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Acorns, which helps millions of people invest their spare change in the stock market, has laid off between 50 to 70 people, TechCrunch has learned from multiple sources.

The Irvine, Calif.-based company would not confirm the total number of people laid off, but did confirm that there were cuts at the company as a result of broader business changes.

The news emerged days after the fintech company closed its Portland office earlier this week, one of four offices the company maintained. While Acorns offered Portland employees an opportunity to relocate to its Irvine headquarters, some roles were terminated as part of the relocation, the company said.

Employees laid off largely were members of Acorns’ support team. And the internal cuts are related to an external partnership with TaskUs, which out-sources customer care and support needs for other businesses. Acorns will bring on roughly 80 new TaskUs support roles in the next year, which the company said would grow its support team, just not its internal staff.

The internal Acorns support team will handle high-touch customer care situations via phone, while external roles will handle email support.

Beyond support roles, Acorns cut some people from various teams across the company.

Acorns has found unprecedented growth as the coronavirus brings new users into its world of investing and saving money. The company recently hit a milestone of 7 million sign-ups, continuing the trend that trading apps are benefiting from a down market.

At the same time, Acorns also launched a debit card that depends on users spending in order to make sense as a business product. Payment processing is a risky space to play in right now because consumer spending has nosedived due to shelter in place orders. It could be a weak spot for the company at the moment. Earlier today, Brex laid off 62 staff members, just one week after raising $ 150 million in venture capital money.

So, why does a company like Acorns, that is facing immense growth, need to do layoffs? Even if you’re winning right now, the pandemic and potential of an extended recession is forcing businesses to reevaluate the way they’re spending money. In Acorns’ case, it will have more headcount next year than it does right now. But dig a little deeper, and its choice to outsource roles and shut down an office means that growing right now can come at the cost of slimming down.

Investors in Acorns include PayPal, DST Global, Rakuten, Greycroft and Bain Capital.


TechCrunch

India’s Reliance Jio, which has disrupted the local telecom and features phone businesses in less than three years of its existence, is now ready to aggressively foray into many more businesses.

In a series of announcements, the subsidiary of India’s largest industrial house Reliance Industries today said it will commercially launch its fiber-optic broadband business next month, an IoT platform on January 1, 2020, and “one of the world’s biggest blockchain networks” in the next 12 months.

The broadband service, called Jio Giga Fiber, is aimed at individual customers, small and medium sized businesses, as well as enterprises, Mukhesh Ambani, Chairman and Managing Director of Reliance Industries, said at a shareholders meeting Monday. The service, which will be available starting September 5, will offer free voice calls, high-speed internet and start at Rs 700 per month.

Continuing its tradition to woo users with significant offers, Jio said customers who opt for the yearly-plan of Giga Fiber will be provided with the set top box and an HD or 4K TV at no extra charge. A premium tier, which will be available next year, will allow customers to watch many movies on the day of their public release.

The Giga Fiber broadband service, which also offers access to TV channels, will bundle games from many popular studios including Microsoft Game Studios, Riot Games, Tencent Games, and Gameloft,

Partnership with Microsoft

The company also announced a 10-year partnership with Microsoft to leverage the Redmond giant’s Azure, Microsoft 365, and Microsoft AI platforms to launch new cloud datacenters in India to ensure “more of Jio’s customers can access the tools and platforms they need to build their own digital capability,” said Microsoft CEO Satya Nadella in a video appearance Monday.

“At Microsoft, our mission is to empower every person and every organization on the planet to achieve more. Core to this mission is deep partnerships, like the one we are announcing today with Reliance Jio. Our ambition is to help millions of organizations across India thrive and grow in the era of rapid technological change…”

“Together, we will offer a comprehensive technology solution, from compute to storage, to connectivity and productivity for small and medium-sized businesses everywhere in the country,” he added.

As part of the partnership, Nadella said, Jio and Microsoft will jointly offer Office 365 to more organizations in India, and also bring Azure Cognitive Services to more devices and in many Indian languages to businesses in the country. The solutions will be “accessible” to reach as many people and organizations in India as possible, he added.

The first two data-centers will be set up in Gujarat and Maharashtra by next year. Jio will migrate all of its non-networking apps to Microsoft Azure platform and promote its adoption among its ecosystem of startups, the two said in a joint statement.

Ambani also said Jio is working on a “digital stack” to create a new commerce partnership platform in India to reach tens of millions of merchants, consumers, and producers.

The announcement comes weeks after Reliance Industries acquired majority stake in Fynd, a Mumbai-based startup that connects brick and mortar retailers with online stores and consumers, for $ 42.3 million.

More to follow…


TechCrunch

Office 365 provides the productivity tools required by a modern enterprise workforce. This guide covers key details, including available applications, system requirements, and subscription options.
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