The market routs continue, pretty much everywhere one looks.
The worries over rate hikes and inflation show no signs of easing — and tech stocks continue to take a drubbing.
To that end, the FinTech IPO Index barely budged, notching 0.1% in gains through five days that have seen the tech-heavy NASDAQ give up 2.5% as of the close Thursday (Sept. 15) afternoon.
Monthly, the FinTechs have lost 11.1%. Year to date the Index has given up 39.5%.
Gains? There were some — offset by losses and winding up with the muted showing.
Robinhood was 11.4% higher. The company, as reported by The Wall Street Journal, is unveiling 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 moves,” noted the Journal. Stocks in the index are weighted with a metric that will be known as “conviction,” which the Journal noted as the percentage of assets in a customer’s portfolio that are in turn occupied by those stocks.
During the week, 9F Group surged by more than 21%, though there was no company-specific news hitting the wires in the last few days to necessarily give a direct tie-in to that surge.
Also on the plus side, nCino gained 12%. Earlier this week, the company said that it had struck a partnership with Codat, the universal application programming interface (API) for small business data to automate and accelerate banks’ ability to underwrite small business loans around the world. The companies said in the release that one of the first financial institutions to adopt the new integration, Recognise Bank, eliminated significant data entry requirements.
Nuvei gathered 6.4%, on the heels of news that it is entering into a partnership with Kindred Group to help support the online sports betting and gaming firm with payments services. In terms of the mechanics, Kindred players can deposit and request payouts across Europe. The companies have said that Nuvei’s smart transaction routing capabilities, sophisticated and customizable approach to PSD2 Strong Customer Authentication will help boost Kindred’s card acceptance rates.
Flywire managed to advance by 2%. This past week the payments enablement company said that its continued expansion into 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 supporting both international and domestic payment flows.”
The Decliners
But those gains were tempered by losses in Remitly, which declined 11%, was outpaced by Hippo Insurance, which was 12.4% lower. In the case of the latter, Hippo’s shares continue to decline roughly two weeks after the company said that it would lay off 70 employees, or about 10% of its workforce to help reorganize the company and drive operational efficiencies.
