Hello, Fintech Friends!

Maybe it’s confirmation bias, but it feels like fintech has narrowed to stablecoins. That’s where all the action is: new stablecoins, new blockchains, and a steady wave of M&A rumors as traditional players try to buy their way into relevance. The center of gravity in fintech has clearly shifted, and stablecoins have become the main event. Ironically, it’s been a not-so-stable year for fintech.

For a while, fintech IPOs looked like a bright spot. Circle, Chime, Klarna, and eToro finally made it to the public markets, and investors initially cheered each debut. But that enthusiasm didn’t last. Chime, Klarna, and eToro are now trading below their IPO prices, and Navan, one of the most recent listings, fell sharply on its first day. Even the IPO pops are gone.

Meanwhile, most payment companies are down, some sharply so. Even Visa and Mastercard are underperforming the S&P 500 and Nasdaq, and the Fintech Index correctly reflects that weakness. So don’t let the excitement around stablecoins fool you; it hasn’t been a great year for public fintechs.

Jevgenijs
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Best-Performing Fintech Stocks

The ten best-performing fintech stocks this year include four Brazilian fintechs, four lenders, and two brokerages. The Brazilian companies fall into the same categories: lenders and brokerages.