By Elizabeth Dilts NEW YORK (Reuters) - Vestwell Holdings Inc, a tech platform for retirement plans, said on Tuesday it raised $30 million from Goldman Sachs Group Inc GS.N, Point72 Ventures and the Bank of New York Mellon Corp BK.N. Franklin Resources Inc BEN.N, Allianz Life Ventures and the venture capital arm of Nationwide Mutual Insurance Company also invested in the fundraising, which was led by Goldman Sachs' principal strategic investments group, the companies said. New York City-based Vestwell plans to use the funding to hire engineers and developers to expand its technology and customer service offering, said Aaron Schumm, chief executive and founder of the startup. The firm expects to add around 30 employees, bringing its workforce to nearly 80. Founded in 2016, Vestwell works with independent wealth management firms, human resources companies, asset managers and others to provide online platforms where companies can store and manage employees' 401(k) retirement plans. The … [Read more...] about Goldman Sachs backs retirement technology platform Vestwell
Cat Zakrzewski, The Washington Post Published 6:03 am PDT, Thursday, March 14, 2019 It's not just Sen. Elizabeth Warren, D-Mass. Competition concerns about tech titans are growing around the world, with European regulators taking the lead on antitrust issues that could have significant implications here at home. The British government released a report yesterday stating the country needs to overhaul its antitrust and merger enforcement rules to adapt to the changing digital economy. The report, ordered by the country's top treasury official, recommends the United Kingdom establish a new digital markets regulator charged with policing the conduct of large technology companies such as Facebook, Google and Amazon. (Amazon chief Jeff Bezos owns The Washington Post). "These policies would create substantial benefits for UK consumers, businesses trying to start up and scale up in the UK, and greater predictability for the major digital companies," wrote Jason Furman, chair of … [Read more...] about The Technology 202: Europe is leading the crackdown on tech companies and competition
Cat Zakrzewski, The Washington Post Published 6:58 am PST, Thursday, February 21, 2019 Facebook investor Roger McNamee was one of the tech industry's biggest optimists - cheerleading the boom of Facebook as an early mentor to Mark Zuckerberg. But in the last two years, he's transformed into a champion for the Washington lawmakers and regulators trying to rein in Big Tech. The author of "Zucked: Waking Up to the Facebook Catastrophe" spent decades in tech investing, with a front-row seat to the rise of top companies. But in 2016, he also had a close-up view of how the social network giant failed to swiftly respond to concerns it was being manipulated by Russia during the presidential election. Since then, McNamee has emerged as an unlikely activist - regularly advising Washington policymakers on the inner workings of Silicon Valley. "When I first began talking to people at the [Federal Trade Commission] and members of Congress about these issues in the summer of 2017, we … [Read more...] about The Technology 202: He used to mentor Mark Zuckerberg. Now he’s helping Washington take on Big Tech.
News / UK and world by Press Association February 8, 2019, 7:26 am Send us a story Sign up to our Daily newsletter Nationwide Building Society has reported a fall in third quarter profits as it continues to count the cost of writedowns and investment in technology. Statutory profit in the nine months to December 31 fell more than 20% to £703 million, which it put down to £167 million of “asset write-offs and additional technology spend”. Underlying profits were down by 21% to £691 million. Last year, Nationwide announced a £1.3 billion technology investment as it looks to take the challenge to digital rivals. At the time, the building society said the cash injection would help “simplify its technology estate and build new technology platforms to enable growth and diversification, and drive forward digital, data and analytic strategies”. Nationwide chief executive Joe Garner said on … [Read more...] about Nationwide profits hit by technology investment
Cat Zakrzewski, The Washington Post Published 6:51 am PST, Thursday, January 31, 2019 Apple CEO Tim Cook at the Steve Jobs Theater in Cupertino, Calif., on Sept. 12, 2018. Apple CEO Tim Cook at the Steve Jobs Theater in Cupertino, Calif., on Sept. 12, 2018. Photo: Bloomberg Photo By David Paul Morris. Photo: Bloomberg Photo By David Paul Morris. Image 1 of / 1 Caption Close Image 1 of 1 Apple CEO Tim Cook at the Steve Jobs Theater in Cupertino, Calif., on Sept. 12, 2018. Apple CEO Tim Cook at the Steve Jobs Theater in Cupertino, Calif., on Sept. 12, 2018. Photo: Bloomberg Photo By David Paul Morris. The Technology 202: Apple just became the tech industry's de facto privacy cop 1 / 1 Back to … [Read more...] about The Technology 202: Apple just became the tech industry’s de facto privacy cop