Circle Rallies and Chime Joins the Nasdaq as FinTech IPO Surges 3.7%

Recent debuts on the public markets have added to the FinTech IPO Index’s roster.

Chime listed on Thursday, and shares soared 38% in the first day of trading.

Circle has gained more than 28% in the past five trading days.

As reported here, blockchain firm Ripple launched a partnership with Circle. The collaboration brings Circle’s USDC stablecoin to Ripple’s XRP Ledger (XRPL) blockchain, per this week’s announcement. The announcement came one day after Circle formed an expanded partnership with World, a digital identity company known for its eyeball-scanning technology.

In its latest monthly report, Robinhood indicated that the platform’s funded customers at the end of May were 25.9 million (up about 5,000 month over month and up 1.8 million year over year). Platform assets at the end of May were $255 billion (up 10% from April 2025, up 89% year over year). Net deposits were $3.5 billion in May, or 18% annualized growth rate relative to April 2025 Total Platform Assets. The trailing 12-month growth in net deposits on an annualized basis came in at 44%. Robinhood’s stock gained 1.8%.

Separately, Hippo Insurance shares were up 17.2%. In an update tied to its investor day this week, the company introduced 2028 financial targets of gross written premium greater than $2 billion, adjusted net income greater than $125 million, and adjusted ROE greater than 18%. The companies also announced a partnership with the Baldwin Group’s subsidiary Westwood Insurance Agency to  expand the reach of Hippo’s New Homes business.

Under the terms of the pact, Hippo will distribute its new construction homeowners product through Baldwin’s subsidiary, Westwood Insurance Agency’s industry-leading homebuilder network. Baldwin will purchase Hippo’s existing homebuilder distribution network for $100 million.

Marqeta Powers Klarna Card

PYMNTS reported that Marqeta’s card issuing platform is powering the recently announced Klarna Card debit card that will allow Klarna customers in the U.S. to use the same card to pay immediately or pay later. The Klarna Card is in a trial phase in the U.S. and is expected to be rolled out more broadly in the country later this year, per the release.

The collaboration of Marqeta and Klarna on the new Klarna Card builds upon their existing relationship in which Marqeta supports Klarna in six countries and has powered Klarna’s virtual cards in the U.S. since 2018, the companies said this week.  Marqeta’s stock was basically flat on the week.

In legal news, PYMNTS reported that Sezzle has filed an antitrust lawsuit against Shopify. The lawsuit, filed Monday in the U.S. District Court for the District of Minnesota, accuses Shopify of engaging in monopolistic and anticompetitive practices to limit competition for buy now, pay later (BNPL) options on its platform.

Sezzle said it is seeking an injunction to block Canada-based Shopify from continuing this alleged conduct, with the suit asking for treble damages, or damages three times the amount awarded by a jury. Revenue associated with gross merchandise volume attributable to Shopify’s platform, the BNPL provider said, accounted for under than 5% of Sezzle’s total revenue. Sezzle shares gained 13.2%.

Huize Holding reported first quarter results this past week, and in the period that ended in March, gross written premiums reached 1.43 trillion yuan ($199 billion) for the first quarter of 2025, representing an increase of 37.8% from 1.04 trillion yuan last year. First-year premiums also rose 30.9% sequentially to 730.4 million yuan in the first quarter of 2025. The cumulative number of insurance clients served increased to 11 million at the end of the most recent quarter. Huize shares were up 8.5%.