November Is No Turkey as FinTech IPO Roars Ahead 25% for the Month
The end of November is here — due to the holiday-shortened trading week — and for the FinTech IPO Index, the month was stellar.
The index was up 25.5% through the month, and now stands ahead by 40.1% as measured year to date.
And to get a sense of the turbocharged momentum of the month, consider the fact that a few names were up more than 100% in November alone: Lemonade was up a staggering 170%.
PYMNTS has noted that Lemonade’s in-force premiums were up 24% year over year (YoY) to $889 million, and revenues were up 19%, according to company materials. Customer count increased by 17% to 2.3 million.
Sezzle has followed Lemonade, with a gain of more than 101%, maintaining its doubling in the wake of its own earnings, which showed that for the most recent quarter, active customers, overall, were 3.6% higher than last year to 2.7 million. Repeat usage as a percentage of total orders stood at 95.7%, compared to 93.8% a year ago. And quarterly purchase frequency stood at 5.4 times, from 3 last year in the third quarter.
MoneyLion’s New Financing
MoneyLion’s stock was 91% higher. In news from this past week, the company detailed new financing, having closed a $70 million loan facility with Silicon Valley Bank to refinance MoneyLion’s existing senior debt and lower its cost of capital.
Although MoneyLion’s existing senior debt was not set to mature until 2026, said MoneyLion, “the company’s strong financial standing created an opportunity to secure refinancing on substantially improved terms.”
Proceeds of the initial term loans were used to repay in full the approximately $65 million aggregate principal amount outstanding under the company’s existing loan facility.
Affirm said this month that it expanded its partnership with online travel firm Priceline. The new collaboration makes Affirm the buy now, pay later provider for Priceline Partner Solutions, the company’s B2B business. Priceline Partner Solutions partner brands can integrate Affirm into their checkout flow by working with their account team. From there, customers will see Affirm as a payment option for orders of at least $50.
Separately, the company said this week that JD Sports partnered with Affirm to offer pay-over-time options to shoppers as they buy Nike, Adidas, New Balance and North Face at JD Sports and Finish Line locations.
Janover’s stock slid 31% into the end of the month, as measured through November. Early in the month the company’s most recent results logged a 6% YoY gain in the top line to $619,000. Recurring revenues were 22% of the consolidated top line.
KE Holdings’ shares have slipped about 13%.
The company reported last week that in its most recent quarter, gross transaction value (GTV) was 736.8 billion yuan ($105 billion), an increase of 12.5% YoY. GTV of existing home transactions was 477.8 billion yuan ($68.1 billion), an increase of 8.8% YoY. Net revenues were 22.6 billion yuan ($3.2 billion), up 26.8%. Additionally, the number of stores was 48,230 as of Sept. 30, a 12.1% increase from the previous September period.
Flywire’s stock was relatively flat in November.
In an announcement, Flywire detailed a strategic partnership with Blackbaud through which Flywire will become a preferred payment method for international students who pay their tuition and other related expenses to Blackbaud’s K-12 school customers in the U.S.
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