Klarna and Figure Technology jumped double digits on their first days of trading. They have not traded for a full week yet, but they will be included in the FinTech IPO Index in the coming days.
But enthusiasm for the sector overall helped lift the index by 4.4%.
Opendoor shares jumped by more than 76%. The company said Wednesday that Shopify’s COO Kaz Nejatian would assume the CEO role and co-founder Keith Rabois would serve as chairman.
Partnerships Dominate News
Beyond that management-fueled trading action, partnerships were the key reason several other FinTechs showed notable movement in their share prices.
In a tie-up between Western Union and dLocal announced this week, the strategic alliance forged by the two firms is slated to enable digital payment methods on Western Union’s online platforms in Latin America.
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The agreement aims to provide Western Union customers with a more agile and modern payment experience, per the release, by incorporating alternative and locally preferred payment methods — such as cards and bank transfers — into the brand’s digital channels across countries in Latin America.
Shares of dLocal were up 6.5%.
Oportun shares lost 7.4%. The company said this week that it had extended its partnership with Pathward Financial. The extended agreement, which now runs through 2029, renews Pathward’s role to originate unsecured and secured personal loans nationwide under programs developed and administered by Oportun, as the companies stated in an announcement.
As its partner bank, Pathward’s services power Oportun’s consumer lending solutions that provide underserved populations access to financing.
In other partnership-related news, PYMNTS reported that Paychex has launched a partnership with BILL. This collaboration combines BILL’s Bill Pay tool with Paychex Flex, providing small to medium-sized businesses an integrated service for payroll, human resources and accounts payable.
Bill Pay will allow businesses to automate bill payments while offering multiple way to fund and send payments and save time, resources and money. Users also get access to BILL’s network of more than 8 million businesses to easily find and pay vendors, along with real-time insights into payment statuses. BILL shares gained 10.7%.
Stablecoin issuer Circle has launched a collaboration with digital asset platform Fireblocks.
The partnership, as PYMNTS reported, is aimed at making it easier and safer for financial institutions to develop digital asset offerings.
The combination of Circle’s stablecoin network and Fireblocks’ custody and payments infrastructure and network will “provide cross-border treasury and tokenized asset settlement,” the companies said in a news release. Circle’s stock added 13.8%.
Chime has begun rolling out a new Chime Card that includes 1.5% cash back rewards on rotating categories for Chime+ members. The cash back rewards are tracked automatically in the Chime app and join other Chime+ benefits like 3.75% APY on savings, fee-free overdraft protection with SpotMe, early access to pay with MyPay, priority support and access to exclusive Chime Deals, the company said.
The new Chime Card is being rolled out now and will be available to all members in the coming months, according to the release provided to PYMNTS. Chime’s stock lost 2.8% through the past five trading sessions.
