<div>
  <ul>
    <li>
      <p>
        The Consumer Financial Protection Bureau announced today that BNPL providers must offer some key legal protections and rights similar to conventional credit cards. The legal protection includes a right to dispute charges and seek a refund from the lender after returning a product purchased through a BNPL provider.
      </p>
    </li>
    <li>
      <p>
        The interpretive rule mandates BNPL providers to comply with the &quot;Truth in Lending Act&quot; criteria by investigating consumer disputes, pausing payments during investigations, issuing credits, refunding returned products or canceled services, and providing periodic billing statements similar to traditional credit cards.
      </p>
    </li>
    <li>
      <p>
        <b>Analyst QuickTake: </b>
        The Australian Federal Government announced in May last year that it would take the 
        <a href="https://sp-edge.com/updates/18750">
          initiative to regulate
        </a>
         the BNPL industry under the Credit Act to treat BNPL offerings as credit products and mitigate risks relating to consumer debt. As part of the Government's decision, businesses would need to obtain credit licenses and meet hardship requirements and minimum standards for conduct.
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://www.consumerfinance.gov/about-us/newsroom/cfpb-takes-action-to-ensure-consumers-can-dispute-charges-and-obtain-refunds-on-buy-now-pay-later-loans/">
      Press release
    </a>
  </p>
  <p>
    <a href="https://www.theguardian.com/us-news/article/2024/may/22/buy-now-pay-later-loans-us-oversight">
      The Guardian
    </a>
  </p>
  <p>
    <a href="https://www.nbcnews.com/business/personal-finance/biden-grants-legal-protections-buy-now-pay-later-customers-rcna153441">
      NBC news
    </a>
  </p>
  <p>
    <a href="https://www.reuters.com/markets/us/us-consumer-watchdog-will-apply-credit-card-rules-buy-now-pay-later-companies-2024-05-22/">
      Reuters	
    </a>
  </p>
</div>


Buy Now, Pay Later

ANALYST_QUICK_TAKE

<div>
 <p>The Consumer Financial Protection Bureau has declared that Buy Now Pay Later (BNPL) providers should extend a few pivotal legal protections and rights analogous to traditional credit cards. These rights envelop disputing charges and procuring a refund from the lending party after returning a product bought through a BNPL provider.</p>
 <p>This declaratory rule demands BNPL providers to harmonize with the "Truth in Lending Act" regulations by inquiring into consumer complaints, freezing payments during inquiries, issuing credit, reimbursing returned products or annulled services, and issuing recurrent billing statements akin to conventional credit cards.</p>
</div> <p><b>Analyst QuickTake:<br>
 </b> The Australian Federal Government announced in May last year that it would take the <a href="https:<br>
//sp-edge.com/updates/18750"> initiative to regulate </a> the BNPL industry under the Credit Act to treat BNPL offerings as credit products and mitigate risks relating to consumer debt. As part of the Government's decision, businesses would need to obtain credit licenses and meet hardship requirements and minimum standards for conduct.</p>

Consumer Financial Protection Bureau tightens regulation on BNPL offerings

Technologies bringing about a new reality

Extended Reality

PROMINENT_CATEGORY

<div>
 <p>Chinese VR headset manufacturer, Pimax, has announced its new compact Dream Air VR headset. The headset, allocated for a release in May 2025, is currently available for pre-orders at a price point of USD 1,900.</p>
 <p>Ergonomically lightweight, the Dream Air headset boasts an array of features. This includes 13MP micro-OLED resolution per eye at a 90Hz with HDR, and a field of view of 102°. It also comes equipped with inside-out tracking, motion controllers, hand tracking, onboard audio and options for prescription lenses. Additionally, this headset will include eye tracking, and industry-first automatic IPD and strap tightening.</p>
 <p>The highlight of the Dream Air headset lies in the automatic strap tightening — a first in the industry — which is designed to provide a perfect balance between comfort and stability thereby enhancing user experience. Simultaneously, the automatic IPD (interpupillary distance) feature adjusts the distance between lenses matching the width of the user's eyes, contributing to easy usage and improved vision.&nbsp;</p>
</div> <p><b>Analyst QuickTake:<br>
</b> Pimax introduced the Crystal Super ( USD 1,799) and Crystal Light ( USD 699) in <a href="https:<br>
//sp-edge.com/updates/28482"> April 2024, </a> with the Super offering premium features like QLED/micro OLED panel interchangeability, while the Light focuses on affordability with lower resolution and fewer features. The Dream Air, weighing 200 g, targets portability with a 3,840 x 3,552 resolution, similar to the Crystal Super, but lacks advanced features such as dynamic foveated rendering. It outperforms the Crystal Light with eye-tracking, automatic IPD, motion controllers, and hand-tracking. The Dream Air aims for a lightweight, user-friendly experience, foregoing some high-end features for portability.</p>

Pimax announces compact Dream Air VR headset for USD 1,900

Automation to improve business efficiency

Workflow Automation Platforms

<div>
 
 <p>HuLoop Automation, a workflow automation platform, has procured Series A funding from Mighty Capital and Moneta Ventures. The funds will be channeled towards product innovation, customer success, enhancing its automation platform, and broadening its market reach.</p>
 
</div> <p><b>Analyst Quicktake:<br>
 </b> Recently, investor interest in Gen-AI-based automation startups have been growing rapidly, with many companies raising funds. Notable examples include <a href="https:<br>
//sp-edge.com/companies/3796732"> Salt AI, </a> <a href="https:<br>
//sp-edge.com/companies/2950864"> RapidCanvas </a> , <a href="https:<br>
//sp-edge.com/companies/3595466"> UnifyApps </a> , <a href="https:<br>
//sp-edge.com/companies/3257282"> Artisan </a> , and <a href="https:<br>
//sp-edge.com/companies/3426107"> CrewAI </a> , which have raised <a href="https:<br>
//sp-edge.com/updates/37360"> USD 3 million, </a> <a href="https:<br>
//sp-edge.com/updates/37139"> USD 16 million </a> , <a href="https:<br>
//sp-edge.com/updates/35824"> USD 20 million </a> , <a href="https:<br>
//sp-edge.com/updates/34163"> USD 11.5 million </a> , and USD <a href="https:<br>
//sp-edge.com/updates/35213"> 18 million </a> , respectively. Moreover, this round also marks HuLoop’s second funding round for the year, since it raised <a href="https:<br>
//sp-edge.com/updates/27023"> USD 5 million </a> in February.</p>

HuLoop raises Series A funding from Mighty Capital

Helping employers provide personalized, high-touch, and holistic financial wellness tools to their entire workforce.

Financial Wellness Tools

INCUMBENTS_PRESENT

<div>
 <p>Fiserv, a global provider of payments and financial services technology, is set to acquire Payfare, a provider of program management solutions for gig economy workforces. The financial details of the agreement are undisclosed, and the transaction is projected to be completed in the first half of 2025, pending shareholder and regulatory approvals.</p>
 <p>Payfare, an international leader in Earned Wage Access, offers instantaneous access to earnings via a digital banking platform. The company collaborates with ecommerce marketplaces, payroll platforms, and employers to ensure financial security and inclusion for workers.</p>
 <p>The takeover will integrate Payfare's card program management, white-label consumer app, and microservices orchestration layer with Fiserv's processing capabilities, bank ledgers, and integrated value-added services. This will further enhance Fiserv's embedded banking, payments and lending solutions.</p>
 
</div>

Fiserv to acquire Payfare for undisclosed sum to enhance embedded finance solutions

Democratizing financial technology with a suite of API-based solutions

FinTech Infrastructure

<div>
 <p>Fiserv, a worldwide provider of financial services technology, has decided to purchase Payfare, a company offering program management solutions for gig economy workforces. The acquisition cost is currently undisclosed and the deal is likely to be concluded by the first half of 2025, pending necessary approvals from regulatory bodies and shareholders.</p>
 <p>Payfare is an international leader in Earned Wage Access, providing instant access to earnings through a digital banking platform. It collaborates with ecommerce marketplaces, payroll platforms, and employers to ensure financial security and inclusion for laborers.</p>
 <p>This move will integrate Payfare's card program management, white-label consumer application, and microservices orchestration layer into Fiserv's existing services. This includes Fiserv's processing capabilities, bank ledgers, and integrated value-added services, which are expected to greatly improve Fiserv's embedded banking, payments, and lending services.</p>
 
</div>

Information to create a more efficient, cleaner and safer way to travel in the city of the future

Smart Mobility Information

<div>
 <p>Portuguese transport management platform, Meight, has secured a funding of EUR 3.4 million (~USD 3.54 million). The funding round was led by Cusp Capital and had participation from Grupo Lusiaves, Faber, and EIT Urban Mobility.</p>
 <p>This funding is set to facilitate the expansion of Meight's operations across Europe. It will also accelerate the advancement of its cloud-based transport system, including the improvement of AI-enabled freight planning capabilities.</p>
 <p>Stationed in Portugal, Meight offers transport management solutions powered by AI. This allows companies to manage various operations ranging from route planning to reporting. Their patented technology along with a driver application aims to lessen fuel consumption and cut down carbon emissions. This is achieved by minimising unnecessary trips and promoting paperless operations. The platform can connect with enterprise systems, process telemetry data, anticipate fuel needs, and pinpoint non-compliant driving patterns. In addition, it offers users the ability to ensure driver compliance by means of uploading necessary documentation and pre-setting travel routes.</p>
 </div>

Meight raises EUR 3.4 million in funding led by Cusp Capital

Additive manufacturing makes objects by systematically adding material via a CAD program

Additive Manufacturing

<div>
 <p>Desktop Metal, a metal 3D printing company, has sued Nano Dimension, an additive manufacturing solution company, in the Delaware Court of Chancery for allegedly failing to fulfill their obligations in securing regulatory approval for their proposed merger. An expedited court hearing is scheduled for December 30, 2024.</p>
 <p>Desktop Metal is demanding that Nano Dimension takes necessary steps in acquiring approval from the Committee on Foreign Investment in the US (CFIUS), including the completion and signing of the proposed mitigation agreement and finalising the merger within five days post CFIUS approval.</p>
 <p>The lawsuit is asking for a court declaration stating that Nano Dimension did not put in reasonable efforts to gain regulatory approval, and seeks to stop Nano Dimension from ending the proposed merger agreement through an injunction. The merger agreement's other regulatory conditions have already been met with CFIUS approval being the last regulatory hurdle needed to conclude the deal.</p>
 </div> <p><b>Analyst QuickTake:<br>
</b> This legal action follows a series of complex acquisition attempts and internal issues involving Nano Dimension and Desktop Metal. In May 2023, <a href="https:<br>
//sp-edge.com/companies/74544"> Stratasys </a> , a 3D printing company partly owned by Nano Dimension (14.5%), announced plans to <a href="https:<br>
//sp-edge.com/updates/18906"> merge with Desktop Metal </a> in an all-stock transaction valued at USD 1.8 billion. However, this merger was <a href="https:<br>
//sp-edge.com/updates/22625"> terminated in September </a> 2023 after Stratasys' shareholders voted against the deal. Meanwhile, Desktop Metal faced its own internal troubles, which led to the <a href="https:<br>
//sp-edge.com/updates/25957"> laying off of 20% of its workforce </a> as part of a USD 50 million cost-cutting strategy (in January) and the company <a href="https:<br>
//sp-edge.com/updates/26716"> filing for a USD 250 million mixed securities shelf offering </a> (in February).</p>

Desktop Metal sues Nano Dimension over merger compliance

<div>
 <p>Nexa3D, a 3D printing company, has revealed plans to scale back its operations after withdrawing from the Formnext 2024 expo in Germany.</p>
 <p>The firm names economic difficulties as the main cause for the operational scale-back, along with a reduction in directly assisting customers. Support will now be handed off to reseller partners as the company reduces direct support capacities.</p>
 
</div> <p><b>Analyst QuickTake:<br>
</b> This news comes as a relative surprise from Nexa3D, which began the year with back-to-back acquisitions. In January, it <a href="https:<br>
//sp-edge.com/updates/25542"> acquired Essentium </a> , an industrial AM provider, to add high-speed extrusion (HSE) to its portfolio. In February, it <a href="https:<br>
//sp-edge.com/updates/27940"> acquired 3D-Fuel </a> , a 3D printing filament manufacturer, to expand its material offerings. Notably, this announcement did not have specific timelines or detailed plans, suggesting that the scale-down was unexpected.</p>

Nexa3D scales back operations amid financial crisis

The toolkit to build machine learning applications at scale

Machine Learning Infrastructure

<div>
 <p>Data labeling company, Fraction AI, has successfully raised USD 6 million in pre-seed funding. The effort was co-led by Spartan and Symbolic and saw participation from Borderless, Anagram, Foresight, and Karatage as well as angel investors such as Sandeep Nailwal from Polygon and Illia Polosukhin from Near.</p>
 <p>Fraction AI is planning on using this funding to boost its research initiatives and upgrade its infrastructure. This will enable the company to scale its unique hybrid data labeling approach.</p>
 <p>As it stands, Fraction AI's platform is in closed testnet with over 60,000 users. They aim to introduce a public testnet by January 2025. The platform uses a competitive framework in which AI agents are deployed by builders, with Stakers providing an economic basis by staking ETH.</p>
</div> <p><b>Analyst QuickTake:<br>
 </b> Fraction AI differentiates itself with a Web3-driven model that incentivizes community collaboration. Contributors can submit, label, and verify data, helping to build perpetual datasets while earning rewards. Data owners retain revenue and governance rights, ensuring direct control over their contributions. Other recent data labeling funding rounds include SuperAnnotate, which raised USD 36 million in <a href="https:<br>
//sp-edge.com/updates/36141"> November 2024 </a> .</p>

Fraction AI raises USD 6 million in pre-seed funding to scale hybrid data labeling

Technology to explore opportunities beyond Earth

Space Travel and Exploration Tech

<div>
 <p>Space travel company Rocket Lab has collaborated with Japanese satellite manufacturer Synspective for the successful launch of the sixth StriX satellite. The launch was carried out from Rocket Lab's New Zealand launch complex 1 using its Electron rocket.</p>
 <p>The mission saw the deployment of the StriX synthetic aperture radar (SAR) imaging satellite, a product of Synspective, into a sun-synchronous orbit. This launch is part of a contract between the two companies, signed in June, which will see Rocket Lab perform 10 additional Electron launches over the next three years. The financial terms of this large contract have not been shared.</p>
 <p>Following Synspective’s recent listing on the Tokyo Stock Exchange Growth Market, the company has raised funds to expand its satellite constellation. In addition to its alliance with Rocket Lab, Synspective is also contemplating the use of SpaceX rideshare services for future satellite launches.</p>
 
</div>

Rocket Lab launches sixth Synspective radar satellite as part of ongoing partnership

Clean, congestion-free air travel gets liftoff

Passenger eVTOL Aircraft

<div>
 <p>Chinese autonomous aerial vehicle developer, EHang Holdings Limited, has entered a strategic partnership with Changan Automobile, a car manufacturer in China. The partnership will focus on the research, manufacturing, sales, and operation of flying car-related products, including eVTOL aircraft.</p>
 <p>EHang will utilise its experience in aerial vehicles and flight operations, whilst leveraging Changan's manufacturing skills. The partnership aims to establish a joint venture to oversee research, production, and relevant services.</p>
 <p>The joint efforts will concentrate on integrating low-altitude economy applications, to expedite the commercial rollout of both flying cars and EHang's unmanned eVTOL aircraft.</p>
</div>

All Updates

Consumer Financial Protection Bureau tightens regulation on BNPL offerings

Pimax announces compact Dream Air VR headset for USD 1,900

HuLoop raises Series A funding from Mighty Capital

Fiserv to acquire Payfare for undisclosed sum to enhance embedded finance solutions

Fiserv to acquire Payfare for undisclosed sum to enhance embedded finance solutions

Meight raises EUR 3.4 million in funding led by Cusp Capital

Desktop Metal sues Nano Dimension over merger compliance

Nexa3D scales back operations amid financial crisis

Fraction AI raises USD 6 million in pre-seed funding to scale hybrid data labeling

Rocket Lab launches sixth Synspective radar satellite as part of ongoing partnership

EHang partners with Changan Automobile to develop eVTOL aircraft for personal transportation

Buy Now, Pay Later

Consumer Financial Protection Bureau tightens regulation on BNPL offerings

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