Fintech
FinTech IPO Index slips 2.1% with Sezzle balancing the scales
The holiday-shortened week saw the FinTech IPO Index slip 2.1%.
Year to date, the index has eked out a meager gain of 2.3%.
Apple’s continued push into payments — and in particular, payments over time — grabbed its share of headlines last week.
Apple, says in the spotlight
Shares To assert it has slipped more than 15% in the last five sessions.
Stocks fell in the wake of News that Apple is shutting down its Pay Later offering. The broader path, outlined last week, is where Apple will offer a range of pay-over-time lending products, which include an integration with the company’s buy now, pay later (BNPL) Affirm.
Apple said on Monday that it will stop offering Apple Pay Later, which was launched to the company’s US consumers in October, although current users will continue to be able to manage and repay those loans through the app. The initial announcement of Apple Pay Later came two years ago at Apple’s Worldwide Developer Conference.
Users in the US will also be able to apply for BNPL loans directly through Affirm when they check out with Apple Pay.
Loan open shares were 10.7% lower.
The company said earlier this month that Dan Berger, former president and CEO of the National Association of Federally Insured Credit Unions, will be a strategic advisor to Open Lending’s executive leadership team.
Sezzle saw its shares rise 20.5%. The company authorized the repurchase of an additional $15 million of its common stock upon completion of the $5 million share repurchase plan announced on December 22, 2023. The manner, timing and amount of any purchase will be based on an evaluation of business conditions market, stock price and other factors, according to the release.
Start said in an announcement That Diamond Credit Unionbased in Pennsylvania with $1 billion in assets and more than 64,000 members, announced a new partnership with Upstart to provide personal loans to new and existing members.
Diamond Credit Union became a lending partner of the Upstart Referral Network in April 2023. With Upstart Referral Network, the companies said, qualified personal loan applicants on Upstart.com who meet Diamond Credit Union’s credit policies will receive offers personalized during a hassle-free transition to a Diamond Credit Union. Experience with the Credit Union brand to complete the online application and closing process.
Upstart shares lost 12.4%.
nCino stocks remained largely unchanged for the week.
The company said as much this week has unveiled an artificial intelligence (AI)-based solution called Banking Advisor.
The new offering, announced Monday (June 17), is billed as a “banker-centric conversational co-pilot tool” that provides portfolio management while streamlining tasks and helping banks monitor and comply with regulatory requirements.
Banking Advisor’s AI and automation help improve productivity by allowing employees to spend more time on “higher-value activities like building and maintaining customer relationships.” Banking Advisor is powered by nCino IQ, which debuted in 2018 and uses artificial intelligence, machine learning and analytics to “provide intelligent automation, data-driven insights and industry benchmarks that create a user experience improved,” the company said.
Last month, nCino reported that demand for its single-platform cloud banking solution and artificial intelligence capabilities helped fuel record gross sales in the most recent quarter.
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