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Uber said Tuesday that drivers in the UK who use its ride-hailing app will be treated as workers, a designation that will give them some benefits such as holiday pay. However, even as Uber seemingly concedes to a Supreme Court ruling last month, a new fight could already be brewing over the company’s decision to calculate working time from the point a trip commences — rather than when drivers log on to the app.

Uber said that beginning Wednesday all drivers in the UK will be paid holiday time based on 12.07% of their earnings, which will be paid out every two weeks. Drivers will also be paid at least the minimum wage (called the National Living Wage) after accepting a trip request and after expenses, Uber said in a statement. Eligible drivers in the UK will automatically be enrolled into a pension plan with contributions from Uber. These contributions will represent approximately 3% of a driver’s earnings.

In the UK, there are three designations: self-employed, employed and worker. The “workers” designation doesn’t make them employees, but it is still entitles them to the minimum wage, holiday pay, and, if eligible, a pension.

Uber said Tuesday that based on current expectations, the company is not changing its previously announced expectations for Adjusted EBITDA for the first quarter or for 2021.

Uber has been entangled in fight over worker classification in the UK since 2016. Last month, the UK’s Supreme Court dismissed Uber’s appeal, which reaffirmed earlier rulings that drivers using the app are workers and not independent contractors. With no place to turn, Uber has conceded — sort of. Uber will only guarantee that drivers’ working time and other benefits will accrue once they accept a trip and not based on when they have signed into the app to begin working. That already has labor activists fuming.

“While we welcome Uber’s decision to finally commit to paying minimum wage, holiday pay and pensions we observe that they have arrived to the table with this offer a day late and a dollar short, literally,” according to a statement from the App Drivers & Couriers Union and signed by James Farrar and Yaseen Aslam, the two drivers who brought a case against Uber. “The Supreme Court ruled that drivers are to be recognized as workers with entitlements to the minimum wage and holiday pay to accrue on working time from log on to log off whereas Uber is committing only to these entitlements to accrue from time of trip acceptance to drop off. This means that Uber drivers will be still short-changed to the tune of 40-50%. Also, it is not acceptable for Uber to unilaterally decide the driver expense base in calculating minimum wage. This must be subject to collective agreement.

While Uber undoubtedly has made progress here, we cannot accept anything less than full compliance with legal minimums. We would also expect to see Uber make progress towards trade union recognition, a fair dismissals appeals process and a data access agreement.”

Farrar told TechCrunch that the issue has not been resolved. The next step will be to go back to the Employment Tribunal to ensure that drivers are paid what they are legally entitled to,

Even as Uber deals with continued labor issues in the UK, the company will likely turn much of its attention to cases are still playing out in courts in other European countries — decisions which could put pressure on Uber’s bottom line. Meanwhile, EU lawmakers are also consulting on how to improve conditions for gig workers so Uber’s concession in the UK is likely feed into pan-EU negotiations.

The transportation industry is abuzz with upstarts, legacy automakers, suppliers and tech companies working on automated vehicle technology, digital platforms, electrification and robotics. Then there are shared mobility companies from cars to scooters and mopeds to ebikes. And who can forget the emerging air taxi companies?

At the center of this evolving industry are the investors. Simply put: TechCrunch can’t hold an event on mobility without hearing from the people who are hunting for the best opportunities in the industry and tracking all of its changes. That’s why we’re happy to announce investors Clara Brenner of Urban Innovation Fund, Quin Garcia of Autotech Ventures and Rachel Holt of Construct Capital will join us on our virtual stage at TC Sessions: Mobility 2021. The virtual event, which features the best and brightest minds in the world of mobility, will be held on June 9.

p.s. Early Bird tickets to the show are now available – book today and save 35% before prices go up.

Brenner, Garcia and Holt will come on stage to discuss their near and long-term investment strategies, overlooked opportunities, and challenges that face startups trying to break into the transportation sector. They’ll lean on their considerable experience to provide the advice and insight that will help attendees understand the state of the industry and where it is headed.

Brenner is a serial co-founder. She is co-founder and managing partner of the Urban Innovation Fund, a venture capital firm that provides seed capital and regulatory support to entrepreneurs solving urban challenges. Urban Innovation Fund has backed curbflow, Electriphi and Kyte among others. She also co-founded Tumml, a startup hub for urban tech that provided 38 startups with seed funding and mentorship, and hosts events around urban innovation. In 2014, Forbes listed her as one of its “30 Under 30” for Social Entrepreneurship.

Garcia, a lifelong ‘car guy’ with an MS degree in management science and automotive engineering from Stanford University, is managing director at Autotech Ventures. He’s also a board director, board observer and advisory board member to a number of mobility companies including Lyft, Peloton Technology, and Connected Signals.

Garcia has been on the ground floor of startups, notably as part of the initial team at the electric vehicle infrastructure startup Better Place, where he was responsible for partnerships with automakers and parts suppliers while living in Israel, Japan and China.

Holt is co-founder and Managing Partner of early-stage venture firm Construct Capital, which is focused on finding founders that are trying to change foundational industries such as manufacturing and supply chain, logistics and transportation. The company’s transportation-focused investments include ChargeLab. Holt also sits on the board of MotoRefi.

Prior to Construct, Holt was at Uber, where she was one of the company’s first 30 employees. During her 8.5-year stint at Uber, Holt rose through the ranks of the company, including roles running the U.S.  and Canada “Rides” business as well as global marketing and customer support. She was a longtime member of the company’s executive leadership team. Her last position at Uber was leading the company’s new mobility organization, which focused on its e-bike and scooter businesses as well as running its incubator, which funded and developed new products and services.

Rachel began her career at Bain & Company, advising companies in the private equity, financial services and healthcare industries. She was ranked No. 9 on Fortune’s 40 under 40 and was named by Fast Company as One of the Most Creative People in Business.

We can’t wait to hear from this investor panel at TC Sessions: Mobility on June 9. Make sure to grab your Early Bird pass before May 6 to save 35% on tickets and join the fun!

As enterprises around the world pour more money into research and invention to stay competitive, the need for analyzing the worthiness of R&D expenses also grows.

One company serving that function is PatSnap. When co-founder Jeffrey Tiong was working in the medical devices industry more than a decade ago, he realized how critical intellectual property and patents were in the tech world.

In 2007, Tiong launched PatSnap in Singapore to build a global patent search database and overtime pushed the firm into adjacent realms. PatSnap’s more recent software, which Tiong dubs “innovation intelligence,” helps enterprises analyze their R&D strategies, keep track of competitors, and identify potential partners by crunching data around the likes of scientific papers, government R&D grants and startup funding news.

“What we found is that a lot of companies [treat] innovation as a department, as a function, as a KPI in an organization,” said Tiong. “Many companies are hiring people… who have to find out what kind of technology is out there and who is doing what. You cannot do everything by yourself nowadays. You need to partner.”

Investors are paying attention to the R&D boom. In PatSnap’s latest funding round, the company attracted SoftBank’s Vision Fund II and Tencent as lead investors. The Series E round totals $300 million, with participation from CITIC Industrial Fund, which is part of Chinese state-owned conglomerate CITIC Group; Sequoia China; Xiaomi founder Lei Jun’s Shunwei Capital; and Vertex Ventures.

Masayoshi Son spent less than half an hour on a call with Tiong before the billionaire founder of SoftBank hammered out a deal for PatSnap. In his early twenties, Son invented and patented a device that he sold for $1 million, so “he understands the importance of inventions, IP and innovation,” Tiong said.

Tiong declined to disclose PatSnap’s post-money valuation in an interview with TechCrunch but said the number has crossed $1 billion.

The United States is PatSnap’s largest market, although China is rapidly growing as a revenue stream amid the country’s patent filing spree. In 1999, the World Intellectual Property Organization (WIPO) received just 276 applications from China. By 2019, that number rose to 58,990, surpassing that of the United States.

But compared with their western counterparts, Chinese corporations are less inclined to pay big bucks for software, which makes it challenging for SaaS companies to monetize in the country. PatSnap operates under the brand Zhihuiya in China, with customers ranging from retail brands, research institutes, AI firms to pharmaceutical giants.

The sheer number of patents doesn’t translate conveniently into technological clout. The U.S. is still ahead of China in terms of R&D expenditure, Tiong observed. Furthermore, “the quality of the patents in China is not as strong and a lot of them are increment innovation instead of groundbreaking types of invention,” he added.

PatSnap says it now has more than 10,000 customers in over 50 countries, with a 700-person workforce spread across the U.S., Europe, Canada, Japan and China. Some of its notable customers include Tesla, General Electric, Siemens, Dyson, PalPal, Spotify and Megvii. With the fresh capital, the company plans to further develop products, acquire more domain expertise, expand global sales presence and invest in human capital.

Wise, the London headquartered company that made its name offering international money transfers and is reportedly planning an IPO, has accused its former banking partner in Brazil of a “smear campaign” after it was accused of fraud — claims that Wise says are “false and unfounded”.

The war of words between Brazil’s MS Bank and Wise appears to have followed Wise securing its own FX broker license from Brazil’s Central Bank in January, meaning that its partnership with MS Bank would soon come to an end. The following month, without prior notice, MS Bank terminated its contract with Wise and informed customers that it was launching its own transfer service called CloudBreak.

Without a banking partner and before it had time to begin testing transfers under its own FX broker licence, Wise was forced to temporarily suspend its Brazil corridor. On the 12th of March, Wise was able to open its Brazilian real (BRL) to U.S. dollar (USD) corridor again, under its own license, and then things got hostile.

In an email sent to customers the same day — and shared with TechCrunch earlier this week — MS Bank alleges that Wise had been committing fraud via customer accounts. Those allegations were also repeated in a YouTube video and text published on MS Bank’s own website and focussed on a discrepancy in the way transactions are registered on a customer’s account and with the Brazilian Central Bank.

In a subsequent blog post, Wise gives a detailed and robust explanation of the discrepancy in the way transactions are recorded, categorically denying any wrongdoing, and calls out MS Bank for launching an alleged “defamation campaign”.

In a statement provided to TechCrunch, Wise says the accusations “have been timed to raise awareness of the launch of that ex-partner’s competing product”. “We are not aware of any investigation or accusations against Wise by any regulator or other authority, either in Brazil or anywhere else,” adds the fintech company. “We are certain that we are not responsible for any fraudulent or improper activity using customer data and / or funds. Wise is taking legal measures to address this matter”.

Wise’s statement in full:

In recent weeks Wise has been the subject of a smear campaign by a former business partner in Brazil. The accusations have been timed to raise awareness of the launch of that ex-partner’s competing product. We are not aware of any investigation or accusations against Wise by any regulator or other authority, either in Brazil or anywhere else.

Wise maintains its commitment to the transparency and security of our operations for our more than 10 million customers around the world. We are certain that we are not responsible for any fraudulent or improper activity using customer data and / or funds. Wise is taking legal measures to address this matter.

Multi-asset investing and trading platform and Robinhood competitor eToro announced Tuesday it will go public via a merger with SPAC FinTech Acquisition Corp. V in a massive $10.4 billion deal.

Once the transaction closes sometime in the third quarter, the combined company will operate as eToro Group Ltd. and is expected to be listed on the Nasdaq exchange.

The 14-year-old Israeli company was founded on a “vision of opening up capital markets.” It launched its platform in the U.S. just over two years ago and has seen rapid growth as of late. Last year, eToro said it added over 5 million new registered users and generated gross revenues of $605 million, representing 147% year over year growth. In January alone, the company added over 1.2 million new registered users and executed more than 75 million trades on its platform. That compares to 2019 when monthly registrations averaged 192,000 and 2020, when they grew to 440,000.

eToro said its platform is capitalizing on a number of secular trends such as the rise of digital wealth platforms, growing retail participation and mainstream crypto adoption. The company no doubt benefitted from the recent rise in retail investment interest, and in consumer investment apps and services specifically, which resulted from the so-called ‘meme stock’ activity that began with Redditors trading GameStop stock in order to frustrate institutional short-sellers.

The platform, which spans “social” stock trading and cryptocurrency exchange, in November 2019 acquired Delta, the crypto portfolio tracker app. eToro claims to be one of the first regulated platforms to offer cryptoassets. Its platform is regulated in the U.K., Europe, Australia, the U.S. and Gibraltar.

The transaction includes commitments for a $650 million common share private placement from leading investors including ION Investment Group, SoftBank Vision Fund 2, Third Point LLC, Fidelity Management & Research Company LLC and Wellington Management. The overall $10.4 billion implied equity value of the merger arrangement includes an implied enterprise value for eToro of $9.6 billion.

eToro currently has over 20 million registered users across 100 countries, and its social community is rapidly expanding due to the growth of its total addressable market, supported in part by secular trends such as the growth of digital wealth platforms and the rise in retail participation.

It expects to receivedapproval from FINRA for a broker dealer license, with plans to launch stocks in the U.S. in the second half of 2021. In a written statement, FinTech V chairman Betsy Cohen said that its sponsor platform Fintech Masala seeks out companies “with outsized growth, effective controls and excellent management teams.”

“eToro meets all three of these criteria,” she added. “In the last few years, eToro has solidified its position as the leading online social trading platform outside the U.S., outlined its plans for the U.S. market, and diversified its income streams. It is now at an inflection point of growth, and we believe eToro is exceptionally positioned to capitalize on this opportunity.”