SoFi Slips Amid Kraken Partnership Rumors; Affirm Falls on Sector Sympathy

SoFi Technologies stock dipped 3% on Wednesday despite reports that it is tying up with private crypto exchange Kraken for settlement services. The digital banking platform's shares are down to $17.50, while Affirm Holdings shares slid 5% to $68.75, the sharpest drop among fintech names.

The reported partnership between SoFi and Kraken would extend the company's crypto settlement footprint, but it has yet to be confirmed by SoFi. Meanwhile, speculation about a possible S&P 500 index inclusion is also circulating, although neither item typically pushes the stock higher when risk appetite is present.

Risk-off sessions tend to punish smaller fintech names first, which explains SoFi and Affirm's underperformance compared to Robinhood Markets, which held steady off just 0.4% to $116.93.