IPO Index Loses 3% Despite New Product Launches
Summary
Product announcements, new pacts, cash back cards — none of it enough to give PYMNTS’ class of digital startups, newly trading on U.S. stock exchanges, a bounce. And company news was scant, although a smattering of headlines showed that beyond the vagaries of stock movement, FinTechs, and specifically platform firms, are busy expanding their products and service offerings. Ziglu lets customers buy and sell 11 cryptocurrencies, earn yield via its Boost products, pay using a debit card, and move and spend money around the world with no fees. Affirm, which sank 6% through the past several sessions, said it was extending its partnership with social marketplace Poshmark to offer increased payment flexibility to shoppers. Blend Labs, although focused on mortgage tech, came out with a visible nod to the fact that even disruptors are not immune to the macro environment and there are only so many options any company has when confronted with those pressures.
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