2025-05-06-PitchBook-PitchBook年一季度金融科技与支付公开报表和估值指南（英）_10页_558kb

报告摘要

Fintech & Payments Public Comp Sheet and Valuation Guide Summary

Core Content

This report provides an analysis of the performance and valuation trends of public fintech and payments companies as of March 31, 2025. It highlights the impact of macroeconomic factors such as trade war fears, inflation, and lower consumer spending on the sector's stock returns and valuations. The analysis is divided into key takeaways, stock returns, valuations, revenue, and further insights into the financial performance of various fintech and payments segments.

Key Takeaways

Market-wide concerns affect fintech returns: Despite a strong start to 2025, most public fintech companies experienced negative year-to-date (YTD) returns. This is attributed to global trade war fears, inflation, and reduced consumer spending.
Top-performing fintech cohorts:
- Proptech: Median return of 17%, driven by Better, Latch, and Redfin.
- Medium-growth & legacy fintech: Median return of -2%, led by Fiserv and Jack Henry.
- Neobanks, brokers & crypto: Median return of -3%, with Robinhood as a key performer.
Underperforming fintech cohorts:
- High-growth fintech: Median return of -22%, including Ibotta, Alkami Technology, Affirm, and Upstart.
- High-growth payments: Median return of -13%, with Flywire, Bill.com, and Block as notable underperformers.
- Medium-growth & legacy payments: Median return of -8%, including REPAY, PaySafe, and Shift4.
Revenue multiples contract: Across all cohorts, the median enterprise value (EV)/trailing 12-month (TTM) sales multiples decreased, especially for high-growth companies. Block, AvidXchange, Coinbase, and Bill.com saw significant contractions.
IPO delays: Klarna and eToro delayed their IPOs due to market uncertainty. Both are valued below the median EV/TTM sales multiple of the neobanks, brokers & crypto cohort.

Stock Returns

Neobanks, Brokers & Crypto

Company	IPO/SPAC	Type	1 Week	30 Days	90 Days	YTD	1 Year	3 Years	5 Years
Coinbase	IPO	Crypto	-15%	-20%	-31%	-31%	-35%	-9%	N/A
Dave	SPAC	Neobank	-15%	-18%	-5%	-5%	123%	-64%	N/A
MoneyLion	SPAC	Neobank	-2%	-1%	1%	1%	21%	15%	N/A
Nubank	IPO	Neobank	-12%	-5%	-1%	-1%	-14%	33%	N/A
Robinhood	IPO	Neobroker & Neobank	-14%	-17%	12%	12%	107%	208%	N/A
SoFi	SPAC	Neobroker & Neobank	-15%	-20%	-24%	-24%	59%	23%	N/A
Mean			-12%	-13%	-8%	-8%	43%	N/A	N/A
Median			-14%	-17%	-3%	-3%	40%	N/A	N/A

Insurtech

Company	IPO/SPAC	Type	1 Week	30 Days	90 Days	YTD	1 Year	3 Years	5 Years
Clover Health	SPAC	Insurtech	-6%	-10%	13%	13%	350%	1%	N/A
Hippo	SPAC	Insurtech	-7%	-11%	-5%	-5%	40%	-49%	N/A
Lemonade	IPO	Insurtech	-15%	-14%	-14%	-14%	92%	19%	N/A
Oscar	IPO	Insurtech	-6%	-10%	-2%	-2%	-12%	31%	N/A
Root	IPO	Insurtech	-25%	-1%	84%	84%	118%	276%	N/A
Mean			-12%	-9%	15%	15%	118%	56%	N/A
Median			-11%	-11%	-3%	-3%	66%	25%	N/A

Proptech

Company	IPO/SPAC	Type	1 Week	30 Days	90 Days	YTD	1 Year	3 Years	5 Years
Better	SPAC	Proptech	-11%	-4%	23%	23%	-56%	N/A	N/A
Latch	SPAC	Proptech	13%	0%	38%	38%	-77%	-96%	N/A
Opendoor	SPAC	Proptech	-17%	-24%	-36%	-36%	-66%	-88%	N/A
Redfin	IPO	Proptech	-14%	38%	17%	17%	39%	-49%	-42%
Zillow	IPO	Proptech	-7%	-11%	-7%	-7%	41%	39%	85%
Mean			-7%	0%	7%	7%	-24%	-48%	21%
Median			-11%	-4%	17%	17%	-56%	-69%	21%

Medium-growth & Legacy Payments

Company	IPO/SPAC	Type	1 Week	30 Days	90 Days	YTD	1 Year	3 Years	5 Years
Euronet Worldwide	IPO	Payments	-2%	4%	4%	4%	-3%	-18%	19%
Corpay	IPO	Payments	-3%	-5%	3%	3%	13%	40%	80%
Global Payments	IPO	Payments	-1%	-7%	-13%	-13%	-27%	-28%	-35%
Mastercard	IPO	Payments	1%	-5%	4%	4%	14%	53%	116%
PayPal	IPO	Payments	-8%	-8%	-24%	-24%	-3%	-44%	-33%
Paysafe	SPAC	Payments	-12%	-21%	-8%	-8%	-1%	-61%	N/A
REPAY	SPAC	Payments	-6%	-23%	-27%	-27%	-49%	-62%	-63%
Shift4	SPAC	Payments	-7%	-17%	-21%	-21%	24%	32%	N/A
Visa	IPO	Payments	2%	-3%	11%	11%	26%	58%	112%
Western Union	IPO	Payments	1%	-2%	0%	0%	-24%	-44%	-44%
WEX	IPO	Payments	0%	0%	-10%	-10%	-34%	-12%	44%
Mean			-3%	-8%	-7%	-7%	-6%	22%
Median			-2%	-5%	-8%	-8%	19%	-16%	-12%

High-growth Payments

Company	IPO/SPAC	Type	1 Week	30 Days	90 Days	YTD	1 Year	3 Years	5 Years
Adyen	IPO	Payments	-7%	-16%	2%	2%	-10%	-25%	74%
AvidXchange	IPO	Payments	-2%	12%	-18%	-18%	-35%	5%	N/A
Bill.com	IPO	Payments	-10%	-17%	-46%	-46%	-33%	-80%	22%
Block	IPO	Payments & Neobank	-13%	-17%	-36%	-36%	-36%	-60%	-1%
Flywire	IPO	Payments	-6%	-17%	-54%	-54%	-62%	-69%	N/A
Remitly	IPO	Payments	-1%	-13%	-8%	-8%	0%	N/A	N/A
Toast	IPO	Payments & POS	-8%	-14%	-9%	-9%	33%	53%	N/A
Wise	IPO	Payments	-2%	-2%	-9%	-9%	4%	88%	N/A
Mean			-6%	-11%	-22%	-22%	-17%	-12%	32%
Median			-6%	-15%	-13%	-13%	-22%	-25%	22%

Medium-growth & Legacy Fintech

Company	IPO/SPAC	Type	1 Week	30 Days	90 Days	YTD	1 Year	3 Years	5 Years
Fidelity National	IPO	Payments & Infrastructure	1%	5%	-8%	-8%	1%	-26%	-40%
Fiserv	IPO	Payments & Infrastructure	-3%	-7%	5%	5%	36%	111%	121%
Green Dot	IPO	Infrastructure	7%	10%	-21%	-21%	-10%	-69%	-68%
Jack Henry	IPO	Infrastructure	6%	5%	4%	4%	5%	-7%	17%
Mean			3%	3%	-5%	-5%	8%	2%	7%
Median			3%	5%	-2%	-2%	-16%	-12%	-12%

Indexes

Index	1 Week	30 Days	90 Days	YTD	1 Year	3 Years	5 Years
S&P 500	-3%	-6%	-5%	-5%	7%	24%	114%
Nasdaq	-5%	-8%	-10%	-10%	6%	22%	123%
Russell 2000	-5%	-7%	-10%	-10%	-5%	-3%	74%
S&P Financials	-1%	-4%	3%	3%	18%	30%	133%
Recent fintech & payments IPOs	-8%	-9%	-10%	-10%	15%	38%	N/A
Recent fintech & payments SPACs	-10%	-13%	-1%	-1%	35%	-30%	N/A

Valuations

EV/LTM revenue: The report includes data on enterprise value (EV) to last twelve months (LTM) revenue multiples for various fintech and payments companies.
EV/LTM EBITDA: This is also presented, though the specific data is not included in the summary due to the lack of visible details in the provided text.

Revenue Analysis

Neobanks, Brokers & Crypto

Company	Actual Revenue ($B)	YoY Revenue Growth
Coinbase	$6.56	111%
Dave	$0.34	5%
MoneyLion	$0.55	29%
Nubank	$13.01	N/A
Robinhood	$2.95	N/A
SoFi	$13.35	N/A
Mean		57%
Median		58%

High-growth Payments

Company	Actual Revenue ($B)	YoY Revenue Growth
Adyen	$24.12	34%
AvidXchange	$1.29	22%
Bill.com	$3.11	19%
Block	$31.95	N/A
Flywire	$0.49	22%
Remitly	$1.93	34%
Stone	$0.44	N/A
Wise	$2.95	N/A
Mean		26%
Median		22%

Medium-growth & Legacy Payments

Company	Actual Revenue ($B)	YoY Revenue Growth
Euronet Worldwide	$3.99	10%
Corpay	$3.97	8%
Global Payments	$3.99	10%
Mastercard	$120.23	2.3%
PayPal	$35.93	8%
REPAY	$2.63	6%
Shift4	$28.17	8%
Visa	$120.23	2.3%
WEX	$2.63	8%
Mean		11%
Median		10%

High-growth Fintech

Company	Actual Revenue ($B)	YoY Revenue Growth	EV/TTM Revenue
Affirm	$1.59	46%	33.5x
Alkami Technology	$0.26	26%	20.58x
Marqeta	$0.68	-25%	31.7x
nCino	$0.41	17%	41.4x
Pagaya	$0.63	N/A	N/A
Upstart	$0.63	24%	N/A
Ibotta	$0.37	N/A	5.3x
ServiceTitan	$0.61	31%	16.2x
Mean		31%	N/A
Median		58%	N/A

Summary of Key Trends

Overall Market Impact: The fintech and payments sector faced a decline in stock returns due to macroeconomic uncertainty and trade war fears.
Sector Performance: Proptech outperformed with a positive return, while high-growth fintech and payments underperformed significantly.
Valuation Adjustments: Revenue multiples for high-growth companies fell, indicating market re-evaluation of valuations.
IPO Delays: Klarna and eToro delayed their IPOs, showing investor caution.
Revenue Growth: There was a mixed pattern in revenue growth, with some companies experiencing rapid growth and others declining.

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