FinTech IPO index lights 5.4% led by MoneyLion

The FinTech IPO index fell 5.45%, although earnings season has yet to fully penetrate the sector.

MoneyLion shares fell 29.7% over the past five sessions. The company said so it would effect a 1-for-30 reverse stock split of the Class A stock. In other MoneyLion news, which reported by PYMNTS, the company still maintains its first place among providers of personal loans.

Opendoor Technologies fell 13.4%. The company was cut to “neutral” by Wedbush due to a weakened outlook for iBuying in the residential real estate sector. As reported earlier in the month, the company has announced that it will cut 22% of employees.

SEC filings are pouring in

OneConnect filed its 20-F report with the Securities and Exchange Commission.

And in that annual report, the company described revenue from third-party customers rising 6.5% in 2022, year over year, to RMB 1.5 billion. The number of premium-plus customers increased by 9% year-on-year to 9%.

Looking ahead, the company said in its filing that it would seek to continue expanding beyond China into various international markets. The share fell 5.1 percent.

Elsewhere, shares in Huize lost 6.9%. The company has also submitted its annual report with the SEC.

The company said that Goss Written Premiums facilitated on the platform for the whole of 2022 remained stable at RMB 4,907.8 million compared to the same period in 2021. As the company previously reported, renewal premiums crossing Huize’s platform in the fourth quarter of 2022 increased by 80.8% to RMB 1,032.5 million from RMB 571.0 million in the fourth quarter of 2021.

Elsewhere, Payoneer shares rose 3.9%.

The company said so at the end of last week that it cooperates with Zoho, which provides software solutions for businesses. The collaboration will enable Payoneer to offer payment solutions to businesses using Zoho Books, the cloud accounting platform. The companies said the joint effort would benefit small and medium-sized businesses (SMEs) and freelancers working globally in India, Australia, New Zealand, the UK and the Philippines, with plans to expand the offering to new markets over time.

As for the mechanics, businesses can choose Payoneer as their payment solution when invoicing their customers and their money will be received in their Payoneer account. Businesses in India, Australia, New Zealand, the United Kingdom and the Philippines can then hold the funds in different currencies, spend online or pay suppliers, according to the release.

Nuvei, whose shares were down 5.7%, continued to grab headlines this week. The company said so the payment platform is fully available on Saber Corp.’s multiple reservation platforms for the travel and hospitality industry. Through this availability, Nuvei also enables Saber to offer over 600 alternative payment methods for partners to integrate into their online checkouts through a single integration.

AMTD said i its latest earnings report that core earnings, excluding net fair value changes on financial assets at fair value through profit and loss and derivatives, increased by 22.74% from 2021 to 2022; Net assets at the end of 2022 totaled HK$7.8 billion, representing an increase of approximately 35% year-on-year. The company’s shares lost 4%.

That’s what Nubank said this week that in April it reached a milestone, having expanded its user base to 80 million customers in Latin America, where it has operations in Brazil, Mexico and Colombia.

The Brazilian operation, the company said, ended March with 31.5% growth in 12 months, reaching more than 75.2 million customers. The number of entrepreneurs with a Nubank PJ account (legal entity) passed 2.7 million, a jump of 66% year-on-year.

“The first three months of 2023 have represented significant progress for Nu México and Nu Colombia, which registered more than 3.8 million customers together – an increase of 66% in one year,” Nubank said. The company was one of the few “winners” over the past five sessions, as shares rose 3.3%.