Silicon Valley

Fintech company LendUp is splitting up

LendUp, a San Francisco-based fintech company that has raised over $300 million from firms like Google Ventures and Y Combinator, is splitting up the company, Axios has learned from multiple sources.

The details: The split was largely borne of feedback LendUp received while trying to raise new funding, with investors not believing that the "financial inclusion" business and card business really worked together, let alone LendUp's larger vision of a full-stack financial services business for the working poor.

eBay sues Amazon alleging it illegally poached sellers

Sign in front of eBay hQ that says ebay
eBay headquarters in San José, Calif. Photo: Andrej Sokolow/picture alliance via Getty Images.

eBay sued Amazon in Santa Clara County Superior Court in California, Wednesday, alleging the e-commerce giant illegally lured sellers away from its site.

The details: The filing comes weeks after eBay sent Amazon a cease-and-desist letter. eBay claims “dozens” of Amazon sales reps throughout the world set up eBay accounts specifically to contact and recruit “high-value” eBay sellers to Amazon. The suit alleges these practices violated a California computer crime law and its own user agreement, per The Wall Street Journal. In an onstage interview at the GeekWire Summit, CEO Devin Wenig commented on Amazon's unfair trade practices to Axios' Ina Fried saying, "That's not the way we compete."