The holiday-shortened week saw the FinTech IPO Index slip 2.1%.
Year to date, the index has eked out a meager 2.3% gain.
Apple’s continued push into payments — and specifically, paying over time — grabbed its share of headlines this past week.
Shares in Affirm slid more than 15% through the past five sessions.
The shares declined in the wake of news that Apple is shuttering its Pay Later offering. The wider path, outlined last week, is one where Apple will offer a range of pay-over-time lending products, which include an integration with buy now, pay later company (BNPL) Affirm.
Apple said on Monday that it will stop offering Apple Pay Later, which had rolled out to the company’s U.S. consumer base in October, though current users will continue to be able to manage and pay down those loans through the app. The initial announcement of Apple Pay Later came two years ago at Apple’s worldwide developer’s conference.
Users in the U.S. will also be able to apply for BNPL loans directly through Affirm when they check out with Apple Pay.
Open Lending shares were 10.7% lower.
The company said earlier this month that Dan Berger, former president and CEO of the National Association of Federally Insured Credit Unions, will be a strategic adviser to Open Lending’s executive leadership team.
Sezzle saw its stock surged 20.5%. The company authorized the repurchase of an additional $15 million of its common stock after completing its $5 million stock repurchase plan announced on Dec. 22, 2023. The manner, timing and amount of any purchase will be based on an evaluation of market conditions, stock price and other factors, per the release.
Upstart said in an announcement that Diamond Credit Union, based in Pennsylvania with $1 billion in assets with over 64,000 members, has announced a new partnership with Upstart to provide personal loans to new and existing members.
Diamond Credit Union became an Upstart Referral Network lending partner in April 2023. With the Upstart Referral Network, the companies said, qualified personal loan applicants on Upstart.com who meet Diamond Credit Union’s credit policies will receive tailored offers as they seamlessly transition into a Diamond Credit Union-branded experience to complete the online member application and closing process.
Upstart’s stock lost 12.4%.
nCino shares were basically flat on the week.
The company said this week that it has unveiled an artificial intelligence (AI)-powered solution dubbed Banking Advisor.
The new offering, announced Monday (June 17), is billed as a “banker-focused, conversational copilot tool” that provides portfolio management while streamlining tasks and helping banks track and comply with regulatory requirements.
Banking Advisor’s AI and automation help improve productivity, allowing employees to spend more time on “higher-value activities like building and maintaining client relationships.” Banking Advisor is powered by nCino IQ, which debuted in 2018 and uses AI, machine learning and analytics to “deliver intelligent automation, data-driven insights and industry benchmarks that create an enhanced user experience,” the company said.
Last month, nCino reported that demand for its single-platform cloud banking solution and AI features helped fuel record gross sales in its most recent quarter.
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