LendingClub's Muted Outlook Spells Even Worse News for Upstart

The landscape has been quite challenging for financial companies over the past 18 months, as the Federal Reserve raised interest rates at a rapid pace, consumers were challenged by inflation, and the possibility of recession caused banks to increase their loan loss reserves, compressing net income.However, the fintech sector has been especially hard hit. Take a look at the relative performance of the ARK Fintech Innovation ETF against the more plain-vanilla Financial Select Sector ETF over the past year:Continue reading
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