Morning Brief 2.28.20: DoorDash files to go public
The information you need to start your day, from PaymentsSource and around the web:
DoorDash, the largest firm in the $27 billion dollar market for food delivery apps, is prepping to go public. The firm has filed confidentially with the SEC, according to CNBC, though it has not said how many shares it may sell.
DoorDash, which has a valuation of about $13 billion, in 2019 acquired food delivery app Caviar from Square. That move has boosted Square's financial performance, while retaining collaboration between the two firms.
An IPO would give DoorDash more capital to battle Postmates, which has boosted its scale through partnership with Adyen, Uber Eats and GrubHub.
Payment platform PPRO has become an acquirer for UnionPay International, giving China's national card network access to thousands of merchants in Europe while PPRO gains added payment flow.
The addressable market includes hundreds of millions of consumers and a Chinese B2C e-commerce market that's valued at more than $1 trillion, according to PPRO.
PPRO can also integrate several functions, such as merchant acquiring, payment processing and settlement in 11 currencies for UnionPay under a single contract.
PayPal will migrate portions of its payments infrastructure to a new Google Cloud region in Salt Lake City.
The Google Cloud region is the search giant's 22nd such facility globally, and will cover the western U.S., enabling users to divide workloads to reduce latency.
The reduced latency was the main draw for PayPal, which can use the Salt Lake City region to access its own data center, and migrate PayPal functions to the cloud in either Salt Lake City or other Google Platform regions.
Payment and security software firm Sphere has partnered with patient technology company VisitPay to build a mobile payment app called Text to Pay.
Text to Pay supports SMS transactions for health care providers, and is designed to execute payments without exposing card or patient data, instead using a token that's collected from the patient.
VistaPay says 60% of its platform logins come via a mobile device, so it's hoping for rapid uptake of text payments.
From the Web
Digital economy's stabilising role in mitigating coronavirus impact: China Daily contributor
THE STRAITS TIMES | Thu February 27, 2020
One silver lining in the coronavirus outbreak has been the digital economy, which has played a stabilising role in consumption and the macro economy. However, according to a survey conducted by Ant Financial, Alibaba's financial arm, around 80 per cent of SMEs are cash-strapped, and 70 per cent of businesses say that they will not be able to continue operating if they cannot secure access to financing.
Government-Run India Post Payments Bank Now Has 2 Crore Customers
ENTREPRENEUR | Thu February 27, 2020
Providing a major boost to central government's efforts in furthering financial inclusion in unbanked and underbanked areas, India Post Payments Bank (IPPB) announced that it has crossed the milestone of achieving 2 crore customers. In a bid to boost the adoption of digital banking services, IPPB implemented a digital financial literacy programme and digitized all the post office counters through a simple QR Code to accept electronic payments and also enabled direct payments into various post office saving schemes and purchase of postal products.
$4.9 Billion Boston Startup Growing At 109% Could Make Toast Of PayPal And Square
FORBES | Thu February 27, 2020
Seven-year old Toast, a supplier of payment processing hardware and cloud-based software for restaurants, could be a more exciting alternative to PayPal or Square as it barrels towards an IPO. Investors have bought in to Toast’s value proposition — in the last 10 months its private market value has popped 81% to $4.9 billion on the back of a $400 million Series F funding.
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