Being a "'platform" sounds well and good, but it's hard for fintechs involved in lending to escape the economics of banks.
Investors are concerned as inflationary pressures persist, interest rates rise, and geopolitical uncertainty is high. One stock caught up in all this selling is LendingClub (NYSE: LC). Since peaking in early November 2021, LendingClub stock has lost 74%.
Fintech stocks are taking a hit after Upstart's recent quarterly performance disappointed investors.