Today In Payments: Stripe Eyes Funding Round, $100B Valuation; Payment Stocks Cash In As Relief Rally Takes Hold
In today’s top news, Stripe eyes a new funding round that could boost its value to $100 billion, and payments stocks soared on Tuesday (Nov. 24). Plus, Walmart will begin fulfilling some orders at local stores.
The FinTech Stripe is considering a funding round that could value it as much as $100 billion, which would make it one of the most valuable venture-backed startups in the country.
Stocks have roared on news of vaccines and a more settled presidential transition. Payments companies have ratcheted higher, too, amid consumer spending that has defied the odds. Here’s what may be behind the relief rally.
Walmart announced that it will start fulfilling some of its online orders directly from individual stores, a move that should reduce delivery time while using less packaging and fewer boxes. Some people will be able to get orders on the same day.
Digital auto insurer Metromile plans to go public by merging with publicly traded INSU II (Nasdaq: INAQ), a special-purpose acquisition entity sponsored by Cohen & Company (NYSE: COHN). The new company seeks to expand into 49 states by the end of 2022.
Waiting two weeks to be paid doesn’t have to be par for the payroll course, says Tom Hammond, vice president of corporate strategy and product management for Paychex. In the Real-Time Payments Tracker, Hammond explains how real-time payroll solutions give employees access to wages on demand — and give employers more time to use their cash prior to payday.
Getting paid instantly begins with delivering invoices in real time, says Kim Vodicka, vice president of commercial operations at Dell Financial Services. In the CFO’s Guide to Digitizing B2B Payments Report, Vodicka explains how application programming interface (API)-based integrations between vendors’ AR systems and buyers’ AP systems can take the sting out of invoicing.
The OCC reports that applications for banking licenses are higher than they’ve been in a decade. Here’s why more companies are eying streamlined ways to meet regulatory requirements as they bring new financial service offerings to market.