PitchBook-2023年三季度金融科技与支付公众薪酬表和估值指南（英）-2023.10-25页_7mb

Q3 2023 Fintech & Payments Public Company Research Summary

Key Takeaways from PitchBook Emerging Technology Research

• Fintech Cohort Performance: Most fintech companies underperformed the broader market in Q3 2023, with the S&P 500 returning -0.4% and Nasdaq returning 2.0%. However, specific sub-segments showed strength: neobanks, brokers, and crypto firms returned a median 12.3%, while high-growth fintech achieved 19.1%. Notably, high-growth payments companies underperformed with a median return of -9.8%.

• IPO vs. SPAC Performance: Recent fintech and payment IPOs returned -5.3% in Q3 2023, lagging behind the S&P 500 and Nasdaq. In contrast, SPACs outperformed significantly, with a 10.0% return, driven by companies like MoneyLion (131.2%), Pagaya (40.2%), and Dave (32.3%). YTD, IPOs have outperformed SPACs (34.5% vs 14.8%), reflecting lower post-IPO weakness.

• Valuation Multiples: Fintech valuation multiples saw little expansion in Q3; sales multiples increased for neobanks, brokers/cryptocurrency, and high-growth payments and fintech groups, while EBITDA multiples generally decreased due to lower forecasted earnings. These levels are now at significant discounts compared to the S&P 500.

• Mergers and Acquisitions (M&A): Q3 recorded several acquisitions, including Zillow acquiring Spruce and Aryeo, Latch purchasing Honest Day’s Work, and Wex acquiring Ascensus Health and Benefits. Public fintech M&A activity was down compared to Q2, despite expectations for consolidation, suggesting ongoing opportunities for incumbents to acquire successful firms.

• Company-Specific Valuation Analyses:

  • Stripe: After raising $6.9 billion at a pre-money valuation of $43.1 billion, Stripe's multiples (e.g., EV/NTM revenue) were benchmarked against Adyen's subdued performance. Adyen's valuation declined due to slower growth and revised estimates.
  • Various dashboard tools and comp sheets are available via PitchBook for in-depth analysis, facilitated by the PitchBook Data plug-in.

Additional Notes

• The report includes access to historical data, forecasts, and specific company comparisons through the PitchBook Platform.
• The PitchBook VC Exit Predictor indicates high probability of IPO or SPAC exits for numerous fintech firms, based on current market conditions.