The FinTech IPO index is up 0.6%, with few gains in the mix – and a flurry of partnership announcements dominating the headlines.
Catapult shows the way
Catapult said in a preliminary announcement Preliminary results showed the company expects gross issuance of approximately $67.5 million for the fourth quarter, up 13% year-over-year and ahead of the 3% to 5% growth forecast, which the company had submitted last November.
Katapult also expects to report fourth-quarter revenue of approximately $58 million, an increase of 18.7% year-over-year, again above the 13% to 15% growth forecast that the company gave at the end of last year. The company's results are scheduled to be released early next month.
Catapult shares gained more than 8% for the week.
Canadian FinTech Nuvei has launched an improved omnichannel payment solution for merchants and platforms. The unified commerce offering is being made available to customers outside the US for the first time. The announcement detailed that the solution adapts Nuvei's Card-Present and Card-Not-Present technology for e-commerce, mobile and in-store transactions, enabling merchants to enable online and retail payment acceptance in into a single integration.
The launch follows news that Cash App and Nuvei have teamed up to give US businesses the ability to accept Cash App Pay in their online checkout through their existing integration with Nuvei, allowing businesses to use their online checkouts Can add 680 alternative payment methods.
Nuvei shares rose more than 5%.
Robinhood and MetaMask have integrated their platforms to make it easier for users to access Web3. According to a joint announcement, this integration enables customers to purchase cryptocurrencies through Robinhood's low-cost ordering engine, providing a secure, easy-to-use, and self-managed approach to Web3 adoption. The companies said that Consensys, a blockchain and Web3 software company, worked with Robinhood Markets to launch the integration of Robinhood Connect with MetaMask, Consensys' self-managed Web3 wallet.
Robinhood shares gained 2.9%
Upstart said in an announcement that the company will expand its retail auto financing capabilities nationwide to reach 90% of U.S. consumers by the end of the first quarter of 2024. That would be an expansion from the 70% reach recorded in the third quarter of last year. The company said in the announcement: “With interest rates at their highest levels in 20 years, consumers are struggling to find financing options that allow them to affordably purchase a car.”
The nationwide availability of Upstart-backed auto loans will enable dealers to approve more borrowers across the credit spectrum, with back-end gross up to 50% higher than the industry average. The company said 76% of merchants reported that digital retail makes it easier to conduct and close deals. About 80% said digital interactions lead to higher customer satisfaction.
The company said unified digital desking and reporting is designed to ensure instant visibility into deals, adding that more than 700 merchants in the U.S. are leveraging the advanced digital capabilities.
Upstart shares rose 6.4%
Flywire connections in India
Flywire shares fell 0.9%.
The company announced this in a press release The company has partnered with State Bank of India (SBI), the country's largest public sector bank, to enable digital payment of education-related fees in payers' local currencies.
The joint efforts will help in compliance with the Liberalized Remittance Scheme (LRS), which are policies aimed at streamlining foreign transactions and investments for residents of India.
Flywire integrates directly with SBI's banking platform, enabling a digital checkout experience and users can track the payment until the money is delivered to their university. Institutions benefit from on-time payments, Flywire said.
BILL shares lost 3.2%.
As reported last week, FinTech platform Adyen has launched a partnership with BILL. As part of the joint effort, Adyen will provide “acquiring and issuing experiences” for BILL’s accounts payable (`) and accounts receivable (AR) solutions.
Mechanically, Adyen's card issuing services have been integrated into BILL's virtual card offering as part of BILL's AR and ` solutions for small and medium-sized businesses.
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