In today’s top payments news around the world, Coupang filed an initial public offering (IPO) in the United States, while Axis Bank in India is launching wearable technology for contactless payments. Plus, Flutterwave has raised $170 million in a Series C funding round.
South Korea’s Coupang Files $4.6 Billion US IPO
Seoul-based Coupang filed for an IPO in the United States, landing $4.6 billion. The firm priced the 130 million IPO shares at $35 per share, which was above the original $32-$34 per share price. It started trading shares Thursday (March 11) on the New York Stock Exchange (NYSE) under the CPNG symbol. As noted in a published report that cited Euromonitor, Coupang has 19.2 percent of the online shopping market in South Korea. Coupang’s net sales jumped 91 percent year on year in 2020, reaching $11 billion.
India’s Axis Bank Intros Wearable Tech For Contactless Payments
Axis Bank in India is rolling out wearable technology for touch-free payments that is meant to foster the mainstream adoption of cashless transactions. The financial institution (FI) collaborated with Thales and Tappy Technologies to plan and develop the wearables. “Contactless payments are the future of the payments industry in India,” Sanjeev Moghe, executive vice president and head of cards and payments at Axis Bank said in an announcement. “To tap into this market, our Wear ‘N’ Pay program brings convenience to contactless payments at a budget-friendly price point, offering a safe and secure mode of payments on the go.”
Nigeria’s Flutterwave Raises $170 Million On $1 Billion Valuation
Flutterwave, the African financial technology upstart, has landed $170 million in a Series C funding round. Founder and CEO Olugbenga “GB” Agboola said in an announcement that the African payments ecosystem “was highly fragmented” when he introduced the firm in 2016. The firm’s mission was to build out a simplified pan-American platform that “simplified payments for everyone.” The infusion will help the firm further its aim of connecting the continent’s splintered financial ecosystem and become the region’s foremost international payments company.
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