Chris Comparato, CEO, Toast, Inc. IPO on the New York Stock Exchange, on September 22, 2021.
Source: New York Stock Exchange
cockywhich uses artificial intelligence to make online lending decisions, rose 46% on Friday, its best day in more than three years. Toastwhich sells payments technology to restaurants, jumped 14%, closing at its highest level since 2021.
Both companies reported better-than-expected results, sparking gains.
Upstart's revenue jumped 20% in the third quarter to $162 million, easily beating analysts' estimates. “We're in growth mode,” CEO David Girouard said on the company's earnings call.
Toast is still far from the pandemic highs of 2021, but inventory has now doubled this year. The company's revised earnings forecast of $90 million to $100 million for the current quarter beat previous estimates.
The two stocks were part of a huge rally on Wall Street this week after Donald Trump won the election on Tuesday night. All three major indexes closed at record levels, with the tech-heavy Nasdaq ending the week up 5.7%, its second best week of the year.
In the fintech space, cryptocurrency-related companies were among the best performers, after candidates funded by the cryptocurrency industry won races up and down the ballot.
Coinbase Shares jumped 48% during the week, their strongest performance since January 2023. Coinbase was one of the biggest corporate donors in the election cycle, giving more than $75 million to Fairshake and its political action committees, including a new $25 million pledge. Dollars to support the election campaign. Pro-Crypto Super PAC in the 2026 midterm elections.
Trump has vowed to fire SEC Chairman Gary Gensler, which bodes well for companies like Coinbase that are fighting the regulator in court over alleged securities crimes.
RobinhoodWhich allows users to buy and sell a number of digital currencies, it rose by 27% during the week. The online brokerage received a Wells notice from the Securities and Exchange Commission in May, a step that often precedes formal charges.
Bitcoin It reached a new intraday high above $77,300, ending the week up 11%. The gains of Ether, Solana, and Dogecoin exceeded those of Bitcoin.
Not all fintech companies have risen.
Block, Square's parent company, reported third-quarter revenue on Thursday that fell behind Wall Street expectations, leading to a slight decline in the stock on Friday. Shares of Jack Dorsey's company underperformed the internal technology market this week, rising 3.3%.
Confirma provider of buy now, pay later loans, beat the top and bottom, but the stock fell 4.7% on Friday, leaving it slightly ahead of the Nasdaq for the week.
Watch: Robinhood Crypto CEO Reacts to Bitcoin Rally
