ALTIOTAKE FROM 1-4 JUNE

Each week, we review the press, highlighting and responding to interesting and relevant articles in the news.

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Snapping Up WaveOptics

Snap recently announced its acquisition of UK-based waveguide company for $500M.WaveOptics currently is the waveguide-supplier of the AR displays in Snap’s Spectacles glasses.This is Snap’s largest acquisition to date and demonstrates Snap’s commitment and long-term bet on mass market AR eyewear. The deal also highlights Snap’s desire to gain a competitive edge in the nascent and industry of AR technology. have all assembled waveguide teams. But don’t get too excited about buying AR eyewear just yet – Snap CEO Evan Spiegel thinks it will still be another decade before AR glasses enter the mainstream.
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Belvo Opens Up Finance in LatAm

Latin American FinTech Belvo recently raised $43M Series A funding to grow its open finance API platform. According to Crunchbase data, this is the largest Series A ever raised by a Latin American FinTech. Like Plaid, Belvo connects applications with financial products. However, Belvo addresses the unique ecosystem of Latin America, incorporating data from banks and nonbanks alike. Key to Belvo’s success is this recognition that nonbanks and gig economy systems need access to financial data. Calling itself “open-finance” rather than “open-banking” supports this aim. Belvo is working to democratize access to financial data and build the technological infrastructure needed to develop next-generation financial innovation.