Opendoor Leads Declines as FinTech IPO Index Loses 4.4%

The FinTech IPO index fell 4.4% heading into the final trading days of February.

And as detailed earlier in the week, while the group is still up this year — roughly 20% — bit by bit, volatility has eaten into those gains. There’s still a long way to go before the entire pantheon breaks even, as you’ll see from the chart at the end of this piece, which details return since each company’s respective IPO through the close of business Thursday.

Opendoor’s shares fell 22% over the past five sessions heading into its fourth-quarter results. On Thursday evening, the company reported a 25% decline in revenue year-over-year in the most recent quarter. The company’s revenue material shows that a total of 7,512 homes were sold via the company’s platform, down 23% compared to the same period the previous year. And the net loss widened to $399 million in the latest period, compared to $191 million a year earlier.

A look at better days in the housing market

But management struck an upbeat note in its investor letter, noting that it has prioritized “selling the homes we offered between March and June of last year … before the housing market reset.” By the end of the year, Opendoor said, it had sold through or was under contract on 66% of that group, a figure it now sees at 85% at the end of the current quarter.

Toast posted a 20% loss through the week in the wake of earnings that were reported earlier in the month. The company also announced that it acquired digital drive-thru signage company Delphi Display Systems.

OneConnect was 11.5% lower in one week like that an announcement in which PowerSchool, a provider of cloud-based K-12 education software in North America, on Thursday (February 23) announced the expansion of its global channel partner initiative, the PowerPartner program, with OneConnect becoming the program’s first channel partner in Africa.

Nuvei fell 10.8%, a decline that came in in step with the news that the purchase of the payment platform Paya for 1.3 billion dollars has been completed. As reported, Paya processed $50 billion in payment volume last year.

Paya, according to Nuvei, also operates in “high-growth” verticals such as healthcare, nonprofits, government, utilities and a variety of other B2B markets.

MoneyLion said so this week it offers qualified MoneyLion users free tax filing services through its new partnership with Column Tax, a personal income tax software company. Shares fell 8.7% in the past week.

Payoneer said one of the devices has received a license for electronic money. As reported, Payoneer Payment Services UK received the license from the UK’s Financial Conduct Authority (FCA).

The license enables digital financial institutions to operate in the UK. The firm’s new UK license joins the licenses or approvals Payoneer already has in the US, Europe, Hong Kong, Japan, Australia and India. Shares have fallen 2.5% in the past five days.

Huize was among the few gainers for the week, adding 22.8%. The company said it had partnered with Hongkang Life Insurance Co., Ltd. – a new product offer for whole life insurance in the “Jin Man Yi Zu” series. The companies state this in a press release which offers an option to convert the policy between individual and joint insurance, which provides flexibility to meet customers’ retirement planning needs.