FinTech IPO Index Up 1.7% as Circle Gets Ant Group Support

Earnings season is kicking off next week, and the flood of quarterly reports will move FinTech IPO Index names.

But in the meantime, as the past five trading days notched a 1.7% gain, platform expansions and digital wallet introductions were the key movers of the stock prices in the group.

Opendoor shares surged more than 54%.

The shares continued a rally in the wake of late-June news that it had expanded its agent platform, Opendoor Key Agent, with the launch of Key Connections.

The company said that Key Connections represents a new offering that directly connects a network of select partner agents with high-intent sellers in their market.

“This evolution positions Opendoor to reach and support more sellers, increase flexibility in its go-to-market strategy, and create new revenue streams,” the company said in its announcement. Partner agents would meet with sellers in-person at their homes to present all selling options, and Opendoor stated that the rollout will increase conversion and drive incremental revenue by reaching more sellers and earning revenue from any sale path, “not just cash offers.”

Circle got a 14% bump. As PYMNTS reported Thursday (July 10), Chinese FinTech Ant Group plans to add Circle’s USDC stablecoin to its blockchain platform after the coin becomes compliant in the United States. The timeline for the move has not been determined.

The partnership also comes at a time when Ant Group’s global unit, Ant International, is adding more regulated cryptocurrencies to its blockchain to support services like treasury management and cross-border payments.

Robinhood Under Scrutiny

As PYMNTS reported Monday (July 7), Robinhood is under scrutiny in the EU for offering tokenized equities of OpenAI after the artificial intelligence startup disavowed any ties to these assets.

The central bank of Lithuania, which is Robinhood’s main regulator in the EU, has reportedly asked the brokerage to clarify the structure of OpenAI and SpaceX tokens to “assess the legality and compliance of these specific instruments.”

Launched on June 30, Robinhood’s Stock Tokens are derivatives recorded on the blockchain that follow the prices of publicly traded stocks and ETFs to give investors exposure to the U.S. market.

Robinhood’s stock inched up by 0.7%.

Paysafe said Wednesday (July 9) that it has debuted PagoEfectivo wallet, which expands payment options in Peru. The digital wallet will offer instant payouts, code payments and P2P transfers. The wallet will also enable users to instantly load funds, make online purchases, receive immediate payouts from participating merchants, transfer money to others and pay using a code. Paysafe shares were 4.3% higher.

Lemonade announced the launch of Lemonade Car, an auto insurance offering, in Indiana, marking the latest step in the company’s expanding U.S. footprint.

With the addition of Indiana, Lemonade Car is now available in states representing approximately 42% of the U.S. car insurance market, the company said. Lemonade’s stock lost 5.3%.