Financial stocks were edging higher premarket Wednesday, with the Financial Select Sector SPDR Fund (XLF) up 0.1%.

The Direxion Daily Financial Bull 3X Shares (FAS) was 0.2% higher and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was down 0.1%.

PayPal Holdings (PYPL) and Blue Owl Capital (OWL) said they have executed a two-year agreement under which Blue Owl-managed funds will purchase $7 billion of PayPal's "Pay in 4" buy now, pay later receivables originated in the US. Blue Owl Capital shares were nearly 2% higher and PayPal shares were up more than 1% pre-bell.

Separately, PayPal said it plans to invest $100 million throughout the Middle East and Africa over the coming years to accelerate digital commerce growth in the region.

Apollo Global Management (APO) shares were 0.8% higher after the company said it has received regulatory approval from Luxembourg's Commission de Surveillance du Secteur Financier to launch three new evergreen, semi-liquid European Long-Term Investment Funds.