Credit card giant American Express said Monday it will acquire online lender Kabbage’s employees, products, platform and intellectual property. It won’t absorb Kabbage’s loan portfolio, which had suffered from rising loan delinquencies. American Express did not disclose the details of the transaction, but Bloomberg reported last week that the deal could be valued at as much as $850 million in...
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Sequoia Capital’s U.S. Partners May Reap China Gains Even After Split
Sequoia Capital on Tuesday told investors that by the first quarter of next year it would fully separate its U.S. and China venture capital operations, ending an 18-year run during which Sequoia Capital China became China’s most successful VC firm and drove outsize returns for Sequoia’s global investors. But the separation, anticipated for years and related to a growing geopolitical...
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Adam D’Angelo is basking in an “ endless summer ” of artificial intelligence. A few weeks before he and 350 industry peers released a bizarre, one-line statement warning that AI could herald a nuclear-level extinction event, the 38-year-old co-founder of Quora told me he actually sees more upside in AI than downside.