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Today In Payments: BigCommerce Eyes IPO; Biggest Banks Brace For Loan Losses

Today in Payments

In today’s top news, BigCommerce filed for an IPO, and the country’s largest banks have set aside almost $30 billion to cover COVID-19-related losses. Plus, Afterpay has partnered with Google Pay and Apple Pay to offer its BNPL services in U.S. stores.

BigCommerce Eyes IPO As Pandemic Fuels Online Shopping Surge

BigCommerce, the Texas-based eCommerce firm, is the latest tech company to file for an initial public offering (IPO). BigCommerce has been boosted from the digital shift that is occurring amid the coronavirus pandemic, reporting a 30 percent annual increase in revenue in the first quarter.

Biggest Banks Brace For Loan Losses

The country’s largest banks by assets — J.P. Morgan, Wells Fargo and Citigroup — have set aside nearly $30 billion to cover losses associated with COVID-19, a tally of recently disclosed plans indicates.

Afterpay Goes In Store Via Google Pay, Apple Pay

Afterpay Ltd., the Australian buy now, pay later (BNPL) company, announced Tuesday (July 14) that it will offer its BNPL services at U.S. stores for Google Pay and Apple Pay users.

Flipkart Raises $1.2B On $24.9B

Flipkart Group raised $1.2 billion in a recent funding round led by Walmart, the company’s majority owner. The investment values Flipkart at $24.9 billion.

NEW REPORT: Helping Main Street SMBs Close The Cash Flow Gap

Three-quarters of Main Street small and medium-sized businesses (SMBs) are losing the cash flow battle. And that’s pushing many business owners to dip into personal funds — or worse — to make ends meet. In The Road To Recovery: Main Street SMBs And Closing The Cash Flow Gap, PYMNTS, in collaboration with Visa, asked Main Street SMBs what might help get them back on track.

How Subscriptions Bridge The Online/Offline Learning Divide

More than 1 billion students worldwide migrated online in the wake of COVID-19. But even as schools plan to reopen their doors, parents are now looking to make online education a regular part of their children’s lives, says Amir Nathoo, co-founder of online class marketplace Outschool. In the latest Subscription Commerce Tracker, Nathoo discusses how subscription plans that balance parents’ and children’s unique needs can help meet this demand.

Big Banks See Strength In Trading And Digital, But COVID Sinks Their Consumer Businesses

Big banks kicked off the second-quarter earnings season by reporting COVID-weakened consumer banking revenues, but bright spots in trading and digital.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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