Google Cloud vs Modal

Revolut Outage Due to Google Cloud Power Failure

The online bank Revolut reported problems with several of its services since the morning, caused by a power outage at Google Cloud. The issue led to disruptions in Revolut's digital banking operations, affecting a range of services. The outage appears to be an infrastructure failure at Google Cloud, which is a key provider for Revolut's operations. This incident highlights the dependency of financial technology companies on cloud infrastructure and the potential impact on users when such providers experience outages. The article provides limited details due to a paywall, but the core event is clear: a Google Cloud power failure disrupted Revolut's services.

• Revolut reported problems with multiple services on the morning of October 20, 2026.
• The root cause was a power outage at Google Cloud.
• The outage affected Revolut's digital banking operations and service availability.

Google Cloud London outage disrupts Revolut, ING, Spotify

A major outage in Google Cloud's europe-west2 region in London on October 20, 2026, caused widespread service disruptions for several hours. Major financial services including Revolut, ING Germany, Lloyds, Halifax, HSBC, and the finance app Emma were affected, with users experiencing issues with account access and transactions. Spotify, DPD, Royal Mail, the NHS app, and British court livestreams also saw disruptions. Google attributed the issue to a 'power event,' apologized, and confirmed no cyberattack. ING stated its issues were unrelated to the outage. The exact cause and full extent are still under investigation. The incident highlights the fragility of relying on a few cloud providers, echoing a similar AWS outage a year prior, and underscores EU's DORA regulations requiring financial institutions to plan for such failures.

• Google Cloud outage in London (europe-west2) on October 20, 2026, caused by a power event.
• Affected services included Revolut, ING Germany, Lloyds, Halifax, HSBC, Emma, Spotify, DPD, Royal Mail, NHS app, and court livestreams.
• Google apologized and confirmed no cyberattack; exact cause and full extent still under investigation.

Jack Henry and Google Cloud Launch Tokenized Deposits

Jack Henry, a core banking technology provider, has expanded its collaboration with Google Cloud to enable banks and credit unions to offer tokenized deposits via Google Cloud Universal Ledger (GCUL). Jack Henry will be the first core provider to integrate with GCUL, a managed distributed ledger service for real-time, programmable settlement. The partnership, initially established in 2022, now extends to digital asset infrastructure. The integration aims to help community and regional financial institutions retain deposits, modernize payment offerings, and compete with larger banks and fintechs. Benefits include 24/7 settlement, capital efficiency, and reduced operational complexity. The announcement was made on October 16, 2026, with executives from both companies emphasizing accessibility of financial innovation.

• Jack Henry will integrate with Google Cloud Universal Ledger (GCUL), becoming the first core banking technology provider to do so.
• GCUL is a fully managed, distributed ledger service enabling tokenization and real-time settlement.
• The expanded collaboration aims to help banks and credit unions offer tokenized deposits.

Modal Hits $1B ARR, Raises $750M Series D at $15.75B Valuation

Modal, an AI infrastructure startup, announced it has crossed $1 billion in annualized run rate and raised a $750 million Series D round at a $15.75 billion valuation, led by Accel. The company's usage has tripled since its Series C and grown more than 15x year-over-year. Modal's Sandboxes product, launched in 2023 in response to developers using LLMs to generate code, has become a $300 million run rate product on its own, with nearly 3 billion sandboxes spun up and scaling to a million concurrent. The funding round marks Modal's transition from an infra unicorn to an infra decacorn, positioning it as a key player in the AI infrastructure space.

• Modal raised a $750M Series D at a $15.75B valuation, led by Accel.
• Modal crossed $1B in annualized run rate.
• Usage has tripled since Series C and grown over 15x year-over-year.

Runtime recap: the full keynote, VM Sandboxes, Modal Clusters, and more.

Modal announces a runtime product update with VM Sandboxes and Modal Clusters, as highlighted in a blog post.

Modal Labs closing in on $750M round at $15.75B valuation

AI inference infrastructure provider Modal Labs is nearing a $750 million funding round led by Accel at a $15.75 billion valuation, according to a source. This would more than triple its valuation from $4.65 billion in May. The round comes amid surging demand for inference services, with other startups like Baseten, Fireworks, and Fal also raising at higher valuations. Modal Labs, founded in 2021 by Erik Bernhardsson and Akshat Bubna, provides infrastructure for training and running AI models without managing servers. The company has surpassed $300 million in annualized revenue as of May. The funding talks follow a security incident in July where a customer's data was compromised, but Modal's platform was not breached.

• Modal Labs is nearing a $750 million funding round led by Accel at a $15.75 billion valuation.
• The round would more than triple Modal Labs' valuation from $4.65 billion in May.
• Modal Labs has surpassed $300 million in annualized revenue as of May.