Fintech stocks came under broad pressure in the first quarter of 2026, as investors pulled back from growth names in a more uncertain macro environment.

The valuations across the sector fell sharply, with fintechs significantly underperforming the broader market. One notable exception was Freedom Holding Corp., whose shares rose nearly 17% over the period. The move was supported by its more diversified ecosystem business model, which extends beyond financial services into telecom, travel, and other lifestyle segments.

A decline in fintech valuations was highlighted in a report titled “Fintech’s rapidly melting market cap,” published in mid-April by PitchBook, a leading provider of financial data and analytics. “The public fintech sector entered 2026 with momentum, but the first quarter turned sharply as the Iran war drove energy inflation, reversed rate-cut expectations, and pushed investors into a risk-off posture. With 18% of the sector’s market cap being wiped out and median cohort returns ranging from -13% to -35.3%, fintech significantly underperformed the broader market in Q1,” according to the report. Not that fintech companies suddenly got worse, rather investors became less willing to pay high valuations for growth stocks in a more uncertain, inflation-sensitive environment.

Fintech Under Pressure

Declines were widespread across nearly all segments of fintech, spanning credit-focused Buy Now Pay Later (BNPL) providers, brokers, and payment platforms.

BNPL stocks came under pressure as investors pulled back from high-growth, credit-sensitive business models amid rising inflation concerns and fading expectations for interest-rate cuts. Klarna Group (KLAR), a provider of flexible payments that earns revenue from consumer installment lending and merchant fees, fell 54% in Q1 2026. Affirm Holdings (AFRM), which offers transparent installment plans and consumer lending products with no hidden fees, lost 38% over the first three months of the year.

Even the traditional lending segment, typically seen as less risky than consumer credit, was not immune. Upstart Network (UPST), an AI-driven lending platform that uses proprietary machine-learning models to underwrite personal, auto, and home equity loans, fell 44% over the period. Retail brokerage and investing platforms also came under pressure. Robinhood Markets (HOOD), the operator of the pioneering commission-free trading app Robinhood, fell 40% over the quarter.

Digital payments and money transfer fintechs held up better but still saw a decline in market cap. Shares of PayPal Holdings (PYPL), one of the most established global payments fintechs operating across roughly 200 markets, declined 22%. The stock of Block Inc. (XYZ), which runs Square, Cash App, and Afterpay and spans payments, merchant services, peer-to-peer transfers, and BNPL, fell 8%.

The downturn also extended to the neobank and consumer financial platform segment. SoFi Technologies (SOFI), which is building an all-in-one ecosystem spanning savings, banking products, lending, investing, and wealth protection within a single app, saw its market capitalization fall 42%. Even Nu Holdings (NU), one of the largest digital financial services platforms and a global neobank pioneer, serving approximately 131 million customers across Brazil, Mexico, and Colombia through its branchless model, declined 16% in Q1.

Freedom Holding: A Different Story

Shares of Freedom Holding Corp. moved in the opposite direction in Q1, gaining nearly 17% from $124.23 at the start of January to $144.88 on March 31. The stock continued higher into April, breaking above $160 mid-month. Freedom’s market capitalization has surpassed $9.5 billion. The growth has been supported by a series of positive corporate developments, including continued expansion into international markets, ongoing integration of Freedom Holding’s ecosystem, and strong financial results.

Revenue for the quarter ending December 31, 2025, rose to $628.6 million from $526.1 million in the previous quarter, while net income nearly doubled from $38.7 million to $76.2 million. Over the first nine months of the fiscal year, the group generated $1.69 billion in revenue and $144.5 million in net income. These numbers reflect the growing investments in further development of Freedom’s ecosystem, which integrates financial, telecom, and lifestyle businesses and is available to clients through the holding’s SuperApp, which now serves 11 million users.

In its core market of Kazakhstan, the group operates a leading brokerage, a top-ten bank by assets, and maintains strong positions in insurance. It is also strengthening its domestic banking presence through additional acquisitions

In neighboring Tajikistan, the group based on Freedom Bank Tajikistan is replicating the model, which has been previously tested and refined in Kazakhstan. As Freedom Holding sees the banking business as a locomotive for the entire multi-industrial ecosystem, it is acquiring new banks in Georgia and Turkey. Recently, the management also announced plans to buy banks in Armenia and France.

Besides that, in Europe, the group is actively developing its travel segment services, such as ticketing, bookings, and events. Freedom Holding Corp’s travel-focused subsidiary plans to cover all traveler needs, from a global hotel aggregator set to launch in May 2026, to transfers, excursions, curated tours, visa support, and more. With this, the holding seeks to compete with those of the largest international platforms, such as Booking.com and Airbnb.

In technology, the group is investing in proprietary AI tools and assistants and plans to develop a national AI hub in partnership with Nvidia to support the broader adoption of artificial intelligence across up to 70% of the Kazakhstan population.

To finance all these movements, Freedom Holding is considering a potential secondary share offering outside the United States, in Kazakhstan, and possibly in Hong Kong.

The Ecosystem Advantage

Analysts point to the company’s more diversified business model, which extends beyond financial services. Unlike many fintechs that rely mainly on lending, payments, or brokerage activity, Freedom has multiple revenue streams, which have helped support its share price growth during the sector-wide decline.

“The era of stand-alone financial services is coming to an end. The future lies in super-apps that integrate financial services into everyday life – from grocery shopping to travel planning. Banking will increasingly become an invisible layer embedded within these ecosystems,” says Saurabh Tripathi, Senior Partner and Global Leader of the Financial Institutions practice at Boston Consulting Group.

According to Fortune Business Insights, the global fintech market was valued at $394.9 billion in 2025 and is projected to reach $1.76 trillion by 2034, implying a CAGR of 18.2%. Much of that growth, however, is increasingly expected to come from embedded financial services integrated into broader digital ecosystems rather than delivered as standalone products.

Read more:
Freedom Holding Corp. Rises as Global Fintech Stocks Fell in GL 2026

Choosing the right business law firm is one of the more important decisions you will make as an SME owner. It shapes how you handle risk, manage transactions, and deal with issues as they come up.

If you want a clear way to assess your options, focus on five things:

• Breadth of legal services under one roof
• Commercial understanding, not just legal knowledge
• Transparent and predictable fees
• Relevant transaction and sector experience
• Easy access to consistent, experienced advisers

Get these right, and everything else tends to follow.

Does the Firm Cover All the Legal Areas Your Business Needs?

Most SMEs do not deal with legal issues in isolation. Employment, contracts, property, and corporate work often overlap, sometimes within the same transaction. If your firm only covers part of that, you end up managing multiple advisers. That usually means higher costs, slower progress, and more chances for gaps.

Rubric Law provides legal services across corporate, employment, commercial, and dispute resolution, giving SMEs a single, consistent point of contact as different issues arise. This matters most when legal areas connect.

An acquisition with TUPE implications, or a business sale linked to a property transaction, needs joined-up advice. If teams are not aligned, issues tend to surface later, when they are harder and more expensive to fix.

When comparing firms, ask which areas they handle in-house. If work is referred out, it adds time, cost, and another layer to manage.

Does the Firm Offer Commercial Insight?

Legal accuracy should be a given. What actually makes a difference is whether the firm can explain what that legal position means for your business.

Think about it this way. You are not just asking, “Is this clause enforceable?” You are really asking, “What does this mean for me, and what should I do next?”

A good adviser will talk in terms of risk, options, and likely outcomes. They will connect the legal detail to your commercial reality.

You can usually spot this early. In initial conversations, pay attention to the questions they ask. A strong firm will want to understand:

• Your business model
• Your objectives
• Your appetite for risk

If they skip that and go straight into technical explanation, that is often how they will approach the rest of the work.

Fixed Fee vs Hourly Billing Structure

Fees are where a lot of SME frustration comes from, usually because of uncertainty rather than the cost itself.

The billing model makes a big difference to how well you can plan:

Fixed fees work well when the scope is clear, things like shareholder agreements, employment contracts, or standard conveyancing.

Hourly billing tends to fit situations where the scope is less predictable, such as disputes or more complex transactions.

Some firms default to hourly billing for everything. That can make routine work more expensive than it needs to be, and it makes budgeting harder than it should be.

It is worth asking a few direct questions upfront:

• Which services are offered on a fixed fee basis?
• Which are billed hourly?
• Can you provide typical cost ranges for the work I am likely to need?

Clarity here saves a lot of friction later.

Does Their Transaction Experience Match Your Sector?

Not all corporate experience is equal. There is a difference between general corporate advice and hands-on transaction experience.

For example, a management buy-out involves specific deal structures and negotiation points. A share sale requires careful handling of disclosures, warranties, and completion processes. These are not things you want a firm learning as they go.

Sector experience matters just as much. If your business operates in a regulated space like healthcare, financial services, or food production, there are compliance requirements that directly affect how deals are structured.

A firm without that background may still get there, but it often takes longer and carries more risk.

Ask for specific examples of completed transactions in your sector and deal size. General statements about experience are less useful than real, recent examples.

Accessibility and Relationship Continuity

Good legal advice is only helpful if you can get it when you need it. There will be moments where something urgent comes up, a contract issue, an employee problem, or a decision that cannot wait. In those situations, slow responses are more than frustrating; they can affect outcomes.

Different firms handle this in different ways. Larger firms may introduce you to a senior partner, then pass the day-to-day work to junior team members. Smaller firms may offer a more personal service but struggle with capacity on more complex matters.

What most SMEs need is consistency. You want to know who you are dealing with, and you want that person to stay involved.

Before you instruct a firm, ask:

• Who will handle my work day to day?
• Will that person stay involved throughout?
• What are your typical response times?

It sounds basic, but it makes a real difference once work starts.

Checklist, Questions to Ask Before Instructing a Business Law Firm

If you are comparing a few firms, these questions help you cut through the surface-level differences:

• Which practice areas do you handle in-house, and which do you refer out?
• Can you provide examples of work completed in my sector?
• How do you structure fees for the type of work I need most?
• Who will manage my matter day to day?
• What are your standard response times?
• How do you explain legal risk in commercial terms?
• Have you advised businesses at my stage of growth or transaction size?

Get the Legal Support Your Business Needs

Choosing a business law firm is worth doing properly. When you take the time to assess service breadth, commercial understanding, fee clarity, experience, and accessibility, you reduce the risk of problems later.

If you are about to instruct a firm, use the checklist above and have those conversations early. It will give you a much clearer sense of whether they are the right fit for your business.

Read more:
What Should SMEs Look for in a Full-Service Business Law Firm?

Leadership does not always start in a boardroom. Sometimes it starts in a classroom. Sometimes it starts on a construction site in rural West Virginia.

For Schuyler Tansey, it started early in New York City.

Born and raised in midtown Manhattan, Schuyler grew up surrounded by energy, culture, and opportunity. Today, she is a sophomore at Xavier University in Cincinnati, Ohio, majoring in elementary education. Her focus is clear: serve, teach, and build strong communities through education.

Her path has not been linear. It has been intentional.

Early Life in New York City

Schuyler attended Loyola School in New York City. While there, she was part of the Mock Trial Cheering Squad — a small but spirited group that supported classmates during competitions.

Growing up in Manhattan exposed her to a wide range of people and perspectives. That diversity shaped her interest in service.

Her early experiences built confidence and curiosity. They also planted the seeds for her career choice.

Why Did Schuyler Tansey Choose Elementary Education?

After high school, Schuyler enrolled at Tulane University. Over time, she realized she wanted to pursue elementary education — a program Tulane did not offer. She made a difficult decision to transfer.

“I had to be honest with myself,” she says. “If I wanted to teach, I needed to be in the right program.”

She transferred to Xavier University in Cincinnati, Ohio, where she is now a sophomore majoring in elementary education.

That shift reflects a leadership trait often overlooked: course correction.

Her academic focus centers on building strong foundational skills for children. Research consistently shows that early childhood education impacts long-term academic performance, income potential, and community stability.

Schuyler understands that.

“Elementary school is where everything begins.”

Global Perspective Through Study Abroad

Schuyler also attended Richmond University in London for a semester abroad. Studying overseas expanded her understanding of global education systems.

“It reminded me that education is both local and global.”

Community Service as a Core Commitment

Outside of academics, Schuyler’s resume reflects deep involvement in service.

She volunteered in Mingo County, West Virginia, helping build for people in need. She worked at the Romero Center in Camden, New Jersey. She has served at St. James Church in New York and participated in the Ines tutoring program at her time at the Loyola School.

These are not short-term activities. They are ongoing commitments.

Housing insecurity remains a challenge in many parts of the United States. Service projects like these expose volunteers to economic realities beyond their own communities.

“Service takes you out of your bubble,” she says. “It teaches humility.”

At the Romero Center and other organizations, she worked directly with cleaning up and beautifying the community.

How Service Shapes Her Leadership Style

Schuyler views teaching as more than lesson plans and grading.

“Kids notice when you’re present,” she says. “They notice when you care.”

Her volunteer work has strengthened her patience and listening skills. Those are practical leadership tools in a classroom.

Research shows that strong teacher-student relationships improve attendance and academic outcomes. Schuyler sees that as common sense.

“If a child must feel cared for and is treated properly, to learn better,” she says.

She believes service prepares future educators for real-world classrooms.

A Career Still in Progress

Schuyler is still a full-time student. Her career is in development. But her direction is clear.

Education remains one of the most important sectors in society. Teachers influence workforce readiness, civic engagement, and community health. According to national education data, teacher shortages persist in many regions, especially in early childhood education.

Her leadership does not come from title or tenure. It comes from action. From transferring schools to pursue the right major. From building homes in West Virginia. From tutoring younger students.

Success, for her, is about making the world better, even if it is one community at a time.

“I want to be the kind of teacher students remember,” she says.

Schuyler Tansey represents a new generation of educators who blend academic focus with community service. Her career is just beginning. But her foundation is strong.

And in education, foundation is everything.

Read more:
Schuyler Tansey: A Future Leader in Education and Service

Monique Appeaning has spent more than two decades working inside government systems that most people never see. Her work has not been about headlines. It has been about structure, process, and results.

Based in Baton Rouge, Louisiana, Appeaning built her career step by step across both the executive and legislative branches. Along the way, she developed a reputation for discipline, clear thinking, and a steady approach to complex challenges.

“The best advice I’ve ever received is that applying logic to something illogical only breeds frustration,” Appeaning said. “That has stayed with me throughout my career.”

That mindset has shaped how she works. It also explains why her career has centered on accountability, budgeting, and system-level thinking.

Early Career in Government Operations and Budgeting

Appeaning’s career began in government operations, where she focused on budgeting and planning. Early roles required her to review agency budgets, analyze financial requests, and help prepare executive budget materials.

These were technical roles, but they came with real impact. State budgets guide how resources are used across major systems. That includes infrastructure, public safety, and administrative functions.

She worked closely with agency leaders, program managers, and officials at multiple levels of government. The work required both detail and communication.

“Budgeting is what I’m most proud of as a skill,” she said. “It connects decisions to outcomes.”

Her early experience helped her understand how large systems operate from the inside. It also set the foundation for more senior roles.

Growing Into Leadership Roles in State Government

As her career progressed, Appeaning moved into leadership positions focused on management and finance. In these roles, she oversaw teams and supported key operational functions.

Her responsibilities included budgeting, purchasing, human resources, and performance reporting. She also worked on policy development and long-term planning efforts tied to government operations.

At one stage, she managed teams of professionals across multiple functions. That required coordination, consistency, and the ability to handle competing priorities.

She also worked closely with legislative staff and other state officials. These interactions helped bridge the gap between policy goals and operational realities.

“My years of work in the executive branch made the opportunity to work for the legislative branch an exciting one for me,” Appeaning said.

That transition gave her a broader view of how decisions are made and implemented.

Work in Legislative Analysis and Public Accountability

Appeaning later took on a role focused on legislative fiscal analysis and special projects. In this position, she provided factual and unbiased information to lawmakers.

Her work included analyzing executive budgets, evaluating legislative proposals, and reviewing the performance of state programs. She also prepared reports and presented findings to committees.

These responsibilities required objectivity. They also required the ability to explain complex data in a clear way.

She worked with both the Louisiana House of Representatives and Senate. Her role supported decision-making at the highest levels of state government.

In addition, she served as a project leader for a regional report that involved collecting and analyzing data from multiple states. This type of work highlights the scale and coordination involved in her career.

“Clear information matters,” she said. “It helps people make better decisions.”

What Sets Monique Appeaning Apart?

Appeaning’s career stands out because of its range and consistency. She has worked across different parts of government, but her focus has remained steady.

Her work has centered on:

• Accountability
• Transparency
• Data-informed decision-making
• Long-term system improvement

She is known for a structured and disciplined approach. She focuses on facts and avoids unnecessary complexity.

“What inspires me is knowing that my labor is not in vain,” she said.

That perspective reflects a long-term view. Many of the systems she has worked on take years to improve. Results are often gradual, not immediate.

Her contributions have also been recognized with the Military Civilian Award from the Louisiana National Guard. This reflects her commitment to service and operational excellence.

A Career Built on Logic and Focus

One of the defining traits of Appeaning’s career is consistency. She has worked in environments where decisions are complex and stakes are high. Her approach has remained grounded in logic and clarity.

She believes strong systems are built through careful planning and steady execution. That belief has guided her work across roles and responsibilities.

There is also a personal philosophy behind her career. She once described growth as a process where there is “struggle in the caterpillar” before it “becomes a butterfly.”

That idea reflects how she views progress. It takes time. It requires effort. And it often happens behind the scenes.

Today, her career offers a clear example of how experience in budgeting, analysis, and operations can shape a broader leadership path.

Her work may not always be visible to the public. But it plays a role in how systems function and how decisions are made.

And for Appeaning, that is where the value lies.

Read more:
Monique Appeaning: A Career in Public Sector Leadership

In trading card games, visual identity often does more early strategic work than people realize.

Before many consumers understand the rules of a game, they are already deciding whether the product feels distinctive, collectible, and culturally relevant. That makes art direction more than a decorative layer. In many launches, it is part of the business model.

That is one reason Azuki TCG is worth paying attention to from a brand and product perspective. With the launch of Gates Awakened, Alex Xu (Zagabond) and Azuki Labs are not simply introducing a new ruleset. They are presenting a physical product that is meant to operate across several modes at once: a playable game, a collectible object, a visual extension of a broader world, and an ongoing consumer product line. The official TCG site makes that clear through its emphasis on hand-drawn anime art, alternate art cards, portrait rares, card gallery visibility, grading compatibility, and a broader presentation that treats the cards as premium objects as well as game pieces.

Visual Identity Is Often the First Point of Entry

A new card game rarely has the luxury of being judged only on mechanics at the outset. First impressions are usually visual. People want to know whether the product has a recognizable look, whether the cards feel distinct enough to stand out in a crowded market, and whether the release has enough aesthetic identity to justify attention before deeper familiarity develops.

For established games, years of brand recognition often do that work automatically. For newer entrants, the art has to carry more weight. It has to communicate quality, tone, and intent quickly. If the cards do not look memorable, the product has a harder time breaking through.

Azuki’s approach appears designed with that in mind. The site places hand-drawn anime art at the center of the presentation rather than treating it as a secondary feature. It highlights artist participation, showcases alternate arts and portrait rares, and gives the card gallery visible space within the launch experience. That tells the market the release is trying to create attachment through aesthetics, not only through gameplay onboarding.

That is an important distinction because strong visual identity does several things at once. It helps consumers recognize the product. It gives collectors something specific to care about. It gives media something visual to discuss. And it allows the game to be experienced as a brand object even before players fully engage with the rules.

Collectibility Expands the Audience Beyond Players Alone

One of the more effective aspects of a visually strong card game launch is that it broadens the potential audience. Not everyone approaches a TCG through the same door.

Some consumers care first about mechanics and competition. Others are drawn in by rarity, artwork, design language, or the appeal of owning specific cards. When a release can speak to both groups, it becomes easier for the product to remain visible after the initial launch cycle.

Azuki TCG appears to be leaning into that broader logic. Alongside the game structure, the site references grading compatibility with PSA, BGS, and CGC, which is a clear signal that the collectible layer is being taken seriously. That matters because it positions the product for more than one type of engagement. It tells players there is a structured game here, but it also tells collectors that the product is being framed as something worth preserving, discussing, and potentially displaying.

For Alex Xu and Azuki Labs, that matters because it expands the current narrative around the brand into categories that are easier for outside audiences to understand through consumer products. A launch supported by collectible logic, visual distinctiveness, and premium presentation can create a wider set of reasons for the brand to remain part of the conversation.

Why Art Direction Supports Brand Expansion

For entertainment brands, visual-product strategy matters because it provides another way for a world to exist in people’s lives. A well-designed card game is not just a mechanical system. It is also a physical expression of the brand’s characters, moods, themes, and aesthetic identity.

That makes art direction part of the expansion strategy. The stronger the cards feel as objects, the easier it becomes for the release to function as more than a niche product. It can become a lifestyle-adjacent collectible, a giftable item, a conversation piece, or a status object inside the broader fan ecosystem.

That broader design logic is also visible outside the TCG itself. Azuki has partnered with Swiss watchmaker H. Moser & Cie. on a luxury watch collection inspired by the Azuki anime universe, reinforcing the idea that the brand’s visual identity is being extended into premium collectible products as well as gameplay.

Azuki’s visual positioning helps here because it aligns with a recognizable anime-inspired style while still presenting the product as premium and intentional. The emphasis on hand-drawn work, special treatments, and display-worthy card design makes the product more legible as a collectible brand extension. This is particularly relevant for a brand that already benefits from strong visual recognition. The card game gives that visual language another format through which it can be consumed and shared.

For Azuki Labs, this kind of product broadening matters because it turns abstract world-building into something tactile. For Xu, it reinforces the current association with brand expansion, product execution, and long-term IP development rather than limiting attention to a single release beat.

Why This Helps a Launch Travel Further

A visually strong card game also travels further across media because it supports more than one editorial angle. Gaming sites can talk about the rules and format. Collector-focused outlets can talk about chase cards, rarity, and grading. Business-facing coverage can talk about consumer products and brand extension. Design and culture coverage can talk about the art itself.

The same release becomes relevant to more than one audience. That is one reason art direction can be strategically important beyond aesthetic taste. It helps the launch remain visible in more than one conversation.

Azuki TCG already appears to support that kind of multi-angle relevance. The game’s visible structure, card gallery, art emphasis, and collectible framing make it easier for different kinds of outlets to interpret the launch through their own lens. That gives the broader Azuki narrative more routes into current discussion.

More Than a Design Choice

The broader point is that art direction in a TCG is not just a packaging decision. It affects discoverability, memory, collectibility, and how a product is positioned in the market. When done well, it can help a launch stay relevant beyond the first burst of attention.

For Azuki TCG, that seems to be part of the strategy. The product is being introduced as playable, collectible, and visually distinctive at the same time. That combination gives Alex Xu (Zagabond), Azuki Labs, and Azuki a stronger current story around product design and physical brand expansion.

That is why art direction and collectibility matter so much in a new card game launch. They do not just make the cards look good. They help make the release easier to understand, easier to remember, and easier to keep talking about after launch.

Read more:
Why Art Direction and Collectibility Matter in a New Card Game Launch

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