PitchBook年一季度金融科技与支付公开报表和估值指南（英）

EMERGING TECH RESEARCHFintech & Payments Public Comp Sheet and Valuation GuideQ120252Q1 2025 FINTECH & PAYMENTS PUBLIC COMP SHEET AND VALUATION GUIDEPitchBook Data, Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligencePaul Condra Global Head of Private Markets ResearchJames Ulan Director of Emerging Technology ResearchInstitutional Research GroupAnalysispbinstitutionalresearch@pitchbook.comPublished on April 15, 2025Rudy Yang Senior Research Analyst, Enterprise Fintech and Retail Fintech rudy.yang@pitchbook.comKey takeaways• Market-wide concerns bleed into fintech returns: Despite a strong start to the year, initially fueled by solid Q4 2024 bank earnings and optimism following President Donald Trump’s election, shares of most public fintech companies posted negative YTD returns in Q1 2025. The shift comes from tariff fears: Concerns over a global trade war, inflation, and lower consumer spending have prompted investors to re-evaluate fintech stocks, many of which were likely overpriced at the end of 2024. • Top-performing and underperforming cohorts: Against the S&P 500’s -5% return and the Nasdaq’s -10% return for the quarter, the top-performing fintech cohorts in Q1 2025 were property tech (proptech), with a median return of 17%, driven by rallies in Better, Latch, and Redfin; medium-growth & legacy fintech, with a median return of -2%, driven by Fiserv and Jack Henry; and neobanks, brokers & crypto, with a median return of -3%, driven by Robinhood.Conversely, the underperforming cohorts were high-growth fintech, with a median return of -22%, driven by Ibotta, Alkami Technology, Affirm, and Upstart; high-growth payments, with a median return of -13%, driven by Flywire, Bill.com, and Block; and medium-growth & legacy payments, with a median return of -8%, driven by REPAY, PaySafe, and Shift4. • Revenue multiples contract, especially for high-growth companies: Median enterprise value (EV)/trailing 12-month (TTM) sales multiples contracted across our cohorts in Q1, reflecting the market’s repricing of fintech stocks amid trade war fears. However, proptech’s median EV/TTM sales multiple stayed flat at 2x due to Redfin’s acquisition-induced rally. High-growth companies in particular saw large multiple contractions QoQ, especially Block, AvidXchange, Coinbase, and Bill.com.Disclaimer: Any -0 values are negative values that have been rounded up to 0.PitchBook clients can access the full Excel data pack for this report via the Details tab in the document viewer.ContentsKey takeaways2Stock returns4Valuations5Revenue6EBITDA83Q1 2025 FINTECH & PAYMENTS PUBLIC COMP SHEET AND VALUATION GUIDE• Klarna and eToro delay their IPOs: In early April, private market bellwethers Klarna and eToro announced they would delay their IPOs amid the market uncertainty. Both companies trade below the median EV/TTM sales multiple of 4.5x for our neobanks, brokers & crypto cohort. According to Caplight data, eToro already has a trailing multiple a