Fintech IPO Index Falls Flat While Billtrust Soars
Fintech IPO Index has seen slight gains in Tech stocks in the last five years. The group went up but by less than 1%. Irrespective of the act of the overall market as of September 30th, 2022, the S&P 500 Stock Index headed to losses for the third time. This did not happen for over a decade. Currently, the index of Fintech IPO is down beyond 44%. However, there were double-digit gains over the past few days when measured in a cumulative manner.
Billtrust was sold to EQT through a complete cash transaction. The approximate value of Billtrust’s equity is 1.7 billion dollars. The company took up the go-private deal after becoming public with the SPAC (special purpose acquisition) deal. Although no other external factor drove the uptrend, Triterras went up by beyond 16%.
Blend went up by 3% and was anticipated to digitize its mortgage application process in partnership with Fintech. Customers can now import bank or payroll information or apply for a mortgage digitally with the right credentials. The significant benefit here is to reduce the time spent in locating documents.
After the issuer of EUROC (Euro coin) and USDC (USD Coin) partnered with Robinhood, it rose by 2%. This helped people to learn the usage of USDC easily. The partnership made it possible for the Robinhood wallet and customers of Robinhood Crypto to buy, sell and receive USDC effortlessly.
Furthermore, companies are expected to develop in-app educational modules to cover the basics of stablecoins and USDC. People who finish the free courses will become eligible for rewards, which will be paid in USDC. Besides these gains there were losses too. The losses of 9F which slipped 14.6% was followed closely by Nerdwallet at 13.6%.
Huize fell by 8%. It seemed to have reported that their gross written premium went up by 30.5% in the second-quarter earnings and the renewal premium was up by 59.9%
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