Priya Patel
TLDR:
The FinTech IPO Index gained 2.2% as platforms dominate the past week’s trading action. Nuvei partnered with Adobe to enhance eCommerce payments, allowing merchants to access over 680 regional alternative payment methods and expand globally. Hippo Insurance increased its purchases of non-proportional excess-of-loss reinsurance, resulting in a 13.3% increase in shares. SoFi expanded its small business marketplace, connecting business owners to financial providers. Remitly partnered with Mastercard to expand access to cross-border payments. Lemonade extended its financing agreement with General Catalyst, leading to a more than 4% increase in stock. nCino shares experienced a 2.7% loss as the Bank of Bennington adopted nCino’s Consumer Banking Solution.
The FinTech IPO Index gained 2.2% as platforms overall dominate the recent trading action. Nuvei announced its global partnership with Adobe to enhance eCommerce payments. As part of the integration, Nuvei’s full payments suite is being integrated with Adobe Commerce, allowing businesses to expand into new markets and offer customers various payment options tailored to local preferences. Nuvei stock surged 9.5% following the announcement.
Hippo Insurance announced a successful placement of its 2024 reinsurance program. The company increased its purchases of non-proportional excess-of-loss reinsurance, raising its per-occurrence limit by 11% and increasing the number of participating reinsurers from 14 to 19. The announcement resulted in a 13.3% increase in Hippo’s shares.
SoFi expanded its new small business marketplace, aiming to address small business owners’ financing needs by connecting them to SoFi’s network of providers. The expansion allows business owners to connect with financial providers through a single application process and SoFi’s curated marketplace of participating lenders. SoFi shares gained 3.2% as a result.
Remitly partnered with Mastercard to expand access to cross-border payments and remittances. The partnership allows Remitly customers to securely send money abroad through Mastercard’s Send and Cross-Border Services, offering various options for recipients to access their funds, including bank accounts, cash pick-up locations, and mobile wallets. Remitly shares gathered 3.3% following the announcement.
Lemonade announced the expansion and extension of its financing relationship with General Catalyst. The agreement allows General Catalyst to finance up to 80% of Lemonade’s spending related to customer acquisition costs (CAC), with an additional $140 million made available to Lemonade. Lemonade’s stock rose by more than 4% as a result.
nCino shares experienced a 2.7% loss as the Bank of Bennington adopted nCino’s Consumer Banking Solution. The bank aims to provide an omnichannel experience across its personal banking and mortgage lending business, using a single platform for mortgage and consumer loan applications.
