Veteran tech and finance executive Sebastian Gunningham will replace Oppenheimer as CEO of the Seattle-based company. ...

Data breach at fintech giant Figure affects close to a million customers https://t.co/okUrDK18Qo ...

The data breach that hit blockchain-based lending giant Figure affected nearly a million customers, according to a security researcher. Last week, Figure confirmed a data breach allowed hackers to steal “a limited number of files” from its systems. The company did not provide specifics on what kind of data was stolen nor say how many customers were affected. On Wednesday, Troy Hunt, a security researcher and creator of the data breach notification site Have I Been Pwned, analyzed the data allegedly ta ...

Core Viewpoint - Venmo transactions can lead to tax liabilities if used for business purposes or profit-generating sales, with new IRS rules affecting reporting thresholds in the coming years [1][2][6]. Group 1: Tax Implications of Venmo Transactions - Personal transactions on Venmo, such as sending money to friends or family, typically do not incur tax liabilities [2][3]. - Business-related transactions or sales for profit conducted through Venmo require users to report income and pay taxes [3][4]. - The IRS mandates that users report income regardless of the payment method, including cash, checks, or third-party apps [3]. Group 2: Changes in IRS Reporting Requirements - The IRS is lowering the Form 1099-K reporting thresholds for Venmo and similar payment apps, requiring reporting for business transactions exceeding $600 [6][15]. - Originally set to take effect in 2022, the implementation of the new rule was delayed due to taxpayer confusion regarding casual sales [7]. - As of late 2023, the IRS announced a phased approach, with the reporting threshold set at $20,000 and more than 200 transactions for the initial phase [8]. Group 3: Future Reporting Thresholds - For tax year 2024, users will receive a 1099-K if payments exceed $5,000; for 2025, the threshold will be $2,500; and for 2026, it will drop to $600 [13][15]. - These thresholds apply regardless of the number of transactions, emphasizing the need for users to keep accurate records of their sales [9][12]. Group 4: Tax Responsibilities and Best Practices - Users are responsible for reporting income and paying taxes on earnings from Venmo, even if they do not receive a 1099-K form [10][14]. - To avoid unnecessary tax liabilities, users should ensure personal transactions are not incorrectly categorized as business transactions [11].

Core Viewpoint - The OLB Group, Inc. has entered into a securities purchase agreement with an institutional investor for the sale of common stock and warrants, indicating a strategic move to raise capital for its operations [1] Group 1: Securities Purchase Agreement - The company will sell 2,857,142 shares of its common stock or prefunded warrants in lieu thereof [1] - The combined purchase price for the shares and accompanying warrants is set at $1.05 per share [1] - The warrants allow for the purchase of up to 3,571,428 shares of common stock at an exercise price of $0.92 per share [1] Group 2: Warrants Details - The warrants are exercisable directly after the effectiveness of the resale registration statement for the common stock underlying the warrants [1] - The term of the warrants is five years from the effectiveness of the resale registration statement [1]

Core Insights - The business world is focused on evaluating the return on investment for AI projects as the technology becomes more integrated into operations [1] Group 1: AI Investment and Budget Allocation - More than half of organizations allocate between 21% and 50% of their digital initiative budgets to AI, which translates to approximately $700 million for a company with $13 billion in annual revenue [2] - Companies must test and scale AI solutions into production before measuring success, requiring commitment from CEOs and collaboration across various business units [3] Group 2: Case Study of Prog Holdings - Prog Holdings utilized AI in their migration to Workday's HR software by developing a chatbot named Piper, which has resolved over 18,000 employee questions with a 58% first interaction accuracy [4][5] - The success of Piper led to the creation of an application that reduced decision time by 75% and improved direct-to-consumer conversions by 10% [6] - Prog also developed a generative AI tool for customer payments and standardized on Microsoft Copilot for chat-oriented AI services, emphasizing that not all AI implementations need to deliver a calculable return [7]

Economic Growth Outlook - The potential growth in the U.S. economy is projected to exceed 2% and approach 4% by the end of the decade, driven by advancements in technology such as AI, semiconductors, and robotics [2][3]. - Current economic conditions indicate a growth acceleration, with Q3 growth recorded at 4.3% and Q4 estimated at 3.7%, contradicting previous recession predictions [8][9]. Interest Rates and Inflation - Higher potential growth suggests that the equilibrium real interest rates, including the Fed funds rate, should also be higher, despite lower inflation expectations [4][5]. - The argument that lower inflation justifies a lower Fed funds rate is considered flawed if growth remains strong, indicating that interest rates may need to be maintained or increased [5][7]. Technological Impact - The acceleration of growth is attributed to ongoing advancements in AI and other technologies, which are expected to create an investment boom and increase labor demand [9][17]. - The narrative has shifted from a focus on potential economic downturns to recognizing the positive impacts of technological advancements on growth and inflation [10][14]. Labor Market Dynamics - While there may be initial job losses due to technological advancements, the demand for labor is expected to increase as investments in data centers and AI expand [17][18]. - The long-term outlook suggests that while unemployment may rise in a high-growth scenario, the overall economic environment will be more favorable due to significant growth rates [19][23]. Government Response and Social Implications - The current system already functions as a means-tested Universal Basic Income (UBI), which may need to be expanded to address the challenges of permanent unemployment [20][22]. - Redistribution of wealth from the affluent to the broader population is seen as essential to maintain aggregate demand and prevent social unrest [22][24].

Core Insights - Grab, a Singapore-based company known for its ride-hailing and food delivery services, has announced the acquisition of fintech company Stash for a total of $425 million, with the deal expected to close in the third quarter [2] - The acquisition is seen as a significant milestone for Grab, enhancing its fintech capabilities and aligning with its mission to democratize financial services [2][3] - Stash, which manages over $5 billion in assets and has more than a million users, will continue to operate independently under its brand and leadership after the acquisition [4] Financial Details - The initial payment for the acquisition will be $425 million, with the remaining stake to be acquired at fair market value over the next three years [2] - Stash is projected to generate approximately $60 million in adjusted EBITDA by 2028 [4] - Grab reported a profit of $200 million for 2025, marking its first profitable year, with a revenue increase of 20% to $3.4 billion last year [5] Strategic Implications - Grab's CEO emphasized that the acquisition will not only provide high-margin subscription revenue but also enhance Grab's fintech expertise through Stash's AI-powered investing app [2] - Stash's co-CEOs highlighted the alignment of their mission with Grab's ecosystem, which is expected to accelerate Stash's growth in the U.S. and facilitate the introduction of its products in Southeast Asia [3][4] - The acquisition is positioned as a strategic move to leverage Grab's user data and entrepreneurial culture to support Stash's growth ambitions [3]

Core Viewpoint - Hagens Berman is notifying investors of Klarna Group plc regarding a lead plaintiff deadline in a securities class action related to alleged misstatements in the company's September 2025 IPO documents [1] Group 1: Allegations and Investigations - The lawsuit claims that Klarna's IPO documents misled investors by highlighting its credit modeling performance while failing to disclose aggressive lending practices to financially unsophisticated consumers [1] - Following the IPO, Klarna reported a 102% year-over-year increase in its provision for credit losses, leading to a significant drop in its stock price, trading nearly 22% below the IPO price [1] - The complaint alleges that Klarna's growth was driven by high-frequency, high-interest loans for non-durable goods, which critics argue target financially vulnerable consumers and increase default risk [1] Group 2: Financial Impact - Klarna's stock price fell sharply after the announcement of the increased credit loss provisions, raising concerns about the transparency of its IPO documents [1] - The lawsuit highlights that the offering documents materially understated the credit risks associated with lending to financially unsophisticated clients [1] Group 3: Next Steps for Investors - Investors who purchased Klarna shares during the September 2025 IPO and experienced losses are encouraged to contact Hagens Berman before the February 20, 2026, deadline [1] - Hagens Berman is recognized for prosecuting securities fraud class actions and is actively advising affected investors [1]

An Apollo Global Management-backed fund has loaned an Irish fintech unicorn $250 million that will allow it to lend to small businesses looking for capital https://t.co/Z9fmxxgEZd ...