*By Michael Teich*
Amazon inked a new partnership with American Express, but don't expect the financial industry to be the next area the tech giant jumps into.
"The thing that people misunderstand is that tech companies don't want to manufacture financial products," said Lex Sokolin, Global Director of Fintech Strategy at Autonomous Research. "It's about making the ecosystem and the platform more powerful, and finance is just a feature inside of that."
American Express announced Tuesday it will launch a co-branded Amazon credit card for small businesses. The move accelerates Amazon's foray into financial products and strengthens its position as a lender. The goal, Sokolin said, is to enable small businesses to finance their activities, getting more products on Amazon's platform, and ultimately driving more commerce.
Plus, the opportunity costs of devoting itself to the financial industry are too high.
"Amazon has tremendous high-growth, super interesting, blue oceans to explore,” he said. "They could be investing in building a mortgage business, or they can build artificial intelligence business."
For the full segment, [click here.](https://cheddar.com/videos/amazon-bolsters-financial-prowess-with-new-credit-card)
Matt Hougan, CIO at Bitwise Asset Management, joins Cheddar News' Closing Bell, where he explains what we're learning about cryptocurrencies during the Russian invasion of Ukraine and says that there's not a simple, clean narrative that can be reached.
Shared EV service Revel raised $126 million in a Series B round. Revel first came on the map in 2018 with its shared electric moped service in New York City, which has since expanded to other cities on the east coast. The company also operates an all-Tesla ride-hailing service in Manhattan.
Now, it is looking to expand its network of EV fast-charging stations, which the company calls super-hubs. Frank Reig, CEO of Revel, joins Cheddar News' Closing Bell to discuss.
Amid Russia's attack on Ukraine, major businesses from BP to Big Tech like Apple have been pausing their business dealings with the invading nation. Brian Walker, chief strategy officer at commerce software company Bloomreach, joined Cheddar News to discuss how some companies are showing support for Ukraine and what this could mean for consumers. "Whether it be impacts on energy or operational costs, shipping and logistics, or frankly impacts on the financial services industry, these will have long term implications on retail prices," he said.
About 678,000 jobs were created in February, hundreds of thousands more than predicted, according to the latest Labor Department report, showing a broad economic recovery despite inflation woes. Heather Boushey, member of the Council of Economic Advisers for President Biden, joined Cheddar News to talk about the employment figures. "This really shows that the economy is now more resilient because of the tools that we have in place," Boushey said. "So I'm optimistic that we'll be able to weather future storms."
There will soon be another, lower-cost subscription option for Disney+ — but with commercials. Disney will launch the new ad-supported tier for its streaming service in the U.S. later this year and internationally in 2023, but so far there is no word on an exact launch date or price for the new service option. Tal Chalozin, co-founder and CTO of online ad tech company Innovid, joined Cheddar News' Closing Bell to discuss what the news could mean for the next chapter of the streaming wars. "I wouldn't say that are worried about subscriber growth, but they have big goals to fill," he said. "They need to go to the mid-market or the longer tail. An ad model, always proven that that that's the way to go to mass market in television."
From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
On this episode of ChedHER: Lissy Hu, CEO and Founder of CarePort, powered by WellSky, breaks down how to avoid 'mom guilt' at work; Katie Hotze, Founder and CEO of Grocery Shopii, explains how she's creating a platform that allows for personalized meal planning and recipes into a grocer's eCommerce platform; Nicole Wegman, Founder and CEO of Ring Concierge, talks how she's creating luxury designs for women, by women.
Londoners are facing travel chaos after around 10,000 transport workers walked off their jobs for the second day this week, leaving almost all of the capital’s subway lines suspended or severely disrupted.
Katie Hotze, Founder and CEO of Grocery Shopii, joins ChedHER to discuss how she's creating a platform that allows for personalized meal planning and recipes into a grocer's eCommerce platform, and her learnings from one of her very well known investors: Lance Bass.
