PayPal-backed money lender Tala raises $110M to enter India

Tala, a Santa Monica, California-headquartered startup that creates a credit profile to provide uncollateralized loans to millions of people in emerging markets, has raised $110 million in a new financing round to enter India’s burgeoning fintech space.

The Series D financing for the five year-old startup was led by RPS Ventures, with GGV Capital and previous investors IVP, Revolution Growth, Lowercase Capital, Data Collective VC, ThomVest Ventures, and PayPal also participating in the round.

The new round, which takes the startup’s total fundraising to $215 million, valued it above $500 million, a person familiar with the matter told TechCrunch. Tala has also raised an additional $100 million in debt, including a $50 million facility led by Colchis in last one year.

Tala looks at a customer’s data on texts and calls, merchant transactions, overall app usage, and other behavioral data through its Android app to build their credit profile. Based on these pieces of information, it provides instant loans in the range of $10 to $500 to customers.

The loans are approved within minutes and disbursed via mobile payment platforms. The startup has lent over $1 billion to more than 4 million customers to date — up from issuing $300 million in loan to 1.3 million customers last year, Shivani Siroya, founder and CEO of Tala, told TechCrunch in an interview.

The startup, which employs more than 550 people, will use the new capital to enter India, Siroya, who built Tala after interviewing thousands of small and micro-businesses, said. In the run up to launch in India, Tala began a 12-month pilot program in the country last year to conduct user research and understand the market. It has also set up a technology hub in Bangalore, she said.

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Shivani Siroya (Tala CEO) at TechCrunch Disrupt NY 2017

“The opportunity is very massive in India, so we spent some time customizing our service for the local market,” she said.

According to World Bank, more than 2 billion people globally have limited access to financial services and working capital. For these people, many of whom live in India, securing a small size loan is extremely challenging as they don’t have a credit score.

In recent years, several major digital payment platforms in India including Paytm and MobiKwik have started to offer small loans to users. Traditional banks are still lagging to serve this segment, industry executives say.

Tala goes a step further and takes liability for any unpaid returns, Siroya said. More than 90% of Tala customers pay back their loan in 20 to 30 days and are recurring customers, she added.

The startup also forwards the positive credit history and rankings to the local credit bureaus to help people secure bigger and long-term loans in the future, she added.

Tala, which charges a one-time fee that is as low as 5% for each loan, relies on referrals, and some marketing through radio and television to acquire new customers. “But a lot of these users come because they heard about us from their friends,” Siryoa said.

As part of the new financing round, Kabir Misra, Founding General Partner of RPS Ventures, has joined Tata’s board of directors, the startup said.

Tata will also use a portion of its new fund to expand its footprint and team in its existing markets — East Africa, Mexico, and the Philippines — and also build new solutions.

Siroya said the startup has identified some more markets where it plans to enter next. She did not disclose the names, but said she is eyeing more countries in South Asia and Latin America.

YC-backed Stoic is a journaling app with a focus on understanding your feelings

The process of using the Stoic journaling app is simple: You open the app in the morning and the evening, when you’ll be prompted to answer a couple of questions and perform a few simple exercises.

For example, this evening the app asked me to rate my current level of fulfillment and to identify what made me smile today, while also pointing me to guided exercises like journaling and breathing.

Stoic is part of the current batch of startups at Y Combinator (it’s taking the stage today at Demo Day). Founder Maciej Lobodzinski told me that his goal is to help users understand the different factors influencing their mental and emotional state.

“The core of the app is: We have this insight and we see what influences your mood and what you feel,” Lobodzinski said. He suggested that this is very different from the “super transactional” idea embedded in my other mental health and wellness apps, where “you pay for my app and you feel better.” In his view, “You should feel how you feel. It’s okay, how you feel, but you should know why you are feeling this way.”

So once there are a couple of weeks of data in the app, you should be able to look back and see how you were feeling on a certain day, and if there were activities that made you feel more or less fulfilled. Over time, Lobodzinski hopes to add more insights about “what influenced you, why you feel this way, why you are productive.”

Stoic screen shots

As the name implies, Stoic is inspired by Lobodzinski’s interest in classical Stoic philosophy (he’s not the first to suggest that the approach has direct applications in the tech industry), and the app even includes quotes from Stoic philosophers.

“It’s an extremely practical framework,” he said. “When I talk to users, there are entrepreneurs, investors, traders — people who found out about the app because they were looking for how to deal with their stress …
If you are stressed with your everyday life and you can get the advice of the emperor of Rome, who dealt with much more serious things, it’s amazing how much better you can feel after that.”

At the same time, users have the option to receive quotes from different schools of thought — not just Stoicism but also Buddhism, Taoism and Catholicism. For some users, their app experience won’t be explicitly focused on Stoicism, but Lobodzinski said that even then, it forms the “spine” of the app’s approach.

The basic app is free, but Stoic charges $27.99 per year for a premium version that includes iCloud syncing and additional content.

MoviePass exposed thousands of unencrypted customer card numbers

Movie ticket subscription service MoviePass has exposed tens of thousands of customer card numbers and personal credit cards because a critical server was not protected with a password.

Mossab Hussein, a security researcher at Dubai-based cybersecurity firm SpiderSilk, found an exposed database on one of the company’s many subdomains. The database was massive, containing 161 million records at the time of writing and growing in real-time. Many of the records were normal computer-generated logging messages used to ensure the running of the service — but many also included sensitive user information, such as MoviePass customer card numbers.

These MoviePass customer cards are like normal debit cards: they’re issued by Mastercard and store a cash balance, which users who sign up to the subscription service can use to pay to watch a catalog of movies. For a monthly subscription fee, MoviePass uses the debit card to load the full cost of the movie, which the customer then uses to pay for the movie at the cinema.

We reviewed a sample of 1,000 records and removed the duplicates. A little over half contained unique MoviePass debit card numbers. Each customer card record had the MoviePass debit card number and its expiry date, the card’s balance, when it was activated.

The database had more than 58,000 records containing card data — and was growing by the minute.

We also found records containing customers’ personal credit card numbers and their expiry date — which included billing information, including names, and postal addresses. Among the records we reviewed, we found records with enough information to make fraudulent card purchases.

Some records, however, contained card numbers that had been masked except for the last four digits.

The database also contained email address and some password data related to failed login attempts. We found hundreds of records containing the user’s email address and presumably incorrectly typed password — which was logged — in the database. We verified this by attempting log into the app with an email address and password that didn’t exist but only we knew. Our dummy email address and password appeared in the database almost immediately.

None of the records in the database were encrypted.

Hussain contacted MoviePass chief executive Mitch Lowe by email — which TechCrunch has seen — over the weekend but did not hear back. It was only after TechCrunch reached out Tuesday when MoviePass took the database offline.

It’s understood that the database may have been exposed for months, according to data collected by cyberthreat intelligence firm RiskIQ, which first detected the system in late June.

We asked MoviePass several questions — including why the initial email disclosing the security lapse was ignored, for how long the server was exposed, and its plans to disclose the incident to customers and state regulators. When reached, a spokesperson did not comment by our deadline.

MoviePass has been on a rollercoaster since it hit mainstream audiences last year. The company quickly grew its customer base from 1.5 million to 2 million customers in less than a month. But MoviePass took a tumble after critics said it grew too fast, forcing the company to cease operating briefly after the company briefly ran out of money. The company later said it was profitable, but then suspended service, supposedly to work on its mobile app. It now says it has “restored [service] to a substantial number of our current subscribers.”

Leaked internal data from April said its customer numbers went from three million subscribers to about 225,000. And just this month MoviePass reportedly changed user passwords to hobble access for customers who use the service extensively.

Hussain said the company was negligent in leaving data unencrypted in an exposed, accessible database.

“We keep on seeing companies of all sizes using dangerous methods to maintain and process private user data,” Hussain told TechCrunch. “In the case of MoviePass, we are questioning the reason why would internal technical teams ever be allowed to see such critical data in plaintext — let alone the fact that the dataset was exposed for public access by anyone,” he said.

The security researcher said he found the exposed database using his company-built web mapping tools, which peeks into non-password protected databases that are connected to the internet, and identifies the owner. The information is privately disclosed to companies, often in exchange for a bug bounty.

Hussain has a history of finding exposed databases. In recent months he found one of Samsung’s development labs exposed on the internet. He also found an exposed backend database belonging to Blind, an anonymity-driven workplace social network, exposing private user data.

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Shazam data is powering Apple Music’s newest chart, the Shazam Discovery Top 50

Apple continues to make use of Shazam, the music recognition app it acquired for $400 million in 2018. Earlier this month, Apple publicly launched its Music for Artists dashboard which included insights powered by Shazam data. Today, Apple announced that Shazam data will also now power a new Apple Music chart: the Shazam Discovery Top 50.

The chart will feature a weekly global ranking of the top 50 artists on the move and their trending track, based on Shazam data.

The Shazam app today has been downloaded a billion times and sees 20 million “Shazams” per day — that’s the number of times a user pushes the button to identify a song that’s playing. These Shazams will now be used to identify tracks that are poised for a breakout.

This is a different sort of metric than a traditional music chart would use, as it’s not a reference to how many downloads, purchases or streams a song has — instead, it lends itself more to insights about up-and-coming artists.

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That said, the chart may include a variety of songs at different points in their lifecycle. The majority may be emerging artists, but some songs may be experiencing a burst of momentum for other reasons. To rank on the chart, the song could be demonstrating a pattern of moving quickly through Shazam’s charts, rapid growth, steady growth, or it may be growing geographically, the company says. Of all of the above.

The new Apple Music chart will feature songs that are trending in the U.S. and over 10 other countries.

This isn’t Shazam’s first foray into music charts by any means. Today, you’ll find Shazam online offers a Top 200 chart for the U.S., various other countries, and as a global top chart, in addition to a 10-song “Discovery” chart for the U.S. and a smaller subset of other markets.

The Discovery Top 50 for Apple Music doesn’t currently match up with the online version of the Discovery chart, which may be related to the timing of its updates.

The launch of the new chart is another confirmation as to why Apple wanted to bring Shazam in-house — not for its nifty parlor trick of music recognition, but rather for the data it acquires on trending music. This gives Apple another means of competing with Spotify, whose own Artist dashboard launched exited beta back in 2017, giving it a big head start on serving artists and musicians with insights.

The new Shazam chart is being highlighted today in the Browse tab of the Apple Music app on iOS and Mac, and elsewhere in the app.

 

‘This is Your Life in Silicon Valley’: The League founder and CEO Amanda Bradford on modern dating, and whether Bumble is a ‘real’ startup

Welcome to this week’s transcribed edition of This is Your Life in Silicon Valley. We’re running an experiment for Extra Crunch members that puts This is Your Life in Silicon Valley in words – so you can read from wherever you are.

This is your Life in Silicon Valley was originally started by Sunil Rajaraman and Jascha Kaykas-Wolff in 2018. Rajaraman is a serial entrepreneur and writer (Co-Founded Scripted.com, and is currently an EIR at Foundation Capital), Kaykas-Wolff is the current CMO at Mozilla and ran marketing at BitTorrent.

Rajaraman and Kaykas-Wolff started the podcast after a series of blog posts that Sunil wrote for The Bold Italic went viral. The goal of the podcast is to cover issues at the intersection of technology and culture – sharing a different perspective of life in the Bay Area. Their guests include entrepreneurs like Sam Lessin, journalists like Kara Swisher and Mike Isaac, politicians like Mayor Libby Schaaf and local business owners like David White of Flour + Water.

This week’s edition of This is Your Life in Silicon Valley features Amanda Bradford – Founder/CEO of The League. Amanda talks about modern dating, its limitations, its flaws, why ‘The League’ will win. Amanda provides her candid perspective on other dating startups in a can’t-miss portion of the podcast.

Amanda talks about her days at Salesforce and how it influenced her decision to build a dating tech product that focused on data, and funnels. Amanda walks through her own process of finding her current boyfriend on ‘The League’ and how it came down to meeting more people. And that the flaw with most online dating is that people do not meet enough people due to filter bubbles, and lack of open criteria.

Amanda goes in on all of the popular dating sites, including Bumble and others, providing her take on what’s wrong with them. She even dishes on Raya and Tinder – sharing what she believes are how they should be perceived by prospective daters. The fast-response portion of this podcast where we ask Amanda about the various dating sites really raised some eyebrows and got some attention.

We ask Amanda about the incentives of online dating sites, and how in a way they are created to keep members online as long as possible. Amanda provides her perspective on how she addresses this inherent conflict at The League, and how many marriages have been shared among League members to date.

We ask Amanda about AR/VR dating and what the future will look like. Will people actually meet in person in the future? Will it be more like online worlds where we wear headsets and don’t actually interact face to face anymore? The answers may surprise you. We learn how this influences The League’s product roadmap.

The podcast eventually goes into dating stories from audience members – including some pretty wild online dating stories from people who are not as they seem. We picked two audience members at random to talk about their entertaining online dating stories and where they led. The second story really raised eyebrows and got into the notion that people go at great lengths to hide their real identities.

Ultimately, we get at the heart of what online dating is, and what the future holds for it.   If you care about the future of relationships, online dating, data, and what it all means this episode is for you.

For access to the full transcription, become a member of Extra Crunch. Learn more and try it for free. 

Sunil Rajaraman: I just want to check, are we recording? Because that’s the most important question. We’re recording, so this is actually a podcast and not just three people talking randomly into microphones.

I’m Sunil Rajaraman, I’m co-host of this podcast, This is Your Life in Silicon Valley, and Jascha Kaykas-Wolff is my co-host, we’ve been doing this for about a year now, we’ve done 30 shows, and we’re pleased today to welcome a very special guest, Jascha.

Jascha Kaykas-Wolff: Amanda.

Amanda Bradford: Hello everyone.

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Amanda Bradford. (Photo by Astrid Stawiarz/Getty Images)

Kaykas-Wolff: We’re just going to stare at you and make it uncomfortable.

Bradford: Like Madonna.

Kaykas-Wolff: Yeah, so the kind of backstory and what’s important for everybody that’s in the audience to know is that this podcast is not a pitch for a product, it’s not about a company, it’s about the Bay Area. And the Bay Area is kind of special, but it’s also a little bit fucked up. I think we all kind of understand that, being here.

So what we want to do in the podcast is talk to people who have a very special, unique relationship with the Bay Area, no matter creators that are company builders, that are awesome entrepreneurs, that are just really cool and interesting people, and today we are really, really lucky to have an absolutely amazing entrepreneur, and also pretty heavy hitter in the technology scene. In a very specific and very special category of technology that Sunil really, really likes. The world of dating.

Rajaraman: Yeah, so it’s funny, the backstory to this is, Jascha have both been married, what, long time-

Kaykas-Wolff: Long time.

Rajaraman: And we have this weird fascination with online dating because we see a lot of people going through it, and it’s a baffling world, and so I want to demystify it a bit with Amanda Bradford today, the founder CEO of The League.

Bradford: You guys are like all of the married people looking at the single people in the petri dishes.

Rajaraman: So, I’ve done the thing where we went through it with the single friends who have the app, swiping through on their behalf, so it’s sort of like a weird thing.

Bradford: I know, we’re like a different species, aren’t we?

Google’s lightweight search app, Google Go, launches to Android users worldwide

Google Go, a lightweight version of Google’s search app, is today becoming available to all Android users worldwide. First launched in 2017 after months of beta testing, the app had been designed primarily for use in emerging markets where people are often accessing the internet for the first time on unstable connections by way of low-end Android devices.

Like many of the “Lite” versions of apps built for emerging markets, Google Go takes up less space on phones — now at just over 7MB — and it includes offline features to aid those with slow and intermittent internet connections. The app’s search results are optimized to save up to 40% data, Google also claims.

Beyond web search, Google Go includes other discovery features, as well — like the ability to tap through trending topics, voice search, image and GIF search, an easy way to switch between languages, and the ability to have web pages read aloud, powered by AI.

At Google’s I/O developer conference this spring, the company announced it was also bringing Lens to Google Go.

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Lens allows users to point their smartphone camera at real-world objects in order to bring up relevant information. In Google Go, the Lens feature will help users who struggle to read. When the camera is pointed at text — like a bus schedule, sign or bank form, for example — Lens can read the text out loud, highlighting the words as they’re spoken. Users can also tap on a particular word to learn its definition or have the text translated.

While Lens was only a 100KB addition, according to Google, the updates to the Go app since launch have increased its size. Initially, it was a 5MB app; now it’s a little more than 7MB.

Previously, Google Go was only available in a few countries on Android Go edition devices. According to data from Sensor Tower, it has been installed approximately 17.5 million times globally, with the largest percentage of users in India (48%). Its next largest markets are Indonesia (16%), Brazil (14%), Nigeria (6%) and South Africa (4%), Sensor Tower says.

In total, it has been made available to 29 countries on Android Go edition devices, including: Angola, Benin, Botswana, Burkina Faso, Cameroon, Cape Verde, Cote d’Ivoire, Gabon, Guinea-Bissau, Kenya, Mali, Mauritius, Mozambique, Namibia, Niger, Nigeria, Philippines, Rwanda, Senegal, Tanzania, Togo, Uganda, Zambia and Zimbabwe.

Google says the app now has “millions” of users.

Today, Google says it will be available to all users worldwide on the Play Store.

Google says it decided to launch the app globally, including in markets where bandwidth is not a concern, because it understands that everyone at times can struggle with problems like limited phone storage or spotty connections.

Plus, it’s a lightweight app for reading and translating text. At Google I/O, the company had noted there are more than 800 million adults worldwide who struggle to read — and, of course, not all are located in emerging markets.

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Google Go is one of many lightweight apps Google has built for emerging markets, along with YouTube Go, Files GoGmail Go, Google Maps Go, Gallery Go and Google Assistant Go, for example.

The Google Go app will be available on the Play Store to global users running Android Lollipop or higher.

IFTTT warns against migrating Nest devices to Google accounts

Google says it’s moving Nest devices over to a unified Google ecosystem for the sake of simplicity. But simple can be complicated, as is certainly the case here. In May, after user pushback, the company announced that it would maintain Works with Nest connections for some third-party integration.

IFTTT’s popular applets for the company’s camera, smoke detector and thermostat are among those exceptions. That certainly bodes well for those user who took the time to ingrate IFTTT functionality.

However, users who opt to migrate a Nest account to a Google one will apparently break their connections in the process. The organize issued a dual warning late last night, following a migration blog post encouraging users to migrate.

Per IFTTT,

  • Do not migrate your Nest account to a Google account. Migrating your Nest account will cause IFTTT and other Works with Nest integrations to be disconnected. This process is not reversible.
  • Do not disconnect Nest from IFTTT after August 31st as you will not be able to reconnect it. This affects users that do not migrate their Nest accounts to a Google one.

For its part, Google says it’s looking to bring similar automation functionality to Nest that presently requires third-party integration from services like IFTTTT.

Yubico launches its dual USB-C and Lightning two-factor security key

Almost two months after it was first announced, Yubico has launched the YubiKey 5Ci, a security key with dual support for both iPhones, Macs and other USB-C compatible devices.

Yubico’s latest Yubikey is the latest iteration of its security key built to support a newer range of devices, including Apple’s iPhone, iPad, and MacBooks in a single device. Announced in June, the company said the security keys would cater for cross-platform users — particularly Apple device owners.

These security keys may be small enough to sit on a keyring, but they contain the keys to your online line. Your Gmail, Twitter, and Facebook account all support these plug-in devices as a second-factor of authentication after your username and password — a far stronger mechanism than the simple code sent to your phone.

Security keys offer almost unbeatable security and can protect against a variety of threats, including nation-state attackers.

Jerrod Chong, Yubico’s chief solutions officer, said the new key would fill a “critical gap in the mobile authentication ecosystem,” particularly given how users are increasingly spending their time across a multitude of mobile devices.

The new key works with a range of apps, including password managers like 1Password and LastPass, and web browsers like Brave, which support security key authentication.

TikTok’s new ‘Hashtag Challenge Plus’ lets video viewers shop for products in the app

TikTok, the short-form video platform favored by young adults and teens, has launched a new feature that allows users to shop for products associated with a sponsored Hashtag Challenge, without leaving its app. These sponsored challenges are Gen Z-friendly marketing campaigns where users are prompted to post videos of them using a product — like showing off favorite outfits from Uniqlo or Guess, for example. Or they might participate in some sort of manufactured viral trend, like singing favorite Disney songs ahead of a Disney-themed episode of American Idol.

The new e-commerce feature, called Hashtag Challenge Plus, adds a shoppable component to the hashtag.

In addition to creating and viewing videos featuring the brand’s sponsored hashtag, a separate tab features an in-app experience where products from the campaign can be purchased within TikTok itself.

Last week, Kroger was the first brand to try out the new feature, according to a report from AdWeek.

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While not exactly a company that exudes youth appeal, Kroger found a way to reach TikTok’s young adult audience through their hashtag campaign.

In partnership with four TikTok influencers — Joey Klaasen, Cosette Rinab, Mia Finney and Victoria Bachlet — Kroger prompted TikTok viewers to post videos of their dorm makeovers using the hashtag #TransformUrDorm. Digital agency i360 was involved in the videos’ creation.

What made Kroger’s challenge unique was that it also introduced a dedicated brand page where viewers could actually shop for products, too.

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Kroger paid for its sponsored hashtag to be given placement on TikTok’s Discover page for a week’s time. The tag can still be found via search, even though the campaign has wrapped.

Of course, many of its intended viewers found it by way of their favorite TikTok influencer’s profile, much like how Instagram ad campaigns work.

Since launch, the hashtag has since grown to around 477 million views across hundreds of videos — some labeled “Official,” if from the influencers. The rest is user-generated content from other TikTok users hoping to capitalize on the trend to gain a little TikTok fame for themselves.

On the hashtag’s landing page, there’s a separate tab also labeled “Discover,” but not to be confused with TikTok’s main Discover section. This directs viewers to the new shopping experience.

Here, Kroger shows off a scrollable row of featured products including things like a popcorn maker, a box of snack bars, a toaster, and other items.

Tapping the “Shop Now” link then opens up Kroger’s website where users can add items to their cart and check out online.

Image from iOS 3

This shoppable experience is really just a mobile-optimized Kroger website pointing to a special search term (btscollege19). It isn’t a TikTok creation, nor built with TikTok’s help. On the mobile site, you can scroll down through a random list of items — from shampoos to coffee filters to toothpaste to hangers and more — or you can filter by category or enter a search term.

It’s unclear if such an offering will actually significantly impact e-commerce sales.

If anything, a hashtag campaign like this is better utilized to remind viewers that Kroger’s grocery store is also a place to shop for back-to-school needs, as an alternative to big-box stores like Target or Walmart or online retailers like Amazon.

TikTok confirmed to TechCrunch that Kroger was the first to put it into action last week. A spokesperson declined to say if other campaigns using the new product were in the works, adding that the company couldn’t talk about any plans ahead of their launch.

Sponsored Hashtag Challenges are only one way TikTok is experimenting with generating revenue from its some 500 million monthly users, the majority who are under 30. The company has also tried out full-screen ads at launch, in-feed ads, 3D/AR lenses, stickers and more.

 

 

Mammoth Media introduces Choose Your Own Adventure-style storytelling to its chat fiction app Yarn

The chat fiction stories offered in Mammoth Media‘s mobile app Yarn are about to get more interactive.

The branching narrative mechanic should be familiar to anyone who read Choose Your Own Adventure books when they were kids — you read a story, and at certain key moments, you choose from different options that determine where the plot will go next.

More recently, the “Being Beyonce’s assistant for a day” thread on Twitter reminded everyone how fun and stressful this kind of storytelling can be. In fact, Mammoth says it’s hired the thread’s author Landon Rivera as one of the writers for this new initiative.

One thing you probably won’t recognize from your childhood reading is the fact that some of these choices aren’t free — to select them, you’ll need to spend money in the form of Yarn’s new virtual currency, gems.

Mammoth founder and CEO Benoit Vatere explained that in those cases, there might be two choices that you can select for free, plus a third that you need to pay for. Usually, it will be something that accelerates the story or sends it off in a new direction — in a horror story, you could get the option to stab someone, or in a romance story, your character could get the option to go home with someone.

Vatere added, “It’s not only being able to have a different branch in the story, but being able to play as a different character lead … Instead of being the male character, would they like to be the female character and really see a different perspective?”

He acknowledged that some of Yarn’s paying subscribers might be cranky about being asked to pay more, but he said the goal is that those subscribers can have “a full experience” without having to buy additional gems.

Yarn is launching interactive stories with titles including “Blue Ivy’s Nanny,” where it’s your first day on the job as Beyoncé’s nanny (I’m going to go ahead and guess that Rivera worked on this one); a romance story called “Playing the Field”; a horror story called “Haunted Camper” and a drama called “Trapped.” Vatere also said there are plans for branched narratives tying into existing Yarn franchises, and set in the world of Archie Comics.

Overall, Vatere said he’s hoping that this will lead to more engagement from Yarn readers, while also opening up new opportunities for monetization.

“Subscription is a great model, but subscription has a cap,” he said. That’s why Mammoth is experimenting with virtual currency, and why it plans to make these stories available to non-subscribers.