The FinTech IPO Index Fell 0.7% As OppFi and Hippo Holdings Lagged Behind Others


The platforms sector was responsible for the majority of the 0.7% decline in the FinTech IPO Index. However, the Index as a whole is still up more than 35% so far this year despite the recent drop. Stock in OppFi dropped by 10%. According to a Reuters report at the beginning of the month, Los Angeles Superior Court Judge Timothy Dillon “is expected to rule any day” on a lawsuit filed by the California Department of Financial Protection and Innovation to prevent OppFi from offering loans with interest rates higher than the state cap of 36%.

Investors Want Hippo to Make Changes

Hippo Insurance saw a drop of 7.9% in its stock price. On Thursday, it was reported that Bradley L. Radoff and Etude Capital LLC, together with other holders of up to 2.5% of Hippo’s outstanding shares, sent an open letter to the board of directors of Hippo, citing the company’s “abysmal financial results” and its “unsustainable manner of operation.”

Today, shares in Hippo, a microcap company, sell for a discount of almost 50% to book value. In our opinion, the board has an immediate responsibility to fulfill its fiduciary obligation to shareholders by protecting their investments as the company operates in a highly regulated market. The letter requested that the board review and optimize the value of the company’s capital position and other assets, such as Spinnaker Insurance Co.

In addition, shares of nCino fell 0.9%. This week, Nomura Holdings, Inc. announced that its subsidiary, Nomura Trust & Banking Co., has gone live on the nCino Cloud Banking Platform. Shares of Toast were down 4.6% after the company announced earlier in the month that Aman Narang would take over as CEO in early 2024.

He started the company with a partner in 2011, and as of 2021, he’s been its COO. Chris Comparato, who has been CEO since 2015, is replaced by Narang. He and Narang will continue to serve as board members for Toast.

Don’t forget to miss our latest post-

In light of the success of a select few:

In the last five trading days, Affirm shares have gained 5.1%. As mentioned here, Affirm has joined together with to provide vacationers with more convenient payment choices. Reportedly expanding on existing collaborations with KAYAK, Agoda, and Priceline, Affirm will be available at checkout across multiple Booking Holdings travel brands. In addition to American Airlines, Cathay Pacific, CheapOair, and Vacasa, Affirm now works with

The stock of Paymentus, which had been down, rose by 5%.

The Oracle Health developer program has approved the company’s Paymentus Patient Billing and Payments stack, the company said. According to the press release, this validation paves the way for Paymentus to connect with the Oracle Health EHR and offer its cutting-edge billing, payment, and disbursement services to the healthcare industry.

Furthermore, as indicated last week, Paymentus may distribute funds through the same payment channels, eliminating the need for manual check distributions and the accompanying dangers. This follows last month’s announcement of Paymentus’s second-quarter financial results, which showed that the company had expanded its client base and received bookings from a variety of new industries interested in its cloud-based bill payment services.

According to management comments on the call, these sectors include retail, insurance, telecommunications, utilities, government agencies, and a global technology service provider.

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More