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Adaptive Raises $19 Million to Scale Construction Industry Financial Platform
Adaptive raised $19 million in a Series A funding round to scale its artificial intelligence-powered financial platform for businesses in the construction industry. The platform was launched in February 2023 and now has more than 280 construction companies managing over $1.4 billion of project volume on the platform, Adaptive said in a Monday (July 15) press release.
Citi Names Barclays Vet James Morris as UK Commercial Banking Head
Citi has a new head of commercial banking (CCB) for the United Kingdom. James Morris, a 25-year veteran of British banking giant Barclays, is expected to take on that role Sept. 30, Citi announced Monday (July 15) in a news release emailed to PYMNTS. “James is an experienced banking leader...
AI Explained: Data Scarcity and How It Impacts Innovation
As artificial intelligence (AI) powers a growing array of technologies, from chatbots to self-driving cars, a bottleneck has emerged: a shortage of high-quality data to train these sophisticated systems. Data scarcity, as it’s known in the industry, threatens to slow the rapid pace of AI advancement. The issue is...
Ryder Expands Mobile Maintenance Fleet Services With Pit Stop Acquisition
Ryder System plans to expand its retail mobile maintenance offering with an acquisition of Pit Stop Fleet Service. The company entered into an agreement to acquire Pit Stop and expects to complete the transaction by Aug. 1, subject to customary closing conditions, Ryder said in a Monday (July 15) press release.
Paycheck-to-Paycheck Vacationers Seize on Travel Discounts
As budget-strapped consumers look for ways to afford travel this summer, many are seeking discounts for everything from airfare to attractions. Paycheck-to-paycheck consumers want to get out of dodge. PYMNTS Intelligence’s “Summer Travel Special Report,” which drew from a survey of more than 2,200 United States consumers, examined consumers’ travel plans for the season. The results revealed that 65% of those who live paycheck to paycheck with no issues paying their bills and 44% of paycheck-to-paycheck individuals who do have issues making ends meet plan to travel at least once this summer.
AutoNation: CDK Hack Will Hurt Earnings
The impact of the hack on car dealership software firm CDK Global continues to reverberate. AutoNation, one of the largest dealership chains in the country, warned on Monday (July 15) that the cyberattack will impact its second quarter earnings by $1.50 per share. The company said in a Securities and Exchange Commission (SEC) filing that while some systems have been restored, it is still dealing with the fallout of the hack.
Truckin Digital Adds QuickBooks Integration to Trucking Company Platform
Truckin Digital added an integration with Intuit QuickBooks Online to its enterprise resource planning (ERP) Software-as-a-Service (SaaS) cloud solution for trucking companies. By combining with Intuit’s online accounting software, Truckin Digital offers a connection between dispatch operations and financial management that eliminates the need for duplicate data entry and reduces...
Visa and Wirex Partner on Digital Currency Use in Europe, UK
Visa has teamed with WireX to promote the use of digital currencies in Europe and the UK. “This collaboration will explore new opportunities to leverage and integrate innovative Visa cards and reduce friction in payment experiences,” the companies said in a news release Monday (July 15). “By combining the...
Smartphone Sales Climb Thanks to Markdowns and AI
IPhone sales stabilized in the second quarter amid growth in the broader smartphone market. New data released Monday (July 15) by IDC shows a 6.5% increase in global smartphone shipments, while Counterpoint Research — published Monday as well — found a 6% increase in phone sales to consumers.
AI Unlocks Feedback Loop Between Payments Innovation and Customer Expectations
All the innovation in the world changes nothing if it fails to meet the needs of end-users. And against a backdrop where expectations around payments convenience, speed, security and, increasingly, personalization have never been more heightened, innovation within the payments space is vital to both integrate and unlock these benefits.
CE 100 Index Gains 1.3% as Big Banks Post Earnings
Earnings season is in full swing, as big banks – specifically, JPMorgan and Citigroup – helped sway the fortunes of the CE 100 Index. The Index was up 1.3% for the week, as the bank earnings detailed relative strength in consumer spending, though company management at Citi and at JPMorgan took note of pressures facing lower income and lower-credit-scoring consumers.
How the World Does Digital: UK Consumers Thrive in Connected Economy
Driven by widespread access to high-speed broadband and advanced mobile networks, the U.K. boasts a population deeply engaged with the digital world. From video streaming taking the top spot to online banking, mobile gaming, messaging and social media following closely behind, the U.K. thrives in a connected landscape. As a...
Skipify’s Shrauger on Moving Past Wallets to Digital Identity as Payment Credentials
Consumers want what they want, how they want it. Consequently, when it comes to payments and commerce, businesses that can adapt to their needs and offer convenient ways to pay are best positioned to win in the long run. Case in point: digital wallets. The concept has been central to...
New Look at Geolocation Helps Physical Stores Compete in a Digital World
Customer expectations are perpetually evolving — meaning the experiences they are offered should, too. Innovation is the key to staying ahead, especially within the digitally transformed retail landscape. Against that backdrop, geolocation technology, once a novelty, has now become a powerful tool for enhancing customer experiences in retail. This...
Apple Reportedly Still Seeking ‘Killer App’ for Vision Pro
Months after Apple debuted the iPad, the tablet had 20,000 apps. The company’s Vision Pro headset, now five months old, has a tenth of that figure. And that could be a problem for Apple as it expands sales of its “spatial computing” product into Europe, Ars Technica reported Friday (July 12), with the company still seeking a “killer app” to woo customers toward the $3,500 device.
AI’s Rise Helps Fuel Uptick in Tech Layoffs
Artificial intelligence (AI) is playing a role in recent tech sector job cuts. Layoffs in the tech industry for the year exceeded 100,000 as of July 12, Seeking Alpha (SA) reported Sunday (July 14), citing data from the tracker Layoffs.fyi. Among the most recent layoffs were at Intuit, maker of...
Corporate Bankruptcies Surge as Consumers Cut Back
U.S. corporate bankruptcies are at a level not seen since the early days of COVID. So far this year, there have been 346 business bankruptcy filings in the U.S., Seeking Alpha reported Saturday (July 13), citing S&P Global Market Intelligence data. Last month’s filings were at their highest level since...
OpenAI Whistleblowers: Company Barred Employees From Talking to Regulators
Whistleblowers have reportedly accused OpenAI of preventing employees from warning regulators about possible artificial intelligence (AI) risks. The whistleblowers say the AI company handed down overly restrictive agreements for employment, nondisclosure and severance, the Washington Post reported Sunday (July 14), citing a letter from those whistleblowers to the Securities and Exchange Commission (SEC).
Google Reportedly Eyeing $23 Billion Purchase of Wiz
Google is reportedly in talks to purchase cybersecurity startup Wiz for about $23 billion. That’s according to a Sunday (July 14) report by The Wall Street Journal (WSJ), which pointed out that this would be Google’s largest-ever acquisition. The tech giant is in advanced talks with Wiz and...
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