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

EMERGINGTECHRESEARCH

Fintech&Payments

PublicCompSheet

andValuationGuide

Q1

2023

Keytakeaways

ToscheduleatimethisweektospeakwithanalystsJamesUlanandRudyYangaboutfintechandpaymentsvaluations,signupwith

thisCalendlylink.

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

?Valuationsremaindepressed:Valuationsremainatlows,withtheneobanks,brokers,andcryptocohorttradingatamedianenterprisevalue(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.Manynewlypublicfintechsarestillpartlyownedbytheirventureinvestors,whoareloathtoforceasalebecausefuturestartupfounderscouldviewtheventurecapitalistasthreatening.AnewCEOrepresentsagoodmiddleground.WeexpectrecentlypublicfintechstotakenoticeofOscar’sannouncement.Overthenextfewyears,ourthesisisthatmostnewlypublicfintechswithdepressedstockpriceswilllikelyfitintofourbuckets:leadershipchangeaccompaniedbyapushforastrategyrefresh,operationalexcellence,and/orcostreductions(OscarHealth);acquisitionbyacompetitor,complementarybusiness,orincumbent(Lemonade’spurchaseofMetromile);PIPEinvestmentoncestockpricesrebound;continueworkingtowardscaleandpotentiallylaunchnewproducts(MoneyLion).

Q12023FINTECH&PAYMENTSPUBLICCOMPSHEET

PitchBookData,Inc.

JohnGabbertFounder,CEO

NizarTarhuniVicePresident,InstitutionalResearchandEditorial

PaulCondraHeadofEmergingTechnologyResearch

InstitutionalResearchGroup

Analysis

RudyYang

SeniorAnalyst,Emerging

Technology

rudy.yang@

JamesUlan

LeadAnalyst,Emerging

Technology

james.ulan@

pbinstitutionalresearch@

PublishedonApril3,2023

Wewelcomeyourfeedback,questions,andideas.Sendcommentsto

JamesUlan

and

RudyYang

.

ANDVALUATIONGUIDE2

First-timeM&Aunderscoresdesiretogrowbynewlypublicfintechs,despitelowvaluations:PagayaandMarqetaclosedtheirfirstacquisitionsinQ1.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,mutualfundandhedgefundinvestorshavealowertoleranceforlackofprofitability.Estimated2024revenueforneobanks,brokers,andcryptodeclinedfrom$18.7billionprojectedasofDecember31,2022,to$17.4billionprojectedasofMarch31,2023,drivenmostlybyCoinbase.Overthesametimeframeandestimationdates,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

Q12023FINTECH&PAYMENTSPUBLICCOMPSHEET

Stockreturns

Q12023FINTECH&PAYMENTSPUBLICCOMPSHEETANDVALUATIONGUIDE4

Valuations

Source:PitchBook|

Geography:Global|*AsofMarch31,2022

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

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

Q12023FINTECH&PAYMENTSPUBLICCOMPSHEETANDVALUATIONGUIDE5

Revenue

Q12023FINTECH&PAYMENTSPUBLICCOMPSHEETANDVALUATIONGUIDE6

Revenue

*ForSoFi,Nubank,andUpstart,weusemarketcapinsteadofenterprisevalueduetodatalimitations.

Q12023FINTECH&PAYMENTSPUBLICCOMPSHEETANDVALUATIONGUIDE7

EBITDA

Q12023FINTECH&PAYMENTSPUBLICCOMPSHEETANDVALUATIONGUIDE8

EBITDA

Q12023FINTECH&PAYMENTSPUBLICCOMPSHEETANDVALUATIONGUIDE9

Grossincome

Q12023FINTECH&PAYMENTSPUBLICCOMPSHEETANDVALUATIONGUIDE10

Grossincome

Q12023FINTECH&PAYMENTSPUBLICCOMPSHEETANDVALUATIONGUIDE11

M&A

Q12023FINTECH&PAYMENTSPUBLICCOMPSHEETANDVALUATIONGUIDE12

M&A

Q12023FINTECH&PAYMENTSPUBLICCOMPSHEETANDVALUATIONGUIDE13

Freecashflow

Q12023FINTECH&PAYMENTSPUBLICCOMPSHEETANDVALUATIONGUIDE14

Freecashflow

Q12023FINTECH&PAYMENTSPUBLICCOMPSHEETANDVALUATIONGUIDE15

Earningspershare

Q12023FINTECH&PAYMENTSPUBLICCOMPSHEETANDVALUATIONGUIDE16

Earningspershare

Q12023FINTECH&PAYMENTSPUBLICCOMPSHEETANDVALUATIONGUIDE17

Marketcap

Q12023FINTECH&PAYMENTSPUBLICCOMPSHEETANDVALUATIONGUIDE18

Privatecompanyvaluations

Q12023FINTECH&PAYMENTSPUBLICCOMPSHEETANDVALUATIONGUIDE19

ESG

Q12023FINTECH&PAYMENTSPUBLICCOMPSHEETANDVALUATIONGUIDE20

ESG

Q12023FINTECH&PAYMENTSPUBLICCOMPSHEETANDVALUATIONGUIDE21

Traditionalfinancialscomparables

Q12023FINTECH&PAYMENTSPUBLICCOMPSHEETANDVALUATIONGUIDE22

Traditionalfinancialscomparables

Q12023FINTECH&PAYMENTSPUBLICCOMPSHEETANDVALUATIONGUIDE