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A News Digest on Fintech, Europe’s Tech Fund, and Other Tech Events

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Former Microsoft CEO Steve Ballmer says he wishes Microsoft had entered the cloud computing market earlier
Amazon requires contracted delivery drivers to download and continuously run a smartphone app, called “Mentor,” that monitors their driving behavior while they’re on the job. The app, which Amazon bills as a tool to improve driver safety, generates a score each day that measures employees’ driving performance. The delivery service partner (DSP) program, launched in 2018, is made up of contracted delivery companies that handle a growing share of the online retail giant’s last-mile deliveries. In just a few years, the program has grown to include more than 1,300 delivery firms across five countries, threatening to upend an industry that has traditionally been dominated by shipping partners such as UPS and FedEx. Just like the AI-equipped cameras rolling out to contracted delivery companies, Mentor is framed as a “digital driver safety app” to help employees avoid accidents and other unsafe driving habits while they’re en route to their destination.
Mobile bank MoneyLion to go public via blank-check merger in $2.9 billion deal Mobile banking platform MoneyLion Inc said on Friday it has agreed to go public through a merger with blank-check firm Fusion Acquisition Corp, in a deal that values the equity of the combined company at $2.9 billion.
Tech fund
Europe’s $12 billion tech fund is ‘beginning to work quite well’ after early setbacks, advisor says The EIC has been given 10 billion euros ($12 billion) to invest in European start-ups between 2021 and 2027 as part of the EU’s Horizon initiative. It will invest up to 15 million euros in a particular start-up in exchange for a maximum stake of 10-25%. The EIC was set up by the European Commission, the EU’s executive arm, to try to help start-ups across Europe scale up and compete with rivals in the U.S. and Asia, which have spawned several tech giants with market caps that run well into hundreds of billions of dollars.
The company helps roll out full-service digital banking in under 45 days for financial institutions, raises $53M Series C led by Insight Partners — Banking-as-a-service (BaaS) startup Nymbus raised $53 million in a Series C funding round led by existing investor Insight
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