PitchBook-2023年1季度金融科技与支付公共薪酬表和估值指南（英）-2023-WN5.pdf

EMERGING TECH RESEARCH Fintech&Payments Public Comp Sheet and Valuation GuideQ12023群内每日免费分享5份+最新资料 群内每日免费分享5份+最新资料 300T网盘资源+4040万份行业报告为您的创业、职场、商业、投资、亲子、网赚、艺术、健身、心理、个人成长 全面赋能！添加微信，备注“入群”立刻免费领取 立刻免费领取 200套知识地图+最新研报收钱文案、增长黑客、产品运营、品牌企划、营销战略、办公软件、会计财务、广告设计、摄影修图、视频剪辑、直播带货、电商运营、投资理财、汽车房产、餐饮烹饪、职场经验、演讲口才、风水命理、心理思维、恋爱情趣、美妆护肤、健身瘦身、格斗搏击、漫画手绘、声乐训练、自媒体打造、效率软件工具、游戏影音扫码先加好友，以备不时之需扫码先加好友，以备不时之需行业报告/思维导图/电子书/资讯情报行业报告/思维导图/电子书/资讯情报致终身学习者社群致终身学习者社群关注公众号获取更多资料关注公众号获取更多资料Institutional Research GroupAQ1 2023 FINTECH&PAYMENTS PUBLIC COMP SHEET AND VALUATION GUIDE2James Ulan Lead Analyst,Emerging TPitchBook Data,Inc.John Gabbert Founder,CEONizar Tarhuni Vice President,Institutional Research and EditorialPaul Condra Head of Emerging Technology ResearchPublished on April 3,2023Key takeawaysTo schedule a time this week to speak with analysts James Ulan and Rudy Yang about fintech and payments valuations,sign up with this Calendly link.The market wants profit:Q1s valuations show that the market continues to favor profitability over profitless growth.Illustrating this,the Nasdaq rose by 16.8%in Q1,but the stocks of many of the fastest-growing fintechs were roughly flat or even down.Valuations remain depressed:Valuations remain at lows,with the neobanks,brokers,and crypto cohort trading at a median enterprise value(EV)/next 12-months(NTM)revenue multiple of 1.9x on March 31,2023,compared with Q1 2023s 1.9x and 2022s 4.2x.High-growth fintech and high-growth payments showed similar trends.Low valuations lead VCs to protect their investments through strategic change:In late March,Oscar Health announced that its co-founder and current CEO,Mario Schlosser,would be replaced by Mark Bertolini,former CEO of Aetna.The change signals a peaceful transition intended to bring in best-in-class leadership and operational and managerial expertise.Many newly public fintechs are still partly owned by their venture investors,who are loath to force a sale because future startup founders could view the venture capitalist as threatening.A new CEO represents a good middle ground.We expect recently public fintechs to take notice of Oscars announcement.Over the next few years,our thesis is that most newly public fintechs with depressed stock prices will likely fit into four buckets:leadership change accompanied by a push for a strategy refresh,operational excellence,and/or cost reductions(Oscar Health);acquisition by a competitor,complementary business,or incumbent(Lemonades purchase of Metromile);PIPE investment once stock prices rebound;continue working toward scale and potentially launch new products(MoneyLion).We welcome your feedback,questions,and ideas.Send comments to James Ulan and Rudy Yang.Rudy Yang Senior Analyst,Emerging T3Q1 2023 FINTECH&PAYMENTS PUBLIC COMP SHEET AND VALUATION GUIDE First-time M&A underscores desire to grow by newly public fintechs,despite low valuations:Pagaya and Marqeta closed their first acquisitions in Q1.We believe that they made these purchases to sustain revenue growth.Like the majority of fast-growth companies,they are subject to the law of large numbers,and thus organic revenue growth rates inevitably decelerated.Both companies generated over 100%annual growth in some years and are downshifting to a 10%to 30%rate in 2023 to 2025.We expect further acquisitions from companies that generate free cash flow and have cash and borrowing capacity.Acquirers appear to be pursuing multiple goalsquickly acquiring new products and services to cross-sell while reducing execution risk,incremental revenue growth,defensive positioning,generating profit through scale,adding talent,and more.These acquisitions underscore their ambition and wherewithal to execute despite lower stock prices.2024 revenue estimates declining:We expect a deceleration in revenue growth as public markets investors pressure fast-growth,low-profit companies to cut expenses in order to reach profitability.Indeed,mutual fund and hedge fund investors have a lower tolerance for lack of profitability.Estimated 2024 revenue for neobanks,brokers,and crypto declined from$18.7 billion projected as of December 31,2022,to$17.4 billion projected as of March 31,2023,driven mostly by Coinbase.Over the same time frame and estimation dates,high-growth payments revenue forecasts declined from$35.7 billion to$35.5 billion,high-growth fintech declined from$5.9 billion to$5.5 billion,and property tech(proptech)declined from$25.0 billion to$18.1 billion.Market caps reveal which fintech cohorts have succeeded and which havent delivered:The market cap rose from December 31,2022,to March 31,2023,for the neobanks cohort,high-growth payments cohort,and high-growth fintech cohort,while it declined for the insurtech cohort.Our insurtech market cap was$3.5 billion on March 31,compared with$18.9 billion of total capital raised by these companies;the neobanks,brokers,and crypto market cap was$52.5 billion,versus$20.0 billion raised;the high-growth payments market cap was$123.0 billion,versus$9.5 billion raised;and the high-growth fintech market cap was$11.7 billion,versus$7.3 billion raised.NEW ADDITIONS:In this edition,we added a list of M&A deals in which public fintech and payments companies acquired new firms in Q1 2023.We also added gross income,and last quarter,we added valuations of a select group of private fintech companies.4Q1 2023 FINTECH&PAYMENTS PUBLIC COMP SHEET AND VALUATION GUIDEStock returns5Q1 2023 FINTECH&PAYMENTS PUBLIC COMP SHEET AND VALUATION GUIDESource:PitchBook|Geography:Global|*As of March 31,2022Source:PitchBook|Geography:Global|*As of March 31,2022Source:PitchBook|Geography:Global|*As of March 31,2022Valuations6Q1 2023 FINTECH&PAYMENTS PUBLIC COMP SHEET AND VALUATION GUIDERevenue7Q1 2023 FINTECH&PAYMENTS PUBLIC COMP SHEET AND VALUATION GUIDE*For SoFi,Nubank,and Upstart,we use market cap instead of enterprise value due to data limitations.Revenue8Q1 2023 FINTECH&PAYMENTS PUBLIC COMP SHEET AND VALUATION GUIDEEBITDA9Q1 2023 FINTECH&PAYMENTS PUBLIC COMP SHEET AND VALUATION GUIDEEBITDA10Q1 2023 FINTECH&PAYMENTS PUBLIC COMP SHEET AND VALUATION GUIDEGross income11Q1 2023 FINTECH&PAYMENTS PUBLIC COMP SHEET AND VALUATION GUIDEGross income12Q1 2023 FINTECH&PAYMENTS PUBLIC COMP SHEET AND VALUATION GUIDEM&A13Q1 2023 FINTECH&PAYMENTS PUBLIC COMP SHEET AND VALUATION GUIDEM&A14Q1 2023 FINTECH&PAYMENTS PUBLIC COMP SHEET AND VALUATION GUIDEFree cash flow15Q1 2023 FINTECH&PAYMENTS PUBLIC COMP SHEET AND VALUATION GUIDEFree cash flow16Q1 2023 FINTECH&PAYMENTS PUBLIC COMP SHEET AND VALUATION GUIDEEarnings per share17Q1 2023 FINTECH&PAYMENTS PUBLIC COMP SHEET AND VALUATION GUIDEEarnings per share18Q1 2023 FINTECH&PAYMENTS PUBLIC COMP SHEET AND VALUATION GUIDEMarket cap19Q1 2023 FINTECH&PAYMENTS PUBLIC COMP SHEET AND VALUATION GUIDEPrivate company valuations20Q1 2023 FINTECH&PAYMENTS PUBLIC COMP SHEET AND VALUATION GUIDEESG21Q1 2023 FINTECH&PAYMENTS PUBLIC COMP SHEET AND VALUATION GUIDEESG22Q1 2023 FINTECH&PAYMENTS PUBLIC COMP SHEET AND VALUATION GUIDETraditional financials comparables23Q1 2023 FINTECH&PAYMENTS PUBLIC COMP SHEET AND VALUATION GUIDETraditional financials comparables24Q1 2023 FINTECH&PAYMENTS PUBLIC COMP SHEET AND VALUATION GUIDETraditional financials comparablesDisclaimer:Any black 0 values are positive values that have been rounded down to 0.Conversely,any red-0 values are negative values that have been rounded up to 0.2023 by PitchBook Data,Inc.All rights reserved.No part of this publication may be reproduced in any form or by any meansgraphic,electronic,or mechanical,including photocopying,recording,taping,and information storage and retrieval systemswithout the express written permission of PitchBook Data,Inc.Contents are based on information from sources believed to be reliable,but accuracy and completeness cannot be guaranteed.Nothing herein should be construed as any past,current or future recommendation to buy or sell any security or an offer to sell,or a solicitation of an offer to buy any security.This material does not purport to contain all of the information that a prospective investor may wish to consider and is not to be relied upon as such or used in substitution for the exercise of independent judgment.群内每日免费分享5份+最新资料 群内每日免费分享5份+最新资料 300T网盘资源+4040万份行业报告为您的创业、职场、商业、投资、亲子、网赚、艺术、健身、心理、个人成长 全面赋能！添加微信，备注“入群”立刻免费领取 立刻免费领取 200套知识地图+最新研报收钱文案、增长黑客、产品运营、品牌企划、营销战略、办公软件、会计财务、广告设计、摄影修图、视频剪辑、直播带货、电商运营、投资理财、汽车房产、餐饮烹饪、职场经验、演讲口才、风水命理、心理思维、恋爱情趣、美妆护肤、健身瘦身、格斗搏击、漫画手绘、声乐训练、自媒体打造、效率软件工具、游戏影音扫码先加好友，以备不时之需扫码先加好友，以备不时之需行业报告/思维导图/电子书/资讯情报行业报告/思维导图/电子书/资讯情报致终身学习者社群致终身学习者社群关注公众号获取更多资料关注公众号获取更多资料