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传支付巨头Klarna(KLAR.US)9月重启美股IPO 估值或达140亿美元
智通财经网· 2025-08-27 05:47
值得注意的是,媒体此前曾报道称,今年3月Klarna的IPO估值目标超过150亿美元,而在2021年的估值 目标约为460亿美元。 在即将启动IPO之际,Klarna第二季度因大幅增加贷款损失拨备而面临盈利压力。由于其"公平融资"产 品的快速普及,Klarna上调了信用损失准备金,这导致Klarna录得5300万美元税前亏损,较上年同期 1800万美元亏损有所扩大。 最新运营数据显示,Klarna全球活跃用户达1.11亿,同比增长31%,合作商户79万家。 智通财经APP获悉,据两位知情人士透露,瑞典"先买后付"巨头Klarna(KLAR.US)计划在此次美国首次 公开募股(IPO)中寻求130亿美元至140亿美元的估值。此次IPO可能会在9月进行。 由于美国总统唐纳德·特朗普的关税声明引发市场动荡,这家数字支付公司曾在4月份暂停了IPO计划。 然而,7月份有媒体报道称,该公司最早可能在9月重启IPO。 据报道,Klarna股票最早可能在本周确定发行价,价格区间为每股34至36美元。 知情人士透露,该公司计划通过IPO筹集近10亿美元资金。 ...
Affirm Holdings: Sell AFRM Stock Now?
Forbes· 2025-08-26 13:40
CANADA - 2025/04/18: In this photo illustration, the Affirm Holdings logo is seen displayed on a smartphone screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty ImagesAffirm Holdings (NASDAQ: AFRM), a fintech company offering buy now, pay later services and point-of-sale payment solutions, is set to announce its earnings on Thursday, August 28, 2025. Historically, Affirm’s stock has frequently dropped after earnings releases. Over the past f ...
Sezzle (SEZL) - 2025 Q2 - Earnings Call Transcript
2025-08-07 22:00
Financial Data and Key Metrics Changes - Total revenue for Q2 2025 grew 76.4% year over year to $98.7 million, with adjusted net income nearly doubling, increasing 91.8% year over year to $24.4 million [22] - GAAP net income decreased slightly to $27.6 million due to a significant discrete tax benefit in the previous year [22] - Gross margins improved to 61%, with a net income margin of 28% [10][22] - The adjusted EBITDA margin increased to 38.4% of total revenue, reflecting strong operational efficiency [28] Business Line Data and Key Metrics Changes - Monthly active users rose 52% year over year, with revenue-generating user engagement increasing 138% [14] - The number of mods increased 14% sequentially and 62% year over year, indicating strong growth in user engagement [15] - The Anywhere product line showed the highest lifetime value among offerings, with 37% of orders being in-store [16] Market Data and Key Metrics Changes - GMV (Gross Merchandise Volume) grew 74.2% year over year, driven by new product adoption and higher consumer engagement [23] - The take rate improved slightly year over year to 10.6% [23] - The company served 412,000 different merchants during the quarter, indicating a broadening market presence [18] Company Strategy and Development Direction - The company is focused on efficient customer acquisition and retention, with marketing spend increasing significantly to $8.8 million from $1 million in the prior year [11] - A shift in marketing strategy towards more efficient channels is expected to yield long-term benefits [12] - Continuous innovation and product enhancements are central to the company's strategy, with a strong emphasis on customer engagement [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to adapt to changing economic conditions, highlighting the flexibility of their underwriting process [45] - The competitive landscape remains stable, with no significant changes in pricing or offerings from major competitors [48] - The company reaffirmed its full-year guidance across all key financial metrics, indicating sustained growth and strength in engagement, frequency, and retention [30] Other Important Information - The company ended the quarter with $120 million in cash, including $31 million of restricted cash [29] - A lawsuit with Shopify is ongoing, with no major updates expected in the near term [49] Q&A Session Summary Question: Can you discuss the mix of mods between on-demand, premium, and anywhere? - The primary growth in mods was from on-demand, which has a lower barrier to entry, while subscribers have held steady [34] Question: How does profitability differ between on-demand and premium or anywhere? - Anywhere is the most profitable due to high usage, followed by premium, while on-demand has the lowest margins and lifetime value [36][38] Question: What is the outlook for underwriting and expense management in a volatile macro environment? - The company monitors default rates daily and can adjust credit limits quickly, providing flexibility in managing risk [45] Question: Any updates on the competitive landscape and pricing changes? - There have been no significant changes in pricing or offerings from competitors like Klarna and Zip [48] Question: Update on the lawsuit with Shopify? - No major updates are available, and the process may take several years [50]
深度观察|从天崩开局到销量井喷,出海品牌靠什么一夜逆袭?
3 6 Ke· 2025-05-20 02:01
Core Insights - The recent reduction of tariffs by 91% and the suspension of 24% reciprocal tariffs between China and the U.S. has provided a significant boost to over 120,000 Chinese cross-border e-commerce companies, encouraging them to explore independent online platforms for international markets [3] - Despite the positive tariff developments, brand operators are reflecting on the need for diversification in their business strategies, emphasizing the importance of independent sites as a standard for overseas expansion [3] - Airwallex has identified and addressed five common payment challenges faced by brands during their international expansion, providing solutions based on real cases from servicing 150,000 global clients over the past year [3] Payment Challenges - Consumers globally prefer to use familiar payment methods, with 94% indicating they would abandon a purchase if their preferred payment option is not available [6] - Different regions have varying popular payment methods, complicating the payment integration process for cross-border merchants [6][7] - Airwallex's payment solution supports over 160 payment methods, allowing merchants to accept payments seamlessly across various platforms without the need for extensive coding [7] Local Currency Pricing - A significant pain point for brands is the lack of local currency pricing on their websites, which can lead to a 30% abandonment rate among European customers during the checkout process [9][11] - Airwallex offers an automatic currency conversion feature that displays local currency prices, which can reduce abandonment rates and expand payment options for consumers [13] Buy Now, Pay Later (BNPL) Integration - The BNPL payment method is increasingly popular, especially among younger consumers, with 65% indicating they would purchase items they otherwise wouldn't if this option is available [17] - Airwallex facilitates the integration of BNPL options like Klarna and Afterpay, enhancing the checkout experience and increasing conversion rates [18] User Experience Improvements - Many merchants face high abandonment rates due to cumbersome payment processes, with one case showing a 65% drop-off after entering credit card information [20][22] - Airwallex provides lightweight, low-code integration solutions that allow merchants to create branded checkout experiences, significantly improving payment success rates [24][25] Cost Optimization - Cross-border merchants often incur hidden costs due to currency conversion fees, which can erode profit margins [26][28] - Airwallex's solution allows for multi-currency accounts, enabling direct acceptance of local currency payments and reducing unnecessary conversion fees [30][31] - A case study showed that a sportswear brand reduced currency exchange costs by over 15%, leading to a 60% increase in sales in the first month after optimization [32]
英国政府:从明年开始,“先买后付”公司(BNPL) 将需要遵循一致的标准。
news flash· 2025-05-19 08:41
Core Viewpoint - The UK government will implement consistent standards for "buy now, pay later" (BNPL) companies starting next year [1] Group 1 - The new regulations aim to enhance consumer protection and ensure responsible lending practices within the BNPL sector [1] - BNPL companies will be required to conduct affordability checks and provide clearer information to consumers regarding their financial obligations [1] - The move is part of a broader effort to regulate the rapidly growing BNPL market, which has seen significant uptake among consumers [1]
Marqeta (MQ) FY Conference Transcript
2025-05-13 19:30
Summary of Marketa Fireside Chat Company Overview - **Company**: Marketa - **Industry**: Payments and IT services Key Points and Arguments 1. **Current State of the Company**: Marketa is transitioning from hyper growth to a more mature phase, now operating EBITDA positive with diversified business lines [4][5][6] 2. **Portfolio Migration**: The company is migrating portfolios from other platforms to its modern platform, which is expected to enhance future business opportunities [5][8] 3. **White Label App Development**: Marketa is building a white label app to assist customers in market entry, indicating a focus on user experience [5][6] 4. **Program Management in Europe**: The company has expanded its offerings in Europe, which are now more comprehensive than a year ago [6][9] 5. **Customer Base Expansion**: Existing customers are expanding their offerings and geographies, with eight out of the top ten customers having multiple programs with Marketa [12][13] 6. **Macro Environment**: The macroeconomic environment is stable, with healthy consumer spending, although Marketa acknowledges some exposure to economic cycles [17][20] 7. **Discretionary Spending**: Less than 25% of spending on Marketa's platform is in high discretionary categories, making it less exposed to economic downturns compared to peers [20][21] 8. **Non-Block Business Growth**: The non-Block business has been growing at twice the rate of the Block business, indicating strong performance outside of its largest customer [23][24] 9. **European Market Growth**: TPV in Europe has been growing over 100% for several quarters, with a focus on multinational customers [27][29] 10. **Regulatory Environment**: The onboarding process has improved, with no significant impacts from regulatory changes, allowing for faster execution [32][33] 11. **Competitive Landscape**: Marketa does not see a significant shift in competition, as it targets a wide range of use cases and primarily focuses on non-bank businesses [38][39] 12. **RFP Process**: The company continues to engage in both RFPs and referrals, with no significant changes in the sourcing process [41][42] 13. **Stablecoin and BNPL Demand**: Marketa sees opportunities in stablecoin and BNPL markets, with growing interest from customers [44][48] 14. **Tokenization and AI**: The company is well-positioned to support tokenization and AI-driven commerce, leveraging existing capabilities [51][52] 15. **Future Growth Trajectory**: Marketa aims for a sustainable growth trajectory of around 20%, driven by geographic diversification and additional service offerings [69][70] Other Important Insights - **CEO Search**: The search for a permanent CEO is ongoing, with no immediate updates, allowing the interim CEO to focus on business operations [73][75] - **Customer Relationships**: The company is enhancing its relationships with existing customers by offering additional services, which is expected to stabilize take rates [64][66]
Affirm(AFRM.US)Q3扭亏为盈 Q4营收预测不及预期
Zhi Tong Cai Jing· 2025-05-08 22:31
Core Viewpoint - Affirm reported stronger-than-expected earnings for the third quarter of fiscal year 2025, but its revenue forecast for the fourth quarter fell short of analyst expectations, leading to a 10% drop in stock price during after-hours trading [1]. Group 1: Financial Performance - For Q3 FY2025, Affirm's earnings per share were $0.01, exceeding the expected loss of $0.03 per share, with a net profit of $2.8 million compared to a loss of $133.9 million in the same period last year [1]. - Revenue for the quarter was $783 million, matching expectations, and represented a 36% year-over-year increase from $576 million [1]. - The total Gross Merchandise Volume (GMV) reached $8.6 billion, surpassing the market expectation of $8.2 billion, reflecting a 36% year-over-year growth [1]. Group 2: Future Outlook - Affirm's revenue forecast for Q4 is between $815 million and $845 million, with a midpoint of $830 million, which is below the expected $841 million, disappointing investors [1]. - The company anticipates Q4 GMV to be between $9.4 billion and $9.7 billion, with a midpoint of $9.55 billion, exceeding market expectations of $9.2 billion [2]. - Adjusted operating margin is expected to be between 23% and 25%, aligning closely with the market estimate of 23.8% [2]. Group 3: User Growth and Partnerships - The total number of active users has increased to 22 million, with 2 million new users added [2]. - The "Affirm Card" business saw GMV surge by 115% year-over-year, with the number of active card users doubling [2]. - Partnerships with major platforms like Apple, Amazon, and Shopify continue to drive transaction volume growth [2]. Group 4: Regulatory Environment - The Consumer Financial Protection Bureau (CFPB) announced the cessation of a regulation that increased compliance difficulties for BNPL providers, which is viewed as a positive development for Affirm and similar companies [2]. - The volume of 0% interest loans has increased significantly, rising 44% year-over-year, often subsidized by merchants to boost sales [2]. - Affirm's core "4-installment payment" product maintains stable credit quality, with a default rate below 1% [2]. Group 5: Stock Performance - Despite improvements in fundamentals, Affirm's stock has declined by 11% year-to-date, while the Nasdaq index has decreased by approximately 7% during the same period [3].
PayPal:盈利情况好坏参半,股价仍然非常便宜
美股研究社· 2025-05-01 09:30
Core Viewpoint - PayPal is considered undervalued despite its strong growth potential in the fintech sector, with a conservative balance sheet and significant increases in earnings, revenue, and free cash flow compared to its stock price performance [2][3][11]. Financial Performance Summary - In Q1 2025, net revenue grew by 1% to $7.8 billion, with a 2% increase when adjusted for currency fluctuations [3]. - Transaction margin increased by 7% to $3.7 billion, while TM dollars, excluding customer balance interest, also rose by 7% to $3.4 billion [3]. - GAAP operating income surged by 31% to $1.5 billion, and non-GAAP operating income grew by 16% to $1.6 billion [3]. - GAAP operating margin expanded by 447 basis points to 19.6%, and non-GAAP operating margin increased by 257 basis points to 20.7% [3]. - GAAP EPS rose by 56% to $1.293, while non-GAAP EPS increased by 23% to $1.33 [3]. Market Position and Growth Potential - Despite market contractions, PayPal's revenue and profit metrics continue to grow, challenging perceptions of it being a declining tech company [5]. - The company anticipates non-GAAP EPS for Q2 to be between $1.29 and $1.31, exceeding analyst expectations of $1.21 [5]. - PayPal's focus on expanding its brand payment and BNPL (Buy Now Pay Later) services is expected to drive growth, especially as consumer spending shifts towards essential goods [7][17]. Competitive Landscape - PayPal's valuation remains low compared to peers like Fiserv, Block, and Fidelity National Information Services, with a forward P/E ratio of 13.4 and cash flow multiple of 8.52 [14]. - The company is well-positioned to capitalize on the growing trend of digital payments, particularly among younger consumers who prefer digital transactions over traditional credit card payments [17]. Balance Sheet Strength - PayPal maintains a strong balance sheet, with cash and equivalents exceeding long-term debt, indicating resilience against severe downturns [13]. - The company's debt is only 1.46 times its EBITDA, reflecting a solid financial position that allows for potential risk-taking in future investments [13].
Airwallex空中云汇发布六大市场出海策略 解码全球支付趋势
Zhong Jin Zai Xian· 2025-04-27 08:12
Core Insights - 65% of Generation Z and Millennials are more likely to purchase items due to the availability of Buy Now Pay Later (BNPL) options, indicating significant growth potential in luxury and high-ticket items among young consumers [1] - The third Cross-Border Seller Conference highlighted the importance of understanding cross-border e-commerce trends and strategies for Chinese companies aiming to expand internationally [1][2] - The report "Outbound Strategy Research" covers six key global markets and aims to provide Chinese enterprises with insights into cross-border e-commerce development trends and user behavior [1][2] Market Trends - In 2024, China's cross-border e-commerce import and export volume is projected to reach 2.63 trillion yuan, a year-on-year increase of 10.8%, accounting for 6% of total import and export volume [1] - The global cross-border e-commerce market is expected to grow to $5.9 trillion by 2029, with an annual growth rate of 8.02%, driven by markets in the US, Europe, the UK, and Southeast Asia [1] Consumer Behavior - Cross-border shopping is widely accepted across all age groups, with 93% of young consumers showing a positive attitude towards it [2] - 78% of respondents prefer shopping on cross-border e-commerce platforms like Amazon, while 15% and 7% prefer independent sites and social media, respectively [2] - 68% of young American consumers would abandon a purchase without BNPL services, highlighting the importance of flexible payment options [3] Payment Preferences - Young consumers are the primary users of electronic payment methods, with 55% in the US preferring e-wallets, and 94% in the Netherlands requiring iDEAL payment support [3] - 90% of consumers consider whether products are priced in local currency when making purchasing decisions, with significant percentages across various regions [3] Compliance Challenges - Entering mature markets like the US presents compliance challenges due to complex tax systems, which can affect customer trust and operational activities [4] - Payment security is a top decision factor for consumers, with 95% in Southeast Asia and 90% in the UK and Hong Kong prioritizing visible security indicators during checkout [4] Company Initiatives - Airwallex aims to build a global financial service infrastructure to support cross-border e-commerce sellers, offering a comprehensive platform for payment and financial services [5][6] - The company has integrated a local clearing network and multi-currency account system, enabling businesses to open local accounts in over 60 countries [6] - Airwallex has provided services to over 150,000 enterprises, with transaction volume expected to exceed $130 billion in 2024 [7]