious purposes, leading to harmful or flawed results.Bessemer Venture Partners' Lauri Moore noted that when evaluating AI tools, many security leaders often ask whether it will introduce a critical vulnerability or trap door that a bad actor could use.A nightmare scenario could be a coding agent introducing code with security vulnerabilities, Moore said. She highlighted an instance when a developer took control of an open-source project after gaining increasing credibility, only to hijack it.Another threat known as prompt injections has become increasingly popular with the rise of prompt-based language models. These attacks trick a model into producing a harmful output based on harmful instructions. Haize Labs, which raised a <a target="_blank" href="https://www.businessinsider.com/vc-clamor-invest-ai-safety-startup-haize-labs-2024-6">hot investment round</a> this summer, tackles this problem through AI red-teaming, which involves stress-testing large language models for any vulnerabilities based on system guardrails.To address the growing number of security concerns in AI, startups are now applying continuous monitoring to the space. Continuous monitoring systems assess model behavior, monitor for security breaches, and score models based on their performance and safety, said Arvind Ayyala, partner at Geodesic Capital.Protect AI, which raised a $60 million Series B from Evolution Equity in August, focuses on continuously monitoring and managing security across the AI supply chain to minimize the risk of attacks. Hidden Layer, which automatically detects and responds to threats, raised a $50 million Series A from M12 and Moore Strategic Ventures last year."This shift towards automated, continuous evaluation represents a significant evolution in AI safety practices, moving beyond periodic manual assessments to a more proactive and comprehensive approach," Ayyala said.

Security threats to AI models are giving rise to a new crop of startups 

<keyword id="2461546" type="General" weightage="80" keywordseo="fintech" source="Orion">Fintech</keyword> company slice on Wednesday said it has raised $50 million as part of its larger series C round led by <keyword id="526777" type="General" weightage="100" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>, adding that it will use new capital to boost its new unified payments interface (<keyword id="6358921" type="General" weightage="80" keywordseo="upi" source="Orion">UPI</keyword>) product. The latest funding round also saw participation from existing investors Moore Strategic Ventures and Insight Partners, and a new investor, GMO VenturePartners. The leading credit card challenger last month launched the integration of UPI into its app for all its existing and waitlisted users in a phased manner. "Our next important product launch with UPI has been gaining strong early traction. We are excited about the long journey that lies ahead of us," said <keyword id="4393092" type="General" weightage="50" keywordseo="rajan-bajaj" source="Orion">Rajan Bajaj</keyword>, Founder-CEO, slice. In November last year, slice entered the unicorn club after raising $220 million in its Series-B fundraise co-led by Tiger Global and Insight Partners. "slice is leading the way for innovation, customer experience, and growth in India's rapidly developing payments market," said <keyword id="10168420" type="General" weightage="50" keywordseo="alex-cook" source="Orion">Alex Cook</keyword>, <keyword id="6399933" type="General" weightage="50" keywordseo="partner" source="Orion">Partner</keyword>, Tiger Global. Similar to other UPI apps, slice users can now create a UPI account on the slice app by linking it to their bank accounts. With andy (&amp;ID), the unique ID on slice, users will be able to make payments just by searching for the &amp;ID. Earlier, only slice's credit users could enjoy its simple and intuitive experience. By extending UPI services to its 10 million waitlisted customers, the company will now be able to provide them with an equally superior experience.

Fintech company Slice raises $50 million led by Tiger Global, aims to boost its new UPI product

Top VC firm <keyword id="136147" type="General" weightage="50" keywordseo="sequoia-capital-india" source="Orion">Sequoia Capital India</keyword> has sold 17.2 crore shares of <keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion">Zomato</keyword> in two tranches in the open market, lowering down its stake in the online food aggregator to 4.4 per cent from earlier 6.41 per cent. In a fresh filing with the Bombay Stock Exchange (<keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword>), Zomato said Sequoia Capital India sold some 6.7 crore shares in the September 6-October 14, 2021 period and 10.5 crore shares between June 27-August 25, 2022. The stock sales were performed by <keyword id="14821825" type="General" weightage="50" keywordseo="sequoia-capital-india-growth-investment-holdings" source="Orion">Sequoia Capital India Growth Investment Holdings</keyword> I and <keyword id="13302083" type="General" weightage="50" keywordseo="sci-growth-investments-ii" source="Orion">SCI Growth Investments II</keyword>, according to Zomato. <keyword id="10639596" type="General" weightage="50" keywordseo="sequoia-capital-india-investments-iv" source="Orion">Sequoia Capital India Investments IV</keyword> also received 45,153,346 incremental equity shares on August 10 owing to the acquisition of quick-commerce delivery platform Blinkit, which further has a lock-in period of one year. Sequoia Capital India joins a list of private market investors like Delivery Hero, Moore Strategic Ventures, and <keyword id="526777" type="General" weightage="50" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>, which have sold their shares in Zomato in the past months, either in open market or via block deals, as the online food delivery platform's stock gets hammered. On Friday, Zomato shares closed around Rs 61.85. Earlier this month, ride-hailing platform Uber sold its 7.8 per cent stake worth over $390 million in Zomato. Uber, which suffered around $707 million loss in its Zomato investment in the first half of this year, sold its share in the food delivery aggregator via a block deal on stock exchanges that has been bought by several global and Indian VCs. The Zomato block deal was executed at Rs 50.44 per share equivalent to 612 million or 7.8 per cent of total outstanding shares. In a statement to IANS, Zomato had said that "We are a public company and are not privy to what our shareholders are doing with their shares". According to the company, the losses for Blinkit are coming down every month -- from Rs 2,040 million (about $26 million) in January 2022 to Rs 929 million ($12 million) in July. The 10-minute delivery platform was acquired by Zomato for Rs 4,447 crore (about $568 million). SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indices-end-marginally-higher-after-a-volatile-trading-session/articleshow/93802735.cms">Indices end marginally higher after a volatile trading session</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/heres-everything-you-need-to-know-about-uks-new-scale-up-visa/articleshow/93799259.cms">Here’s everything you need to know about UK’s new Scale-up visa</a>

Sequoia Capital offloads 2% of its stake in Zomato

<ul class="summary-list"><li>Apple is now the only major tech giant that hasn't conducted mass layoffs recently.</li><li>Apple is in a different position than its peers because it has been more strategic about its growth.</li></ul>With Google's parent company <a href="https://www.businessinsider.com/google-layoffs-comparison-meta-amazon-microsoft-2023-1">Alphabet announcing layoffs</a> Friday morning, Apple is now the only major tech giant that hasn't conducted mass layoffs in recent months as a souring economy looms over Silicon Valley.The combination of rising interest rates and ongoing inflation have led to cooling customer demand and shrinking advertising budgets lead Amazon, Microsoft, and now Google to dramatically <a href="https://www.businessinsider.com/tech-layoffs-in-2022-vs-2020-and-whats-next-2022-12">cut headcount in recent months.</a> The tech giants <a href="https://www.businessinsider.com/meta-layoffs-tech-ceo-pandemic-boom-last-forever-dumb-mistake-2022-11">hired like mad during </a>the early pandemic years, but are now looking to rein in their spending. Apple is in a different, stronger position, though, industry analysts tell Insider — a position that they say validates <a href="https://www.businessinsider.com/apple-tim-cook-worth-amazon-meta-alphabet-market-cap-combined-2022-11">CEO Tim Cook's pragmatic approach</a> to growth. The iPhone giant's more slow-paced, measured growth over the last several years have put it in a better spot to weather a downturn or recession without having to do mass layoffs. "I believe Apple is still in significant growth mode," Wedbush Securities analyst Dan Ives told Insider. "In other words, I wouldn't expect the 7 to 10% layoffs. I think it's more cutting around the edges and being more prudent rather than ripping the band-aid off." Between September 2021 and September 2022 the company only hired 10,000 new employees, growing headcount from 154,000 to 164,000 full time employees, according to filings with the SEC. That's well below the tens of thousands that <a href="https://www.cnbc.com/2023/01/18/apple-had-slower-headcount-growth-than-tech-peers-no-layoffs-yet.html" target="_blank" rel="noopener">Amazon, Meta, and Google each hired</a> over the same period."He's the most pragmatic of the tech CEOs. I think he's the most risk adverse, and I think that plays into how they've been doing their hiring," said analyst Gene Munster of Loup Ventures. Additionally, Apple's business model is very different from many of the other tech giants. Its primary business is in selling phones, tablets, and computers, not in advertising, making it less subject to the whims of the advertising industry. And while Apple does own and operate several retail stores around the world, the company's physical footprint is relatively small when compared to Amazon's massive network of warehouses and logistics hubs.Additionally, manufacturing of its products is outsourced to third parties, which means it doesn't feel the impacts of changes in the smartphone demand cycle immediately, said Patrick Moorhead, principal analyst at Moor Insights &amp; Strategy. "They don't have their own factories," Moorhead said. "So the ebbs and flows of the number of iPhones and the number of devices, from a people standpoint, you're not gonna see that."Lastly, another hallmark of Cook's strategy is that Apple doesn't have a history of pouring money into risky, whimsical side projects. Google has its famed "moonshot factory," Amazon and Microsoft both have their own cutting-edge research teams, and Meta has its big metaverse dreams. Apple, however, tends not to spend a lot of time or money on projects that aren't core to the business."He's a visionary and very careful in terms of build-out of businesses," Wedbush Securities analyst Dan Ives said of Apple CEO Cook. That's not to say Apple will be totally unaffected by the downturn. The company will likely have to make more small job cuts, <a href="https://appleinsider.com/articles/23/01/20/layoffs-in-some-of-apples-retail-channels-have-begun" target="_blank" rel="noopener">as its already reported to have started doing</a>. It will likely look to cut in areas that aren't growing quickly or that don't reflect Cook's main priorities, Ives said. Ives speculates that those cuts could come to the Mac computer business, amid slowing growth in the overall PC sector. He also says that the Siri voice assistant and its larger speech technology organization might be a target for cost-cutting, as would be its nascent healthcare initiatives.Got a tip about Apple? Contact this reporter via email at <a href="mailto:pzaveri@businessinsider.com" target="_blank" rel="nofollow noopener">pzaveri@insider.com</a> or Signal at 925-364-4258. (PR pitches by email only, please.)

Apple CEO Tim Cook's slow, steady leadership style may turn out to be the exact antidote to the carnage sweeping the tech sector

Logistics technology platform <keyword id="4178573" type="General" weightage="100" keywordseo="shiprocket" source="Orion">Shiprocket</keyword> on Friday said it has signed a definitive agreement for a $185 million (₹1,380 crore) Series E funding round, co-led by <keyword id="830092" type="General" weightage="20" keywordseo="zomato" source="Orion">Zomato</keyword>, <keyword id="12707014" type="General" weightage="20" keywordseo="Temasek-and-Lightrock-India" source="Orion">Temasek and Lightrock India</keyword>. This marks Shiprocket's third round of funding in 2021, bringing the total funds raised to $280 million. Shiprocket focuses on providing Amazon Prime-like shipping experiences for sellers and consumers across India in direct-to-consumer e-commerce. "We are excited about the vast, untapped opportunity that lies in post-purchase technology enablement in the D2C e-commerce space. This fundraise is a validation of the hard work put in by the entire Shiprocket team over the last 4 years," said Saahil Goel, CEO and Co-founder, Shiprocket. New investors, Moore Strategic Ventures and 9unicorns, are also participating in this round, along with existing investors, InfoEdge Ventures and March Capital. Launched in 2017, Shiprocket is the fastest company to become profitable in 24 months while also doubling its ARR (annual run rate) over the last 6 months. Shiprocket said it will deploy fresh funds towards aggressive core product expansion, research and development, talent acquisition, and development of a comprehensive suite of products for retailers. "With the launch of our services in the Kingdom of Saudi Arabia in November 2021, we have also taken the first step towards expanding our footprint in new geographies," said Goel. Shiprocket also provides a technology stack to help retailers integrate their shopping websites on Shopify, Magento, WooCommerce, Zoho and others for workflow, inventory and order management. "Shiprocket plugs a big hole in the e-commerce space by offering customers of direct-to-consumer brands a seamless post checkout experience, including delivery," said <keyword id="476451" type="General" weightage="20" keywordseo="deepinder-goyal" source="Orion">Deepinder Goyal</keyword>, CEO and Co-founder, Zomato. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/mapmyindias-grey-market-premium-is-at-900-heres-all-you-need-to-know/slidelist/88200647.cms">MapmyIndia’s grey market premium is at ₹900 — here’s all you need to know about the business</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/ratings-agency-fitch-says-it-considers-chinas-evergrande-to-be-in-default-and-cuts-its-creditworthiness-even-further-into-junk-territory/articleshow/88197893.cms">Ratings agency Fitch says it considers China's Evergrande to be in default, and cuts its creditworthiness even further into 'junk' territory</a>

Logistics startup Shiprocket raises $185 million from Zomato and others

Bengaluru- and California-based tech firm <keyword id="3125256" type="General" weightage="20" keywordseo="bidgely" source="Orion">Bidgely</keyword> on Thursday said it has raised $26 million (about ₹190.8 crore) in funding led by Moore Strategic Ventures. The round also saw participation from Accurant International as well as existing investors like Future Energy Ventures, Georgian and Constellation Technology Ventures, a statement said. The SaaS (Software-as-a-service) startup had raised ₹15 crore from IvyCap Ventures in March this year. The US-headquartered company has raised a total of $77 million in funding to date. The company offers artificial intelligence (AI)-based solutions to electricity distribution companies to enable them to serve their customers better as well as modernise their grid operations. "As India's extensive smart meter penetration continues, this new investment enables Bidgely to provide tailored solutions that support the country's biggest utility needs: electricity theft prevention, grid stability and electric vehicle (EV) accommodation," the statement said. Working with a leading private Indian electricity distribution company (Discom), Bidgely has demonstrated the acute ability to detect non-technical losses through disaggregated smart meter data, it added. It, however, did not disclose the name of the customer. Bidgely is targeting multiple use cases, including AI-based short-term load forecasting, analytics-based customer indexing and asset predictive maintenance to solve multiple challenges for Discoms, the statement said. "Bidgely's Silicon Valley roots and strong engineering arm in India play not only to our strength of providing AI technology to established markets like North America and Europe but also to our ability to address key issues in emerging markets," Bidgely CEO Abhay Gupta said. He added that India's energy landscape, specifically, is evolving rapidly, and the company's work around theft detection and grid stabilisation goes to the heart of problems that cost the utility industry billions of dollars a year. Bidgely pioneered load disaggregation, holds 17 patents for its technology and partners with nearly 40 global utilities and energy retailers to glean valuable customer energy insights, using data from smart meters already installed in the home. It processes more than two billion energy data points a day. SEE ALSO <a href="https://www.businessinsider.in/business/telecom/news/airtel-vodafone-idea-and-jio-welcome-telecom-relief-package-but-analysts-are-divided-on-whether-it-is-enough/articleshow/86252002.cms">Airtel, Vodafone Idea and Jio welcome telecom relief package, but analysts are divided on whether it is enough</a> <a href="https://www.businessinsider.in/stock-market/news/telecom-auto-tata-group-and-other-top-stocks-to-watch-out-for-on-september-16/articleshow/86250470.cms">Airtel, Vodafone Idea, Tata group and other top stocks to watch out for on September 16</a> <a href="https://www.businessinsider.in/business/telecom/news/telecom-relief-package-airtel-vodafone-idea-get-four-year-moratorium-on-agr-dues/articleshow/86227218.cms">Indian government dials M for moratorium – Airtel, Vodafone Idea get a four-year relief on AGR dues</a>

Investors' interest in Indian SaaS continues as Bidgely bags $26 million from US-based firms

Hi. I'm Aaron Weinman. Toronto-Dominion Bank <a href="https://www.cnbc.com/2022/08/02/canadas-td-bank-to-buy-us-brokerage-cowen-in-1point3-billion-deal-.html">agreed to buy investment bank</a> Cowen for $1.3 billion on Tuesday.Let's understand how this deal underscores the Canadian bank's investment-banking ambitions in the US, and how it reflects the broader dealmaking market for financial institutions.If this was forwarded to you,<a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street"> sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here</a>.<a href="https://www.cnbc.com/2022/08/02/canadas-td-bank-to-buy-us-brokerage-cowen-in-1point3-billion-deal-.html"></a>1. Toronto-Dominion Bank's $1.3 billion move for Cowen underscores that the Canadian lender wants more of the US investment-banking pie. The deal comes after TD agreed to buy <a href="https://markets.businessinsider.com/news/stocks/td-bank-to-acquire-first-horizon-in-us-13-4-bln-deal-quick-facts-1031237630">Memphis-based First Horizon Corp.</a> for $13.4 billion in February.Cowen provides investment research and advisory services for M&amp;A. TD will fund the acquisition from the $1.9 billion of proceeds it will receive from the sale of some of its stake in Charles Schwab.TD also hopes to improve its <a href="https://www.bloomberg.com/news/articles/2022-08-02/td-to-buy-cowen-for-1-3-billion-to-bulk-up-capital-markets-unit?sref=ipW5reFz">share of business</a> in the US capital markets by leveraging its balance sheet with Cowen's expertise in investment banking, one banker focused on M&amp;A for financial institutions said.While <a href="https://www.businessinsider.com/top-bankers-behind-fintech-acquisitions-bank-mergers-financial-services-industry-2022-3">big-bank M&amp;A</a> is few and far between, there's room for smaller, strategic transactions like TD's move for Cowen. The small- to middle-market banking space in the US remains fragmented, and there's room for consolidation, according to Sid Khosla, a managing partner and M&amp;A leader for financial services strategy at EY."There are adjacent areas where these banks may benefit from inorganic growth," Khosla said in regards to large lenders making acquisitions. "Not necessarily a scale play in consumer banking, but a play around another product set that can use the deposit base that these banks may have."During Tuesday morning's conference call announcing the deal, Riaz Ahmed, TD Securities' group head for wholesale banking said one pressing question when determining an acquisition was finding a target with "complementary skills.""It's difficult to time things exactly to where the markets are. When you have a long view of the business, then really what you're looking for is — can you find a party that has complementary skills, and then you worry less about the timing," Ahmed said in response to a question about why TD was making the purchase amid broader market volatility.TD was advised by Perella Weinberg, and Simpson Thacher &amp; Bartlett and Torys LLP were legal advisors. Ardea Partners and Perkins Advisors worked with Cowen, while Cravath, Swaine &amp; Moore was its legal counsel.In other news:<a href="https://www.businessinsider.com/worldquant-coding-competition-consulting-opportunities-quants-2022-8"></a><div type="image" title="Igor Tulchinsky" height="4063" width="5418" msid="93325473" hostid="261" sizebytes="336282"></div>2. The $7 billion WorldQuant is launching a new competition to crowdsource talent. Those battling it out can win up to $20,000 cash, or <a href="https://www.businessinsider.com/worldquant-coding-competition-consulting-opportunities-quants-2022-8">land a job</a>.3. Wells Fargo is reviving, and revising, a policy that led to fake job interviews, per this <a href="https://www.nytimes.com/2022/08/01/business/wells-fargo-hiring-policy-fake-job-interviews.html">report</a> from the New York Times. The bank is reactivating the practice that it <a href="https://www.businessinsider.com/wells-fargo-diversity-pauses-hiring-policy-fake-interviews-2022-6">paused earlier this year</a> after a former employee revealed it was leading managers to <a href="https://www.businessinsider.com/wells-fargo-fake-job-interviews-diversity-feel-less-than-human-2022-6">interview non-white candidates for jobs</a> that were already filled.4. Andreessen Horowitz wants to manage the money of wealthy startup founders, Bloomberg reported. The venture-capital firm hired Michael Del Buono as chief investment officer for a new business that will provide <a href="https://www.bloomberg.com/news/articles/2022-08-02/andreessen-horowitz-seeks-to-manage-fortunes-of-tech-founders?srnd=premium&amp;sref=ipW5reFz">wealth-management services</a>. Meanwhile, Marc Andreessen is one of several top investors being <a href="https://www.businessinsider.com/twitter-subpoenas-elon-musk-billionaire-friends-chamath-palihapitiya-legal-battle-2022-8?nr_email_referer=1&amp;utm_source=Sailthru&amp;utm_medium=email&amp;utm_content=10_things_tech&amp;utm_campaign=new:%2010%20Things%20in%20Tech%20-%20native%20ad&amp;r=US&amp;IR=T">dragged into Twitter's legal battle with Elon Musk</a>. 5. Two investment bankers with Centerview Partners have left the firm to start their own shop, according to the Wall Street Journal. Dealmakers David Handler and David Neequaye have secured backing from Consello and 25madison to start a company focused on <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fcenterview-bankers-depart-to-form-tech-focused-deal-advisory-boutique-tidal-partners-11659384659">advising tech companies</a>.6. Robinhood's crypto unit was fined $30 million by the New York State Department of Financial Services. The NYDFS said the company's crypto anti-money laundering and cybersecurity program was inadequately staffed and lacked enough resources <a href="https://markets.businessinsider.com/news/currencies/robinhood-crypto-regulation-new-york-department-financial-services-fine-investigation-2022-8">to address risks</a>. Robinhood also said on Tuesday that it would cut <a href="https://www.businessinsider.com/robinhood-layoffs-23-percent-of-workforce-2nd-round-2022-2022-8">23% of its workforce</a>.7. This NFT-based loyalty startup just raised $16 million from Kevin Durant and investors like Paradigm and Mr. Beast. Here's the 10-slide pitch deck that Hang used to <a href="https://www.businessinsider.com/pitch-deck-nft-hang-invest-paradigm-mrbeast-kevin-durants-2022-7">nab the funding</a>.8. PwC is hiring for 4,000 roles across the company. Here's what incoming associates need to know, according to PwC's <a href="https://www.businessinsider.com/pwc-remote-work-policy-what-associates-need-to-know-2021-10">head of recruiting</a>.9. Blockchain engineers are in major demand at companies like Google and Deloitte. Even amid crypto layoffs, recruiters said compensation and job openings <a href="https://www.businessinsider.com/blockchain-engineers-are-in-high-demand-even-amid-layoffs-2022-7">for these gigs remain high</a>.10. HBO's "Industry" nails how much bosses at investment banks hate employees working from home. The show, about the lives of junior employees at a fictional London-based bank, returned for its <a href="https://www.businessinsider.com/hbo-industry-nails-wall-street-bank-bosses-office-return-pressure-2022-8">second season on Monday</a>.Done deals:<ul><li>Carlyle's credit platform has launched a decarbonization-linked financing program. The initiative incentivizes borrowers to reduce their greenhouse gas emissions or achieve other climate-related targets. It's among the first in the US private-credit market.</li><li>Orthodontics company Impress has merged with Uniform Teeth to create a network of orthodontic clinics. Impress is a Barcelona-headquartered company founded by Dr. Khaled Kasem, and Uniform Teeth was formed in San Francisco. Uniform is backed by investors Canaan Partners, Lerer Hippeau, Slow Ventures, and Refactor Capital.</li></ul>Curated by Aaron Weinman in New York. Tips? Email <a href="mailto:aweinman@insider.com">aweinman@insider.com</a> or tweet <a href="https://twitter.com/aaronw11">@aaronw11</a>. Edited by Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Canadian TD Bank's move for Cowen underscores desire for a bigger piece of the investment-banking pie

Merchant commerce platform <keyword id="1552189" type="COMPANY" weightage="20" keywordseo="Pine-Labs">Pine Labs</keyword> on Monday said it has completed a new round of financing from investors including Baron Capital Group, Duro Capital, <keyword id="4699572" type="COMPANY" weightage="20" keywordseo="marshall-wace">Marshall Wace</keyword>, Moore Strategic Ventures, and <keyword id="252562" type="COMPANY" weightage="20" keywordseo="Ward-Ferry-Management">Ward Ferry Management</keyword>. Existing investors Temasek, Lone Pine Capital, and Sunley House Capital also participated in this <keyword id="6357455" type="UNKNOWN" weightage="20" keywordseo="Funding">funding</keyword> round, a statement said. "We raised USD 285 million. We want to thank Puri Kaaynath for supporting and backing us. Our teams, families, customers, and investors," Pine Labs CEO B Amrish Rau said in a LinkedIn post. This translates to about ₹2089 crore. In December last year, Pine Labs had announced raising funding from Lone Pine Capital, valuing it at over USD 2 billion (about ₹14,700 crore). In January 2020, <keyword id="6368201" type="COMPANY" weightage="20" keywordseo="mastercard">Mastercard</keyword> had invested in the company, placing the <keyword id="2461546" type="COMPANY" weightage="20" keywordseo="FinTech">fintech</keyword> firm in the <keyword id="3009432" type="COMPANY" weightage="20" keywordseo="unicorn-club">unicorn club</keyword> (companies with a valuation of USD 1 billion). Incorporated in Singapore, Pine Labs' key investors include Sequoia India, Actis Capital, Temasek, PayPal, and Mastercard. "In this significantly oversubscribed round, in addition to primary proceeds, Pine Labs enabled secondary transactions for its founder, employees, and early shareholders as it is already a well-financed company with a strong balance sheet and has been EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) profitable for several years," a statement said. Pine Labs currently serves more than 1.5 lakh merchants across Asia and the Middle East. Its payment acceptance and merchant commerce solutions including enterprise automation systems such as inventory management and customer relationship management. Its stored value platform includes issuing, processing, and distributing digital gift cards for corporate customers around the world. Pine Labs had recently launched its popular Buy Now, Pay Later proposition in Malaysia and plans to take its integrated Pay Later installment solution to newer markets in Southeast Asia. Last month, Pine Labs had also announced the acquisition of Fave, a Southeast Asian consumer fintech platform. "This is an exciting phase in our journey as we enter newer markets. We excel in enterprise merchant payments and now want to scale new frontiers in the online space as well, at the same time continue to power the credit and commerce needs of our offline merchant partners," Rau said in a statement. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/battlegrounds-mobile-india-pre-registrations-to-begin-on-may-18/articleshow/82702403.cms">PUBG Mobile: Battlegrounds Mobile India pre-registrations to begin on May 18 – rewards, maps and more</a> <a href="https://www.businessinsider.in/business/startups/news/ratan-tata-backed-moglix-is-the-13th-unicorn-from-india-this-year/articleshow/82702143.cms">Ratan Tata-backed Moglix is the 13th unicorn from India this year</a> <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musk-hints-that-tesla-may-dump-its-billion-dollar-bitcoin-investment/articleshow/82699553.cms">Elon Musk hints that Tesla may dump its billion dollar Bitcoin investment — here’s why his tweets have so much power</a>

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Canadian TD Bank's move for Cowen underscores desire for a bigger piece of the investment-banking pie

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