Affirm IPO sees shares surge 98%

Affirm, a San-Francisco buy now, pay later (BNPL) fintech, has almost doubled its value following a successful initial public offering (IPO) on 13 January.

The fintech, led by PayPal co-founder, Max Levchin, priced its shares at $49 a piece, above its target range of $41 to $44 each.

Affirm managed to more than halve losses by June 2020

Shares then surged to $97.24 at the market close. That’s a 98% gain jump from the IPO price.

Affirm closed its IPO with a market value of more than $23 billion. The company has a fully diluted valuation of almost $30 billion, including options and restricted stock units, according to Bloomberg calculations.’

The fintech filed for its IPO back in October, but kept all the financials private.

For Levchin, it marks almost two decades since PayPal went public. He owned a stake in Affirm worth almost $1.4 billion at its IPO … Read the rest

Next consortium in pole position to buy Philip Green's Topshop empire

Arcadia, which employed 13,000 staff in 500 outlets when it collapsed, up for auction

A consortium that includes high street giant Next is thought to be in pole position to buy Sir Philip Green’s Topshop empire out of administration.

Arcadia, which employed 13,000 people across 500 outlets at the time of last year’s collapse, is being auctioned, with Monday being the deadline for final bids.

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Video: Top fintech stories this week – 15 January 2021

The FinTech Futures weekly round-up of the industry’s top stories and developments from across the globe.

This week we cover:

 

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