Huize Soars on Earnings and Powers FinTech IPO Index by 22.5%

Now that’s a rally.

In what was inarguably the most explosive five trading days of its history, the FinTech IPO Index surged 22.5%, and now stands more than 68% higher year to date.

And a key part of the stellar performance can be attributed to a single name. 

Huize’s Stunning Rally

Huize Holding rocketed ahead by more than 461%, in the wake of earnings.

Company materials revealed that gross written premiums reached a quarterly record high of RMB2,060.7 million ($293.6 million) in the third quarter of 2024, compared to RMB1,245.1 million in the same period of 2023. First year premiums more than doubled year over year to RMB1,354.4 million in the third quarter of 2024. 

The company also noted that it had passed the 10 million client milestone during the quarter. Renewal premiums were more than 34% of GWP, up 17.6% year over year. Operating revenues surged 26.4% as measured in the most recent quarter against last year, to RMB369.7 million.

Open Lending’s stock was 6.5% higher. An announcement noted that it had received certification of the 1 millionth auto loan through its Lenders Protection loan decisioning engine. The platform was launched in 2000, where the company said Lenders Protection “uses loan analytics, risk-based pricing, automated decisioning technology, and default insurance to enable financial institutions to responsibly offer vehicle financing to applicants in the near- and non-prime credit spectrum.”

BILL shares lost a bit more than 6%. As reported this week, BILL is adding a 1099 form filing solution to its financial operations platform for small to medium-sized businesses (SMBs). The new 1099 Filing lets SMBs and their accountants prepare and file their 1099 forms using the same platform they use to pay and manage their vendors throughout the year, BILL said in its announcement. With 1099 Filing, users can request and collect W-9 documents from vendors, select which vendors are 1099 eligible, and view all payments made to a vendor and categorize those expenses in bulk.

nCino’s stock gave up just under 2%. Earlier in the week, nCino said that Habib Bank Zurich plc. a wholly owned U.K. incorporated subsidiary of Habib Bank AG Zurich Switzerland, has selected the nCino platform to grow and digitally enhance the bank’s Buy-to-Let Lending business in the United Kingdom. 

Robinhood reported its November monthly metrics that funded customers at the end of November were 24.8 million (up approximately 420,000 from the end of October), surging 1.5 million customers from a year ago. Assets under custody at the end of November were $195 billion — up 22% from October, up 106% year over year. Net deposits were $5.6 billion in November, translating to a 42% annualized growth rate relative to October, the company said.

MoneyLion shares stood 0.2% higher through the week, as Gen Digital struck a pact to buy the financial wellness platform for $82 a share, or about $1 billion. Gen Digital struck a definitive agreement to make the acquisition, which will add MoneyLion’s financial empowerment resources to Gen Digital’s credit and identity protection solutions.

In October, the company launched MoneyLion Checkout, a marketplace that lets consumers search, apply for and complete transactions across third-party financial products like loans, credit cards and savings accounts.

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