Affirm, Block, Lightspeed shares lead fintech stocks higher as investors buy the dip

Sep. 28, 2022 2:48 PM ETAffirm Holdings, Inc. (AFRM), SQ, FINX, BLND, PYPL, LSPD, LSPD:CAPNCBy: Liz Kiesche, SA News Editor4 Comments

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  • With markets in a risk-on mood after six straight sessions of risk-off, fintechs are gaining in Wednesday afternoon trading. The Global X FinTech Thematic ETF (NASDAQ:FINX) has risen 2.9% at 2:41 PM ET. That's after a 56% decline over the past year.
  • Many notching the biggest gains are retail-related fintechs. Block (NYSE:SQ), up 5.5%, had the full roll-out of its tap to pay on iPhone feature to its Square POS system on Wednesday.
  • Also Affirm Holdings (NASDAQ:AFRM), a Buy Now Pay Later fintech, increased 5.9%, Lightspeed Commerce (NYSE:LSPD) jumped 8.8%, and PayPal (NASDAQ:PYPL) rose 5.0%.
  • Blend Labs (NYSE:BLND), which provides a lending platform to banks and financial institutions, has increased 6.7%. On Tuesday, PNC (PNC) said it's using the company's lending platform for the mortgage application process.
  • Last week, proptech stocks suffered during the overall market selloff.

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