That was fast.

• Shot: Yesterday we wrote that OnlyFans has a "porn problem," in explaining why a user-generated content platform with epic numbers is struggling to secure outside investment.
• Chaser: Several hours later, the London-based company took a machete to its business model, saying it will ban "sexually explicit" material, beginning in October.

🥞 This is like IHOP saying it will only serve its lunch and dinner menus.

Timing: The announcement felt rushed. OnlyFans provided no communication to its creators, many of whom are panicking over the possible loss of their livelihoods.

• OF's definition of "sexually explicit" won't be released until October (although OF does say that "nudity" will be allowed).
• Its customer service account appears to have told some users not to trust "unworthy sources of information," apparently unaware of what corporate was up to (the account didn't reply to my inquiry). This means that some of the creators who should be making contingency plans aren't doing so, choosing to believe media reports from Axios and elsewhere are "fake news."

Rationale: OF says the changes "are to comply with the requests of our banking partners and payout providers." It declined to provide more details.

• The company uses Stripe for payment processing on its non-adult content, and sources suggest that Stripe didn't make the ask. OF's adult content payments are processed via a pair of companies that largely focus on the adult space, and charge premiums for the privilege, so it's hard to believe they requested the change.
• Cindy Gallop, founder of the site MakeLoveNotPorn, tells Axios that her longtime payment processor (not one used by OF) suddenly stopped working with her company in July because the processor's "new banking partners" wouldn't allow it to work with adult content providers.
• One possibility is this relates to credit card providers, which last year stopped servicing Pornhub after allegations that the site featured underage and nonconsensual content. OF released its first-ever "transparency report" with its statement, showing that it received 783 law enforcement requests between June 2020 and July 2021.
• Another possibility, of course, is that this is to secure that elusive investment. Although, again, the IHOP thing.
• There aren't available metrics on how much OF content would be banned, particularly without specific details, but my Twitter DMs are full of sex workers explaining that "explicit" material is what sells best (yes, I know how that sounds ... it was a weird day).

The big picture: This may be yet another reminder of how even juggernaut platforms are reliant on others. Not just Wall Street, but also the porn-prohibiting app stores.

• No matter what, expect that we'll soon learn more about what drove this decision, because that's what happens when billions of dollars are at stake.

DriveWealth, a Chatham, N.J.-based brokerage infrastructure startup, raised $450 million in Series D funding co-led by Accel and Insight Partners at a $2.85 billion valuation.

• Why it's the BFD: This is a sideways challenge to Robinhood, as DriveWealth enables companies to embed investing services like fractional trading within their own products.
• Other investors include Greyhound Capital, SoftBank, Base 10, FlightDeck, FTX and insiders Point72 Ventures and Fidelity.
• The bottom line: "Fractional shares allow investors to buy a portion of a stock with as little as $1, instead of having to buy a full share of stocks. That’s particularly helpful to those seeking to invest in companies such as Amazon.com Inc., whose shares closed at almost $3,318 on Thursday." — Katie Roof & Liana Baker, Bloomberg

• Ample, a San Francisco-based vehicle battery swapping service, raised $160 million in Series C funding. Moore Strategic Ventures led, and was joined by PTT, Eneos and SMRT. http://axios.link/4wVF

• D1 Brands, an Amazon fulfillment acquirer, raised $123 million in Series A funding. CoVenture and Crossbeam Venture Partners co-led, and were joined by ID8 Investments. http://axios.link/iap1

• Nacelle, a Los Angeles-based headless e-commerce infrastructure startup, raised $50 million in Series B funding led by Tiger Global. http://axios.link/O8lC

• Balto, a St. Louis-based call center automation startup, raised $37 million in Series B funding. Stripes led, and was joined by RingCentral Ventures, Sierra Ventures, TIA Ventures, OCA Ventures, Stage Venture Partners, SaaS Venture Capital, Sandalphon Capital, Cultivation Capital and Atreides Management. http://axios.link/vsxw

• Metabase, a San Francisco-based open-source business intelligence startup, raised $30 million in Series B funding. Insight Partners led, and was joined by insiders Expa and NEA. http://axios.link/lCxU

• Alerzo, a Nigerian retail inventory distribution platform, raised $10.5 million in Series A funding. Nosara Capital led, and was joined by FJ Labs. http://axios.link/5u4u

• Lifepal, a Jakarta-based D2C insurance marketplace, raised $9 million in Series A funding. ProBatus Capital led, and was joined by Cathay Innovation and insiders Insignia Venture Partners, ATM Capital and Hustle Fund. http://axios.link/bx0i

• Diamond Age, a Fremont, Calif.-based 3D printing and robotics startup focused on residential construction, raised $8 million. Prime Movers Lab and Alpaca VC co-led, and were joined by Dolby Family Ventures, Calm Ventures, Gaingels, Towerview Ventures, GFA Venture Partners and Suffolk Construction. http://axios.link/t9rc

• Regology, a Palo Alto-based regulation automation startup, raised $8 million in Series A funding. Acme Capital led, and was joined by insiders Gagarin Capital and Pine Wave Investments. www.regology.com

🚑 Bttn, a Seattle-based medical supplies marketplace, raised $5 million in new seed funding led by FUSE. http://axios.link/R1ER

• Earbuds, a social listening app, raised $3 million in Series A funding. Ecliptic Capital led, and was joined by the Andre Agassi Foundation and LFG Ventures. http://axios.link/Xc8d

• Role, a Los Angeles-based role-playing game platform, raised $2.75 million co-led by Konvoy and London Venture Partners. http://axios.link/ZDOu

• Clayton, Dubilier & Rice upped its takeover offer for British supermarket chain Morrisons (LSE: MRW) to £7 billion, or 285 pence per share, and secured board approval. Rival bidder Fortress Investment Group says it's considering its options. http://axios.link/BTYF

⚡ Global Infrastructure Partners acquired Saavi Energía, Mexico’s fourth-largest independent power producer, from Actis. www.saavienergia.com

🚑 Goldman Sachs agreed to buy a majority stake in MDVIP, a Boca Raton, Fla.-based health concierge service, from Leonard Green & Partners and Summit Partners. http://axios.link/pckq

• Sport Alliance, a German provider of fitness club management software, raised €60 million from PSG. http://axios.link/9c0M

• Stonepeak completed its $8.1 billion purchase of Astound Broadband, the sixth-largest U.S. cable provider. http://axios.link/QfPq

• iCIMS, a Holmdel, N.J.-based recruiting software company backed by Vista Equity Partners and Susquehanna Growth Equity, filed for a $100 million IPO. It plans to list on the Nasdaq (TLNT), and reports a $48 million net loss on $251 million in revenue. http://axios.link/GCkU

• Topps, the venerable maker of baseball cards and chalky chewing gum, this morning announced mutual termination of its deal to go public at a $1.3 billion valuation via Mudrick Capital Acquisition Corp. II (Nasdaq: MUDS).

• This comes a day after Topps lost its exclusive licensing deal with Major League Baseball and the MLB Players Association to Fanatics.
• Topps backers include Madison Dearborn Partners and Michael Eisner's Tornante Co.

⚡ Accretion Acquisition, an "energy value chain" SPAC, filed for a $150 million IPO. http://axios.link/zx3f

• Broad Capital Acquisition, an aerospace SPAC led by Johann Tse (Aquarian Capital), filed for a $100 million IPO. http://axios.link/rDeU

• Adobe (Nasdaq: ADBE) agreed to buy Frame.io, a New York-based video collaboration platform, for $1.27 billion. Frame.io had raised $92 million from firms like Accel, Insight Partners, SignalFire, FirstMark Capital and Shasta Ventures. http://axios.link/sfBf

• PAI Partners is considering exit options (including a possible IPO) for Refresco, a Dutch bottler that could fetch around $6 billion, per Bloomberg. http://axios.link/jRO4

• Ansteel Group and Ben Gang, both Chinese steelmakers, began merging operations today. The move will create the world’s third-largest steelmaker. http://axios.link/H2RY

🎧 Spotify (NYSE: SPOT) announced a share buyback program of up to $1 billion. http://axios.link/cVOM

• Arthur Ventures of Minneapolis is raising $225 million for its fourth flagship fund and $150 million for its third growth fund, per SEC filings. www.arthurventures.com

• Non Sibi Ventures, a Chevy Chase, Md.-based VC firm focused on underrepresented founders, is raising $50 million for its debut fund, per an SEC filing. www.nonsibi.vc

• Radial Equity Partners raised $368 million for its debut fund. The private equity firm is led by Phil Carpenter and other vets of Irving Place Capital, which is winding down. http://axios.link/lPbW

• Star Mountain Capital raised a $290 million SBIC fund to invest in lower midmarket U.S. companies. www.starmountaincapital.com

• Prescott Watson joined VC firm RedBlue Partners as a general partner, per his LinkedIn. He previously was a principal with Maniv Mobility. http://axios.link/jmVc