In today’s top news, BNPL startup Affirm filed an IPO, and retail giant Ahold Delhaize acquired a majority stake in grocery delivery startup FreshDirect. Plus, Apple cuts its App Store commission to 15 percent for small businesses with less than $1 million in revenue.
PayPal Cofounder Max Levchin’s BNPL Startup Affirm Files IPO
Silicon Valley buy now, pay later (BNPL) payments startup Affirm filed an initial public offering (IPO) for a Nasdaq listing. According to the U.S. Securities and Exchange Commission (SEC) filing, the startup saw a 93 percent spike in revenue growth for the fiscal year that ended on June 30, hitting $510 million.
Ahold Delhaize Acquires Majority Stake in Online Grocer FreshDirect
Dutch retailer Ahold Delhaize — the owner of grocery behemoths Giant and Stop & Shop — has acquired a majority stake in supermarket delivery startup FreshDirect amid an online shopping surge propelled by COVID-19.
Apple Commission Cut Shows App Store Worries
Apple app developers earning less than $1 million post-commission in annual revenue are eligible to participate in a small business program that would slash App Store commission rates in half to 15 percent instead of the usual 30 percent as it battles Epic Games over in-app fees.
Rep. Maxine Waters Urges ‘Hard Look’ at PNC, BBVA Merger
Congresswoman Maxine Waters urged the Department of Justice and relevant regulators to “take a hard look” at the proposed merger between PNC and BBVA. The merger, which would create the fifth-biggest bank in the U.S., is troubling to Waters because of the trend of giving bank mergers the okay far too easily.
Google Pay Redesign Heralds Rise of Plex, Google’s Smart DDA
The recasting of Google’s digital wallet as a super app launched on Wednesday (Nov. 18) in the U.S. on Android and iOS. Google’s Caesar Sengupta, general manager of payments, and Josh Woodward, director of product management, tell PYMNTS CEO Karen Webster that the redesign sets the stage for a simplified way for consumers to do three things.
NEW DATA: 44M Consumers Want Rewards, But Restaurants Aren’t Delivering
Eighty-three million U.S. customers earn rewards on their food orders, and 44 million more would like to – if only their go-to restaurants offered it. In Delivering on Restaurant Rewards, PYMNTS surveys 2,089 consumers to learn how restaurants can tap consumer demand for loyalty and rewards programs to earn new customers and boost their top-line performance.
Bidenomics: Four Things to Watch for Financial Services
When the Biden administration comes to the Hill in January, there are a number of economic priorities that bear watching. A stimulus bill — likely in the trillions of dollars — to combat the lingering economic headwinds from the pandemic is only one of those priorities. Here’s what else bears watching.
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