June 19, 2024

IPO News

Platforms Continue Winning as Fintech IPOs Outperform

As we come to the end of the dismal quarter in 2022, the Fintech IPO index has increased slightly to 1.3%. The whole of October is highlighted in red, with the Index at 2.5%. The performance year to date shows the whole column down by 43%. Payoneer is continuously rising, which is in the news everywhere this month. Up by 14%, the firm hired the veteran of Amazon, Microsoft, and SoFi to take care of the new division integrating all the products, technology, and high-value services of Payoneer. This new division will focus on accounts receivable, working capital, merchant services, and B2B accounts payable. Ronen, Payoneer’s first chief platform officer, is heading the new platform.

The cloud banking software firm Blend partnered with PNC bank last week to digitize the entire mortgage application procedure. It has notched around an 11.7% rally. Customers can apply digitally for payroll info and import bank and mortgage by presenting credentials. This will reduce the time to locate data and documents on submission of applications. Customers will have a single portal to complete tasks, review documentation, and track status.

The situation turned out interesting when Hippo Insurance plunged by 24.2%. Robinhood dropped by 2%, and the company released the Robinhood Wallet, allowing users to access their trade, decentralized web, cryptocurrency, and shift cryptos without extra charges. MoneyLion lost beyond 9% and is being sued along with its subsidiaries by CFPB (Consumer Finance Protection Bureau). CFPB stated that the firm has been making illegal charges on consumers, dependents, and service members, saying they violated the Military Lending Act. They charged more than 36% of the rate cap, which is not legal.

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