Slight decline for FinTech IPOs during the holiday week

We will not call it a comeback.

But it’s a win, anyway.

At the end of a week shortened on Wall Street by the fourth weekend of July, the FinTech IPO Tracker was up 2.9%.

But the hole is deep, and so far this year the group is down by more than 41%.

The low single-digit increases seen in the last week contradict the fact that double-digit percentage points have been won over the last five sessions, yes – and similar names have also had double-digit declines.

And we have not even reached the earnings season yet, although some companies here and there have posted results for their last quarters.

When we drill down a bit, we see that OneConnect rose 38% a week, with the company’s first debut on the Hong Kong stock exchange, and completed its ambitions to have a double listing in place (the shares are also traded in the US, by price).

That performance was followed slightly by Expensify, which received 12%, and then by Payoneer, which was up 10.7% throughout the week.

In the case of Payoneer, the company announced a pact with Linnworks, in which the latter company’s platform allows retailers to integrate a number of third-party services. It also provides a number of tools for connecting, managing and automating trading operations.

The partnership will give retailers more options for receiving and making payments, as we noted in this post last week.

Also read: Linnworks collaborates with Payoneer on cross-border transactions

Affirm accumulated 3.8% through the week, when Wall Street firm Stephens said the gross value of goods would rise in line with Amazon Prime Day next week. Assuming Affirm finances 50% of Prime Day sales, as Yahoo Finance reported, this would double Stephen’s $ 5 billion GMV estimate for the first quarter and increase its annual GMV count by 20%.

To the disadvantage

In terms of the most notable bottom line athletes, Triterras fell 38% over the last several sessions, in the wake of the company’s latest earnings report. Total transaction volume in the last period fell to $ 6.7 billion from around $ 10 billion a year ago, while revenues increased by 2% in the period to $ 56.7 million.

Robinhood fell 11% this week, giving the company back some of the gains seen earlier in the news that FTX may be exploring a bid on the investment platform (nothing incremental came out on the possible deal last week).

Paysafe lost 5.6%, after Mastercard and Paysafe announced at the end of June that they were expanding their collaboration to bring the Mastercard Send service to Paysafe’s payment platform in the UK. Funds can be sent to cards, bank accounts and mobile wallets. This is especially useful in industries such as insurance, e-commerce markets, other forms of e-commerce and gaming, which were reported last week.

Also read: Mastercard, Paysafe Extend your bond with faster payments from Mastercard Send