Video platform Rumble Inc acquires stake in payments processor Parallel Economy for undisclosed amount

In a statement Rumble Inc, a website similar to YouTube that is popular among U.S. conservatives, and payment processor Parallel Economy said, the former has acquired a stake in it.

On January 6, 2021, following the U.S. Capitol riots many tech giants, including Twitter, PayPal Holdings Inc either took action or distanced themselves against those who encouraged or engaged in violence.

Twitter Inc and Facebook even banned former U.S. President Donald Trump from their respective platforms, and many major service providers cut off right-wing social media platform such as Parler, after accusing it of failing to police violent content related to the riots.

In response to these actions by tech firms, many ventures sprung up, including a forthcoming venture from Trump, to provide consumers a protected space for free speech online.

These companies are now seeking to work together across services and are bypassing established tech companies.

One such venture, Parallel Economy, is the latest from Jeffrey Wernick, an investor whose portfolio includes Airbnb, Uber and Parler, and Dan Bongino, a fellow Parler investor and conservative host of a nationally syndicated radio show, podcast and Fox News program.

Parallel Economy allows consumers to transfer money from their bank account into a creator’s account with a credit or debit card. The company provides Rumble content creators with the assurance that they can continue to transact with their supporters even if their statements are deemed objectionable by established tech giants.

In exchange for an equity stake in Wernick and Bongino’s holding company, Rumble will make Parallel Economy the preferred payment processor for its users.

Top-trending videos on Rumble include those from Bongino and former Trump Administration’s White House strategist Steve Bannon. In December 2021, Trump’s media venture, Trump Media and Technology Group, had said Rumble will deliver video and streaming for TRUTH Social, the venture’s forthcoming social media app.

Categories: Creativity, Economy & Finance, Entrepreneurship, HR & Organization, Strategy

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