The FinTech IPO index closes Q2 by 43% for the year

No respite at the end of the quarter.

And halfway through the year 2022, the FinTech IPO index, tracked by PYMNTS, has had a gloomy time.

The index ended the week down around 2.3%, and is down 42.8% YTD.

The downturn in the last week corresponds to the downturn seen for equities, by mass, to the end of the week, and ended a quarter that limited the worst half for markets in decades.

For the FinTech-specific names, it seemed that company-specific news – all company news, whether it was revenue or rumors of mergers – was simply not enough, for the most part, to support the index.

The winners were few and far between.

One Connect was up 21%. That increase came when the company said it would propose a double listing to trade on the Hong Kong Stock Exchange.

In the midst of declines, Triterras lost 29.5%. The company reported earnings that increased 2% year-over-year to $ 56.7 million. This revenue growth came even though the total transaction volume for the period was $ 6.7 billion compared to $ 10.0 billion.

Robinhood Down as a merger rumor swirls

Robinhood fell 23.7%, returning a first rally this week that saw rumors that the platform company could be acquired by the cryptocurrency exchange FTX. As reported earlier this year, FTX CEO Sam Bankman-Fried bought a 7.6% stake in Robinhood by buying more than 56 million shares in the company, a deal worth $ 482 million.

See also: Robinhood jumps after news of possible FTX purchase

Paysafe lost 12.8% in the last five sessions, coinciding with the announcement described here that Mastercard and Paysafe have announced that they are expanding their collaboration to bring the Mastercard Send service to Paysafe’s payment platform in the UK and EU.

Paysafe can handle 100 payment types and operates in more than 40 currencies globally, the publication states. It offers a range of services through a single application programming interface (API) and allows users to customize transaction reports.

Elsewhere, payment technology company Payoneer has teamed up with South Korean B2B marketplace EC21 to support cross-border trade involving Korean small and medium-sized enterprises (SMEs). The agreement will involve integrating Payoneer’s API and EC21’s invoicing system. The shares in Payoneer lost almost 5% during the week.

Earlier this week, Marqeta, which lost 10.7%, said it was expanding the dashboard with over 40 new application programming interfaces (APIs).

The expansion allows Marqeta’s customers to develop and test individualized credit card experiences, according to a press release sent to PYMNTS.

Marqeta’s credit platform offers its customers the additional opportunity to take advantage of the program administration and banking functions of First National Bank of Omaha (FNBO).

As described in the release, Marqeta’s API now connects to FNBO’s decision engine, giving Marqeta’s customers the opportunity to offer their customers immediate credit decisions.

New quarter, and now the second half of the year is here. One wonders if it all just becomes… more of the same.

Also read: Marqeta expands credit platform with 40 new APIs