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Basatne has acquired UAE-based Cartlow, enhancing MENA's circular economy by addressing the e-waste crisis and unlocking value in pre-owned electronics. This merger combines Basatne's reverse logistics expertise with Cartlow's AI-driven refurbishment, aiming to recirculate devices and expand globally. The initiative aligns with sustainability goals, targeting a significant reduction in e-waste while promoting responsible commerce.
Marqeta has partnered with Upside to integrate personalized cash-back offers into its debit and prepaid card programs, enhancing customer engagement and driving spending at grocery stores, restaurants, and fuel stations. Research indicates that 90% of consumers are interested in earning rewards, with younger generations particularly keen on innovative reward options. This collaboration follows a similar partnership between Upside and Chime, expanding cash-back opportunities for users across various spending categories.
ClearGrid has launched with $10M in funding to modernize debt collection in the MENA region, addressing inefficiencies in a $500 billion consumer lending market. The AI-powered platform enhances borrower engagement and recovery rates, achieving profitability in the UAE within a year. Co-founders emphasize a compassionate, data-driven approach to transform collections into a bridge for financial stability.
Shares of Marqeta Inc. plummeted over 40% following a disappointing fourth-quarter outlook, with the company forecasting gross-profit growth of only 13%-to-15%, significantly below the 23% consensus. Increased regulatory scrutiny in the banking sector has been cited as a contributing factor to this outlook. For more details, visit [Bloomberg](https://www.bloomberg.com).
Marqeta's shares plummeted over 30% after the company issued disappointing fourth-quarter guidance, projecting revenue growth of only 10% to 12%, below analysts' expectations of over 17%. Despite a 30% increase in total processing volume to $74 billion, the firm continues to struggle, with its stock down more than 80% since its 2021 IPO. CEO Simon Khalaf highlighted the company's efforts to enter the buy now, pay later market with the launch of Marqeta Flex, aiming to enhance payment processing and fraud detection.
Marqeta, Inc.
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