PYMNTS published its FinTech IPO Tracker for Q1 2022. The index is down about 20% through the year. That’s more than double the roughly 8% decline in the tech-heavy Nasdaq YTD.

The broader S&P 500 Stock Index is down only slightly over the same timeframe. Only a few companies managed to show gains for the quarter. Among them, XP Inc. gained some 7%, and added roughly 2% through Q1 2022. More than 40 other tracked firms were were down year to date.

As measured, among the worst performers have been Affirm, off more than 50%, and AvidExchange, down more than 40%. Expensify was down about 46% into the final trading day of the quarter.

According to PMNTS, the FinTech IPO Tracker may continue to see volatility, along with the broader markets, as investors continue to look at the macro data. Inflation remains a key concern, as there’s a dual-edged sword for payments firms. The value of transactions goes up, but the volumes may see headwinds. And, of course, inflation boosts input costs and wages, which crimp operating margins.