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Jack Dorsey, co-founder of Twitter Inc., speaks during the Bitcoin 2021 conference in Miami, Florida, U.S., on Friday, June 4, 2021.

Eva Marie Uzcategui | Bloomberg | Getty Images

Jack Dorsey’s Block got started as Square, offering small businesses a simple way to accept payments via smartphone. Affirm began as an online lender, giving consumers more affordable credit options for retail purchases. PayPal upended finance more than 25 years ago by letting businesses accept online payments.

The three fintechs, which were each launched by tech luminaries in different eras of Silicon Valley history, are increasingly converging as they seek to become virtual all-in-one banks. In their latest earnings reports this month, their lofty ambitions became more clear than ever.

Block was the last of the three to report, and the high-level numbers were troubling. Earnings and revenue missed estimates, sending the stock down 18%, its steepest drop in five years. But to hear Dorsey discuss the results, Block is successfully implementing a strategy of offering consumers the ability to pay businesses by smartphone, send money to friends through Cash App, and access credit and debit services while also getting more ways to invest in bitcoin.

In 2024, we expanded Square from a payments tool into a full commerce platform, enhanced Cash App’s financial services offerings, and restructured our organization,” Dorsey said on Block’s earnings call on Thursday after the bell.

Block and an expanding roster of fintech rivals have all come to see that their moats aren’t strong enough in their core markets to keep the competition away, and that the path to growth is through a diverse set of financial services traditionally offered by banks. They’re playing to an audience of digital-first consumers who either didn’t grow up using a brick-and-mortar bank or realized at an early age that they had no need to ever set foot in a physical branch, or to meet with a loan officer or customer service rep.

“Longer term, we see a significant opportunity to grow actives, particularly among that digital-native audience like Millennial and Gen Z,” Block CFO Amrita Ahuja said on the earnings call.

Block shares drop after reporting earnings and revenue miss

As part of its expansion, Block has encroached on Affirm’s turf, with an increasing focus on buy now, pay later (BNPL) offerings that it picked up in its $29 billion purchase of Afterpay, which closed in early 2022. Block’s market share in BNPL increased by one point to 19%, while Affirm held its position at 17%, according to a recent report from Mizuho. Both companies are outperforming Klarna in BNPL, the report said.

Block’s BNPL play is now tied into Cash App, with an integration activated this week that gives users another way to make purchases through a single app. With Cash App monthly active users stagnating at 57 million for the last few quarters, the company is focused on engagement rather than rapid user acquisition.

“We think that there is significant opportunity for growth longer term, but there are some deliberate decisions we’ve made as part of our banker-based strategy in the near term” that have kept user numbers from increasing, Ahuja said. “This is a part of our continuous enhancements to drive healthy customer engagement as we bank our base.”

Compared to Block, Wall Street had a very different reaction to Affirm’s earnings earlier this month, pushing the stock up 22% after the company’s results sailed past estimates.

Affirm founder and CEO Max Levchin, who was previously a co-founder of PayPal, built his company with the promise of giving consumers lower-cost and easy-to-tap intstallment loans for purchases like electronics, jewelry and travel.

The BNPL battlefront

Watch CNBC's full interview with PayPal CEO Alex Chriss

Under the leadership of CEO Alex Chriss, who took over the company in September 2023, PayPal is in the midst of a turnaround that involves working to better monetize products like Braintree and Venmo and joining the world of physical commerce with a debit card inside its mobile app.

Investors responded positively in 2024, pushing the stock up almost 40% after a brutal few years. But the stock dropped 13% after its earnings report, even as profit and revenue were better than expected. PayPal’s total payment volume for the quarter hit $437.8 billion, slightly below projections, while transaction margins rose to 47% from 45.8% — a sign of improving profitability.

One of Chriss’ big pushes is to get more out of Venmo, which has long been a popular way for friends to pay each other but hasn’t been a big hit with businesses. Venmo’s total payment volume in the quarter rose 10% year-over-year, with increased adoption at DoorDash, Starbucks, and Ticketmaster.

PayPal is also promoting Venmo’s debit card and “Pay With Venmo,” which saw 30% and 20% monthly active growth in 2024, respectively. The company is introducing new services to improve merchant retention, including its Fastlane one-click checkout feature, designed to compete with Apple Pay and Shopify’s Shop Pay.

Last year, the company launched PayPal Everywhere, a cashback-driven initiative designed to boost engagement within its mobile app. Chriss said on the earnings call that it’s “driving significant increases in debit card adoption and opening new categories of spend.”

As with virtually all financial services products, the new offerings from Block, Affirm and PayPal are designed to produce growth but not at the expense of profit. Banks operate at low margins, in large part because there’s so much competition for lower-priced loans and better cash-back options. There’s also all the costs associated with underwriting and compliance.

That’s the environment in which fintechs have to operate, though without the costs of running a network of physical branches.

Levchin talks about helping customers spend less, not more. And Block acknowledges the need for hefty investments to reach the company’s desired outcome.

“This is a part of our continuous enhancements to drive healthy customer engagement as we bank our base,” Ahuja said. “We’ve made investments in critical areas like compliance, support and risk. And as we’ve done that, we’ve progressed more of our actives through our identity verification process, which in turn, unlocks greater access to those actives to our full suite of financial tools.”

WATCH: CNBC’s full interview with PayPal CEO Alex Chriss

Watch CNBC's full interview with PayPal CEO Alex Chriss

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Maximizing fleet efficiency and ROI with telematics integration [update]

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Maximizing fleet efficiency and ROI with telematics integration [update]

Even without clean fleet tax credits and cash-on-the-hood incentives, fleet managers are working hard to maximize their ROI on vehicle assets and reduce their total cost of ownership – and they’re increasingly turning to data‑driven telematics solutions to help.

Telematics use data gathered from sensors embedded in a vehicle to monitor its operations. When collected and interpreted correctly, that data can be used to improve fleet safety, boost operational efficiency, and enable predictive maintenance that reduces (if not eliminates) unexpected downtime. Those are real benefits, with some analysts showing up to 30% savings in repair costs even before you factor in the fuel savings from EVs that, according to MAN CEO Alexander Vlaskamp, will cover the added cost of a BEV in less than three years.

As you can imagine, that’s a big business – and the global market for vehicle telematic platforms is projected to reach an impressive $127 billion in the next decade, and the rush is on to get OEMs like Ford (through Ford Pro) and Volvo (who has a deal with Geotab) to integrate digital solutions into their vehicles.

We originally covered these topics back in February, ahead of the ACT Expo. You can read that original article, below, and let us know what you think of the OEMs’ telematics’

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Einride orders electric truck fleet from Peterbilt
Image via Einride.

Last month, Geotab signed a deal with Volvo Group to integrate the manufacturer’s vehicle data API into Geotab’s telematics platform. It’s the latest in a recent onslaught of such deals between telematics providers and OEMs that begs the question: what’s in it for the OEMs?

Almost all modern cars and trucks are “connected” in some way. Ford, for example, began fitting the FordPass Connect modem on all its vehicles in the 2020 model year, and the vehicle (and driver) data gathered powers the Ford Pro fleet management platform and enables offerings like the company’s E-Switch Assist, which enables Ford fleet managers to identify which of its ICE-powered F-150 and Transit assets are ready to make the switch to EV.

“Smart tools informed by data like E-Switch Assist are opening up many new conversations with our commercial customers large and small about EV readiness; we’re already using E-Switch Assist regularly in consultations to help organizations determine if electric trucks and vans are right for them,” says Nate McDonald, EV strategy and cross vehicle brand manager at Ford Pro. “The importance of these tools and technologies goes beyond selling a customer a new vehicle—it changes mindsets about whether electric vehicles will work for their business while potentially saving them time and money.”

So, it makes sense for manufacturers to build that connectivity into their vehicles and makes even more sense to use that data connection to populate a fleet management dashboard that makes it painless for fleet managers to monitor their assets within a trusted ecosystem. Think Android vs. iPhone, and the pain that would go into switching from one to the other after a decade or so of constant interaction – because that’s how the OEMs are looking at it.

Why, then, would an OEM open up that data stream to a third party like Geotab?

The answer, presumably, is that that data sharing is a two-way street: the manufacturer’s are opening up their APIs to Geotab, and Geotab is sharing at least some of the data from other manufacturers with their industry partners.

And Geotab has a lot of partners:

All of those players are convinced that the data coming from their vehicles can produce enough value to seriously impact fleet ROI.

Fleet managers seem convinced, too. In a recent McKinsey survey, nearly 57% of EV buyers said they were willing to switch brands in order to get better connectivity features. And, if you’ve ever worked in “a Ford shop” or “a Chevy shop” you already know what a huge that deal that number might be to an OEM.

McKinsey connectivity survey


BEV buyers’ willingness to switch brands; via McKinsey.

In that point of view, working with a trusted, universal platform like Geotab who doesn’t have a dog in the vehicle sales fight makes sense. If the Ford Transit the fleet buyer is looking at plays well with their fleet auditing software and systems and the Nissan NV doesn’t – well, it doesn’t really matter if Nissan’s fleetail guy is giving you a better deal at that point. It’s just too painful to operate a second dashboard for one subset of assets.

The man-hours saved with a universal and brand agnostic fleet management platform may not be the easiest to trace all the way to the bottom line, but they’re there.

Additionally, the Geotab dashboard can be configured to collect and even analyze data that’s specifically relevant to EVs. Information like charging history, and regenerative braking efficiency, and overall battery health – data that, over thousands of vehicles, can give fleet managers real insight into how long the new electric vehicles they’re considering will last compared to the gas and diesel vehicles they have experience with.

Geotab research shows that EV batteries could last 20 years or more if they degrade at an average rate of 1.8% per year, as we have observed.

According to our data, the simple answer is that the vast majority of batteries will outlast the usable life of the vehicle and will never need to be replaced. If an average EV battery degrades at 1.8% per year, it will still have over 80% state of health after 12 years, generally beyond the usual life of a fleet vehicle.

GEOTAB

Telematics integrations can also help optimize a fleet’s charging schedules, both by scheduling EV charging for lower priced, off-peak hours and by identifying the most dependable high-speed charging stations along regular routes to minimize down time for both vehicles and drivers.

Finally, these data-driven platforms can provide fleet managers tools for tracking and reporting things like carbon emissions and overall energy consumption, which can streamline ESG reporting processes and make it easier for the worker bees to get regulators, administrators, and managers the sort of charts, tables, and graphs they love.

Something like that, anyway.

You can check out my Quick Charge with Nate McDonald, EV strategy and cross vehicle brand manager at Ford Pro, who explores how Ford’s in-house telematics can help fleet managers decarbonize, and head over to Geotab to find out more about their brand agnostic fleet management dashboard, below. Enjoy!

EV or gas – which is right for you?


SOURCES: Fleet Europe, Ford Pro, Geotab, McKinsey; add’l links in article.


If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them. 

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Giddyup: Polestar picks up $600 million in fresh funding

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Giddyup: Polestar picks up 0 million in fresh funding

Geely-backed performance EV brand Polestar has had some troubling times in recent months, but its future is looking a whole lot better after the company secured a $600 million loan facility to help it keep on keepin’ on.

Despite vehicle sales picking up in 2025 on the strengths of the Polestar EV brand’s Swedish sensibilities, cutting-edge Chinese EV tech, and Volvo-aided safety specs, the company’s financial picture has been anything but rosy, with the threat of having its stock delisted from the NASDAQ looming large at several points.

In a vote of broader confidence and better times ahead, Volvo’s parent company Geely Sweden Holdings AB is backing the brand with more than half a billion dollars of fresh funding to extend its operational runway:

Polestar, as borrower, entered into a credit agreement with a wholly owned subsidiary, as lender, of Geely Sweden Holdings AB in relation to a subordinated term loan facility of up to USD 600 million, of which the last USD 300 million would require lender consent based on Polestar’s future liquidity needs. The term loan facility is available to Polestar for general corporate purposes.

POLESTAR

The new funds are just the most recent part of a big week for Polestar – one that saw the Polestar 4 recently begin deliveries to its first North American customers, and recent upgrades to the Polestar 3 have made that car a viable V2G/V2x offering in Europe, as well. With that in mind, it’s no wonder that Geely wants to see how this all plays out.

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The company has four models in its current line-up on sale in 28 countries, along with additional planned models that include the Polestar 7 SUV (set to be introduced in 2028) and the Polestar 6 coupe/roadster.

Electrek’s Take


Polestar 4 deliveries
Polestar 4; via Polestar.

Product-wise, at least, it’s hard to argue that Polestar’s future appears to be anything but bright. The new Polestar 3 crossover is a viable competitor to the industry-leading Tesla Model Y, and the upcoming Polestar 4 and 5 models seem like winners, too. To drive that point home, Polestar is promoting up to $18,000 in incentives to lure in Tesla buyers.

You can find out more about Polestar’s killer EV deals on the full range of Polestar models, from the 2 to the 4, below, then let us know what you think of the three-pointed star’s latest discount dash in the comments section at the bottom of the page.

SOURCE: Polestar.


If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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The backup battery choice you didn’t know you had: natural gas fuel cell

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The backup battery choice you didn’t know you had: natural gas fuel cell

Whether it’s to keep the lights on after a natural disaster or just to avoid peak energy rates, more people than ever are adding battery energy storage to their home solar systems — but li-ion batteries aren’t the only option. The new WATT Fuel Cell uses the natural gas connection your home already has to generate power when you need it.

Technically a solid oxide fuel cell, the WATT unit turns the natural gas in your home into electricity without combustion, relying instead on a chemical reaction between the natural gas and oxygen in the air to create an electric current in a way that’s conceptually similar to a hydrogen fuel cell, but that makes use of a more readily available (and far cheaper) fuel source to generate power while producing far fewer harmful emissions than a conventional generator.

How it works


By WATT Fuel Cell.

The company’s latest offering, the WATT HOME system, recently achieved certification at a 2 kW power rating, marking an important step on the company’s commercialization roadmap as it races to meet market demands for a natural-gas-powered backup solution to guarantee uptime in outage-prone regions.

This week, the company marked another major milestone by installing the of its first 2 kW WATT HOME solid oxide fuel cells (SOFC) at the Edward M. Smith National Career and Life Skills Development Center, Hope Gas’ new state-of-the-art training facility in Clarksburg, West Virginia – but the news doesn’t end there.

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The company plans to take advantage of the new 30% ITC benefit (a federal tax credit that lets homeowners deduct 30% of the cost of qualifying clean energy systems, which now includes natural gas) under the One Big Beautiful Bill Act to help drive sales, with installations beginning in Hope Gas’ utility territory in Q1 of 2026.

“The WATT HOME system’s new 2 kW certification … validates the performance capabilities we’ve engineered for years and strengthens our competitive position as we move into multi-year deployment with Hope Gas,” says Caine Finnerty, WATT’s CEO and Founder. “With the ITC benefit, we anticipate accelerated adoption and substantial value for customers, utilities, and investors.”

The gas fuel cell can send power directly to the home’s panel, keeping the lights on directly, or perform the same function as a solar panel, sending power to a battery where it can be stored for later use.

Keep in mind, though – this isn’t a zero emissions option the way a solar + battery solution is. This is very much a fossil fuel-powered solution that gives off carbon and nitrous emissions, and the only reasons we’re talking about it are:

  • the tech is kind of cool
  • I didn’t know these existed
  • it is objectively cleaner than a conventional ICE generator

That said, while solar is still the better solution in an ideal world, a WATT HOME fuel cell might be a better option in situations where rooftop space is limited (or nonexistent), such as condos or vertically-designed townhomes. In those scenarios, solar panels are unlikely to generate a meaningful amount of electricity, but a fuel cell that can tap into the buildings’ existing natural gas lines to provide reliable backup power if the grid fails.

That makes the fuel cell an attractive option for residents in multi-unit buildings, older historic neighborhoods with strict aesthetic rules, or any building where adding solar panels aren’t feasible, but a low-emission, low-noise backup solution is still needed.

The better question, then, isn’t is it better than solar – it’s is it better than solar for you? If you’re in West Virginia, you might be able to find out in just a few weeks. In the meantime, watch WATT’s own explainer video, below, then let us know what you think of the idea of a natural gas fuel cell in the comments.

Powering your home with a fuel cell


SOURCE | IMAGES: WATT, via PRNewswire.


If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

FTC: We use income earning auto affiliate links. More.

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