Fintech Focus Roundup For May 2, 2021

Apex Fintech Solutions Announces Blow-Out Earnings Ahead Of NYSE Listing
What Happened: Blank-check company Northern Star Investment Corporation II announced that Apex Fintech Solutions LLC, a business-to-business platform that powers innovation in fintech, investing and wealth management, reported its results for the first quarter of 2021.

Takeaway: In short, Apex saw its total customer accounts grow by 85% to 14.4 million and customer trades increased 183% year-over-year to $235.5 million. Additionally, net revenue ended at $145.9 million while net income rose 414% o $36.3 million.

For adjusted figures, net revenue was $102.4 million and EBITDA rose 262% to $46.1 million.

Trader Inspired Brokerage Edge Clear Launches EdgeProX Execution, Analysis Platform
What Happened: Edge Clear, the futures brokerage built by and for traders, last week announced the demo launch of EdgeProX, a customizable, feature-rich, trading execution, and analytics platform.

As part of the development, Benzinga chatted with Edge Clear founder Morad Askar.

Takeaway: “If you were trading for me, and I’m going to put money behind you, I need this thing to really serve you well, in order to see you do well. This is how we are approaching the development and evolution of EdgeProX, and whatever else we do,” Askar said in reference to the platform allowing all traders access to professional tools.

“It’s offering the kind of tools you need in order to perform at your peak as a prop trader.”

Barclays Taps Amount Over End-To-End Digital Banking Solutions
What Happened: In light of increased consumer demand for versatile payment options like buy now, pay later (BNPL), Barclays partnered with Amount to become one of the first major U.S. banks to offer point-of-sale (POS) financing installment options. As part of the development, Barclays will also offer merchants the option of POS payments under their own brand.

Why It Matters: Barclays U.S. Consumer Bank CEO Denny Nealon, a 17-year veteran at the firm, discussed with Benzinga the importance of finding ways to drive sales and loyalty for partner brands like American Airlines Group Inc, JetBlue Airways Corporation the NFL, among others.

“We had our first conversations about three years ago,” Nealon said in a discussion on Barclay’s longstanding relationship with Amount, a solution for institutions looking to digitize and streamline banking experiences. “We looked at what’s the best way for us to get to market, and do so in a way that will really help drive our partners’ businesses forward. We came to the conclusion that while we could build this capability, there were fintechs out there, that this was their bailiwick.”

Takeaway: The idea, to put it simply, was to launch a better, end-to-end buy now, pay later platform, at a fraction of the cost.

In light of the momentous occasion, Benzinga spoke with MindMed co-founder and CEO J.R. Rahn, as well as board member Kevin O’Leary, author, investor, "Shark Tank" star and co-founder of O'Shares ETFs.

Takeaway: “I’ve been involved with the company for almost three years,” O’Leary explained. “When I first heard of this idea from J.R., I thought he was nuts. But, he convinced me and he has been 100% right in every milestone of the journey.”