Today in Payments: Coupang IPO, LendingClub Loans
In today’s top news, Coupang raised $ 4.6 billion on its IPO, and LendingClub reported that lending volumes rose 56% in the fourth quarter. Additionally, Grab is considering going public with a PSPC.
South Korean firm Coupang has filed an initial public offering (IPO) in the United States that raised $ 4.6 billion, the largest share offering this year and above its initial price range. The e-commerce platform is now valued at $ 60 billion.
LendingClub reported net sales of $ 75.9 million on Wednesday, March 10, a loss of 60% from the fourth quarter of last year. But he also reported that loan grants rose 56% quarter over quarter, beating expectations.
Southeast Asian delivery start-up Grab Holdings Inc. is considering going public in the United States through a merger with a Special Purpose Acquisition Company (SPAC), although a traditional IPO is also possible.
FinTech leaders like Afterpay have formed a new business group called the Financial Technology Association, which aims to support financial regulation and promote financial inclusion and opportunities.
Businesses in the US and UK are now doing more overseas trade, but it comes at a cost: they wait 55% more to be paid by these buyers than by those in their home markets. In the Cross-Border Payments Innovation report, PYMNTS interviewed 456 US and UK payments decision makers to find out the three ways these companies are streamlining cross-border payment flows.
After a blistering 2020, there’s not much a consumer can’t access through a subscription these days. As sticky.io CEO Brian Bogosian told Karen Webster in a recent conversation, companies like Twitter and Tripadvisor can take the model into new areas if they keep customer needs at the center.
The digital economy first has taken hold, but alongside the deluge of online shopping, logistics and last mile efforts are bewildered. This means Amazon and others are looking for alternatives to traditional shipping – and the supply chains themselves may need to reorganize with high tech.
Learn more about payments: