Platforms Drag FinTech IPO Index 0.5% Lower in Shortened Trading Week

The past few days to be volatile ones in the FinTech IPO realm, as our Index slipped 0.4% in a week that was truncated due to the Memorial Day holiday.

Platforms led the decline, and some recent gainers of note now led to the downside.

Defi Development Corp. (formerly Janover) had notched triple-digit gains through a few of the past weeks – and this time around, the stock lost 44% through the past five sessions.

The company said that  it would adopt a liquid staking token technology. The company said in its announcement that it would invest part of its SOL treasury in dfdvSOL, billed as an “LST representing stake delegated to DeFi Dev Corp. validators and built with protocol infrastructure developed by Sanctum, a provider of liquid staking solutions on the Solana blockchain.”

In terms of mechanics, the LSTs allow users to stake their SOL tokens and receive a liquid token in return, “unlocking staking rewards while maintaining liquidity.” The company said the LST technology will boost validator operations and treasury management.

“This milestone makes DeFi Dev Corp. the first publicly traded company to own LSTs on Solana, further strengthening its position as the premier crypto-native treasury model for public market participants,” DeFi said in its release.

Upstart and Affirm Help Offset Some Declines

Upstart shares gathered 6.3%.

In an announcement, All In Credit Union, a leading credit union serving 200,000 members with $3.6 billion in assets, announced its partnership with Upstart to offer personal loans to more consumers.

All In Credit Union started lending as a partner on the Upstart Referral Network in March. As part of the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet All In Credit Union’s credit policies receive tailored offers as they transition into an All In Credit Union-branded experience to complete the online member application and closing process.

Flywire shares sank nearly 10%. In an announcement this week, the firm said it had been accepted into Virtuoso’s portfolio of luxury travel partners, comprising 2,300 preferred suppliers in 100 countries. Inclusion in Virtuoso will provide Flywire new sales and marketing opportunities to the network’s luxury travel advisors and their clientele.

OneConnect’s latest quarterly results sent shares slightly higher. The company’s stock gained 1.5%, as the China-focused financial services firm said that revenue from continuing operations was RMB368 million (about $51.1 million), down 49% from RMB723 million (about $100.4 million) during the same period last year.

The company’s loss from continuing operations narrowed a bit, to RMB38 million (about $5.4 million), compared to RMB54 million (about $7.5 million) during the year-ago first quarter. Revenue from business origination services was RMB5 million (about $700,000) in the first quarter of 2025, a decrease of 59.2%, primarily due to a decrease in transaction volumes from loan origination systems under digital credit management solutions.

Affirm’s shares were 10% higher. The company said it would broaden its collaboration with Kayak to Canada; as users choose Affirm at checkout on Kayak’s Canadian website, approved travelers can split the cost of flights, accommodations, and car rentals or car sharing into monthly payments.

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