The Fed’s signaled a pause for now — and rate cuts on the horizon.
The near-term horizon, that is, and as has been widely reported, the central bank anticipates that there are as many three cuts to come in 2024.
If interest rates back off from their 22-year highs, then the logic follows that consumers and businesses will tap credit conduits more readily than they have in the recent past, and loan origination volumes will pick up, from personal loans to mortgages.
Several lending platforms contained in the FinTech 100 Index soared double digits — more than 30% in some cases — on the above scenario, pushing the overall Index 7.3% higher through the past five sessions.
Upstart led the pack, leaping 33.5%, followed by Blend, which gathered 30.8%, and trailed only slightly by Opendoor Technologies, which rocketed 28.5% higher.
Upstart said in a release that it had partnered with Mutual Security Credit Union, a $390+ million FI focused on western Connecticut, to provide personal loans to more people. Mutual Security Credit Union became an Upstart Referral Network lending partner in September of this year, the companies said. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet MSCU’s credit policies will receive tailored offers.
BILL shares gained 11.3%.
The company said last week that new features are now available for its Spend & Expense solution, formerly known as Divvy, to help SMBs and accounting firms manage their finances. New features include new avenues through which users can customize spend target limits, consolidate controls to manage spending easier, and group budgets together for easier management of those budgets.
Affirm continued its ascent, gaining 13.8%. The BNPL company has teamed with digital gift card distributor Blackhawk Network. Shoppers can now use Affirm to purchase digital gift cards on the company’s app or website with a “quick, real-time approval process.” After they’re approved, according to the companies’ announcement, consumers can choose from one of Affirm’s installment payment plans.
Alkami, whose shares gained 3.3%, has been selected by the Credit Union of Texas (CUTX) to provide the first online business banking platform available to CUTX’s business members. The companies said that the business banking solution enables a digital banking experience that onboards new users easily and increases product penetration, adoption, and engagement.
Nuvei’s stock was up nearly 8%.
The company has partnered with Familiprix, a
retail pharmacy network based in Quebec, Canada, to launch an eCommerce app. Per this week’s details, the app enables Familiprix’s affiliated pharmacists to accept online payments for the first time. That payments acceptance, per the release, will help maximize acceptance rates, and offer end users a secure checkout experience in eCommerce settings.
Expensify shares were up slightly, adding 0.4% through the week. As noted here, Expensify has launched a new integration with Booking.com for Business.
The collaboration lets business travelers automatically upload travel receipts from Booking.com for Business directly into Expensify at booking, as had been reported this week.
The integration eliminates manual data entry and reduces potential errors, the companies said.
