The FinTech IPO Index slid 5.45%, even as earnings season has yet to fully hit home in the sector.
MoneyLion shares sank 29.7% through the past five sessions. The company said that it would affect a 1-for-30 reverse stock split of its Class A common stock. In other MoneyLion news, as reported by PYMNTS, the company still maintains its first-place position among personal loan providers.
Opendoor Technologies slid 13.4%. The company was cut to “neutral” by Wedbush on a weakening outlook for iBuying in the residential real estate sector. As reported earlier in the month, the company has announced it would cut 22% of staff.
OneConnect filed its 20-F report with the Securities and Exchange Commission.
And in that annual report, the company detailed that revenue from third-party customers increased by 6.5% in 2022, year over year, to RMB 1.5 billion. The number of premium-plus customers was up 9% year on year to 9%.
The company, in looking ahead, said in its filing that it would seek to continue to expand outside of China to various international markets. The stock was off 5.1%.
Elsewhere, shares in Huize lost 6.9%. The company also filed its annual report with the SEC.
The company said that Goss Written Premiums facilitated on its platform for the full year of 2022 remained stable at RMB 4,907.8 million compared to the same period of 2021. As the company reported previously, 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 gave up 3.9%.
The company said late last week that it is collaborating with Zoho, which provides software solutions to businesses. The collaboration will enable Payoneer to provide payment solutions to businesses using Zoho Books, the cloud accounting platform. The companies said the joint efforts would benefit small and medium-sized businesses (SMBs) and freelancers working globally in India, Australia, New Zealand, the U.K. and the Philippines, with plans to expand the offering into new markets over time.
In terms of the mechanics, businesses can select Payoneer as a payment solution when invoicing their clients, and their funds will be received in the Payoneer account. Businesses in India, Australia, New Zealand, the U.K. 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 that its payment platform is fully available on Sabre Corp.’s multiple reservation platforms for the travel and hospitality industries. Through that availability, Nuvei is also enabling Sabre to offer over 600 alternative payment methods for its partners to integrate into their online checkouts through a single integration.
AMTD said in its most recent earnings announcement that core revenue, 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 as of the end of 2022 amounted to HK$7.8 billion, representing approximately a 35% increase year on year. The company’s stock lost 4%.
Nubank said this week that in April, it notched a milestone, having expanded its user base to 80 million customers in Latin America, where it maintains operations in Brazil, Mexico, and Colombia.
The Brazilian operation, the company said, ended March with a growth of 31.5% in 12 months, reaching more than 75.2 million customers. The number of entrepreneurs with a Nubank PJ (legal entity) account surpassed 2.7 million, a 66% jump 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 — a 66% increase in one year,” Nubank said. The company became one of the few “winners” through the past five sessions, as its shares gained 3.3%.
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