In today’s news, Figure set up a SPAC to raise $250 million, and Affirm reported solid growth in 2020 in its first earnings call. Plus, BNY Mellon launched a digital asset platform, the first global financial institution to do so.
Blockchain mortgage lender Figure is launching a special purpose acquisition company (SPAC), called Figure Acquisition Corp, in an effort to raise $250 million. Figure uses its own blockchain called Provenance to partially automate the issuance of mortgages and loans.
Buy now, pay later (BNPL) platform Affirm held its first earnings call as a public company Thursday (Feb. 11), presenting solid metrics for 2020 and a case for its continued growth in 2021. But the pace of that growth was called into question as the company expected third-quarter gross merchandise volume (GMV) to decline.
BNY Mellon announced plans to launch an integrated service for digital assets, advancing the growth of bitcoin, cryptocurrency and other digital assets. The country’s oldest bank is the first global financial institution to announce such plans.
U.S. Treasury Secretary Janet Yellen has sounded the alarm on fraud (money laundering and terrorist financing) done through digital means, especially with cryptocurrencies. Financial innovation can help bring the battle right to the digital front — and better ID verification can be a potent weapon.
Scarcity sells. A lot. Nearly half of consumers who’ve participated in product drops, flash sales and/or exclusive sales want to do it again. In a new study Product Drops: Retail’s New Conversion Play, PYMNTS asked 2,298 U.S. consumers how they engage with these one-time, exclusive sales events and discovered what merchants must to do capture their interest and their spend.
Loyalty and rewards programs could turn 1 in 5 occasional restaurant customers into regular patrons. The problem: 53 percent of occasional diners don’t use these programs because they don’t think they are available. In Delivering On Restaurant Rewards, PYMNTS surveyed 2,079 U.S. consumers to learn how restaurants can leverage loyalty programs to boost restaurant order frequency and spend.
Approaching the one-year mark of the COVID-19 lockdown, retailers are reevaluating their business models and priorities. This week, supermarkets are expanding, adopting new technologies and contemplating major changes.