24th June 2022
Bite-sized business news from the UK and beyond
Good morning Five years ago Twitter shook up its proposition by doubling the character count from 140 to 280 and now it's ready for its next shake up. The social media giant announced that it's testing a new feature that allows users to share "notes" as long as 2,500 words. The test will run for two months and involve a small group of writers in Canada, Ghana, the UK and US.
Government interest payments soar
London payment startup raises £500m
ECONOMYGovernment interest payments soar
Other stories to keep you in the loop
British Airways workers at Heathrow vote to strike during school summer holidays
Brits paid billions more in taxes over the last year as HMRC ramped up tax collection
Harrods delays summer discount sale due to global supply chain issues
Nike latest brand to leave Russia permanently
Naked Wines shares tumble on weak outlook warning
US bans Juul e-cigarettes blaming them for youth vaping epidemic
FINTECHLondon payment startup raises £500m
What happened?Yesterday British fintech firm Sumup announced it had raised £507m giving it a valuation of just under £7bn - reportedly less than half the target it had hoped to reach in January.Founded in 2012, SumUp offers physical card readers and manages payments in online stores. It caters to small businesses and has over 4m customers in 35 countries. The new funds will be used enter new markets and launch new products.The funding round comes against a backdrop of falling tech valuations in the public and private marketsGlobal tech stocks have dropped 25% this year and buy now pay later giant Klarna, and Europe’s most valuable private company, is reportedly trying to raise money at half its peak $46bn valuation.Investors have been rattled by the prospect of a slowing world economy caused by rising inflation and a cost of living crisis.
Stat of the day
A Russian journalist auctioned off his 2021 Nobel Peace Prize for $103.5m to help victims of the war in Ukraine
Interesting links from around the web
The case for turning off your Zoom camera
Netflix and bills: which streaming services are really worth shelling out for?
12 things you should never buy at Costco, according to a professional chef