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

EMERGING

TECH

RESEARCHFi

ntech

&Pay

mentsPubl

ic

Comp

Sheeta

nd

Va

luation

Gu

ideQ12023Key

takeawaysPitchBook

Data,Inc.John

Gabbert

Founder,

CEONizar

Tarhuni

Vice

President,

Institutional

Researchand

EditorialTo

scheduleatimethisweekto

speakwithanalystsJamesUlanandRudyYang

aboutfintechandpaymentsvaluations,signupwiththis

Calendly

link.Paul

Condra

Head

of

Emerging

Technology

ResearchInstitutionalResearchGroup?

Themarketwantsprofit:Q1’svaluationsshowthatthemarketcontinuesto

favorprofitabilityoverprofitlessgrowth.IllustratingAnalysisthis,theNasdaqroseby

16.8%inQ1,butthestocksof

manyof

thefastest-growingfintechswereroughlyflatorevendown.Rudy

YangSenior

Analyst,

EmergingTechnologyrudy.yang@?

Valuationsremaindepressed:

Valuationsremainatlows,withtheneobanks,brokers,andcryptocohorttradingatamedianenterprisevalue(EV)/next

12-months(NTM)

revenuemultipleof

1.9x

onMarch31,2023,comparedwithQ12023’s1.9x

and2022’s4.2x.

High-growthfintechandhigh-growthpaymentsshowedsimilartrends.James

UlanLead

Analyst,

EmergingTechnologyjames.ulan@?

Lowvaluationslead

VCs

toprotect

theirinvestmentsthroughstrategicchange:

In

late

March,

Oscar

Health

announced

thatits

co-founder

and

current

CEO,

Mario

Schlosser,

wouldbe

replaced

byMark

Bertolini,

former

CEO

of

Aetna.The

change

signalsa

peacefultransition

intended

to

bring

in

best-in-classleadership

and

operational

andmanagerialexpertise.

Many

newly

public

fintechs

arestillpartly

owned

by

their

venture

investors,who

are

loath

to

forcea

sale

because

futurestartup

founderscould

view

the

venturecapitalist

as

threatening.A

new

CEOrepresents

a

good

middleground.

We

expect

recently

public

fintechs

to

take

notice

of

Oscar’sannouncement.

Over

thenext

fewyears,

ourthesis

is

thatmost

newly

public

fintechs

withdepressedstock

prices

will

likelyfit

intofour

buckets:leadershipchange

accompanied

bya

push

fora

strategyrefresh,

operational

excellence,

and/or

costreductions

(OscarHealth);

acquisition

bya

competitor,complementary

business,

or

incumbent

(Lemonade’s

purchase

of

Metromile);

PIPE

investmentonce

stock

prices

rebound;

continue

working

towardscale

and

potentially

launch

newproducts

(MoneyLion).pbinstitutionalresearch@Published

on

April

3,

2023We

welcomeyourfeedback,questions,

and

ideas.

Sendcommentsto

JamesUlan

andRudyYang.Q1

2023FINTECH&PAYMENTSPUBLIC

COMPSHEET

AND

VALUATIONGUIDE2?

First-timeM&A

underscoresdesireto

growby

newlypublicfintechs,despitelowvaluations:

PagayaandMarqetaclosedtheirfirstacquisitionsinQ1.We

believethattheymadethesepurchasesto

sustainrevenuegrowth.Likethemajorityof

fast-growthcompanies,theyaresubjectto

thelaw

of

largenumbers,andthusorganicrevenuegrowthratesinevitablydecelerated.Bothcompaniesgeneratedover100%annualgrowthinsomeyearsandaredownshiftingto

a10%to

30%ratein2023to

2025.We

expectfurtheracquisitionsfromcompaniesthatgeneratefreecashflowandhave

cashandborrowingcapacity.Acquirersappearto

bepursuingmultiplegoals—quicklyacquiringnewproductsandservicesto

cross-sellwhilereducingexecutionrisk,incrementalrevenuegrowth,defensivepositioning,generatingprofitthroughscale,addingtalent,andmore.Theseacquisitionsunderscoretheirambitionandwherewithalto

executedespitelowerstockprices.?

2024revenueestimatesdeclining:

We

expectadecelerationinrevenuegrowthaspublicmarketsinvestorspressurefast-growth,low-profitcompaniesto

cutexpensesinorderto

reachprofitability.Indeed,mutualfundandhedgefundinvestorshave

alowertoleranceforlackof

profitability.Estimated2024

revenueforneobanks,brokers,andcryptodeclinedfrom$18.7billionprojectedasof

December31,2022,to

$17.4

billionprojectedasof

March31,2023,drivenmostlyby

Coinbase.Overthesametimeframeandestimationdates,high-growthpaymentsrevenueforecastsdeclinedfrom$35.7billionto

$35.5

billion,high-growthfintechdeclinedfrom$5.9billionto

$5.5

billion,andpropertytech(proptech)declinedfrom$25.0billionto

$18.1billion.?

Marketcapsrevealwhichfintechcohortshave

succeededandwhichhaven’tdelivered:

ThemarketcaprosefromDecember31,2022,to

March31,2023,fortheneobankscohort,high-growthpaymentscohort,andhigh-growthfintechcohort,whileitdeclinedfortheinsurtechcohort.Ourinsurtechmarketcapwas$3.5

billiononMarch31,comparedwith$18.9billionof

totalcapitalraisedby

thesecompanies;theneobanks,brokers,andcryptomarketcapwas$52.5billion,versus$20.0billionraised;thehigh-growthpaymentsmarketcapwas$123.0billion,versus$9.5billionraised;andthehigh-growthfintechmarketcapwas$11.7billion,versus$7.

3billionraised.NEWADDITIONS:

In

this

edition,

we

addeda

list

of

M&Adealsin

which

public

fintech

andpaymentscompaniesacquired

new

firmsinQ1

2023.We

also

addedgrossincome,andlastquarter,

we

addedvaluations

of

a

selectgroupof

private

fintech

companies.Q1

2023FINTECH&PAYMENTSPUBLIC

COMPSHEET

AND

VALUATIONGUIDE3Stock

returnsQ1

2023FINTECH&PAYMENTSPUBLIC

COMPSHEET

AND

VALUATIONGUIDE4Va

luationsSource:PitchBook|

Geography:

Global|

*AsofMarch31,2022Source:PitchBook|

Geography:

Global|

*AsofMarch31,2022Source:PitchBook|

Geography:

Global|

*AsofMarch31,2022Q1

2023FINTECH&PAYMENTSPUBLIC

COMPSHEET

AND

VALUATIONGUIDE5RevenueQ1

2023FINTECH&PAYMENTSPUBLIC

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AND

VALUATIONGUIDE6Revenue*ForSoFi,Nubank,andUpstart,weuse

marketcapinsteadof

enterprisevaluedue

todatalimitations.Q1

2023FINTECH&PAYMENTSPUBLIC

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AND

VALUATIONGUIDE7EBITDAQ1

2023FINTECH&PAYMENTSPUBLIC

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AND

VALUATIONGUIDE8EBITDAQ1

2023FINTECH&PAYMENTSPUBLIC

COMPSHEET

AND

VALUATIONGUIDE9Gross

incomeQ1

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AND

VALUATIONGUIDE10Gross

incomeQ1

2023FINTECH&PAYMENTSPUBLIC

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AND

VALUATIONGUIDE11M&AQ1

2023FINTECH&PAYMENTSPUBLIC

COMPSHEET

AND

VALUATIONGUIDE12M&AQ1

2023FINTECH&PAYMENTSPUBLIC

COMPSHEET

AND

VALUATIONGUIDE13Free

cash

?owQ1

2023FINTECH&PAYMENTSPUBLIC

COMPSHEET

AND

VALUATIONGUIDE14Free

cash

?owQ1

2023FINTECH&PAYMENTSPUBLIC

COMPSHEET

AND

VALUATIONGUIDE15Earnings

per

shareQ1

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COMPSHEET

AND

VALUATIONGUIDE16Earnings

per

shareQ1

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COMPSHEET

AND

VALUATIONGUIDE17Market

capQ1

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AND

VALUATIONGUIDE18Private

company

valuationsQ1

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AND

VALUATIONGUIDE19ESGQ1

2023FINTECH&PAYMENTSPUBLIC

COMPSHEET

AND

VALUATIONGUIDE20ESGQ1

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VALUATIONGUIDE21Traditional

?nancials

comparablesQ1

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AND

VALUATIONGUIDE22Traditional

?nancials

comparablesQ1

2023FINTECH&PAYMENTSPUBLIC

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AND

VALUATIONGUIDE23Traditional

?nancials

comparablesQ1

2023FINTECH&PAYMENTSPUBLIC

COMPSHEET

AND

VALUATIONGUIDE24Disclaimer:Any

black

0values

are

positivevalues

thathave

beenrounded

down

to

0.

Conversely,

any