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Venmo has launched Venmo Stash, a new rewards program offering cashback to customers who use their Venmo Debit Mastercard and engage with Venmo's products. The program aims to incentivize continued use of Venmo by bringing more funds into the ecosystem.
The rewards, which can be up to 5%, are returned to Venmo's Mastercard Debit Card. This initiative targets younger users who prefer debit cards over credit cards, with studies indicating that a significant percentage of Gen Z favors debit cards.
Customers initially earn 1% cashback for spending their Venmo balance, which increases to 2% with auto-reloads and 5% with monthly Direct Deposits. Instead of category-based rewards, Venmo offers curated bundles of favorite brands like McDonald’s, TikTok Shop, Uber, and Amazon.
Next year, Venmo Stash will expand to offer rewards for payments made with Venmo at merchants within its nationwide network. This move competes with similar cashback incentives offered by rivals like Cash App.
Sapphire Sport, a venture fund focused on sports, media, and entertainment, is spinning out from Sapphire Ventures and rebranding as 359 Capital. The firm will continue to focus primarily on Series A and Series B startups, writing checks between $2 million to $10 million. 359 Capital's portfolio includes companies like Beehiiv, Betty Labs, Overtime, Perplexity, and Tonal. The transition includes key personnel such as Michael Spirito, David Hartwig, Doug Higgins, and Rico Mallozzi.
Government spyware, intended for serious criminals and terrorists, is increasingly used against journalists, activists, and politicians. The ease of targeting and lack of transparency contribute to widespread abuse. Companies like NSO Group and Paragon provide sophisticated surveillance tools, leading to a multi-billion dollar market with governments spying on a broad range of individuals. While some efforts are underway to curb the market, the problem persists globally.
Scribe, a workflow documentation platform, has raised $75 million in a Series C round, valuing the company at $1.3 billion. The funding will be used to launch Scribe Optimize, a platform designed to identify where automation and AI can provide the most significant returns for enterprises. Scribe's existing product, Scribe Capture, automatically documents workflows, creating step-by-step guides with text and screenshots.
According to Scribe, customers using Capture have reported saving 35 to 42 hours per person per month and reducing new hire onboarding time by 40%. The company currently serves teams within 94% of Fortune 500 companies and has over 5 million users across 78,000 organizations. Scribe plans to double its headcount in the next 12 months and expand its presence in markets like the U.K., Canada, Australia, and Europe.
The company has documented over 10 million workflows across 40,000 software applications.
YouTube TV is providing a $20 credit to subscribers affected by the week-long absence of Disney-owned networks like ESPN and ABC. The credit will be applied to their next billing statement.
Disney channels were removed from the service on October 31 due to a pricing dispute between YouTube and Disney. YouTube criticizes Disney's price hike, while Disney claims YouTube is unwilling to pay fair rates.
Subscribers will receive emailed instructions on how to apply the credit. YouTube aims to restore the channels quickly if a deal is reached.
Slow Ventures hosted a three-hour "Etiquette Finishing School" covering topics from handshakes to office decorum.
The program included a fashion show and a lesson on caviar and wine.
Held at the Four Seasons in San Francisco, the free program accepted 50 founders out of a few hundred applicants, primarily male.
The idea began as a joke, with Slow Ventures gauging interest at Y Combinator's Demo Day.
Slow Ventures' Sam Lessin emphasized the need for tech leaders to be respectful due to the industry's impact and perceived threats.