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An ethereal-looking image of Molly Baz, the cookbook author, with her pregnant belly exposed and her breasts covered with not much more than a rhinestone bikini top and two oatmeal cookies, floated high above Times Square. It was a digital billboard, measuring 45 feet tall, for Baz’s lactation cookies — a recipe to stimulate milk production that she developed in partnership with the breastfeeding start-up Swehl. Brex, a company that helped Swehl get the ad up on a billboard powered by Clear Channel, was told by a Clear Channel representative that the ad violated “guidelines on acceptable content,” according to an email reviewed by The New York Times. Brex later clarified that the original artwork was “flagged for review” and that it was replaced with another image from the campaign. The new creative does not feature Ms. Baz’s breasts as prominently; she is perched on a kitchen counter top in jeans and a crop top, eating one of her cookies.
Persons: Molly Baz, Swehl, Brex Organizations: Clear, Clear Channel, The New York Times
Introduction to Business Credit Cards for Bad CreditA business credit card can be incredibly convenient for managing your business's financial transactions. Best Business Credit Cards for Bad CreditCapital One Spark 1% Classic† : Best overallBest overall Ramp Visa Corporate Card: Best for business toolsBest for business tools Bank of America Business Advantage Unlimited Cash Rewards Secured Business Credit Card : Best for building business creditBest for building business credit FNBO Business Edition® Secured Mastercard® Credit Card : Best for earning deposit interestBest for earning deposit interest Brex Card: Best for no personal guaranteeBad Credit Business Credit Card ReviewsIf you're considering a business credit card for bad credit, here's what you should know about the business cards that made our list. Bank of America Business Advantage Unlimited Cash Rewards Secured Business Credit CardBuilding your business credit is just as important as building your personal credit. Business Credit Cards for Bad Credit Frequently Asked QuestionsSearching for a small business credit card that addresses the needs of your business operations can be daunting. Why You Should Trust Us: How We Chose the Best Business Credit Cards for Bad CreditBusiness Insider's credit card team evaluated several factors to determine our list of best small business credit cards for bad credit.
Persons: we've, Slack, Chase, isn't, you'll, Bradstreet, cardholders Organizations: Business, Bank of America Business, Credit, Mastercard, Capital, American Express, Singapore Airlines, Emirates, Best, Bad Credit, Card, Bank of America, National Bank of Locations: Amex, National Bank of Omaha, Dun
Rising interest rates have slammed the brakes on deals, and many real-estate companies have cut staff as revenues slowed. Founded in 2020 by real-estate executives Ryan Stroker and William Martiner, Avenue One was profitable by early 2021, company officials told Business Insider. AdvertisementAvenue One cofounder and CEO Ryan Stroker told BI in an interview how the company is navigating the difficult business environment. "I was told that I wasn't spending enough money six months before the layoffs," Stroker said. Layoffs and Big SpendingBoth Stroker and Avenue One's followup statement said the company is financially secure and described the layoffs as prudent rather than necessary.
Persons: It's, Ryan Stroker, William Martiner, Wall, Stroker, Martiner, John Burns, Ryan, Axel Springer Organizations: Service, KKR, Global, Business, MetLife, Wall, Amherst, John Burns Real Estate Consulting, BI Locations: Manhattan, Axel
Sam Blond has left Founders Fund after 17 months with the firm. Blond's departure from Founders Fund is the second in as many months after Keith Rabois left. AdvertisementSam Blond, the Founders Fund partner who brought sales expertise from his years at Brex and Zenefits, has left the firm, he announced on X. He's the second partner to depart Founders Fund this year after Keith Rabois made a return to Khosla Ventures in January. In 2022, Founders Fund took part in 84 rounds that totaled about $6.6 billion.
Persons: Sam Blond, he's, Keith Rabois, , I've, Blond, Forbes, Rabois, Axios Organizations: Fund, Service, Founders Fund, Khosla Ventures, Brex, Institutional Locations: Brex
Some tech leaders are returning to San Francisco, The Wall Street Journal reported. San Francisco's commercial real estate market is also getting a boost from the AI boom. AdvertisementIt seems like San Francisco is luring some tech bosses back after a pandemic-induced exodus. Now, he plans to spend one week a month in San Francisco and is renovating a house in the city, The Journal reported. Meanwhile, San Francisco has grappled with a homelessness problem and shifts in crime patterns.
Persons: , San, Keith Rabois, cofounders Henrique Dubugras, Pedro Franceschi, Howie Liu, Rabois, Elon Musk, Sam Altman Organizations: Street Journal, Service, The, Meta, PayPal, California Globe Locations: San Francisco, Miami
Fintech has shown few signs of recovering in 2024 as funding declines and layoffs continue. VCs said they want to pick up deals this year in AI and cost-management tools for software. Investors digging for deals in the fintech industry are zeroing in on a few pockets of resilience. Venture funding to financial-technology startups fell by 50% in 2023 from 2022, according to CB Insights. Only one month into 2024, fintech layoffs have been abound.
Persons: Fintech, VCs, Jack Dorsey's Block Organizations: PayPal, Business Locations: Brex
Amazon, Google and Microsoft also cut tens of thousands of workers. And the companies — including X, formerly known as Twitter, which has chopped nearly 80 percent of its staff since late 2022 — continued operating. And a month into 2024, tech companies have entered a new phase of cost cutting. After last year’s widespread layoffs, the largest firms — including Amazon, Google and Microsoft — have in recent weeks made smaller, targeted job trims while focusing on fewer projects and shifting resources to key products such as artificial intelligence. Some tech start-ups — such as Flexport, Bolt and Brex — have slashed more deeply to stave off potential extinction.
Persons: Mark Zuckerberg, Organizations: Meta, Google, Microsoft
Applying for a business credit card using an EIN keeps your personal and business finances separate. Advantages of using an EIN for business cardsUsing an EIN for business credit cards offers several advantages for business owners. SVB Innovators Card: The SVB Innovators Card earns 2x points on all business spending, making it a rewarding choice for business owners who want a business credit card using only an EIN. The SVB Innovators Card earns 2x points on all business spending, making it a rewarding choice for business owners who want a business credit card using only an EIN. How to obtain an EIN for business card applicationsIf you want to get a business credit card using your EIN, you might need to start by obtaining the EIN itself.
Persons: , EIN, Holly Johnson, it's, Julia Menez, BILL, Keogh Organizations: Service, Internal Revenue Service, IRS, Card, EIN Locations: United States, Chevron
When applying for a business credit card, issuers may consider your personal credit score if you don't have a business credit report yet. [ Jump to more details ]More on our picks for the easiest business credit cards to getCapital One Spark 1% ClassicThe Capital One Spark 1% Classic has lower credit score requirements than many cash-back business credit cards but still earns valuable rewards. [ Return to card summary ]Bank of America Business Advantage Unlimited Cash Rewards Secured credit cardThe Bank of America Business Advantage Unlimited Cash Rewards Secured credit card is a secured credit card, geared toward applicants with poor or no credit scores. Credit card issuers usually check your personal credit when you apply for a business credit card. Our methodologyTo determine which business credit cards are the easiest to get approved for, CNBC Select analyzed the most popular credit cards available to U.S. business owners with poor or average credit.
Persons: It's, cardholders, Bradstreet, Cardholders, Slack, you've, Cash, you'll, There's Organizations: CNBC, Capital, Bank of America Business, The, of America Business, Apple, Google, Mastercard, Card, Emigrant Bank, FDIC, Brex, SEC, Treasury, Cash, Gas, Bank of America, World, Microsoft, MasterRental, Savings, CNBC Select's, Facebook, Twitter Locations: U.S
Yuzu Health is working to bring that system to the world of startups. Yuzu Health currently powers 10 healthcare plans for thousands of members, he said. "Broadly, we're excited about being modular and, as a new player in the space, unlocking startups' abilities to get self-funded plans." Yuzu Health joins a growing ecosystem of startups that are helping other startups operate and provide better perks and conditions for their employees. Check out the 15-slide pitch deck Yuzu Health used to land $5 million in seed funding:
Persons: Lachy Groom, Vanta, Max Kauderer, Yuzu, Russell Pekala, Ryan Lee, Kauderer Organizations: One Ventures, Altman, Browder, Unicorn, Coalition, Health Locations: Yuzu, New York
UK has second-biggest number of top fintech firmsThe U.S. was home to 65 of the top fintech companies, according to CNBC's list of world's top 200 fintech companies. In the U.S., some of the top global fintech companies on Statista's list include names like Stripe, PayPal and Intuit . Stateside, meanwhile, the largest fintech unicorns are Stripe ($95 billion), Chime ($25 billion), Ripple ($15 billion), Plaid ($13.5 billion), Devoted Health ($12.6 billion, and Brex ($12.3 billion). Other leading ecosystems for fintech unicorns include India, on 17 unicorns, and China, on eight. Standing in 8th place is Mexico, with five fintech unicorns, Singapore, also with five, and the Netherlands, which has four in total.
Persons: Ed Jones, Starling, Tencent, Statista, Andreessen Horowitz, Wise, Vlad Tenev, Group's, , Nick Parmenter Organizations: AFP, Getty, CNBC, Statista, Ant Group, Plaid, Visa, Mastercard, European Union, Apple, Google, Sequoia Capital, PayPal, Intuit, Financial, Authority, Consumers Locations: U.S, Beijing, China, Silicon, Europe, Ukraine, Covid, India, France, Brazil, Germany, Mexico, Singapore, Netherlands, Statista
Lin Murata worked at the business growing up, doing everything from sales to filing paperwork to working the cash register. "My parents, they're very old school, and all the existing solutions were excruciating to use, and we realized there was a real need for a frictionless B2B payments solution," said Lin Murata. It's a tall order to digitize B2B payments — companies ranging from middle-market companies and mom-and-pop shops have been notoriously hard to penetrate and spur technological change. Of the $125 trillion market for global B2B payments, only a fraction of transactions — less than $6 trillion according to Slope's pitch deck — occur online. The latest investment brings Slope's total funding to $187 million, with $62 million in equity and $125 million in debt capital.
Persons: Lawrence Lin Murata, Lin Murata, Alice Deng, Deng, Sam Altman, OpenAI's Sam Altman Organizations: Union Square Ventures, OpenAI's Locations: China, Brazil, Slope's
Billionaire Bill Ackman wants Harvard to name the students whose organizations co-signed a letter laying blame for the Hamas attacks on Israel. His post saying the names should be released so CEOs can avoid hiring them drew over 10 million views on X. AdvertisementAdvertisementBillionaire hedge fund manager Bill Ackman called on Harvard to release the names of students whose organizations signed a letter blaming Israel for the Hamas attacks, so CEOs can avoid hiring them. Harvard, Ackman, Resnik, Varsavsky, Duel, Ready, Montague, Levy, Wurzack, McQuaid, Newman, and Broukhim did not immediately respond to requests for comment from Insider. These CEOs and investors are directing their ire at a letter written by Harvard Palestine Solidarity Groups published on Sunday.
Persons: Bill Ackman, , Israel, Ackman, We'll, Martin Varsavsky, Varsavsky, Jonathan Newman, Michael Broukhim, David Duel, Newman, Michael McQuaid, Bloq, Stephen Ready, Hu Montague, Art Levy, Jake Wurzak, Levy, Wurzack, McQuaid, Broukhim, Mehdi Hasan, MSNBC's Mehdi Hasan Organizations: Harvard, Service, Dovehill Capital Management, Harvard Palestine Solidarity Groups Locations: Israel, Montague
Some retailers are fleeing San Francisco as fears grow over rising crime and a worsening economic environment. They continued, "We are excited to strengthen our presence in San Francisco and intend to test and try different formats to meet the needs of our San Francisco consumers for many years." Tayfun Coskun/Anadolu Agency via Getty ImagesChanel is also making moves in downtown San Francisco. The move came despite luxury stores in downtown San Francisco being targeted by a series of high-profile robberies. "We recently invested in renovating our Downtown San Francisco hub where our teams come together to develop new consumer experiences and product innovations.
Persons: Tayfun, Chanel, Yves Saint Laurent, Jay Watson, Alexander Spatari, Henrique Dubugras, Michael Tannenbaum, Brex's, Tannenbaum, It's, it's, Angela Hoover, Andi, Hoover Organizations: Foods, Service, Nordstrom, Westfield San Francisco Centre, Ikea US, Ikea, Bay Area, Anadolu Agency, Getty, Real, Arpels, Gap's San, Gap Inc, Navy, Gap, Downtown, San Francisco Locations: San Francisco, Wall, Silicon, Francisco, Westfield, San Francisco's, Bay, Union, Gap's, Gap's San Francisco, Banana, Sutter, Downtown San Francisco, Miami
Major tech companies are reserving big pay packages for the most experienced engineers in the industry. A few years of fierce competition for all levels of tech talent, particularly engineers, among the biggest tech companies drove some eye-popping compensation packages. The Median compensation for an L4 level engineer at Netflix, which implies two or more years of experience, was $312,000. An L5 at Netflix, an engineer with 5 or more years of experience, earned a median compensation of $550,000. Brex, which offers corporate credit cards and an expense management tool, is paying engineers with five or more years of experience median compensation of $450,000.
Persons: Levels.fyi, That's, Meta, Mark Zuckerberg, Kali Hays Organizations: Facebook, Netflix, Google, Meta, Apple, Microsoft Locations: Levels.fyi, khays
In an aerial view, cars drive by the San Francisco skyline as they cross the San Francisco-Oakland Bay Bridge on October 27, 2022 in San Francisco, California. Alexander Quinn, senior director of research at commercial real estate company JLL, said his firm sees bright spots in San Francisco’s commercial real estate market as AI companies drive office leasing demand. A shopper exits the Westfield San Francisco Centre shopping mall in San Francisco, California, US, on Tuesday, June 13, 2023. The US Census Bureau reports an estimated 35% of employees in San Francisco and San Jose continue to work from home. “I think the crash is coming, and it hasn’t happened yet,” he added, referring to commercial real estate prices.
Persons: Naveen Rao, CBRE, Justin Sullivan, it’s, ” Rao, San, Alexander Quinn, JLL, ” Quinn, Rao, OpenAI, , “ There’s, MosaicML, Quinn, , Francisco’s, David Paul Morris, Henrique Dubugras, ” Michael Tannenbaum, Tannenbaum, Hans Hansson Organizations: CNN, San, Westfield, San Francisco Centre, Westfield San Francisco, Bloomberg, Getty, London, US, Locations: San Francisco, Southern California, Francisco, Oakland, San Francisco , California, , “ San Francisco, New York, Los Angeles, city’s, San Francisco’s Union, Coresight, Westfield San Francisco Centre, California, Francisco’s, San Jose, decamping, United States
For organizations that are ready to move past temporary remote or hybrid work arrangements, remote work "maturity" is the final step. Companies with highly effective documentation are more than twice as likely to report that their company maximizes the positives of remote work, according to the Gusto Hybrid Work Playbook. For early remote work adopters, rigorous documentation has been key from the beginning. Nearly half of companies who report having clear goals say remote or hybrid work has been positive for company performance. Reeder says while tools can help make remote work more effective, leaders should not use software to mask inefficiencies.
Persons: Annie Dean, Dean, JJ Reeder, " Reeder, Reeder, Brex, Angela Crossman, it's, Crossman, Upwork, Atlassian Organizations: Companies, malleability Locations: Atlassian, Upwork, San Francisco, Chicago
One way to see how private companies are faring is to look at secondary exchanges. The fallen giants are led by former fintech darling Plaid, which has plunged almost 80% in 2023. The fallen giants are led by former fintech darling Plaid, which has plunged almost 80% in value this year. "Suggesting a valuation of any private company based solely on thinly traded secondary market data is misleading clickbait," said a Plaid spokesperson. Below are the 20 companies that have fallen most in value this year, according to Caplight.
Persons: Buyers, Caplight, Javier Avalos, Avalos, Gabe Greenbaum Organizations: Plaid, B Locations: Caplight
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBrex Co-CEO Henrique Dubugras: It's easier to get new customers now than before the banking crisisBrex Co-CEO Henrique Dubugras joins CNBC's Julia Boorstin and 'Fast Money' to discuss his Disruptor 50 company that is shaking up the fintech landscape.
Brex: 2023 CNBC Disruptor 50
  + stars: | 2023-05-09 | by ( Cnbc.Com Staff | ) www.cnbc.com   time to read: +1 min
Fintech startup Brex was already a high flier, growing by 200% last year with more than 200,000 customers from startups to enterprises. Now following the collapse of SVB, Brex has gained billions of dollars in deposits from thousands of ex-SVB clients. With previous experience in founding Pagar.me, one of Brazil's largest payment processors, their idea for Brex was to combine financial products and software in a single platform. The founders conceived Brex in a Y Combinator accelerator program after growing frustrated applying for a credit card to launch and fund their original idea for a VR startup. What has differentiated Brex from the status quo in corporate cards is its focus on fast-growing businesses.
As CEO of GIC, Singapore's sovereign wealth fund, he must keep the country's savings growing ahead of inflation. AI retoolingThe 2 investors were most animated when discussing the recent explosion of generative AI technology, including large language models. Chris Emanuel, head of the Technology Investment Group at GIC, Singapore's sovereign wealth fund GICThere's already a generative AI startup feeding frenzy among venture capital funds. Secondary market actionFinally, GIC is keen on doing more in the secondary market, where private stakes in startups and VC funds change hands. That means general partners, the people running VC funds, already know GIC and are more comfortable dealing with the organization, Lim explained.
San FranciscoThe AI boom is helping to bring San Francisco back after the pandemic. Dan Kurtzman/Getty ImagesDuring the pandemic, the San Francisco metro area ceded some of its dominance over the tech industry to growing hubs in cities like Miami and Austin. The neighborhood of Hayes Valley, in particular, has become such a hotspot for new AI startups that it's jokingly been renamed "Cerebral Valley." Their overall consensus is that working from home is on its way out and working from the office is back in. Security card swipe data also shows that office occupancy in the San Francisco metro area has increased since the beginning of the year.
Why it's on the market: SMB lenders saw valuations skyrocket during the pandemic years fueled by cash-strapped businesses struggling to secure loans amid tightening lending requirements. "These sorts of businesses almost certainly got way over their skis on valuation," a partner at a California-based venture firm, told Insider. SMB lenders are potential acqui-hires or acquisition targets unless they can raise more capital, according to one New York-based partner at a large venture firm. In November 2022, Pipe announced its three cofounders would step down and start the search for a "veteran" CEO. Both experts expect to see consolidation throughout the segment, with larger consumer and SMB lenders like Ramp and Brex as potential buyers.
Why it's on the market: SMB lenders saw valuations skyrocket during the pandemic years fueled by cash-strapped businesses struggling to secure loans amid tightening lending requirements. "These sorts of businesses almost certainly got way over their skis on valuation," a partner at a California-based venture firm, told Insider. SMB lenders are potential acqui-hires or acquisition targets unless they can raise more capital, according to one New York-based partner at a large venture firm. A spokesperson for Pipe cited the fintech's hiring of Luke Voiles, a former Square and Intuit executive, as CEO earlier this year. Both experts expect to see consolidation throughout the segment, with larger consumer and SMB lenders like Ramp and Brex as potential buyers.
San FranciscoThe AI boom is helping to bring San Francisco back after the pandemic. Dan Kurtzman/Getty ImagesDuring the pandemic, the San Francisco metro area ceded some of its dominance over the tech industry to growing hubs in cities like Miami and Austin. The neighborhood of Hayes Valley, in particular, has become such a hotspot for new AI startups that it's jokingly been renamed "Cerebral Valley." Four Bay Area-based tech workers told Insider that they're going in to meet colleagues, grab coffees, or just get out of their apartments. Security card swipe data also shows that office occupancy in the San Francisco metro area has increased since the beginning of the year.
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