Fintech IPO index rises by 3%

The FinTech IPO Index experienced renewed momentum, gaining 3% over a five-day period, with notable performances from various platforms. Robinhood’s shares surged by 30.5% after the company expanded its services beyond the United States, offering brokerage services to customers in Great Britain.

Affirm shares continued a double-digit rally, rising by 14.5%, driven by increased adoption of buy now, pay later (BNPL) options during the holiday spending weekend. Meanwhile, SoFi’s shares rallied 9.2% despite reports that brokerages, including SoFi Securities, faced fines from FINRA for allegedly misleading investors about their securities-lending programs.

BILL Holdings announced a staff cut of approximately 15%, along with the closure of its Sydney office, aiming to reallocate resources to key business priorities and improve core business profitability. Alkami Technology’s shares declined by 1.5% after Quontic Bank launched the Alkami Digital Banking Platform for its customer base.

Nuvei’s shares gained 9.7% following the launch of a partnership with Microsoft focused on the Middle East and Africa. Microsoft will leverage Nuvei’s payments technology and local market knowledge to optimise recurring billing and transactions for Office and Xbox customers in the specified regions.