A 3% gain in the FinTech IPO Index this past week was led by the platforms. And in many cases, those firms have yet to report earnings — so, perhaps, let’s call this an anticipatory rally. Katapult, the lease-to-own platform, saw its shares leap 49.7% through the past five sessions. The company filed its 10-K […]
After three years of investigation, the Consumer Financial Protection Bureau officially closed its probe into PayPal and its subsidiary Venmo this week. According to PayPal, the investigation centered around Venmo’s unauthorized funds transfers and collections processes, along with related issues such as the handling of consumer payments when mistakenly directed to unintended recipients. PayPal states […]
OMAHA, Neb. — Warren Buffett’s annual shopping event, the pregame to Berkshire Hathaway’s annual meeting, is wowing shareholders flocking here this weekend. With over 20,000 square feet of showroom space and more than 50,000 items of inventory, the exhibit hall at the CHI Health Center features goodies from various Berkshire’s holding companies, from Brooks Running to […]
The U.S. economy added fewer jobs than expected in April while the unemployment rate rose, lifting hopes that the Federal Reserve will be able to cut interest rates in the coming months. Nonfarm payrolls increased by 175,000 on the month, below the 240,000 estimate from the Dow Jones consensus, the Labor Department’s Bureau of Labor […]
Trump Media shares dropped sharply Wednesday, closing down by more than 9.5%. Trump Media, which trades under the DJT ticker, closed at $45.16 per share, a loss of $4.77 per share. The company, which owns the Truth Social app, is still trading well below the more than $70 per share it opened at in its public trading debut on March […]
In this feature, we look at the rise of open source platforms in financial services, and how banks & finservs can shift their mindset to see its benefits In February 2024, FinTech Magazine attended State of Open Con 24 in London, where hot on the agenda was the work financial institutions are undertaking today with […]
Buy now, pay later provider Sezzle is gamifying on-time payments with a loyalty programme designed to encourage financial responsibility. Called Payment Streaks, the new feature promises to reward consumers for consistent and timely payments. By hitting streaks, users move up loyalty tiers that secure benefits such as entry into monthly giveaways and bonuses for referring […]
Shares of Carvana popped more than 30% during after-hours trading Wednesday after the automaker reported record results and turned a profit during the first quarter. Here is how the company performed in the first quarter, compared with average estimates compiled by LSEG: Carvana reported record first-quarter net income of $49 million, compared to a $286 million loss […]
The future is digital, and no country has embraced that ideology more than China. Most vendors in the country no longer accept cash. Instead, everyday transactions are conducted by scanning a QR code and paying through a mobile wallet. While this process is straightforward for most banked Chinese citizens, it creates a pain point for […]
Consumers not only prefer to use cards when they spend, but they also tend to spend more money when they don’t have to pay with cash. What’s more, paying with cards has gained widespread acceptance across all age groups and regions, signifying a lasting shift in consumer behavior. In general, using cards makes people less […]
Shares of Apple (AAPL) are down over 10% in 2024 as the tech giant has faced mounting challenges, including increased competition in China, where iPhone sales have dragged. As earnings season heats up, many on Wall Street are eyeing “Magnificent 7” tech stocks, which have led previous market rallies. Creative Strategies CEO and Principal Analyst […]
HSBC beat market expectations in its first quarter earnings report on Tuesday, and announced the surprise departure of Group Chief Executive Officer Noel Quinn. Revenue came in at $20.8 billion, up 3% from the same period a year ago and compared with the median LSEG forecast for about $16.94 billion. Pretax profit in the January […]
