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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