Today in FinTech: Rocky IPOs; Pull raises $12 million

In today’s FinTech news, trade remains volatile for FinTech IPOs as credit unions continue their move toward more digital tools. Latino-focused neobank Pana has joined the Visa FinTech Fast Track program, and Sweater has closed a $12 million round of funding to grow its startup that aims to give the average investor a place at the venture capital table.

Most pandemic FinTech IPOs now trade as ‘busted’

The past few days on PYMNTS’ FinTech IPO Tracker have been volatile, reflecting turmoil in the technology and financial services sectors. The overall IPO index through Feb. 23 is just above 66; the all-time high is 171. Across the companies’ 46 PYMNTS tracks, the average return since IPO has been just over -27%.

Digital tools are opening up new markets for credit unions

While credit unions are known for their customer-friendly service — and that’s a trait most customers appreciate — the industry is discovering that it can apply this notion digitally across many channels. Recreating the in-person in-branch experience in a digital landscape is something credit unions are exploring as they continue to assess customer needs and expectations.

Pana joins the Visa FinTech Fast Track program

Latino-focused neobank Pana is now a member of the Visa FinTech Fast Track program, which will help the startup expand its reach and capabilities. Joining Fast Track will expedite Pana’s onboarding process with Visa and provide the startup with access to Visa’s partner network and team of experts.

FinTech Sweater Closes $12M Venture Funding

Sweater wants to give the average investor a place at the venture capital table and raised $12 million in a funding round to grow his startup and make it happen. The startup’s CEO, Jesse Randall, said “the retail investor revolution is unfolding before our eyes…” and is valued at around $10 trillion.

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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.

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