June Fintech Monitor: Trends Suggest a Constructive Quarter for the Group

Research evidence excerpt

June Fintech Monitor: Trends Suggest a Constructive Quarter for the Group

USA | Consumer Finance EquityJuneResearch25, 2026

KEY STOCKS FEATURED INCLUDE:June Fintech Monitor: Trends Suggest a

TICKER RATING PRICE TARGETConstructive Quarter for the Group

AFRM BUY $90.00

Management conversations at our latest consumer conference (recap here) ENVA BUY $260.00

point to a strong origination and credit environment, aligned with our view of the HAPN BUY $24.00

fintech sector and the recent stock price momentum over the past few months PGY BUY $23.00

(Exhibit 1). The funding environment remains supportive across forward flow SOFI BUY $25.00

and ABS channels. Industry data for May showed originations growth by +34%

Y/Y with stable DQs trends, while noting a moderate decrease in average

borrower FICO score.

KEY CHANGES INCLUDE:

Fintech companies see strong consumer loan demand, steady credit trends, and persistent TICKER RATING PRICE TARGET

investor demand across funding channels into the end of 2Q. All fintech companies AFRM BUY $90.00 ($85.00)

have highlighted strong trends across originations, credit, and funding channels, while some

ENVA BUY $260.00 ($210.00)

idiosyncratic developments are expected to provide upside for select companies. SOFI has seen

continued momentum on the product development front, releasing SoFiUSD through its app,

introducing SoFi Coach (an AI financial guide), and releasing Composer (an AI-powered investing

and trading platform). AFRM, ENVA, and UPST all maintain positive views on the progress towards Exhibit 1 12- ShareMos. Price9 Mos. Performance6 Mos. 3 Mos. 1 Mo.

acquiring bank charters which could provide expected benefits such a unified regulatory structure, AFRMENVA 113.5%16.0% (1.4%)80.2% 34.4%1.1% 70.6%62.0% 17.8%40.5%