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Why Upstart Holdings, Block, and StoneCo All Surged Today
On a positive day for markets, Upstart Holdings (NASDAQ: UPST), Block (NYSE: SQ), and StoneCo (NASDAQ: STNE) were all up much more than the broader indexes, rising 13.7%, 9.6%, and 9.4%, respectively, as of 2:53 p.m. ET. At first you may not think these stocks have much in common, with Upstart using AI to underwrite loans to non-prime customers, Block being a small business payment processor and millennial- and Gen Z-focused financial app, and StoneCo being an enterprise payments processor in Brazil. In general, fintech stocks are seen as exciting growth companies that are using new digital technologies to augment financial inclusion among populations without as much access to the banking system.
