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Illustration: Caresse Haaser/Axios

Two Latin American scooter rental startups, Grin in Mexico and Ride in Brazil, have merged and will operate under the Grin brand.

Why it matters: Just as happened in the ride-hailing industry, scooter (and bike) rental companies will likely consolidate as the global competition keeps intensifying.

  • This merger comes on the heels of Grin's closing $45 million in new funding, led by Delivery Hero founder Lukasz Gadowski, with Shasta Ventures, DCM Ventures and existing investors also participating.
  • Grin recently also inked a partnership with Rappi, a Latin American on-demand delivery service. Rappi users will be able to rent Grin scooters via the former's app.
  • Still, Grin will have to compete with other local rivals. Brazil's Yellow, for example, recently raised $63 million in new funding. American companies Lime and Bird also have ambitions in the region.

Flashback: The ride-hailing industry saw some consolidation in the form of global companies acquiring local players as a way to expand their presence in the region. In other cases, they sold their regional operations to the local top company.

Go deeper

Biden: Jan. 6 Capitol riot "was about white supremacy"

President Biden speaks during the 10th anniversary celebration of the dedication of the Martin Luther King Jr. Memorial with Vice President Kamala Harris in Washington, D.C. on Oct. 21, 2021. Photo: Oliver Contreras/Sipa/Bloomberg via Getty Images

President Biden said Thursday that white supremacy motivated rioters who carried out the Jan. 6 insurrection at the U.S. Capitol.

Driving the news: "The violent, deadly insurrection on the Capitol nine months ago, it was about white supremacy, in my opinion," Biden said at an event commemorating the 10-year anniversary of the Martin Luther King Jr. memorial in Washington.

Scoop: “How about zero?” Manchin, Sanders get heated behind closed doors

Sen. Joe Manchin. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Sens. Joe Manchin (D-W.Va.) and Bernie Sanders (I-Vt.) squabbled behind closed doors Wednesday, with Manchin using a raised-fist goose egg to tell his colleague he can live without any of President Biden's social spending plan, Axios has learned.

Why it matters: The disagreement, recounted to Axios by two senators in the room, underscores how far apart two key members remain as the Democratic Party tries to meet its deadline for reaching an agreement on a budget reconciliation framework by Friday.

Fed revamps rules for officials, restricts trades after controversies

Federal Reserve Chairman Jerome Powell. Photo: Kevin Dietsch/Getty Images

The Federal Reserve on Thursday announced significant changes to its rules regulating officials' financial activities following controversy last month over some officials' past trading practices.

Why it matters: The rule revamp is a coda to the biggest scandal to hit the Fed in recent memory.