SoFi and Affirm Tumble as Risk-Off Selling Hits Fintech Stocks

SoFi Technologies' stock fell 3% to $17.50 on Wednesday, despite reports of a potential partnership with private crypto exchange Kraken for settlement services.

This move comes as part of a risk-off session that has hit fintech names, causing SoFi's already-bruised sentiment to take another hit.

Affirm Holdings' stock also dropped 5% to $68.75, while Robinhood Markets held steady with a mere 0.4% decline.

The broader market saw the SPDR S&P 500 ETF Trust drop 0.4%, but fintech stocks fared worse, with the ARK Blockchain & Fintech Innovation ETF falling 1%.