FinTech IPOs take a breather with a small loss
A shortened trading week, a muted performance and indeed hardly much of a performance at all.
To that end, the FinTech IPO index barely budged, losing 0.1%.
The income mess has largely been resolved, and the volatility in recent weeks has moderated a bit. As has been widely reported, many of the names in our universe have been spotlighted by concerns about subdued consumer spending and a slowdown in corporate investment — all of which paint a darker picture for the top lines of many of these companies.
So far, just a few days into September, the index is down nearly 11%, with a year-to-date loss topping 40%.
Catapult rocketed forward with 16.8%. In recent company news, Katapult said it has added SimpleTire, a leading online tire retailer, to its network of trading partners. The partnership gives all SimpleTire customers — and especially those with non-prime credit ratings who may not have access to traditional financing options — what is billed in a press release as “a more flexible and transparent way to obtain replacement tires.”
Enfusion rose 13.1%, continuing its rally amid press reports late last month that the company has been the target of takeover interest.
9F Group lost 21%. And while there was no company-specific news in the past week, it was previously reported that the company’s stock had traded below the $1 minimum bid price for American Depositary Shares. The company now has a grace period of 180 days to fulfill this listing requirement (for at least 10 business days). The shares, at a recent 50 cents each, are down about 79% over the past 52 weeks.
Huize lost a little more than 11%, followed by Nuvei, which fell 3%. As for the latter company, news broke this week that Software-as-a-Service (SaaS) B2C and B2B marketplace platform Arcadier has chosen Nuvei as its preferred payment partner in the US, Latin America and Europe, Middle East and Africa (EMEA). Marketplace sellers will have access to customized and optimized payment flows, customizable reporting and reconciliation dashboards, and more than 570 alternative payment methods to add to their payment flows.
The rollout of this payment technology will help Asia-based Arcadier as it expands globally, the companies said. The pact with Arcadier follows a separate announcement in which Nuvei said it had been selected by Air Transat to provide a single point of payment for the Canadian airline.
NEW PYMNTS SURVEY FINDS 3 IN 4 CONSUMERS WITH STRONG DEMAND FOR SUPER APPS
About: The findings of PYMNTS’ new study, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy”, a collaboration with PayPal, analyzed the responses of 9,904 consumers in Australia, Germany, the UK and the US and showed strong demand for a single multi-functional super app instead of using dozens of individuals.
