mobile phone Surrounded by clothing and accessories on purple background.-3d rendering.
In today's ExchangeWire news digest: Klarna reveals a new shopping feature powered by AI; TikTok faces legal action in Utah; and RepubliK raises USD$6m ($4.8m) in a seed funding round.
Buy-now-pay-later firm, Klarna, is releasing a slew of new features, including an AI-powered image search tool. The feature, Shopping lens, will allow people to take photos of items such as clothes or electronics to find out where they can be purchased. Available to the US, UK, and multiple European markets, the tool can reportedly match over 10 million items to over 50 million suppliers.
The state of Utah has filed a lawsuit against TikTok, claiming it creates unhealthy social media habits amongst children. Announcing the lawsuit on Tuesday (10th October), governor Spencer Cox said, “We will prevail in holding social media companies accountable by any means necessary”. Authorities in Arkansas and Indiana have raised similar suits in recent weeks.
Singapore’s RepubliK has raised USD$6m (~£4.8m) in a seed funding round. The social media start-up plans to use the funds to enhance its platform, which allows users to leave video and image comments on content. It also provides Web3 tools for creators to manage tokens on the platform and take home “a significantly larger share” of their earnings.
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USD$75m (~£61.1m) – RepubliK's valuation, following its latest funding round.
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