The FinTech IPO Index saw a 1% decline in performance over the past week due to uncertainty around interest rates and inflation. However, partnerships in the industry continued to make headlines, with digital upstarts teaming up with banks and buy now, pay later (BNPL) options gaining traction. nCino saw a 5% increase in its shares after announcing that Camden National Bank will be using its mortgage origination and closing solutions. Upstart, on the other hand, saw a 2.2% decrease after partnering with Maine Savings to provide personal loans. BNPL provider Affirm partnered with Evolve to offer pay-over-time options for travelers, leading to a 0.7% increase in its shares. SoFi, however, experienced a 3.1% drop after announcing staff cuts. Alkami Tech’s shares rose by 10% after partnering with Chimney to provide financial tools and insights to homeowners through digital banking.
Rocking partnerships power FinTech IPO Index with 1% slide.
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PriyaPatel
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