Technologies
From Acquisition Talks to Rivals: How Stripe and Airwallex’s Paths Diverged
Once on the verge of a $1.2 billion acquisition by Stripe, Airwallex founder Jack Zhang rejected the deal to pursue a long-term vision, now positioning the company as a formidable rival in the global payments infrastructure space.
Jack Zhang, a 34-year-old entrepreneur who had been leading his startup for three and a half years, found himself in a pivotal meeting with Michael Moritz, a prominent investor from Sequoia Capital. Invited to Moritz’s San Francisco residence, which offered stunning views of the Golden Gate Bridge, Zhang was presented with an offer: Stripe intended to acquire Airwallex for $1.2 billion. At that moment, Airwallex was generating approximately $2 million in annualized revenue, making the valuation seem incredibly lucrative. Moritz emphasized that Patrick Collison, Stripe’s founder, was a visionary leader, suggesting the acquisition could lead to extraordinary growth. Zhang spent two weeks in San Francisco grappling with the decision, eventually agreeing to the deal.
Yet, he soon flew back to Australia, nearly 8,000 miles away. Reflecting on the decision, Zhang explained, ‘I had to delve into my core motivations for building Airwallex. I was only three and a half years into the venture, which had grown exponentially in 2018. I had just begun to experience the thrill of entrepreneurship, which is what I had always dreamed of.’
Two of his co-founders opposed the acquisition, which influenced his choice. However, Zhang cited a clearer moment of clarity when he looked at the whiteboard in his office. The unfinished vision remained: to create financial infrastructure enabling businesses to operate globally as if they were local entities.
This decision appears increasingly justified. Airwallex now reports over $1.3 billion in annualized revenue, growing 85% annually, and processes nearly $300 billion in transaction volume. Zhang attributes this success to the deliberate challenges they faced.
Zhang’s journey began in Qingdao, China, and he moved to Melbourne at 15 with minimal English, living with a host family. After his family’s financial struggles, he worked multiple jobs to fund his computer science degree at the University of Melbourne, including bartending, dishwashing, gas station shifts, and farm work. He later worked in trading code development at an Australian investment bank, a role that paid well but lacked personal fulfillment.
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Before founding Airwallex, Zhang launched approximately 10 ventures, including a magazine at 14, a real estate development firm, import-export businesses dealing in wine and olive oil between Australia and Asia, textiles in the opposite direction, and a burger chain.
The concept for Airwallex emerged while Zhang ran a Melbourne coffee shop. When attempting to pay suppliers in Brazil, Indonesia, and Guatemala, co-founder Max Li observed payments vanishing into correspondent banking systems, often flagged or frozen by U.S. intermediary banks enforcing OFAC sanctions. ‘This prompted me to investigate correspondent banking and SWIFT systems to build our own global money movement network,’ Zhang noted.
That vision has scaled significantly. Airwallex now holds nearly 90 financial licenses across 50 markets, far exceeding Stripe’s estimated half. Acquiring these licenses required immense effort; in Japan, it took seven years. In some emerging markets, the company acquired shell companies with outdated licenses and rebuilt their technology from scratch.
‘You can’t just vibe-code an integration with Mexico’s central bank,’ Zhang remarked. ‘Access requires a secure room and biometric scans.’ These licenses are not merely regulatory formalities. In Japan, for example, Stripe and Square must transfer funds immediately to merchants’ bank accounts, whereas Airwallex, holding a fund transfer operator license, retains funds within its ecosystem. This allows customers to issue bank accounts, cards, and spend locally without funds leaving the platform.
The foreign exchange advantages are significant. A U.S. merchant settling transactions in Australian dollars avoids the 2% to 3% conversion fees typically charged by processors like Stripe to move funds back to U.S. dollars. Instead, they can use local balances to pay vendors, manage payroll, and cover digital marketing at interbank rates.
‘You no longer operate like a traditional U.S. company,’ Zhang explained. ‘You function as a global entity without the need to physically establish offices worldwide.’ This strategic approach, which Zhang calls the ‘path of maximum resistance,’ has created competitive barriers. ‘It took us six and a half years to reach $100 million in annual recurring revenue,’ Zhang stated. ‘But after that, it took just over three years to hit a billion.’ The competitive logic, in his telling, is clear.
Technologies
Health-Tracking Pet Collar Acts Like a Smartwatch for Dogs and Cats
Tractive has two new smart collars armed with GPS tracking, AI-powered health monitoring and other tech tools.
Since our pets can’t tell us how they’re feeling or where they’re hiding, Tractive, an Austria- and Seattle-based tech company that creates GPS tracking devices for pets, has announced two new smart collars that «will redefine pet care for millions of families.»
Is your pet stressed, breathing unusually or scratching too much? Much like the basic health-tracking features you can find on a smartwatch, the collars — the Cat 6 Mini ($79) and Dog 6 XL ($89) — are designed to track this behavior and communicate the issues to help maintain your dog or cat’s quality of life, according to the company.
«Pets can’t tell us when something is wrong, but their bodies can,» Michael Hurnaus, CEO and founder of Tractive, said in a statement. «With cutting-edge sensors on every tracker, learnings from millions of pets and AI-powered insights, we’re turning one of the world’s largest pet data platforms into clear, simple information so pet parents can act sooner and care even better.»
When it comes to tracking collars, dogs have usually been the target pet audience for such devices. Tractive’s new Cat 6 Mini collar aims to provide the same service for your feline friend. You can use it to monitor your cat’s respiratory rate and resting heart rate and identify any health concerns early. It’s expected to ship on May 31.
The Dog 6 XL collar, an upgrade from the company’s previous dog wearable, is designed for dogs weighing over 55 pounds. It’s more durable for outdoor use and offers up to four weeks of battery life between charges. It comes equipped with a scratch-monitoring system that flags unusual scratching behavior caused by allergies, skin irritants and other stressors.
You can also use the app to access your pet’s travels and mark safe zones regarding walks, entries and exits. An AI-powered health hub displays your pet’s overall health stats and also acts as a GPS tracker in case your dog or cat goes missing.
How would a veterinarian interact with the data collected on the device?
A Tractive representative told CNET, «In our experience, veterinarians are most interested in baseline resting heart and respiratory rate, so it’s less about monitoring these vitals in real time during recovery from anesthesia/acute care and more about understanding if the baseline is changing day to day to identify the onset of new conditions or manage existing ones.»
Even though the collars use a SIM card and require a strong cellular connection to work properly, they can capture activity, sleep and health data while offline. However, without connectivity, the devices «ultimately will not provide any utility,» the representative confirmed.
You’ll need to download the accompanying app and select a separate subscription plan at an added cost. The one-year plan costs $120, the two-year plan costs $168, and the five-year plan costs $300.
Technologies
Double Dazzle: This Weekend, There Are 2 Meteor Showers in the Night Sky
Lyrids began last week, and Eta Aquariids kicks off on Sunday.
We’ve had good reasons to look up at the skies lately: the pink moon earlier this month and the launch and splashdown of the Orion spacecraft, which carried humans to the moon for the first time in more than 50 years on the Artemis II mission.
And now we have two meteor showers.
The first is the Lyrids, which began on Tuesday and continues until the end of the month. It’s a relatively minor meteor shower fed by the C/1861 G1 comet, also known as Thatcher after its discoverer, A.E. Thatcher, in 1861. It’s a long-period comet that takes 415.5 years to orbit the sun.
The Lyrids meteor shower peaks between April 21 and April 22 and will produce somewhere between 15 and 20 meteors per hour under optimal conditions. Per the American Meteor Society, the peak should occur on the evening of April 22, so if you can only make it out for one of the two nights, the second night is expected to be the better viewing experience.
The second meteor shower starting this weekend is the Eta Aquariids. This meteor shower begins on Sunday, April 19 and spans for over a month, wrapping up on May 28. This is the stronger of the two meteor showers with an expected peak of roughly 50 meteors per hour, depending on where you view them from. The Eta Aquariids shower is known for its fast meteors and persistent tails that stick around for a little longer after the meteor has disappeared.
The 1P/Halley comet feeds it, the same one that feeds the Orionids meteor shower every October. Its peak should be between May 5 and May 6. The further south you are, the more meteors you can expect to see, and the opposite is true the further north you go. The best place to view this meteor shower is in the tropics.
How to see Lyrids and Eta Aquariids
Meteor showers come with a built-in trick for finding them. They are named for the constellations where the meteors appear to originate. This origin point, known as the radiant, is where you want to be looking.
The Lyrids meteor shower originates from the Lyra constellation, which is close to the larger Hercules constellation. Both of them rise from the eastern sky shortly around 11 p.m. local time. It will then follow a similar trajectory to the sun, streaking overhead before setting in the west. Sunrise happens long before the constellations actually set, so if you’re waking up early to view these, you’ll want to look high in the western sky.
The Eta Aquariids shower is more difficult to view. It originates from the Aquarius constellation, which spends most of the night of May 5-6 below the eastern horizon. The constellation rises around 3 a.m. local time and will only barely breach the horizon before sunrise a few hours later. If you go out to view the eta Aquariids, get up high and point yourself east.
If you’re having trouble finding the constellations, your best bet is using a sky map app like StarWalk (Android and iOS) or using web tools like Stellarium’s Sky Map. Such tools can help you identify where the constellations will be. For meteor shower viewing, all you really need is the general direction, but there’s no harm in knowing how to find the constellation.
Tips for viewing meteor showers
The advice for viewing meteor showers is the same, no matter how big or small the shower is. The single biggest advantage you can give yourself is getting as far away from light pollution as you can. This means leaving the city and the suburbs behind in favor of greener, dimmer pastures.
The moon can significantly impact viewing. This won’t be a problem for Lyrids since the moon is expected to be about a quarter full during Lyrids’ peak. Eta Aquariids viewers aren’t so lucky since the moon will be about 80% full that night, which will cause significant light pollution. The American Meteor Society says that the shower’s peak may be up to 50 meteors per hour, but with the moon that close to full, people can expect closer to 10.
Other than light pollution, the advice is pretty simple. Make sure to get out there early so your eyes can adjust, and avoid using any bright lights that could affect your night vision. Since meteor shower watching can be a multihour activity, make sure to dress appropriately for the weather and abstain from alcohol, since it acts as a vasodilator and can cause you to lose body heat more quickly on cold evenings.
You won’t need any equipment since meteors are visible to the naked eye. Telescopes and binoculars will reduce your field of view, which may cause you to miss meteors.
Technologies
Kevin Weil and Bill Peebles exit OpenAI as company continues to shed ‘side quests’ | TechCrunch
Kevin Weil and Bill Peebles are leaving OpenAI as the company shuts down Sora and folds its science team, signaling a sharp pivot away from consumer moonshots toward enterprise AI.
OpenAI is losing two of the architects of its most ambitious moonshots. Kevin Weil, who led the company’s science research initiative, and Bill Peebles, the researcher behind AI video tool Sora, both announced their departures on Friday. The exits come as OpenAI consolidates around enterprise AI and its forthcoming “superapp.”
The departures follow OpenAI’s decision to cut back on “side quests,” including customer-facing bets like Sora and OpenAI for Science. Sora, which was losing an estimated $1 million per day in compute costs, was shut down last month.
OpenAI for Science was the internal research group behind Prism, an AI-powered platform that promised to accelerate scientific discovery. It’s being absorbed into “other research teams,” according to Weil’s social media post announcing the news.
“It’s been a mind-expanding two years, from Chief Product Officer to joining the research team and starting OpenAI for Science,” Weil wrote. “Accelerating science will be one of the most stunningly positive outcomes of our push to AGI.”
The team had a short and bumpy road after its formal announcement in October 2025. Weil deleted a tweet claiming GPT-5 had solved 10 previously unsolved Erdős mathematical problems, but that claim fell apart immediately when the mathematician who runs the website erdosproblems.com called it out.
Weil’s departure comes a day after his team released GPT-Rosalind, a new model to accelerate life sciences research and drug discovery.
In a social media post announcing his departure, Peebles credited Sora with igniting a “huge amount of investment in video across the industry,” and argued that the kind of research that produced the video tool requires space away from the company’s mainline roadmap.
“Cultivating entropy is the only way for a research lab to thrive long-term,” he wrote.
OpenAI is also losing Srinivas Narayanan, its chief technology officer of enterprise applications, Wired reports. Narayanan reportedly announced the news internally that he was leaving to spend more time with family.
This article was updated to include the departure of Srinivas Narayanan.
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