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Today in FinTech: Downtrends in the FinTechIPO™ Index

In today’s FinTech news, Pyypl wants to help bridge the payment gap in the UAE by using blockchain for cross-border payments. FinTech IPO tracker PYMNTS continues to see a downward trend, and Australian digital investment bank Zeller is becoming a unicorn. GameStop has moved closer to developing its NFT plans with the hiring of a legal veteran with FinTech, Crypto, NFT and Blockchain expertise.

Pyypl CEO makes the case for blockchain when sending cross-border payments

In an interview with PYMNTS, Antti Arponen, Founder and CEO of UAE-based digital payments and financial services provider Pyypl, said that despite tremendous progress and adoption of mobile money services, there remains a gap. . He pointed out that mobile money was inconvenient and expensive for some transactions due to reliance on a bank.

Arponen said Pyypl – a blockchain on-demand liquidity solution – and similar financial service providers can fill the void where around 800 million smartphone users “just need to make those daily payments, as usual. “. Using blockchain technology, Pyypl also allows users to make cross-border transfers without the need for a bank account or credit card.

FinTechIPO™ Index Shows Continued Weakness Against Broader Markets

FinTech initial public offerings (IPOs) continue a trend of underperformance relative to the broader market, according to the latest reading from the PYMNTS FinTech IPO tracker, which surveys a group of 45 companies. March started with a reading of 70.5 compared to a pandemic benchmark of 100. The group of 45 lost about 30%.

The Russian invasion of Ukraine played into the uncertainty that still plays a role in market performance. The general benchmarks against which the PYMNTS tracker is measured are also down. The Nasdaq is down about 5% year-to-date and the S&P is down about 11%.

Zeller Bank goes unicorn with latest $100 million funding

Digital merchant bank Zeller is now an Australian unicorn after its $100m funding round. The startup was founded in 2020 and strives to provide business owners with any financial services product or solution they might need. Its out-of-the-box payment platform attracted more than 10,000 businesses in the startup’s first eight months of operation.

GameStop Appoints Duane Morris FinTech Legal Vet Cindy Yang

As GameStop continues to transform from a physical video game retailer into an e-commerce technology marketplace, its aspirations to do something with non-fungible tokens (NFTs) continue to take shape. The company recently put out a call to hire NFT creators, and that’s in addition to the 20 people already in place to lead the unit. Now, FinTech legal expert Cindy Yang joins us to help guide legal and regulatory issues regarding blockchain, digital assets, NFTs, metaverse, web3, and NFT games.

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NEW PYMNTS DATA: ACCOUNT OPENING AND LOAN SERVICE IN THE DIGITAL ENVIRONMENT

On: Forty-two percent of US consumers are more likely to open accounts with financial institutions that facilitate automatic sharing of their bank details upon sign-up. The PYMNTS study Account opening and loan management in the digital environmentsurveyed 2,300 consumers to explore how FIs can leverage open banking to engage customers and create a better account opening experience.