FinTech IPO Index Dips 1.6% as Earnings Weigh on Upstart and Oportun

Earnings were everywhere this past week, and for the FinTech IPO Index, quarterly reports dominated the headlines as platforms weighed in with revenues and commentary about consumer and enterprise spending and lending.

The FinTech IPO Index lost 1.6% through the week.

PYMNTS reported that Chime Financial’s latest earnings report demonstrated double-digit growth in the FinTech’s active membership base and increased usage of Chime Card for everyday spending. CEO Chris Britt said the company has notched 9.1 million active members in a market of nearly 200 million people earning up to $100,000 per year.

The company delivered 29% year-over-year revenue growth despite lapping the initial launch of MyPay. Revenues came in at $544 million for the quarter. The card spending represented 16% of total purchase volume as of the third quarter, he said. MyPay, for its part, is now a product with a $350 million annual run rate.

CFO Matt Newcomb said on the call that the active membership roster grew by 21% year over year and up 400,000 sequentially.

Chime’s stock gained 9.7%.

Elsewhere, Marqeta’s third-quarter 2025 earnings detailed $98 billion in total processing volume (TPV), up 33% year over year. In other Marqeta-related news, Klarna is expanding its card offering in Europe, partnering with Marqeta to do so. The partnership is designed to bring the Klarna Card into 15 new European markets, according to a joint news release. The launch builds on the two companies’ long-term partnership and employs Visa’s Flexible Credential (VFC) technology, letting cardholders choose between paying now or later. The expansion follows the United States launch of the Klarna Card in July. Marqeta last year became the first issuer processor in the U.S. certified for the Visa Flexible Credential.

Marqeta’s stock was up 10.1%. Klarna shares lost 2.4%.

PYMNTS reported that artificial intelligence (AI) lending marketplace Upstart saw growing consumer demand and steady consumer credit strength in the third quarter.

The company’s originations rose 80% year over year in the third quarter to reach $2.9 billion.

By category, compared to the third quarter of 2024, personal loan originations were up 73% to $2.7 billion, auto originations were up fivefold to $128 million, and home originations were up fourfold to $72 million, per the presentation.

“We see no material deterioration in consumer credit strength and in fact have seen recent signs of improvement,” CEO Dave Girouard said. Looking ahead, Upstart expects its macro indicator, the Upstart Macro Index (UMI), to remain stable during the current quarter, Upstart Chief Financial Officer Sanjay Datta said during the call. According to company materials, 91% of the loans enabled by Upstart during the third quarter were fully automated, requiring no human intervention from the company.

Upstart’s stock lost 14.5% through the past five sessions.

Oportun’s stock dipped more than 6%. Oportun reported that in its latest quarter, revenues of $239 million were down about 5% from $250 million in the prior-year quarter. Aggregate originations rose to $512 million, up 7 % from $480 million a year ago. The owned principal balance ended the quarter at $2.6 billion, compared with $2.7 billion a year earlier.

The company emphasized execution of asset-backed securitization at weighted average yields below 6 % and the expansion of its warehouse financing capacity (to $1.14 billion committed post-quarter) to underpin growth in its lending portfolio.

Cross-border payments firm Payoneer delivered a record quarter with total revenue of $270.9 million, up 9 % year on year. Revenue excluding interest income grew 15 % to approximately $211 million. The company reported $192 million in small and medium-sized business (SMB) customer revenue, up 17 % year on year, reflecting expansion of payment services for sellers, B2B firms and marketplace participants. Payoneer’s stock lost 8.7%.

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