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AmEx (AXP) Teams Up With Square to Launch Tailored Credit Card
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American Express Company (AXP - Free Report) recently announced that the company is expanding its partnership with Square, a commerce solutions provider, to launch a forthcoming credit card designed specifically for Square sellers. The move is expected to benefit small businesses.
Square already provides services like loans, savings, checking and others, and the deal with American Express will enable it to offer its first-ever credit card to small businesses in the United States. The partnership is expected to strengthen Square’s in-house banking options and provide a competitive edge.
The new credit card is expected to be powered by i2c and backed by American Express’ massive network. It will likely be issued by Celtic Bank. It is expected to enable merchants to manage their finances and cash flow on the same platform that they utilize to run businesses.
Further details about the card and its benefits are expected to be disclosed in 2023. Partnerships like this help American Express expand its presence in the small business landscape. A large chunk of AmEx’s customers consists of small businesses, which suffered the most from the COVID pandemic.
Now that things are looking up and the small businesses are rebounding, AXP’s financial products are seeing a surge in demand. Moves like these help AmEx to rapidly grow its business in the domestic market and diversify revenue sources.
AXP’s revenues are witnessing an increasing trend, led by several growth initiatives, such as launching new products, improving the existing ones, reshaping prices, reaching new agreements and forging alliances, among others.
Price Performances
Shares of American Express have declined 2.3% in the past six months compared with the 1.8% fall of the industry.
Headquartered in Cincinnati, OH, American Financial is a major insurance holding company. The Zacks Consensus Estimate for AFG’s 2022 bottom line is pegged at $11.66 per share, which witnessed two upward estimate revisions in the past 60 days against none in the opposite direction.
New York-based StoneX Group works as a global financial services network. The Zacks Consensus Estimate for SNEX’s current year bottom line indicates 54.8% year-over-year growth.
Based in Lincoln, NE, Midwest Holding is a financial services company. The Zacks Consensus Estimate for MDWT’s 2022 earnings is pegged at 65 cents per share, signaling a 185.5% surge from a year ago.
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AmEx (AXP) Teams Up With Square to Launch Tailored Credit Card
American Express Company (AXP - Free Report) recently announced that the company is expanding its partnership with Square, a commerce solutions provider, to launch a forthcoming credit card designed specifically for Square sellers. The move is expected to benefit small businesses.
Square already provides services like loans, savings, checking and others, and the deal with American Express will enable it to offer its first-ever credit card to small businesses in the United States. The partnership is expected to strengthen Square’s in-house banking options and provide a competitive edge.
The new credit card is expected to be powered by i2c and backed by American Express’ massive network. It will likely be issued by Celtic Bank. It is expected to enable merchants to manage their finances and cash flow on the same platform that they utilize to run businesses.
Further details about the card and its benefits are expected to be disclosed in 2023. Partnerships like this help American Express expand its presence in the small business landscape. A large chunk of AmEx’s customers consists of small businesses, which suffered the most from the COVID pandemic.
Now that things are looking up and the small businesses are rebounding, AXP’s financial products are seeing a surge in demand. Moves like these help AmEx to rapidly grow its business in the domestic market and diversify revenue sources.
AXP’s revenues are witnessing an increasing trend, led by several growth initiatives, such as launching new products, improving the existing ones, reshaping prices, reaching new agreements and forging alliances, among others.
Price Performances
Shares of American Express have declined 2.3% in the past six months compared with the 1.8% fall of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
American Express currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader finance space are American Financial Group, Inc. (AFG - Free Report) , StoneX Group Inc. (SNEX - Free Report) and Midwest Holding Inc. , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Headquartered in Cincinnati, OH, American Financial is a major insurance holding company. The Zacks Consensus Estimate for AFG’s 2022 bottom line is pegged at $11.66 per share, which witnessed two upward estimate revisions in the past 60 days against none in the opposite direction.
New York-based StoneX Group works as a global financial services network. The Zacks Consensus Estimate for SNEX’s current year bottom line indicates 54.8% year-over-year growth.
Based in Lincoln, NE, Midwest Holding is a financial services company. The Zacks Consensus Estimate for MDWT’s 2022 earnings is pegged at 65 cents per share, signaling a 185.5% surge from a year ago.