Investing app Stash raises $125M
Stock trading app Stash raised $125M and is planning to use the new round of funding to add new customers to its platform. Stash makes its revenue through subscription fees paid by customers on its trading platform.
Cadre announced $400M fund
Real estate investment firm Cadre is launching a new $400M fund to make it easier for small real estate investors.
LendingDepot is set to IPO
Digital lending is one of the hot areas in Fintech. Online mortgage lender Lending Depot is setup to IPO and raise $300M.
Fintech Company Earnings
Pandemic seems to have produced mixed bag of results in the fintech space. Visa and MasterCard are still in the recovery phase, while the digital natives such as Paypal and bill.com see the pandemic's positive effects.
Visa and MasterCard quarterly results show weakness in cross-border spending
Cross border volume declined by 21% in Visa(NYSE:V) on constant-dollar basis and by 29% at MasterCard(NYSE:MA) in local-currency.
Visa reported a net income of $3.13B compared to $3.2B to a comparable quarter last year.MasterCard reported a net income of $$1.79B compared to $2.1B to a comparable quarter last year.
PayPal surges in revenue
Paypal(Nasdaq:PYPL) reported a quarterly revenue of $6.116B up 23%. With a netincome of $1.57B . Paypal CEO highlighted the impact of pandemic in the digital transformation of the economy.
"The pandemic has accelerated a digital wave of change across almost every industry by three to five years, unleashing a profound and permanent structural transformation. Our results in Q4 highlight these strengths. In the quarter, we added 16 million net new active customers, including an incremental 1.4 million new merchants. For the year, we delivered a record 73 million net new actives, ending the year with 377 million active accounts, up 24%." - Dan Schulamn - CEO,Paypal
Bill.com earnings send stock soaring new heights.
Bill.com(NYSE:BILL), a cloud based platform that connects businesses with their suppliers and clients to help them manage their cash inflows and outflows,announced a current quaterly revenue of $54M up 38% YoY.The company is yet to turn profitable with reporting net loss of $17.2M for the current quarter.
we've enabled our customers to adapt quickly to the pandemic and accelerate their digital transformations. Bill.com has an exciting future as we help businesses simplify their financial operations so they can focus on their core business.-René Lacerte -CEO,Bill.com
If you have any comments or have any topic request for the blog, then please leave your feedback at https://fintekcafe.com/feedback/