Fintech stocks decline due to consumer spending concerns

Fintech stocks are declining as investors pull back due to concerns over consumer spending. Shift4, Toast, and Bill.com saw significant drops, with Shift4 down 19% this year after a recent forecast miss. The Nasdaq fell 2.1%, but fintech companies experienced steeper losses. Toast's stock fell 15% in March, despite a strong earnings report, while Bill.com is down nearly 50% in 2025 after a poor guidance update. Analysts are cautious about the competitive fintech landscape, which is increasing scrutiny on growth and margins. Affirm's stock also dropped nearly 4%, contributing to a 23% loss for the year.