News

Netflix Adds 6 Million New Users After Password Crackdown

In its latest quarterly report, the streaming service reported dramatic growth after preventing users sharing account details.

Published

1 year ago

July 20, 2023

Nour Nasir

netflix adds 6 million new users after password crackdown

Streaming giant Netflix has reported substantial growth after a crackdown on users sharing their account details with people outside their households. The company added nearly 6 million new subscribers during the second quarter of 2023, representing a growth of 8%.

In a letter to shareholders, Netflix explained that its drive to stop password sharing hadn’t resulted in mass cancellations and that tightened restrictions were working. “The cancel reaction was low, and while we’re still in the early stages of monetization, we’re seeing healthy conversion of borrower households into full paying Netflix memberships as well as the uptake of our extra member feature,” the letter read.

Also Read: Meta & Microsoft Release AI Language Tool For Commercial Use

In addition to restricting account sharing, Netflix has begun offering “paid sharing”, allowing subscribers to add an “extra member” to their account for $8 a month — an option now available in over 100 countries.

Netflix has also confirmed that its $10 basic plan will be canceled in the United States and United Kingdom. At the same time, restricted password sharing will continue to roll out in countries such as India, Indonesia, Kenya, and Croatia.

News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

1 day ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.