FinTechโ Stocks Surge as Affirm Reports Strong Growth, Opendoor Gains Momentum
SAN โคFRANCISCO – Shares of Affirm adn Opendoor moved higher in trading Thursday following strong quarterly reports and strategic announcements signaling โฃcontinued growth in the competitive fintech landscape.
Affirm reported a 34% surge inโข gross merchandise volume (GMV) too $10.4 billionโ for the Juneโฃ quarter, with revenues climbing 33% to $876 million. Theโค company’s โข”buy now, pay later” (BNPL) service saw โฃcontinued 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 โ2.3 million.
“Growth is accelerating, and we are firingโฃ 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 โคhighlighted โคongoing investment in expanding card usageโ 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 โฃclient lifecycles.An initial pilot program with a โคmajor U.K. bank demonstrated ProBanker’sโ ability to identify potential credit risks six months earlier than currentโ processes and support customers with funding opportunities. nCino shares declined 5.9% despite โคthe 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 โfrom the offering; its stock slipped โ11.3%.