PitchBook-金融科技：行業(yè)現(xiàn)狀（英）-2024.1

EMERGING

TECH

RESEARCHPitchBookData,Inc.John

Gabbert

Founder,

CEOFintech:

State

of

the

IndustryNizar

Tarhuni

Vice

President,

InstitutionalResearch

and

EditorialAnoverview

of

fintech

trends,fundingflows,opportunities,andregulationsPaul

Condra

Head

ofEmergingTechnology

ResearchInstitutionalResearchGroupPitchBook

is

a

Morningstar

company

providing

the

most

comprehensive,

mostaccurate,

and

hard-to-find

data

for

professionals

doing

business

in

the

private

markets.AnalysisRudy

YangSenior

Analyst,

EmergingTechnologyrudy.yang@?After

aboom

cycleintheyearsfollowingtheCOVID-19pandemic,

thefintechsector

isnowexperiencingaperiod

ofnormalization.$34.6

billionoffintechventurecapitalwasrecordedin2023,

representinga-43.8%

YoY

decline.

ThepositioningofcapitalhasalsotakenabiastowardB2B,whichaccountedfor72.1%oftotalfintechVC

in2023comparedto40.6%in2019.DataMatthew

NacionalesSenior

Data

Analystpbinstitutionalresearch@??Sectors

thatreceivedthemost

VC

(inclusiveofdebtfunding)

in2023includepayments,

alternativelending,

capitalmarkets,credit&banking,

and

theCFOstack.

Severalkeytrendsareoccurringinthese

subsegments,

withopportunitiesingenerativeAI,

real-timepayments,

and

open

bankingleadingtheway.PublishingDesigned

byJoey

SchafferPublished

on

January

25,

2024In2023,

$5.9billioninVC

exitvaluewasrecordedacross185

exits,

representingYoY

declinesof-76.1%

and

-22.3%,respectively.M&A

activity

alsodeclinedin2023,

dropping

-33.6%YoY

to$47.1

billion.

However,some

M&A

activity

occurredattheend

of2023,

possiblysignalingthat2024willsee

anuptickinacquisitionactivity.Some

fintechcompanieshaverecentlyalsosignaledpreparationsforpotentialpublicexits,

whichmayhelpunfreezetheIPO

market.ContentsKeytakeaways1Executive

summaryKeyevents

timelineVCactivity234691127??In2023,

valuationmultiplesforpublicfintechcompaniesgenerallyralliedfromJanuary

toDecember.As

aresult,stockreturnsweremostlypositive,withsomehigh-growthfintechcompanies,neobanks,

brokers,and

cryptocompaniesoutperforming

themarket.Exit

activityValuationsSubsegment

snapshotsRegulatory

developmentsRegulationscontinuetoplayacriticalroleinthepaceofinnovationandinfluencinghowbusinesses

managerisk.

Keydevelopmentsinthefintechsector

pertain

togenerativeAIregulations,open

bankingrules,

third-partyrelationshipmanagement,

and

nonbank

compliance.Such

initiativesaredrivingindustry

playerstoupgrade

theirinfrastructuresand

enhancetheirrisk-management

capabilities.1PitchBook

Analyst

Note:

Fintech:

Stateofthe

IndustryExecutive

summaryAfter

enteringaboom

cycleintheyearsfollowingtheCOVID-19pandemic,

thefintechsector

isnowexperiencingaperiod

ofnormalization.VC

deploymentisretracingtopre-pandemiclevels,whilevaluationsinbothpublicand

privatemarketsaremean

reverting.Inaddition,exitslevelshavedecelerated,whilepubliclistingshaveessentiallycometoahalt.These

circumstancescan

largelybe

attributedtoelevatedinterestrates,highercosts

ofcapital,inflationarypressures,and

geopoliticaltensions.Inturn,consumerwealthhasbeen

hampered,

whilebusinessgrowthhasgenerallyslowed.Thecurrentmarketenvironmentthussees

investmentssignificantlybiasedtowardB2Bcompanies,whichoften

delivermorepredictable

revenuestreamsand

capturehighermargins.However,thefintechindustry

isnowataninflectionpoint.Greaterdiligencefrominvestorshasencouraged

businessmodels

toprioritizegrowthas

wellasprofitability,helpingtoseparatepracticality

fromhype.

As

such,

weexpect

manyofthestartups

leveragingemerging

technologiessuchas

generativeartificialintelligence(GenAI),instantpaymentrails,and

open

bankinginfrastructuretoriseout

ofthechallengingoperatingenvironmentand

become

high-qualitycompanies.Growingregulatoryscrutiny—asdemonstratedbytheaccelerationinissuedconsentorders

intheback

halfof2023—isalsoforcingfinancialinstitutionsandstartups

totightentheircomplianceand

riskmanagementcontrols.Severalpositivesignalsfortheindustry

havealsorecentlysurfaced.

As

discussedbelow,manypublicvaluationmultiplesrosein2023.

Thiscomes

as

companieslikeKlarna,

Monzo,Starling,and

bunq

begintodemonstrateprofitabilitywhilestilldeliveringrobustgrowth.

MajorfundingroundsalsooccurredinDecember

2023,suggestingthatfintechwillstillcreateseveralmultibillion-dollarstartups

despiteinvestorsoutliningthatparts

oftheecosystemarecrowded.Forexample,paymentsplatformSumUp

secureda$306.6

millionlate-stageround(equityand

debt)atan$8.6

billionvaluation(essentiallyflatfromits

priorround),and

buy

now,paylater(BNPL)

startup

Tamarareached

unicornstatusafter

raisinga$340.0

millionSeries

Cata$1.0

billionvaluation.Inaddition,exitactivity

looks

primed

forarebound.

We

haveseen

aninflectionpointwithsome

companiessuchas

Yieldstreetand

WebullannouncingacquisitionsinQ4

and

othercompanieslikeKlarnaand

Apex

FintechSolutionsgearingupforanIPO.2PitchBook

Analyst

Note:

Fintech:

Stateofthe

IndustryKey

2023

fintechevents

timelineJanJanuary

30VC

dealIPOMarqeta

announces

its

first-everacquisition:

ofembedded

finance

startup

PowerFinance

for

$275.0

millionincash.FebMarAprMayJunJulMarch

10NewsSiliconValleyBank

is

seized

byUS

regulators

after

it

experiences

the

largest

bank

runsincethe

global

financial

crisis.RegulationM&AMarch

15Striperaises

$6.9billionat

a$50.0

billionvaluation,

representing

a-47%valuationcuttoits

$95.0

billionvaluation

inMarch

2021.June

6The

Federal

Reserve

(Fed),FDIC,

and

Office

ofthe

Comptroller

ofthe

Currency(OCC)

issue

joint

guidance

on

risk

management

for

banks

and

their

third-partyrelationships,

helping

toeliminate

ambiguity

surrounding

compliance

responsibilities.June

28Visa

acquires

Pismo,

aBrazilian

cloud-native

issuer

processor

and

core

bankingplatform,

for

$1.0

billionincash.June

28The

European

Commission

publishes

its

proposals

for

athirditeration

ofthe

PaymentServices

Directive

and

anew

Payment

Services

Regulation,

which

willenhance

openbanking

requirements

and

updateexistingpayment

regulation

frameworks.July6FIS

spins

off

amajority

stakeinWorldpaytoprivateequity

firm

GTCR,

valuingthecompany

at

$18.5

billion.AugSepOctNovDecJanJuly20The

Fed

launches

its

instant

payment

railFedNow,marking

the

first

new

paymentnetwork

under

its

operation

inover50

years.August24Better

completes

an

IPO

viaSPAC

Aurora

AcquisitionCorp.

Atthe

end

of2023,

sharesdrop

-95.3%

from

the

IPO

price.October

19The

Consumer

Financial

Protection

Bureau

(CFPB)formally

proposes

open

bankingrulemaking

inthe

US,

invokingSection

1033

ofthe

Dodd-Frank

Act.November28Apple

is

reported

tohaveproposed

ending

its

credit

card

partnership

withGoldman

Sachs.December

11European

payments

startup

SumUp

raises

$306.7

millioninequity

and

debt

at

an$8.6

billionvaluation

and

1.0x

valuation

step-up.3PitchBook

Analyst

Note:

Fintech:

Stateofthe

IndustryVC

activity$34.6

billionoffintechventurecapitalwasrecordedin2023,

representinga-43.8%

dropfromthe$61.4billionseen

in2022.Capitalwasdeployedacross2,055

deals,

down-32.4%from3,039

dealsintheyearprior.Whilethese

YoYpercentagedeclinesinVC

deal

activity

appear

substantial,webelievedeal

levelsarenormalizingfromabnormallyheightenedlevelsseen

in2021and

2022.Duringthese

years,

thefintechsector

sawrobustlevelsofventurefundingdrivenbyfederal

stimulus,low-interest-ratepolicies,and

highinvestordemand

forgrowth.The

investmentenvironmenthassincereversed,withstimulusmostlydrying

up,interestratesatelevatedlevels,and

themarketdesiringprofitability.Still,VC

levelsin2023remainedclosetolevelsseen

insome

pre-pandemicyears.

VC

deal

valuein2023beat

2017’snumbers

by65.9%and

lagged

2018’sand

2019’slevelsby-27.6%and

-18.4%,respectively.The

proportion

ofVC

capitalallocatedtoB2CversusB2Bfintechcompanieshaschangedsignificantlyoverthelastfiveyears.

In2019,consumerfintechcompaniessawtheirhighestshareoffintechVC

at59.4%,leaving40.6%ofVC

allocatedtoenterprisefintechcompanies.

Thissplitofcapitalhassincereversed,withB2Cfintechstartups

receivingonly27.9%

offintechVC

in2023.The

investordemand

forB2Bmodels

can

be

attributedtobetter

exitopportunitiesinB2B,acrowdedB2Cspace,

theharsher

macroeconomicconditionscaused

byhigherinterestrates,inflationarypressures,and

geopoliticaluncertainty.Thesefactors

haveled

tolowerhousehold

wealth,creditquality,and

spendinglevelsforconsumers.

Incontrast,businesses

and

enterprisesaregenerallyabletocapturemorestablerecurringstreamsofrevenueand

tap

intolargeaddressable

markets.Despitelowerfundinglevelsin2023,

therewereseveralnotabledeals.

TheseincludedStripe’s$6.9billiongrowthround,GenerateCapital’s$880.6

millionlate-stageround,Abound’s$60.2

millionearly-stageround,Xpansiv’s$525.0

millionlate-stageround,and

BharatPe’s$500.0

millionSeries

F.

Sectors

thatreceivedtheFintechVC

dealactivityby

sectorQuarterlyfintechVC

dealactivityby

sector$120$100$80$60$40$20$04,0003,5003,0002,5002,0001,5001,000500$30$25$20$15$10$51,2001,0008006004002000$0Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q32017

2018

2019

2020

2021

2022

2023*020172018Retaildealvalue($M)Totaldeal

count20192020202120222023*Enterprisedealvalue($M)Retaildealvalue

($M)Stripedealvalue

($M)Enterprisedealvalue

($M)Totaldeal

countSource:

PitchBook

?

Geography:

Global

?

*AsofDecember

31,

2023Source:

PitchBook

?

Geography:

Global

?

*AsofDecember

31,

20234PitchBook

Analyst

Note:

Fintech:

Stateofthe

Industrymost

VC

(inclusiveofdebtfunding)

in2023includepayments,

alternativelending,capitalmarkets,credit&banking,

and

theCFOstack.

Inthefollowingsections,weprovidesnapshotsofkeyfintechsubsegments,

whichincludeVC

activity,exitactivity,and

keythemes.Top

fintechVC

dealsin2023by

quarter*Post-moneyvaluation

($M)Quarter

CompanyStripeClose

dateMarch

15March

6Deal

value

($M)$6,870.0Deal

typeSegmentLead

investor(s)$43,130.0N/ALate-stage

VCEarly-stage

VCPaymentsAndreessen

Horowitz,

GICGSR

Ventures,

Hambro

Perks,K3

VenturesAbound$602.0Alternative

lendingBank

of

America,

Blackstone,The

Goldman

Sachs

GroupXpansivQ1January

11March

13$525.0$500.0N/ALate-stage

VCLate-stage

VCCapital

marketsCFO

stackRippling$11,250.0Greenoaks

Capital

PartnersCoatue

Management,Ribbit

Capital,

Tiger

GlobalManagementBharatPeJanuary

1$500.0$5,500.0Late-stage

VCPaymentsClear

StreetNetbankApril

11April

14$435.0$344.0$1,970.0N/ALate-stage

VCEarly-stage

VCCapital

marketsPrysm

CapitalFinancial

servicesinfrastructureBEENEXT

Capital

ManagementQ2TeylorJune

1$299.1$255.0$168.1N/ALate-stage

VCLate-stage

VCLate-stage

VCLate-stage

VCLate-stage

VCLate-stage

VCLate-stage

VCLate-stage

VCLate-stage

VCCommercial

financeCredit

&

bankingAlternative

lendingCapital

marketsAlternative

lendingAlternative

lendingCFO

stackN/AM-KopaMay

15N/ASumitomoTrue

BalanceMicro

ConnectLendbuzzApril

21N/AN/AJuly

8$458.0$365.0$360.0$300.0$275.0$1,071.0N/AN/AJuly19N/ADelaware

Life

InsuranceCiti

Ventures,

Warburg

PincusSands

Capital,

Thrive

CapitalValar

VenturesQ3PayJoyRampSeptember

5August

22August

3December

22$450.0$5,500.0N/APetalCredit

&

bankingCapital

marketsGenerateN/AN/ASTV,

Sequoia

Capital,Wellington

ManagementTabbyNovember

1$950.0$1,500.0Late-stage

VCCredit

&

bankingSNB

Capital,

SanabilInvestmentsTamaraRampDecember

18December

6$340.0$339.0$1,000.0$5,800.0Late-stage

VCLate-stage

VCCredit

&

bankingCFO

stackQ4Sands

Capital,

Thrive

CapitalBain

Capital

TechOpportunities,

Sixth

StreetPartnersSumUpDecember

11$306.6$8,600.0Late-stage

VCPaymentsSource:

PitchBook

?

Geography:

Global

?

*AsofDecember

31,

20235PitchBook

Analyst

Note:

Fintech:

Stateofthe

IndustryTop

VC

investorsinfintechcompaniessince2017*InvestorDeal

countPre-seed/seedEarly-stage

VCLate-stage

VCVenture

growth500

Global21821319197104601063927961517Global

Founders

CapitalFJ

Labs134387457111436243Tiger

Global

Management

181Accel1591571512371557255625050Soma

CapitalGoodwater

CapitalQED

InvestorsAlumni

VenturesAndreessen

Horowitz6537523017148150150136434040816Source:

PitchBook

?

Geography:

Global

?

*AsofDecember

31,

2023Exit

activityIn

2023,

$5.9

billion

inVC

exit

value

was

recorded

across

185

exits,

representingYoY

declinesof-76.1%

and

-22.2%,

respectively.

Comparedto

historic

values,VC

exit

value

is

now

at

its

lowest

value

since

2016,

while

the

numberofVC

exitssits

at

its

lowest

count

since

2020.

Few

fintech

IPOs

took

place

in

2023,

withkeypublic

listings

including

those

from

Better,

Digiasia

Bios,

Netstars,

Caliber,

andFast

Accounting.

Exits

comprised

acquisitions

and

some

buyouts.

Still,

publiclistings

made

up

50.7%oftotal

recorded

exit

value

in

2023,

followedby

41.6%foracquisitions

and

7.6%

for

buyouts.FintechVC

exitactivityby

sectorQuarterlyfintechVC

exitactivityby

sector$300$250$200$150$100$5040035030025020015010050$140$120$100$80$60$40$20$0120100806040200$00Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q3

Q1

Q32017

2018

2019

2020

2021

2022

2023*Retailexitvalue($M)

Enterpriseexitvalue($M)Totalexitcount20172018Retailexitvalue($M)Totalexitcount20192020202120222023*Enterpriseexitvalue($M)Source:

PitchBook

?

Geography:

Global

?

*AsofDecember

31,

2023Source:

PitchBook

?

Geography:

Global

?

*AsofDecember

31,

20236PitchBook

Analyst

Note:

Fintech:

Stateofthe

IndustryLooking

ahead,we

expect

the

IPO

freezeto

begin

thawing

throughout

2024.Stripe

continuesto

bea

likely

candidate,

given

the

company

previously

filedIPO

paperwork

with

the

Securities

and

Exchange

Commission

in

2021.

Klarna

isanother

strong

contender,

as

the

company

recently

achieved

profitability

andis

establishinga

British

holding

company

aheadofa

stock

exchange

listing.1Other

fintech

companies

such

as

Plaid

and

Pleo

also

appointed

CFOs

recently,2,

3signaling

stepstowardpotential

IPOs.

In

December

2023,

Apex

Fintech

Solutionsfiled

paperwork

with

the

SEC,

implyinga

near-term

public

listing

may

be

on

thecompany’s

roadmap.4FintechVC

exitvalue($B)

by

typeFintechVC

exitcountby

type$300Buyout400BuyoutAcquisitionPubliclistingAcquisitionPubliclisting$250$200$150$100$50300200100$002017

2018

2019

2020

2021

2022

2023*2017

2018

2019

2020

2021

2022

2023*Source:

PitchBook

?

Geography:

Global

?

*AsofDecember

31,

2023Source:

PitchBook

?

Geography:

Global

?

*AsofDecember

31,

2023As

we

wrotein

our

2024

Enterprise

Technology

Outlook,

we

expect

M&A

activityto

pick

up

in2024

as

well.

Acquisition

levels

were

soft

in

2023,

with

$47.1

billionin

M&A

value

seen

across

407

deals.

Comparedto

2022

levels,

2023

M&A

valuedeclined

-33.6%

and

M&A

count

decreased-12.1%.

However,

a

combinationoffactors,

including

generally

rising

valuations,

demand

for

growth,

anda

surgein

partnerships,

will

likely

produce

greater

levelsofM&A

in

2024.

Some

notableacquisitions

occurred

at

the

endof2023,

including

Yieldstreet’s

acquisitionofCadre(with

alast

known

valuationof$800.0

million)

andWebull’sacquisitionofFlink.

Further

consolidation

in

the

overall

market

could

also

push

fintech

leadersto

restart

M&A

activity

in

2024.

Broader

market

M&A

activity

picked

up

in

the

lastweeksof2023,

with

roughly

$40.0

billion

in

acquisitions

and

buyouts

announced.51:“Klarna

Establishes

UK

Holding

Company

in

SteptoListing,”

Bloomberg,

Louise

Moon,

November

4,

2023.2:

“Plaid

TapsFormer

Expedia

Exec

as

Its

New

Chief

Financial

Officer,

Says

‘No

Timeline’

for

IPO,”

TechCrunch,

Mary

Ann

Azevedo,

October

18,

2023.3:

“$4.7

Billion

European

Fintech

Firm

Pleo

Appoints

New

CFO,

Pointing

toIPO

Hopes,”

CNBC,

Ryan

Browne,

December

13,

2023.4:

“ApexFintech

Solutions

Announces

Confidential

Submission

ofDraft

Resignation

Statement

Related

toProposed

Public

Offering,”

Business

Wire,December

12,

2023.5:“Dealmakers

Unveil

$40

Billion

M&A

Flurry

in

Year’sLast

Hurrah,”

Bloomberg,

Ben

Scent,

December

18,

2023.7PitchBook

Analyst

Note:

Fintech:

Stateofthe

IndustryFintechM&A

activity687463398374406344323$27.02017$76.82018$141.82019$59.92020$94.1$70.92022$47.02023*2021M&A

value($B)M&A

countSource:

PitchBook

?

Geography:

Global

?

*AsofDecember

31,

2023Notablefintechexitsin2023*CompanyBetterClose

dateAugust

22July

7SegmentAlternative

lendingExit

value

($M)$2,132.0$1,000.0$400.0$309.8Exit

typeReverse

mergerM&AAcquirer(s)/indexAurora

AcquisitionVisaPismoFinancial

services

infrastructureFinancial

services

infrastructureAlternative

lendingPaymentsDigiasia

BiosVistaar

FinancePayzerFebruary

15May

1Reverse

mergerBuyout/LBOM&AStoneBridge

AcquisitionWarburg

PincusWEXNovember

2February

3October

12September

26January

6July

13$250.0PowerFinancial

services

infrastructureWealthtech$221.9M&AMarqetaMoneyHero

GroupNetstars$198.0Reverse

mergerIPOBridgetown

HoldingsN/APayments$157.3CushonWealthtech$152.8M&ANatWest

GroupBNP

ParibasKantoxCapital

markets$118.2Buyout/LBOSource:

PitchBook

?

Geography:

Global

?

*AsofDecember

31,

20238PitchBook

Analyst

Note:

Fintech:

Stateofthe

IndustryPitchBookExitPredictorscoresfortopVC-backedfintechcompanies*CompanyStripeVC

($M)

raised

to

date$9,104.87SegmentCategoryIPO

probabilityM&A

probability1.0%No

exit

probabilityPaymentsPayment

platforms

&

POS

97.0%2.0%2.0%4.0%2.0%N/AKlarna$4,612.93Credit

&

bankingCapital

marketsCredit

&

bankingCredit

&

bankingCredit

&

BNPL88.0%53.0%92.0%N/A10.0%GenerateChime$4,323.11Alternative

capitalDigital

bankingDigital

banking43.0%$2,646.586.0%Suning

Finance$2,211.83N/AFinancial

servicesinfrastructureJD

Digits$2,127.89Enterprise

architectureDigital

bankingN/AN/AN/AN26$1,853.09$1,830.00$1,689.32$1,671.35Credit

&

bankingPayments90.0%8.0%2.0%2.0%5.0%2.0%CRevoluteToroPayment

platforms

&

POS

16.0%82.0%29.0%10.0%Credit

&

bankingWealthtechDigital

bankingBrokerage66.0%88.0%Source:

PitchBook

?

Geography:

Global

?

*AsofDecember

31,

2023Note:Probabilitydatabased

on

PitchBookVCExit

Predictor

methodology.ValuationsIn2023,

publicfintechcompaniesgenerallyralliedfromJanuary

toDecember.Asaresult,stockreturnsweremostlypositive,withsome

cohorts

outperforming

themarket.ComparedtotheS&P

500’sand

Nasdaq’s2023returnsof24.2%

and

43.4%,respectively,our

neobanks,

brokers&cryptogroupsawamedianreturnof110.3%in2023,

and

our

high-growthfintechcohort

deliveredamedianreturnof46.7%fortheyear.However,thiswasnotthecase

forallfintechcompanies,as

some

sawlacklustershareperformance.

Medium-growth&legacy

fintechcompaniessawamedianreturnof-9.2%in2023,

and

high-growthpaymentsdeliveredamedianreturnof3.6%.

The

ongoingbifurcationofpublicfintechcompanyperformancesuggests

thatinvestorsarefavoringhigh-qualitycompaniesthatcan

improvemarginswhilesustainingrobustgrowthrates.Publicvaluationmultiplescorresponded

tothese

marketreturnsand

mostlyexpanded

in2023.

The

averagechangeinthemedianenterprisevalue(EV)totrailing12-months(TTM)

sales

multiplesacrossour

comparablegroupswas67.6%for2023,

led

bya166.4%

expansioninthemedianmultipleforour

high-growthfintechgroupand

a98.6%increaseinthemedianmultipleforour

neobanks,

brokers&cryptocohort.

Asimilarstory

wasseen

forthemedianEV/TTMgrossprofit(GP)multiples,whichgrewbyanaverageof64.7%

throughout2023.

However,medium-growth&legacy

fintechcompaniessawlittleexpansionintheirEV/TTMGPmultiples,withthemedianmultipleforthisgroupendingflatfortheyear.Notably,changesinEV/TTMEBITDAmultiplesweremixedin2023.

Cohortssuchas

high-growthfintechand

neobanks,

brokers&cryptosawtheirmedianmultiplesexpand.Conversely,thehigh-growthpayments,

medium-growth&legacypayments,

and

medium-growth&legacy

fintechgroupssawtheirmedianEV/TTMEBITDAmultiplescontract

byyear’send.9PitchBook

Analyst

Note:

Fintech:

Stateofthe

IndustryMedianfintechpublicvaluationmultiplesby

cohort*Median

EV/TTM

salesMedian

EV/TTM

GPMedian

EV/TTM

EBITDAMedian

price/TTM

EPSCohortJan-23

Dec-23

%

change

Jan-23

Dec-23

%

change

Jan-23

Dec-23

%

change

Jan-23

Dec-23

%

changeNeobanks,

brokers

&

crypto1.6x3.2x100%1.3x3.3x145%-7.3x-5.9x-19%4.7x60.7x1,191%High-growth

payments3.3x4.4x3.3x5.0x4.7x5.2x8.7x5.6x42%18%164%12%5.8x7.4x5.7x9.3x7.0x8.6x13.7x9.4x21%16%139%1%26.9x

22.0x12.7x

11.6x-18%-9%59.8x21.8x39.8x16.7x-33%-23%Medium-growth

&

legacy

paymentsHigh-growth

fintech-83.8x

-23.2x

-72%15.0x

12.9x

-14%-60.9x

-109.9x

80%9.9x

14.5x

46%Medium-growth

&

legacy

fintechSource:

PitchBook

?

Geography:

Global

?

*AsofDecember

31,

2023MedianmonthlyfintechEV/TTMsalesmultiplesby

cohort20x15x10x5x0xJan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec20222023*Neobanks,

brokers&cryptoHigh-growth

paymentsMedium-growth&legacy

paymentsHigh-growth

fintechMedium-growth&legacy

fintechSource:

PitchBook

?

Geography:

Global

?

*AsofDecember

31,

2023Fintechvaluationsintheprivatemarketsmostlydeclinedas

well,emulatingthepatternsseen

inpublicmarketvaluations.The

medianpre-moneyvaluationwas$19.4million,down-13.0%from2022’smedian.

The

declinewasdrivenbythelatestage,

whichsawits

medianpre-moneyvaluationdecline-32.4%YoY.

The

medianforearly-stagedealsremainedflat,whilethemediansforpre-seed/seedandventuregrowthbothincreasedYoY

by8.8%

and

3.9%,

respectively.Medianpre-moneyvaluationstep-upssimilarlydeclinedin2023,

drivenbyYoYdecreases

acrossalldeal

stages.

2023sawamedianstep-upmultipleof1.5x,

down-26.8%comparedto2022’smedianmultipleof2.0x.

Atindividualstages,

thepre-seed/seedmediandecreased

-13.7%YoY

to1.8x,

theearly-stagemediandropped-28.6%YoY

to1.7x,thelate-stagemediandeclined-32.5%YoY

to1.3x,

and

theventure-growthmedianfell-26.8%YoY

to1.2x.

Notably,medianstep-upsremainedabove1.0x

acrossallstages,

suggestingawaveofdownroundshasnotyetoccurred.Whilethiscan

be

partiallyattributedtomanystartups

slowingtheirrateofcash

burn,

weexpect

step-upstofurther

declinein2024as

additionalcompaniessee

theirrunwaysdrawingthin.Afullbreakdownofpublicfintech

valuationmultiplesand

detailsofour

cohorts

can

be

foundinour

latestFintech&

PaymentsPublicCompanyCompSheet

andValuationGuide.10PitchBook

Analyst

Note:

Fintech:

Stateofthe

IndustryMedianfintechpre-moneyvaluation($M)

by

stageMedianfintechVC

pre-moneyvaluationstep-upby

stage$600$500$400$300$200$100$03.0x2.3x2.1x2.5x2.0x1.5x$270.91.8x1.7x1.3x1.2x$281.32.0x1.6x$64.4$28.0$9.0$43.5$28.0$9.81.0x0.5x0.0x201720