Fintech is Friday’s sympathy trade, driven by Bitcoin‘s (CRYPTO:BTC)’s breakout pulling capital into retail brokerages and crypto-linked fintech corners. The move is uneven across the group, with crypto exposure setting the ranking.
SoFi and Upstart each remain down 33% year to date despite Wednesday’s rally, as falling Treasury yields rather than any company news drove the 6 to 8% fintech rebound.
Two high-growth, technology-savvy fintechs, Happen Bank (NASDAQ: HAPN), formerly known as LendingClub, and SoFi (NASDAQ: SOFI), are moving in opposite directions this year: Happen Bank is up 2.9%, while SoFi has plunged 31.5%.
