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IPO FinTech Index Wilts Again, Closes Q2 off 43% for the Year







No respite into the end of the quarter.

And halfway through the year 2022, the FinTech IPO Index, as tracked by PYMNTS, has had a dismal time of it.

The Index finished the week down about 2.3%, and is off 42.8% YTD.

The downturn this past week matches the drubbing seen for stocks, en masse, into the end of the week, ending a quarter that capped the worst half for markets in decades.

For the FinTech-specific names, it seemed like company-specific news — any company news, whether earnings or rumored mergers — simply was not enough, by and large, to prop the Index up.

The winners were few and far between.

One Connect was up 21%. That surge came as the company said that it would propose a dual listing to trade on the Hong Kong Stock Exchange.

Amid decliners, Triterras lost 29.5%. The company reported earnings that revenues were up 2% year on year to $56.7 million. That revenue growth came even as total transaction volume for the period was $6.7 billion compared to $10.0 billion.

Robinhood Down as Merger Rumors Swirl

Robinhood slid 23.7%, giving back an initial rally this week that saw rumors that the platform firm might be acquired by cryptocurrency exchange FTX. As had been reported earlier in the year, FTX CEO Sam Bankman-Fried purchased a 7.6% stake in Robinhood by purchasing more than 56 million shares in the company, a deal worth $482 million.

See also: Robinhood Jumps After News of Possible FTX Purchase

Paysafe lost 12.8% through the past five sessions, coinciding with the announcement detailed here that  Mastercard and Paysafe have announced they are expanding their collaboration to bring the Mastercard Send service to Paysafe’s payments platform in the United Kingdom and European Union.

Paysafe can handle 100 payment types and operates in more 40 currencies globally, the release stated. It offers a range of services through one application programming interface (API) and lets users customize reports of transactions.

Elsewhere, payments technology company Payoneer has teamed up with South Korean B2B marketplace EC21 to support cross-border trade involving Korean small and medium-sized businesses (SMBs). The deal will involve integrating Payoneer’s API and EC21’s billing system. Shares of Payoneer lost nearly 5% through the week.

Earlier this week, Marqeta, which lost 10.7%, said it was expanding its dashboard with over 40 new application programming interfaces (APIs).

The expansion lets Marqeta’s clients develop and test individualized credit card experiences, according to a press release emailed to PYMNTS.

Marqeta’s credit platform offers its clients the added option of tapping into the program management and banking capabilities of the First National Bank of Omaha (FNBO).

As detailed in the release, Marqeta’s API now connects to FNBO’s decisioning engine, providing Marqeta’s clients with the ability to offer their customers instant credit decisions.

New quarter, and now the second half of the year is here. One wonders if it all will be just … more of the same.

Read also: Marqeta Expands Credit Platform with 40 New APIs




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