DeFi Development Surges 235% on Crypto Enthusiasm, Leads FinTech IPO Index Gains

Enthusiasm for digital assets helped push a member of the FinTech IPO Index ahead by triple digits — and a lone earnings report helped move a lending platform higher.

The overall index was up by 2.9%.

DeFi Development (formerly Janover) was the most notable performer through the week, soaring more than 235%.

The artificial intelligence-driven real estate platform has been buying digital assets, including Solana. DeFi said last week that it had forged a strategic partnership with BONK, a memecoin of the Solana ecosystem that in the release was noted for “a market capitalization exceeding $1.8 billion and more than 920,000 token holders.”

In terms of the partnership, DeFi Development will operate and manage a jointly backed validator node. Both DeFi Development and BONK will contribute to growing validator stake. Rewards will be shared between DeFi Development and BONK, the firms said.

Earnings Come In

Katapult announced March quarter results that showed further gains within the company’s platform-driven ecosystem. Fifty-nine percent of first quarter gross originations started in the Katapult app marketplace. Total app originations grew 42% year over year (YoY).

Overall applications grew about 59% YoY in the first quarter, and the company noted that 57.4% of gross originations for the first quarter of 2025 came from repeat customers. Gross originations were $64.2 million, an increase of 15.4%. Excluding the home furnishings and mattress category, gross originations grew 51% YoY.

Katapult shares were 17.7% higher through the past five sessions.

Separately, and in other earnings news, KE Holdings (also known as Beike), said that its first quarter gross transaction value came in at 843.7 billion yuan ($116.3 billion), an increase of 34% YoY. GTV of existing home transactions was 580.3 billion yuan ($80 billion), up 28.1% YoY. Net revenues were 23.3 billion yuan ($3.2 billion), higher by 42% from 2024’s first quarter.

Beike shares slipped 4.4% through the week.

Riskified’s stock lost a scant 0.2%  In the company’s earnings report, gross merchandise values were up 7% to $34 billion. Revenues gained 8% to $82.4 million.  The company also announced in a separate release that it achieved AWS Accelerate Partner status, expanding the already existing relationship between the two firms. The announcement said that Riskified would “extend its fraud and risk intelligence solutions to online sellers worldwide.”

New Product Announcements

SoFi shares lost 2.8%.

In news reported this week, the company’s Galileo Financial Technologies and Atomic have introduced a product designed to enhance consumer bill payments.

Galileo Payment Method Switch, as PYMNTS reported, makes it easier for people to update their default payment method, such as debit cards, credit cards and bank accounts, across merchants, subscription services, utility providers and digital wallets like Venmo or PayPal, in a single place.

Clients can embed Galileo Payment Method Switch into their apps, making their own issued card or account “the most visible and convenient option for recurring bills and everyday payments,” thus helping them become their customers’ preferred choice.

Toast announced launched its Menu Price Monitor, which provides monthly insights into menu pricing trends across the restaurant industry in the United States. The tracker, said Toast, uses data from the Toast platform, which has over 140,000 restaurant locations as of March 31.

Toast’s Menu Price Monitor tracks price fluctuations for key food and beverage items, according to the release, that in turn helps client forms improve their own operations and pricing. Toast shares were 5.6% lower.