FinTech IPO Index Flat as Billtrust Increases on Go-Private Deal
Recently, the boom in tech stocks came to an end and was only a temporary blip.
But during the last five sessions, the FinTech IPO Index at least saw modest advances. Sure, there were slight advances; the group’s increase was less than 1%.
No matter how the general markets perform, the S&P 500 Stock Index as a whole is on track to post losses for the third consecutive quarter. An achievement like that hasn’t happened in more than ten years. To put it lightly, the year-to-date performance of the FinTech IPO companies has been under comparable pressure. The index has decreased by over 44%.
As evaluated cumulatively over the preceding few days, there were still some double-digit improvements.
In an all-cash deal that values Billtrust’s stock at around $1.7 billion, Billtrust has been sold to investment firm EQT.
The firm went public last year through a particular purpose acquisition company (SPAC) arrangement, followed by the go-private agreement.
Triterras increased by more than 16%, although the rise didn’t appear to be driven by any company-specific news.
Following reports that PNC Bank will be digitizing more of its mortgage application process through a strategic agreement with FinTech, Blend increased by roughly 3%. With the proper credentials, customers may now apply for a mortgage digitally and integrate bank or salary information. The result will be a reduction in the amount of time needed to find papers.
Following this week’s announcement that Circle Internet Financial, the creator of USD Coin (USDC) and Euro Coin (EUROC), has collaborated with Robinhood to make it simpler for users to understand and utilize USDC, Robinhood was up approximately 2%. Customers on Robinhood Crypto and the new Robinhood Wallet may now buy, sell, and receive USDC thanks to the cooperation.
