AFRM stock is trading at $20.63 as of 03:00 PM EDT
After six straight sessions of risk-off trading, markets are now in a risk-on mode, favoring fintech in Wednesday’s afternoon trade. At 2:41 PM ET, the Global X FinTech Thematic ETF (NASDAQ:FINX) has increased 2.9%. That follows a 56% reduction during the previous 12 months.
AFRM Stock, Fintech Performance
Fintech companies with a focus on retail often post the highest gains. On Wednesday, Block (NYSE:SQ), which was up 5.5%, completed the roll-out of its tap-to-pay-on iPhone capability to its Square POS system.
Additionally, the Buy Now Pay Later fintech Affirm Holdings (NASDAQ:AFRM), Lightspeed Commerce (NYSE:LSPD), and PayPal (NASDAQ:PYPL) all saw price gains. Blend Labs (NYSE:BLND), which offers banks and other financial institutions a platform for lending, has climbed 6.7%. PNC announced on Tuesday that it uses its lending platform for the mortgage application process.
According to MarketWatch, independent equities research firm New Constructs has included Affirm, a company that offers buy now pay later services, to its list of “zombie” stocks. The research group, which analyzes business filings and models economic earnings using machine learning and natural language processing, cautions that Affirm Holdings Inc. faces many obstacles in the future.
AFRM previously disclosed that it would introduce a buy-now-pay-later option on the Canadian website of Amazon.com Inc. The business is already connected to Amazon in the United States. In a news statement on Thursday, Affirm mentioned that qualified Canadian Amazon customers will be able to divide purchases into monthly payments for $50 or more. As the S&P 500 has fallen, AFRM stocks have decreased by 79% so far this year.
Featured Image- Megapixl @ Timonschneider