Fidelity National Information Services, Inc. - FIS STOCK NEWS

FIS has opened applications for the 2021 FIS Fintech Accelerator program, aimed at aiding high-potential growth-stage fintech startups. In collaboration with The Venture Center and Arkansas, the program is now in its sixth year and emphasizes inclusivity, welcoming startups run by women and minorities. Ten selected companies will receive monetary investments and the chance to showcase their innovations at the 2021 FIS Demo Day. The virtual program will run from June 7, following a preparatory four-week incubator, and aims to address the increasing demand for digital financial solutions due to the pandemic.

FIS (NYSE:FIS) reported its fourth quarter 2020 results, revealing a consolidated revenue decrease of 1% to $3,316 million, primarily due to COVID-19-related consumer spending trends. Net earnings for the quarter were $103 million, translating to $0.16 per diluted share. Positive adjustments included a 60 basis point increase in adjusted EBITDA margin to 45.2%, attributed to cost synergies from the Worldpay acquisition. For full-year 2020, revenue increased 21% to $12,552 million, largely from the Worldpay acquisition. However, net earnings were down to $158 million, with organic revenue decreasing by 1%.

FIS has announced an authorization for the repurchase of up to 100 million shares of its Class A common stock and an 11% increase in its quarterly dividend from $0.35 to $0.39 per share. The company's leadership believes shares are undervalued and sees share repurchase as a beneficial use of capital. The repurchase program lacks a time limit and can be paused or amended. The next dividend payout is set for March 26, 2021, to shareholders of record as of March 12, 2021.

FIS (NYSE: FIS) reported strong processing activity in the latest funding phase of the SBA's Paycheck Protection Program. In just two weeks, FIS processed nearly $8 billion in loan applications for over 63,000 businesses. This funding is part of the additional $284 billion allocated under the CARES Act. FIS has streamlined the loan application process with a self-service portal, with around 80% of applications submitted through it. The initiative underlines FIS’s commitment to support small businesses amid ongoing challenges.

FIS (NYSE: FIS) will announce its fourth quarter 2021 financial results on February 9, 2021, before market opening. The company will conduct a live webcast of the earnings conference call starting at 8:30 a.m. EST that day. Interested parties can access the webcast via the Investor Relations section of FIS' website. FIS, headquartered in Jacksonville, Florida, is a leading global provider of technology solutions for financial services, aiming to enhance payment, banking, and investment processes through innovative technology.

FIS has partnered with Quontic Bank to launch the first FDIC insured Bitcoin Rewards Checking account in the U.S. Customers will earn 1.5% Bitcoin back on eligible debit purchases. Leveraging FIS Digital One, the new mobile app will allow users to manage accounts and track rewards efficiently. This initiative marks Quontic's innovative approach in banking, focusing on mobile-first solutions. According to Quontic's CEO, this account allows customers to build wealth simply by using their debit card. FIS aims to inspire other banks to adopt similar solutions in the future.

Quontic, an adaptive digital bank, has launched the first-ever FDIC-insured Bitcoin Rewards Checking account in the U.S. Customers can earn 1.5% in Bitcoin on eligible debit card purchases. The program includes a debit card, mobile app, and access to over 90,000 surcharge-free ATMs, all with no monthly service fee. Quontic has partnered with NYDIG for secure Bitcoin management and FIS to enhance the digital experience. Initial access is limited to select states, with wider availability expected in the future.