PitchBook年二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 GuideQ220252Q2 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 July 28, 2025 Rudy Yang Senior Research Analyst, Enterprise Fintech and Retail Fintech rudy.yang@pitchbook.comKey takeaways• Growth fintechs ride the rally wave: Markets stumbled on “Liberation Day” tariffs but rebounded to new highs as President Donald Trump tempered his stance. The S&P 500 and Nasdaq returned +10.2% and +16.7% for the quarter, respectively. Fintech companies with revenue growth of 20% or more capitalized on renewed risk appetite accordingly: The neobanks, brokers & crypto segment posted a median +100.8% return; the high-growth payments segment, +19.9%; and the high-growth fintech segment, +17.6%, outpacing broader markets. Insurtech also outperformed with a median +25.6% return, largely driven by Oscar and Lemonade’s Q1 earnings and embracement of AI. • Consumer fintech companies reap the rewards of “min-maxing”: While VCs predominantly favor B2B fintech, public markets rewarded optimized B2C fintech operators in Q2. Outperformers such as Dave (up 217.5%), Robinhood (up 122.1%), Coinbase (up 100.8%), SoFi (up 52.9%), Affirm (up 51.9%), and Nubank (up 31.5%) are winning by proving they can min-max their operations. These companies are maximizing customer lifetime value while minimizing acquisition costs, boosting engagement metrics while reducing churn, and scaling revenue and profitability while controlling expenses. Pro-crypto regulatory shifts under the new Trump administration provided additional momentum for Coinbase and Robinhood. This momentum should be sustained given the new SEC leadership and passing of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act into law.• Valuations change in favor of growth: Since the end of Q1, EV/TTM revenue multiples have risen for higher-growth cohorts while declining for lower-growth and value names. The median EV/TTM revenue multiple for the neobanks, brokers & crypto segment saw the highest positive re-rating, going from 5.9x in Q1 to 10.7x in Q2, followed by the high-growth fintech median, which moved from 4.2x to 4.7x. However, the median EV/TTM revenue multiple remained flat at 2.5x for high-growth payments and 2.4x for medium-growth & legacy payments, and it contracted from 6.2x to 5.9x for medium-growth & legacy fintech. EV/TTM EBITDA multiples showed similar patterns. 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 returns4Valuations5Revenue6EBITDA83Q2 202