The U.K.’s Competition and Markets Authority (CMA) has a new interim chairman: former Amazon executive Doug Gurr (pictured above).

The announcement comes as the U.K. seeks to position itself as a pro-growth, pro-tech nation by cutting red-tape and bureaucracy, with artificial intelligence (AI) taking center stage. The country is also nearing the end of a long investigation into the domestic cloud services market that had Amazon firmly in the CMA’s crosshairs.

In its announcement on Tuesday, the government leaned into Gurr’s past at Amazon as a means to “boost growth and support the economy,” noting that he will “bring a wealth of experience” from his work in the sector.

“This Government has a clear Plan for Change — to boost growth for businesses and communities across the U.K.,” Jonathan Reynolds, the U.K.’s secretary of state for business and trade, said in a statement. “As we’ve set out, we want to see regulators including the CMA supercharging the economy with pro-business decisions that will drive prosperity and growth, putting more money in people’s pockets.”

The big tech factor

Gurr joined Amazon’s U.K division in 2011, initially as VP of its “hardlines” division, which focused on products such as gardening and toys. He transitioned into the role of country manager for Amazon’s China business in 2014, before moving back to head up U.K. operations in 2016. Gurr left Amazon in 2020 to become the director of the Natural History Museum.

Outgoing chair Marcus Bokkerink, who has more of a consulting than commercial background, held his post for less than three years, a relatively short tenure as the position typically lasts up to five years. However, reports indicate that chancellor Rachel Reeves was underwhelmed following a meeting with various U.K. regulators last week, prompting a changing of the guard.

It’s worth noting that although Gurr’s appointment is on an interim basis, the CMA’s CEO Sarah Cardell was also initially appointed as interim CEO back in 2022 before she moved into the role permanently.

That’s not to say this is what will happen with Gurr, but it gives a clear indication about the type of person the government wants to see chairing the country’s antitrust regulator — a body currently investigating big tech firms for all manner of alleged contraventions.

Alex Haffner, competition partner at law firm Fladgate, says it’s no coincidence that Gurr’s appointment has come at a time when the U.K. is “banging the drum for its growth agenda.” He also highlighted that Gurr’s background is “unashamedly commercial” compared to his predecessor.

Over and above that, however, this appointment raises questions about how the CMA might approach its enforcement of rules around big tech across verticals.

“What stakeholders will now be assessing is how the new appointment translates into the CMA’s approach to enforcement,” Haffner said in a statement to TechCrunch. “Recent signs are that it has taken heed of criticism of previous decisions and is perhaps more willing to be flexible — the recent Vodafone / Three clearance decision being a case in point. However, the new Chair also takes on the role at a time when the CMA has taken on significant new powers under the Digital Markets Competition and Consumer Act, particularly in relation to its oversight of big tech, meaning the CMA will likely become more activist, albeit giving considerable attention as to how to enforce in a way which best stimulates competition and therefore economic growth.”

The Open Cloud Coalition, a Google-backed lobby group launched back in October to curry favor with European lawmakers, “congratulated” Gurr on his appointment as interim chair. However, Nicky Stewart, senior advisor to the Open Cloud Coalition, urged the regulator not to lose sight of its ongoing investigation into the cloud services market, which counts Amazon as the runaway market leader.

“As the CMA’s cloud market investigation enters a critical phase, we urge the regulator to stay the course and take decisive action to create a fairer, more competitive cloud market that benefits businesses, consumers, and the wider digital economy,” Stewart said in a statement issued to TechCrunch. “The cloud industry can only flourish when there is a level playing field, and as outlined in our position paper, meaningful intervention is essential to unlocking innovation and investment across the sector.”

• Sega has launched a new Sega Account service
• It’s free to sign up and offers exclusive in-game rewards
• This includes a bonus outfit for Like a Dragon: Pirate Yakuza in Hawaii

Sega has just launched a brand new online account system, simply called ‘Sega Account’.

The official Sega Account website reveals that its “lets you maximize Sega’s online services” and that it “offers a ton of benefits.” Much like Sega’s email newsletter system, Sega Account is free to sign up for and seems like it’ll offer exclusive in-game rewards for those who do.

Google is announcing a variety of classroom and accessibility-focused ChromeOS features today, and one of the standouts is being able to control your computer with your head and facial expressions. The feature — aimed at those with motor impairments — was first announced in early December, but it’s now rolling out to more users with compatible Chromebooks (Google recommends 8GB of RAM or more).

This isn’t Google’s first foray into the face-as-a-cursor space. It previously made an open-source AI accessibility tool for Windows games called Project Gameface, which was also announced for Android. Here’s a sample video from Google of the tech in action, demoed by software engineer Amanda Lin Dietz who helped develop it.

Additionally, Google is also teasing a boatload of new Chromebooks for 2025, with over 20 new devices in its standard Chromebook and Chromebook Plus lines coming this year. That estimate may be a bit of a stretch, since Google seems to be counting the Samsung Galaxy Chromebook Plus that launched back in October, but it does also count the just-announced 14-inch Lenovo Chromebook Plus 2-in-1 and more to come.

Along with laptops aimed at educators and students, Google’s got a new batch of classroom-focused ChromeOS features called Class Tools. These allow teachers to have real-time control of their students’ screens. Once a pairing code is shared, educators will be able to send students direct content on their Chromebook screens, flip on live captions or translations for them, remotely view their screens, and share a student’s work with the whole class.

In addition to these collaborative tools, Google Classroom is also getting an integration with Figma’s FigJam, allowing teachers to assign online whiteboards to students for brainstorming and group work. Maybe the combination of FigJam with the teacher’s ability to snoop on students’ screens will reveal who’s really doing all the work for the group.

A four-year-old London startup backed by Peter Thiel has raised a $55 million Series B round as it sets about “fixing the broken clinical trial industry.”

The announcement comes as artificial intelligence is shaping up to revolutionize drug discovery and development, in turn spurring demand for a streamlined clinical trial process to help get new medicines to market quicker.

Lindus Health has built a platform that covers the entire end-to-end process of running clinical trials, with automation playing a central role — as such, Lindus calls itself the “anti-CRO” (contract research organization). A CRO, for the uninitiated, is an external organization used by pharmaceutical, biotech and medical device companies for carrying out crucial clinical research, which enables those companies to focus more on their core drug development work.

The CRO market was pegged as a $82 billion market last year, and is predicted to grow to $130 billion by the end of the decade.

Trials and tribulations

While clinical trials vary in size and scope, they typically involve several stages from start to finish, which includes designing the trial as well as building a protocol and regulatory submission package. After that, they have to set up the technology to run the trails, recruit patients, and collect data. Altogether, this can take years, so when a potentially life-saving drug is on the cards, anything that can speed things is a good thing.

Lindus says it can streamline many parts of this process using machine learning, for instance to design the initial protocol (a detailed plan), which can be very labor-intensive. For this, Lindus has built a protocol generation tool trained on historical data that can create an initial draft.

While its software is a large part of Lindus’ offering, co-founder Meri Beckwith (pictured above right with co-founders Michael Young and Nik Haldimann) stresses that the company delivers everything that’s needed for running a full end-to-end clinical trial, including the staff necessary to conduct it.

“We’ve directly enrolled and provided treatment for more than 35,000 patients now. On staff, we have medics, doctors, technologists who are overseeing the trial data, clinical operations and regulatory folks,” Beckwith told TechCrunch in an interview last week.

Founded in 2021, Lindus Health has so far delivered clinical trials across Europe and the U.S., focusing on conditions such as asthma, acne, chronic fatigue syndrome, diabetes, hypertension, weight management and social anxiety. These trials are either for trialing drugs or testing new medical devices.

“What you might notice is in common with a lot of these, and what gets us excited, is that these are quite complex, prevalent conditions that a lot of people suffer from, and frankly, they have been neglected by the industry,” Beckwith said.

Drug discovery

While the rise of AI is leading to all manner of ethical and legal quandaries, one area that seems to be exciting many people is its potential applications in health care, particularly in drug discovery.

A slew of startups have raised truckloads of capital to apply AI to the drug discovery process, and the company at the heart of much of this is Google’s DeepMind. Back in October, DeepMind CEO Demis Hassabis and John Jumper scooped the Nobel Prize in Chemistry for AlphaFold, a deep learning model capable of predicting the 3D structure of proteins — data that’s crucial for disease research and helping scientists uncover novel drug candidates.

Hassabis predicts that all human diseases could be cured within a decade thanks to these advances. While some of the early indications are positive, clinical trials will be pivotal to proving the technology’s true worth. As with the drug discovery industry, many startups have been raising venture capital to modernize the dusty old clinical trial industry.

This raises an important question: Is all the hullabaloo around AI drug discovery leading to a greater demand for clinical trial technology?

Beckwith, for his part, thinks there is a correlation.

“Frankly, all these AI drug discovery companies are not going to have the impact they deserve unless we fix this bottleneck in clinical trials,” he said. “The average AI drug discovery company spits out targets and hypotheses about this drug, or that patient population, but you still have to test them.”

For a pure software firm, the concept of rapidly testing, iterating and shipping code is fairly well ingrained in company culture. But in biotech, even where software is central to operations, it has been difficult to adopt such a “move fast and break things” mantra.

This is for good reason, of course, as there is a world of difference between building a fashion marketplace and developing life-saving pharmaceuticals. However, Beckwith says things can be greatly improved with more efficient clinical trial infrastructure.

“Our mission as a company is to help these biotech companies test and iterate more rapidly, and more safely with patients,” he said.

‘Scratching the surface’

Lindus Health had previously raised around $25 million in equity and grant funding, including an $18 million Series A round in 2023 from the likes of Spotify investor Creandum and billionaire entrepreneur Peter Thiel. With a fresh $55 million in the bank, the company is preparing to accelerate its expansion, which includes moving its global headquarters from the U.K. to the U.S. — a transition that’s currently underway.

Moreover, Lindus plans to invest more resources in its commercial go-to-market team, expand into “more complex” clinical trial types, and bolster its integrations with third-party tooling such as electronic medical records.

As with any company worth its salt in 2025, Lindus is also exploring more applications for AI across its business, including ways to analyze clinical trial data in real-time.

“We’re just scratching the surface of what we can do with AI,” Beckwith said.

Lindus Health’s Series B round was led by Balderton Capital, with support from Creandum, Firstminute, Seedcamp, and Visionaries.

In today’s increasingly connected world, the need for reliable, high-speed internet connectivity is no longer a luxury, but a necessity for both organizations and consumers alike. As more individuals and businesses continue to rely more heavily on digital platforms and technologies, the demand for seamless, secure and robust connectivity has never been so important. For many businesses, connectivity is not just about operational efficiency, it is at heart of business operations, innovation, and security in an age where even minor outages can cause significant disruptions.

This landscape highlights the important role vendors play in ensuring businesses have access to the necessary IT infrastructure and tools needed to succeed. Through focusing on inclusive policies, implementing advanced technologies, and offering tailored solutions, vendors can empower businesses to meet the challenges today’s digital world brings.

Bridging the digital divide for a more inclusive society

Hindustan Unilever has agreed to acquire beauty startup Minimalist for about $342 million, marking its latest push to expand in India’s fast-growing premium skincare market.

The consumer goods giant will initially acquire a 90.5% stake in the four-year-old direct-to-consumer brand through secondary buyouts and primary investment, with the remaining 9.5% to be purchased from founders in two years, according to a stock exchange filing.

The announcement confirms TechCrunch’s report from earlier this month.

The deal gives Unilever’s Indian unit a stronger foothold in the premium beauty segment, adding to its portfolio that includes brands like Dove, Pond’s and Lakmé. Minimalist, known for its actives-led skincare products, reported an annual revenue run rate of over 5 billion rupees and has been profitable since inception.

“This acquisition is another key step to grow our Beauty & Wellbeing portfolio in the high growth masstige beauty segment,” Rohit Jawa, CEO of Hindustan Unilever, said in the statement.

Founded in 2020 by Mohit Yadav and Rahul Yadav, Jaipur-based Minimalist sells a range of products from sunscreen to hair-repair serum. The startup had previously attracted investment from Unilever Ventures in its Series A round in 2021. Peak XV was its first institutional investor, leading the seed funding in the startup through its Surge platform in late 2019. Minimalist is one of the earliest Surge portfolio startups.

The acquisition follows Hindustan Unilever’s expansion into health and well-being through the purchases of Oziva and Wellbeing Nutrition last year. The latest transaction is expected to close in the June quarter, subject to regulatory approvals.

The founders will continue to run the business for two years after the deal closes. Minimalist has built a strong presence in e-commerce, which Hindustan Unilever plans to complement by expanding the brand’s offline distribution using its extensive retail network.

The deal values Minimalist higher than the roughly $300 million valuation it reportedly sought when attempting to raise venture capital in the second half of last year, according to previous media reports.

Indonesia’s antitrust agency KPPU fined Google 202.5 billion Rupiahs, equivalent to $12.6 million, on Wednesday for antitrust violation related to its payment system services for the Google Play Store.

The KPPU ordered the search giant to cease the mandatory use of Google Play Billing in the Google Play Store. It also asked Google to let all developers participate in the User Choice Billing (UCB) program and give them a minimum 5% service fee discount for a year after the decision is finalized, according to its statement.

The antitrust watchdog launched an investigation into Google in 2022 for its market dominance — in particular, the company required Indonesian app developers to use Google Play Billing (GPB). The agency found that the Google Pay Billing System had charged fees up to 30%, higher than other payment systems.

The Google Play Store handles payments between developers and users through the GPB System for in-app purchases. Google requires all purchases of digital products and services in the Google Play Store to go through the Google Play Billing system. At the same time, it prohibits other payment alternatives to Google Play Billing. The agency said that limiting the payment options led to fewer app users, reduced transactions and lower revenue.

The agency noted that the Google Play Store is the only app store pre-installed on all Android devices, with a market share over 50%. As for the search engine market, Google held a market share of 95.16% in the Indonesian search market, and other search engines such as Bing, Yahoo!, DuckDuckGo, and Yandex held the rest as of January 2024, according to Statista.

Google plans to appeal the ruling.

“We strongly disagree with the KPPU’s decision and will appeal. Our current practices foster a healthy, competitive Indonesian app ecosystem, offering a secure platform, global reach, and choice, including user choice billing — which enables alternatives to Google Play’s billing system,” a Google spokesperson, Danielle Cohen, said in an email statement.

“Beyond our platform, we actively support Indonesian developers through a comprehensive suite of initiatives, including Indie Games Accelerator, Play Academy, and Play x Unity, reflecting our deep investment in their success. We remain committed to complying with Indonesian law and will continue collaborating with the KPPU and stakeholders throughout the appeals process,” she added.

The tech industry has been closely watching a series of legal disputes involving Google being fined for breaching anti-competitive practices due to its misuse of dominant market power in various countries, including Indonesia, India, South Korea, France, the EU and the U.S. Japan’s antitrust regulator is likely to determine that Google has breached Japan’s antitrust laws and will order the tech behemoth to cease its monopolistic behaviors, according to Nikkei Asia.

• A new Xbox Wireless Controller has been official revealed
• The new Pulse Cipher colorway is a dazzling red
• It comes after the Ghost Cipher and Sky Cipher controllers

Microsoft has officially revealed its latest special edition Xbox Wireless Controller – the Pulse Cipher – which was only recently leaked by French outlet Dealabs.

An Xbox Wire post has all the details on this new gamepad, with keeps the general look of the Cipher line-up we’ve seen so far. A translucent frame, solid underside with textured grips and triggers that stand out brightly with an almost metallic sheen – it’s all there, just in a pretty dazzling red this time.

Welcome to TechCrunch Fintech! 

This week, we’re looking at just how much fintech startups raised in 2024, a slew of fundraising deals, Plaid’s reported revenue growth last year, and more!

To get a roundup of TechCrunch’s biggest and most important fintech stories delivered to your inbox every Tuesday at 8:00 a.m. PT, subscribe here.

The big story

Global funding to fintech startups continues to decline. According to CB Insights’ State of Fintech 2024 Report, fintech startups globally raised a combined $33.7 billion in funding last year — down 20% from the year before. Deal volume also dropped — by 17% to 3,580. But there are at least a couple of bright spots: The annual decline in funding was fintech’s smallest in three years. Plus, funding rebounded to close the year strong, reaching $8.5 billion in the fourth quarter of 2024 — up 11% compared to the 2024 third quarter. CB Insights also reported a 33% annual increase in median fintech deal size  — to $4 million.

Dollars and cents

LemFi, a London-based financial services platform designed for immigrants, raised $53 million in new funding, which it will use to fuel efforts to acquire more customers and further expand into more countries.

Recharge, a key European player in online prepaid payments, has secured a €45 million debt facility with ABN AMRO to look at rolling up the market with a round of M&A, as well as moving into fintech-style services.

French startup Hyperline wants to build the next-generation Chargebee. It raised an initial €4 million funding round from Index Ventures back in 2023 ($4.1 million at today’s exchange rate). And Index Ventures is doubling down on this investment as it is investing another $10 million in the startup.

Bench, the accounting startup that imploded over the holidays, filed for bankruptcy in Canada on January 7 revealing massive debts, documents seen by TechCrunch show. The filings — one for Bench and another for 10Sheet, Bench’s original name — show that Bench had $2.8 million in cash on hand by the end of its life but $65.4 million in liabilities. Charles Rollet does a deep dive here.

More fintech IPOs?! Trading platform eToro has reportedly filed confidentially for a U.S. IPO that could value the company at over $5 billion. Israel-based eToro, which competes with the likes of Robinhood, told TechCrunch it is “not commenting on IPO rumors.”

Amazon has agreed to acquire Indian buy now, pay later startup Axio, deepening its push into financial services in one of its fastest-growing markets.

Ex-SoftBank veteran Akshay Naheta’s Switzerland-based startup, Distributed Technologies Research (DTR), is attempting to bridge the gap between traditional banking and blockchain technology, joining an army of companies trying to modernize the global payments infrastructure.

Barclays’ Rise is shutting down in 2025.

People moves

Synctera has hired its first CFO, Matias Pino. 

Mark Fiorentino announced he’s left Index Ventures to join Bain Capital as “the newest partner charged with helping to guide the next generation of growth-stage AI-native, vertical SaaS and fintech startups.”

High-interest headlines

Last year was a good year for Plaid. Bloomberg reports that revenue at Plaid Inc., which provides infrastructure to connect fintechs and banks, spiked by over 25% last year.

Cryptocurrency-wallet provider Phantom Technologies raised $150 million in a funding round at a $3 billion valuation. Sequoia Capital and Paradigm co-led the round. 

Thanks for reading. We’ll see you again next week!

• Netflix now costs a bit more.
• The streaming service has announced price increases for all three of its plans.
• Its cheapest plan now starts at $7.99 a month and tops out at $24.99 in the US.

We must be experiencing deja vu as Netflix just raised its prices again, though it might just be that we recently streamed Olivia Rodrigo’s Guts tour documentary on the streaming service, too. As announced in Netflix’s latest letter to shareholders, price increases are coming for the streaming services’ three main plans.

The streaming service writes: “As we continue to invest in programming and deliver more value for our members, we will occasionally ask our members to pay a little more so that we can re-invest to further improve Netflix.” It’s become a trend with Netflix, and other streaming services included, to raise prices, and the latest hikes aren’t shocking but can be substantial over time.

In the United States, the ‘standard plan with advertisements’ is up $1 from $6.99 to $7.99 a month, ‘standard without advertisements’ jumps to $17.99 from $15.49, and ‘premium’ is now $24.99 a month from $22.99. These price hikes go into effect immediately, with similar increases in Canada, Portugal, and Argentina as well.

Netflix writes that the price hikes are so that it can continue to invest further in programming and deliver more value for its subscribers. The latter is a number that continues to grow, with Netflix adding 18.9 million new subscribers in quarter four of 2024, for a total of 302 million paid subscribers globally.