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Social payment startup focused on crowd-funding
Tilt company was a social payment startup. Groups and communities used their mobile app to crowdfund various events. College students, in particular, used the mobile app to crowdfund events and settle with friends. Tilt first big mission was when they have successfully secured fundraisers for a nonprofit organization. The company sought to replace the notion of only being able to share photos and videos on a social platform by introducing social digital cash exchange as the next big thing.
Tilt was valued at $375
million, but in less than two years of operation, it had lost over 95% of its
The CEO was a passionate
and charismatic person who believed in the power of online networks and
technologies. He was believed to become the next Zuckerberg and had strong
support from his investors. However, he wasn’t particular about growing the
company to become a sustainable business. At its height, Tilt employees were
living a posh lifestyle with beer on the office rooftop. During the employee’s
trips and hangouts, they were spoilt for choices, all paid for by the millions
of investors’ money which streamed into Tilt. The company finally run out of
capital to maintain its operations, went looking for a potential buyer and
found one in Airbnb. Airbnb bought the cash-strapped company for $12million in
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