Happy Friday Flux fam 👋

We'd just like to say a huge congrats to our mates in Victoria, who are celebrating their first day out of locky-d 🥳🥳

Here's everything you need to know today - in under 3 minutes.

Today's big stories: 

🏦 Commonwealth Bank is challenging the challengers

👚 Paypal could make the biggest tech deal of the year

🍪 Nothing can stop Nestlé...not even price hikes 

Oh and get this...

There are some happy crypto-folk right now. Bitcoin has hit a new all-time high of just under $67k USD. It’s largely thanks to the first Bitcoin ETF which debuted on the New York Stock Exchange this week.

You'd hate to miss out...

We're dropping exclusive content to help you whip your credit score into shape - and smash your financial goals.

CBA is getting its gloves out in the fight against challenger fintechs

Background: CBA is the biggest of the Big 4 banks. It has nearly 16 million customers in Australia. And of those customers, they have around 1 million business customers.

What happened: CBA (and the other big banks) have kindaaa been caught sleeping over the last few years. But consider this your 6am alarm, cos CBA just woke up. 

What else: CBA reckon they’re going to challenge the challengers head on. So, they're releasing new payment terminals and a new dongle to accept payments (take that, Square). It’s all part of CBA’s plan to fend off fintech challengers. 

So what's the key learning?

💡You can’t win by only focusing on defence, you gotta think about offence too. Over the last 10 years, the Big 4 banks have watched on as innovative companies have entered the banking and lending space.

💡Now, CBA is challenging them all:

• It created it's own buy now, pay later product (and invested in Klarna) to compete with Afterpay and Zip.
• It created CommSec Pocket to take on Raiz and Spaceship in micro-investing

💡And now they’re trying to hold onto their business customers with a snazzy payments terminal. Only time will tell if they've left their run too late.

Live, laugh, love 'cos PayPal is exploring an acquisition of Pinterest for nearly $52 billion

Background: PayPal is the payments platform that is used by both consumers and businesses. It has over 400 million active users worldwide. On the other hand, Pinterest is the social media platform for visual design (aka #inspo). 

What happened: PayPal's been on a bit of an acquisition spree, with plans to reach 750 million users by the end of 2025. And now it's being reported that they're exploring the acquisition of Pinterest. Ain't it cute?

What else: Recently, PayPal has acquired a comparison app called Honey Science. They also acquired Japanese buy now, pay later company Plaidy. So...PayPal basically wants to become one, big super-app. 

So what's the key learning?

💡Super apps are smartphone apps that become a one-stop shop for many, many things. Rather than being an app that focuses on one specific service, it focuses on all things shopping, finance and social.

💡The closest thing to a super app in the Western world is Facebook.. But there are many of these in others countries. 

• There’s Alipay and WeChat in China
• There’s Paytm in India
• And there’s Grab in Singapore

💡Adding Pinterest to the PayPal app would be the first major entry into the shopping space. 

Nestlé knocks their sales results out of the park, despite price increases

Background: Nestlé is the maker of many food products you have in your every day diet. KitKat bars, Nescafé coffee, Uncle Tobys oats...even Allens lollies 🤤

What happened: Earlier this year, Nestlé raised the prices on many of its products. Why, you may ask? Well, inflation has increased the cost of making their goods...so they’re passing it onto their customers. Rude, if ya ask us.

What else: Some were concerned the inflated prices could impact sales. Nuh-uh. Nestlé announced that it actually increased its full-year sales target because it outperformed expectations. Who'd a thunk it!

So what's the key learning?

💡Inflation is the rise in the prices of goods and services. Ya know, a rise in groceries, furniture and clothes. That humble sausage roll ain't $1 anymore. We're talking $3 to $4 minimum (don't even get started on the gourmet ones). 

💡Each year, the inflation rate is aimed to sit between 2-3%. But when there's a global pandemic and trillions of dollars are pumped into the economy...it ain't that simple.

💡As a result, the inflation rate in the US has jumped to 5.4% - which affects the cost of raw materials, supply chain costs and ultimately affect the price of products.