Fintech

Circle’s top-line performance remains strong, but the company’s economics are materially influenced by revenue sharing with distribution partners.
Robinhood
Robinhood’s operational metrics continued to strengthen in Q3 2025, reinforcing the sustainability and quality of revenue growth
Marathon Digital Holdings
MARA’s transition toward energy ownership transforms it from a cyclical miner into a structurally advantaged digital energy platform.
Fiserv
Fiserv organic growth rates were materially influenced by macroeconomic conditions in Argentina, where elevated inflation and interest rates amplified revenue contribution in prior years.
MercadoLibre
Mercado Pago continues to scale, with monthly active users growing at 20s rates and NPS reaching highs in Brazil and Mexico. The core driver is principality users increasingly treating Mercado Pago as their primary financial account.
Circle’s strategy centers on expanding the utility of USDC through enterprise partnerships. The company has entered into multiple alliances with Visa, MoneyGram, Binance, and Coinbase, integrating USDC into global payment and remittance networks.
Marathon Digital Holdings
MARA’s earnings remain highly volatile and cyclical, tied closely to the movement in Bitcoin prices and network factors. The company’s BTC holdings increased 170% YoY to 49,951 coins, with a significant portion loaned, traded, or pledged under the SMA arrangement.
Robinhood
Robinhood continues to pursue an aggressive expansion strategy aimed at diversifying its business model and strengthening its global presence. The acquisition of TradePMR for $175 million expanded Robinhood into Registered Investment Advisor (RIA) services, unlocking access to the wealth management segment and higher-value clients.
StoneCo
This evolution supports StoneCo’s strategy to become an end-to-end financial partner for small businesses. While TPV growth has moderated, management’s emphasis on engagement and cross-sell is expected to enhance lifetime value and stabilize revenue through diverse monetization channels rather than volume alone.
Affirm
Affirm Card adoption accelerated meaningfully, with active cardholders up 97% to 2.3mn and card GMV increasing 132% to $1.2bn.
Fiserv
Fiserv advanced its strategic initiatives, most notably the launch of FIUSD, a stablecoin aimed at enabling real-time settlement and digital asset capabilities for financial institutions and merchants.
Global Payments
The company continues to execute its transformation program aimed at simplifying operations and driving efficiency.