The FinTech Winners of 2025: The Stocks That Quietly Crushed the Market 🚀 📊
From hype to hard cash: how profitability, discipline, and execution quietly rewrote the FinTech leaderboard in 2025 📈
👋 Hey, Linas here! Welcome to another special issue of my daily newsletter. Each day, I focus on 3 stories that are making a difference in the financial technology space. Coupled with things worth watching & the most important money movements, it’s the only newsletter you need for all things when Finance meets Tech. If you’re reading this for the first time, it’s a brilliant opportunity to join a community of 360k+ FinTech leaders:
When I think about the financial technology sector in 2025, the first word that comes to my mind is that it matured.
Following the valuation compressions of 2022 and the stabilization efforts of 2024, the past 12 months have been defined by a stark bifurcation in the market. The growth at all costs mantra that characterized the previous decade has been decisively replaced by a mandate for operational leverage, GAAP profitability, and sustainable unit economics.
The companies that successfully navigated this pivot - transforming from cash-burning disruptors into cash-generating incumbents - have delivered alpha that significantly outperformed broader market indices.
In fact, for some FinTechs, the year was so great that they even outperformed safe haven assets like Bitcoin or AI giants like NVIDIA NVDA 0.00%↑:
Let us now take a quick look at the top FinTech performers to recap how their year has been, learn some of the key drivers behind their stellar performance in 2025, and see what’s ahead in 2026:
Better Home & Finance BETR 0.00%↑: Better surged +267% as its proprietary "Tinman" platform and "Betsy" AI voice assistant decoupled operational costs from loan volume, achieving a 51% revenue surge and a 3x increase in loan officer productivity despite a challenging housing environment. The critical retirement of $521M in convertible debt with Softbank removed solvency overhangs, allowing equity value to re-rate as funded loan volumes grew 17% YoY. In 2026, we expect it to achieve adjusted EBITDA break-even by Q3 2026 as it targets $1B in monthly loan volume.
Robinhood Markets HOOD 0.00%↑: Robinhood’s stock soared +204% as it successfully transitioned from a transactional brokerage to a financial Super App, driving a 108% YoY increase in equity trading volumes and a 65% surge in crypto volumes. The launch of “Robinhood Legend” for active traders and expansion into the UK/EU markets diversified revenue streams, while $51B in crypto assets under custody capitalized on the digital asset boom. In 2026, with net interest margins expanding and futures trading launching, Robinhood should deepen its “share of wallet” and further challenge incumbent brokerages and its biggest rival Coinbase. ICYMI: Robinhood is building the Nasdaq of Reality, where every headline becomes a trade 🤑📈 [why the latest M&A of LedgerX is a masterstroke and how it ties into their bigger vision in the space + bonus deep dive into Robinhood’s latest financials, why I’m bullish & more reads on their biggest competitor Coinbase inside]
Dave DAVE 0.00%↑: Dave’s stock went up by +152% as it well utilized its CashAI v5.5 underwriting engine to decouple credit risk from origination growth, achieving a 46% increase in ExtraCash originations while lowering the delinquency rate to 1.50%. A strategic fee restructuring combined with a 13% rise in Monthly Transacting Members drove ARPU expansion and a massive 236% increase in Adjusted EBITDA to $50.9M. In 2026, we expect sustained profitability with 2026 EPS estimates reaching ~$1, driven by the continued displacement of predatory overdraft fees and the scaling of the CashAI credit model across a wider member base.
Pagaya Technologies PGY 0.00%↑: Pagaya skyrocketed 124% as its unique B2B2C network model allowed it to thrive where balance-sheet lenders struggled, achieving GAAP profitability by pre-funding $10.5B in network volume through robust ABS issuance. The expansion of lending partners and AI-driven credit models enabled the company to act as a “credit valve” for banks tightening their own standards, thus driving the stock surge. In 2026, Pagaya is expected to further entrench itself as a critical infrastructure for bank lending, provided the ABS markets remain liquid.
Inter INTR 0.00%↑: Inter went up by more than +100% as it capitalized on the Super App model to achieve a record net income of BRL 336M and an efficiency ratio of 45.2%. This proves its ability to cross-sell high-margin credit and insurance products to a massive user base. The structural advantage of the Brazilian market, combined with dominance in PIX transactions (8.4% market share) and a growing home equity portfolio, drove a 29% revenue increase. In 2026, the focus should shift to “Inter Global” and US market penetration, with analysts forecasting EPS growth of 43.25% to $0.83 as the company replicates its low-cost funding model internationally.
StoneCo STNE 0.00%↑: Stone’s stock soared +86% as the FinTech company orchestrated a successful turnaround by bundling software (POS) with banking services, driving a 16% revenue increase and an 18% rise in adjusted net income, while its credit portfolio surged 148% YoY. The company’s disciplined capital allocation, including significant share buybacks, and its resilience in the SMB sector despite macro headwinds, reinforced investor confidence in its cash-generation capabilities. In 2026, Stone is expected to deepen its software-led banking pivot, thus continuing earnings growth and valuation expansion from its current attractive ~10x P/E multiple.
SoFi Technologies SOFI 0.00%↑: SoFi surged +70% as the FinTech giant achieved sustained GAAP profitability in 2025, driven by record net revenue of $962M in Q3 and the diversification of its revenue streams beyond lending into high-margin financial services and its Galileo platform. The bank charter proved to be a formidable moat, allowing for lower funding costs via deposits. In 2026, SoFi can jump as much as 140% the company continues challenging Super Regional banks, and expands its digital asset and stablecoin efforts. ICYMI: SoFi becomes first US bank to issue public blockchain stablecoin 😳🪙 [what’s the USP here and what value will it unlock + bonus deep dive into SoFi’s latest financials]
Nu Holdings NU 0.00%↑: Nubank went up by solid +62% as LatAm’s FinTech gem continued its hyper-growth trajectory with a 36% revenue increase and 74% EPS growth, fueled by its unmatched cost advantage ($0.90 cost to serve vs. incumbents’ ~$7) and rapid expansion in Mexico & Colombia. The purple giant effectively doubled its customer base since 2021 to over 100M, all while maintaining solid credit quality through proprietary analytics & AI, thus justifying its premium valuation. In 2026, analysts are projecting a 30% revenue CAGR through 2027, while NU’s 2026 performance hinges on achieving profitability in Mexico and potentially entering the US market. ICYMI: Purple Reign, or how Nubank built an AI moat competitors can’t touch 🤖💜🏦 [deep dive into NU’s 3Q 2025, breaking down the most important facts & figures, understanding what they mean, and why you should be bullish on NU]
PagBank (PagSeguro) PAGS 0.00%↑: PagBank rose +54% as it navigated a mixed year by focusing on the banking conversion of its merchant base, achieving 30.2M clients and a 14% increase in total net revenue despite missing some aggressive market forecasts. The company’s aggressive share buyback program (8M shares repurchased) and strict cost discipline (operating expenses down 3% QoQ) supported EPS growth of 14% YoY. In 2026, PagBank is expected to act as a Cash Cow value play with 5-7% projected gross profit growth, focusing on defending its merchant acquiring market share while expanding its banking ecosystem to drive recurring revenue.
Shopify SHOP 0.00%↑: Shopify rose by nearly +52% as it further solidified its status as the global commerce operating system, delivering 32% revenue growth and sustained 18% free cash flow margins by capturing enterprise clients and expanding its offline POS presence. The integration of AI tools like “Sidekick” and new B2B features enabled the platform to move upmarket, while partnerships with Amazon and social media giants reinforced its positioning. In 2026, international expansion, deep integration into the $6.23T social commerce market, and further pushes into the agentic commerce vertical are the primary catalysts for significant upside. ICYMI: Shopify’s Growth Engine fires on all cylinders 🔥🛍️ [breaking down their most important 3Q 2025 numbers, understanding what they mean, and what’s next for Shopify]
And that’s not even it. In case you missed it, check out these resources too:
And that’s a wrap.
In 2023, I started sharing resources to help you become a more successful entrepreneur, investor, or business leader. I hope you will find these new resources valuable too.
Keep dreaming & keep building.
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Disclaimer: This isn’t investment advice, and the content here is for informational purposes only. I’m also a shareholder of Robinhood, Dave, Inter, SoFi, Nubank, and Shopify.
Thanks for this one, perfect read for Friday morning. Haven't seen Adyen here, seems like a good holding too imho...
Nice write up - thank you! There's no Coinbase here? 🤔