In today’s top news, Bank of America’s CEO said customers are spending more than last year, and Airbnb topped forecasts with an IPO share price of $68. Plus, the FTC and 46 states opened a lawsuit against Facebook accusing it of maintaining a social networking monopoly.
Bank of America: Spending Up Over 2019 Despite Virus Acceleration
Bank of America customers are spending more across all accounts than they did last year, according to CEO Brian Moynihan, as well as saving more and shopping with debit cards instead of credit. On the other hand, Moynihan also said more stimulus funds are necessary to help people who are out of work and support small business survival.
Airbnb IPO Tops Forecasts With $68 Share Price On $47 Billion
Airbnb’s record-breaking initial public offering (IPO) pricing topped expectations, with a share price of $68 on a $47 billion valuation. The Silicon Valley home-rental startup is hoping to raise about $3.7 billion.
FTC, 46 States Drop Massive Antitrust Suit On Facebook
The Federal Trade Commission (FTC) and 46 states launched a massive antitrust lawsuit against Facebook Wednesday (Dec. 9), accusing the social media network of having a monopoly over social networking. The FTC is seeking an injunction in federal court that could require divestitures of assets, including Instagram and WhatsApp.
BitPay has filed to become a federally-regulated bank in the U.S., headquartered in Georgia. The cryptocurrency payments firm filed with the Office of the Comptroller of the Currency (OCC) to set up BitPay National Trust Bank.
Report: Millennials, Buy Now Pay Later And The Shifting Dynamics Of Online Credit
Nearly 90 percent of millennials have credit cards, yet still seek new ways to finance their online purchases. In the Buy Now, Pay Later: Millennials And The Shifting Dynamics Of Online Credit report, PYMNTS surveyed a national sample of nearly 15,000 U.S. consumers between March and September to better understand the demand for buy now, pay later (BNPL) options among millennials and how it fits into their overall online credit mix.
J.P. Morgan: Corporates Now Comfortable With Payments In The Fast Lane
Real-time payments are here and having an impact on financial services. Sara Castelhano, J.P. Morgan’s managing director and EMEA head of payments and solutions, told PYMNTS Karen Webster that the pandemic has accelerated the reality of real-time payments for corporates.
DoorDash IPO Soars; Commission Caps Make Early News
For DoorDash, there were huge gains in an IPO that soared more than 80 percent while stocks were broadly lower. But the challenges for DoorDash (and other platform companies) remain, and fee caps are gaining ground.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More