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California Lets Aurora Operate Driverless Cars

PYMNTS

Aurora, with logistical operations currently in Palo Alto, Pittsburgh, and San Francisco, has approximately a dozen self-driving vehicles used for testing on American public roads. 620 million has been financed to date, with Sequoia Capital, Amazon, and T. Rowe Price Associates contributing.

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FinTech Startup Revolut Raises $80M In New Funding, Now Valued At $5.5B

PYMNTS

The latest infusion of cash comes from TSG Consumer Partners , a San Francisco-based private equity company, TechCrunch reported. Revolut is also backed by Index Ventures, the global venture capital firm with dual headquarters in San Francisco and London, and a half dozen others.

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Personal finance app Tally raises $50m to grow its platform business

Bank Innovation

The Series C funding round, led by Andreessen Horowitz, will help the San Francisco-based company hire more engineers to help build out more products, according to Erica Dorfman, Tally’s head of finance and operations. […].

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Citigroup Back To NY Federal Court Over $900M Error

PYMNTS

While many firms returned the money at Citi’s request, the bank said in court documents, a dozen have been sued after what the bank called an “operational error” caused it to transfer $900 million of its own funds to Revlon creditors one day after the troubled cosmetics company was sued over its restructuring tactics. On Tuesday (Aug.

New York 263
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Square Capital Distributed 76K PPP Loans Totaling $820M

PYMNTS

Square Capital LLC processed more than $820 million in Small Business Administration (SBA) Paycheck Protection Program (PPP) forgivable loans in six weeks, the firm reported. The San Francisco-based division of Square Inc., Last year, Square Capital did $2.3 billion in business loan volume. months’ worth of that volume.

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On-Demand Delivery Service Munchery Ceases Operations

PYMNTS

In May Munchery said it was planning to focus on its largest market, which was San Francisco, in an effort to become profitable. Its venture capital investors included Greycroft, ACME Ventures (formerly known as Sherpa Capital), Menlo Ventures, e.Ventures, Cota Capital, M13 and others, noted reports.

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Menlo Ventures Closes New Early Stage $450M Fund

PYMNTS

Menlo Ventures , the Silicon Valley venture capital firm, closed a new $450 million venture capital fund aimed at investing in early stage companies focused in the consumer, enterprise and so-called frontier technologies markets. The move is designed to put the VCs closer to where the action is.