Several payments and fintech stocks such as Affirm Holdings Inc. (NASDAQ:AFRM), PayPal Holdings Inc. (NASDAQ:PYPL) and Mastercard Inc. (NYSE:MA) are under pressure this week after JPMorgan Chase & Co. announced it will begin charging significant fees for access to customer bank account data.
What To Know: Investors are reacting to JPMorgan’s pricing sheets, which were sent to major data aggregators like Plaid and MX. These companies serve as the intermediaries between banks and fintech platforms, facilitating the flow of customer data that powers services such as payments, lending and digital wallets. JPMorgan now plans to charge fees that vary based on how companies use the data, with the steepest charges targeting payment-focused firms, according to Bloomberg.
