Friday , March 1, 2024

Lightspeed Loss Narrows And Other Digital Transactions News briefs from 2/8/24

  • Payments provider Lightspeed Commerce Inc. reported December-quarter revenue of $239.7 million, up 27% year-over-year. The company narrowed its net loss to $40.2 million from $814.8 million a year ago.
  • Payments platform FleetCor Technologies Inc. reported December-quarter revenue of $937.3 million, up 6% year-over-year. Net income rose 6% to $255.9 million. For full-year 2023, revenue totaled $3.76 billion, up 10%, while net income increased 3% to $981.9 million.
  • Fintech Swivel Transactions LLC announced it is working to enhance its card-processing platform through an integration with J.P. Morgan Payments. Swivel says it processes $3.5 billion yearly in card transactions for 800 clients.
  • Balances on U.S. bank-issued credit cards in the fourth quarter exceeded $1 trillion for the first time, increasing 13% year-over-year, according to the Q4 Quarterly Credit Industry Insights Report from the credit-reporting bureau TransUnion.
  • Paris-based payments processor Worldline launched its Power24 program, aimed at delivering 200 million euros ($215 million) in cost savings starting in 2025. The company’s stock is down more than 70% over the past year.
  • Brex Inc. said it has been designated the official corporate card and spend-management partner of the Boston Celtics, a National Basketball Association team.
  • Toll-payments provider Bestpass Inc. has integrated toll data and reporting technology from Geotab, which serves 50,000 clients in 60 countries.
  • BitRail, whose PayGenius payments-technology provider serves 1.5 million merchants, said it is partnering with software-as-a-service firm PaymentLock Inc. to expand its merchant portfolio by serving PaymentLock’s 300,000 merchants.
  • MoneyGram International Inc. made several appointments including Edwina Johnson to lead MoneyGram Online International; Arnoldo Reyes to lead MoneyGram Business; Vijay Raman, head of pricing strategy; and Mike Tekulve, in charge of payments and product partnerships.
  • Open banking specialist Plaid Inc. named Jen Taylor as its first president. Taylor comes from Cloudfare where she was chief product officer.

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