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Netflix Launches Free Plan in Kenya to Attract Subscribers
Netflix is offering a free mobile plan that will allow its users to watch a limited selection of its content in Kenya, a strategy aimed at increasing growth in the African market.
The video streaming company thinks that offering free content will entice more people to try out the service and end up subscribing.
The free plan offered by Netflix is available on Android mobile phones and will not have any ads. It features Netflix movies and TV shows Blood & Water, Bridgerton, Army of the Dead, among other programs.
Cathy Conk, Director of Product Innovation, at Netflix said, “If you’ve never watched Netflix before — and many people in Kenya haven’t — this is a great way to experience our service. And if you like what you see, it’s easy to upgrade to one of our paid plans so you can enjoy our full catalog on your TV or laptop as well.”
Under this plan, users won’t be required to provide any payment information during the sign-up. All a user has to do is enter his email, confirm that they are 18 or above, and create a password.
Coinbase Cancels Lending Program After SEC Objects to it
Coinbase has decided to drop its plans of launching the crypto lending program after facing pressure from the U.S. Securities and Exchange Commission (SEC).
Earlier, Coinbase had said that the Lend feature would supply customers a 4 percent APY by lending to Coinbase USDC. However, this plan of Coinbase did not go well with the SEC as they warned the company of legal consequences it could face on the launch of its new Lend feature.
The U.S. Securities and Exchange Commission (SEC) argued that the “Lend” feature would fall in line with securities and would subsequently be regulated as a funding product.
After getting warned by the SEC, Coinbase decided to stop this feature and announced the changes of its product plans.
In a blog post, Coinbase said that it was making the difficult decision of not launching the initiative that would have allowed eligible customers to earn interest on select assets on Coinbase. Moreover, it has also discontinued the waitlist for this program.
Twitter Wants to Pay $809.5 Million to Settle Investors Lawsuit
On September 20, Twitter said that it will pay $809.5 million to settle the 2016 shareholder class action accusing the company of deceiving investors about how often users used the platform.
The microblogging platform said that the proposed settlement, which still must be signed off by a judge, resolves all claims against it.
The original lawsuit, which was filed by Twitter investor Doris Shenwick in 2016, claimed that Twitter executives knowingly made false public statements regarding these metrics and failed to disclose internal information about them.
It resulted in an inflated share price that fell when the truth about user engagement became public.
Moreover, the lawsuit also said that Twitter stopped reporting its primary user engagement metric in 2014, making it harder for investors and analysts to track the company’s growth.
Twitter though denies any wrongdoing or other improper action. However, the company plans to settle the issue by using cash on hand to pay the settlement in Q4 2021.
Fintech Startup Truelayer Raises $130 Million
London-based fintech startup TrueLayer has raised $130 million in its latest funding round.
The funding round was led by leading investment firm Tiger Global Management and payments technology provider Stripe that valued the fintech startup at more than $1 billion.
TrueLayer is one among many other fintech start-ups that are seeking to take advantage of the European Union and the UK open banking rules that require lenders to open up their data to other companies so they can customize products to suit the customers.
The funding round is the latest landmark for TrueLayer, which has experienced 400% growth in monthly payment volume and 800% growth in monthly payment value this year.
The company has also expanded across Europe, doubled its customer base, and launched a host of new products.
Moreover, it now claims to account for more than half of all Open Banking traffic in the UK, Ireland, and Spain.
With its latest funding round, TrueLayer aims to bring Open Banking payments to new businesses and increase adoption among mainstream industries like e-commerce and subscriptions.
Around The Web
🇮🇳 Goldman Sachs Says India to Surpass The UK Stock Market by 2024: According to Goldman Sachs, the Indian stock market may expand to more than $5 trillion by 2024, making it the fifth-largest stock market in the world. The investment company claims that Indian startups have raised $10 billion through IPOs so far in 2021, and more money has been raised in the previous three years.
⚽ NFT Fantasy Soccer Game Sorare Raises $680 Million: Blockchain-based fantasy soccer game Sorare has raised $680 million in its latest funding round. The funding was led by SoftBank and included participation from players including, ex-England international Rio Ferdinand and Spain’s Gerard Pique.