Opendoor and Affirm Move FinTech IPO Higher

A trading week shortened by the Labor Day holiday brought slight gains to the FinTech IPO Index, which gained 0.5% overall.

Opendoor surged more than 48%, continuing a volatile streak of stock swings to and fro. The stock, which has achieved meme status, was noted this week on sites such as Yahoo Finance, which reported that Eric Jackson, the founder of EMJ Capital, has been championing the name. Indeed, in a post on X, Jackson said on Aug. 27 that more upside may be in the offing, writing “Let the shorts and sellers play their games. The world will wake up to $82, $200, $500 — and this board will be long gone by then.”

Elsewhere, shares in Katapult surged about 39.6%, though there had been no company-specific headlines through the past few days.

Affirm Jumps on BNPL Growth

Affirm’s latest results, reported late last week, and as covered by PYMNTS, sent the shares up about 15.5% through the week. The results indicated that the buy now, pay later (BNPL) player had notched new highs across several business lines in the June quarter, especially as BNPL momentum continued online and in-store, underpinned by 0% APR monthly installment loans.

The company’s materials showed that gross merchandise volume (GMV) soared 34% to $10.4 billion. Revenues gained 33% to $876 million. In detailing growth with the Affirm Card, the company said that card GMV grew 132% to $1.2 billion. Active cardholders grew 97% to 2.3 million. During the conference call with analysts, CEO Max Levchin said that “growth is accelerating, and we are firing on all pistons.”

General merchandise, by way of example, saw volume growth of 45%. In remarks on Affirm Card, Levchin noted that the attach rate in the customer roster stands at about 10%, and that the Affirm Card “is an extremely active area of investment for us. … We are learning how to offer it in the right way to the consumer so that they remember to take it with them to places where they haven’t used it, [such as] a gas station, which is just not a thing you can integrate online.”

nCino said this week that  had launched ProBanker by FullCircl. FullCircl, a technology acquired by nCino last year, provides regulated businesses with end-to-end client lifecycle management.

As noted in the release, and as part of a suite of Smart Solutions and developed in collaboration with Experian, ProBanker offers a solution that delivers the insight needed to act quickly and proactively support customers with timely funding opportunities.

An initial pilot with a major U.K. bank identified that, on average, ProBanker helped them to spot potential credit risks six months earlier than current processes as well as support customers eligible for extended or new funding products, according to the announcement.

nCino shares gave up 5.9%.

Separately, dLocal said in a release that it had priced 15 million Class A common shares by an entity associated with General Atlantic for $12.75 per share. The company is not selling any Class A common shares in the offering and will not receive any proceeds from the offering. The company’s stock slipped 11.3%.