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FinTech IPO Index Barely Budges

by Ozva Admin

The market routes continue, practically everywhere.

Concerns about rate hikes and inflation show no signs of abating, and tech stocks continue to suffer.

To that end, the FinTech IPO Index barely budged, posting gains of 0.1% over five days in which the tech-heavy NASDAQ was down 2.5% at the close on Thursday (Sep 15) afternoon.

Monthly, FinTechs have lost 11.1%. Year to date, the Index is down 39.5%.

Profits? There were a few, offset by losses and ending with a lackluster performance.

Robin Hood it was 11.4% higher. The company, as reported by The Wall Street Journal, features its Robinhood “Investor Index,” which tracks the performance of the 100 most popular investments among its users.

“Such an index could be of interest to financial professionals who monitor the activities of small investors as one of the underlying factors behind stock market movements,” the Journal noted. Stocks in the index are weighted by a metric to be known as “conviction,” which the Journal noted as the percentage of assets in a client’s portfolio that are themselves occupied by those stocks.

During the week, Group 9F it rose by more than 21%, though there was no company-specific news in recent days that would necessarily tie directly to that increase.

Also on the positive side, nCino won 12%. Earlier this week, the company said it had partnered with Codat, the universal application programming interface (API) for small business data to automate and accelerate the ability of banks to underwrite small business loans around the world. The companies said in the statement that one of the first financial institutions to adopt the new integration, Recognize Bank, has removed important data entry requirements.

Nuvei obtained 6.4%, after the news that is partnering with Kindred Group to help support the online sports betting and gaming company with payment services. Mechanically, Kindred players can deposit and request payouts across Europe. The companies have said that Nuvei’s intelligent transaction routing capabilities, sophisticated and customizable approach to strong PSD2 customer authentication will help increase Kindred’s card acceptance rates.

fly wire managed to advance 2%. Last week, the payments enablement company said that its continued expansion in Latin America includes the availability of its integration with Universitas XXI. Universitas is a university management system and the integration enables “a seamless payment experience for students and administrators, and supports both international and domestic payment flows.”

the decliners

But those gains were tempered by losses in sendlywhich decreased by 11%, was surpassed by hippo insurance, which was 12.4% lower. In the case of the latter, Hippo shares continue to fall about two weeks after the company said it would lay off 70 employees, or about 10% of its workforce, to help reorganize the company and boost operating efficiency.

New PYMNTS Study: How Consumers Use Digital Banks

A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking, only 9.3% call them their primary bank.

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