Generally, this has been a pretty terrible year across the board for Fintech.

A number of stocks are down by over 80%, when the S&P 500 was down about 22%.

The standout fintech stock is DAVE, which is down an amazing 97%!

A common argument for why it is happening is that investors are moving to safer stocks, as interest rates rise. But this is only partially true: a bunch of the businesses are genuinely doing worse. Eg, Coinbase's revenue is down 27% QoQ, Upstart revenue is down 30% QoQ, Affirm revenue is flat and no longer growing.

And most of the sector is super unprofitable, burning a ton of money. Lemonade's margins are -120%.

I wrote about all of these observations here: https://yarn.pranshum.com/ipos_int