FinTech IPO Index Slips 1.1% as Thanksgiving Shortens Trading Week

The turkey has been carved.

Thursday offered a brief respite from the volatility that’s been a hallmark of the FinTech IPO Index.

Into a shortened week, through the past five sessions headed into Turkey Day, the index slipped 1.1%.

Paysafe shares slipped 13.9%, among the most notable performers to the downside.

This week, the firm said that it had extended its collaboration with Visa to integrate Visa Network Tokens as an alternative to primary credit and debit card account numbers. The announcement noted that Visa Network Tokens update expired card numbers in real time, eliminating unnecessary declines and ensuring recurring payment subscriptions remain uninterrupted. These Visa-generated network tokens are securely transmitted and stored by Paysafe in lieu of card PANs.

Only a Few Earnings Headlines

There remained a smattering of earnings announcements this past week.

Huize shares were up 6%.

The company posted results that showed that gross written premiums facilitated year to date on the company’s platform were 4.5 billion yuan ($629 million), a 31.7% increase year over year (YoY). Within that segment, first-year premiums accounted for 2.2 billion yuan, up 54.1% YoY. Renewal premiums year to date increased by 16% YoY. The cumulative number of insurance clients served increased to about 9.1 million as of the end of September.

dLocal shares lost 7.9%.

The company said in its most recent earnings report that total processed volume in the third quarter was up 69% YoY to $4.6 billion and revenues surged 47% to $164 million. The company said that CFO Diego Cabrera would step down to “pursue other opportunities.” Drilling down a bit further into results, the firm said that it “sustained strong revenue momentum” in Latin America, driven by Brazil and Mexico, up 56% YoY and accounting for 83% of sales.

nCino stock gave up 2.2%.

The company said in an announcement that, in the U.K., Alba Bank has adopted the nCino Cloud Banking Platform. The release noted that by integrating with Alba’s core banking engine, the nCino platform will enable the submission of loan applications, the monitoring of progress and the digital sharing of loan decisions.

Marqeta and Credi2 said they’d teamed up to launch an installment payment platform for European banks. Through the joint efforts, Credi2’s embedded lending platform is tied to Marqeta’s card issuing offering. According to the release, the partnership will let banks go to market more quickly with an installment solution for their debit and credit card cardholders.

Marqeta shares added 3.3%.

Robinhood’s shares slipped 1.3%. The company reported October operating results that showed net cumulative funded accounts at the end of October were 23.3 million, up 30,000 from September.

Assets under custody at the end of October were $84.6 billion, down 2% from September of this year. Net deposits were $1 billion in October, which the company said equated to a 14% translating to a 14% annualized growth rate relative to September of this year.