110.10 +0.28 (0.25%)
After hours: 7:59PM EDT
|Bid||110.10 x 1000|
|Ask||110.69 x 1800|
|Day's range||108.40 - 110.02|
|52-week range||74.66 - 121.48|
|Beta (3Y monthly)||0.84|
|PE ratio (TTM)||52.35|
|Earnings date||16 Oct 2019 - 21 Oct 2019|
|Forward dividend & yield||N/A (N/A)|
|1y target est||126.64|
Tala, a Santa Monica, Calif.-headquartered startup that creates a credit profile to provide uncollateralized loans to millions of people in emerging markets, has raised $110 million in a new financing round to enter India's burgeoning fintech space. The Series D financing for the five-year-old startup was led by RPS Ventures, with GGV Capital and previous investors IVP, Revolution Growth, Lowercase Capital, Data Collective VC, ThomVest Ventures and PayPal Ventures also participating in the round. The new round, which takes the startup’s total fundraising to more than $215 million, valued it above $750 million, a person familiar with the matter told TechCrunch.
A revenue miss was the last thing investors expected when PayPal delivered its second-quarter results in July. The stock has since bounced back.
Synchrony Financial's (SYF) interest income and strategic initiatives should aid revenue growth. This will likely boost its share price further.
(Bloomberg) -- JPMorgan Chase & Co. is planning to shut down its Chase Pay app in the bank’s third reversal on digital offerings in three months.The company started informing customers Wednesday that they’ll no longer be able to use the product to pay with their smartphones when shopping in stores starting early next year, according to an email seen by Bloomberg. They’ll still be able to use Chase Pay on the websites and apps of retailers that accept it.It’s an about-face on a product introduced four years ago to compete with rivals such as Apple Inc. that are working to transform how consumers pay for products and services. New technologies have spurred a revolution in mobile payments, with Chinese companies leading the way in helping consumers bypass credit and debit cards. The U.S. market has been slower to develop.“When we started this, it was four years ago -- the payment space has changed a lot over the period of time and customer behavior has changed,” Eric Connolly, head of Chase Pay, said in an interview. “A lot of merchants have shifted to ‘buy online, pick up in store’ and have invested in their online presence and their apps.”The bank says it wants to capture a larger share of a market long dominated by PayPal Holdings Inc., whose digital wallet was accepted by about 70% of online merchants at the end of the second quarter. Fewer than 1% accepted JPMorgan’s, according to a study by industry publication PYMNTS.com.Pablo Rodriguez, a JPMorgan spokesman, declined to say how many online retailers currently accept Chase Pay, adding that the bank expects that number to increase. In a statement on Wednesday, the company said that GrubHub Inc. will soon accept it.Shares of the bank, which have climbed 11% this year, advanced 0.8% to $108.16 at 9:33 a.m. in New York.Finn, On DeckJPMorgan has shown a greater willingness than rivals to cut bait on unsuccessful projects as it spends more than $11 billion on technology initiatives designed in part to position the bank to stay ahead of changes in how consumers spend money.Some of the bank’s other digital experiments have failed to take hold. In June, it shut down digital bank Finn a year after rolling out the brand nationally. A month later, it cut ties with fintech company On Deck, whose technology platform it had used to originate online small-business loans.JPMorgan has been testing other technologies to lure consumers to spend more on its cards. It has been adding tap-to-pay technology to its cards and joined with Cardlytics Inc. to offer coupons for select merchants inside its mobile app. In February, it unveiled a prototype cryptocurrency, dubbed JPM Coin, that it plans to use to speed up payments between companies.(Updates with JPMorgan’s digital experiments starting in seventh paragraph.)To contact the reporters on this story: Michelle F. Davis in New York at firstname.lastname@example.org;Jenny Surane in New York at email@example.comTo contact the editors responsible for this story: Michael J. Moore at firstname.lastname@example.org, Steve Dickson, Daniel TaubFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Banking on growing revenues, strategic capital management and high card sales volume, Discover Financial (DFS) holds potential to benefit investors.
Euronet Worldwide (EEFT) assists the Commercial Bank of Ceylon to launch the first unique Quick Response (QR)-based payment application in Sri Lanka.
CEOs of consumer-facing brands have been careful to align their companies in partisan Trump era politics. Here are some of the business leaders who have thrown dollars behind the President.
(Bloomberg) -- A top long-only equity hedge fund is betting big on Internet dating.Helsinki-based HCP Focus, which has a slim portfolio of only 12 “high-conviction” stocks, has 16% of its funds invested in Tinder-operator Match Group Inc. The owner of subscription-based online dating websites and applications has risen 93% so far this year, with a surge in new Tinder subscribers boosting second-quarter revenue and fueling a record gain on August 7. HCP entered the stock at the beginning of 2017.“If you’re a heterosexual single guy, you don’t really care about the technical details,” Ernst Gronblom, portfolio manager at Helsinki Capital Partners, said by phone on Thursday. “When a dating platform has reached critical mass, it’s very, very hard to dislodge it. If a competing platform tries to enter the market, it’s very hard to convince people to create accounts on several dating platforms.”HCP Focus manages about 70 million euros ($78 million) and was the top long-only equity fund over the three years through the first quarter, according to BarclayHedge. It returned an average 22% a year in the past five years through July. Match is its biggest holding, followed by Amazon.com Inc., which has been one of the main holdings since the start of the fund.“It’s not overvalued,” he said. “But I don’t see an explosive upside in it anymore because it’s so huge. It has the potential to give a reasonably good return for quite some time.”Gronblom focuses on companies with network effects that can create “natural monopolies”. He also holds PayPal Holdings Inc., Alibaba Group Holding Ltd and Facebook Inc., which has the strongest network effects “of any big company on the planet,” he said.Zeroing in on just 12 stocks is the “sweet spot” for Gronblom, giving enough diversification to keep volatility in check yet concentrated enough to give the full benefits of stock-picking, he said. That’s a strategy that has outperformed in recent years, but it faces risks in the short term from a global bear market.“Most of my portfolio companies are highly valued, at least according to traditional metrics,” he said. “If there’s a panic in the market these companies will typically suffer more severe losses than regular companies.“To contact the reporter on this story: Jonas Cho Walsgard in Oslo at email@example.comTo contact the editors responsible for this story: Jonas Bergman at firstname.lastname@example.org, Stephen TreloarFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- When Swedish banking firm Klarna became Europe’s most valuable financial technology startup last week, it was only the latest sign that digital finance has escaped the troubles afflicting legacy lenders.Its latest fundraising gave Klarna, which facilitates online installment payments, a $5.5 billion valuation. European fintech companies raised $3.3 billion in venture capital in the first half of 2019, up from $1.9 billion in the same period last year, according to data compiled by CB Insights. In contrast, an index of European Union banks has dropped 39% the past 18 months.“Investors are drawn to it because it’s the perfect blend of a huge, mature industry which, empowered by technology, can deliver vast returns, far in excess of what you see if you’re starting up out of nowhere,” said Ben Brabyn, chief executive officer of Level39, one of Europe’s largest fintech accelerators, in an interview.Here are a few other recent industry highlights and what to watch out for next.Fintechs Flout Brexit WorriesLondon fintechs defied the Brexit gloom that descended on the the U.K. Transferwise Ltd. announced a funding round in May that valued the eight-year-old company at $3.5 billion, up from $1.6 billion in 2017. A few weeks later, online bank Monzo closed a new funding round doubling the startup’s valuation to more than $2.5 billion. Meantime, Revolut Ltd., while being eyed by regulators for possible compliance lapses, expanded into stock trading. They weren’t all winners: shares of peer-to-peer lender Funding Circle Ltd. have plunged 65% this year.IZettle’s Surprise PayPal SaleIt was the midnight deal that surprised many -- PayPal Holdings Inc. purchased iZettle AB for $2.2 billion in May 2018 the night before the Swedish startup had planned to price its shares in an initial public offering. Stockholm-based iZettle competes with Twitter co-founder Jack Dorsey’s Square Inc., and Canada’s Shopify Inc.Adyen Soars After IPODutch payments processor Adyen NV hit headlines for two reasons last year. First, in February, it was announced the Netherlands-based firm would replace PayPal as EBay Inc.’s global checkout service. Then in June, it held a billion-dollar IPO and saw its shares surge 90% in the first day of trading. The company, whose clients include Netflix Inc. and Spotify Technology SA, is now valued at 20 billion euros ($22.4 billion)Worldpay’s $35.5 Billion DealAs one of the world’s biggest payments firms, Worldpay Inc. handles about $1 trillion annually -- similar to Chase Paymentech. When Fidelity National Information Services Inc. said on July 31 it’d completed its $35.5 billion acquisition of the company, data compiled by Bloomberg showed the combined business will be the world’s biggest in the processing and payments industry. It wasn’t a bad day for Ohio-based Worldpay, which less than two years earlier had been a British enterprise snapped up for 7.7 billion pounds ($9.3 billion) by U.S. merchant acquirer Vantiv.What’s Next?N26, the German mobile bank backed by billionaire Peter Thiel, announced in July it had extended its most recent fundraising round to $470 million, at a valuation of $3.5 billion. The company is expanding from Europe to the U.S., betting it can attract users from established lenders and credit card providers with free accounts, fewer fees and phone alerts.Other companies to watch include Revolut, which despite multiple run-ins with controversy remains exciting to investors after it held one of the biggest fundraising rounds for a European fintech last year, and app-based banks Monzo and Starling, which are attracting customers at a rapid clip.Further down the line is the U.K.’s online lender Zopa Ltd., which its CEO Jaidev Janardana said in July could potentially hold an IPO in 2021.“The valuations are encouraging but they’re not enough. They’re just an early indicator. The important numbers to watch are the customers,” said Brabyn. “We all need to step up to demonstrate the public value of what we do.”To contact the reporter on this story: Ali Ingersoll in London at email@example.comTo contact the editors responsible for this story: Giles Turner at firstname.lastname@example.org, Nate Lanxon, James HertlingFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
While PayPal’s (PYPL) Venmo has been crushing its competition, PayPal recently launched Xoom’s digital remittance service in 32 European markets.
PayPal (PYPL) introduces instant transfers to bank accounts via Venmo which is likely to aid its competitive edge against the other tech giants trying to strengthen presence in the banking sector.
PayPal -owned payments app Venmo today announced support for instant transfers to U.S. bank accounts. The feature is an optional alternative to Venmo's standard bank transfer service, which typically takes one to three business days to process transactions. With Instant Transfer, however, funds from your Venmo account can hit your bank account within minutes.
The Federal Reserve got some push to build a real-time payments network from the gas station lobby and, indirectly, Facebook.
If you are looking for a fast-growing stock that is still seeing plenty of opportunities on the horizon, make sure to consider PayPal Holdings (PYPL).