As filed with the Securities and Exchange Commission on September 16, 2025 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 DEFI DEVELOPMENT CORP. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 7389 83-2676794 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) 6401 Congress A ...

Company Overview - IDT Corporation is a global provider of fintech and communications solutions, operating through a portfolio of synergistic businesses including National Retail Solutions, BOSS Money, net2phone, IDT Digital Payments, and IDT Global [4] Upcoming Event - IDT Corporation will participate in the Sidoti September Virtual Investor Conference on September 17th and 18th, 2025 [1] - Marcelo Fischer, IDT's Chief Financial Officer, and Bill Ulrey, VP Investor Relations, will present an overview of the company's operations, strategy, and financial results for the third quarter of fiscal year 2025 on September 17th from 10:45 to 11:15 AM Eastern Time [2] Presentation Details - The IDT presentation will be available via webcast on the Sidoti website, and registration for the presentation is free and open to the public [2]

Company Overview - Dave Inc. was founded by CEO Jason Wilk to address traditional bank overdraft fees, offering an app that provides small, interest-free cash advances while utilizing AI for cash flow predictions [2] - The company targets underserved and underbanked Americans, expanding its services to include credit-building tools, job-finding services, and fee-free checking accounts with debit cards [2] Revenue Streams - Dave Inc. generates revenue through three primary streams: subscription fees, service fees, and interchange revenue [2] - The $1/month subscription provides access to budgeting and credit-building tools, showing a 14% year-over-year member growth, contributing to stable, recurring income [3] Core Services - The core service, ExtraCash, allows advances up to $500 with fees ranging from $5 to $15, supported by AI-driven underwriting [3] - Despite serving higher-risk members, Dave Inc. maintains low delinquency rates of 2.40% for 28-day delinquencies compared to 3.49% for similar unsecured borrowers, indicating strong credit management [3] Market Position and Growth Potential - The company benefits from increasing margins as fixed costs decline relative to revenue, with an expanding addressable market of financially stressed Americans [4] - While competition exists from platforms like $CHYM and Cash App, Dave Inc.'s niche market, combined with AI-driven risk management, positions it for continued growth [4] Recent Performance and Investor Sentiment - The stock price of Dave Inc. has appreciated approximately 12% since previous coverage, reflecting positive growth and monetization trends [5] - The current bullish thesis emphasizes revenue streams and per-member profitability, highlighting a compelling opportunity for investors [5]

Core Insights - Affirm Holdings, Inc. (AFRM) has expanded its payment options to include in-store purchases via Apple Pay, enhancing flexibility and choice for users in the US [1][9] - The integration allows users to set up Affirm in the Apple Wallet app and split purchases into biweekly or monthly installments [2][4] Company Developments - Users can initiate Affirm's payment method by double-clicking the side button on their iPhone, selecting Affirm, and completing a quick eligibility check [3] - Affirm offers installment payments with rates starting as low as 0% APR, with no late fees or hidden charges [4] - The adoption of Affirm's payment solutions has led to a 47.2% year-over-year increase in transaction count in fiscal 2025 [5][9] Competitive Landscape - Key competitors in the buy now pay later (BNPL) space include PayPal Holdings, Inc. (PYPL) and Visa Inc. (V), both of which have a strong market presence [6][7] - PayPal processed 6.2 billion transactions in Q2 2025, with net revenues rising 5% year-over-year to $8.3 billion [6] - Visa's processed transactions increased by 10% year-over-year in Q3 2025, with total revenues advancing 14% year-over-year [7] Financial Performance - Affirm's shares have surged 103.3% over the past year, outperforming the industry's growth of 40.3% [8] - The Zacks Consensus Estimate for Affirm's fiscal 2026 earnings indicates a 473.3% improvement from the previous year, with revenues expected to grow by 23.4% year-over-year [11] - Affirm currently trades at a forward price-to-sales ratio of 6.99, above the industry average of 5.82 [10]

Core Insights - The visit of 30 renowned overseas bankers to Lexin's headquarters highlights the growing global interest in Chinese enterprises' technological capabilities, particularly in AI [2][3] - Lexin's "Hybrid Agent Matrix" is a significant innovation that allows for complex, multi-tasking scenarios, positioning the company as a leader in the AI industry [4] - Lexin's expansion into overseas markets, particularly in Mexico and Indonesia, demonstrates its commitment to providing inclusive financial services [4][5] Group 1 - The visit was organized by The Asian Banker magazine, focusing on key Chinese enterprises leading in AI technology, including Lexin, Huawei, TikTok, and others [3] - Lexin's "Hybrid Agent Matrix" is described as a composite system of multiple AI agents, enhancing collaboration and efficiency in task completion [4] - The delegation expressed strong interest in future collaboration with Lexin, indicating a positive reception of its technological innovations [5] Group 2 - Lexin has received multiple accolades, including the Annual Award from The Asian Banker for seven consecutive years and recognition as a top service enterprise in China [6] - The company plans to increase R&D investment and focus on integrating new technologies like AI and digital finance to empower its operations [6] - Lexin aims to actively promote overseas business development, contributing positively to the financial industry's progress [7]

Core Thesis - Euronet Worldwide, Inc. (EEFT) is viewed positively by P14 Capital, highlighting its potential for revaluation and growth in the fintech space [1][5] Financial Performance - For Q2, EEFT reported revenue of $1.07 billion and EPS of $2.56, slightly below consensus expectations, but maintained full-year EPS growth guidance of 12-16% [2] - The company experienced record revenue growth of 9% year-over-year and a 29% increase in direct-to-consumer digital transactions [3] Acquisition Strategy - EEFT announced the acquisition of CoreCard for approximately $248 million in a stock-for-stock deal, aimed at minimizing dilution through offsetting buybacks [2] - The acquisition is expected to enhance EEFT's valuation as a fintech, with CoreCard's revolving credit platform offering a total addressable market (TAM) exceeding $10 billion and potential margins near 50% [2] Market Positioning - Management's strategy includes deepening the software mix and expanding globally through cross-selling opportunities with existing banking and fintech clients [3] - Concerns regarding reliance on Apple and Goldman Sachs are considered manageable, with management viewing the relationship as a reference rather than a primary revenue source [3] Future Outlook - Upcoming catalysts include an Investor Day this fall, which may lead to clearer software and digital disclosures, potentially driving a re-rating of the stock from its current depressed P/E levels of approximately 12.7x [4] - EPS is forecasted at $7.85 for FY25, above guidance, with potential for buybacks and a stronger digital mix, presenting an attractive risk/reward scenario [4]

Core Insights - The article discusses the competitive landscape among fintech startups, particularly focusing on popular personal finance applications [1] Group 1: Industry Overview - The fintech sector is experiencing intense competition as various startups vie for market share in personal finance [1] - The rise of digital financial solutions has led to an increase in user engagement and adoption of personal finance apps [1] Group 2: Company Dynamics - Startups are innovating rapidly to differentiate their offerings and attract users [1] - The article highlights specific strategies employed by these companies to enhance user experience and retention [1]

Core Insights - Artificial intelligence is significantly transforming the fintech industry, creating opportunities for firms that effectively utilize data, automation, and predictive models to improve customer outcomes [1] - Intuit Inc. and Upstart Holdings represent two distinct approaches to leveraging AI in financial services [1][3] Intuit Overview - Intuit is building a comprehensive platform through its ecosystem, which includes QuickBooks, TurboTax, Credit Karma, and Mailchimp, targeting consumers, small businesses, and professionals [2] - The company reported a total revenue growth of 16% in fiscal 2025 and projects a growth of 12-13% for fiscal 2026, indicating strong confidence in sustained growth [4] - Intuit is focusing on unifying its offerings into an all-in-one financial operating system, with significant traction in the mid-market segment, which has an $89 billion total addressable market [5] - TurboTax Live saw a 47% increase in adoption in 2025, while Credit Karma grew by 32%, showcasing the effectiveness of AI in enhancing customer engagement [6] - Despite challenges tied to small business health and consumer spending, Intuit's strategy emphasizes resilience and consistent growth through data consolidation and technology investment [7] Upstart Overview - Upstart aims to revolutionize consumer lending with its AI-driven credit underwriting model, targeting a broad market by underwriting 100% of Americans [8] - The proprietary AI model, "Model 22," has improved underwriting accuracy and borrower acquisition efficiency, leveraging a unique dataset of over 91 million repayment events [8] - Upstart is rapidly expanding its product offerings beyond personal loans into auto refinancing and home equity lines of credit, significantly increasing its total addressable market [9][10] - The company has reduced delinquency rates by up to 32% through machine learning improvements, enhancing loan performance and borrower experience [11] - Upstart's innovative approach positions it as a disruptive force in the lending industry, with a focus on scaling its AI capabilities across various financial products [12] Financial Performance and Valuation - The Zacks Consensus Estimate projects Intuit's fiscal 2026 sales to increase by 11.90%, while Upstart's 2025 sales are expected to rise by 51.36% [13][14] - Intuit shares are trading at a forward Price/Sales ratio of 8.49X, while Upstart is at 5.37X, both below their one-year medians [17] - Over the past six months, Upstart's shares have outperformed those of Intuit and the S&P 500 composite [18] Investment Considerations - Intuit is recognized for its scale, ecosystem synergies, and reliable growth, making it a stable choice in financial software [21] - Upstart presents a more compelling investment opportunity due to its rapid product diversification and disruptive potential in the lending market [21] - Current rankings indicate Intuit holds a Zacks Rank 3 (Hold), while Upstart has a Zacks Rank 2 (Buy) [22]

Group 1 - Google has launched a new open-source payment system designed to facilitate money transfers for AI applications, incorporating payment options such as credit cards, debit cards, and stablecoins [1][2] - The payment system was developed in collaboration with Coinbase, the Ethereum Foundation, and over 60 other companies, including American Express and Salesforce [1][2] - The system is built to support both traditional payment methods and emerging technologies like stablecoins, ensuring interoperability with Coinbase's payment mechanisms [2] Group 2 - The launch of the payment system follows a communications protocol introduced by Google in April, aimed at enabling AI agents to communicate and transfer funds securely [3] - The GENIUS Act has created a favorable regulatory environment for stablecoins in the U.S., prompting increased interest from major tech companies [4] - The stablecoin market is projected to grow significantly, with estimates suggesting a market cap of $1.2 trillion by the end of 2028 and over $400 billion by the end of 2025 [6]

dLocal (NASDAQ: DLO ) is a rising fintech player in the emerging markets. After learning about it in late June, I have looked over it and pondered it carefully, looking at the current financial state, the risks, the milestones it mustI analyze securities based on value investing, an owner's mindset, and a long-term horizon. I don't write sell articles as those are considered short theses, and I never recommend shorting.Former advisory representative at Fidelity. I do my own investing now and share my resear ...