Monthly enlists experts and celebrities to teach 30-day online classes

You may know Max Deutsch from Month to Master, his yearlong self-improvement program where he tried to master one “expert-level” skill each month — such as solving a Rubik’s Cube in 20 seconds, holding a 30-minute conversation in a foreign language and even challenging world champion Magnus Carlsen to a game of chess (Deustch lost).

Now, Deustch and his co-founder Valentin Perez are launching Monthly, which Deustch told me is designed to “leverage technology to help scale this kind of learning to many more people.”

Specifically, Monthly offers 30-day classes taught by experts and celebrities — the instructors often have hundreds of thousands or millions of YouTube subscribers. For example, Andrew Huang is teaching a class on music production, Daria Callie is teaching a class on realistic portrait painting and Stevie Mackey is teaching a class on singing.

When you enroll in a class, you’ll be assigned a different task every day; you might watch an instructional video one day, and then do something more hands-on the next. While the classes are online, you have to enroll and take the class at set periods of time — currently, Huang’s class is the only one open for enrollment.

Deutsch acknowledged that this can seem “a bit antithetical to the benefit of online learning (that you can do it whenever you want),” but he noted that often, “‘whenever you want’ ends up offering most people too much flexibility and becomes ‘maybe some other time.’”

So by having explicit start and stop days for a class, he said, “the commitment you’re making to yourself is more significant and as a result you’re much more likely to stick with it and follow through on your aspirations.”

You’ll also be placed in peer groups with 20 other students, with whom you share work and give and receive feedback. And at the end of it, Deutsch said you’ll have produced “something tangible that you’ve made that you’re proud of and that you can share with the world” — a voice recording, a film, a painting, etc.

Pricing will vary from $179 to $279, depending on the class. Deutsch didn’t provide specific numbers on how the money is shared with instructors, but he noted that the split varies depending on whether students signed up via Monthly or via an instructor promotion. And either way, he said, “creators are getting a very compelling split.”

As for funding, Monthly has raised an undisclosed amount from Floodgate’s Ann Miura-Ko at Floodgate, Intuit founder Scott Cook (Deutsch worked as a product manager at Intuit), and OVO Fund’s Eric Chen.


Source: Tech Crunch Startups | Monthly enlists experts and celebrities to teach 30-day online classes

Upstart banking company Dave is now worth $1 billion, as Norwest puts in $50 million

Two years after the Los Angeles-based fintech startup Dave launched with a suite of money management tools to save consumers from overdraft fees, the company is now worth $1 billion thanks to a nascent banking practice that had investors lining up.

The company used its overdraft protection service and money management display to shift customers’ focus away from the total balance that their account would show by giving them a sense of how much was actually left in their accounts once debits were included in their statements.

“What was cool about our financial management product was that we were trying to use Dave as a replacement for their current bank,” says Jason Wilk, Dave’s co-founder and chief executive.

Dave now counts over 4 million users for its financial management app and has roughly 800,000 people on the waiting list to use its banking services, Wilk says.

The company has taken a methodical approach to opening its doors as a digital bank, in part because it wants to have the necessary support infrastructure in place to service the demand that Wilk expects to see for its service.

“It’s one thing to help people with budgeting. It’s another to actually manage their money,” says Wilk.

Dave will use the $50 million raised from Norwest to significantly expand its product and engineering team within the next 12 months, in order to double down on the core business and ensure the success of the banking product.

“We can prove that Dave can be helpful by showing how we can help you manage your current account, and then Dave banking is the marketing lever from there,” says Wilk.

For now, customers need to have the financial management app installed to be able to access the company’s banking service.  

Dave charges $1 per month for access to its financial management tools and that also gives customers the ability to use a cushion of between $50 to $75 to avoid being hit with overdraft fees from their current bank account. Dave asks for a tip every time a customer uses that cushion to cover expenses — something that Wilk says is still cheaper than having to worry about overdraft fees.

And, to add a bit of environmental spin, for every tip that Dave receives, the company plants a tree. “We plant millions and millions of trees,” says Wilk.

The company is FDIC insured through a partner bank, the Memphis-based Evolve Bank and Trust, which acts as a backstop for the company’s financial management activities.

“We already had a relationship with them for some payment processing stuff,” says Wilk. “We liked the team and liked the terms and went with them.”

Terms between financial services firms can vary, and, Wilk says, Evolve Bank was willing to give the company a good deal on splitting the interchange fee, which is a big source of revenue for upstart banks.

It’s possible that Dave could have received a bigger check at a potentially higher valuation, but Wilk says the startup is trying to stay lean.

“The company is growing so quickly, we didn’t want to get too diluted on this round,” he says. “We think the company is quite a bit more valuable than [$1 billion]. You don’t want to raise too much money too quickly if you really think the valuation is going to climb… Since we signed the term sheet the company has already grown another 40%.”

It was only four months ago that Dave was announcing a $110 million credit financing with Victory Park Capital and the launch of its banking product.

Dave’s products and services have a few advantages for customers that are just getting started on the path to financial security. The company monitors everyday monthly payments and reports them to credit agencies to improve customers’ credit ratings. The company also provides up to $100, interest-free, overdraft protection.

“Banks have failed their customers by building products that put their own interests ahead of the humans who use them. People don’t need predatory fees, they need tools that actually solve their challenges around credit building, finding work and getting access to their own money to cover immediate expenses. Dave is the banking product that works with its customers, not against them,” said Wilk, in a June statement announcing the funding and banking product launch.

While Dave is getting some hefty firepower and a generous valuation from Norwest, it’s also operating in a market where its core services that were a point of differentiation are quickly becoming table stakes.

Earlier in September, the new startup banking company Chime announced that it had hit 5 million banking customers and was offering its own overdraft protection service.

The San Francisco-based bank has also raised a lot more capital for a potential piggy bank to raid if it needs to acquire or spend on engineering talent to build out new products and services. Earlier this year, the company announced a $200 million round and said it had hit roughly 3 million customers. Clearly Chime is adding new banking customers at a torrid pace.

And they’re facing global competition as well. N26, the European startup bank with a $3.6 billion valuation and hundreds of millions in financing launched in the U.S. a few months ago as well.

The company sees a global opportunity to create new digital banking services in a world where large amounts of capital and an elite set of consumers move easily between international markets.

“We have an opportunity that we build a bank that has more than 50 million users around the globe. Today, we only have 3.5 million users but we’re accelerating,” said N26 chief executive, Valentin Self, in an interview with TechCrunch. “From a country perspective, we have agreed already that we go to Brazil. There’s no plan after Brazil yet. Now let’s focus on the U.S., then on Brazil, then next year we’ll find out what’s the feedback from these two markets.”


Source: Tech Crunch Startups | Upstart banking company Dave is now worth billion, as Norwest puts in million

Reddit widens its anti-harassment policies to enable swifter crackdowns

Reddit is toughening its anti-harassment policies, and that's having consequences for parts of its community. The social site's new approach no longer limits harassment to those instances of "continued" or "systematic" activity, and includes any ins…
Source: Engadget | Reddit widens its anti-harassment policies to enable swifter crackdowns

Hyundai hires a NASA engineer to run its new 'flying car' division

Today, Hyundai threw its hat into the Urban Air Mobility (UAM) ring. The company announced that it's working to develop its own flying vehicles. Hyundai appointed Dr. Jaiwon Shin as head of its new UAM division. Most recently, Shin led NASA's Aeronau…
Source: Engadget | Hyundai hires a NASA engineer to run its new 'flying car' division

Twitter rolls out filter for potentially offensive DMs

Twitter is quickly acting on plans to filter potentially offensive direct messages. It's rolling out the filter to all users on Android, iOS and the web. As during the test, there isn't much mystery to how this works. If a message contains questio…
Source: Engadget | Twitter rolls out filter for potentially offensive DMs

Amazon may may offer cashierless Go tech to movie theaters and stadiums

Even if it doesn't open the stores itself, you could see Amazon-style cashierless stores proliferate across the US. According to CNBC, Amazon is in talks with a variety of merchants, including movie theatres, airport stores and sports stadiums to lic…
Source: Engadget | Amazon may may offer cashierless Go tech to movie theaters and stadiums

European early-stage VC firm ‘Project A’ on Europe’s startup scene taking the next step

Project A, the Berlin-based VC, just raised a new $200 million fund (€180 million) to continue backing European startups at Seed and Series A stage.

In addition, the firm — whose investments include WorldRemit, Catawiki, Voi and Uberall — announced it will now have a presence in London and Stockholm in order to put people on the ground in what it says are “two of its favorite ecosystems.”

What better time, therefore, to catch up with the team at Project A, where we talked investment thesis, why Stockholm and London, and the increasing interest in Europe from U.S. LPs and VCs. Other subjects we touched on include diversity in venture, and, of course, Brexit!

TechCrunch: You last raised a fund in 2016, totaling €140 million, what changes have you noticed since then with regards to the types of companies you are seeing and the European ecosystem as a whole?

Uwe Horstmann: Entrepreneurs definitely matured a lot over the last few years. We see more and more of serial founders who combine drive with experience delivering great results. We also noticed an increase in more tech / product-centric and in B2B models.

This doesn’t come as a surprise as the market for consumer-oriented models started developing much earlier and is now reaching its limits after a few years. Many entrepreneurs gained experience in the Old Economy or have been consulting companies for a few years, learned about the struggle with products and processes first-hand and developed solutions specifically tailored to the industry’s needs.

We also notice a rise in professionalism in company setups and a higher ambition level in founding teams. This is probably also due to a more professional angel and micro fund scene that has developed in Europe.

TC: I note that you have U.S. LPs in the new fund, which I think is a first for Project A, and more broadly we are seeing a lot more interest from U.S. VCs in Europe these days. Why do you think that is, and how does this change the competitive landscape for deal-flow and the ambition of European founders?

Thies Sander: Having our first U.S. LPs on board makes us proud. LPs have noticed that European VC returns have really picked up during recent fund cohorts.


Source: Tech Crunch Startups | European early-stage VC firm ‘Project A’ on Europe’s startup scene taking the next step

Apple iPadOS review: More like a laptop than ever

For the first few years of the iPad's life, Apple basically treated it like an overgrown iPhone. Yes, its bigger screen meant people would want to use it differently, and third-party developers did a fine job retooling their software to make full…
Source: Engadget | Apple iPadOS review: More like a laptop than ever

US sanctions two Russians for meddling in 2018 midterm elections

Today, the US Treasury sanctioned two Russian nationals accused of working for the Internet Research Agency (IRA) and attempting to meddle in the 2018 US midterm elections. The US has already sanction the IRA and a handful of its members. Now, Igor N…
Source: Engadget | US sanctions two Russians for meddling in 2018 midterm elections

Audi’s Silvercar rental service adds a customer loyalty program

Audi's premium rental service, Silvercar, just launched a customer loyalty program. All Silvercar customers will be automatically enrolled in the Premium Rewards Program. They'll earn one point for every dollar spent — excluding those spent on taxes…
Source: Engadget | Audi’s Silvercar rental service adds a customer loyalty program