FinTech IPO Index Gains 0.4% as SoFi and MoneyLion Offset Chinese Stock Plunge

The past few weeks were marked by rallies in names domiciled outside the United States — particularly those based in Asia — which boosted the fortunes of the FinTech IPO Index a bit.

But what goes up must come down. And in a dramatic reversal of recent trend, Asian names plummeted across the most recent sessions.

Yet the overall Index managed to gain 0.4% as several platforms rallied by double digit percentage points.

AMTD shares sank 23.2%.

The company said Thursday (Oct. 10) that it had launched L’Officiel Japan, in both digital and print versions, as well as extensive contents shared across various social media platforms including Instagram, Threads, Facebook and X. AMTD said that the collaboration targeting the Japanese luxury market is made in collaboration with Asahi Shimbun Publications Inc., a subsidiary of The Asahi Shimbun Company.

The slide in AMTD’s stock was followed by 9F Group, which was 22.1% lower, and then by Beike, which slipped by 16%.

OneConnect shares bucked that trend, surging 14.6% on the week. The company said, as reported by sites like TipRanks on Thursday, that it had appointed Xiao Tang as its new general manager.

Huize shares lost 3.6%.

The company’s Insurtech arm Poni Insurtech Pte. Ltd. announced Wednesday (Oct. 9) that its Vietnam subsidiary, Global Care Consulting Joint Stock Company, had unveiled its new health insurance comparison platform, “GlobalCare.vn.”

The platform aims to offer Vietnamese consumers an improved, transparent and user-friendly insurance shopping experience, effectively positioning itself as a one-stop “insurance supermarket,” per the company’s release.

Open Lending shares gave up 2.3%.

The company said Monday (Oct. 7) that it has struck a partnership with Point Predictive. The joint effort will bring “enhanced speed, security, and performance to automotive lenders,” as they integrate the capabilities of Point Predictive’s new IEValidat solution and IncomePass solution into Open Lending’s Lenders Protection loan decisioning engine.

The Platforms Rally

Robinhood shares soared 13.7%. As PYMNTS reported Oct. 1, Robinhood is offering cryptocurrency transfers to European customers.

The service, “one of the most requested features in the region,” allows customers to deposit and withdraw more than 20 cryptocurrencies, including bitcoin, ethereum and USD Coin, according to Robinhood’s announcement.

MoneyLion’s stock gathered 11.3% on the heels of news Monday that the company had adopted a new solution from Plaid that allows consumers to link their bank accounts and get pre-qualified for loans.

When consumers share this information, lenders gain cash flow underwriting insights that enable them to offer credit options that are tailored to the consumer and are more competitive, according to the release this past week.

The solution from Plaid that powers these new capabilities is a combination of its instant financial onboarding platform called Layer and its cash flow data solution called Consumer Report, according to the firms.

SoFi said on Wednesday that it has added two new credit cards to its one-stop shop for digital financial services. One card is designed for consumers who prioritize earning rewards on their daily spending, while the other is for those focused on building or improving their credit scores, the company said.

SoFi’s stock was up 10.2%.

Also, as PYMNTS reported on Tuesday (Oct. 8), Toast added a branded mobile app and SMS marketing features to its technology platform for restaurants. These new mobile features are included in Toast’s fall product release and are designed to help restaurants build new revenue streams, a stronger brand presence and a deeper connection with their guests.

Toast shares gained 3.5%.