Why Marqeta, Affirm, and Lemonade Soared Today
Shares of high-growth fintech firms Marqeta (NASDAQ: MQ), Affirm (NASDAQ: AFRM), and Lemonade (NYSE: LMND) were rallying today, up 4.8%, 5.4%, and 8.3%, respectively, as of 3:30 p.m. EDT.
The rally in these newly public financial technology stocks wasn't so much from news out of their own businesses, but rather the stodgy old Wall Street banks they are looking to disrupt. Big bank earnings have largely come in this week better than expected, leading to optimism that the U.S. consumer is in much better shape than bears had feared.
That gives a big boost of confidence, not only to the banks that reported, but to these newer financial players that may be perceived as riskier.
Source Fool.com
