Klarna workers to strike over lack of union negotiations

  • Klarna workers in Sweden will strike on November 7, 2022 over the company's refusal to negotiate with unions.
  • Unions want collective bargaining rights over issues like pay and redundancies.
  • Klarna has resisted negotiating with unions in Sweden.

N26 onboarding restrictions eased in Germany

  • German regulator BaFin is easing limits on N26 customer onboarding imposed in 2021.
  • N26 expects to onboard 60k new customers per month, up from 50k.
  • The restrictions had hampered N26's growth and margins.

UK Future Fund converts loans to equity in struggling startups

  • The UK Future Fund has converted 661 loans worth £652m into equity stakes.
  • 146 startups backed by the Fund have gone insolvent, writing off £138m.
  • 329 loans worth £298m remain outstanding.

US economy grows faster than expected in Q3

  • US GDP grew 4.9% in Q3, exceeding analyst forecasts
  • Half of the growth was fueled by a 4% rise in consumer spending
  • Discretionary spending on travel, sports equipment, and entertainment drove the increase

Twitter engagement declines under Elon Musk

  • Global app downloads fell 38% from Oct 2022 to Sept 2023
  • Monthly active users dropped 14.8% over the past year
  • Ad revenue reportedly down 60% since Musk took over

New public funding programs for emerging VC managers

  • Germany launched a €200m program for diverse emerging managers requiring some investment in Germany
  • France introduced tax incentives that could unlock €500m annually for startups

VC acquisitions and new funds

  • German fund Equation acquired VC software startup Betterfront
  • French fund id4 Ventures raised a €16m pre-seed fund
  • Sofinnova Partners closed a $200m digital medicine fund