nCino’s Weak Guidance Sends FinTech IPO Index 1.6% Lower

The broader tech-heavy NASDAQ was 1.1% higher through the last five sessions, while the Dow hit a record before backing off a bit.

But the FinTech IPO Index saw the inverse of that momentum, sliding 1.6%.

Toast and nCino Lead to the Downside

Toast’s stock declined nearly 12%. As PYMNTS reported Thursday (Dec. 5), a partnership between Toast and Uber — which began in 2021 — is expanding. The new integration between Toast Delivery Services and Uber Direct lets U.S. restaurants save on delivery fees and expand their delivery radius, while using Uber’s delivery network to provide local delivery on phone orders and ones made via Toast digital ordering channels, PYMNTS wrote.

Upstart’s stock lost 6.5%. In an announcement, the company said that Advia Credit Union, one of the largest credit unions in Michigan with $3 billion in assets and nearly 200,000 members across Michigan, Wisconsin and Illinois, has partnered with Upstart to offer personal loans to more consumers. Advia Credit Union started lending as a partner on the Upstart Referral Network in July. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet Advia’s credit policies will receive tailored offers as they move through an Advia-branded experience to complete the online member application and closing process.

Alkami’s shares were 0.3% higher. The company said this Wednesday (Dec. 4) that it has enhanced its data and marketing solutions platform. The enhancement focuses on the behavioral data tag suite to empower financial institutions with deeper account holder intelligence. That insight can help forge personalization across marketing channels and digital banking.

nCino’s 10.9% loss came against the backdrop of earnings. PYMNTS reported Wednesday that nCino executives told investors that “over 30” multi-solution deals were closed in the quarter, indicating strong demand for nCino’s own end-to-end banking platform. nCino’s total revenue for the quarter was $138.8 million, up 14% year over year, with subscription revenue counting for $119.9 million of that, also up 14% year over year. Fourth quarter revenue guidance of $139.5 million to $141.5 million was lower than consensus.

Affirm Gears Up for the Holidays

Separately, BNPL company Affirm said that it has partnered with eight more merchants to help their shoppers use flexible pay-over-time options. Consumers in the U.S. can now select Affirm as a payment option at checkout at Agape Diamonds, Discount Tire, Ever/body, FullBeauty, Garmin, Hotels.com, Living Spaces and Sweetwater. In addition, the Affirm Card, the Affirm App and top digital wallets allow consumers to access Affirm’s flexible payment options anywhere they shop, Affirm said. Approved customers can choose a customized biweekly or monthly payment plan, including a 0% APR option available on eligible purchases. 

Affirm’s stock was basically flat on the week.

Robinhood shares gathered 3.3% through the week. As reported by CNBC, Robinhood CEO Vlad Tenev said at the company’s investor day that the firm is mulling an expansion into sports betting.

“We’re keenly looking into that space. Nothing to announce just yet, but it’s so important to our customers and in culture that we’re excited about it,” Tenev said at the event, as reported by CNBC.

Robinhood’s stock rose 3.4% through the past week.