X will soon make your public posts visible to accounts you've blocked

Elon Musk's X is down for users globally in its latest outage

Image Credits: TechCrunch

X will soon change the functionality behind its block button so that if you block an account, they will still be able to see your public posts, according to changes to X’s website spotted by independent app researcher, Nima Owji. Elon Musk confirmed these changes on Monday, noting that blocked accounts will still not be able to engage with users who have blocked them, but they will soon be able to see their posts.

“The block function will block that account from engaging with, but not block seeing, [a] public post,” said Musk in a tweet on Monday.

Owji says users soon may not see the “You’re blocked…” message when visiting an account of a user that has blocked them, he tells TechCrunch via a DM (direct message on X). Instead, blocked users will see the account’s public posts, like they were any other user. There will likely still be limitations in reposting, quoting, replying, or engaging with blocked accounts. It’s unclear at this time when the change will take place.

Musk said in his tweet on Monday that it was “high time this happened.” Previously, if a public account blocked a user, that user could simply log out and view the public account’s tweets all the same. There was an easily avoidable workaround, but now X appears to be removing that function altogether.

Roughly 10 years ago, when X was still called Twitter, the platform made similar changes to the block feature that was swiftly reversed. In 2013, Twitter updated its policy to allow blocked users to see content, follow, and even engage with those who have blocked them. The account that blocked them would not be able to see these engagements, but others would. At the time, Twitter reportedly called an emergency meeting due to backlash about the blocking update, and quickly reversed its policy to keep stronger blocks in effect.

Today’s update from X does not go this far – engagements are still not allowed under blocks, according to Musk – but some may not be thrilled about the changes. Social media users often use the block feature to distance themselves from harassers, abusers, or stalkers. Under these new changes to blocking, those barriers will be softened.

The next fintech to go public may not be the one you expected

papercraft rocket in night sky

Image Credits: drogatnev / Getty Images

Welcome to TechCrunch Fintech! This week, we’re looking at Human Interest’s path toward an IPO, fintech’s newest unicorn, a slew of new fundraises, and more.

To get a roundup of TechCrunch’s biggest and most important fintech stories delivered to your inbox every Tuesday at 8:00 a.m. PT, subscribe here.

The big story

SMB-focused 401k provider Human Interest last week announced a $267 million funding round, further paving the way for a public market listing. No timeline has been given. CFO Tripp Faix told TechCrunch: “We are looking to become a public company when the time is right.” It’s been wild watching this company grow. I first covered Human Interest when it raised a $40 million Series C in March 2020. It raised a few more rounds before BlackRock acquired a minority stake in the company in January 2023. Impressively, the company says it is “approaching cash flow break-even and has enough cash on the balance sheet to fund continued 70%+ year-over-year growth without additional capital.” Fun fact: Layoffs.fyi founder Roger Lee co-founded Human Interest in 2015 and remains a director on its board.

Analysis of the week

Fintech unicorns are getting to be about as rare as a four-leaf clover. According to CB Insights’ State of Fintech Q2 Report, the number of new fintech unicorns born in the second quarter totaled just two. For comparison, in the second quarter of 2021, 49 new fintech unicorns were birthed. Altruist, a custodian for registered investment advisors (RIA), in May raised $169 million in a Series E funding round led by investment firm ICONIQ Growth that gave it a valuation of more than $1.5 billion. And in April, Paris-based startup Pigment raised a $145 million funding round, valuing it at $1 billion just five years after its inception. The enterprise software company offers a business planning platform for large companies to visualize their past financial performance and forecast upcoming quarters. Will we see more unicorns in 2024? Scroll down to read about one more. 

Dollars and cents

Digital ledger API startup Fragment raised $9 million from fintech infrastructure executives from Stripe, BoxGroup, Avid Ventures, Zach Perret (Plaid), and Jack Altman (Lattice).

Coast, a startup that describes itself as “a financial services platform for the future of transportation,” has raised $40 million in Series B funding led by ICONIQ Growth — just four months after announcing a $25 million venture round.

Astor, a free personal finance platform for women that merges community and investing in an approachable way, raised $1.4 million.

Sam Altman-backed Slope, a Silicon Valley-based B2B payments platform offering order-to-cash workflow automation for enterprise companies, secured JP Morgan Payments as the lead in a new $65 million strategic equity and debt financing round.

Matera, a Brazilian company that provides instant payment, QR code payment and core banking software to financial institutions, received a $100 million investment from Warburg Pincus.

What else we’re writing

Indian fintech Paytm’s struggles won’t seem to end. The company on Friday reported that its revenue declined by 36% and its loss more than doubled in the first quarter as it continues to grapple with a regulatory clampdown that has significantly curtailed business at its payments bank subsidiary. 

Fast-growing payroll provider Deel has made another acquisition — its third this year. Deel has acquired Hofy, a London-based company that delivers and helps manage office equipment for remote hires. Financial terms weren’t disclosed, but a source familiar with the matter told TechCrunch that the deal was worth over $100 million.

African remittance fintech Pesa is in the final stages of acquiring the requisite licenses for rollout in the United States, having just recently launched in 27 European countries after seeing success in Canada.

High-interest headlines

Tiger Global in talks to lead $500m Revolut share deal

Inside fintech’s newest unicorn: a credit card backed by your home

Capstack Technologies acquires Edge Tradeworks

Want to reach out with a tip? Email me at [email protected] or send me a message on Signal at 408.204.3036. You can also send a note to the whole TechCrunch crew at [email protected]. For more secure communications, click here to contact us, which includes SecureDrop (instructions here) and links to encrypted messaging apps.

The next fintech to go public may not be the one you expected

papercraft rocket in night sky

Image Credits: drogatnev / Getty Images

Welcome to TechCrunch Fintech! This week, we’re looking at Human Interest’s path toward an IPO, fintech’s newest unicorn, a slew of new fundraises, and more.

To get a roundup of TechCrunch’s biggest and most important fintech stories delivered to your inbox every Tuesday at 8:00 a.m. PT, subscribe here.

The big story

SMB-focused 401k provider Human Interest last week announced a $267 million funding round, further paving the way for a public market listing. No timeline has been given. CFO Tripp Faix told TechCrunch: “We are looking to become a public company when the time is right.” It’s been wild watching this company grow. I first covered Human Interest when it raised a $40 million Series C in March 2020. It raised a few more rounds before BlackRock acquired a minority stake in the company in January 2023. Impressively, the company says it is “approaching cash flow break-even and has enough cash on the balance sheet to fund continued 70%+ year-over-year growth without additional capital.” Fun fact: Layoffs.fyi founder Roger Lee co-founded Human Interest in 2015 and remains a director on its board.

Analysis of the week

Fintech unicorns are getting to be about as rare as a four-leaf clover. According to CB Insights’ State of Fintech Q2 Report, the number of new fintech unicorns born in the second quarter totaled just two. For comparison, in the second quarter of 2021, 49 new fintech unicorns were birthed. Altruist, a custodian for registered investment advisors (RIA), in May raised $169 million in a Series E funding round led by investment firm ICONIQ Growth that gave it a valuation of more than $1.5 billion. And in April, Paris-based startup Pigment raised a $145 million funding round, valuing it at $1 billion just five years after its inception. The enterprise software company offers a business planning platform for large companies to visualize their past financial performance and forecast upcoming quarters. Will we see more unicorns in 2024? Scroll down to read about one more. 

Dollars and cents

Digital ledger API startup Fragment raised $9 million from fintech infrastructure executives from Stripe, BoxGroup, Avid Ventures, Zach Perret (Plaid), and Jack Altman (Lattice).

Coast, a startup that describes itself as “a financial services platform for the future of transportation,” has raised $40 million in Series B funding led by ICONIQ Growth — just four months after announcing a $25 million venture round.

Astor, a free personal finance platform for women that merges community and investing in an approachable way, raised $1.4 million.

Sam Altman-backed Slope, a Silicon Valley-based B2B payments platform offering order-to-cash workflow automation for enterprise companies, secured JP Morgan Payments as the lead in a new $65 million strategic equity and debt financing round.

Matera, a Brazilian company that provides instant payment, QR code payment and core banking software to financial institutions, received a $100 million investment from Warburg Pincus.

What else we’re writing

Indian fintech Paytm’s struggles won’t seem to end. The company on Friday reported that its revenue declined by 36% and its loss more than doubled in the first quarter as it continues to grapple with a regulatory clampdown that has significantly curtailed business at its payments bank subsidiary. 

Fast-growing payroll provider Deel has made another acquisition — its third this year. Deel has acquired Hofy, a London-based company that delivers and helps manage office equipment for remote hires. Financial terms weren’t disclosed, but a source familiar with the matter told TechCrunch that the deal was worth over $100 million.

African remittance fintech Pesa is in the final stages of acquiring the requisite licenses for rollout in the United States, having just recently launched in 27 European countries after seeing success in Canada.

High-interest headlines

Tiger Global in talks to lead $500m Revolut share deal

Inside fintech’s newest unicorn: a credit card backed by your home

Capstack Technologies acquires Edge Tradeworks

Want to reach out with a tip? Email me at [email protected] or send me a message on Signal at 408.204.3036. You can also send a note to the whole TechCrunch crew at [email protected]. For more secure communications, click here to contact us, which includes SecureDrop (instructions here) and links to encrypted messaging apps.

The next fintech to go public may not be the one you expected

papercraft rocket in night sky

Image Credits: drogatnev / Getty Images

Welcome to TechCrunch Fintech! This week, we’re looking at Human Interest’s path toward an IPO, fintech’s newest unicorn, a slew of new fundraises, and more.

To get a roundup of TechCrunch’s biggest and most important fintech stories delivered to your inbox every Tuesday at 8:00 a.m. PT, subscribe here.

The big story

SMB-focused 401k provider Human Interest last week announced a $267 million funding round, further paving the way for a public market listing. No timeline has been given. CFO Tripp Faix told TechCrunch: “We are looking to become a public company when the time is right.” It’s been wild watching this company grow. I first covered Human Interest when it raised a $40 million Series C in March 2020. It raised a few more rounds before BlackRock acquired a minority stake in the company in January 2023. Impressively, the company says it is “approaching cash flow break-even and has enough cash on the balance sheet to fund continued 70%+ year-over-year growth without additional capital.” Fun fact: Layoffs.fyi founder Roger Lee co-founded Human Interest in 2015 and remains a director on its board.

Analysis of the week

Fintech unicorns are getting to be about as rare as a four-leaf clover. According to CB Insights’ State of Fintech Q2 Report, the number of new fintech unicorns born in the second quarter totaled just two. For comparison, in the second quarter of 2021, 49 new fintech unicorns were birthed. Altruist, a custodian for registered investment advisors (RIA), in May raised $169 million in a Series E funding round led by investment firm ICONIQ Growth that gave it a valuation of more than $1.5 billion. And in April, Paris-based startup Pigment raised a $145 million funding round, valuing it at $1 billion just five years after its inception. The enterprise software company offers a business planning platform for large companies to visualize their past financial performance and forecast upcoming quarters. Will we see more unicorns in 2024? Scroll down to read about one more. 

Dollars and cents

Digital ledger API startup Fragment raised $9 million from fintech infrastructure executives from Stripe, BoxGroup, Avid Ventures, Zach Perret (Plaid), and Jack Altman (Lattice).

Coast, a startup that describes itself as “a financial services platform for the future of transportation,” has raised $40 million in Series B funding led by ICONIQ Growth — just four months after announcing a $25 million venture round.

Astor, a free personal finance platform for women that merges community and investing in an approachable way, raised $1.4 million.

Sam Altman-backed Slope, a Silicon Valley-based B2B payments platform offering order-to-cash workflow automation for enterprise companies, secured JP Morgan Payments as the lead in a new $65 million strategic equity and debt financing round.

Matera, a Brazilian company that provides instant payment, QR code payment and core banking software to financial institutions, received a $100 million investment from Warburg Pincus.

What else we’re writing

Indian fintech Paytm’s struggles won’t seem to end. The company on Friday reported that its revenue declined by 36% and its loss more than doubled in the first quarter as it continues to grapple with a regulatory clampdown that has significantly curtailed business at its payments bank subsidiary. 

Fast-growing payroll provider Deel has made another acquisition — its third this year. Deel has acquired Hofy, a London-based company that delivers and helps manage office equipment for remote hires. Financial terms weren’t disclosed, but a source familiar with the matter told TechCrunch that the deal was worth over $100 million.

African remittance fintech Pesa is in the final stages of acquiring the requisite licenses for rollout in the United States, having just recently launched in 27 European countries after seeing success in Canada.

High-interest headlines

Tiger Global in talks to lead $500m Revolut share deal

Inside fintech’s newest unicorn: a credit card backed by your home

Capstack Technologies acquires Edge Tradeworks

Want to reach out with a tip? Email me at [email protected] or send me a message on Signal at 408.204.3036. You can also send a note to the whole TechCrunch crew at [email protected]. For more secure communications, click here to contact us, which includes SecureDrop (instructions here) and links to encrypted messaging apps.

Lynk forges ahead with public market debut despite SPAC's dwindling reserves

Visualization of a recent pass in Mongolia that connected with hundreds of ordinary phones.

Image Credits: Lynk

Satellite-to-phone connectivity provider Lynk Global will head to the public markets via a merger with a shell company led by former professional baseball player Alex Rodriguez.

The two companies confirmed the deal on Monday after announcing a non-binding LOI with Rodriguez’s special purpose acquisition company (SPAC), Slam Corp, in December. According to an investor presentation filed with regulators, the deal could give Lynk a $913.5 million post-money valuation.

Much of the capital from the transaction will not come from the SPAC itself, however. In that same presentation, Lynk says around $800 million of the new capital will come from existing shareholder equity rollover, $110 million from private-investment-in-public-equity (PIPE) and a scant $25 million from cash held in trust by the SPAC.

Lynk, which has already entered some international commercial markets including Palau, is looking to compete on an even larger scale with initiatives like Starlink’s emerging sat-to-cell, Apple’s Globalstar partnership and AST Space Mobile (which completed its own SPAC merger in April 2021). Lynk has launched eight satellites that it calls “cell towers in space,” but it ultimately plans to operate a constellation of 5,000 birds in low Earth orbit. The next two are anticipated to launch in March.

The company is hoping that its patented technology — which is compatible with any unmodified cell phone, even those operating on 2G networks — will be able to compete with these larger and better-capitalized players. The business model is also a little different: Lynk plans to contract with mobile network operators (MNOs) and telecom providers, and these partnerships will help the company leverage these firms’ existing spectrum rights in orbit.

“We aim to position Lynk as the trusted wholesale provider to MNOs, not direct to consumer,” the company explains. “Lynk’s technology can allow MNOs to expand network coverage while continuing to own the relationship with their subscribers.”

Essentially, Lynk would provide minimal coverage where networks have none, allowing emergency messaging and other services anywhere on the planet. Whether the networks charge extra for certain services (though emergency connectivity would always be free), or offer it as a value-add in their existing pricing, or find some other way to capitalize on the feature, is up to them.

The company further says that its satellites are ready for mass production, taking just one month each to assemble now and costing around $650,000 to launch, according to the presentation.

The financing will be used to grow production to 12 satellites per month; at that rate, Lynk told investors that it aims to have 74 satellites in service by the fourth quarter of 2025, driving $175 million per month in annualized revenue.

A wave of space companies over the past two years have headed to the public markets by eschewing the traditional Initial Public Offering and merging with a SPAC instead. But the vast majority of those have badly missed their revenue projections; many, including Spire, Momentus and Satisfy were given stock exchange delisting warnings for failing to keep their stock prices above $1. Others, like Astra and Terran Orbital, merely faced the threat of delisting.

Slam Corp has also had its own troubles: Despite the company raising $575 million from public investors in February 2021, it has since had to return the vast majority of those funds due to ongoing shareholder redemptions after the company failed to find a promising merger prospect. Lynk anticipates just $25 million from that trust, which assumes a 96% shareholder redemption rate.

But despite these track records, Lynk plainly sees a different future for itself on the Nasdaq. The transaction is expected to complete sometime in the latter half of the year, whereupon Lynk will trade under the ticker symbol $LYNK.

Reddit locks down its public data in new content policy, says use now requires a contract

reddit logo broken in half

Image Credits: TechCrunch

On Thursday, Reddit is rolling out a new policy aimed at balancing its desire to license its content to larger tech companies, like Google, and protecting users’ privacy. The newly announced “Public Content Policy” will now join Reddit’s existing privacy policy and content policy to guide how Reddit’s data is being accessed and used by commercial entities and other partners. Related to this, the company also announced a subreddit dedicated to researchers working with Reddit’s data.

The announcement comes shortly after Reddit’s stock market debut, which sees the company positioning itself to grow revenue not only from the ads that run on its platform and API usage by developers but also from its corpus of data. The company in its IPO prospectus said it had already made $203 million through data licensing agreements and expects that number to increase over time.

While Reddit hadn’t historically blocked access to its data for AI training purposes, it changed its course last year. Reddit CEO Steve Huffman told The New York Times that it didn’t make sense for Reddit to continue to give “all of that value to some of the largest companies in the world for free,” signaling the company’s plan to move into the data licensing space.

With those efforts now well underway, the new Public Content Policy will lock down access to Reddit’s data without an agreement. (Reddit says it’s not adding new restrictions, just publicizing the policy it’s had in place internally for some time.)

“Unfortunately, we see more and more commercial entities using unauthorized access or misusing authorized access to collect public data in bulk, including Reddit public content,” Reddit writes in its blog. “Worse, these entities perceive they have no limitation on their usage of that data, and they do so with no regard for user rights or privacy, ignoring reasonable legal, safety, and user removal requests. While we will continue our efforts to block known bad actors, we need to do more to restrict access to Reddit public content at scale to trusted actors who have agreed to abide by our policies. But we also need to continue to ensure that users, mods, researchers, and other good-faith, non-commercial actors have access.”

In other words, access to Reddit data for research and other non-commercial efforts will continue, but those entities that want to use Reddit’s data for other purposes — including for AI training — will have to pay. In a graphic shared on the blog, Reddit makes this clear, saying that businesses interested in using Reddit data to “power, augment or enhance your product for any commercial purposes” requires a contract.

Image Credits: Reddit

Advertisers, meanwhile, are directed to an ads API for managing campaigns and tracking their performance.

Because the company is essentially just a large website, indexable by search engines, this new policy aims to lock down Reddit content from any unauthorized collection while also respecting users’ rights.

For instance, Reddit says that its partners will have to upload users’ decisions to delete their content. So if users don’t want their personal posts to become fodder for future AI engines, they should be able to opt out. Partners are also restricted by the new policy from using Reddit’s content to identify individuals or their personal information, including for ad targeting. Partners also can’t use Reddit content to spam or harass its users or to conduct “background checks, facial recognition, government surveillance, or help law enforcement do any of the above.”

The policy additionally restricts access to adult media and clarifies that Reddit won’t sell its users’ personal information. The company also notes that it will never license non-public content like private messages or non-public account information, like users’ emails or browsing history, among other things.

To help researchers who want to use Reddit data for non-commercial purposes, the company has established a new subreddit, r/reddit4researchers. The company says it’s partnering with OpenMined to also develop a program to guide and grow researchers’ collaboration with Reddit.