Today In Payments: China’s Ant IPO Suspension Likely Came From The Top; LendingClub Q3 Loan Volume Snaps Back
In today’s top news, China’s suspension of Ant Group’s IPO likely came from top officials, and LendingClub’s third-quarter earnings boasted an impressive rebound. Plus, Uber reports earnings tonight (Nov. 5), after scoring a big win in California over gig worker status.
China’s move to suspend Ant Group’s anticipated blockbuster initial public offering (IPO) likely came from the top echelon of the Chinese government. Officials in Beijing were concerned about explosive investor interest in the planned $37 billion IPO by the world’s largest FinTech and how it might impact the public markets.
LendingClub, the country’s top provider of personal loans, said in earnings results Wednesday (Nov. 4) that demand for borrowing snapped back 80 percent in the third quarter, while the performance of its pre-pandemic portfolio continued to be resilient.
Uber is set to report third-quarter earnings Thursday (Nov. 5) just as the company’s stock is soaring on the election victory of Proposition 22, a California referendum to exempt ridesharing companies from the state’s AB 5 gig worker law. Here’s a look at what to expect.
Private sector payroll was sluggish in October, adding only 365,000 jobs, according to an ADP report on Wednesday (Nov. 4). The numbers missed optimistic projections as coronavirus infections continued to surge.
Consumers are no longer sticking with digital because it’s the only game in town; they’re staying digital because it’s the better game in town. Brian Cole, Visa’s North America senior vice president and head of product, tells Karen Webster that revolutionizing the new customer journey requires continual digitization and point-of-sale innovation.
Manual, paper-based payments and processes can cost construction firms $50,000 a year, says Jeff Freese, controller at commercial wall-system contractor Nevell Group — and why virtual cards appeal to chief financial officers who want to digitize the process and pay suppliers faster.
Optimism is breaking out all over the ad world as Big Tech companies and big ad agencies report a huge uptick in ad revenue. The increase could portend a similar jump in consumer spending this holiday season.