FinTech IPO Index Slips 1.3% as Huize Sinks After Earnings

FinTech IPO Index names were mostly in the red this past week, and the companies that did manage to post gains barely made it out of the low single-digit percentages. The majority of the headlines through the last several days were centered on partnerships tied to platforms, including buy now pay later, card issuing and banking initiatives.

Insurance solutions firm Huize led the slide, down by nearly 16% through the past five sessions.

Huize’s shares plummeted on the heels of its earnings report. The company’s investor materials revealed that gross written premiums facilitated across the company’s platform were the equivalent of $142.9 million in the fourth quarter of 2024, a decrease of 16.2% year over year. Renewal premiums accounted for 46.5% of total written premiums a decrease of 41.3% from the year ago period.

Operating revenue was $39.2 million in the most recent period, up more than 21%.

Down 5.1%, Marqeta announced that it launched a collaboration with retail technology firm Upside. Marqeta customers will integrate Upside’s cash-back offers into their consumer debit and prepaid card programs. The firms said in the release that consumers use cards based on the rewards they’ll get back. By adding Upside’s cash-back offers, businesses can direct a shift in spending, giving users more reasons to consider them first at checkout.

Oportun’s stock slid 2.5%. Findell Capital Management, which owns more than 9% of the shares outstanding, has sought a reorganization of the company’s board. The open letter to management contends that operating costs are too high, among other areas that need to be addressed.

Affirm’s Ambitions

Affirm’s stock was off by a bit more than 1%.

As PYMNTS reported this past week, the buy now, pay later (BNPL) player is expanding its pay-later offering via a new agreement with J.P. Morgan Payments. Affirm’s solutions become available to merchants on the J.P. Morgan Payments network in the U.S., letting them offer the company’s BNPL options.

Separately, in an interview this week with PYMNTS CEO Karen Webster, Affirm CEO Max Levchin said that “we’re a payments network.”

“We are, today, in the world of network comparable like American Express … I’ve often compared Affirm to a sort of aspirational Amex,” Levchin said. “We want to be thought of as the company that stands behind the consumer in a way that goes above and beyond.”

The news of the JPMorgan partnership comes nearly a week after Affirm announced it would begin furnishing information about all of its payment plans to Experian starting April 1.

Lemonade said in an announcement that it has surpassed the $1 billion of In Force Premium (IFP) milestone, 8.5 years after selling its first policy. Shares dipped 2%.

Robinhood’s stock was up 0.8%. The company announced that it has launched a wealth management service targeting its less-wealthy clients. “Robinhood Strategies” is operating as a wealth management service for its premium “Gold” customers. The service comes with a 0.25% annual fee, capped at $250. The company is also rolling out “Robinhood Banking,” a private banking service for Gold members launching later this year.

nCino’s 3.8% gains were among the most notable this past week. The company said Credit Union 1, which operates nationwide, has selected the company to implement multiple nCino solutions across the credit union’s commercial, consumer and indirect lending businesses. The pact seeks to speed Credit Union 1’s lending activities. Through the nCino Platform, Credit Union 1 can deliver what the companies termed a “connected and convenient lending experience across multiple lines of business” as loan volumes grow.