Upstart and Toast experience growth in earnings.

• Wall Street applauded results from fintech companies Upstart and Toast.
• Both companies reported better-than-expected quarterly results.

On Friday, the stock of a company that utilizes artificial intelligence to make online lending decisions experienced a 46% increase, marking its best day in over three years. Additionally, the stock of a company that offers payments technology to restaurants experienced a 14% increase, ending the day at its highest point since 2021.

Both companies reported better-than-expected results, sparking the rallies.

In the third quarter, Upstart's revenue increased by 20% to $162 million, surpassing analyst predictions. During the earnings call, CEO David Girouard stated, "we're in growth mode."

Despite not reaching its pandemic highs in 2021, Toast's stock has more than doubled this year. The company's adjusted earnings forecast for the current quarter of $90 million to $100 million surpassed estimates.

This week, the two stocks joined in a significant rally on Wall Street that occurred after Donald Trump's election victory on Tuesday night. The three major indexes ended the week with record closures, with the Nasdaq achieving a 5.7% increase, its second-best performance of the year.

In the fintech sector, companies associated with cryptocurrency were among the top performers, following the successful election of candidates backed by the crypto industry.

The stock price of Coinbase increased by 48% during the week, marking its strongest performance since January 2023. Coinbase was among the top corporate donors in the election cycle, contributing over $75 million to Fairshake and its affiliated PACs, including a fresh commitment of $25 million to support the pro-crypto super PAC in the 2026 midterms.

The removal of SEC Chair Gary Gensler by Trump could benefit companies like Coinbase in their legal battle against the regulator over securities charges.

The online brokerage that enables users to trade various digital currencies experienced a 27% increase in value during the week. In May, the SEC issued the brokerage a Wells Notice, which is typically a precursor to formal charges.

Bitcoin's gains were outpaced by ether, solana, and dogecoin, resulting in a 11% increase in value and hitting a new intraday high above $77,300.

Not all fintechs rallied.

Square, the parent company of Block, reported third-quarter revenue that fell short of Wall Street's expectations, causing a slight decline in the stock on Friday. Despite underperforming the broader tech market for the week, shares of Jack Dorsey's company rose 3.3%.

Although the provider of buy now, pay later loans outperformed on both the top and bottom line, the stock still dropped 4.7% on Friday, leaving it slightly ahead of the Nasdaq for the week.

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