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TESLA DROPS AS MUCH AS 13%, TURNS NEGATIVE FOR THE YEAR
Tesla’s recent slide accelerated on Tuesday, as investors rotated out of high-flying tech names. Shares of the electric vehicle maker dipped as much as 13% the stock’s worst day since Sept. before recovering some of those losses. At 10 a.m. on Wall Street shares were down 7.8%.
HOME DEPOT (HD) SHARPLY LOWER DESPITE STRONG QUARTER
Dow component The Home Depot, Inc. (HD) is trading lower by more than 2% in Tuesday’s pre-market despite beating fourth quarter 2020 top- and bottom-line estimates by wide margins. The company booked a profit of $2.65 per share, $0.28 better than expectations, while revenue surged 25.1% year over year to $32.26 billion, beating consensus by more than $5 billion. Quarterly comparative sales growth of 24.5% tracked a booming housing market, underpinned by the exodus out of northeastern and west coast urban centers.
HEDGE FUNDS THAT HUNKERED DOWN AFTER GAMESTOP ARE NOW MISSING OUT ON MARKET GAINS
Hedge funds are still licking their wounds after a retail trading frenzy forced the industry to slash its overall exposure to stocks, leading to an underperformance in 2021. Last month, an army of retail investors who coordinated on social media managed to push GameStop shares up 400% in just one week, creating massive squeezes in a slew of heavily shorted names. Hedge funds getting burned on their short positions scrambled to take down overall risk and sell winners to raise cash.
BAIDU (BIDU) TRADING LOWER DESPITE STRONG QUARTER
Nasdaq-100 component Baidu, Inc. (BIDU) is trading lower by less than 1% in Thursday’s pre-market session after meeting fourth quarter 2020 revenue guidance and beating profit estimates by a small margin. The Chinese search engine giant earned RMB 20.08 per share during the quarter, or $3.10 per share in greenbacks, while revenue rose 4.8% year over year to RMB 30.26 billion ($4.68 billion). A brief uptick after the news was quickly extinguished by selling pressure.
LEADING FINTECH STARTUP CAPCHASE ANNOUNCES REBRAND, REFLECTING MISSION TO MODERNIZE BUSINESS FINANCE
Capchase, the New York-based provider of non-dilutive capital for recurring-revenue companies, announced today that it has launched a new brand identity that will appeal directly to fast-growing businesses in need of flexible funding.
The new branding includes a refresh of all Capchase digital and print assets, including a new logo, a modular design system which can be iterated for each new product launch, and a new website. Central to the new brand identity is a representation of a ‘fast-forward’ button which can be seen in the absent space of the logo, reflecting Capchase’s ability to help companies accelerate growth by bringing future revenue forward to today, and taking the time out of managing and raising capital.
VEEM ENABLES FINANCIAL INSTITUTIONS ON Q2’S PLATFORM WITH FEE FREE, GLOBAL ACCOUNTS RECEIVABLES AND PAYABLES AUTOMATION
Veem, one of the leading providers of online payment solutions, today announced its availability within the Q2 Innovation Studio Marketplace, making its fee free global accounts receivables and payables (AR/AP) automation platform pre-enabled to 450+ financial institutions (FIs) on the Q2 digital banking platform. This partnership with Q2 Holdings, Inc. (NYSE:QTWO), a leading provider of digital transformation solutions for banking and lending, enables Veem’s payment and AR/AP solutions to be delivered directly to FIs’ customers and small businesses.
NETSUITE ANNOUNCES SUITEBANKING, THE FIRST CLOUD ERP TO INTEGRATE FINTECH INTO A UNIFIED SUITE
To help organizations improve forecasting and make more strategic cash decisions, Oracle NetSuite today announced SuiteBanking. As the first unified suite that embeds fintech into cloud ERP, SuiteBanking helps customers automate key financial processes and gain full visibility into cash flow. By bringing together automated accounts payable and accounts receivable processes, SuiteBanking makes it fast and easy to pay bills, send invoices, and get paid, all from within NetSuite.
COGNIZANT AND ALVEO COLLABORATE TO OPERATIONALIZE ESG DATA FOR THE FINANCIAL SERVICES INDUSTRY
Cognizant today announces an agreement with Alveo to jointly offer a comprehensive Environmental, Social and Governance (ESG) data management solution to the financial services industry. The collaboration will offer firms the ability to operationalize ESG data, integrate it into business processes for better portfolio options and address the rapidly evolving regulatory environment.
Using its digital expertise and knowledge of clients’ business, Cognizant will provide data operations and technology services to support the implementation and management of Alveo’s ESG Data-as-a-Service (DaaS) solution. Alveo’s technology has built-in capabilities exclusive to the financial services industry, including mappings between data sources and regulatory requirements. Its platform provides clients with an overview of data operations as well as the ability to query and investigate ESG data, including complete lineage. With Cognizant’s help, these capabilities will be uniquely integrated into clients’ application landscapes, business workflows and reporting requirements.
PAGAYA PARTNERS WITH SOFI TO EXPAND ACCESS TO FINANCIAL SERVICES AND CREATE OPPORTUNITIES FOR CUSTOMERS
Pagaya Technologies Ltd., a financial technology company that enables financial institutions to expand access to more customers through its artificial intelligence network, today announced its new partnership with SoFi, the digital personal finance company. The new partnership will enable SoFi to broaden members’ access to its financial products.
Pagaya’s proprietary artificial intelligence, technology and infrastructure enables FinTechs, banks, and other loan providers to offer consumers more robust access to financial products outside the existing traditional credit models. Pagaya’s machine learning models are designed to reduce risk for lenders and help better inform credit decisioning. The company’s partnership with SoFi is the largest deployment of its technology in the fintech marketplace to date.
KYRIBA LAUNCHES NEW WORKING CAPITAL SOLUTIONS TO CLOSE THE $3.4 TRILLION TRADE FINANCING GAP
Kyriba, a global leader of cloud-based finance and IT solutions, announced the launch of new Kyriba Working Capital Solutions as part of its bold effort to close the reported $3.4 trillion trade financing gap1 and help corporate buyers support all suppliers, especially at risk SME suppliers. The Company further invested in its Working Capital Solutions team and is rapidly growing its marketplace of global funding partners to improve access to liquidity amid a historic disruption to international trade.
GAINFULLY JOINS WHITE GLOVE TO ACCELERATE GROWTH IN ENTERPRISE FINANCIAL SERVICES
White Glove, a portfolio company of Rockbridge Growth Equity and fintech marketing company specializing in client acquisition services for financial advisors, announced the acquisition of Gainfully Inc., an industry leader in compliance-enabled content marketing technology for enterprise insurance and financial services companies. With the acquisition of Gainfully, White Glove continues its growth in serving financial advisors, with a rapidly expanding focus on its done-for-you services and performance-based marketing to financial enterprises using this robust technology platform.
LENDABLE TO LAUNCH $100 MILLION EMERGING MARKET FINTECH FUND WITH LEADING IMPACT AND DFI INVESTORS
Lendable Inc. (“Lendable” or the “Firm”), a leading emerging market fintech credit provider, is targeting a ground-breaking $100 million closed-ended fund focused on emerging and frontier market fintech investments.
The Lendable MSME Fintech Credit Fund (the “Fund”) is designed to unlock access to financial services for over 150,000 Micro, Small and Medium Enterprises (MSMEs), providing investors with high impact exposure to important markets and the potential of high uncorrelated returns.