Platforms Drive 1.3% Gain in FinTech IPO Index to Start Q4

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A week in, and October’s been a see-saw. Coming off the end of a dismal quarter and lurching toward the end of a dismal year, the FinTech IPO Index has managed, at least this past week, to notch a slight gain … to the tune of 1.3%.

But October’s showing is firmly in the red, where the Index is off 2.5%, and the year to date performance shows the entire pantheon down by more than 43%. This time around, the platforms helped buoy results.

Source: PYMNTS

Payoneer was up 14%, continuing a rise that comes in the wake of news late last month that the company hired Assaf Ronen, a veteran of SoFi, Amazon and Microsoft, to lead a newly-established division that integrates Payoneer’s technology, product and high value service units.

See also: Payoneer Adds First Chief Platform Officer, Forms New Division

Ronen takes his place as the company’s first chief platform officer and is slated to head the company’s new platform division. That division, according to reports, will focus on growing high value service offerings like B2B accounts payable (AP) and accounts receivable (AR), working capital and merchant services.

Meanwhile, gathered 12.6% through the same timeframe, and new products detailed across sites such as Accounting Today spotlight features like three-way matching for cloud-based accounting platform NetSuite. Purchase order and item receipt details are automatically synced, according to the launch details.

Blend, a cloud banking software company, notched an 11.7% rally. As noted in this space in the past week, PNC Bank will partner with Blend in order to digitize the mortgage application process.

Learn more: PNC Bank and Blend Team on Digital Mortgage User Experience

In terms of the mechanics of the partnerships, customers will now be able to apply digitally for a mortgage and import bank or payroll information upon presentment of their credentials. The joint efforts will reduce the time it takes to locate documents, and after the application is submitted, customers will have one portal to track the status, complete other tasks and review documentation.

These gains were chilled a bit by the fact that in the past week, Hippo Insurance plummeted 24.2%. As has been reported, the company last month filed a Certificate of Amendment to its Certificate of Incorporation with the Secretary of State of the State of Delaware to effect the previously-announced 1-for-25 reverse stock split of the company’s common stock.

Additionally, MoneyLion lost more than 9% on the heels of news that it, along with 38 of its subsidiaries, is being sued by the Consumer Finance Protection Bureau (CFPB). The CFPB alleged that the company and its units have been imposing illegal charges for service members and dependents, saying MoneyLion violated the Military Lending Act by charging more than the legal 36% rate cap on loans for servicemembers and dependents.

Robinhood slipped by about 2%. In news detailed here, the brokerage and investing platform recently released a beta version of its Web3 wallet called Robinhood Wallet that will enable users to control their cryptocurrency, trade and swap crypto with no network fees and access the decentralized web.

During the beta test, according to reports, participants will be able to use the standalone app to fund their wallet with USDC, trade and swap crypto, earn crypto rewards, store and track their blockchain portfolio and connect to decentralized apps. When the app is released to the general public, it will also support viewing non-fungible tokens (NFTs) and connecting to NFT marketplaces, the company said.