It’s been a tough after-hours market on Monday for two fintech businesses.

SoFi Technologies Inc (NASDAQ:SOFI) shares are down after hours in reaction to the filing by SoftBank Group Corp. on Monday with the U.S. Securities and Exchange Commission.

According to a Bloomberg report, SoftBank sold about 5.4 million SoFi shares at a weighted average price of $7.99 on Aug. 5; an additional 6.7 million shares, at an average price of $8.17, on Monday. A subsidiary of SoftBank owned 83.2 million shares of SoFi as of June 30, according to the filing.

SoftBank is selling as part of a “sweeping effort at the Japanese conglomerate to reduce costs and stem losses in the valuation of its technology-focused Vision Fund investment portfolio.”

SoFi shares have declined more than 50% this year from a 52-week high of $24.65 to a current share price of $7.98 at market close Monday. SoFi was founded in 2011 as a financial services company.

Upstart Holdings Inc (NASDAQ:UPST) shares are falling after-hours, currently down 14.50% at $32.37.

Upstart, an artificial intelligence-based lending company, just reported its second-quarter earnings. Though revenue was $228 million, up 18% year-over-year, it still came in below a Street estimate of $241.6 million. Reported earnings per share of 1 cent in the second quarter were below the Street estimate of 10 cents.

The company repurchased 3.5 million shares of UPST totaling $125 million in the second quarter.

“This quarter’s results are disappointing and reflect a difficult macroeconomic environment that led to funding constraints in our marketplace,” Upstart CEO Dave Girouard said. “In response, we’re taking the necessary actions to build a more resilient and committed funding model over time.

See Also: Upstart Holdings Q2 Earnings Recap: Revenue And EPS Miss, CEO Calls Quarter 'Disappointing'

Photo: Golden Dayz via Shutterstock