New York (CNN Business)Meg Atteberry had been gearing up for her work’s busy season.
New York (CNN Business)Meg Atteberry had been gearing up for her work’s busy season.
Paidy, a Japanese fintech startup that allows customers to make online purchases without credit cards, announced today that it has raised a $48 million Series C extension from ITOCHU.
The company says it has now raised a total of $281 million in equity and debt. Its latest investment from ITOCHU, one of the largest Japanese trading companies, was equity funding. ITOCHU previously participated in Paidy’s Series B and C rounds, and this brings the total it has invested into the startup to $91 million (the company said it did an extension round instead of moving onto a Series D so it could issue the same type of preferred shares).
Paidy’s last funding announcement was in November 2019, with investors including PayPal Ventures. The company has now raised a total of $281 million in equity and debt.
The latest funding will be used to strengthen Paidy’s balance sheet during the COVID-19 pandemic and also support the development of more “buy now pay later” services it will launch later this year.
Paidy’s payment service allows users to make purchases online, and then pay for them each month in a consolidated bill. The company uses proprietary technology to score creditworthiness, underwrite transactions and guarantee payment to merchants. Since many Japanese consumers prefer not to use credit cards for online payments, Paidy’s service can help vendors increase their conversion rates, average order values and repeat purchases.
During the pandemic, the company says usage of its service has increased since more people are buying essential items online, despite declines in spending on travel, hotels and large-ticket items (a state of emergency was declared in Japan last week in Tokyo and six other prefectures).
Shuichi Kato, the executive officer and executive president of ITOCHU’s ICT and Financial Business company, said in a statement that, “We strongly beieve that they will keep playing a critical role in our retail finance strategy as their one-of-a-kind credit examination has been creating a new type of trust, appealing to a wide range of customers. Paidy has also proved that they are capable of implementing prompt solutions in the inevitable battles against fraud, evolving their services to the next level.”
Hi, and welcome back to The Station, a weekly newsletter dedicated to all the ways people and packages travel from Point A to Point B. I’m your host Kirsten Korosec, senior transportation reporter at TechCrunch. If this is your first time, hello; I’m glad you’re with us.
I have started to publish a version of the newsletter on TechCrunch. That’s what you’re reading now. For the whole newsletter, which comes out every weekend, you can subscribe by heading over here, and clicking “The Station.” It’s free!
Last week, I asked readers to share how they were doing amid the COVID-19 pandemic. The response was overwhelming. It wasn’t just the number of you who reached out. It was your words — devoid of pretense, the veneer exposed — that struck me.
There were, of course, those who used the opportunity to make a marketing push or pitch a story. I get the impulse, but you won’t be rewarded here. I’m seeking something different. And I will share below some of what you sent me in hopes that it provides insight, solace or, dare I suggest, an esprit de corps among us.
I will repeat my appeal from last week: Maybe you’re a startup founder, a safety driver at an autonomous vehicle developer, a venture capitalist, engineer or gig economy worker. I’m interested in how you’re doing, what you’re doing to cope and how you’re getting around in your respective cities.
As we’ve seen the past few weeks, operators are stepping up to respond and adjust to the COVID-19 pandemic.
Lyft began offering its scooters for free to healthcare and other essential workers. As part of the program, up to 30-minute rides will be free for members of critical workforces through April 30 in Austin, Denver, Los Angeles, the Washington D.C. metro area, San Diego and Santa Monica.
Spin, similarly, introduced a new initiative that provides free, 30-minute rides and helmets to essential healthcare workers. Spin, which began offering this on April 1, is making this available in Baltimore, Denver, Detroit, Los Angeles, Portland, San Francisco, Tampa and Washington, D.C.
‘Micromobility winter on steroids’
That’s how RideReport CEO William Henderson described the current state of the micromobility industry in a recent interview with TechCrunch reporter Megan Rose Dickey.
Ride Report creates software that enables cities to work with micromobility operators. That gives Henderson a bird’s-eye view on the industry, which he shared with TechCrunch.
Yep, this is an Extra Crunch article, and you need a subscription. A few of the highlights include biking as one of the few bright spots, how some companies have pivoted to providing rides to healthcare workers and insights on how the industry and cities might have reacted had the pandemic occurred two years in the future.
A novel rewards program
These times have sparked a host of new ideas. Here’s one. A Nashville-based startup called Hytch Rewards developed an app that companies and governments can use to give their employees incentives to walk, bike, rideshare or use public transit. The company’s entire purpose has been to reward commuter behavior that reduces traffic congestion and lowers emissions.
Now it’s pivoting to reward people for staying at home. The office of Tennessee Congressman Jim Cooper is among the first employer to partner on Hytch’s Shelter in Place initiative, which offers a small daily reward to staff for working from home.
— Megan Rose Dickey (with a cameo from Kirsten Korosec)
This week, we’ll highlight Via’s Series E funding round that was led by Exor. The on-demand shuttle startup raised $400 million, TechCrunch learned. Exor contributed $200 million of that raise. The remaining $200 million came from new investors Macquarie Capital, Mori Building and Shell, as well as existing investors 83North, Broadscale Group, Ervington Investments, Hearst Ventures, Planven Ventures, Pitango and RiverPark Ventures.
Noam Ohana, who heads up Exor Seeds, the holding company’s early-stage investment arm, will join Via’s board.
Via gets the “deal of the week” designation not just because its post-funding valuation is now $2.25 billion. Via’s actions during the pandemic offers a little bit of understanding on how companies are adapting and where opportunities may lie. Via has two sides of its business: a consumer-facing shuttle and a “partnerships” division that sells its software platform to cities and transit authorities that allows them to deploy their own shuttles.
As you might expect, the consumer-facing shuttles has been adversely affected by COVID-19. There is some promise with the partnerships side of the business, according to CEO Daniel Ramot .
Existing partners, a list that includes transit authorities in Berlin, Germany, Ohio and Malta, have worked with Via to convert or adapt the software to meet new needs during the pandemic. A city might dedicate its shuttle service to transporting goods or essential personnel. For instance, Berlin converted its 120-shuttle fleet transport to an overnight service that provides free transit to healthcare workers traveling to and from work.
“There has been a real interest in emergency services,” Ramot told me, adding he expects to see more demand for the software platform and the flexibility it provides as the pandemic unfolds.
Via isn’t the only company shifting its attention to emergency services. Moovit, an Israeli-based Mobility as a Service startup, launched an Emergency Mobilization On-Demand service. The feature was developed to turn unused vehicle fleets into an on-demand solution to get essential workers to their destination. Moovit is also offering transit agencies and operators a transit data manager for free for three months. This management tool lets transit agencies communicate schedules, line changes and service alerts to users.
We’ve all seen the bars, restaurants, retail shops and salons in our community shuttered because of stay-at-home directives from local and state governments. We’ve started to see the results of those closures in the form of tens of thousands of jobless claims.
Startups are not immune. It is difficult to get an exact number, but Layoffs.fyi is working to track what is going on in the startup world. As of April 4, the site had calculated 126 startups had laid off more than 10,000 people since March 11.
The transportation sector has been among those hardest hit. Some of the companies that have laid off 20% or more of their staff include shared scooter company Bird; peer-to-peer car rental startups Getaround and Turo; Cabin; freight brokerage KeepTruckin: and Moovel and Zipcar.
Maybe your company is actually hiring. If so, go check out Layoffs.fyi, the site doesn’t just list layoffs. The site also includes spreadsheet that list employees you might want to hire.
I have selected a few excerpts from readers who shared with me — and now you all — their observations about what is happening in their lives in this COVID-19 world. I have edited these for length and clarity.
I plan to share more with you in the weeks ahead, so please reach out.
From Canoo CPO James Cox, who also advises founders of Routable.ai, a startup that developed a real-time routing engine for high-capacity rides. Cox explained in his email to me that Routable’s CEO wrote a piece in Medium (which you can read here) about providing critical transportation during the COVID-19 pandemic:
As a result of the piece, the Boston Medical Center reached out last week. They’ve now adapted their technology to provide rides to homeless people and solve an allocation problem of which bed in which hospital in Boston to send them to.
They’ve worked directly with the frontline doctors and nurses and IT teams on it. They were previously using a whiteboard, which is obviously not going to scale to solve the problem! The trial launches Monday and is a really interesting short-term pivot that is solely focussed on doing good and adjusting to this crazy world we are now living in.
From Aryan Bhasin, a college student under lockdown in India:
There is no sense of transportation at all. Public transport is becoming interesting because even though all forms of transport are banned (one can only use a vehicle to buy essentials at grocery stores), the Indian government has been sending hoards of buses to get villagers back to their villages — completely blowing apart all rules of social distancing.
Airlines, too, have been a very interesting sector to follow. Most airlines have changed their business models significantly in lieu of COVID-19 as governments organize airlifts for stranded citizens.
From Luis Orsini-Rosenberg, CEO of GetHenry, a Berlin-based micromobility startup that focuses on B2B services. GetHenry, which is part of the Techstars Smart Mobility Accelerator, operates in Austria, Germany and Spain. He shared what is happening in Austria:
All of our business partners in Austria had to close its gates. A day after the lockdown was communicated by the government, we started to reach out to hundreds of restaurants, deliveries, couriers, hospitals, pharmacies and medical services to offer them our vehicles for individual transportation or last-mile delivery cases. Last week, the first e-scooters went out to restaurant partners and medical services.
We are starting to generate some revenues again, but it will not be enough to keep the business alive long-term. We have applied for public aid funds and wage subsidies and will cut costs to an absolute minimum in the coming weeks. Going forward, we will either: wait and do nothing or solely focus on the last-mile delivery service.
Can subscriptions and everyday payments be used to help build or rebuild a credit score? The Los Angeles-based Grow Credit thinks so.
The service, which launched earlier this month, is one of the slew of new ideas coming from businesses that are angling to help build up credit scores for folks who can’t (or won’t) get a credit card, or who are rebuilding their credit.
The company is the latest evolution of a credit-based approach to financial services from the LA-based serial entrepreneur, Joe Bayen.
Bayen’s last startup was Lenny, a credit monitoring and lending service that was aimed at helping people better manage their payments to avoid damaging their credit scores.
Bayen scrapped the Lenny business model after realizing that he’d have a hard time finding a debt financing partner. So Bayen resolved to be more of a sourcing partner for new customers rather than developing a credit and lending business himself.
Hatch Bank, the new business arm for Firstrust Bank, is acting as the lender of record for Grow Credit’s secured Mastercard credit business.
Bayen has always been focused on helping the under-banked make better decisions, and in-between Grow Credit and Lenny there was still another business model that Bayen wanted to try.
It would have been a platform called LennyBike, which would have been a subscription service for customers to get access to a bicycle for $30 a month, and those payments would then count toward building credit.
However, it’s a much simpler proposition to get people to use their existing subscription services as a credit-building device than trying to get folks to pay for something new… thus, Grow Credit was born. (It also didn’t help that Bird raised $300 million and Lime another $250 million around the time that Lenny Bike was trying to get to market.)
The company uses a virtual Mastercard that allows for consumers to pay for online subscriptions only. “We have been able to transform a healthy, positive habit, which is making subscription payments, and we have turned that into a credit-building opportunity,” says Bayen.
It’s a pretty elegant way to solve a problem that’s a real barrier to entry for a large number of financial services. Credit scores can impact mortgages, the ability to receive small business loans and a host of other services that are ways to boost economic opportunity.
The company has even brought on board experienced executives like Nick Roberts, the former chief marketing officer of Acorns, to help get their messaging out.
There are two main competitors to a service like Grow Credit in the market for providing opportunities to build up a credit score, Roberts says. One is forced savings programs, the other is using fixed-limit credit cards with massive fees. A host of new services that would use reporting utility, rental, mobile phone payments and other monthly expenditures toward credit scoring have yet to gain traction.
Grow Credit offers 0% APR financing for its service, but has two tiers. A free tier for an unlimited $25 revolving credit line and a subscription service that charges $4.99 for a 12-month service offering periodic credit limit increases of up to $300. Both the free and subscription versions offer free FICO scores and automatic subscription detection.
The company makes money by giving subscription services the chance to upsell customers using the credit lines. ClassPass has already signed on as a partner, according to Bayen.
“This is establishing a small dollar loan and a line of credit,” says Roberts. “People on debit cards and stored value cards that are out there… they’re using debit cards so the money is immediately debited from their account. What we’re doing is paying the bill and establishing the line of credit and getting paid back at the end of the month.”
The idea of using more data sources and alternative data to how credit bureaus determine credit scores is one that’s already resonating with a few Democratic contenders for the presidential nomination.
Senator Kamala Harris has called for amending the Fair Credit Reporting Act to require credit agencies to include rent payments, cellphone bills and things like utility payments in their credit score calculations.
Roughly 26 million people are invisible to credit ratings and another 19 million have files that are unscorable, according to the Consumer Financial Protection Bureau . These are people who lack enough bank or credit-union accounts to have a credit score — and they’re a group that’s more likely to include African American and Latinx consumers.
Roughly 15% of African American and Latinx consumers are unable to receive a credit rating, according to data from the Consumer Financial Protection Bureau, as cited by MarketWatch.
“Expanding the calculation of credit scores to include payments made on rent, phone bills, and other utilities will increase access to credit for those with a limited or ‘invisible’ credit history or poor credit scores,” according to the Harris website.
As investors continue to move more aggressively into Latin America’s startup scene, there’s one industry that seems to be drawing more attention than any others — financial services.
As wealth across the region continues to rise, access to adequate financial services — specifically debt — has become a pain-point for an upwardly mobile middle class that wants to be more entrepreneurial and have more financial tools than straight cash at their disposal.
That’s what’s driven companies like Nubank, the Brazilian consumer credit card behemoth, to valuations of roughly $4 billion; and it’s also what contributed to Creditas, a provider of secured loans, raking in $231 million in new financing from the SoftBank Vision Fund and SoftBank Group. Previous investors Vostok Emerging Finance, Santander InnoVentures and Amadeus Capital also participated in the round.
Founded by Sergio Furio in 2012, the company started as an originator of loans to Brazilian customers who were willing to offer up collateral in exchange for lower interest rates on their debt. Back in 2017, the company became more of a fully integrated lender for the entire process.
Thanks to investments from local and international investment firms including Kaszek Ventures, Quona’s Accion Frontier Fund, Redpoint eVentures, QED Investors, Naspers Fintech, International Finance Corporation and Endeavor’s Catalyst fund, the company became one of Brazil’s largest new financial services startups.
Expect the company to use the new cash to expand its product portfolio and try to offer new lines of credit that it would issue itself — perhaps by trying to enter new businesses like unsecured consumer lending and credit cards.
If it does make its way into unsecured side of the lending market, that would put the company squarely in competition with Nubank (which was reportedly in discussions with Creditas’ lead investor, SoftBank, about an investment earlier this year).
“At Creditas we relentlessly focus on creating an amazing experience that provides efficiency and lower prices to democratize the access to low-cost lending in Brazil. With these investments, we plan to accelerate this process and expand our business model in order to improve the lives of the Brazilian population,” said Sergio Furio, Founder and CEO of Creditas, in a statement.
As a result of the investment, representatives from the SoftBank Vision Fund and SoftBank Latin America Fund will join Creditas’ Board of Directors.
The smartphone revolution has well and truly disrupted the world of banking. A wide range of startups have cropped up that have completely removed the need to make visits to physical branches to open accounts, make deposits, pay for things, and ask for loans: you can now do all of these on the go by way of a simple tap on an app.
Now, in the latest development, a new startup is leveraging that progress to create a new service targeting one of the most avid demographics when it comes to smartphone usage. Step, which builds mobile-based banking services for teenagers, is today announcing a round of $22.5 million led by Stripe.
“Schools don’t teach kids about money,” CJ MacDonald, the CEO and co-founder, said in an interview. “We want to be their first bank accounts with spending cards, but we also want to teach financial literacy and responsibility. Banks don’t tailor to this, and we want to be a solution teaching the next generation of adults to be more responsible with money in the cashless era. It was easy with cash to go to the mall but now everyone is using their phone for Uber and more.” (MacDonald has a track record in mobile commerce applications: his previous startup, mobile loyalty card app Gyft, got acquired by First Data.)
Step’s first market will be the US, where it’s estimated that there are just under 50 million teenagers in the population.
MacDonald said the aim with the funding will be to use it to bring Step’s first product — banking accounts with payment cards attached — to market, in partnership with Mastercard and Evolve.
Step actually launched in January this year (when its card partner was actually Visa) but only to unveil a waitlist. Since then, it has amassed 500,000 names of interested would-be users — likely one reason why it attracted this funding, and the attention of a pretty high-profile set of investors, including several who know a thing or two about the youth market.
In addition to Stripe, the round includes Will Smith’s Dreamers fund, Nas, Jeffrey Katzenberg’s Wndrco, Ronnie Lott, Matt Rutler, Kevin Gould, and Moat founders Noah and Jonah Goodhart. Previous investors Crosslink Capital, Collaborative Fund and Sesame Ventures also participated. (It’s raised just under $30 million to date. Valuation is not being disclosed.)
Step is not wading into unchartered territory by building a banking service targeting teens. Banks have been offering people the ability to open accounts for their kids under the umbrella of their accounts for many years. And other startups that have built banking services for this age group, who already have products out in the market, include teen debit card and bank app Current, and Greenlight, which makes a debit card for kids. (And that’s before you consider the likes of Chime, which don’t target teens specifically but might be used by them.)
And nor will Step be the last: there have also been rumors that Amazon has been working on its own service offering bank accounts to teens.
MacDonald said there are differences between what Step and these others are offering. First and foremost, its primary point of engagement is the teenager him/herself, with the aim being to give the account holder full autonomy (or at least the feeling of it: parents can still monitor and put controls on an under-18 account, as well as pay funds into it).
To that end, Step has been marketing directly to its future users, doing viral things like incentivizing sign-ups by giving users a dollar towards their bank accounts (when they come online) for each person that gets referred and also signs up using a person’s code. Teenagers under 18 will even be able to sign up for accounts without parental or guardian consent — although these accounts with be very limited in their functionality.
Another key difference will be the business model around which Step is built. As with any company that provides card services, Step gets a cut from card transactions, but unlike others in this space (and unlike most banks), Step is launching with a no-fee model for the basic account. This is because the idea will be to grow with the users, and over time to offer them services that will collect fees, when they are needed.
“As teens grow up we want to grow with them,” MacDonald said. “We will start offering products when they go to college, for example lending money to get books or computers.”
Stripe’s investment for now appears to be mainly a financial one in terms of the services that will be coming in the first wave of Step’s rollout this year. Behind the scenes, it’s actually strategic, too: the company has been quietly building interesting inroads into developing services for card issuers, alongside the services for merchants that you might already know. That’s included the acquisition of Touchtech earlier this year.
Step’s service will be very dependent on building out, and using, robust APIs to let parents and companies pay into their accounts, and for people to be able to use their Step accounts to pay for things, and part of that will involve using and implementing card issuing APIs.
“We are working with Stripe on its issuing API and on developing the issuing side of its business,” MacDonald said. “That is something that we are excited about.” More generally, he said their goals are aligned. “They want to grow the GDP of the internet and grow businesses online. Part of what we are trying to do is to make young people participate responsibly in the online economy, and I think that mission is in line with Stripe’s.”
Stripe’s head of corporate development, Jordan Angelos, is joining the board of Step with this round.
“Stripe is committed to searching for new ways to remove barriers to commerce and broaden economic access to more people,” Angelos said in a statement. “Step will help teenagers responsibly participate in a financial system that’s moving online, and teach money management skills through direct experience. We’re thrilled to support their efforts.”
The bigger opportunity also seems to be that much larger and more incumbent organizations will tap into what Step is building so that it can make sure to remain relevant and a part of whatever shape financial services take for so-called “generation alpha.”
“Today’s young people are digitally savvy, having grown up with technology as a mainstay in their day-to-day lives. As a result, we also need to ensure that they become familiar with the unique aspects of digital payments including providing education about the various finance and payment products available,” said Sherri Haymond, EVP Digital Partnerships, North America for Mastercard, in a statement. “Step has taken a thoughtful approach to developing an offering for teens and families that provides that first step in educating and acclimating today’s youth to help them gain confidence and awareness around their finances.”
The San Francisco-based startup Branch International, which makes small personal loans in emerging markets, has raised $170 million and announced a partnership with Visa to offer virtual, pre-paid debit cards to Branch client networks in Africa, South-Asia and Latin America.
Branch — which has 150 employees in San Francisco, Lagos, Nairobi, Mexico City and Mumbai — makes loans starting at $2 to individuals in emerging and frontier markets. The company also uses an algorithmic model to determine credit worthiness, build credit profiles and offer liquidity via mobile phones.
“We’ll use [the money] to deepen existing business in Africa. Later this year we’ll announce high-yield savings accounts…in Africa,” says Branch co-founder and chief executive Matt Flannery.
The $170 million round from Foundation Capital and its new debit card partner, Visa, will support Branch’s international expansion, which could include Brazil and Indonesia, according to Flannery. Branch launched in Mexico and India within the last year. In Africa, it offers its services in Kenya, Nigeria and Tanzania.
The Branch-Visa partnership will allow individuals to obtain virtual Visa accounts with which to create accounts on Branch’s app. This gives Branch larger reach in countries such as Nigeria — Africa’s most populous country with 190 million people — where cards have factored more prominently than mobile money in connecting unbanked and underbanked populations to finance.
Founded in 2015, Branch started operating in Kenya, where mobile money payment products such as Safaricom’s M-Pesa (which does not require a card or bank account to use) have scaled significantly. M-Pesa now has 25 million users, according to sector stats released by the Communications Authority of Kenya. Branch has more than 3 million customers and has processed 13 million loans and disbursed more than $350 million, according to company stats.
Branch has one of the most downloaded fintech apps in Africa, per Google Play app numbers combined for Nigeria and Kenya, according to Flannery.
Already profitable, Branch International expects to reach $100 million in revenues this year, with roughly 70 percent of that generated in Africa, according to Flannery.
In addition to Visa and Foundation Capital, the $170 Series C round included participation from Branch’s existing investors Andreessen Horowitz, Trinity Ventures, Formation 8, the IFC, CreditEase and Victory Park, while adding new investors Greenspring, Foxhaven and B Capital.
Branch last raised $70 million in 2018. The company’s overall VC haul and $100 million revenue peg register as pretty big numbers for a startup focused primarily on Africa. Pan-African e-commerce startup Jumia, which also announced its NYSE IPO last month, generated $140 million in revenue (without profitability) in 2018.
Startups building financial technologies for Africa’s 1.2 billion population have gained the attention of investors. As a sector, fintech (or financial inclusion) attracted 50 percent of the estimated $1.1 billion funding to African startups in 2018, according to Partech.
Branch’s recent round and plans to add countries internationally also tracks a trend of fintech-related products growing in Africa, then expanding outward. This includes M-Pesa, which generated big numbers in Kenya before operating in 10 countries around the world. Nigerian payments startup Paga announced its pending expansion in Asia and Mexico late last year. And payment services such as Kenya’s SimbaPay have also connected to global networks like China’s WeChat.
Apple’s new credit card has a curious security feature that will make it much more difficult to carry out credit card fraud.
The aptly named Apple Card is a new credit card, built into your iPhone Wallet app, which the company says will help customers live a “healthier” financial lifestyle. The card is designed to replace your traditional credit card and give you perks, such as daily cash. Chief among the benefits is a range of security and privacy features, which Apple says — unlike traditional credit card providers — the company doesn’t know where a customer shopped, what they bought or how much they paid.
But its one feature — a one-time unique dynamic security code — will make it nearly impossible for anyone to use the credit card to make fraudulent purchases.
That three-digit card verification value — or a CVV — on the back of your credit card is usually your last line of defense if someone steals your credit card number, such as if your card is cloned or skimmed by a dodgy ATM or stolen from a website through a phishing attack.
But rotating the security code will increase the difficulty for an attacker to use your card without your permission.
The idea of a dynamic credit card number first came about a few years ago with the Motion Code credit card concept, built by Oberthur Technologies, which included a randomly generating number built into a tiny display on the back of the card. The only downside is if someone steals your physical card.
Since then, other credit card makers — including Mastercard, the issuing payment provider for Apple Card — have worked to integrate biometric solutions instead. By enabling a fingerprint sensor on the card, powered by the card machine it was entered into, it was hoped that fraudulent purchases would be impossible. Other credit cards have worked to roll out biometric-powered credit cards. Again — a big letdown was online fraud, which still accounts for a huge proportion of fraud.
Apple Card seems to meld the two things: a virtual credit card with a rotating security code, protected by a biometric, like Touch ID or Face ID in newer devices. Better yet, the company’s debut physical titanium credit card won’t even have a credit card number.
Now if someone wants to commit fraud, they need to steal your phone and your face or fingerprint.
Like other sensitive data — such as health, financial and biometric data — any banking and credit card data is stored on the device’s security chip, known as the secure enclave.
Apple Card will be available in the U.S. later this summer.
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