Source Code: Your daily look at what matters in tech.
To give you the best possible experience, this site uses cookies. If you continue browsing. you accept our use of cookies. You can review our privacy policy to find out more about the cookies we use.
fintech| fintechauthorBenjamin PimentelNoneGet access to the Protocol | Fintech newsletter, research, news alerts and events.f6ea366a38
January 19, 2021
The Trump presidency ends tomorrow. It's a political change in which Expensify founder and CEO David Barrett played a brief, but explosive role.
Barrett became famous last fall — or infamous, depending on whom you ask — for sending an email to the fintech startup's clients, urging them to reject Trump and support President-elect Joe Biden.
"Anything less than a vote for Biden is a vote against democracy," Barrett said in the email.
It was an unprecedented political maneuver by a CEO-founder in Silicon Valley, and one that drew praise from a preeminent historian of the region.
"This was a moment that utterly transcended politics as usual, and his statement utterly transcended politics as usual," futurist and historian Paul Saffo told Protocol. "I'm sure investors got a little bit of a case of indigestion over this. It was a bold move and I would say it was made with considerable character."
And it wasn't a one-off: Barrett sent another email to Expensify customers over the weekend, telling its users about its plans to spend $3 million on fighting inequality, while also railing against the "domestic terrorists" who invaded the Capitol earlier this month.
Barrett talked to Protocol last Friday, before the latest email, about the coming transition, which he reflected on in a celebratory mood even as he looked back on the controversial episode. "We just survived Trump. This is going to be an amazing year," he said. "The economy's coming back. The vaccines are rolling out. Travel is going to restart. We got a new administration that's going to make reasonable decisions. We avoided a civil war. Everything's on the up and up."
The interview has been edited for clarity and brevity.
You sent that email taking a position on the election. I've talked to a lot of CEOs in Silicon Valley who'd rather stay in the middle. They're not going to say what they think or even who they voted for because it's safer.
My opinion is a little bit different. I think this idea of "Oh, we're apolitical," I think that's kind of bullshit. I think there's no such thing in a democracy as being apolitical. Every action you take is your position. I think that a large number of these tech companies, by saying, "Oh, we're apolitical," that's a very convenient way of saying, "No, I'm voting for the status quo. I support the current administration, and I'm not going to take actions to do anything about it because it's actually good for business." I think it's actually pretty cynical.
There's going to be a change, and there will be new issues. It's probably not going to be as intense as Trump, but there will be issues. How do you navigate them? It can be a slippery slope when you start to take positions.
I think the litmus test is: What is the real-world potential impact of this? I don't anticipate to weigh in on the normal issues. It sounded bombastic back then when I wrote the newsletter: "Hey, I am genuinely concerned that we're going to have a true civil war, and that's going to be really bad for business. My business is great. We're profitable. We're growing. We're surviving the pandemic. So long as we don't descend into civil war, we'll be fine. But Trump is saying he's not going to leave office, and is anyone reading this crazy shit? We should take it seriously."
This is not normal politics. This is not taxes or health care or whatever. This is like the destruction of our nation up for discussion. The only reason I felt it was important as a CEO to weigh in was that the stakes are too high to be neutral here.
Even right now. The guy's still not out of office, by the way. The FBI's warning that we're going to have attacks on every state Capitol. Never has that happened in the history of the nation before. This is so wild, what we're talking about.
I feel that we need to keep reminding ourselves just how beyond the pale this is. As business leaders, it's just shameful to just sit out this entire thing. It's like, "Oh, remember that one time when we almost had civil war? What did you do about it? Oh, fucking nothing? Oh, good job."
What was the reaction to the email like? Did any of it give you pause?
Expensify is not a product you adopt overnight. You also don't leave it overnight. We just didn't know what the reaction was going to be. We saw this thing just go so much bigger than we expected. We were like, "Oh, fuck. OK. That's exciting."
Most people ignored it, or agreed with it, or vented about it or whatever. The vast majority of people, they're too busy. And in this Twitter news cycle, sustaining anger for more than like 10 seconds is hard. It's like, "Fuck Trump! Oh, such a cute puppy!" It's so hard to do anything.
Where does that come from, that belief in taking a position? Can you talk a bit about your background?
My background has always been in hard engineering. Never been in finance. Never been in politics or any of that stuff. I think what you're getting at [is]: Why are you so outspoken? I'm in a lucky position to do that. I run a very profitable business that has a very distributed customer base.
I think most CEOs, it's not that they're bad people, they're just cowards. They're like, "Yeah, I would like to take a stand, but I can't because of investors, customers and things like this." It basically comes down to, "I care more about hitting the next quarter results than preventing a civil war," which is so fucked up. They're more afraid of their investors than they are of militants. I'm in a lucky position where I don't have to be afraid of my investors. I'm super profitable. I can't get fired. There's no majority on the board that can fire me. So I think that I am in a position [where] I can take these stands much more than others.
I've heard from a lot of other CEOs [about speaking up, and they say]: "I can't. I wish I could. I feel bad. I feel ashamed. But I kind of can't." I feel I can give an example of, like, "Guys, speak up. The water's fine." Defending democracy is not actually a bold choice because most people agree with it.
Sure, we got a lot of shit on Twitter, or whatever. Those people weren't our customers anyway. It had no negative impact on revenue. If anything, I think we're gonna look back and this is going to be an incredible brand building event. We didn't expect this to go as viral as it did. It's like, "Shocker! Getting massive coverage for defending democracy is good for business, actually."
I think that CEOs need to have the courage to actually step up for things that matter, and be less sort of afraid of the impact on their businesses. Because most customers, especially the people who are actually buying the software, they care about stability, they care about democracy.
Would you consider politics after your business career?
No, that sounds like a huge pain in the ass. Plus that assumes that there is an "after my business career." I just made this giant profitable business, and it's fucking awesome. I want to work here forever. My goal is just to stay here forever.
From Your Site Articles
Benjamin Pimentel
Benjamin Pimentel ( @benpimentel) covers fintech from San Francisco. He has reported on many of the biggest tech stories over the past 20 years for the San Francisco Chronicle, Dow Jones MarketWatch and Business Insider, from the dot-com crash, the rise of cloud computing, social networking and AI to the impact of the Great Recession and the COVID crisis on Silicon Valley and beyond. He can be reached at bpimentel@protocol.com or via Signal at (510)731-8429.
People
Making the economy work for Black entrepreneurs
Funding for Black-owned startups needs to grow. That's just the start.
"There is no quick fix to close the racial wealth and opportunity gaps, but there are many ways companies can help," said Mastercard's Michael Froman.
Photo: DigitalVision/Getty Images
February 26, 2021
Michael Froman serves as vice chairman and president, Strategic Growth for Mastercard. He and his team drive inclusive growth efforts and partner across public and private sectors to address major societal and economic issues. From 2013 to 2017, Mike served as the U.S. trade representative, President Barack Obama’s principal adviser and negotiator on international trade and investment issues. He is a distinguished fellow of the Council on Foreign Relations and a member of the board of directors of The Walt Disney Company.
February 26, 2021
Michael Froman is the vice chairman and president of Strategic Growth for Mastercard.
When Tanya Van Court's daughter shared her 9th birthday wish list — a bike and an investment account — Tanya had a moment of inspiration. She wondered whether helping more kids get excited about saving for goals and learning simple financial principles could help them build a pathway to financial security. With a goal of reaching every kid in America, she founded Goalsetter, a savings and financial literacy app for kids. Last month, Tanya brought in backers including NBA stars Kevin Durant and Chris Paul, raising $3.9 million in seed funding.
<p>
Reaching this milestone is a testament to Tanya's perseverance and resilience as she, like many other Black women founders, struggle to find institutional investors. Our financial system is simply not set up to help Black entrepreneurs launch a business. Most new businesses are initially funded from savings and home equity, but the persistent racial wealth gap in our country places Black would-be entrepreneurs at a dramatic disadvantage since many don't have those assets available. On top of that, of the approximately $625 billion in venture capital invested since 2015, only around $15 billion went to Black and Latinx founders; that's just 2.4% of funding. For Black women founders specifically, the numbers plunge to 0.27% of funding over the past <a href="https://www.projectdiane.com/" rel="noopener noreferrer" target="_blank">two years</a>.
</p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="1">
</div>
</div></p><p>
This is not an issue that will resolve itself; we need to be deliberate about opening doors and bringing down barriers, not just to solve for one Black or minority-owned business at a time, but to rebuild a system that gives everyone a chance. Capitalism has lifted millions of people out of poverty and improved their quality of life, but it has also left many behind. As we now rebuild our national economy, we need to ensure future growth is inclusive, and that small businesses — the backbone of our economy — recover in a way that lifts up promising Black-owned startups at every point in their journey.
</p><p>
There is no quick fix to close the racial wealth and opportunity gaps, but there are many ways companies can help. Here are four insights we've learned from years of working with startups and community organizations.
</p><p>
<strong>Invest in the network.</strong> Startups like Oakland-based <a href="https://www.mycnote.com/" rel="noopener noreferrer" target="_blank">CNote</a> are working to channel capital to underserved micro and small businesses through a vast network of Black-owned banks, minority credit unions and community development financial institutions that have direct access to many local communities. However, these market innovators are hampered by complex governance requirements that Fortune 200 companies have to put in place before they will do business. We need to make it easier for new players like CNote to pass procurement hurdles and get into the pipeline so they can grow. By helping them on the back end, it opens them up to partnering with large corporates from all across the country.
</p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="2">
</div>
</div></p><p>
<strong>Open up access to markets.</strong> For those Black-owned businesses that do secure a first round of funding, their growth trajectory often slows when it comes to entering new markets. A startup's ability to scale increases exponentially when larger companies with trusted relationships not only make introductions to its partners but also offer the startup's services as part of a proposed solution to customers. This is an approach that has helped <a href="https://mocafi.com/about/" rel="noopener noreferrer" target="_blank">MoCaFi</a>, a New York-based, Black-owned startup that offers banking services to lower- and moderate-income communities, to start working with local city leaders in new markets. This work can be mutually beneficial for corporations: The ability to deliver effective support to underserved communities increases when the right partners with the right solutions are brought to the table.
</p><p>
<strong>Digitizing access to capital.</strong> Black entrepreneurs are being denied or given smaller bank loans nearly <a href="https://www.federalreserve.gov/publications/2017-september-availability-of-credit-to-small-businesses.htm" rel="noopener noreferrer" target="_blank">twice the rate of</a> their white peers — 54% compared to 30%, respectively. Microfinance institutions and CDFIs have stepped in to fill this void, supporting applications for those previously denied loans. However, the demand exceeds the resources and tools available, and getting funds to those who need it urgently can be challenging. New digital tools can be transformative in this situation if we could accelerate access for these organizations. Many rely on slow paper-based processes, but through the digitization of both applications and distribution of loans, CDFIs like the <a href="https://crfusa.com/" rel="noopener noreferrer" target="_blank">Community Reinvestment Fund</a> and micro-finance institutions like <a href="https://www.grameenamerica.org/" rel="noopener noreferrer" target="_blank">Grameen America</a> have been able to process requests faster, more securely and for more businesses, throughout the pandemic.
</p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="3">
</div>
</div></p><p>
<strong>Going all in. </strong>Finally, one of the most important lessons we've learned is that the programs and partnerships used to tackle these issues can't be just for a moment in time or a single intervention. For maximum impact, companies need to be all in with the full breadth of their assets — funding, product pilots, supplier practices, consulting services, data insights — as this is how to drive a catalytic impact and create a more sustainable, inclusive digital economy.
</p><p>
As more businesses, CEOs, corporate treasurers and venture capitalists join in this effort, we can collectively help bridge that wealth and opportunity gap. Startups can't scale up if they aren't given that first chance.
</p><p>
As we are reminded during this Black History Month, the problems of racial economic disparity have existed for too long, and although the challenge seems daunting, we are confident that with perseverance we can successfully build a more just and equitable economy. Our early progress matters, and we should make every effort to build on the first steps by coming together across sectors and organizations so that amazing ideas like Tanya's are embraced from the outset.
</p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="4">
</div>
</div></p>
Keep Reading
Show less
Michael Froman serves as vice chairman and president, Strategic Growth for Mastercard. He and his team drive inclusive growth efforts and partner across public and private sectors to address major societal and economic issues. From 2013 to 2017, Mike served as the U.S. trade representative, President Barack Obama’s principal adviser and negotiator on international trade and investment issues. He is a distinguished fellow of the Council on Foreign Relations and a member of the board of directors of The Walt Disney Company.
Sponsored Content
Building better relationships in the age of all-remote work
How Stripe, Xero and ModSquad work with external partners and customers in Slack channels to build stronger, lasting relationships.
Image: Original by Damian Zaleski
February 21, 2021
February 8, 2021
Every business leader knows you can learn the most about your customers and partners by meeting them face-to-face. But in the wake of Covid-19, the kinds of conversations that were taking place over coffee, meals and in company halls are now relegated to video conferences—which can be less effective for nurturing relationships—and email.
Email inboxes, with hard-to-search threads and siloed messages, not only slow down communication but are also an easy target for scammers. Earlier this year, Google reported more than 18 million daily malware and phishing emails related to Covid-19 scams in just one week and more than 240 million daily spam messages.
<p>To keep the lines of communication wide open in this new reality, organizations are adopting new cloud solutions at a rate CIOs expected to see years from now. In fact, 79% of CIOs agree that the pandemic will force their organizations to digitally transform faster than planned, according to <a href="https://slack.com/blog/transformation/people-partners-systems-slack" rel="noopener noreferrer" target="_blank">J.P. Morgan</a>. </p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="1">
</div>
</div></p><p>But executive leaders know it takes more than just adopting a communication platform or software bundle to build relationships remotely. You have to find the <em>right</em> solution that meets both your internal and external collaboration needs. That's why competitive businesses today are turning to Slack, the <a href="https://slack.com/features/channels" rel="noopener noreferrer" target="_blank">channel-based messaging platform, </a>to close communication gaps with partners and customers in the age of remote work. Companies can securely collaborate with external parties using <a href="https://slack.com/help/articles/360017938993-What-is-a-channel" rel="noopener noreferrer" target="_blank">Slack channels</a>, a single place to share files and messages, in the same <a href="https://slack.com/resources/using-slack/setting-up-a-shared-channel" rel="noopener noreferrer" target="_blank">Slack workspace</a> through <a href="http://slack.com/connect" rel="noopener noreferrer" target="_blank">Slack Connect</a>.</p><p>With Slack Connect, organizations can build stronger customer and partner relationships through real-time communication. And unlike email—which leaves users open to the risk of spam and phishing—companies and external parties receive communications only from <a href="https://slackhq.com/introducing-new-layers-of-enterprise-grade-security" rel="noopener noreferrer" target="_blank">verified members in Slack channels</a>. Plus, Slack workspace administrators can maintain control over data and monitor external access. </p><p>Here's a closer look at how teams at Stripe, Xero and ModSquad are using Slack Connect to engage customers, prospects and partners in real-time and close deals faster. </p><h4>Stripe: Expediting sales deals while building lasting relationships with customers</h4><p><a href="https://stripe.com/" rel="noopener noreferrer" target="_blank">Stripe</a> is an online payment provider with a mission to support e-commerce. The Stripe sales team works with early-stage startups all the way through global Fortune 500 companies, and uses Slack Connect to engage with customers, keep communication organized and teams in sync, and jump on sales opportunities.</p><p>Jeanne DeWitt Grosser, head of Americas revenue and growth at Stripe, says communicating with prospective customers in Slack has been instrumental in maintaining engagement and closing deals.</p><p class="pull-quote">"Historically, the gold standard of a deep relationship in sales was getting the person on text," says DeWitt Grosser. "Now the gold standard is getting them into a Slack channel."</p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="2">
</div>
</div></p><p>Usually at the beginning of a sale, DeWitt Grosser explains, reps used to double down on communication using the "law of 2x." Essentially, you start with a meeting and then follow up a week later. But this strategy no longer makes the cut: A lot could change in a week, and Slack is more in line with the tempo of the digital workplace. </p><p>"In Slack channels, the dialogue with the prospect happens in real time, as opposed to the next time you align your schedules," DeWitt Grosser says. "This kind of personal, persistent connection grows customer loyalty and retention."</p><p>Often sales reps have to communicate with a variety of departments to seal the deal. Instead of emailing them separately and creating silos, Stripe's account executives and solution architects set up a Slack channel with key customer stakeholders, like developers, the head of payments and a finance representative. </p><p>"When you need to move quickly, email is not the right format: It's more formal and responses take longer," says James Dyett, Stripe's head of global product sales and payments optimizations. "Slack has super powers. It's a much better experience." </p><h4>Xero: Working with external partners like they're on the same team</h4><p>If the pandemic has taught us one thing, it's that relationships matter. Whether it's launching a marketing campaign with a partner or hiring contractors to complete a specific project, we can't—and shouldn't—try to do everything ourselves. <br><br>When it comes to nurturing partnerships in the midst of the pandemic, <a href="https://www.xero.com/" rel="noopener noreferrer" target="_blank">Xero</a>, a cloud-based accounting software company, affirms that working in Slack Connect has been a game changer. Justine Wallendorf, New Zealand partner marketing manager at Xero, says Slack Connect helped her team launch a joint online marketing campaign with partners, <a href="https://www.figured.com/en-us/figured-xero" rel="noopener noreferrer" target="_blank">Figured</a> and <a href="http://paysauce" rel="noopener noreferrer" target="_blank">Paysauce</a>. </p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="3">
</div>
</div></p><p>The three companies were offering a complete software solution for farmers looking to manage their business digitally. By coming together in one Slack channel, #xero-partners, the sales and marketing teams across all three businesses could connect and ensure alignment on: </p><ul class="ee-ul"><li>Immediate universal access to all campaign details</li><li>Consistent messaging across sales enablement deliverables, such as one pagers and slide decks</li><li>Quick feedback and turnaround times for deliverables</li><li>Clear leadership signoffs</li></ul><p class="pull-quote">"Working in Slack Connect guaranteed that everyone was beating the same drum and speaking the same language, positioning our partnership as best as possible in the market," Wallendorf says.</p><h4>ModSquad: Winning customer loyalty with exceptional customer support</h4><p>With so much uncertainty in the world, efficient and reliable customer support is akin to a safe harbor in a storm. That's why Slack customer, <a href="https://modsquad.com/" rel="noopener noreferrer" target="_blank">ModSquad</a> has its support teams troubleshoot customer issues in real time with Slack Connect.</p><p>As a customer experience outsourcer, ModSquad knows good customer service. Each day, ModSquad's global crew of experts—the Mods—help their customers engage with their audiences online through customer support, content moderation, community management and social media. </p><p>ModSquad works with its clients in Slack Connect to set up service level agreements and incorporate support dashboards. With the <a href="https://slack.com/apps/A0108APQFQC-geckoboard" rel="noopener noreferrer" target="_blank">Geckoboard Slack integration</a>, ModSquad monitors clients' incoming calls and chats—without ever leaving Slack. Whenever the team sees an uptick in activity or service impacting issues, they can quickly alert clients and internal teams for quick resolution. The team also relies on a <a href="https://slack.com/apps/A9WFQ3M0B-zendesk" rel="noopener noreferrer" target="_blank">Zendesk Slack integration</a> to track service desk tickets, troubleshoot and resolve issues.</p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="4">
</div>
</div></p><p>According to Steve Henry, senior vice president, client services at ModSquad, Slack channels also help build a culture of transparent communication and trust with clients.</p><p>"Establishing trust with our clients is very important, and Slack provides a crucial component for all of our efforts" Henry says. "With Slack, we can provide world-class support solutions and improvements for our clients, driving efficiencies while growing their business in the process."</p><h4>In an all-remote world, Slack Connect builds strong partnerships</h4><p>Slack Connect is available for <a href="https://slack.com/pricing/paid-vs-free" rel="noopener noreferrer" target="_blank">all paid plans</a>. If you're already a customer but new to Slack Connect, feel free to <a href="http://slack.com/contact" rel="noopener noreferrer" target="_blank">reach out</a> or learn more on <a href="https://slack.com/resources/using-slack/setting-up-a-shared-channel" rel="noopener noreferrer" target="_blank">how to get started</a>. And if you want to see how others are using Slack Connect to work with external partners, check out a few of our recent <a href="https://slack.com/blog/collections/slack-connect-shared-channels-shared-success" rel="noopener noreferrer" target="_blank">customer stories</a>. </p>
Keep Reading
Show less
Policy
A Bloomberg-backed ‘tech co’ is building campaign tools for the left and right
The stealthy firm, which has been buying political tech firms for more than a year, is backed by Emma Bloomberg's philanthropic group.
The new firm, called Tech co., is backed by Michael Bloomberg's daughter, Emma Bloomberg.
Image: Clayton Cardinalli
February 25, 2021
Issie Lapowsky (@issielapowsky) is a senior reporter at Protocol, covering the intersection of technology, politics, and national affairs. Previously, she was a senior writer at Wired, where she covered the 2016 election and the Facebook beat in its aftermath. Prior to that, Issie worked as a staff writer for Inc. magazine, writing about small business and entrepreneurship. She has also worked as an on-air contributor for CBS News and taught a graduate-level course at New York University’s Center for Publishing on how tech giants have affected publishing. Email Issie.
February 24, 2021
A new company backed by Michael Bloomberg's daughter Emma Bloomberg has been quietly buying political tech firms and going on a hiring spree, as it seeks to create a digital organizing platform that operates "outside of a traditional 'Red/Blue' partisan paradigm."
Neither the existence of the firm, called simply Tech co. for now, nor its high-profile funder have been previously reported, though it's been up and running for at least a year. But a spate of recent job listings seeking data scientists, behavioral scientists and engineers have circulated through the insular political tech whisper mill, sparking curiosity as the startup prepares to emerge from stealth mode this spring.
<p>"Tech co. believes that a more equitable world will be built by people with organizing superpowers. To achieve this vision, we are building one seamless, intuitive, and intelligent platform that integrates data, tools, and experiences to give anyone those superpowers," reads one job <a href="https://boards.greenhouse.io/techco/jobs/5085859002" rel="noopener noreferrer" target="_blank">listing</a> for chief technology officer. The position describes Tech co. as building "a variety of technologies, from mobile apps to enterprise software tools." </p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="1">
</div>
</div></p><p>According to four sources familiar with the company, Tech co. grew out of Emma Bloomberg's philanthropic firm Murmuration, a nonprofit dedicated to public education reform. Murmuration declined to comment for this story, but in a May 2020 podcast <a href="https://web.archive.org/web/20210116045603/http://www.resistancedashboard.com/node/712" rel="noopener noreferrer" target="_blank">interview</a>, its vice president of communications Brian Reich said, "We provide data and analytics and strategic support to organizations working to improve public education in this country."</p><p>In the interview, Reich said Murmuration wanted to give local campaigns that have the potential to impact public education the same access to sophisticated data analysis tools that national campaigns have. "It's very rare that you see an integrated platform or intelligent data being used in advocacy campaigns and municipal-level races," Reich said. </p><p>Tech co. appears to have broader ambitions than just education reform. "Tech co. is the non-education specific version of the same thing," one source familiar with the company's plans said. The source said the company wants to use its philanthropic funding not just to build and acquire products, but to invest heavily in research and experimentation that will inform its tools. One job <a href="https://web.archive.org/web/20201101042503/https://boards.greenhouse.io/techco/jobs/4923790002" rel="noopener noreferrer" target="_blank">listing</a> from October sought a behavioral scientist capable of designing randomized controlled trials.</p><p>What makes Tech co. unique among most political or advocacy firms — but perhaps fitting for a Bloomberg-backed outfit — is the fact that it's recruiting and acquiring from both the left and the right. In 2019, Murmuration acquired a data analytics and CRM software firm called Crowdskout, which <a href="https://www.opensecrets.org/parties/expenddetail.php?cmte=RNC&txt=Crowdskout+LLC&cycle=2018" rel="noopener noreferrer" target="_blank">worked</a> with the Republican National Committee before the 2018 midterms. But it also bought a company called Organizer, which built a canvassing <a href="https://techcrunch.com/2012/09/11/organizer-electionear-disrupt/" rel="noopener noreferrer" target="_blank">app</a> backed in part by Democratic mega-donor and Facebook co-founder Dustin Moskovitz. Now, both of those tools are part of Tech co.</p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="2">
</div>
</div></p><p>"Tech co. is building on the foundation of products including Organizer, Crowdskout, and other existing tools and products," one job <a href="https://web.archive.org/web/20201101042503/https://boards.greenhouse.io/techco/jobs/4923790002" rel="noopener noreferrer" target="_blank">listing</a> reads. "We are building capabilities that live beyond a 4-year election cycle, and outside of a traditional 'Red/Blue' partisan paradigm."</p><p>Another listing <a href="https://boards.greenhouse.io/techco/jobs/5085859002" rel="noopener noreferrer" target="_blank">described</a> Tech co.'s clients as "organizations engaged in political and social advocacy" that work "on a multi-partisan basis."</p><p>More recently, following the 2020 election, Tech co. also acquired Tuesday Company, a firm that spun out of Hillary Clinton's 2016 campaign and made a tech-based organizing app called Team. Tuesday Company's CEO Michael Luciani wouldn't confirm that Tech co. was the buyer, but in an email to Protocol, he said the company changed ownership at the end of 2020 and is continuing operations. "We were purchased by an issue advocacy group, and they are using our relational organizing tech to strengthen their ability to build communities," Luciani said. </p><p>The party-blind nature of this work is unusual. Political vendors, both in the digital space and outside of it, have historically operated on opposite sides of a firewall, rarely taking on clients in competing parties. Intra-party rifts between challengers and incumbents have at times created <a href="https://www.wired.com/?p=1951038" rel="noopener noreferrer" target="_blank">awkward</a> dynamics for companies selling their services even within a single party.</p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="3">
</div>
</div></p><p>"My understanding is it's definitely non-partisan, but it's Bloomberg-y, so, pretty progressive," said one Democratic digital strategist familiar with the company's work.</p><p>Tech co. has recently been hiring aggressively from both the private sector and the insular world of political tech. The company's CEO, Evan Burfield, previously ran a political tech incubator called 1776 in Washington. Another top executive, Dan McSwain, worked on President Obama's 2008 digital team. The company has also lured talent away from some of the biggest players in the Democratic data space, including BlueLabs Analytics. </p><p>Tech co. is certainly not the first company to try to create an all-in-one tech platform for campaigns and advocacy groups. It's not even the first to do it with the support of a mega-rich donor. Before the 2016 election, former Google CEO Eric Schmidt invested in a similar firm, called The Groundwork, which also tried to build a one-stop-shop for digital organizers large and small. It landed some work with the Clinton campaign, but shortly after the election, its funding dried up, and it went out of business. </p><p>More recently, <a href="https://www.protocol.com/reid-hoffman-alloy-political-data-dnc" target="_self">Alloy</a>, a Reid Hoffman-backed political data firm that wanted to give progressive advocacy and voter registration groups access to better data, also <a href="https://www.protocol.com/alloy-reid-hoffman-shutting-down" target="_self">closed up</a> shop. And then there was Hawkfish, the Michael Bloomberg-backed data firm that worked on the former New York City mayor's presidential campaign in 2020, before <a href="https://www.vox.com/recode/2021/2/5/22268692/hawkfish-closure-mike-bloomberg-democrats-data" rel="noopener noreferrer" target="_blank">shutting</a> down earlier this year. Sources familiar with Tech co. say the company is not related to Hawkfish.</p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="4">
</div>
</div></p><p>"If we've learned nothing else from this last year, and particularly if Bloomberg learned nothing else from this last year, it's that no donor, no matter how rich, is going to fund something indefinitely," the Democratic digital operative said.</p>Tech co. may have advantages that those firms did not. For one thing, its acquisition strategy means it already owns a suite of tools that campaigns and organizations on both sides of the aisle have used. That could help the company avoid being seen as just another Big Tech interloper, a reputation other recent digital and data firms have <a href="https://nymag.com/intelligencer/2019/09/facebook-silicon-valley-democratic-party.html" rel="noopener noreferrer" target="_blank">found difficult to shake</a>. Sources say the company is also hoping that its deep-pocketed philanthropic funding could help it overcome one of the biggest challenges that political tech firms face: the fact that elections only come around every few years. In between, companies still need to survive.
Keep Reading
Show less
Issie Lapowsky (@issielapowsky) is a senior reporter at Protocol, covering the intersection of technology, politics, and national affairs. Previously, she was a senior writer at Wired, where she covered the 2016 election and the Facebook beat in its aftermath. Prior to that, Issie worked as a staff writer for Inc. magazine, writing about small business and entrepreneurship. She has also worked as an on-air contributor for CBS News and taught a graduate-level course at New York University’s Center for Publishing on how tech giants have affected publishing. Email Issie.
Transforming 2021
Blockchain, QR codes and your phone: the race to build vaccine passports
Digital verification systems could give people the freedom to work and travel. Here's how they could actually happen.
One day, you might not need to carry that physical passport around, either.
Photo: CommonPass
February 23, 2021
Mike Murphy ( @mcwm) is the director of special projects at Protocol, focusing on the industries being rapidly upended by technology and the companies disrupting incumbents. Previously, Mike was the technology editor at Quartz, where he frequently wrote on robotics, artificial intelligence, and consumer electronics.
February 23, 2021
There will come a time, hopefully in the near future, when you'll feel comfortable getting on a plane again. You might even stop at the lounge at the airport, head to the regional office when you land and maybe even see a concert that evening. This seemingly distant reality will depend upon vaccine rollouts continuing on schedule, an open-sourced digital verification system and, amazingly, the blockchain.
Several countries around the world have begun to prepare for what comes after vaccinations. Swaths of the population will be vaccinated before others, but that hasn't stopped industries decimated by the pandemic from pioneering ways to get some people back to work and play. One of the most promising efforts is the idea of a "vaccine passport," which would allow individuals to show proof that they've been vaccinated against COVID-19 in a way that could be verified by businesses to allow them to travel, work or relax in public without a great fear of spreading the virus.
<p><div class="ad-tag"><div class="ad-place-holder" data-pos="1">
</div>
</div></p><p>But building a system that everyone agrees with — and can access — is no small task. There are several companies working on competing projects to verify vaccinations. But beyond that, there are more than a few hurdles that could prevent vaccine passports from succeeding, from antiquated medical records systems to interoperability issues and privacy concerns. Here's how they could actually succeed. </p><h3>Competing projects, similar standards</h3><p>Pretty much since the first blockchain white paper, people have been looking for perfect examples of where a distributed, immutable ledger could be valuable. There's obviously the push to use it for currencies, and companies have tried to use it for things like tracking <a href="https://www.protocol.com/ibm-blockchain-supply-produce-coffee" target="_self">food production</a> and <a href="https://www.govtech.com/products/Blockchain-Voting-Debate-Heats-Up-After-Historic-Election.html" rel="noopener noreferrer" target="_blank">voting</a>, but there are few use cases that have truly taken off, at least so far. "We've been working on this since 2014; we never thought that health care would be the kind of the use case that we take this mainstream," Jamie Smith, the senior director of business development at Evernym, a company focused on using the blockchain as a basis for verifying identities, told Protocol. </p><p>Smith said Evernym had been discussing its concepts with automakers, retailers, telcos, governments, loyalty companies and banks prior to the pandemic. One of those companies was IAG, the airline group that owns British Airways, which had been interested in the idea of contactless travel based on a single identity credential that follows you from the airport check-in to your gate. With the pandemic, that morphed into thinking about ways to verify that passengers have had negative COVID tests, and eventually, that they've received a vaccine. "From our perspective, it was a really easy lift to see," Smith said. "We're doing contactless travel, and we just added verifiable credentials for test results."</p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="2">
</div>
</div></p><p>It's a similar genesis for IBM's Digital Health Pass initiative, which leader Eric Piscini said started about two years ago as a way to store people's entire health records in a safe, accessible platform. It also relies on the blockchain for its immutable record of proof, and both Evernym and IBM are part of an open-standards group called the Good Health Pass Collaborative, which aims to bring private credentialed vaccine records to business and people around the world. Companies are working on their own implementations of the standards, but Evernym's Smith said the data is meant to be portable from one passport to another. </p><p>Most of the companies working on passports say their systems are private by design, especially given that they're mainly working off the same open standards. In most cases, the health information only ever remains on a user's phone, but where it asks to verify that the user's information meets a system's standards — such as whether this person has had two COVID vaccines and should be allowed into an office — that information is recorded on a blockchain. "You can, using blockchain technologies, verify that someone has been tested recently, without having access to the underlying data," Piscini said. "I don't know any other technology where you can do that."</p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="3">
</div>
</div></p><p>Similarly, the nonprofit Commons Project's CommonPass, backed by the likes of Oracle, Microsoft and Salesforce, started out as a project to bring an analog to Apple Health for Android. JP Pollak, a senior researcher at Cornell and founder of the Commons Project, first launched CommonHealth to bring the sort of data and insights that Apple Health offers to iPhone owners to Android users. Last summer, the group started building an app that could take health data and privately share it with others — in that case, it was to help truckers stuck at the borders in <a href="https://www.newtimes.co.rw/opinions/digital-technology-re-opening-africa" rel="noopener noreferrer" target="_blank">East African countries</a> who couldn't easily prove they'd taken COVID tests. This morphed into vaccine credentialing, with the group now working to pull together the various data streams needed to get a project like this off the ground. </p><p>"Health care institutions, EMR vendors, retail pharmacies, state vaccine registries, all issuing people a digital verifiable credential of their vaccination record that they could then use in the app of their choice, to be able to get access to various kinds of services," Pollak said. CommonPass is also working with the Mayo Clinic, as well as Epic Systems and Cerner, two of the largest EMR vendors. </p><h3>Something for everyone </h3><p>With so many competing efforts to become the world's digital vaccine passport, it might seem that the country is heading for some sort of VHS versus Betamax format war for proving everyone has had COVID vaccines. But given that so many of the efforts are using the same standards, and in many cases, looking to embed their tech in someone else's app rather than their own, the race might be less about the best tech winning, and more about various approaches working in different situations. </p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="4">
</div>
</div></p><p>"The intent is not to be the only company; we don't want to be the proprietary platform that everybody has to use because they have no choice," IBM's Piscini said. "That's not who we are right now: That's the IBM from 30 years ago, not the IBM of today."</p><p>For IBM, though, the selling point is that the company already works with so many other massive companies. Why look elsewhere for a vaccine passport solution if your airline booking system is already powered by IBM? "We believe our network is going to be more valuable than any other because of our scale and our ability to integrate the platform with CRM systems, building systems or stadium systems — we can do that every day," Piscini said.</p><p class="shortcode-media shortcode-media-rebelmouse-image">
<img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNTY2NTc3NS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYyMTM1MjYyM30._ykxxCyx3_wDbZrYgCcmK0QT2Ue1tZFdP5pf60kOmPU/img.jpg?width=980" id="c81c9" class="rm-shortcode" data-rm-shortcode-id="3967636652192acfdaad341861263bc8" data-rm-shortcode-name="rebelmouse-image">
<small class="image-media media-caption" placeholder="Add Photo Caption...">IATA's digital passport app.</small><small class="image-media media-photo-credit" placeholder="Add Photo Credit...">Photo: IATA</small></p><p>For other companies, it's about securing new partnerships with major players in the hopes of finding that scale. Evernym, for example, is working with International Air Transport Association, the airline industry's trade association, on an air travel-specific app called Travel Pass. IATA is working with airlines and local governments to ensure it has the latest requirements to feed the app's rules engine. "It will say, 'Hey, you're flying JFK to Heathrow, you need a PCR test 48 hours in advance before you can land,'" Evernym's Smith said. "And of course, those policy changes are changing every day." Qatar, Emirates and Etihad Airways are all <a href="https://simpleflying.com/qatar-iata-travel-pass-launch/" rel="noopener noreferrer" target="_blank">expected</a> to start trialing the app in the next few weeks.<br></p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="5">
</div>
</div></p><p>In other instances, the technology will live inside other companies' existing apps; why make someone download yet another app and add another hurdle to compliance? Instead, the experience will be rather like adding a loyalty account or TSA PreCheck number when booking a flight. Airlines and other venues restricting access will require uploading negative test results or vaccine records using one of these services. "You're going to be using the United or the Delta app, and they'll be using our solution or somebody else's, but you will do it via their app," IATA's Travel Pass lead, Alan Murray Hayden, told Protocol.</p><p>The World Health Organization is also working on its own offering, and recently convened the <a href="https://www.who.int/groups/smart-vaccination-certificate-working-group" rel="noopener noreferrer" target="_blank">Smart Vaccination Certificate Working Group</a>. It's built upon the WHO's nearly century-old notion of the "yellow card" vaccination record, which first was used to document that travelers had been inoculated against diseases such as cholera and yellow fever. Evernym Chief Trust Officer Drummond Reed is part of the working group; he said there should be more to share in the coming months. </p><h3>What could go wrong?</h3><p>It's entirely possible that as more people start to get vaccinated, vaccine passports start to become the norm. You walk to work — still masked, of course — scan a QR code reader in the lobby, and are let in. You go out for lunch, and your loyalty card app has a discount for in-store shoppers verifying they're vaccinated. Your concert ticket is also tied to health pass information that you shared earlier in the day with Ticketmaster. But there are more than a few hurdles ahead of the companies rushing to turn these concepts into realities. </p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="6">
</div>
</div></p><p>First off, there's the … reality … of the real world that any digital system has to contend with. For anyone without access to the internet, digital vaccine credentials will prove difficult to acquire, though all the companies Protocol spoke with said they would offer a paper-based QR code for people who don't have smartphones. But there's also the issue of having to corral so many different stakeholders into one system, especially when some health care providers are still reliant on antiquated database systems or <a href="https://www.protocol.com/manuals/health-care-revolution/electronic-health-records-after-coronavirus" target="_self">even paper records</a>. "The amount of inefficiency in the system is tremendous," IBM's Piscini said. </p><p>But in the U.S. at least, all vaccinators are required to report COVID-19 vaccines to their state. Piscini said that even for people who just received a paper copy of their vaccine records, systems like IBM's can likely link up to the state's immunization registry and allow people to import records to a vaccine passport.</p><p class="shortcode-media shortcode-media-rebelmouse-image">
<img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNTY2NTc4My9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTYzNzg3MTM2M30.RZtqR7F_FuXK1S24V6jVaqUZ0xOSG-gCwj00xU3fxcM/img.png?width=980" id="b0bd3" class="rm-shortcode" data-rm-shortcode-id="11d8002d92c0cd6ef39b12fc7b8dccf8" data-rm-shortcode-name="rebelmouse-image">
<small class="image-media media-caption" placeholder="Add Photo Caption...">How CommonPass's app shows your records. </small><small class="image-media media-photo-credit" placeholder="Add Photo Credit...">Image: CommonPass</small></p><p>And states are willing to help out, Pollak said, adding that CommonPass has started working with Hawaii to roll out its offering for would-be tourists. "We're seeing a lot of state governments stepping up and doing a really good job with this," Pollak said. "It would be surprising if there wasn't a coordinated federal effort very soon." That being said, while <a href="https://www.cbc.ca/news/canada/north/iceland-covid-passports-canada-1.5904828" rel="noopener noreferrer" target="_blank">many countries around</a> the world are committing to working on vaccine passports, getting a straight answer out of the U.S. government on what it's doing has proven difficult. The State Department, which maintains America's traditional, analogue passports, referred me to Homeland Security, which referred me to the White House. The acting director and chief of staff of the White House's Office of Science and Technology Policy, Kei Koizumi, told Protocol that "OSTP can't discuss projects we are working on before they are publicly announced."</p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="7">
</div>
</div></p><p>But even with systems in place at a federal level, there's still a fair amount of education that needs to happen before people will trust systems like these. "There's a substantial gap in understanding and knowledge of how these systems work, and people's views, in terms of who should get access to which data," Pollak said. </p><p>"We assume there's a Facebook Borg in the sky, monitoring every interaction," Smith said. "The emergence of verifiable credentials breaks down that mental model, where actually it becomes more like decentralized bits of paper that I can carry around, and no one's to know that I've been sharing this information."</p><p>"Our belief is that if you do the right thing, from a platform point of view, protecting your privacy, and giving you control and access to the platform to everybody who wants to use it," Piscini said. "I think those are very basic things that allow the core of the platform that we build to generate adoption by the individuals."</p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="8">
</div>
</div></p><p>Even with a system that works, there may still be holdouts to this potential new normal. "Some people are saying, 'I will never get vaccinated,'" Piscini said, "and I don't know if the airlines are going to say, 'Well, maybe you will never fly again.'"</p>
Keep Reading
Show less
Mike Murphy ( @mcwm) is the director of special projects at Protocol, focusing on the industries being rapidly upended by technology and the companies disrupting incumbents. Previously, Mike was the technology editor at Quartz, where he frequently wrote on robotics, artificial intelligence, and consumer electronics.
Protocol | Fintech
These digital banks try to stand out by focusing on niche communities
Banks like Daylight and Purple are serving communities that have been overlooked by big banks.
Upstarts like Purple and Daylight are trying to meet the specific needs of their customers.
Photo: Stephen Phillips/Unsplash
February 24, 2021
Tomio Geron ( @tomiogeron) is a San Francisco-based reporter covering fintech. He was previously a reporter and editor at The Wall Street Journal, covering venture capital and startups. Before that, he worked as a staff writer at Forbes, covering social media and venture capital, and also edited the Midas List of top tech investors. He has also worked at newspapers covering crime, courts, health and other topics. He can be reached at tgeron@protocol.com or tgeron@protonmail.com.
February 24, 2021
When Billie Simmons and Rob Curtis started the LGBTQ-focused digital bank Daylight last year, they didn't seek to just "stick rainbows" on the product to market to the group. Instead, they decided to focus on building a product that met the specific needs of the population.
<p>
Fueled by the growth of plug-and-play banking infrastructure, startup niche banks have cropped up that cater to specific demographic or interest groups, such as people in the LGBTQ community, African Americans, Latinx consumers, immigrants, students, people who are disabled and those interested in climate change. There are even digital banks for gamers.
</p><p>
These startups — which typically have a licensed sponsor bank such as MetaBank or Bancorp as well as banking infrastructure from Galileo, Unit or Marqeta — say they aren't just a marketing front-end but are offering specific products that consumers can't get elsewhere. But many have similar basic features such as mobile-first, free checking and no fees, so they face challenges to stand out in a crowded field of neobanks.<br>
</p>
<p><div class="ad-tag"><div class="ad-place-holder" data-pos="1">
</div>
</div></p><p>
Traditional banks have not met the specific needs of these groups, these upstarts say. Meanwhile, the bigger digital banks such as <a href="https://www.cnbc.com/2020/09/18/chime-is-now-worth-14point5-billion-surging-past-robinhood-as-the-most-valuable-us-consumer-fintech-.html" target="_blank">Chime</a> have grown so large that they are targeting much broader swaths of consumers.
</p>
<p>
"For LGBT people, money matters are different and left behind by wider incumbent banks," Curtis said.
</p>
<p>
For example, Daylight has a feature for its debit card and mobile banking app where customers can sign up with their preferred name, regardless of the name on their legal identification. "That's really important for trans and nonbinary folks," Curtis said. "It's a cumbersome process to get legal documentation changed."
</p>
<p>
Ando, which appeals to those concerned with climate change, shows what percentage of your checking account dollars are being invested in areas such as wind energy, electric batteries or green buildings. "We're improving banking by moving from no transparency or accountability and no direction to better direction" of your money, said Ando CEO JP McNeill.
</p>
<p>
Others such as Greenwood, co-founded by rapper Killer Mike, focus on Black and Latinx consumers.
</p>
<p>
Spinning up a bank can take about a month and a half, said Itai Damti, CEO of banking-as-a-service startup Unit, which handles things like account origination, reconciliation, know-your-customer checks and settlement.
</p>
<p>
"In each case what we're looking for are use case [innovations] more than just the [demographics]," said Ryan Falvey, co-founder and managing partner at Financial Venture Studio, who has invested in startups in this area such as Dave, Propel and Point.
</p>
<p><div class="ad-tag"><div class="ad-place-holder" data-pos="2">
</div>
</div></p><p>
Daylight also has two community features for consumers: peer-to-peer advice from others on the platform as well as advice from financial experts. People in the LGBTQ community often have specific financial questions or concerns that others may not have, from adopting a child to gender confirmation surgeries to just saving for retirement, Simmons said. "It's a community of like-minded individuals to support individuals through what's often a confusing and lonely process," he said.
</p>
<p>
Community is one way niche banks can differentiate themselves, said Sean Park, founder at venture firm Anthemis. "It's more about the community because the infrastructure and even the products are becoming commoditized," Park said.
</p>
<p>
Because the banking technology and infrastructure has gotten relatively easier to set up, there's been a flood of competitors. "Usually even if you have something interesting and unique, it's not really defensible. If it catches on, everybody copies it," Park said.
</p>
<p>
John Ciocca started Purple, which uses Bancorp and Galileo, for people with disabilities. Purple is helping as many as 60 million people in that demographic maintain their disability benefits, because in certain states, if a person's assets exceed $2,000, they can lose those benefits, he said.
</p>
<p>
"What we consider differentiates us from Chime and others is we tailor the experience and features to the unique needs of people signing up for disability benefits," he said. "We make people feel at home, because we're taking care of your needs like a community bank."
</p>
<p><div class="ad-tag"><div class="ad-place-holder" data-pos="3">
</div>
</div></p><p>
While many of these banks are quick to point out that they aren't just about marketing, many neobanks do have particular expertise in data and user acquisition, and they outsource core banking, said Joe Floyd, a general partner at Emergence Capital. "They have two core competencies: data and user acquisition. Neobanks are here to stay — especially if they focus on niches. They can acquire customers more cheaply and strategically and get top-tier customers for the right products because they have better data."
</p>
<p>
Distribution, quickly acquiring customers and product differentiation give these banks an advantage over incumbents, Damti said. "The more distinct and tight-knit the population is, the more you can take advantage of this dynamic," he said.
</p>
<p>
Some believe that challenger banks are unsustainable businesses because they focus on marketing to certain groups and are just a "debit card for X." But Falvey says that's not the case, and many of these startups offer a "fundamentally different user experience."
</p>
<p>
"What's happening is deep innovation on what the product looks like," Falvey said. "The products are quite different than what incumbents are offering. They're acquiring users at a fraction of the cost that incumbents are."
</p>
<p>
Still, customer acquisition costs have risen, which makes unit economics challenging unless a bank reaches large scale, Park said. "Unit economics for a lot of these businesses aren't fantastic," he said. "If you can get to 14 million customers like Chime, then yeah, you can figure it out."
</p>
<p>
Because there are so many competitors now, it's hard to stand out, so not many will make it, Floyd said. "The challenge is not all of them will fulfill their potential," he said. "You'll have a few big horizontal banking platforms. A few will find big enough niches. Most are great seed investments and terrible growth investments."
</p>
<p><div class="ad-tag"><div class="ad-place-holder" data-pos="4">
</div>
</div></p><p>
But some interest groups may not be tight enough or have a "unique financial need" for a business to be built on, Damti said.
</p>
<p>
The community should have clearly unmet product and emotional needs, and should be self-organizing and viable long term, Curtis said. "Certain groups — freelancers, students, etc. — may be bonded by common functional needs, but it will be tricky to convert that into a community over the long term," he said.
</p>
<p>
One challenge is turning all those customers into revenue. Many start with checking accounts for their customers, which don't generate much revenue, or credit cards, which generate interchange fees. But the overall goal is to gather customers and eventually sell a range of products, from loans to mortgages to specialized services.
</p>
<p>
"It's the exact same strategy as Wells Fargo or Citibank in the 1960s: Get the top of the wallet, then grow wallet share," Falvey said. "They're employing a strategy we know is a recipe for success."
</p>
Keep Reading
Show less
Tomio Geron ( @tomiogeron) is a San Francisco-based reporter covering fintech. He was previously a reporter and editor at The Wall Street Journal, covering venture capital and startups. Before that, he worked as a staff writer at Forbes, covering social media and venture capital, and also edited the Midas List of top tech investors. He has also worked at newspapers covering crime, courts, health and other topics. He can be reached at tgeron@protocol.com or tgeron@protonmail.com.
Latest Stories
See more
Most Popular
Bulletins
February 25, 2021 17:33 EST
February 24, 2021 18:59 EST
Get Source Code in your inbox
David Pierce's daily analysis of the tech news that matters.