#659
Return to Sender

Retailers spent years making it effortless to buy three sizes, keep one, and send the other two straight back. Now that generosity is wearing thin. 68% of retailers charge for returns at least occasionally, up from 43% five years ago, according to Loop Returns. Processing a return costs an estimated 27% of the purchase price, a bill retailers are increasingly reluctant to cover.
Just as merchants make returning harder, AI assistants like Instinct and Muse promise to make buying easier. Meta launched Muse this week with the ability to research products, compare options, and complete purchases with the user’s approval.
That convenience could put more pressure on returns. If assistants increase purchase frequency, even an unchanged return rate would mean more parcels heading backwards. Better personalization could reduce mistakes, but an agent’s interpretation of “something fun for the wedding” may look rather different from yours.
The easier it is to reverse a purchase, the more comfortable consumers may feel delegating it. Meta already highlights no-fee returns and a refund guarantee for eligible Muse purchases through Stripe’s Link, subject to coverage terms. As merchants become less generous, the ability to undo a purchase is becoming part of the agent shopping pitch.
The ultimate personal shopper may be the one that also takes things back.
Portfolio News
HelmGuard raises $7.3 million for agentic GRC and security - London based AI risk and compliance startup HelmGuard closed a $7.3 million seed round co-led by Infinity Ventures and Frontline, with FinTech Collective, Stage 2 Capital, and Entrepreneurs First participating. The company will grow its US presence and expand its engineering and go-to-market teams. Read more
Plaid links Grok to US users' financial data - xAI's Grok integrated with Plaid, letting US users securely link financial accounts to the chatbot. Once connected, users can ask Grok about their spending patterns, savings balances, investment holdings and cash flow, receiving answers grounded in their actual account data rather than generic guidance. Read more
Plaid powers Meta's new AI agent Muse - Meta's new personal AI agent Muse launched with Plaid-powered account connections in its finance features. Consumers can securely link financial accounts through Plaid to share balances, transactions, investment holdings and mortgage details, letting Muse deliver personalized guidance and help them act on financial goals through conversation. Read more
OpenSea to support Circle's Arc blockchain at mainnet launch - OpenSea will support Circle's institutional-focused Arc blockchain from the first day of its September 16 mainnet launch. The move positions the marketplace to operate on Arc immediately, extending OpenSea's reach into Circle's new institutional blockchain ecosystem as it goes live. Read more
Wunder partners with Prime Group on self-storage solar rollout - Wunder launched the first phase of a national solar deployment program with self-storage investor Prime Group Holdings, bringing rooftop systems online across the portfolio. More than 100 projects spanning over 38 megawatts are under development across nine states, many via state Community Solar programs. Read more
Ocrolus integrates with Freddie Mac's AIM Check API - Ocrolus integrated with Freddie Mac's AIM Check API, letting mortgage lenders receive an early borrower income assessment from Loan Product Advisor's asset and income modeler as early as pre-approval. The integration runs inside Ocrolus Analyze, covering W-2 and pay-stub wage income without duplicate data entry. Read more
Centrifuge explains CLO structure for onchain credit - Janus Henderson's Nick Cherney published videos explaining how collateralized loan obligations work and how their tranche waterfall is being replicated onchain via the Janus Henderson Anemoy AAA CLO Fund (JAAA), which holds around $687 million across eight blockchains. Read more
Coincover extends crypto recovery to South Africa's Altify - Altify, a South African digital asset investment platform, has integrated Coincover's key backup, recovery and protection products across its app and web platform, covering both retail and institutional investors, with cover extending to eligible assets where a key is lost. Read more
OpenSea unveils NFT tool registry for AI agents - OpenSea launched an NFT tool registry on Ethereum that lets AI agents programmatically discover and interact with marketplace functions. The registry gives autonomous agents a standardized way to access OpenSea's capabilities on-chain, an early step toward agent-driven activity across the NFT marketplace. Read more
Return to Sender
It’s getting harder to return things—and it’s making shoppers mad - Sixty-eight percent of retailers now charge a fee on returns at least some of the time, up from 43% five years ago, according to Loop Returns, an e-commerce returns-and-exchanges platform that tracks transactions for more than 5,000 merchants. Processing a return costs on average 27% of the purchase price, according to Optoro, a returns-management software company. Read more
Industry News
OpenAI says its AI solved a Millennium Prize Problem - OpenAI says an unreleased internal model cracked the Navier-Stokes existence and smoothness problem, one of the seven Millennium Prize Problems, using up to 10,000 AI agents over roughly 88 hours and millions of dollars in compute. Rival researchers, including at Anthropic, are already contesting the account. Read more
The next big opportunity in data centers: insuring them - Swiss Re forecasts global premiums for insuring data centers will reach $20 billion to $30 billion a year by 2030, as the $1 trillion AI build-out creates a once-in-a-generation opening for insurers. The biggest catch is the risk: tornadoes, hail, floods, power cuts, and largely untested assets. Read more
Retailers clamp down on easy online returns - Online shoppers are hitting surprise fees, shorter return windows, and delayed refunds as retailers tighten policies. Some sellers now charge for mail-in returns, inspect items before refunding, and warn frequent returners that future refund claims may be denied. Read more
OpenAI targets work of Wall Street junior bankers with new ChatGPT for Financial Services - The tailored version of its enterprise product, ChatGPT Work, was made with "design partners" Morgan Stanley and Evercore. It also showcases the company's continued push into enterprise offerings as it gears up for what is widely expected to be a blockbuster initial public offering. Read more
Revolut and Visa complete France's first agentic card payment - Visa's test agent ran the purchase on a real French consumer Revolut card at software reseller Cleverbridge. Authentication relied on Visa Payment Passkey (VPP) instead of a PIN, one-time password, or a device-based challenge at the point of payment. Read more
Mastercard & Backbase drive AI-native banking transformation - Financial institutions using Backbase’s platform will gain access to Mastercard capabilities spanning personalisation, analytics, customer engagement and cyber resilience, delivered inside the Banking OS to simplify adoption and accelerate time to value. Read more
Tether launches private credit fund to boost stablecoin use - Tether, the world's largest stablecoin issuer, has launched a $400mn private credit fund called StableFund with London-based Fasanara Capital, targeting up to $3bn in third-party capital. The vehicle will focus on small and medium-sized businesses underserved by conventional lenders. Read more
Anthropic and OpenAI bankers push for top-tier credit ratings - Morgan Stanley and Goldman Sachs are lobbying credit rating agencies for an investment-grade designation for Anthropic and OpenAI after their upcoming IPOs. The top-tier rating would lower borrowing costs, unlock the $11.7tn corporate bond market, and benefit infrastructure partners like Oracle and Nvidia. Read more
UBS demands new junior bankers show AI proficiency - UBS is requiring prospective graduates and interns joining its global banking and markets divisions in 2027 to demonstrate AI proficiency, making it one of the first major banks to mandate AI literacy for junior hires. Interviews will add fluency questions testing how candidates have used the technology. Read more
Nubank launches US high-yield savings account, credit cards, remittances - Nubank's bank charter was conditionally approved by the OCC in January and now is going through the approval process by the Federal Reserve and FDIC.In the future, customers may also trade digital assets, including bitcoin and ethereum. Read more
Select Financings
Aqua - New York City based alternative-investments infrastructure platform for wealth managers and RIAs raised $15m in Series A funding led by Arthur Ventures. Read more
Diameter Pay - Jersey City based global US-dollar payments and virtual-accounts infrastructure provider raised $10m in Series A funding co-led by CMT Digital and Lightspeed Faction. Read more
Fundcraft - Luxembourg based digital fund-operations platform for alternative asset managers raised €12m in new funding co-led by Riverside Acceleration Capital and CCAP Investments. Read more
Huscarl - San Francisco based captive-insurance actuarial and underwriting automation startup raised $5.6m in Seed funding led by FRST. Read more
Intermezzo - Menlo Park based white-label international-payroll automation API provider raised $10m in Seed funding led by Crosslink Capital. Read more
Latitude - Spring based stablecoin-to-local-currency payments infrastructure provider raised $35m in Series A funding led by Oak HC/FT. Read more
Limetax - Berlin based AI roll-up platform consolidating German tax-advisory firms raised €6m in Pre-Seed funding led by Motive Partners. Read more
Luminary - New York City based estate- and wealth-transfer data infrastructure platform for advisors raised $22m in Series A funding led by Ten Coves Capital. Read more
Outline - Paris based corporate financial-planning automation startup raised $3m in Seed funding led by Founders Future. Read more
ParlayX - New York City based institutional infrastructure platform for prediction markets raised $1.25m in Pre-Seed funding led by Dreamcraft Ventures. Read more
Payward (Kraken) - Cheyenne based operator of cryptocurrency exchange raised $100m in new funding led by Nasdaq. Read more
Piston - Cupertino based cardless fuel-payments platform for commercial fleets raised $15m in Series A funding led by FPV Ventures. Read more
Savvy Wealth - New York City based digital platform for independent financial advisors raised $100m in Series C funding led by Halo Fund. Read more
Split Pay - Miami based rental-bill lending startup raised $125m across Series A and Series B funding led by Khosla Ventures. Read more
SweetAg - Boulder based agricultural-lending software provider raised $7.4m in new funding co-led by Diagram Ventures, Builders VC and Cooperative Ventures. Read more
ZeroRisk - Dublin based merchant cyber-risk platform for banks and payment providers raised $10m in Series A funding led by MiddleGame Ventures. Read more
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