Fintech
FinTech IPO Index gains 1.2% thanks to MoneyLion and Sezzle Surge
Profits dragged down several names in the FinTech IPO Index, but overall performance was positive, up 1.2%.
Some double-digit gains led the way.
MoneyLion shares have gained more than 20% over the past five sessions.
How did he do was highlighted by PYMNTS earlier this month, the business model has transformed into that of CEO Dee Choubey he told Karen Webster it could be compared to the Expedia of financial services.
He said the average FICO score in the United States is around 710, while MoneyLion’s installed base is above that level. 55% of MoneyLion’s business assets come from personal loans, which can range from $10,000 to $50,000. Strategies in the months and years ahead, he said — and for 20% to 30% growth — include leveraging GenAI and other technologies to connect accounts so customers have a holistic view of their finances.
Sezzle shares are up more than 19%. AS reported mid-month, Celerating Technology now allows users of its eCommerce platform to offer its customers buy now, pay later (BNPL) options when checking out in-store and online.
The company has implemented additional integration capabilities with Sezzle to enable these options at the point of sale, in-store, Celerant said in a press release.
The two companies had previously collaborated to offer online BNPL options, where such efforts were announced in April 2023.
Gains lead to downside
Those gains were offset by companies that saw their stocks driven by earnings news.
Future participations released its most recent findings last week.
The company said this in its statement that first-quarter revenue of $331.3 million increased 9.2% quarter-over-quarter. The company’s new paying customers grew 331% year-over-year (YoY) to 177,161, and its average daily revenue in the first quarter increased YoY 7% to 549,854. At the end of the quarter, the company said it had 22.5 million global users and 1.9 million paying customers, up 12.3% and 23.5%, respectively. In Japan, the company said: muuuuu saw a more than 200% quarter-over-quarter increase in registered customers by the end of the last quarter.
Futu shares fell 2.5%.
Huize said this in its March quarter resultsthrough its insurance platform, first-year premiums more than doubled sequentially and increased 29.7% year-on-year to 857.2 million yuan.
The cumulative number of insurance customers served increased to 9.6 million as of March 31. Huize As of the end of March, they were working with 120 partner insurers, including 74 life and health insurance companies and 46 property and casualty insurance companies. The repeat purchase rate for long-term insurance products of 40.4%, was a 70% increase year over year.
Gross written premiums subsidized on the platform were 1,718 million yuan ($237.9 million) in the first quarter of 2024, a decline of 11.1% Operating revenue was 310.3 million yuan ( $43 million) in the first quarter of 2024, an increase of 3.8% year over year. The company’s shares lost 9.1%,
Somewhere else KE Holdings has released its most recent financial reportand the shares lost 9%.
The company reported that the gross transaction value was 629.9 billion yuan ($87.2 billion), a decline of 35.2% year-on-year. The GTV of existing domestic transactions was 453.2 billion yuan ($62.8 billion), down 31.8% year-on-year. The GTV of new home transactions was 151.8 billion yuan ($21 billion), down 45.4% year-on-year. Net revenue was 16.4 billion yuan ($2.3 billion), a decline of 19.2% year-on-year.
The company said the number of stores was 44,216 in March, up 7.1% from last year. The number of active stores was 42,593, up 7.5%. The number of active monthly mobile users averaged 47.7 million.
Start stocks were flat.
The company said so had partnered with Seattle Credit Union, based in Washington state with assets of more than $1 billion and 55,000 members. Joint efforts provide personal loans to new and existing members and expand an existing relationship.
Seattle Credit Union became a lending partner of the Upstart Referral Network in February 2023. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet Seattle Credit Union’s credit policies will receive personalized offers as they transition to a experience with the Seattle Credit Union brand to complete the online application and closing process.
AvidXchange shares lost 4.3%.
In an adAvidXchange and MIP Fund Accounting by Community Brands have partnered to provide a fully digitized billing-payment process to nonprofit groups.
Through this collaboration, AvidXchange’s accounts payable automation solution has been integrated into MIP’s cloud-based Software-as-a-Service fund accounting solution for nonprofits and government organizations and will be offered to MIP’s 6,000 customers.
The API integration between AvidXchange and MIP allows customers to sync ledger codes, vendor lists, invoices and payments.
The fully digitized invoicing-payroll process created by this integration also includes configurable user permissions, transparency in data flows between systems, customized workflows that support additional levels of control over the platform, real-time data and insights into the company’s finances. organization .
See more in: avidXchange, Celerating Technology, News Featured, Fintech investments, FinTech IPO Index, Future participations, Huize, KE Holdings, MoneyLion, muuuuu, News, PIMNTI news, sezzle, Start