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Tag: fintech

Fintech firm Adyen posts 34% surge in first-quarter revenue as coronavirus bolsters online payments

Fintech firm Adyen posts 34% surge in first-quarter revenue as coronavirus bolsters online payments

Finance
Pieter van der Does, chief executive officer of Adyen.Simon Dawson | Bloomberg | Getty ImagesDutch financial technology firm Adyen reported rising revenue and core profits in its first-quarter results Tuesday, as the coronavirus pandemic boosted online payments but impacted on margins.The company posted total first-quarter revenue of 135.5 million euros ($ 146.9 million), an increase of 34% from a year earlier. Adyen normally reports half-year and annual numbers, but decided to release an update on its performance at the start of 2020 due to Covid-19.Adyen's earnings before interest, taxes, depreciation, and amortization rose 16% year-on-year to 63.6 million euros, while its profit margin declined to 47%, from 56% last year due to investment into hiring and marketing and a hit to net reven...
Revolut targets $1.5bn to join fintech elite

Revolut targets $1.5bn to join fintech elite

Business
British-based digital payments and banking group Revolut is trying to raise $ 1.5bn (£1.2bn) from investors as part of a quest to become one of the world's most highly-prized fintech companies.Sky News has learnt that Revolut has hired investment bank JP Morgan to orchestrate both a $ 500m (£395m) equity-raise and the issuance of a $ 1bn (£790m) convertible loan in the coming months. If successfully completed, it would catapult the business into the ranks of technology companies which have secured individual funding rounds in excess of $ 1bn (£790m).Sources said this weekend that the company, led by founder and chief executive Nik Storonsky, would target a valuation from the capital-raising of between $ 5bn (£3.9bn) and $ 10bn (£7.9bn) - which would make it the most valuable fintech player
Fintech start-up Stripe notches eye-popping $35 billion valuation after new funding round

Fintech start-up Stripe notches eye-popping $35 billion valuation after new funding round

Finance
Fintech company Stripe is climbing the ranks of the most valuable Silicon companies.Stripe, a San Francisco-based payments company that competes with Jack Dorsey's Square, announced an additional $ 250 million funding round on Thursday, bringing its valuation to an eye-popping $ 35 billion. Venture capital firms Sequoia, Andreessen Horowitz General Catalyst, among other investors, participated in the equity round.The company makes software that allows businesses to accept payments over the internet. Stripe processes payments for a long list of companies, including Airbnb, Lyft and Shopify.It has been one of the most popular venture investments in Silicon Valley as consumers overwhelmingly move to online payments. Its major backers include Peter Thiel, Elon Musk, Google's venture arm Capita...
Advances in fintech are helping financial advisors. Here’s how

Advances in fintech are helping financial advisors. Here’s how

Finance
If some financial advisors seem to know clients' needs before they do, there's a good chance software is part of the reason.Financial technology — or fintech, for short — has increased competition in the advice business via automated online platforms. Yet at the same time, advisors have found that those digital advances have bolstered their ability to serve clients, both by freeing up their time and helping their businesses run more efficiently. "It allows us to better advise our clients, quite frankly," said Lisa Casciaro, a certified financial planner based in Sparta, New Jersey, and president of the state's Financial Planning Association chapter.skynesher | Getty Images "It's been good for advisors, but also for consumers," Casciaro said, adding that she has expanded her client base fro
Fintech start-up Revolut grabs 2 million users and plans to launch commission-free trading service

Fintech start-up Revolut grabs 2 million users and plans to launch commission-free trading service

Finance
Financial technology firm Revolut now has 2 million users signed up to its platform and is planning to launch a commission-free trading service. The London-based start-up said Thursday that its trading platform, called "Wealth," would let users invest in a range of firms listed publicly in the U.K. and the U.S., in addition to other instruments including exchange-traded funds (ETFs) and options. ETFs are securities that let traders invest in a basket of assets such as shares or bonds. Options are contracts that give investors the right — but not the obligation — to buy or sell an asset at an agreed price and date,...