Read this Wednesday’s edition of the FolhaMercado newsletter (3) – 05/03/2023 – Market

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Largest fintech in Europe starts operating in Brazil

After about a year since the announcement of its arrival in Brazil, the fintech of English origin Revolut, the largest digital bank in Europe, now officially starts its operations here.

With a market value of $33 billion (R$ 166 billion) based on the last valuation released by the company, in 2021, it starts in the country with the brand of being the most valuable digital bank in the world.

• At the time of the announcement last year, Nubank was bigger, but the Brazilian has shares traded on the stock exchange, which have devalued from US$ 35 billion to US$ 24 billion since then.

• In number of customers, roxinho still leads: it has 75 million around the world against 28 million from Revolut.

In Brazil, Revolut’s focus will be on higher-income customers, and for that reason its flagship is the digital account with a global prepaid debit card.

• Account holders will have access to 27 currencies, and the IOF charge should drop from 6.38% to 1.1%, as they are transfers between accounts of the same ownership.

• The idea is to facilitate not only purchases while traveling, but also on foreign websites.

Fintech customers with a dollar balance will still be able to transact for other currencies in the app at no additional cost, up to a limit of BRL 27 thousand a month.

• Another service that the company brings to the country is a cryptocurrency trading platform, with an initial offering of 90 different tokens.

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Uber earnings surprise analysts

After its operations generated cash for the first time in its history last year, Uber again pleased analysts this Tuesday (2), when it announced a 29% jump in its revenue in the first quarter of the year, above market expectations. .

• In reaction, the company’s shares, traded on the New York Stock Exchange, rose 11.5%.

In numbers: Uber’s Ebitda (earnings before interest, taxes, depreciation and amortization) from January to March was $761 millionthe highest ever recorded by the company, compared to US$ 168 million in the previous year.

• The company continued to generate cash and saw annual growth of 72% in its travel segment, thanks to the end of restrictions imposed by the pandemic.

• Food deliveries, which were essential for the company during the height of the pandemic, saw its revenue grow 23% in the 1st quarter – it is worth remembering that Uber Eats stopped operating in Brazil last year.

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Revolution is about design, not AI, says boss at Google

What we are living in is a design revolution, not an AI (artificial intelligence) revolution, and we need to handle the evolution of these tools responsibly, said Cassey Kozyrkov, head of Google’s AI strategy.

The discussion that has heated up in recent months around the world about the advancement of AI is the result of the evolution of design for the user of platforms, she argues, which explains:

• “Users have always been impacted by AI at Google or Netflix, but it wasn’t in their faces”;

• What has changed is that now “he is encouraged to directly interact with the AI ​​by being an AI”.

Kozyrkov spoke at the closing lecture of the second day of the Web Summit Rio conference, which brought together 21,000 people at Riocentro this Tuesday (2)*.

The American also stated that this transformation makes people use the tools to solve their individual problems, not at scale, as companies have been working with AI.

But she says we need to ask ourselves what will happen if we have an uneven distribution of these powerful technologies in society.

• “What happens if few people can afford to increase their productivity instead of others?”

• “These are serious economic and labor issues that we need to stop and think about.”

More about Web Summit Rio and AI

*The reporter traveled at the invitation of the event.

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Study points to racism in job selection

In a study carried out by sending fictitious CVs to 12,783 job vacancies in Germany, Holland and Spain, countries where the photo is usually included in the application, researchers identified that skin color can interfere with the chances of those applying for a vacancy of job.

Understand: the study from 2016 to 2018 considered the feedback received in the first phase of a selection process, when the recruiter, after analyzing the candidate’s profile, demonstrates interest in taking him to the next stage.

• To identify racial bias in recruiters, comparisons were made between candidates with identical profiles in terms of gender, type of vacancy sought and region of origin.

In numbers: in Germany and the Netherlands, all “visible” phenotypes were penalized, especially Asian/Indigenous and Black, with average positive response probabilities of 44%compared to 55% for identical white candidates.

• In Spain, where the approval rate for the next phase was lower because of the high level of unemployment in the country at the time, there is also a discrepancy: a black candidate is likely to have a positive response of 18%while for a white person it is 22%.

This result is announced amid an increasing diversity of the European population, as a result of migratory flows.

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