In 2015, social payments company Tilt was worth $375m and had top notch investors that included Andreesen Horowitz. Less than two years later it lost over 95% of its value. In an excellent read, Ainsley Harris @ FastCompany takes us through the wild story that resulted in Tilt's sale to Airbnb.
Tilt was based on the premise that “something like PayPal and Facebook would collide,” Beshara says. The company aspired to be a social network for money—instead of sharing photos and videos, users exchanged digital cash for birthday ragers and beer runs. During Tilt’s early years, the pitch was simple, and carefully calibrated for Silicon Valley boardrooms: “Let’s prove that we can dominate the globe.”