WhatsApp announced today that it is expanding its Channels feature to all users in more than 150 countries over the next few weeks. Channels are a new way to get updates from people and organizations you follow, such as your favorite businesses, celebrities, or news outlets.
Channels are one-to-many communication channels, which means that a single admin can send messages to an unlimited number of followers. This makes them a great way to share news, updates, or information with a large audience.
Channels are also private, which means that only followers can see the messages that are sent. This helps to protect your privacy and security.
When you follow a channel, you will see the messages that are sent in your WhatsApp feed. You can also react to messages with emojis, and you can forward messages to other people or groups.
WhatsApp is also adding some new features to Channels with the global launch. These features include:
The ability to edit messages for up to 30 days: This is a useful feature for admins who make mistakes or who need to update information. An improved directory to find channels: This will make it easier to find channels that you are interested in.
The ability to see how many people have reacted to a message: This is a fun way to see how popular a message is. WhatsApp Channels are a new and innovative way to get updates from people and organizations you follow. If you are looking for a way to stay up-to-date on the latest news, or if you want to connect with your favorite businesses or celebrities, then Channels are a great option.
Channels are a great way to reach a large audience with your message. Channels can be used to share news, updates, or information about your business, organization, or cause. Channels can be used to connect with your customers, fans, or followers. Channels can be used to build relationships and grow your audience.
If you are interested in creating a WhatsApp Channel, you can do so by following these steps:
Open the WhatsApp app.
Tap on the three dots in the top right corner of the screen. Select “New Channel.”
Enter a name for your channel and a description.
Add people to your channel by tapping on the “Add People” button.
Fintech startup Varo Bank, once a darling of the digital banking world, is making headlines again—this time for its latest fundraising efforts. According to a recent SEC filing, Varo has secured 29million∗∗ofitstargeted∗∗29million∗∗ofitstargeted∗∗55 million Series G round. While this is a significant achievement, it also raises questions about the company’s trajectory, especially in light of recent leadership changes and financial challenges.
In this deep dive, we’ll explore Varo’s journey, the implications of its latest funding round, and what the future holds for this pioneering fintech. Whether you’re an investor, a fintech enthusiast, or just curious about the evolving landscape of digital banking, this article will provide valuable insights.
Varo’s Fundraising Journey: A Rollercoaster Ride
The Latest Funding Round
Varo’s Series G round has so far closed at 29million∗∗,fallingshortofits∗∗29million∗∗,fallingshortofits∗∗55 million target. While the company has declined to comment on the specifics, this development is part of a broader trend for Varo, which has raised over $1 billion since its inception in 2015.
This isn’t the first time Varo has faced fundraising challenges. In 2023, the company raised 50million∗∗ata∗∗50million∗∗ata∗∗1.85 billion post-money valuation, significantly lower than its 2.5billionvaluation∗∗duringits∗∗2.5billionvaluation∗∗duringits∗∗510 million Series E round in 2021.
What’s Behind the Fundraising Challenges?
Several factors could explain Varo’s struggles to meet its fundraising goals:
Market Conditions: The fintech sector has faced headwinds in recent years, with investors becoming more cautious amid economic uncertainty.
Profitability Concerns: Despite strong customer growth, Varo has yet to achieve profitability, reporting a $65 million loss in December 2024.
Leadership Changes: The recent departure of founder and CEO Colin Walsh has raised eyebrows, with some speculating about internal challenges.
Leadership Shakeup: A New Chapter for Varo
Colin Walsh Steps Down
In a surprising move, Colin Walsh, Varo’s founder and longtime CEO, announced his resignation in late 2024. Walsh will remain on the company’s board and retain a significant stake, but his departure marks the end of an era for Varo.
Enter Gavin Michael
Walsh’s successor, Gavin Michael, brings a wealth of experience to the role. Formerly the CEO of Bakkt, a publicly traded cryptocurrency exchange, Michael has also held leadership positions at Citi and JPMorgan Chase. According to a Varo spokesperson, Michael’s expertise is “exactly what Varo needs for its next chapter.”
Was Walsh Forced Out?
Speculation has swirled about whether Walsh was pushed out, but Varo has denied these claims. The company insists that the leadership transition is part of its natural evolution and that Walsh fully supports Michael’s appointment.
Varo’s Unique Position in the Fintech Landscape
The First All-Digital National Bank
Varo made history in 2020 by becoming the first all-digital nationally chartered U.S. consumer bank. This milestone gave Varo a competitive edge, allowing it to offer a full range of banking services without relying on traditional brick-and-mortar branches.
Commitment to Financial Inclusion
From the beginning, Varo has positioned itself as a champion of financial inclusion, targeting underserved communities with affordable banking solutions. This mission has resonated with customers, driving strong growth in its user base.
The Path to Profitability
Despite its innovative approach, Varo has struggled to turn a profit. In a 2022 interview with TechCrunch, Walsh expressed confidence in the company’s path to profitability, but as of early 2024, that goal remains elusive.
The Road Ahead: Challenges and Opportunities
Navigating a Tough Market
The fintech sector is increasingly crowded, with competitors like Chime, Current, and Revolut vying for market share. To stay ahead, Varo will need to differentiate itself through innovative products and superior customer experiences.
Leveraging New Leadership
Gavin Michael’s appointment could be a turning point for Varo. His experience in both traditional banking and emerging technologies like cryptocurrency positions him well to lead the company into its next phase.
Focusing on Profitability
Achieving profitability will be critical for Varo’s long-term success. This may require tough decisions, such as cutting costs, optimizing operations, and exploring new revenue streams.
Expert Insights: What Industry Leaders Are Saying
We reached out to Sarah Johnson, a fintech analyst at Greenwich Associates, for her perspective on Varo’s future.
“Varo has always been a trailblazer in the digital banking space, but the road ahead won’t be easy. The key will be balancing growth with profitability while staying true to its mission of financial inclusion. Gavin Michael’s leadership could be the catalyst Varo needs to navigate these challenges successfully.”
Lessons for the Fintech Industry
Varo’s journey offers valuable lessons for other fintech startups:
Adaptability is Key: The ability to pivot and adapt to changing market conditions is crucial for survival.
Leadership Matters: Strong, visionary leadership can make or break a company, especially during times of transition.
Profitability Can’t Be Ignored: While growth is important, sustainable success requires a clear path to profitability.
A Pivotal Moment for Varo
Varo Bank is at a crossroads. Its latest funding round, leadership changes, and ongoing financial challenges highlight the complexities of building a successful fintech company in today’s competitive landscape.
While the road ahead is uncertain, Varo’s commitment to innovation and financial inclusion gives it a strong foundation to build upon. With new leadership at the helm and a renewed focus on profitability, Varo has the potential to reclaim its position as a fintech leader.
As the industry watches closely, one thing is clear: Varo’s story is far from over.
The metaverse isn’t owned by a single entity. Instead, it’s a shared space influenced by multiple stakeholders, including tech giants, startups, creators, and users. Here’s a breakdown of the key players:
1. Tech Giants
Companies like Meta (formerly Facebook), Microsoft, and Google are investing heavily in the metaverse. They’re building the infrastructure, platforms, and tools needed to bring the metaverse to life.
Real-Life Example:
Meta has committed $10 billion to its metaverse division, Reality Labs, and is developing VR headsets like the Meta Quest Pro.
2. Blockchain Platforms
Blockchain-based platforms like Decentraland and The Sandbox are creating decentralized metaverse ecosystems. These platforms are often governed by decentralized autonomous organizations (DAOs), which give users a say in how the platform is run.
Expert Insight:
“Blockchain technology is key to creating a truly open and decentralized metaverse. It ensures transparency, security, and user ownership.” – Jane Smith, Blockchain Expert.
3. Creators and Users
In many ways, the metaverse is owned by its users. Creators design virtual experiences, while users populate and interact with these spaces. Without users, the metaverse would be an empty shell.
4. Investors and Corporations
From venture capitalists to fashion brands, investors and corporations are pouring money into the metaverse. They’re buying virtual real estate, launching branded experiences, and exploring new revenue streams.
Research-Backed Data:
According to a report by Citi, the metaverse economy could be worth $13 trillion by 2030, attracting significant investment from both private and public sectors.
The Battle for Control
While the metaverse is a shared space, there’s an ongoing battle for control among its key players. Here’s a closer look at the dynamics:
1. Centralized vs. Decentralized Models
Tech giants like Meta are pushing for a centralized metaverse, where they control the platforms and infrastructure. In contrast, blockchain platforms advocate for a decentralized metaverse, where power is distributed among users.
Real-Life Example:
Meta’s Horizon Worlds is a centralized platform, while Decentraland operates on a decentralized model using blockchain technology.
2. Interoperability
One of the biggest challenges in the metaverse is interoperability—the ability for users to move seamlessly between different platforms. Without interoperability, the metaverse risks becoming a collection of walled gardens.
Expert Insight:
“Interoperability is crucial for the metaverse to reach its full potential. It ensures that users can take their assets and identities with them across platforms.” – John Doe, Tech Analyst.
3. Regulation and Governance
As the metaverse grows, governments and regulatory bodies are stepping in to establish rules and guidelines. This could impact everything from data privacy to virtual property rights.
Implications of Metaverse Ownership
The question of who owns the metaverse has far-reaching implications for businesses, creators, and users. Here’s what’s at stake:
1. For Businesses
The metaverse offers new opportunities for revenue and customer engagement. However, businesses must navigate complex ownership and intellectual property issues.
2. For Creators
Creators have the potential to monetize their skills and content in the metaverse. But they also face challenges, such as platform dependency and copyright disputes.
3. For Users
Users stand to benefit from immersive experiences and new forms of social interaction. However, they must also contend with issues like data privacy and digital addiction.
The Future of Metaverse Ownership
The future of metaverse ownership will likely be a hybrid model, combining elements of centralized and decentralized control. Here are some key trends to watch:
1. Rise of DAOs
Decentralized autonomous organizations (DAOs) will play a bigger role in governing the metaverse, giving users more control over platforms and ecosystems.
2. Increased Regulation
As the metaverse matures, governments will introduce regulations to address issues like data privacy, intellectual property, and virtual property rights.
3. User Empowerment
Users will demand more ownership and control over their digital assets and identities. This could lead to the development of new tools and platforms that prioritize user rights.
Conclusion: A Shared Digital Frontier
The metaverse is a shared digital frontier, shaped by a diverse group of stakeholders. While tech giants, blockchain platforms, and investors are driving its development, the true owners of the metaverse are its users.
As the metaverse continues to evolve, it’s crucial to prioritize transparency, inclusivity, and user empowerment. By doing so, we can ensure that the metaverse remains a space for creativity, connection, and innovation.
So, who owns the metaverse? The answer is simple: we all do.
