Fintech stocks like SoFi Technologies, Upstart Holdings, and Affirm Holdings rose sharply midday Wednesday following a decline in long-term Treasury yields. The U.S. Treasury announced it would double buybacks of long-dated government debt, causing 10- and 30-year yields to fall, which typically benefits consumer lenders and growth stocks. SoFi reported strong Q2 results with record revenue and profit growth, but its stock remains down 33% year to date. Affirm has held up better this year, while Upstart shares also remain down despite the rally. Investors should watch Treasury yields closely as the fintech rebound is tied to macroeconomic factors rather than new company developments.
Kraken, a major crypto exchange, has introduced the Krak Card, a U.S. debit card that offers up to 2% cash or bitcoin back, with rewards paid directly as money rather than points. The card allows spending from over 600 currencies and crypto assets, c...
SoFi Technologies reported strong Q2 results with revenue up 42.6% year-over-year to $1.22 billion, driven by rapid innovation and robust membership growth reaching a record 15.81 million. This growth fuels increased product usage per member and new ...
SoFi Technologies was downgraded from Strong Buy to Buy due to strong lending growth and financial services but ongoing underperformance in its tech platform. The lending segment showed a 69% year-over-year increase in loan originations and strong ri...
