- The new valuation is substantially lower than the $25B-$30B some bankers had estimated, but up from the $11.2B Wish achieved during a funding round last year led by General Atlantic.
- Wish operates an online marketplace known for offering discounted items from China for low-to-middle income consumers.
- Its losses grew to $176M in the first nine months of 2020, compared with just $5M YoY. During the same period, its revenues were $1.7B.
- Meanwhile: Lending company Upstart priced 9 million shares at the low end of its $20-$22 range to raise $240M at a $1.45B valuation. Both companies will begin trading today.