And now we're back to the regular volatility in the stock markets.
The short trading week is behind us, as are Thanksgiving and Black Friday.
And the first reading is that Buy Now, Pay Later (BNPL) was a strong winner as consumers chose the payment method to complete their Christmas shopping and gifts (over time). to buy and pay.
Affirm receives further confirmation for BNPL
Affirm shares rose 34.5% in the last five sessions. As the Wall Street Journal notedShares in Affirm surged on reports from Adobe that BNPL transactions drove $760 million in online spending through Black Friday weekend, a 20% increase from a year ago. And usage accelerated even more significantly on Cyber Monday, according to Adobe data, which estimates BNPL usage in the US increased by 42%.
PYMNTS Intelligence reported that 41% of shoppers planned to rely more on installment plans, including BNPL, this holiday shopping season.
The FinTech IPO Index saw widespread gains, with many companies remaining bullish as they announced new partnerships and expansions – and even some declines in some select markets.
Shares of Upstart rose about 14%. The company announced this this week High Point Federal Credit Union, one of the largest credit unions in Western New York, has partnered with Upstart to provide personal loans, according to a report from Yahoo. High Point Federal Credit Union became a lending partner with the Upstart Referral Network last September. The companies said applicants would receive tailored offers as part of a High Point Federal Credit Union-branded experience.
SoFi shares rose 5.6%.
The company this week announced its exit from the crypto trading business after telling customers that they must either close their accounts or transfer their funds to crypto exchange Blockchain.com by December 19. As PYMNTS reported, SoFi received a banking license through the U.S. Office of the Comptroller of the Currency last year. However, this charter was contingent on the company agreeing to withdraw from the crypto trading space.
Nuvei shares rose 5.1%.
As we reported this week, Nuvei has launched its new product Card issuing solution in 30 markets worldwide.
This offering allows Nuvei customers to provide both physical and virtual white label cards to their customers, employees or contractors, the Canadian FinTech company said in an announcement. The service is currently available in 30 markets across the European Economic Area and Nuvei plans to expand it to the United Kingdom, United States and Latin America next year.
Businesses can use virtual cards to instantly access and utilize funds collected from their customers, thereby increasing their working capital.
Robin Hood announced an expansion this week to the UK and allows clients to trade 6,000 US-listed stocks.
Robinhood plans to provide ongoing access to its app in the following weeks and reach full availability early next year, the company said in its announcement detailing the expansion. UK residents can join the waiting list now and will be notified when they are able to sign up for early access.
Robinhood announced earlier this month that it also plans to launch crypto trading in the European Union following its debut in the United Kingdom
Robinhood shares were up 7% for the week.
For more information, see: Affirm, BNPL, Buy Now Pay Later, FinTech, Fintech Investments, FinTech IPO Index, ipo, News, Nuvei, PYMNTS News, Robinhood, SoFi, Stocks, Upstart
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