The first week of June brought scant movement for the FinTech IPO Index overall, as the group moved 0.6% lower, and earnings continued to trickle in, essentially wrapping up a busy few weeks of quarterly reports. Huize was up 30%, continuing to ride a post earnings rally from late last month, where the company reported […]
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The first week of June brought scant movement for the FinTech IPO Index overall, as the group moved 0.6% lower, and earnings continued to trickle in, essentially wrapping up a busy few weeks of quarterly reports.
Huize was up 30%, continuing to ride a post earnings rally from late last month, where the company reported that in the March quarter, first-year premiums more than doubled sequentially and increased by 29.7% year-over-year to RMB 857.2 million ($118.3 million).
The expense-to-income ratio decreased by 10 percentage points to 26.2% from the same period of 2023.
The cumulative number of insurance clients served increased to 9.6 million at the end of March.
nCino shares lost 0.8%. nCino reported last week that demand for its single-platform cloud banking solution and artificial intelligence (AI) features drove record gross sales in the most recent quarter.
The company reported that its total revenues of $128.1 million for the first quarter of fiscal 2025, which ended April 30, were up 13% from the same quarter a year earlier.
The stabilization of interest rates after almost two years of instability also contributed to the company’s growth, as it improved the tone of customer conversations and normalized buying behavior, CEO Pierre Naudé said during the company’s quarterly earnings call.
Alkami shares were down 3%. The company said in a release this week that the number of new contracts signed by financial institutions for Alkami’s Data & Marketing Solutions have increased a total of 76.5% for 2022 and 2023 combined compared to contract signings for the previous two-year-period (2020 and 2021 combined).
“This momentum comes as regional and community banks and credit unions face increased pressure to provide a top-tier digital banking experience for account holders,” the company said.
Marqeta shares were 0.7% lower through the past five sessions. The company said it has expanded its partnership with French payments firm Lydia.
Under the terms of the extended collaboration, Marqeta will power Lydia’s European digital banking super app Sumeria. This app has introduced new capabilities, including a remunerated current account, and Lydia plans to expand the app throughout Europe with Marqeta’s help.
Lydia launched Sumeria last month, saying it was investing more than 100 million euros ($108.8 million) and hiring 400 people in three years.
Katapult shares were 2.7% to the downside. In its own product announcement, the company announced the debut of Katapult Layoff Insurance, powered by Harmonic.
This new offering provides a cash benefit of up to $2,000 for customers facing involuntary job loss. For a monthly payment, Katapult customers can secure this financial buffer, enhancing their ability to navigate unexpected financial hardships, per the release.
Customers can access Katapult Layoff Insurance through Katapult’s mobile app and website. Enrollment is immediate, with policyholders becoming eligible for a claim after a 90-day waiting period. Consumers can receive the $2,000 payout via check or apply the benefit directly to a Katapult lease. The payout is in addition to government income assistance or severance.
Sezzle surged 15%. The BNPL firm launched a partnership with California’s Vallarta Supermarkets.
The announcement cited a survey by PYMNTS Intelligence showing that — despite concerns that using credit for groceries may indicate financial strain — a third of U.S. consumers used a traditional credit card for their last grocery purchase, a figure that has held steady since 2021. The company also surged on news that its stock will be joining the Russell 3000 Index.
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