PitchBook-2023年1季度金融科技與支付公共薪酬表和估值指南（英）-2023.3

EMERGINGTECHRESEARCH

Fintech&PaymentsPublicCompSheetandValuationGuide

Q1

2023

Keytakeaways

PitchBookData,Inc.

JohnGabbertFounder,CEO

NizarTarhuniVicePresident,InstitutionalResearch

andEditorial

ToscheduleatimethisweektospeakwithanalystsJamesUlanandRudyYangaboutfintechandpaymentsvaluations,signupwith

thisCalendlylink

.

PaulCondraHeadofEmergingTechnologyResearch

?Themarketwantsprofit:Q1’svaluationsshowthatthemarketcontinuestofavorprofitabilityoverprofitlessgrowth.Illustratingthis,theNasdaqroseby16.8%inQ1,butthestocksofmanyofthefastest-growingfintechswereroughlyflatorevendown.

?Valuationsremaindepressed:Valuationsremainatlows,withtheneobanks,brokers,andcryptocohorttradingatamedian

enterprisevalue(EV)/next12-months(NTM)revenuemultipleof1.9xonMarch31,2023,comparedwithQ12023’s1.9xand2022’s4.2x.High-growthfintechandhigh-growthpaymentsshowedsimilartrends.

?LowvaluationsleadVCstoprotecttheirinvestmentsthroughstrategicchange:InlateMarch,OscarHealthannouncedthatitsco-founderandcurrentCEO,MarioSchlosser,wouldbereplacedbyMarkBertolini,formerCEOofAetna.Thechangesignalsapeacefultransitionintendedtobringinbest-in-classleadershipandoperationalandmanagerialexpertise.Manynewlypublicfintechsare

stillpartlyownedbytheirventureinvestors,whoareloathtoforceasalebecausefuturestartupfounderscouldviewtheventure

capitalistasthreatening.AnewCEOrepresentsagoodmiddleground.WeexpectrecentlypublicfintechstotakenoticeofOscar’sannouncement.Overthenextfewyears,ourthesisisthatmostnewlypublicfintechswithdepressedstockpriceswilllikelyfitintofourbuckets:leadershipchangeaccompaniedbyapushforastrategyrefresh,operationalexcellence,and/orcostreductions(OscarHealth);acquisitionbyacompetitor,complementarybusiness,orincumbent(Lemonade’spurchaseofMetromile);PIPEinvestmentoncestockpricesrebound;continueworkingtowardscaleandpotentiallylaunchnewproducts(MoneyLion).

InstitutionalResearchGroup

Analysis

RudyYang

SeniorAnalyst,Emerging

Technology

rudy.yang@

JamesUlan

LeadAnalyst,Emerging

Technology

james.ulan@

pbinstitutionalresearch@

PublishedonApril3,2023

Wewelcomeyourfeedback,

questions,andideas.Send

commentsto

JamesUlan

and

RudyYang

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Q12023FINTECH&PAYMENTSPUBLICCOMPSHEETANDVALUATIONGUIDE2

Q12023FINTECH&PAYMENTSPUBLICCOMPSHEET

pitchBooK

?First-timeM&Aunderscoresdesiretogrowbynewlypublicfintechs,despitelowvaluations:PagayaandMarqetaclosed

theirfirstacquisitionsinQ1.Webelievethattheymadethesepurchasestosustainrevenuegrowth.Likethemajorityoffast-

growthcompanies,theyaresubjecttothelawoflargenumbers,andthusorganicrevenuegrowthratesinevitablydecelerated.Bothcompaniesgeneratedover100%annualgrowthinsomeyearsandaredownshiftingtoa10%to30%ratein2023to2025.Weexpectfurtheracquisitionsfromcompaniesthatgeneratefreecashflowandhavecashandborrowingcapacity.Acquirersappeartobepursuingmultiplegoals—quicklyacquiringnewproductsandservicestocross-sellwhilereducingexecutionrisk,incrementalrevenuegrowth,defensivepositioning,generatingprofitthroughscale,addingtalent,andmore.Theseacquisitionsunderscoretheirambitionandwherewithaltoexecutedespitelowerstockprices.

?2024revenueestimatesdeclining:Weexpectadecelerationinrevenuegrowthaspublicmarketsinvestorspressurefast-growth,low-profitcompaniestocutexpensesinordertoreachprofitability.Indeed,mutualfundandhedgefundinvestorshavealower

toleranceforlackofprofitability.Estimated2024revenueforneobanks,brokers,andcryptodeclinedfrom$18.7billionprojectedasofDecember31,2022,to$17.4billionprojectedasofMarch31,2023,drivenmostlybyCoinbase.Overthesametimeframe

andestimationdates,high-growthpaymentsrevenueforecastsdeclinedfrom$35.7billionto$35.5billion,high-growthfintechdeclinedfrom$5.9billionto$5.5billion,andpropertytech(proptech)declinedfrom$25.0billionto$18.1billion.

?Marketcapsrevealwhichfintechcohortshavesucceededandwhichhaven’tdelivered:ThemarketcaprosefromDecember31,2022,toMarch31,2023,fortheneobankscohort,high-growthpaymentscohort,andhigh-growthfintechcohort,whileitdeclinedfortheinsurtechcohort.Ourinsurtechmarketcapwas$3.5billiononMarch31,comparedwith$18.9billionoftotalcapitalraisedbythesecompanies;theneobanks,brokers,andcryptomarketcapwas$52.5billion,versus$20.0billionraised;thehigh-growthpaymentsmarketcapwas$123.0billion,versus$9.5billionraised;andthehigh-growthfintechmarketcapwas$11.7billion,versus$7.3billionraised.

NEWADDITIONS:Inthisedition,weaddedalistofM&AdealsinwhichpublicfintechandpaymentscompaniesacquirednewfirmsinQ12023.Wealsoaddedgrossincome,andlastquarter,weaddedvaluationsofaselectgroupofprivatefintechcompanies.

ANDVALUATIONGUIDE3

Insurtech

Hippo

SPAC

oscarHealth

IPOInsurtech

Mean

Median

3%3%7%-9%

2%-8%-14%-17%-12%-10%-24%-3%25%

Mean

Median

5%

5%

Mean

Median

(pitchBooK

Stockreturns

Neobanks,brokers,andcrypto*

coinbasIPOCrypt

DaveSPACNeobank

MoneyLionSPACNeobank

NubankIPONeobank

RobinhoodIPONeobroker&neobank

SOFiSPACNeobank&neobroker

Mean

Median

-0%4%91%-3%-73%-73%-64%NWANWA

N/ANWA

NWA

15%-8%-8%-44%-86%-86%-77%NWANWA

-38%NWANWA

12%-0%19%-9%-47%-45%-28%NWANWA

6%-6%32%

NWA

NWA

NWA

N/A

8%

9%

High-growthpayments

AdyenIPOPayments-5%4%6%18%-46%-44%-28%67%NWA

AvidxchangeIPOPayments3%-13%-22%-4%-51%-48%-3%N/A

BIPOPayments17%-4%-26%-34%-65%-67%-64%116%NWA

BlockIPOPayments/meobank13%-10%9%22-58%-57%-49%25%40%

FIywireIPOPayments6%14%20%42%-24%-23%-4%N/AN/A

NuveicorporationIPOPayments5%42%71%64%-32%-32%-42%N/ANWA

RemitlyIPOPayments0%18%48%61%-16%-18%72%NWANWA

ToastIPOPayments/POS9%-4%-%-1%-46%-49%-18%NWANWA

wisIPOPayments3%-3%-1%-11%-34%-34%4%N/ANWA

Insurtech*

BrightHealthGroupIPOInsurtech

cloverHealthSPACInsurtech

DomaSPACInsurtech

Lemonade

IPOInsurtech

IPOInsurtech

Mean

Median

proptech*

LatchSPACProptec

opendoorSPACProptec

RedfnIPOProptec

weworkIPOProptec

zillowIPOProptec

0%-56%-66%-79%-94%-94%-89%NWAN/A

7%-2%19%-8%-77%-77%-67%NWANWA

4%

95%29%166%70%-20%-17%-34%NWANWA

3%

NWA

NWA

NWA

NWA

18%

7%

7%

6%31%52%

13%26%114%95%-77%-76%-50%-43%-60%

-4%-28%-46%-67%-92%-91%-89%NWANWA

2%7%38%55-30%-30%-10%20%-17%

Mean

Median

High-growthfintech*

AffirmIPOBuynow,paylate

AlkamiTechnologyIPOInfrastructure

MarqetaIPOInfrastructure

ncinoIPOInfrastructure

pagayaSPACTechmologylending

upstartIPOTechologylending

Medium-growthandlegacyfintech*

FidelityNationaIPOPayments/inffastructure

FiservPopayments/inffastructure

GreenDotIPOInfrastructure

5%

-3%

6%

5%

9%-11%17%-43%-88%-89%-76%NWANWA

-13.4%-40%-37%-12%

5%

28%2%-25%-35%-75%-73%-59%NWANWA

-2%-8%-19%-29%NWANWANWAN/AN/A

23%

NWA

N/A

WA

N/A

9%-14%-20%-26%-52%-50%-46%-57%-44%

0%-2%12%21%5%9%11%15%59%

7%-10%9%-11%-54%-53%-37%-35%-73%

IPOInfrastructure

JackHenry

33%

38%

7%

-9%

7%

7%

3%

2%

Medium-growthandlegacypayments*

Indexes*

42%

4%

-6%

52%

25%

-2%

2%

-1%

-6%

2%

5%

7%

24%

9%

payments

payments

payments

Euronetworldwide

S&P500

NASDAQ

73%

18%

7%

-5%

17%

2%

FLEETCOR

7%

Globalpayments

Mastercard

IPOPayments

paypaIPOPayments

paysafeSPACPayments

REPAYSPACPayments

shift4SPACPayments

stonecoIPOPayments

3%3%5%28%-2%1%2%43%107%

8%-9%24%5%-64%-63%-58%NWANWA

2%

13%9%36%65%27%31%22%NWANWA

7%

Russel2000

S&PFinancials

RecentFintechandpaymentslpos

RecemtFintechandpaymentsspACS

4%-9%-6%6%-19%-18%-18%61%17%

3%12%21%29-15%-14%-7%91%131%

8%

source:pitchBOOK|Geography:Global|AsofMarch31,2022

visa

IPOPayments

westernunionIpoin1865payments

Mean

Median

2%3%9%26%2%4%2%36%88%

9%-5%12%372831%3%69%17%

10%

9%

-1%

2%

2%

9%

6%

7%

25%

Q12023FINTECH&PAYMENTSPUBLICCOMPSHEETANDVALUATIONGUIDE4

(pitchBooK

Valuations

EV/NTMforecastrevenue*EV/NTMforecastEBITDA*

8x

4x

ox

—Insurtec

—proptech

—Medium-growthpayments

—Medium-growthfntech

Neobanks,brokers,andcrypto—High-growthpayments

8x

4x

ox

—Neobanks,brokers,andcrypto

—Medium-growthfntec

—High-growthpayments

—High-growthfntech

—proptech

Source:PitchBook|Geography:Global|*AsofMarch31,2022Source:PitchBook|Geography:Global|*AsofMarch31,2022

stockprice/NTMforecastEPS*

—Insurtec

—proptech

—Medium-growthpayments

—Medium-growthfntec

—Neobanks,brokers,andcrypto—High-growthpayments

Source:PitchBook|Geography:Global|*AsofMarch31,2022

Q12023FINTECH&PAYMENTSPUBLICCOMPSHEETANDVALUATIONGUIDE5

24%34%27%15%

103%7840%36%2830%

2%37%117%22%15%5%

65%43%18%80%24%21%

85%91%9%21%18%17%

(pitchBooK

Revenue

Neobanks,brokers,andcrypto

coinbaseCOIN$13.8$0.5$1.3$7.8$3.2$2.8$3.2$3.9

DaveDAVE$0.1$0.1$0.150.20.2$0.2$0.3WA

MoneyLioML$0.4$0.$0.$0.2$0.3$0.4$0.5WA

NubankNU$22.3$0.4$0.411$4.886.78.2$11.3

RobinhoodHOOD-$4.8$0.3$1.0$1.8$1.4$1.8$2.0$2.2

sum6B4s$11.456$20.4

*ForsoFi,Nubank,andupstart,weusemarketcapinsteadotenterprisevalueduetodatalimitations

139%514%-59%-13%16%22%

60%26%34%19%20%WA

32%115%91%19%21%WA

0%218%319%39%23%38%

245%89-25%31%12%7%

-2.6x-2.4x-2.2x

NWAWANWAWA8.6X5.0X4.3X4.9X

NWA

N/ANWAWANWA4.3X

NWAN/ANWAWA4.6X1.4X0.9X1.1X

N/AWANWAWA14.3X5.6X3.1X3.1X

WAWAN/AWA21.6X1.4X-2.6X-2.5X

High-growthpayments

AdyenADYEN$42.6

AvidxchangeAVDX$L.2

Bill.co

BlockSQ$38.0

FlywireFLYW$2.9

MarqetaMQ$0.8

NuveicorporationNVE$5.8

RemitlyRELY$2.7

STNE

WANWA$1.3$1.41.9$2.4$3.1

$4.7$9.5$17.7$17.5$20.0$23.3$26.6

NWAWA9%29%30%28%

45%51%161%61%25%26%

32%

44%

35%

28

23%

27%

24

53%

78

93%

39%

22%

48%

53%

22.9x17.6x13.7x

WAWAWA45.1X62.8X29.4X21.9X21.3X

WAWANWAWA16.6X4.8X4.5X3.3

WAWANWA26.6X34.6X17.7X8.2X6.6X

N/AWANWA4.0X6.0X2.5X2.1X

WAWANWAWA19.2X7.8X7.1X7.5X

WAWANWAWA20.4X4.3X1.6X

WAWANWA10.6X14.7X6.6X3.7X4.4X

N/AWANWAWA

WAWANWA18.7X13.9X1.6X1.3X1.0X

Medium-growthandlegacypayments

FLEETCORFLT

GlobalpaymentsGPN$40.3

MastercardMA$353.

paypa

RPAY

REPAY

shift4FOUR$5.4

478.2

$8.3

$998.7

visa

WEX

sum

V

WEX

$16.9$15.3$18.9$22.2$25.1$28.4$32.1

$25.4$27.5$29.4$32.3$35.8

$17.8

$21.5

WA$0.2$0.2$0.3$0.3$0.3$0.4

$23.0$21.8$24.$29.1$32.3$36.2$40.5

-10%19%21%12%9%11%

51%15%-5%6%8%7%

-9%23%17%13%13%13%

21%18%8%7%10%11%

WA41%27%2%11%18%

5%78-47%29%23%19%

14.1x12.4x11.0x

14.8x13.2x11.8x

7.6x8.9x10.3x10.4x8.5x6.3x5.4x5.4x

10.2x12.7x16.1x19.5x18.1x14.6x14.1x13.7x

8.0x11.3x

WAWA3.0x8.9x8.8x5.2x4.2x3.5x

WAWAWA6.5X8.0X4.4X5.2X5.5X

12.6x14.4x16.9x19.9x18.6x14.6x14.3x14.1x

Q12023FINTECH&PAYMENTSPUBLICCOMPSHEETANDVALUATIONGUIDE6

Su

Su

(pitchBooK

Revenue

High-growthfintech

$0.3

$0.1

$0.

$0.1

NWA

$0.2

$0.7

WANWANWAWA21.0X6.0X3.6X

WANWANWAN/A15.3X4.8X4.9X

WAWANWAN/A20.4X4.3X1.6X

WANWANWAWANWA9.1X6.1X

N/ANWANWAWANWA5.2X1.0X

WANWANWAWA12.0X4.4X2.6X

WANWANWAWA17.2X5.6X3.3X

WANWANWAWA17.9X5.0X3.1X

93%71%5413%22%19%4.0x3.3x

52%36%34%27%25%25%4.2x3.3x

103%7844%22%23%240.9x0.8x

51%48%31%51%19%17%6.9x5.8x

AFR$6.0

AIkamiTechnologALKT$11

MarqetaMQ$0.8

ncinoNCNO$2.8

pagayaPGY$0.8

upstartUPST$13

85%123%35%7%25%22%Mean3.3x2.6x

Su$12.9

Median3.2x2.6x

*ForSoFi,Nubank,andUpstart,weusemarketcapinsteadofenterprisevalueduetodatalimitations.

Medium-growthandlegacyfintech

$10.3

$10.2

$1.1

$1.6

$23.2

$14.5

$16.7

1.4

$1.9

$34.6

$12.6

$14.9

$1.3

$1.7

$30.4

$14.4

$17.9

$1.4

$2.1

$35.7

$15.0

$19.3

$1.5

$2.2

$37.9

$13.9

$16.2

$1.4

$1.8

$33.3

FidelityNationa

$15.6

$20.4

N/A

$2.3

$38.4

5%

3%

-1%

10%

4%

5%

6%

N/A

6%

1%Mean

-1%

7%

0%

6%

3%

4%

8%

3%

8%

6%

11%

9%

FiservFISV$92.4

GreenDotGDOT

0.1X0.1XNWA

9%

4%

Median

proptech

LatchLTCH-$0.1

opendooOPEN$5.2

RDFN

Redf

zillow

$20.2

$36.2

WE

wework

Insurtech

$4.7$2.6$8.0$15.1$8.6$10.5$11.9

$11.7$10.2$14.7$26.9$15.3$18.0$20.2

21%129%89120%39%30%

-46%211%89%-43%23%13%

22%-36%189%-70%15%14%

-1%-25%26%9%11%10%

-13%43%83%-43%18%13%

-0.9x-0.6x-0.5x

Mean2.4x2.2x

Median1.7x1.7x

N/ANWANWAN/A22.0X1.2X-0.8X-0.9X

N/ANWANWA3.6X1.2X0.7X0.8X0.6X

N/ANWAN/AN/ANWA7.7X5.6X5.6X

N/A

NWA

WA

WA

N/A

NWA

BrightHealthBHG$0.

cloverHealthCLOV$0.4

HippoHIPO$0.4

LemonadeLMND$1.0

oscarOSCR

$2.0$2.7$6.0$16.3$11.5$13.0$14.6

83%194%349%-55%7%9%

46%119%129%-42%7%7%

14%36%-24%-8%7%12%

N/A77%

40%36%92%53%2445

6%226%144%9%13%15%

20%-0.4%78%-20%13%-25%

33%125%170%-29%12%13%

Mean0.8x0.6x

Median0.3x0.2x

N/ANWAN/AN/A0.9X0.2X0.1XNWA

N/ANWANA

N/ANWANWAN/A20.4X1.1X0.5X0.3X

WANWANWAWA20.4X4.6X2.1X

WANWANWA41.9X36.5X5.5X2.8X2.5X

N/ANWANA

WANWANWA6.7X3.4X0.5X0.1X0.1X

WA

N/A

WA

WA

NWA

N/A

NWA

NWA

12.1x

Q12023FINTECH&PAYMENTSPUBLICCOMPSHEETANDVALUATIONGUIDE7

NWA94

NWA

NWA

51%

45

-136%

958%

57%

-123%

-310%

216%-155%

-34%-22%7%WA

2%

3%

-124%

-37%

Mean-41%

Median-21%

2%

1%

2%

-10%24%33%45%

4%7%

6%5%7%8%10%

5%

43%

35%

41%38%39%41%

44%

NWA

2x

3x

NWA

NWA

WA

NWA

NWA

NWA

NWA

NWA

WA

WA

N/A

NA

103x

N/A

25

N/A

N/A

83

N/A

WA

WA

29

N/A

56x

56x

1146x

83

31x

82x

10x

272x

3x

1188x

-233x

N/A

147x

WA

35

-163x

69x

39

26x

7x

36x

3x

55

36x

37

39

4x

4240%

61%57%

25%26%

26%28%

N/A4%

48%

42

58

51%

WA

26%27%

26%27%

4545%

46%47

N/A

9x

8x

8x

9x

(pitchBooK

EBITDA

Neobanks,brokers,andcrypto

coinbase$6.1-$0.03$0.43$3.06-$0.47-$0.0