The Nasdaq Stock Market and investment bank Keefe, Bruyette and Woods yesterday launched a new stock index focused on publicly traded financial technology firms. The 49 companies included in the new index, whose ticker is KFTX, represent nearly one-fifth of investable domestic financial services sector and have a combined market cap of $785 billion.
The index includes banks that principally focus on digital distribution of financial services, including BofI Holding, Inc.; EverBank Financial Corp.; and Green Dot Corp. It also includes nonbank consumer-facing companies like Lending Club; core processors such as Fiserv and Jack Henry and Associates; payment firms like Visa, MasterCard, American Express, PayPal Holdings and Square; and other technology service firms like First Data and Fair Isaac Corporation.
