Transcript
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Organizations all over the world, from banks to breweries, are creating custom apps and AI agents on the Outsystems platform because Outsystems is all about outcomes, helping teams deploy quickly and deliver results. Build your agentic future with Outsystems.
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Here's your morning TNB Tech minute for Tuesday, December 16th. I'm Julie Chang for the Wall Street Journal. We are exclusively reporting that Databricks has announced a massive Series L funding round of over $4 billion bo its valuation to $134 billion. That's a 34% increase from the data analytics and AI software company's last funding round. Databricks said it crossed $4.8 billion in annual revenue run rate at the end of October, up from the $4 billion it announced a few months ago. Databricks has been on an initial public offering watchlist for years, but its CEO said he hasn't decided exactly when to pursue an IPO. Invictus Growth Partners has made a $63 million investment to acquire Informed IQ, a company that provides artificial intelligence, powered verification and fraud prevention services to institutional lenders. The deal is driven by heightened industry concern over loan fraud, especially following the recent bankruptcy of a supreme auto lender. Informed AI software is used by major financial institutions like JPMorgan Chase and Capital One to vet borrowers and weed out fraud. The company plans to capital from Invictus to bolster its auto finance business and facilitate further expansion into markets such as mortgage and consumer lending. And Digital payments giant PayPal, which owns Venmo, has applied to the Utah Department of Financial Institutions and the FDIC to establish its own bank, to be called PayPal Bank. The bank would be a Utah chartered industrial loan company, which is a type of entity that can lend money, hold FDIC insured deposits and be owned by a non financial institution. PayPal said the proposed bank would help make its lending to small businesses more efficient by reducing its reliance on third parties. PayPal's application comes as a growing number of payments companies, including Buy Now, Pay Later Services and crypto platforms are making similar moves to operate more like traditional financial institutions. And that's your TNB Tech Minute. We'll be back this afternoon with more.
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So many organizations choose outsystems because it's an outstanding way to quickly deploy apps and AI agents and deliver results. A top US bank deployed apps for their customers to easily open new accounts on any device. We helped a leading global insurer quickly deliver a portal and app for their employees, while a global brewer developed an app to automate tasks to clear Bottlenecks, OutSystems. The One AI powered low code platform.