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NerdWallet CEO talks the current lending environment
  + stars: | 2024-04-26 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNerdWallet CEO talks the current lending environmentTim Chen, NerdWallet CEO, joins 'Closing Bell Overtime' to talk quarterly results, the current lending environment, and more.
Persons: Tim Chen
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCredit quality is no longer primary driver behind lending pullback, says Nerdwallet CEO Tim ChenNerdwallet founder and CEO Tim Chen joins 'Squawk Box' to discuss the company's quarterly earnings results, how lenders are tightening lending standards in today's economic envrionment,
Persons: Tim Chen Nerdwallet, Tim Chen
But the company had been warned of potential safety issues with the sub as long ago as 2018, a lawsuit says. Amazon Prime's FTC lawsuit. The Federal Trade Commission sued Amazon on Wednesday, accusing the company of luring customers into Prime subscriptions and creating a "labyrinthine" process to cancel them. After the FTC sued Amazon over its Prime membership signup and cancellation process, Insider compiled a list of the juiciest highlights from the lawsuit. Here's a look at other high-risk voyages popular with the wealthy, from Everest trips to $750,000 expeditions to the deepest point in the ocean.
Persons: Nathan Rennolds, David Lochridge, Tyler Le, Sylvia Duran Chen, Jasper, Tim Chen, Read, Ford, Tesla's Cybertruck, Jim Farley, Ford wasn't, Shopify, Here's, Hallam Bullock Organizations: Anadolu Agency, Getty, Amazon, FTC, Federal Trade Commission, Google, Gen, EV, Everest, Netflix Locations: London, Everest
Essence VC has raised its third fund of $27 million from LPs like Cendana and Sapphire Ventures. The fund has bet on buzzy startups like generative AI darling Jasper and a16z-backed Motherduck. And now, his firm Essence VC has just raised its $27 million third fund. The latest fund, backed by VC firms and funds of funds including Cendana Capital, Vintage Investment Partners, Sapphire Ventures, Level Ventures, and Crossover, follows a $7 million and $1 million fund. However, the "first-mover advantage" for startups also holds true in the land of VC, Chen says.
Persons: Jasper, Tim Chen, you've, Liz O'Sullivan, Vera, Chen, Scott Shi, , Chi Zhang, Tim, Zhang, funder Chen, Christos Kozyrakis, Michael Huang, They're, it's, Ben Van Roo, Van Roo, Chen wasn't Organizations: Sapphire Ventures, Cendana, Vintage Investment Partners, Level Ventures, Founders, Stanford, Cloudera, Google Locations: a16z
Developer tool startups that were part of Y Combinator's latest class are drawing strong interest from several high-profile venture capitalists. Sequoia partner Lauren Reeder personally participated in the code review startup's recent funding round, according to a Sequoia spokesperson. That fundraising was at a $30 million post-money valuation, one person familiar with the deal said. Developer tool startups accounted for 26% of the companies in YC's winter 2023 batch, up from 16% of the summer 2022 class, according to the accelerator's startup directory. Have a tip on a startup funding round?
Chroma helps manage vector embeddings, or numerical representations of data AI models can process. The startup raised $18 million in seed funding at a $75 million valuation led by Quiet Capital. The company recently closed a $18 million seed round led by Quiet Capital at a $75 million valuation. Originally, Chroma's tech aimed to serve machine learning engineers who were training and deploying AI models. Because this limits the model's context window, this approach tends to prevent hallucinations, or confident but incorrect responses from AI, Troynikov told Insider.
Vector database startups like Pinecone have received term sheets from top-tier VCs, Insider has learned. Similar to the investor excitement around generative AI, VCs are now flocking to another area within the buzzy AI ecosystem. Instead, a vector database can store and quickly find past responses to similar questions by understanding the meaning behind the statements without having to call the base model. Because the vector database space is so intertwined with LLMs, it's benefitted greatly from recent hype around generative AI and LLMs. "The LLM tax is real," one VC said, referring to the high valuations for buzzy vector database startups like Chroma, Weaviate, and Pinecone.
Multiple high-profile startups that did just that after launching during the Great Recession, which ran from late-2007 to the summer of 2009. It's proof that even tough times aren't enough to prevent every great idea from growing into a flourishing business — especially if your idea can save other people money during tough times. Today, Groupon has more than 20 million active customers — a lot, but less than half of its 54 million customers in 2014. The app currently has more than 90 million users. In 2018, PayPal CEO Dan Schulman told CNBC that he's seen Venmo help people who grew up during the Great Recession become more thoughtful about taking care of their money.
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