Fintech
FinTech IPO Index Up 3.8% as Lemonade Soars on Expansion
Earnings season hasn’t started to make headlines and move stocks in the FinTech IPO Index yet, but the group as a whole is up 3.8% on the week, with platforms being the biggest performers.
Lemonade Shares rose more than 21%.
On a Tuesday (July 16) announcementLemonade said it has launched buildings and property insurance in the UK, expanding the company’s home insurance offering.
Since launching in the UK in October 2022 and acquiring the PRA license, the UK has quickly become one of Lemonade’s fastest growing markets. The launch of buildings and contents insurance, with an ongoing partnership with an established insurer Avivawill bolster Lemonade’s continued growth, the companies said.
In terms of the offer itself, homeowners can get instant coverage through the Lemonade app or online starting at £14 (about $18) per month. Home emergencies and accidental damage are also part of the offerings. Lemonade is authorised and supervised by the Dutch Central Bank (DNB). Lemonade operates in the UK through its UK subsidiary, which is authorised by the Prudential Regulation Authority.
Significant gains are also being recorded for other platforms
Catapult has jumped 15%. The company has entered into a strategic collaboration with PayTomorrowa waterfall financing platform. Through this partnership, PayTomorrow has integrated Katapult’s lease-to-own (LTO) option into PayTomorrow’s suite of financing products.
According to the announcement, the integration incorporates Katapult’s LTO into PayTomorrow’s platform. PayTomorrow’s platform provides merchants with a wide range of payment options that serve prime, near-prime, and non-prime consumers online and offline. Merchants gain access to new shoppers who can drive incremental sales, the companies said. There are also higher conversion rates and lower cart abandonment, and no interchange fees accrued to the merchant in connection with transactions.
Angry shares gained 5.6%. In a July 10 report Press release, Texans Credit Unionone of the largest credit unions in Texas with more than 123,000 members and $2.2 billion in assets, announced a partnership with Upstart to offer personal loans to consumers.
Texans Credit Union began partner lending on the Upstart Referral Network in August, the companies said. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet Texans Credit Union credit policies will receive personalized offers as they transition to a Texans Credit Union-branded experience to complete their online application, according to the release.
To assert announced a Association with RONA Inc. Companya Canadian home improvement retailer that operates and services approximately 425 corporate and affiliate stores. Now, eligible shoppers can use Affirm to purchase their home improvement items online.
The companies said that by selecting Affirm at checkout on rona.ca, approved RONA customers can split eligible purchases into biweekly or monthly payments for periods of up to 12 months.
Affirm shares are up 4.2% over the past five sessions.
Huize Company shares lost 2.8%.
The company said this week that it has received a notification letter from the Listing Qualifications Department of the Nasdaq Stock Market confirming that Huize has has regained conformity with listing rules tied to the “Minimum Offer Price Requirement”). The company’s ADSs have been at or above $1.00 per share for 20 consecutive business days, from June 13 to July 12, and thus the company is again in compliance.
See more in: To assert, economy, Featured News, Financial Technology, Fintech Investments, FinTech IPO Index, Huize, hypo, catapult, Lemonade, News, partnership, PYMNTS News, Actions, Angry