PitchBook年三季度金融科技与支付公开报表和估值指南

EMERGING TECH RESEARCH Fintech & PaymentsPublic Comp Sheetand Valuation Guide Key takeaways PitchBook Data, Inc. Nizar TarhuniExecutive Vice President of Researchand Market Intelligence Paul CondraGlobal Head of Private Markets ResearchJames UlanDirector of EmergingTechnology Research •New additions from IPOs:Following their Q3 market debuts, Klarna and Figure have been added to our comp set. IPO momentumappears to be building, with Wealthfront and Lendbuzz expected to list following their filings late in the quarter. However, while Institutional Research GroupAnalysis Rudy YangSenior Research Analyst, EnterpriseFintech and Retail Fintech •Insurtech and proptech outperform amid market rally:Equity markets continued their climb in Q3, aided by improving rateexpectations, solid earnings, and broad AI productivity tailwinds. Fintech performance was mixed overall versus the S&P 500 pbinstitutionalresearch@pitchbook.comPublished on October 22, 2025 Contents Key takeawaysStock returns •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, PitchBook clients can accessthefull Excel data packfor thisreport via the Details tab in the teens. Value names and mature operators are still expected to deliver only low- to mid-single-digit growth. Guidance across thesector has generally reflected a more measured outlook as transaction volumes level off, foreign exchange and tariff headwinds •Consolidation wave builds across regional banks:In Q3, we recorded $24.7 billion in disclosed US bank M&A deal value,underscoring renewed momentum under a more supportive regulatory backdrop. The Trump administration’s openness tomerger approvals, coupled with steadier rate expectations and clearer asset valuations, has restored pricing confidence for both The PitchBook fintech & payments comp sheet was constructed with the PitchBook Excel plugin utilizing both PitchBook and Morningstardata. The tool allows subscribers to pull financial data and company information into Excel for over 110,000 public companies across the Stock returns PitchBook clients can access thefull Excel data packfor this report via the Details tab in the document viewer. Revenue PitchBook clients can access thefull Excel data packfor this report via the Details tab in the document viewer. Revenue PitchBook clients can access thefull Excel data packfor this report via the Details tab in the document viewer. EBITDA PitchBook clients can access thefull Excel data packfor this report via the Details tab in the document viewer. EBITDA PitchBook clients can access thefull Excel data packfor this report via the Details tab in the document viewer. PitchBook, a Morningstar company ©2025 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means—graphic, electronic, ormechanical, including photocopying, recording, taping, and information storage and retrieval systems—without the express written permission of PitchBookData, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.Nothinghereinshould be construed as any past, current or future recommendation to buy or sell any security or an offer to sell, or a solicitation of an offer to buy any