Fintech’s Fickle Fortunes

The market, as usual, is indulging in a fit of optimism. The S&P 500, puffed up with its own importance, hovers at altitudes which, frankly, invite a correction. One might assume, therefore, that the time for speculation in growth stocks has passed. One would, of course, be wrong. Beneath the surface of general exuberance, a few ventures, possessing the good sense to remain unostentatious, offer a glimmer of genuine possibility. Two such – SoFi and Adyen – deserve, if not admiration, at least a cursory examination.

SoFi

SoFi began, as these things often do, with a modest ambition: student loans. It has since metastasized into a “one-stop shop” for financial services, offering everything from mortgages to estate planning. A commendable breadth, perhaps, but one wonders if the modern consumer truly desires a single entity to manage their entire financial life. Still, the appeal to the younger generation – Millennials and Gen Z, those creatures of habit and impulse – is undeniable. They flock to convenience, and SoFi provides it, albeit at the cost of a certain… elegance. The acquisition of Galileo, a payment processor, and the establishment of a direct bank, are further steps in this relentless pursuit of ubiquity. At the end of 2025, they boasted 13.7 million members, a number which, while impressive, says more about the state of modern finance than about SoFi itself. Galileo, meanwhile, quietly hosts nearly 160 million accounts, a figure which suggests a degree of competence, if not inspiration.

Analysts predict revenue and adjusted EBITDA growth of 24% and 40% respectively between 2025 and 2027. An enterprise value of $21.5 billion translates to a modest 14 times this year’s adjusted EBITDA. A bargain, one might say, though one suspects the bulls will arrive late, as they always do.

Adyen

Adyen, a Dutch concern, operates in the murky world of payment processing. It integrates its software into merchants’ existing platforms, allowing them to accept a bewildering array of payment methods. The key, apparently, is flexibility. It avoids the trap of “walled gardens” favoured by its competitors, a commendable restraint in an age of monopolistic tendencies. This flexibility proved decisive when Adyen lured eBay away from PayPal, a coup which speaks volumes about the latter’s declining influence.

Analysts foresee revenue and adjusted EBITDA growth of 21% and 24% respectively between 2025 and 2027. With an enterprise value of 20.2 billion euros ($24 billion), Adyen trades at a mere 13 times this year’s adjusted EBITDA. A bargain, certainly, though one should always be wary of bargains. If one is seeking an under-the-radar fintech play, Adyen, at least, checks the boxes. Though whether it will actually deliver is, as always, another matter entirely.

2026-02-13 23:52

SoFi

Adyen

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