FinTech IPO Index Slips 0.7% as Earnings Roil Stocks

March’s dawn brings with it the last vestiges of earnings season — and for the FinTech IPO Index, key headlines were focused on quarterly reports and a few announcements of partnerships.

So: It wasn’t all about tariffs this past week.

Earnings Continue to Roll In

In its latest quarterly report, Opendoor Technologies noted that in the fourth quarter, the firm delivered $1.1 billion of revenue, up 25% versus the same quarter last year, representing 2,822 homes sold. On the acquisition side, the company purchased 2,951 homes in the fourth quarter, versus 3,683 homes in the fourth quarter of 2023. The company posted guidelines for Q1 2025 of $1 billion to $1.075 billion. Opendoor shares sank 17.5%.

Blend Labs saw its shares slip 12.9%. At the end of last week, the company’s fourth-quarter results showed $41.4 million in consolidated top lines were up by $5.3 million, or 15% from the same period last year, as Blend Platform segment revenue of $30.1 million and Title segment revenue of $11.3 million were driven by a 6% increase in Mortgage Suite revenue, to $18.2 million. The company also logged a 48% increase in Consumer Banking Suite revenue, to $9.5 million, and 10% increase in Professional services revenue, to $2.5 million.

dLocal’s shares lost a staggering 32.7% on the heels of its earnings report, where the firm expects total payments volume (TPV) growth of 35% to 45% in the current year, and revenue growth of 25% to 35%. That guidance comes after the firm reported that TPV in the fourth quarter reached a record 51% year over year to $7.7 billion, adding 51%. Revenues in the quarter came to $204.5 million, up 9% year over year. Cross-border TPV increased by 67% year over year and 23% quarter over quarter to $3.7 billion. Cross-border volume accounted for 48% of the TPV in the fourth quarter of 2024.

Riskified grabbed its share of attention this week, as the firm has been rumored to be exploring a sale, and as it posted its fourth-quarter earnings detailing a 12% rise in gross merchandise volumes to $39 billion, and revenues that gained 11% to $93.5 million. The company’s stock was 4.7% lower.

In other (possible) acquisition activity, OneConnect Financial Technology shares soared by more than 46%, as the company said this past week that its controlling shareholder, Ping An Group, has made a bid to take the company private in a deal that would offer a 72% premium over OneConnect’s closing price at the end of last month.

SoFi’s Securitization

Elsewhere, as PYMNTS reported this week, SoFi closed a $697.6 million secularization of loan platform business volume, billed as a “co-contributor securitization” with collateral made up chiefly of loans previously placed with loan platform business partners.

SoFi shares gave up 11.5%, as the announcement marks the first securitization of new collateral in SoFi’s Consumer Loan Program since 2021 and the first using collateral originated in the loan platform business.

nCino said this week that San ju SanBank, a regional Japanese bank, will implement the nCino Mortgage Solution. By implementing the nCino Platform for mortgage operations, San ju San Bank will replace manual tasks with digital, paperless processes leading to more efficient workflows. Through the past week, nCino shares slipped 2.7%.

Marqeta said that its customers and their users can now make cash deposits at Green Dot’s network of more than 95,000 locations across the U.S. The joint efforts are part of a new partnership between the two firms, where the partnership will facilitate Marqeta’s cash load offering, according to the announcement at the end of last month. The shares declined 4.5%.

And in other partnership news, BNPL provider Affirm, which saw its stock give up 14.7%, said that it started a partnership with online personal styling service Stitch Fix. Under the terms of the agreement, Stitch Fix clients who want to use the pay later method can choose Affirm at checkout and go through an eligibility check. If approved, these customers can choose a monthly payment plan that suits their own needs.