US fintechs fall as market meltdown extends to third day

Pagaya Technologies

07/04/2025 14:10

** Shares of U.S. fintech companies fall premarket,  extending losses for the third day after President Donald Trump last week announced tariffs on dozens of countries, prompting retaliation from China

** Upstart Holdings UPST.O down 7.6%, Pagaya Technologies PGY.O falls 6.8%, and LendingClub LC.N down 5.6%

** Affirm AFRM.O falls 5.5%, Block XYZ.N slips 5%, and PayPal PYPL.O drops 3.1%

** Analysts have said potential inflationary pressures from tariffs could weigh on consumer spending; market turmoil amid economic uncertainty could further dampen sentiment

** Swedish fintech Klarna paused its plans for a U.S. IPO on Friday as investor and consumer sentiments continue to erode amid a tariffs-induced global market rout

(Reporting by Ateev Bhandari in Bengaluru)

((ateev.bhandari@thomsonreuters.com))