FinTech Stocks Surge as Affirm Reports Strong Growth, Opendoor Gains Momentum
SAN FRANCISCO – Shares of Affirm adn Opendoor moved higher in trading Thursday following strong quarterly reports and strategic announcements signaling continued growth in the competitive fintech landscape.
Affirm reported a 34% surge in gross merchandise volume (GMV) too $10.4 billion for the June quarter, with revenues climbing 33% to $876 million. The company’s ”buy now, pay later” (BNPL) service saw continued momentum both online and in-store, driven by 0% APR monthly installment loans. Growth was notably notable with the Affirm Card, which experienced a 132% increase in GMV to $1.2 billion and a 97% rise in active cardholders to 2.3 million.
“Growth is accelerating, and we are firing on all pistons,” said Affirm CEO Max Levchin during the company’s earnings call. General merchandise volume grew 45% during the quarter. Levchin noted the Affirm Card attach rate is around 10% and highlighted ongoing investment in expanding card usage to new environments, such as gas stations.
In other fintech news, nCino launched ProBanker by FullCircl, a new solution designed to help U.K. lenders manage client lifecycles.An initial pilot program with a major U.K. bank demonstrated ProBanker’s ability to identify potential credit risks six months earlier than current processes and support customers with funding opportunities. nCino shares declined 5.9% despite the product launch.
Separately, dLocal announced a secondary offering of 15 million Class A common shares associated with General Atlantic, priced at $12.75 per share. dLocal will not recieve proceeds from the offering; its stock slipped 11.3%.
