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Financial services
Twenty One shares plummet in NYSE debut as Bitcoin lags
Cryptocurrency treasury Twenty One Capital’s shares dropped by 20% in its New York Stock Exchange debut, as Bitcoin’s price continues to lag. Twenty One (NYSE: XXI) is majority-owned by stablecoin issuer Tether and cryptocurrency exchange Bitfinex, with SoftBank owning a minority stake. The company’s share price ended its first trading day at $11.42. “Listing on the NYSE is about giving Bitcoin the place it deserves in global markets and giving investors the best of Bitcoin: its strength as a reserve and the upside of a business built on it,” said Twenty One CEO Jack Mallers ahead of its trading debut. The company has more than 43,500 Bitcoin, it said, and is the cryptocurrency’s third-largest public corporate holder. It also plans to produce financial infrastructure and educational resources for Bitcoin. It merged with special-purpose acquisition company Cantor Equity Partners, which was backed by Cantor Fitzgerald, ahead of the initial public offering. Bitcoin prices are down 7.7% across 2025 to date, reaching US$92,508.90 as of 3:15 pm AEDT, and have fallen by more than 28% from their October peak. In November, Bitcoin saw its largest monthly drop in over four years. Standard Chartered halved its year-end Bitc
Financial services
PayPal raises guidance as earnings beat estimates
PayPal has raised its guidance after beating estimates last quarter, driven by revenue growth across segments and regions. Earnings per share were US$1.34, rising 12% year-over-year and above Zacks estimates of $1.19. Revenue was up 7% to $8.42 billion, beating estimates by 1.95%. “PayPal delivered another strong quarter and we are raising guidance, with broad-based profitable growth across branded experiences, PSP, and Venmo,” said PayPal CEO Alex Chriss. “We have returned the company to growth and are on pace for 6% to 7% transaction margin dollar growth in 2025 when excluding interest on customer balances. We are also building for an agentic future, partnering with leaders such as Google, OpenAI, and Perplexity.” Operating income was $1.57 billion, up 6%. Net income was $1.29 billion, rising 5%. The company’s full-year guidance projects earnings per share of $5.35-5.39. In July, it had forecast earnings per share of $5.15-5.30. Its fourth quarter outlook expects earnings per share of $1.27-1.31. Transaction revenues increased by 6% to $7.52 billion, while revenue from other services was up 15% to $895 million. The number of payment transactions dropped by 5%. United States revenues, which represent 56% o
Financial services
Visa revenue surges on payments volume growth
Visa surpassed estimates on revenue and earnings per share last quarter, driven by strong growth in payments volume. Revenue was US$10.72 billion, up 12% year-over-year and above market estimates of $10.62 billion. Earnings per share were $2.98, rising 10% and beating estimates of $2.97. "In our fourth quarter, continued healthy consumer spending drove net revenue up 12% to $10.7 billion. For the full year, Visa delivered strong performance, with net revenue of $40 billion, up 11%, and broad-based growth across key metrics, underscoring the durability of our diverse business model,” said Visa CEO Ryan McInerney. “We continued to invest in our Visa as a Service stack to serve as a hyperscaler across the payments ecosystem. As technologies like AI-driven commerce, real-time money movement, tokenisation and stablecoins converge to reshape commerce, our focus on innovation and product development positions Visa to lead this transformation.” Payments volume was up 9% last quarter, with cross-border volume rising by 12%. Total processed transactions increased by 10%. Across fiscal 2025, payments volume increased by 8%, and cross-border volume rose by 13%. Operating income was $6.15 billion, down from $6.35 billion year
Financial services
Amex upgrades guidance after Q3 profit increase
American Express (Amex) has reported a 16% increase in net income for the third quarter of the 2025 financial year (Q3 FY25) and raised its full-year revenue and profit forecasts. The global financial services company said net income was US$2.90 billion (A$4.47 billion) in the quarter ended 30 September compared with $2.51 billion in the previous corresponding period (pcp). Amex said diluted earnings per share (EPS) surged 19% to $4.14 while revenue net of interest expense jumped 11% to a record $18.43 billion. The revenue increase was mainly due to higher card member spending, higher net interest income supported by revolving loan balance growth, and strong fee growth. Describing it as a” a very strong quarter” Chairman and Chief Executive Officer Stephen Squeri said member spending growth accelerated to 9%, or 8% on a currency-adjusted basis, and its credit metrics remained best-in-class. “The successful launch of our updated U.S. Consumer and Business Platinum Cards reinforces our leadership in the premium space,” he said in a press release. “The initial customer demand and engagement exceeded our expectations, with new U.S. Platinum account acquisitions doubling compared to pre-refresh levels. “Given our s
Financial services
Fintech platform Wealthfront files for IPO
Financial technology platform Wealthfront has filed for an initial public offering, as the sector sees a burst of IPO activity. The company will be listed on the Nasdaq under the ticker symbol “WLTH”. Wealthfront was founded in 2008 and offers automated portfolios of stocks and bonds. “We were among the first digital-only financial solutions platforms, and we pioneered using automation to offer low-cost diversified portfolios,” Wealthfront wrote in a Securities and Exchange Commission filing. “Our clients are primarily digital-native high earners who prioritise savings and wealth accumulation,” wrote Wealthfront. “As of July 31, 2025, we had over 1.3 million funded clients, and $88.2 billion in platform assets.” Wealthfront has not yet determined the number of shares it will offer and their price range, the company said. Goldman Sachs and JP Morgan will act as lead book-running managers. Citigroup, Wells Fargo Securities, and RBC Capital Markets will also join as active book-running managers. The platform reported $194.45 million in net income in the fiscal year to 31 January, up from $76.97 million year-over-year. Total revenue was $308.86 million, rising from $216.71 million. Its last funding round was in 20

Financial services
US finance firms invest US$1.7bn in the UK
United States financial firms have invested £1.25 billion (US$1.69 billion) in the UK ahead of a state visit by President Donald Trump. The investment from firms like PayPal, Bank of America, Citigroup, and S&P Global is expected to create 1,800 jobs across London, Edinburgh, Belfast, and Manchester, and deepen transatlantic financial ties, according to the British Government’s Department for Business and Trade. “By working with our allies, we are creating jobs here,” British Prime Minister Keir Starmer said. As part of these plans, the Bank of America will open its first operation in Northern Ireland in Belfast, creating 1,000 jobs. S&P Global also plans to invest over £4 million in Manchester to support 200 permanent jobs. Citigroup will invest £1.1 billion across its UK operations. BlackRock is expected to allocate £7 billion to the UK market next year and has opened a new office in Edinburgh, nearly doubling its workforce. "These investments reflect the strength of our enduring 'golden corridor' with one of our closest trading partners," said Britain's trade minister, Peter Kyle. According to the British government, the deal is worth up to £20 billion in trade between the UK and the U.S. Washington said
Financial services
CBA enjoys big payday from hot Klarna IPO
Commonwealth Bank of Australia (CBA) has reaped big windfall gains from the strong sharemarket debut of Klarna. Shares in the Swedish buy now, pay later company jumped 30% when they started trading on the New York Stock Exchange on Wednesday (Thursday AEST), valuing it at US$19.65 billion (A$29.7 billion). The share price (NYSE: KLAR) closed at $45.82 after opening at $52.00 and trading between $45.21 and $57.20 following the oversubscribed initial public offering (IPO) in which the shares were sold to investors at $40 each. Australia’s largest bank has invested US$350 million in Klarna for a stake which was valued at $1.2 billion in a preliminary prospectus lodged with the Securities and Investments Commission (SEC) last week. CBA intended to sell shares worth about $100 million in the IPO, leaving it with a 4.7% stake, according to SEC filings. Launching a partnership with the Swedish company in 2020, CBA Chief Executive Officer Matt Comyn said customers could access Klarna through the CBA app to shop online. As the tie-up did not yield the benefits the Australian bank hoped for, and CBA has been offloading minority shareholdings, analysts expect it to sell down the stake when allowed. Klarna CEO and co-foun
Financial services
Klarna seeks US$14bn public listing valuation
Swedish firm Klarna is aiming for a US$14 billion (A$21.37 billion) valuation on its long-awaited United States public listing. The company plans to offer 34,311,274 ordinary shares priced between US$35 and $37 each in a bid to raise up to $1.27 billion. Klarna will offer 5.56 million of those shares, while the remaining roughly 28.8 million will be put forward by existing shareholders who are selling their stock. The company will list shares on the New York Stock Exchange under the symbol “KLAR”. The Swedish fintech company drew investor attention as its valuations rose $5.5 billion to $45 billion in just two years, thanks to three funding rounds between mid-2020 and 2021. This has since dropped 85% to $6.7 billion in 2022, with the company blaming macroeconomic conditions linked to Russia’s invasion of Ukraine for the slump. Klarna was founded in 2005 and is best known for its buy now, pay later model, which allows consumers to split purchases into instalments and has looked to expand into products like debit cards and deposit accounts. Revenue for the company rose 20% year-on-year to $823 million during the June quarter. However, Klarna also posted a net loss of $53 million, increasing from the same period las
Financial services
Intuit sees growth across segments, but guidance lags
Financial technology company Intuit beat estimates on revenue and earnings per share after seeing growth across segments, but forecast lower-than-expected increases next quarter. Revenue was US$3.83 billion last quarter, up 20% year-over-year and passing LSEG estimates of $3.75 billion. Adjusted earnings per share rose 38% to $2.75, above estimates of $2.66. “We had an exceptional fiscal 2025 with 20% growth in the fourth quarter and 16% growth for the full year,” said Intuit CEO Sasan Goodarzi. “We saw outstanding execution across our platform, driving breakthrough adoption in assisted tax, introducing transformative AI agents across our business platform, and building our mid-market go-to-market capabilities, all while driving strong margin expansion,” said Intuit CFO Sandeep Aujla. Operating income was US$1.02 billion last quarter, increasing by 20%. Net income was $381 million, up from a loss of $20 million. Revenue for the Global Business Solutions segment grew by 16% across the fiscal year, reaching US$11.1 billion. QuickBooks Online Accounting revenue was up 22%, which the company credited to higher effective prices and customer growth. While Online Services revenue increased by 19% last fiscal year, the s