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Block, the Jack Dorsey-founded fintech firm beforehand often called Sq., has acquired Hifi, a music-focused fintech startup.
Hifi founder and CEO Damian Manning introduced the information in a LinkedIn submit yesterday. The corporate additionally up to date its web site, which states that it’s becoming a member of Block to “additional our shared goal of financial empowerment with the monetary applied sciences and companies we’ve constructed to assist artists thrive.”
Hifi launched in 2020 as a monetary rights group for artists, enabling customers to trace their royalty earnings via a dashboard that aggregates information from music labels, distribution companies, music publishers and Performing Rights Organizations (PROs). The corporate lately rolled out a royalty acceleration service known as “Money Stream,” which pays artists a wage twice a month.
This marks Block’s second funding in music tech after shopping for music streaming service Tidal in 2021. On the time of the acquisition, Tidal was struggling financially and was beneath investigation in Norway for allegedly manipulating its streaming numbers. Subsequently, the acquisition was deemed a “horrible enterprise resolution” by Chancellor Kathaleen Saint Choose McCormick, per AP Information.
Block additionally owns the cellular cost service Money App, the buy-now-pay-later platform Afterpay, Spiral (previously Sq. Crypto) and internet builder Weebly, amongst others.
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