In today’s FinTech news, trading remains volatile for FinTech IPOs, while credit unions continue their move toward more digital tools. Latino-focused neobank Pana joined the Visa FinTech Fast Track program, and Sweater closed $12 million in funding to grow its startup that aims to give the average investor a seat at the VC table.
Most Pandemic FinTech IPOs Now Trade as ‘Busted’
The last several days on PYMNTS’ FinTech IPO Tracker have been volatile, reflecting turbulence in the technology and financial services industries. The overall IPO index through Feb. 23 is just above 66; the all-time high is 171. Of the 46 firms PYMNTS tracks, the average return since their IPO has been a bit more than -27%.
Digital Tools Unlock New Markets for Credit Unions
While credit unions are known for their feel-at-home service — and it’s a trait most customers value — the industry is discovering that it can apply that notion digitally across many channels. Re-creating the in-person branch experience across a digital landscape is something credit unions are exploring as they continue to evaluate customers’ needs and expectations.
Pana Joins Visa FinTech Fast Track Program
Latino-focused neobank Pana is now a member of the Visa FinTech Fast Track program, which will help the startup expand its reach and capabilities. Joining Fast Track will speed up Pana’s process of integrating with Visa and offer the startup access to Visa’s partner network and a team of experts.
FinTech Sweater Closes on $12M in Funding for Venture Capital
Sweater wants to give the average investor a seat at the venture capital table and raised $12 million in a funding round to grow its startup and accomplish just that. The startup’s CEO Jesse Randall said the “… retail investor revolution is unfolding before our eyes …” and it’s valued at an estimated $10 trillion.
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NEW PYMNTS DATA: ACCOUNT OPENING AND LOAN SERVICING IN THE DIGITAL ENVIRONMENT
About: Forty-two percent of U.S. consumers are more likely to open accounts with FIs that make it easy to auto-share their banking details during sign-up. The PYMNTS study Account Opening And Loan Servicing In The Digital Environment, surveyed 2,300 consumers to examine how FIs can leverage open banking to engage customers and create a better account opening experience.
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