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Tbld Why Cross-Border Needs Disruption
Former Walmart head of U.S. commerce Marc Lore is now co-founder, chairman of the board and investor in  conversational commerce  B2B startup Wizard Commerce, which recently raised $50 million in a Series A funding round, according to a TechCrunch report Wednesday  Oct. 6 .聽Startups in  conversational commerce  believe th stanley us e future of mobile commerce lies in texting.The Wizard fundraising round was led by NEAs Tony Florence and also included Lore himself and Accel. Lore, Florence and Accels Sameer Gandhi have board seats, as we stanley cup ll as Wizard co-founder and CEO Melissa Bridgeford.聽Wizard plans to use the new money to hire employees in artificial intelligence, machine learning, natural language processing, sales, finance and operations.聽Wizard spun out of text-based shopping platform Stylust, which used artificial intelligence and image recognition to give shoppers more options on what to buy via text message. The platform also offered a  one-text checkout  experience.聽聽Bridgeford said Wizard is an opportunity  to build our vision on a much larger scale and to partner with Marc, whos really a tremendous visionary in retail tech and really a proven founder and a proven ope stanley mugs rator. 聽 We really share the vision that conversational commerce is the future of retail,  she said.聽Wizards product is  an end-to-end shopping experience  鈥?including opt-in, search, payments and shipping and reorders 鈥?allowing brands and retailers to do business with customers by text.聽Related: Visual Integratio Kajp CFPB Hits Dwolla With $100K Fine Over Data Security Practices
Alibaba Group   finance arm is working to create a marketplace for 1 trillion yuan  $163 billion  of person-to-person loans by 2016, and is already almo stanley france st 15 percent of the way there after less than six months, the P2P lending unit   CEO said on Tuesday  Sept. 23 .In April the Chinese ecommerce giant launched Zhao Cai Bao, which lets small businesses and individuals borrow from investors directly and has already created a 14 billion yuan  $2.3 billion  marketplace, according to CEO Yuan Leiming, speaking at the Hong Kong Institute of Bankers conference. Zhao Cai Bao plans to attract 1 million investors for P2P loans by the end of 2014, he said.The money for each loan comes from a maximum of 200 investors after a bank has vetted the loan and guaranteed that the money will be paid back. Zhao Cai Bao has listed about 11,000 products, and the company says the annualized return on a loan for a period of six to 12 months is at least 5.5 percent, Bloomberg News reported.A group of more than 40 banks screens potential loans for risk and guarantee the credit. Average loan size is be stanley cup en about 70,000 yuan  $11,400 . There is no maximum for how much an individual can invest, while the minimum usually depends on the loan size and the number of investors.Alibaba has indicated in a filing with the U.S. Securities and Exchange Commission that its finance arm  which inc stanley cup ludes a small-business lending unit, a money-market fund, and the Alipay payments service  could con