iDebt: Apple partners with Goldman on new mobile credit card

Have we reached peak fintech? Or is peak fintech yet to come? Time will tell. In the meantime, Apple will start testing its first credit card in partnership with Goldman Sachs.

By Lindsey Quinn for The Hustle


The 5 Ways Banks Must Transform to Thrive in an Era of Cryptocurrency

Banks may never go completely obsolete, but they will take a massive economic hit if they don’t start to transform soon.
Story appeared on


5 Types of Cryptocurrency Entrepreneurs Should Know About

Cryptocurrencies are both investment opportunities and new financial instruments of increasing importance to investors and business owners.
Scott McGovern for


7 Things You Should Know About Cryptocurrency Taxes

Cryptocurrency is just like any other asset class when tax season comes around. Unfortunately, cryptocurrency taxes appear so complex that few people file them. Others see cryptocurrency as a means to move money illegally – which means avoiding cryptocurrency taxes entirely.

Scott McGovern for


Worldpay sells for 2nd time in 18 months

WorldPay was listed in October of 2015 on the London exchange for a $7.4B valuation and yesterday announced an acquisition offer by Vantiv for $10B, not a bad upside for an 18 month public run.

http://Worldpay Acquisition

Snapchat IPO Sets High Valuation Mark

Snapchat, could be valued at $25 billion or more in an upcoming IPO, according to The Wall Street Journal. Rumors of this much-anticipated public offering have swirled in recent months, but a date range has been hard to come by; the WSJ reports that it could come as early as March.

Consumer tech IPOs may have been non-existent so far this year, but Snap CEO Evan Spiegel has been vocal in his belief the company must go public and stated that he has a plan to do so. According to this latest report, the time is almost right.

Launched in 2011, Snap has raised north of $2.5 billion in funding from a long list of investors including Benchmark Capital, SV Angel, Spark Capital, Sequoia and Lightspeed Venture Partners. The company most recently secured a $1.8 billion round in May at a $17.8 billion valuation.

You can read some of our previous Snap coverage here or check out its free public profile for more on its financing history, investors and more.

Mobile Payment System Expands Capabilities with Partnership

While it may not be a high-level priority for independent and emerging-chain restaurants, having a branded app can be a nice touch for large, multi-unit operators. In the case of TabbedOut, a mobile-payment app available nationwide, CEO Alex Broeker reached out to Mozido, a successful company on the quick-service level—with Dunkin’ Donuts and Dairy Queen apps to date—to further the process in the full-service sector.

Broeker says the partnership between the companies won’t change the core focus of TabbedOut, but will simply allow certain units to have a customized version, from the visual features to the more specific, feedback, and customer-experience driven ones.

Being able to meet that demand from the larger chains, such as TGI Fridays, is another step for the company, which has been around since 2010. At the heart of the operation, though, remains the ability to allow consumers to pay from their mobile phones, resulting in table turns “eight to 10 minutes” faster per hour, as well as other benefits.

JT Smith, the director of operations at Doc’s Bar & Grill, which has four units in Texas, has been using TabbedOut since January and says he’s re-trained his staff to mention the app to incoming guests.

“TabbedOut has sped up both our [front of house] and [back of house] operations because it allows our serving staff to do more in less time,” he says. “Since the servers don’t have to return receipts and credit card slips back to the guest, it allows them to get to other guests faster and put their orders in for other tables much quicker.”

TabbedOut, without the need for additional hardware, integrates with an operator’s point of sale system, allowing for payments to be accepted via mobile transaction. There’s also Periscope—a customer integration tool—that tracks a diner’s experiences, from order preferences to frequency, and allows for direct feedback. Smith tabs that ability as a difference maker. When a customer responds, a manager can reply with a reward, smoothing over a bad experience, or simply offering more incentive for loyal customers to return. Offers can also be scheduled and sent out to TabbedOut users.

“You can track who your top guests are, how much they spend, and if they were satisfied or not,” he says. “It also allows you to interact with a guest if they have a question or if you want to inquire about a negative experience they may have had, and turn it around. It’s great.”

On the other side, TabbedOut provides a secure way to pay the bill, and do so at a guest’s own leisure. Meals and drinks can be ordered from the table, and points can be redeemed and earned.

Broeker says the efficiency of TabbedOut is easy to see. “You don’t want your bartenders closing tabs, you want them pouring more drinks,” he says. “Closing tabs is a very inefficient part of the process for any bar or restaurant.”

He also says operators enjoy being able to use one settlement account on their purchases. TabbedOut transactions process in the same stream as credit cards, and don’t require a separate merchant account.

Danny Klein