Hall fame class 2019

Inside the chaos at Synapse, where questionable management tactics by CEO Sankaet Pathak have left the company with its future in jeopardy. I n July 2019, the 29-year-old CEO of San Francisco financial technology startup Synapse scolded five of his engineers for not making faster progress. “Do you even enjoy this project?” Sankaet Pathak asked. “Not really,” the team’s leader answered. “That’s it, you’re out,” Pathak declared, firing the employee on the spot in front of his colleagues. Synapse’s Human Resources director, Juan Aguayo, confiscated the terminated worker’s key card and computer. But as Aguayo spoke, he received a message on his laptop, and his tone started to change. Minutes later, he said to the engineer, who was now crying, “Don’t worry, you’re not fired.” The dazed, confused employee went back to his desk. Pathak never spoke to him about the incident again, acting like it never happened. The engineer started looking for a new job the following week … [Read more...] about Broken Synapse: Why Employees And Customers Are Fleeing This Andreessen-Backed Fintech Startup

Zopa, the British peer-to-peer lender turned digital bank, has raised 75 million pounds ($92.40 million) from some of its shareholders, as plans for an initial public offering (IPO) have been put on hold, Chief Executive Jaidev Janardana told Reuters. IAG Silverstripe which in 2019 provided an eleventh-hour injection for Zopa to secure its banking licence led the equity round, with participation from U.S. hedge fund Davidson Kempner and venture capitalist Augmentum, Janardana said. Fellow shareholder SoftBank did not take part in the latest cash call, he added. The Japanese conglomerate previously led a 220 million pound funding round in late 2021 that valued Zopa at roughly $1 billion. SoftBank's flagship Vision Fund, a major technology investor, posted a $23 billion loss last August following a slump in sector valuations that forced it to mark down its investments. SoftBank was not immediately available for comment. Read More Zopa did not disclose a price tag … [Read more...] about Zopa raises $92 million as SoftBank sits out funding round

From left: AgniKul Cosmos co-founder and COO Moin SPM and CEO Srinath Ravichandran Agnikul Cosmos, a Chennai-based space tech startup, is planning a full-scale commercial launch of their rocket Agnibaan in March/April 2023, according to co-founder and CEO Srinath Ravichandran. Agnilet, the startup's single-piece 3D-printed engine, was recently successfully tested at the Indian Space Research Organization's (ISRO) Vikram Sarabhai Space Center (VSSC) in Thiruvananthapuram. The startup is planning a test launch of its two-stage booster Agnibaan in December 2022. And, based on the findings of the test launch, the startup plans to conduct a commercial launch with customer payloads in March or April 2023, Ravichandran said. "There are a lot of people who have expressed interest to be part of the launch. So I think once our test is done, we will start converting them into like actual contracts," Ravichandran said. Ravichandran and Moin SPM, an operations specialist, founded … [Read more...] about Agnikul Cosmos plans commercial launch of Agnibaan around March 2023

The record allocation of Rs 13,539 crore for railways in Maharashtra will have a "very good effect”, Railway Minister Ashwini Vaishnaw said on Friday. Hyderabad, Feb. 4 Akin to Vande Bharat trains, Prime Minister Narendra Modi has asked the Ministry of Railways to come up with ”Vande Metro”, a train concept to run between two nearby big stations, Minister for Railways Ashwini Vaishnaw said here on Saturday. Speaking to reporters, he also said Indian Railways has given away Rs 59,000 crore worth of subsidies in the transportation of food grains, fertilizers and many other items last year which is equivalent to 55 per cent concession for every passenger. ”Honourable Prime Minister has given the target this year. After the success of Vande Bharat train, (he asked to) develop a new world-class regional train which will be Vande Metro," he said. The Minister said they are planning to come out of a prototype within the next 12 to 16 months and then roll it out and run it for at … [Read more...] about After Vande Bharat, PM Modi asks Railways to come out with Vande Metro: Railway Minister

Girl group NewJeans made hanji, or Korean traditional mulberry paper, in a YouTube video in early January, with hanji-maker Ahn Chi-yong. [JOONGANG ILBO] Adding to the already large and still-growing international influence of K-culture, some Korean celebrities, whether due to a sense of responsibility or simply because they've become enamored by its beauty, have been actively incorporating traditional Korean elements into their content. In turn, fans have certainly taken notice, and it has aided in teaching the world more about the beauty that is Korean culture. Most recently, girl group NewJeans was shown making hanji , or Korean traditional mulberry paper, in a YouTube video in early January. Hosted by the Korea Craft and Design Foundation, a state-run institution, the five members learned all about the craft by hanji-maker Ahn Chi-yong, who himself has also been designated as one of Korea’s intangible cultural assets. “I didn’t know much about hanji, but I feel proud … [Read more...] about Korean celebrities promote traditional arts and crafts

"Good Luck Fish," lifestyle brand 2nd universe's updated version of the dried pollack tied with silk yarn tradition [2ND UNIVERSE] The city of Seoul has a fantastic collision of old and new. In between its modern buildings, the city boasts beautiful ancient palaces and traditional houses that harmonize with nature. Trendy buildings these days seem to be bringing that power of Seoul’s contrasting beauty into their designs as many of them have fused the modern with the traditional, like the renovated hanok (traditional Korean building) cafes in Samcheong-dong, or newer buildings that feature traditional Korean designs. Whatever the method may be, the vibe is still very natural, boosting the understated charm that represents Korea's capital city. Branching off of these efforts, many brands are taking on the challenge of mixing and matching traditional Korean elements while still staying up-to-date on trends. The following is a selection by the Korea JoongAng Daily of local … [Read more...] about Korean design jumps on the K-history bandwagon with traditional motifs

Former Star Mobility chairman Kim Bong-hyun at court in November 2022. Kim Bong-hyun, the former chairman of Star Mobility at the center of a massive financial fraud, was sentenced to 30 years in prison by a Seoul court Thursday for embezzlement. The Seoul Southern District Court ruled that Kim had violated the Act on the Aggravated Punishment of Specific Economic Crimes by embezzling over 125.8 billion won ($99 million). It also fined him 76.93 billion won. The court said it determined that "severe punishment is necessary because Kim tried to evade his criminal responsibility by running away before the sentencing" and also based on the severity and degree of damages incurred by the economic crime. The sentencing comes around two years and nine months after he was first indicted in May 2020. Kim is a suspect in a financial fraud scandal surrounding Lime Asset Management which resulted in total damages amounting to nearly 1.7 trillion won in 2019. Investors suffered major … [Read more...] about Former Star Mobility chair gets 30 years for embezzlement

Many once-promising financial startups are cash-strapped; others have broken business models. By Jeff Kauflin & Emily Mason ; Illustration by Matt Chase for Forbes ON November 15, the cofounders of Ribbon Home, a five-year-old financial technology company that promised to fix a “broken” homebuying market by offering buyers the ability to make all-cash offers, sent a cryptic and disconcerting email to its entire staff. “During this time of uncertainty, we ask team members who are not customer- or finance-facing to shift their focus from work to self-care, spending time with family and doing things that bring you comfort,” it read in part. Six days later, New York City-based Ribbon dismissed 85% of its staff—190 people—and cut severance to one week’s pay versus the six weeks employees had been previously promised. Fewer than 30 people remain today, and the company recently announced that it has paused all new business. Ribbon’s days are … [Read more...] about Merge Or Perish: 25 Struggling Fintech Startups

Share to Twitter Share to Linkedin Monica Desai Weiss is an investor at Silicon Valley venture capital firm Kleiner Perkins, where she focuses on fintech and blockchain. Previously, she led operations and strategy at digital wallet startup Blockchain and was a bond trader at JPMorgan. Forbes spoke with her about the past year in fintech and her top predictions for 2020. The conversation has been edited for brevity and clarity. Forbes: For fintech in 2019, what events or milestones stand out as the most important? Desai Weiss: There were a few big themes. Financial services incumbents took notice of fintech startups, and some parts of the fintech industry matured. There were several mergers and acquisitions around payment processors [like Fiserv acquiring First Data]—these companies are coming to terms with Stripe and Square’s success in payments. There was also a great reckoning around trading fees. Schwab, TD Ameritrade and Etrade all dropped their … [Read more...] about Five Fintech Predictions For 2020, According To Kleiner Perkins

Share to Twitter Share to Linkedin Elon Musk’s irate tweet calling a little-known British rescue diver “pedo guy” can be described as many things — juvenile, rude, out of line maybe  — but it’s not defamation, a California jury of three men and five women declared Friday. According to the ruling which followed the four-day trial , Musk is not liable for damages. “My faith in humanity is restored,” Musk told reporters as he left the courtroom. The suit, which Musk characterized as a “shakedown” on Wednesday, sought unspecified damages. Forbes estimates his net worth to be $23.7 billion , as of December 3, 2019. The billionaire tech entrepreneur spent nearly four hours on the stand in U.S. District Court in Los Angeles Wednesday, holding fast to his conceit that “pedo guy,” his description of Vernon Unsworth, the diver and cave expert involved in the 2018 rescue of a junior soccer team trapped in a Thailand cave system, is not synonymous with “child … [Read more...] about Elon Musk’s ‘Pedo Guy’ Tweet Isn’t Defamation, Jury Rules