PitchBook年三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 GuideQ320252Q3 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.comRudy Yang Senior Research Analyst, Enterprise Fintech and Retail Fintech rudy.yang@pitchbook.comPublished on October 22, 2025 Key takeaways• New additions from IPOs: Following their Q3 market debuts, Klarna and Figure have been added to our comp set. IPO momentum appears to be building, with Wealthfront and Lendbuzz expected to list following their filings late in the quarter. However, while the window has reopened, aftermarket performance has remained weak. In Q3, eToro fell by 34.9%, Chime by 32.8%, Circle by 25.5%, Klarna by 15%, and Figure by 8.2%. • Insurtech and proptech outperform amid market rally: Equity markets continued their climb in Q3, aided by improving rate expectations, solid earnings, and broad AI productivity tailwinds. Fintech performance was mixed overall versus the S&P 500 (up 7.4%) and Nasdaq (up 11.1%), but insurtech and proptech led the group with median gains of 26.9% and 20.7%, respectively. Both sectors benefited from easing rate pressure, improving unit economics, and growing investor conviction around AI-driven underwriting and operational efficiencies.• Performance mixed among value and growth names: Neobanks and neobrokers delivered a median return of 6.9% in Q3, supported by strength in Robinhood, SoFi, and Nubank, but offset by weaker stock performance from Chime, Dave, and Coinbase. Broader growth and value fintech cohorts lagged the market as capital rotated toward AI megacaps and pure-play AI leaders, while investors favored sectors exhibiting clearer operating leverage and near-term earnings visibility. Despite stable top-line trends, many payments, lending, and legacy fintech operators saw margin pressure intensify amid higher technology and infrastructure investments tied to AI adoption, as well as rising compliance costs and ongoing regulatory shifts across digital assets and consumer finance.• Moderating revenue growth estimates: Despite ongoing AI investment and emerging efficiency gains, full-year 2025 revenue growth estimates have trended lower in fintech. Median top-line forecasts for neobanks and neobrokers have eased from the mid-30% range to the high-20% range, while high-growth fintech cohorts have been revised down from the low-20s to high-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 returns4Revenue5EBITDA73Q3 2025 FINTECH & PAYMENTS PUBLIC COMP SHEET AND VALUATION GUIDEteens. Value names and mature operators ar