Ribbit Capital,the financial technology investment firm whose portfolio includes hits like the no-fee mobile investment platformRobinhood; cryptocurrency wallet and marketplace providerCoinbase; and Root Insurance, the automotive insurance platform that just joined the billion-dollar startup club; is raising $420 million for its latest fund, according to a filing with the Securities and Exchange Commission.

The fund would be Ribbitfifth foray out with limited partners and its $420 million target is only a nominal increase from the $300 million it had set out to raise for its fourth fund last year.

That kind of restraint is remarkable in itself. But with the portfolio of hits Ribbit has amassed, the firm would be forgiven for attempting to raise double its current target.

Ribbit founder, Meyer (Micky) Malka, did not respond to a request for comment.

Coinbase alone is now worth at least $8 billion on paper, and no one laughs when chief executive Brian Armstrong says that his companygoal is to become the New York Stock Exchange of crypto securities.

Coinbase plots to become the New York Stock Exchange of crypto securities

Robinhood, another one of Ribbitportfolio darlings, is flirting with a $6 billion valuation after its latest funding round earlier this year — and has become synonymous with stock trading for a new generation of investors (despite some criticism about its business model).

Then there are other bets the company has made in the financial services space. Along with Andreessen Horowitz and Battery Ventures, Ribbit made an investment in Cross River Bank,a financial services institution that provides a good chunk of the fintech businesses in the U.S. with their sole link into the world of regulated financial institutions. It was the originator for over $2 billion worth of loans for Max Levchinlending business,Affirm (another Ribbit portfolio company, now worth $2 billion) and Upstart(a fintech company that, shockingly, did not make its way into Ribbitportfolio).

Lest we forget, thereanother multi-billion-dollar portfolio company in the Ribbit portfolio. The company was also an early investor in Credit Karma, now a $4 billion juggernaut that was founded by a former management trainee at a Pizza Hut.

Silver Lake is buying a $500M stake in Credit Karma in a massive secondary round

Just to make the math easier, thatfour companies worth more than $20 billion (on paper) that Ribbit can count in its latest portfolio. Not bad for a fund angling for only $420 million.

Ribbit launched its first fund in 2012, targeting a humble $90 million, when the latest financial technology investment boom was just getting started.

The brainchild of Malka, Ribbit has never really been a fund that claims the spotlight, but Malka has been a financial wizard since the age of 19.

Thatwhen he co-founded a securities and investment broker-dealer, Heptagon Group, which serviced the U.S. and Malkahome market of Venezuela. In 1998, Malka created the first online brokerage for financial services in Latin America, Patagon.com. After its acquisition in 2000 for more than $700 million, Malka served as an interim chief executive officer for OpenBank, a Spanish and German online bank.

Malka has been steeped in financial services in both North America and South America and his portfolio not only reflects his knowledge, but also his roots. Malka is still active in Latin American investments, and some of the fintech portfolio that heamassed includes up-and-comers in South Americafintech community, too. Look at Guiabolso, a promising startup that combines Mint, LendingClub and Credit Karma into a single service.

Amid Brazilpersistent economic crisis, fintech startup GuiaBolso raises $39 million

The interest in finance dates back to an early age. Malka likes to recount a story from when he was eight years old and wrote a letter to the tooth fairy asking for money for a lost tooth… Except Malka had certain conditions.

&I wrote, ‘Here is my tooth, please, I do not want to receive bolivars, I will only accept dollars,&& Malka told the online magazine, Ozy.

That passion for finance and attention to detail hasn&t changed in the intervening years.

&Banks have proven to be difficult environments for innovation to flourish, resulting in an antiquated financial services industry that remains relatively untouched by the technology-driven evolution transforming other markets ranging from social media sharing to professional enterprise services,& said Malka, in a statement announcing the launch of his first fund. &The technology to unlock this innovation is in place, and there are entrepreneurs around the world with groundbreaking ideas that have the potential to turn this industry on its head. Whatlacking is the investment, will and expertise to develop and make them reality. It is going to require focused investment to ignite this change, and Ribbit is here to answer the call.&

Write comment (99 Comments)

Turns out those rumors that Beats wouldn&t have anything to show off during todaybig Apple event weren&t 100 percent true. Granted, there was no mention of the headphone maker during the event itself. Instead, the company sent out a bit of an also-ran press release as things were still unfolding here in Cupertino.

The big reason the brand got no love during todayevent: these aren&t new products, really. Rather, they&re color updates to two of Beats& existing lines. In fact, the new shades were designed to match Applenew hardware. Fittingly, the headphones are priced to match their corresponding handsets.

Beats did announce something today, after all

The $300 over-ear Beats Solo 3 Wireless now come in satin gold and Satin silver to match the new colors for the iPhone XS/XS Max, while the $60 urBeats3 earphones are available in yellow, blue and coral to match the cheaper iPhone XR.

The latter also sport a Lightning cable, so you don&t have to futz with the dongle (which is a fun phrase). They also snap together magnetically, so they can be worn around the neck.

The new Beats Solo 3 Wireless colors are shipping now and the urBeats3are coming later this fall.

more iPhone Event 2018 coverage

Write comment (94 Comments)

Uber has broken up with the bits and atoms logo it unveiled in 2016. This morning, the company updated their website and app with a brand spankin& new logo as part of a rebrand itrolling out in the coming months.

The move comes two days after Uber tapped former Coca-Cola executive Rebecca Messina to lead marketing efforts.

Characterized by its use of all-caps and thick, bold strokes, the ride-hailing giantbranding has always felt a bit hostile. Its new font, also unveiled today, is much more modern and friendly. And finally, Uber has done away with UBER and welcomed Uber.

The latest logo is the companysimplest yet. A spokesperson told TechCrunch they want to be &easily recognizable,& which is why they are dumping the symbol and going for the most straightforward imagery possible.

&We&re excited to unveil a new, simplified logo for the Uber app that brings back the U, is easily recognizable, and is scalable across the 660 plus cities we serve,& they said.

This is at least the fourth logo Uber has cycled through in its roughly nine-year history (even the company spokesperson wasn&t quite sure how many logos they&ve had). The first I can remember was just the U, then it was the bits and atoms logo. Herea look, from newest to oldest.

[gallery ids="1711398,1711397,1711396,1711421"]

Uber has been working on the updates for the last nine months, presumably under CEO Dara Khosrowshahilead. Hebeen at the company as CEO for just over a year now and has spent a good chunk of that time cleaning up founding CEO Travis Kalanickmess. A rebrand only makes sense when you are trying to shed a company of its less-than-stellar reputation.

Worth $62 billion, Uber is the most valuable private company in the world.

Uber appoints Coca-Cola veteran Rebecca Messina as its chief marketing officer

Write comment (93 Comments)

Apple always drops a few whoppers at its events, and the iPhone XS announcement today was no exception. And nowhere were they more blatant than in the introduction of the devices& &new& camera features. No one doubts that iPhones take great pictures, so why bother lying about it My guess is they can&t help themselves.

To be clear, I have no doubt they made some great updates to make a good camera better. But whatever those improvements are, they were overshadowed today by the breathless hype that was frequently questionable and occasionally just plain wrong. Now, to fill this article out I had to get a bit pedantic, but honestly, some of these are pretty egregious.

&The worldmost popular camera&

The 7 most egregious fibs Apple told about the iPhone XS camera today There are a lot of iPhones out there, to be sure. But defining the iPhone as some sort of decade-long continuous camera, which Apple seems to be doing, is sort of a disingenuous way to do it. By that standard, Samsung would almost certainly be ahead, since it would be allowed to count all its Galaxy phones going back a decade as well, and they&ve definitely outsold Apple in that time. Going further, if you were to say that a basic off-the-shelf camera stack and common Sony or Samsung sensor was a &camera,& iPhone would probably be outnumbered 10:1 by Android phones.

Is the iPhone one of the worldmost popular cameras To be sure. Is it the worldmost popular camera You&d have to slice it pretty thin and say that this or that year and this or that model was more numerous than any other single model. The point is this is a very squishy metric and one many could lay claim to depending on how they pick or interpret the numbers. As usual, Apple didn&t show their work here, so we may as well coin a term and call this an educated bluff.

&Remarkable new dual camera system&

The 7 most egregious fibs Apple told about the iPhone XS camera today As Phil would explain later, a lot of the newness comes from improvements to the sensor and image processor. But as he said that the system was new while backed by an exploded view of the camera hardware, we may consider him as referring to that as well.

Itnot actually clear what in the hardware is different from the iPhone X. Certainly if you look at the specs, they&re nearly identical:

The 7 most egregious fibs Apple told about the iPhone XS camera today If I said these were different cameras, would you believe me Same F numbers, no reason to think the image stabilization is different or better, and so on. It would not be unreasonable to guess that these are, as far as optics, the same cameras as before. Again, not that there was anything wrong with them — they&re fabulous optics. But showing components that are in fact the same and saying itdifferent is misleading.

Given Applestyle, if there were any actual changes to the lenses or OIS, they&d have said something. Itnot trivial to improve those things and they&d take credit if they had done so.

The sensor of course is extremely important, and it is improved: the 1.4-micrometer pixel pitch on the wide-angle main camera is larger than the 1.22-micrometer pitch on the X. Since the megapixels are similar we can probably surmise that the &larger& sensor is a consequence of this different pixel pitch, not any kind of real form factor change. Itcertainly larger, but the wider pixel pitch, which helps with sensitivity, is whatactually improved, and the increased dimensions are just a consequence of that.

We&ll look at the image processor claims below.

&2x faster sensor… for better image quality&

The 7 most egregious fibs Apple told about the iPhone XS camera today Itnot really clear what is meant when he says this. &To take advantage of all this technology.& Is it the readout rate Is it the processor thatfaster, since thatwhat would probably produce better image quality (more horsepower to calculate colors, encode better, and so on) &Fast& also refers to light-gathering — is that faster

I don&t think itaccidental that this was just sort of thrown out there and not specified. Apple likes big simple numbers and doesn&t want to play the spec game the same way as the others. But this in my opinion crosses the line from simplifying to misleading. This at least Apple or some detailed third party testing can clear up.

&What it does that is entirely new is connect together the ISP with that neural engine, to use them together.&

The 7 most egregious fibs Apple told about the iPhone XS camera today Now, this was a bit of sleight of hand on Philpart. Presumably whatnew is that Apple has better integrated the image processing pathway between the traditional image processor, which is doing the workhorse stuff like autofocus and color, and the &neural engine,& which is doing face detection.

It may be new for Apple, but this kind of thing has been standard in many cameras for years. Both phones and interchangeable-lens systems like DSLRs use face and eye detection, some using neural-type models, to guide autofocus or exposure. This (and the problems that come with it) go back years and years. I remember point-and-shoots that had it, but unfortunately failed to detect people who had dark skin or were frowning.

Itgotten a lot better (Appledepth-detecting units probably help a lot), but the idea of tying a face-tracking system, whatever fancy name you call it, in to the image-capture process is old hat. Whatin the XS may be the best, but itprobably not &entirely new& even for Apple, let alone the rest of photography.

&We have a brand new feature we call smart HDR.&

The 7 most egregious fibs Apple told about the iPhone XS camera today Applebrand new feature has been on GooglePixel phones for a while now. A lot of cameras now keep a frame buffer going, essentially snapping pictures in the background while the app is open, then using the latest one when you hit the button. And Google, among others, had the idea that you could use these unseen pictures as raw material for an HDR shot.

Probably Applemethod is a different, and it may even be better, but fundamentally itthe same thing. Again, &brand new& to iPhone users, but well known among Android flagship devices.

&This is what you&re not supposed to do, right, shooting a photo into the sun, because you&re gonna blow out the exposure.&

The 7 most egregious fibs Apple told about the iPhone XS camera today I&m not saying you should shoot directly into the sun, but itreally not uncommon to include the sun in your shot. In the corner like that it can make for some cool lens flares, for instance. It won&t blow out these days because almost every cameraauto-exposure algorithms are either center-weighted or intelligently shift around — to find faces, for instance.

When the sun is in your shot, your problem isn&t blown out highlights but a lack of dynamic range caused by a large difference between the exposure needed to capture the sun-lit background and the shadowed foreground. This is, of course, as Phil says, one of the best applications of HDR — a well-bracketed exposure can make sure you have shadow details while also keeping the bright ones.

Funnily enough, in the picture he chose here, the shadow details are mostly lost — you just see a bunch of noise there. You don&t need HDR to get those water droplets — thata shutter speed thing, really. Itstill a great shot, by the way, I just don&t think itillustrative of what Phil is talking about.

&You can adjust the depth of field… this has not been possible in photography of any type of camera.&

The 7 most egregious fibs Apple told about the iPhone XS camera today This just isn&t true. You can do this on the Galaxy S9, and itbeing rolled out in Google Photos as well. Lytro was doing something like it years and years ago, if we&re including &any type of camera.& Will this be better Probably & looks great to me. Has it never been possible ever Not even close. I feel kind of bad that no one told Phil. Heout here without the facts.

Well, thatall the big ones. There were plenty more, shall we say, embellishments at the event, but thatpar for the course at any big companylaunch. I just felt like these ones couldn&t go unanswered. I have nothing against the iPhone camera — I use one myself. But boy are they going wild with these claims. Somebodygot to say it, since clearly no one inside Apple is.

Check out the rest of our Apple event coverage here:

more iPhone Event 2018 coverage

Write comment (90 Comments)

Tesla head of global finance is leaving the automaker, the latest high-level executive departure that comes just days afterchief accounting officer Dave Morton resigned after barely a month on the job.

The departure was first reported by Bloomberg. Tesla confirmed to TechCrunch that Justin McAnear, whose official title was vice president of worldwide finance and operation, is leaving after three years. His last day is October 7.

&Several weeks ago, I announced to my team that I would be leaving Tesla because I had the chance to take a CFO role at another company,& McAnear said in a statement provided by Tesla. &I&ve truly loved my time at Tesla, and I have great respect for my colleagues and the work they do, but this was simply an opportunity I couldn&t pass up. Any other speculation as to why I&ve left is simply inaccurate. I&ve been working with the team to ensure a smooth transition prior to my last day onOctober 7th, and a number of members of the team are stepping up to fill my role.&

A string of executives have left the company since the beginning of the year, including chief people officer Gaby Toledano,Sarah O&Brien, who headed up Teslacommunications team, and the companysenior vice president of engineering, Doug Field.

Tesla has hired some executives in recent months, such as a global director of vehicle delivery and CFO for China operations, but gaps still remain. Some high-level positions haven&t been filled, while others have been restructured.

CEOElon Muskannounced a series of promotions and job updates earlier this month that put more responsibility on a few key people. For instance,Kevin Kassekert previously headed up infrastructure development,a job that included leading the construction and development ofTesla&sgigafactory near Reno, Nevada. His new title is vice president of people and places, a position that gives him responsibility of human resources — a job that was once filled by Toledano — as well as facilities, construction and infrastructure. Tesla has more than 37,000 employees in facilities all over the world, including its factory in Fremont, California.

Musk also promoted Jérôme Guillen to president of automotive. Guillen will oversee all automotive operations and program management, as well as coordinate Teslasupply chain. Guillen previously headed up Teslatruck program and worldwide sales and service.

Write comment (91 Comments)

With Hurricane Florence rapidly approaching the southeastern seaboard, many are leaving the area and seeking accommodation inland. Hopefully people have shelter lined up, but for a handful of those that don&t, Airbnb hosts are offering their spare rooms for free.

Well over 300 hosts from Pennsylvania to Alabama are participating in AirbnbDisaster Response Program, by which they can easily offer their room or spare unit to people on the run from Mother Nature, free of charge. They don&t get anything out of it except presumably the satisfaction of helping someone in need.

Airbnb hosts are offering free rooms to people fleeing Hurricane Florence

The units available are listed here, and you can (and should) activate your own spot by logging in and finding the &urgent accommodation& option. Technically you can opt to charge instead of be free, but that would be a bit rotten in this situation.

You&ll need an account, of course, if you&re looking for a place to stay. You&ll have to work out with your host how long itpossible to stick around for free. And anyone who takes advantage of this to fake out a generous host and go sightseeing on the back of a natural disaster is a scumbag. Don&t even think about it.

Three hundred spare rooms might not make a big dent in the thousands upon thousands looking for a place to stay, but ita nice example of a platform making it easy to generate a little social good. Airbnb has done this for lots of other disasters, but not everyone knows about it, so if you&re new to the system, consider signing up.

Write comment (97 Comments)