SHOP
2nd
Shopify
$188.97 Bn
146.58
-1.39%
+2.42%
The company offers lending services to its merchants as part of its Merchant Solutions segment, using its platform data to provide credit.
MELI
2nd
Mercadolibre
$90.20 Bn
1,779.14
-0.47%
-24.74%
The company provides credit products including merchant and consumer loans and installment financing, utilizing proprietary risk models to assess creditworthiness.
SE
2nd
Sea
$71.12 Bn
116.23
-2.74%
-34.43%
Monee provides digital lending services to consumers and SMEs, generating revenue from interest and fees on these loans.
PYPL
2nd
PayPal Holdings
$52.09 Bn
60.43
-0.07%
-13.09%
The company provides credit products and services, including PayPal buy now pay later solutions and business financing for merchants, earning interest and fees from these credit products.
BSQKZ
2nd
Block
$48.66 Bn
81.00
+0.00%
+5.69%
The company offers digital lending and borrowing products, specifically through Cash App Borrow and its Afterpay buy-now-pay-later service.
TOST
2nd
Toast
$20.17 Bn
34.96
+1.84%
-17.74%
Toast offers financial technology solutions through Toast Capital, which uses proprietary data models to provide funding and loans to eligible restaurants.
GRAB
2nd
Grab Holdings
$13.76 Bn
3.45
-3.63%
-32.35%
The company provides digital lending products such as GXS FlexiLoan and GXBank FlexiCredit, using its platform data to extend credit to borrowers.
CHYM
2nd
Chime Financial
$12.08 Bn
31.91
+1.46%
+6.15%
The company offers digital lending products such as Instant Loans for equal monthly installment borrowing and SpotMe for fee-free overdrafts, using a technology-driven platform to manage liquidity.
YMM
2nd
Full Truck Alliance
$9.15 Bn
8.80
-0.45%
-20.29%
The company provides credit solutions that offer working capital loans to shippers and cash credit to truckers, utilizing its platform data to facilitate digital lending.
FIGR
2nd
Figure Technology Solutions
$7.79 Bn
35.52
-0.67%
—
Figure sells its proprietary Loan Origination System and Figure Connect to financial institution partners, earning ecosystem and technology fees for providing the software platform used to originate loans.
SEZL
2nd
Sezzle
$3.94 Bn
117.18
-4.09%
+25.69%
The company provides digital lending capabilities, specifically through its Long-Term Lending segment where it uses proprietary underwriting analysis to facilitate installment loans up to $15,000.
QTWO
2nd
Q2 Holdings
$3.92 Bn
62.82
-2.50%
-17.03%
The company has a dedicated 'Digital Lending and Relationship Pricing' segment that specifically supports financial institutions and FinTechs in managing lending workflows and pricing strategies.
DAVE
2nd
Dave
$3.81 Bn
333.14
-2.43%
+64.68%
The company provides short-term liquidity through its ExtraCash product, using a proprietary AI underwriting engine called CashAI to evaluate cash flow in real time rather than relying on traditional credit scores.
UPST
Upstart Holdings
$2.83 Bn
29.11
-2.15%
-55.42%
Upstart operates an AI-driven lending marketplace that uses proprietary AI models to underwrite personal, auto, and home equity loans. Its revenue is generated from platform and referral fees paid by lending partners and institutional investors, rather than from holding the loans on its own balance sheet.
ATHM
2nd
Autohome
$2.55 Bn
21.99
-2.09%
-22.54%
The company facilitates auto financing by collaborating with financial institutions to offer credit products to consumers and used car sellers as part of its marketplace services.
PAYO
2nd
Payoneer Global
$2.41 Bn
7.11
-0.28%
+3.64%
Payoneer provides working capital and credit products to its SMB customer base to help them manage their global financial operations.
NCNO
2nd
nCino
$2.30 Bn
20.20
-0.15%
-28.01%
The platform specifically supports loan origination and credit monitoring for its customers, which are core activities of digital lending technology.
ALKT
2nd
Alkami Technology
$2.15 Bn
20.14
-0.35%
-10.37%
The company sells MANTL, a standalone or add-on subscription product specifically for loan origination, which fits the description of a technology platform for originating and managing loans.
PGY
Pagaya Technologies
$1.69 Bn
20.32
-2.91%
-40.18%
Pagaya provides an AI-powered underwriting and decisioning platform used by banks, fintechs, and credit unions to originate and manage consumer credit products like personal and auto loans. The company's core value proposition is its scalable AI platform and data science capabilities rather than the capital it deploys.
PRG
2nd
PROG Holdings
$1.65 Bn
41.51
-1.40%
+24.51%
The company utilizes a proprietary risk decisioning engine and data-driven underwriting to evaluate transactions and manage risk for its digital lending products, particularly within the Four segment's mobile app.
ATLC
2nd
Atlanticus Holdings
$1.48 Bn
97.58
-2.56%
+54.18%
The company provides a 'Credit as a Service' (CaaS) platform that uses proprietary decisioning tools, machine learning, and alternative data to enable partner banks to offer credit products. This technology platform is sold as a service to banks like The Bank of Missouri and WebBank.
QFIN
Qfin Holdings
$1.47 Bn
12.06
+1.01%
-59.67%
Qfin operates as a 'Credit Tech platform' that uses proprietary AI and the 'Argus Engine' for algorithmic underwriting and credit assessment. Its primary revenue comes from service fees charged to financial institutions for loan facilitation, borrower acquisition, and credit assessment, fitting the model where the technology platform is the product rather than the balance sheet.
LSPD
2nd
Lightspeed Commerce
$1.43 Bn
10.34
+1.08%
-16.28%
The company offers 'Lightspeed Capital', a merchant cash advance program that provides financing to help merchants with cash management and growth.
FINV
FinVolution
$1.36 Bn
4.39
+0.46%
-51.28%
FinVolution operates a digital lending platform that uses proprietary risk models and big data to facilitate short-term loans for underserved borrowers. Its revenue model is based on transaction service fees for borrower introduction and credit assessment rather than holding the loans on its own balance sheet, fitting the 'capital light' technology-first lending platform description.
OPFI
2nd
OppFi
$0.47 Bn
7.01
+0.00%
-33.87%
The company provides a fully digital platform that uses machine learning and alternative data (over 500 applicant attributes) to automate credit decisioning and underwriting for its bank partners. This technology-driven approach to loan origination and servicing is a substantive business line sold as a service to partners like FinWise Bank and First Electronic Bank.
LX
LexinFintech Holdings
$0.45 Bn
1.34
-1.47%
-78.42%
LexinFintech operates a credit facilitation service that uses AI and big data for risk assessment and matching borrowers with funding partners. Its revenue comes from loan origination and servicing fees, and it explicitly positions itself as a technology platform rather than the primary capital provider.
XYF
X Financial
$0.42 Bn
5.35
+1.33%
-58.40%
X Financial operates a technology-driven platform that uses a proprietary big data-driven risk assessment system called WinSAFE to originate and underwrite loans for prime borrowers. Its revenue is heavily driven by loan facilitation service fees (52.8% of net revenues) and post-origination services, emphasizing the software and data science as the core product rather than the balance sheet.
LPRO
Open Lending
$0.37 Bn
3.14
+0.00%
+46.73%
Open Lending provides technology platforms (LPP and ApexOne Auto) for originating and underwriting loans using data-driven risk-based pricing and analytics. The company's competitive advantage is its proprietary loan performance data and decisioning software rather than its own balance sheet, as it serves external lenders like credit unions and regional banks.
BLND
Blend Labs
$0.35 Bn
1.46
-2.01%
-52.13%
Blend Labs provides a software platform specifically for originating, underwriting, and managing loans, including mortgages, home equity, vehicle financing, and personal loans. Its revenue model is tied to completed transactions like funded loans, and the product is a technology platform sold to financial institutions rather than a balance sheet for lending.
BETR
2nd
Better Home & Finance Holding
$0.25 Bn
13.05
-3.62%
-25.04%
The company sells access to its proprietary Tinman AI Platform to strategic partners, providing technology-enabled underwriting, loan processing, and compliance support as a standalone product for which partners pay fees based on funded loans.
GLTK
2nd
GlobalTech
$0.22 Bn
1.42
-5.33%
-35.45%
The company develops and commercializes CADNZ, a digital lending platform specifically targeting small to medium-sized banks.
ANTA
Antalpha Platform Holding
$0.15 Bn
3.87
+8.10%
-67.40%
The company provides a technology platform, Antalpha Prime, for originating and managing digital asset loans, specifically supply chain financing for Bitcoin mining machines. It earns 'technology financing fees' and 'technology platform fees' rather than interest income from its own balance sheet, as the funding and default risk are borne by its partner, Northstar.
JFIN
Jiayin
$0.12 Bn
2.33
+4.95%
-82.10%
Jiayin operates an online platform that uses a proprietary risk assessment model called Mingjian, leveraging big data and AI to originate and underwrite unsecured consumer loans. The company explicitly does not use its own capital to fund loans, meaning its competitive advantage is the software and data science platform rather than a lending balance sheet.
YRD
2nd
Yiren Digital
$0.10 Bn
1.18
+0.00%
-80.59%
The company leverages proprietary AI-driven credit scoring models and agentic AI platforms to provide technology-enabled borrower acquisition and underwriting services to institutional funding partners.
KPLT
2nd
Katapult Holdings
$0.03 Bn
5.97
-12.72%
-57.42%
The company operates a technology-driven platform featuring a proprietary machine learning underwriting model that provides instant decisions in five seconds or less. This algorithmic approach to credit decisioning and the integration with e-commerce platforms like Shopify and BigCommerce represents a substantive digital lending capability.
UPYY
2nd
Upay
$0.02 Bn
0.90
+0.00%
-9.09%
The company sells ACPAS, a cloud-based loan administration platform that enables loan origination and product sales for online and physical branch lenders.
MOGU
2nd
Mogu
$0.02 Bn
1.94
+2.65%
-16.02%
The company offers financial services including consumer financing options and short-term funding for qualified merchants, utilizing big data credit assessment tools to evaluate creditworthiness.
PSQH
2nd
PSQ Holdings
$0.01 Bn
4.16
-0.72%
+127.32%
Through its Credova segment, the company operates a Buy Now, Pay Later platform that provides merchant-originated installment loans and 'Pay in 4' products, earning revenue from interest income and fees.
OLB
2nd
Olb
$0.00 Bn
0.27
-6.90%
-79.85%
The CrowdPay segment operates a white-label capital-raising platform that enables small and midsized businesses to host regulated offerings under Regulation CF, D, and A+.
SHFS
2nd
SHF Holdings
$0.00 Bn
0.17
+6.25%
-93.77%
The company operates a proprietary technology platform that enables financial institutions to perform loan origination and compliance for cannabis-related businesses. This software-driven approach to managing credit products for a specific vertical aligns with digital lending infrastructure.
NCPL
2nd
Netcapital
$0.00 Bn
0.23
-28.12%
-89.40%
The company provides a technology-driven online portal that enables the origination and management of crowdfunding investments for a broad investor base. This digital platform for capital formation serves as the primary interface for its fintech crowdfunding business.