FinTech IPO Index Up Slightly as nCino’s Gains Offset Huize’s Slide

FinTech IPO Index March 28

Earning season’s set to begin in just a few weeks — but we’re still not quite done with, well, earnings season.

The FinTech IPO Index was up 0.3% through the past five sessions as nCino’s stock soared 23%.

The company’s latest earnings results showed that total revenues for the fourth quarter of fiscal 2024 were $123.7 million, a 13% increase year over year. Subscription revenues for the fourth quarter were $107.5 million, up 16% YoY. Total customers at the end of the latest fiscal year stood at just over 1,800, the company said. The company expects the current fiscal year 2025 revenues to come in at the range of $538.5 million to $544.5 million.

Partnership Announcements Take Center Stage 

Upstart shares were up slightly more than 2%. The company said this past week that Liberty Savings Bank, a family-owned bank with over $1.2 billion in assets in Florida, has struck a new partnership with Upstart to provide personal loans to new and existing customers.

Through the joint efforts, Liberty offers personal loans powered by Upstart’s all-digital, AI-lending platform on its bank website, as well as through the Upstart Referral Network.

dLocal said that it struck a strategic partnership with Ebury focused on payment solutions for Africa’s largest markets. Ebury is using dLocal’s solutions to manage both pay-ins and payouts while optimizing costs and delivery times. 

“As Ebury continues to scale across emerging markets, this collaboration will help gain access to over 41 different regions through a single partnership,” the firms said. 

dLocal shares sank 5.8%.

Robinhood Branches Out 

Robinhood shares gained 5.5%. As we noted last week, Robinhood launched a credit card as it continues expanding into financial services. The card is open exclusively to members of the company’s Robinhood Gold program, a subscription that provides premium services for a fee, according to the company. The card offers 3% cash back on all purchases. The company is allowing people to sign up for a waitlist now, with wider availability expected later this year.

Huize’s shares sank 18.7%, giving back some of the gains that had been seen earlier in the month.

Huize Holding said this past week that in its most recent report, gross written premiums facilitated on its platform for the full year of 2023 increased by 18.2% YoY. First year premiums surged 42% YoY. Renewal premiums increased by 3.9% YoY to 3.179 billion yuan ($440 million). 

Elsewhere, Open Lending shares gave up 15.4%. As PYMNTS reported this week, Open Lending appointed its CFO Chuck Jehl to the additional roles of chief operating officer and interim CEO after Keith Jezek resigned as CEO and board member. 

Open Lending, which helps financial institutions create auto loan portfolios, said it remains on track to achieve its guidance for certified loans for the first quarter and will provide additional detail when it reports its first quarter results in May.

FinTech IPO Index