Chris Comparato, CEO of Toast, Inc. IPO on the New York Stock Exchange on September 22, 2021.
Source: NYSE
Arrivedwhich uses artificial intelligence to inform online lending decisions, soared 46% on Friday, its best day in more than three years. Grillwhich sells payment technology to restaurants, jumped 14%, closing at its highest level since 2021.
Both companies reported better-than-expected results, sparking the rally.
Upstart’s revenue jumped 20% in the third quarter to $162 million, significantly beating analysts’ estimates. CEO David Girouard said during the company’s earnings conference call: “we are in growth mode.
Toast is still a long way from its 2021 pandemic highs, but the stock has now more than doubled this year. The company’s adjusted profit guidance of between $90 million and $100 million for the current quarter beat estimates.
Both stocks were part of a huge rally on Wall Street this week that followed Donald Trump’s election victory Tuesday night. All three major indexes closed on record highs, with the tech-heavy Nasdaq finishing the week up 5.7%, its second best week of the year.
Within fintech, crypto-related companies were among the top performers, after candidates funded by the crypto industry won the elections.
Coinbase shares surged 48% for the week, their strongest performance since January 2023. Coinbase was one of the top corporate donors of the election cycle, giving more than $75 million to Fairshake and its affiliated PACs, including a new pledge of $25 million to support the pro-crypto super PAC in the 2026 midterms.
Trump has vowed to oust SEC Chairman Gary Gensler, potentially boding well for companies like Coinbase that are fighting the regulator in court over alleged securities violations.
Robin Hoodwhich allows users to buy and sell a number of digital currencies, rose 27% over the week. The online brokerage received a Wells Notice from the SEC in May, a decision that often precedes formal charges.
Bitcoin hit a new intraday high above $77,300, ending the week up 11%. Ether, Solana and Dogecoin have outpaced Bitcoin’s gains.
Not all fintechs have joined in.
Block, Square’s parent company, reported third-quarter revenue Thursday that fell short of Wall Street’s expectations, sending the stock down slightly on Friday. Shares of Jack Dorsey’s company underperformed the frontier technology market for the week, rising 3.3%.
AffirmThe buy now, pay later loan provider beat on the high and low side, but the stock still fell 4.7% on Friday, leaving it slightly ahead of the Nasdaq for the week.
WATCH: Robinhood Crypto CEO Reacts to Bitcoin Rally
