Morning Brief 8.12.20: Stripe hires GM's former CFO as digital drives growth

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Morning Brief 8.12.20: Stripe hires GM's CFO as digital drives growth

Walmart teams with Instacart; Paytm offers mobile point of sale hardware; and other information you need to start your day, from PaymentsSource and around the web.

The information you need to start your day, from PaymentsSource and around the web:

Recruiting

The coronavirus has sparked a rush to digital commerce, leading to a new $600 million funding round and a series of high-profile hires of executives from outside of the traditional payments industry.

The latest is Dhivya Suryadevara, GM's former CFO, who assumes the same position at Stripe, where she will be responsible for "managing aggressive growth while maintaining fiscal responsibility," according to Stripe. During the pandemic, Stripe has tried to address the increase in digital payments by approaching more categories of business — particularly those without traditional e-commerce models.

Stripe has added more than 400 staffers in 2020, boosting its workforce to about 2,800 in 16 offices. Stripe has recently hired Mike Clayville from Amazon Web Services to be its chief revenue officer; and Trish Walsk, a former counsel for Voya Financial, as general counsel.

Dhivya Suryadevara
Dhivya Suryadevara

Delivery battle

Walmart has partnered with Instacart to support same-day delivery, upping the ante in its delivery speed battle with Amazon, with both companies incrementally boosting online order and delivery combos.

The partnership is currently in a pilot phase in four markets across California and in Oklahoma, and adds to Instacart's supermarket network, which includes Aldi, Target, Costco, Kroger and smaller chains. Instacart has also paired with Stripe to expedite payments to its shoppers.

Walmart has an existing partnership with Instacart for Sam's Club warehouse stores. Walmart, which has its own delivery service, has had difficulty sustaining relationships with some of its delivery partners, losing Deliv, Skip Cart and Uber over the past two years.

Wallet installments

Point of sale credit company Klarna has added Google Pay for in-store purchases in the U.S. with Sephora, Journeys and rue21 as initial merchants.

The Sweden-based Klarna, which already supports Apple pay, is positioning the move as a way to boost contactless payments options as the technology expands.

Klarna has also recently attracted investment from Ant as part of an international expansion program.

mPOS meets UPI

Paytm has launched a portable point of sale device that's designed to allow Indian small businesses to support contactless transactions away from a static terminal.

The payment firm is selling an Android device that includes a scan to order feature and a connection to India's United Payments Interface, which provides a rail for digital payments, reports StartupsinIndia.

The device is integrated with Paytm's business app, which powers other digital financial services and business management features for merchants.

From the Web

Investors revalue Chinese tech giants after U.S. ban
REUTERS | Wednesday Aug 12 2020
Stock investor Zhu Haifeng halved his once-cherished holdings in Chinese tech giants Tencent and Alibaba after the United States announced on Friday sanctions against some Chinese firms in the latest escalation between the world's two top economies.

Digital mortgage company Habito completes £35M Series C
TECHCRUNCH | Wednesday Aug 12 2020
Habito, the London startup that has spent the last few years moving the mortgage process online, including offering its own mortgages beyond acting as a broker, has completed £35 million in Series C funding.

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