It's almost the end of January, and over the next few weeks FinTechs will be looking at everything from loan performance metrics to profits (if profits need to be reported).
Last week's trading action was dominated by platforms overall and a number of partnerships in particular, as the FinTech IPO Index rose 2.2% overall.
Separately, like more detailed here at the beginning of the week, Nuvei has entered into a global partnership with Adobe to improve e-commerce payments.
Nuvei’s full payment suite will be integrated Adobe Commerce. This integration through a single application programming interface (API) allows companies to expand into new markets.
According to the announcement, merchants will have access to over 680 regional alternative payment methods (APMs) through Nuvei's API integration. This allows Adobe Commerce merchants to offer their customers a wide range of payment options tailored to local preferences.
Additionally, companies can expand internationally through the same, single integration. In addition to APMs, Adobe Commerce customers can enable account-to-account Automated Clearing House (ACH) transactions in the U.S., the companies said.
Nuvei shares rose 9.5%
Hippo Insurance said, that it completed a “successful placement” of its 2024 reinsurance program. The company said it increased its purchases of non-proportional excess of loss reinsurance, increased per-claim loss limits by 11% and increased the number of participating reinsurers from 14 to 19.
Shares of Hippo rose 13.3% in the last five sessions.
SoFi shares gained 3.2%.
The company said this earlier this month It has expanded its new small business marketplace. The expansion will help meet the financing needs of small business owners by connecting them to SoFi's provider network. As described in the press release, search capabilities enable business owners to connect with SoFi's network of financial providers by pairing a single application process with SoFi's curated marketplace of participating lenders.
Remitly shares gained 3.3%. This is what the company said It has partnered with Mastercard to expand access to cross-border payments and remittances.
By integrating Mastercard's sending and cross-border services into the Remitly app, customers will have more options to send money abroad securely, the companies said. Mastercard's own data shows that 41% of consumers who made cross-border payments in the last year plan to increase the frequency of their transactions to financially support their loved ones abroad.
Enabling joint efforts Remitly customers based in the US can fund transactions with their debit cards via Mastercard Send. In addition, Remitly has integrated Mastercard's cross-border services and offers customers various options for recipients to access their funds, including bank accounts, cash pickup points and mobile wallets within Mastercard's global network.
Lemonade shares rose more than 4%.
Earlier this month, Lemonade said this It had expanded and expanded its funding relationship with General Catalyst, also known as Synthetic Agents, with GC funding up to 80% of Lemonade's expenses specifically related to customer acquisition costs (CAC).
Under the initial agreement, GC agreed to fund up to $150 million in CAC expenses for the 18 months from July 2023 to December 2024. The companies said the agreement has been extended through December 2025 and will provide Lemonade with an additional $140 million.
Among the few names that lost ground last week, nCino shares lost 2.7%.
The company announced this this week Bank of Bennington has adopted nCino's consumer banking solution to expand on an existing relationship with nCino and advance what the company said would be an “omnichannel experience across the bank's retail banking and mortgage lending businesses.”
Bennington, the release said, sought to leverage a single platform across all of its businesses, covering mortgage and consumer loan applications.
For more information, see: Adobe Commerce, Featured News, Fintech Investing, FinTech IPO Index, Hippo Insurance, Lemonade, MasterCard, nCino, News, Nuvei, PYMNTS News, Remitly, SoFi
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