Fintech Summer Report 2024

Median FinTech Public Valuation Multiples

Operational

Valuation

Revenue Growth

EBITDA Margin

Net Income Margin

EV/Revenue

EV/EBITDA

23A 24E

25E

23A 24E

25E

23A 24E

25E

23A 24E

25E

23A 24E

25E

PaymentTech

6% 11% 10% 27% 41% 41% 10% 27% 27% 4.3x

4.1x

3.8x

16.6x

12.3x

10.6x

InsurTech

(14%)

29% 19% (3%)

8% 9% (10%)

0% 2% 2.1x

1.6x

1.3x

47.8x

15.5x

9.7x

Crypto/Blockchain

14% 90% 45% (12%)

50% 52% (51%)

(14%)

15% 16.7x

6.9x

3.6x

14.3x

15.4x

6.9x

Credit/Lending Tech

(35%)

11% 17% 2% 18% 21% (9%)

8% 12% 5.3x

4.6x

4.0x

20.3x

11.4x

11.0x

Finance/Banking Tech

2% 9% 7% 19% 27% 29% 8% 13% 15% 5.7x

5.3x

4.9x

24.0x 13.2x

12.1x

Financial Data & Risk

5% 11% 8% 30% 39% 39% 17% 25% 24% 8.1x

7.6x

7.2x

27.2x 23.4x

21.3x

WealthTech

12% 12% 7% 25% 31% 31% 17% 26% 26% 4.2x

3.7x

3.5x

16.8x

12.1x

11.3x

Based on our analysis of comparable FinTech companies, a strong growth surge is expected across nearly all sectors in 2024 and 2025 with many exceeding the 'rule of 40' benchmark. The EV/Revenue multiple (2024E and 2025E) of ‘Financial Data & Risk’ is trading at a premium. This is driven by Verisk, Moody’s and S&P Global trading above 10x multiples.

Source: Capital IQ as of June 2024 and FE Internal Analysis. Note: FinTech subsectors are composed of FE selected 50+ public companies (refer slide 27).

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