2Q26 Fintech Preview: We remain constructive amid robust top line growth and favorable macro backdrop

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2Q26 Fintech Preview: We remain constructive amid robust top line growth and favorable macro backdrop

Equity Research

9 July 2026 | 6:38AM EDT

AMERICAS PAYMENT TECHNOLOGY

2Q26 Fintech Preview: We remain constructive amid robust top line

growth and favorable macro backdrop

Fintech shares have been volatile quarter to date, but have re-rated over the past Will Nance

+1(212)357-7438 | will.nance@gs.com

several weeks. Overall, we believe the broader macro backdrop is favorable for the Goldman Sachs & Co. LLC

consumer fintech space with 1) benign credit trends, 2) healthy consumer data (both Jack Evans

spending and wage growth), and 3) supportive funding markets that remain an +1(212)357-3560Goldman Sachs & Co.| jack.evans@gs.comLLC

attractive source of funding for non-bank lenders. While we expect the sector to Chandru Ravikumar

remain somewhat volatile on the back of swings in gas prices, we continue to favor +1(212)934-7681chandru.ravikumar@gs.com|

the consumer fintech sector over payments as a function of its stronger growth Goldman Sachs India SPL

characteristics and clearer market share gaining stories. Our top picks include XYZ,

KLAR, AFRM, and CHYM, where we see a clear leverage to the themes of greater

consumer adoption of BNPL and continued penetration of neobanking models into

the low end and mass market consumers.

2Q Fintech Spotlights:

n Decomposing spend vs lend models: We look to differentiate between

spend-centric and lend-centric gross profit growth across the diverse range of

fintech models in our coverage. Our analysis shows KLAR, CHYM and XYZ as

having the most spend centric models with KLAR and XYZ seeing the most mix

shift towards lending over the next year relative to the current mix of the

business.