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EMERGING TECH RESEARCH Fintech & Payments Public Company Comp Sheet and Valuation Guide

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PitchBook Data, Inc.

John Gabbert Founder, CEO

Nizar Tarhuni Vice President, Institutional Research and Editorial

Paul Condra Head of Emerging Technology Research

Institutional Research Group Analysis

Rudy Yang
Senior Analyst, Emerging Technology
rudy.yang@pitchbook.com
James Ulan
Lead Analyst, Emerging
Technology
james.ulan@pitchbook.com

pbinstitutionalresearch@pitchbook.com Published on October 9, 2023

The PitchBook foodtech comp sheet was constructed with the PitchBook Excel plug-in utilizing both PitchBook and Morningstar data. The tool allows subscribers to pull financial data and company information into Excel for over 55,000 public companies across the US and the world, as well as PitchBook’s proprietary data on over 3.6 million private companies

Key takeaways

Email analysts James Ulan and Rudy Yang to schedule a time this week to speak about fintech & payments valuations.

Fintech returns interspersed: The majority of our fintech cohorts underperformed the market in Q3 2023. However, the neobanks, brokers, and crypto group as well as high-growth fintech delivered median returns of 12.3% and 19.1%, respectively, during the quarter, outpacing the S&P 500’s -0.4% and the Nasdaq’s 2.0% returns. Not all high-growth companies performed well, however, as the median return for high-growth payments companies trailed at -9.8%.

IPOs drag and some SPACs outperform: Returns for recent fintech and payment IPOs were -5.3% in Q3 2023, underperforming the S&P 500 and the Nasdaq. Conversely, shares of recent fintech and payment SPACs significantly outperformed in Q3, returning 10.0%. SPAC outperformance was primarily driven by the increase in share prices for MoneyLion (131.2%), Pagaya (40.2%), and Dave (32.3%), though Q2 2023 results from these companies were mixed. Still, not all SPACs have performed well, as illustrated by the -97.1% plummet in Better.com’s shares since merging with its SPAC partner Aurora. Investors still value quality and profitability, and IPOs have still outperformed SPACs YTD returning 34.5% versus 14.8% for SPACs.

Momentum in multiples growth halts: While fintech multiples expanded broadly in Q2 2023, most segments saw valuation multiples contract in Q3. Cohorts that saw an uptick in their median EV/NTM sales multiples include neobanks, brokers, and crypto (from 2.0x to 2.7x), as well as high-growth payments (from 3.8x to 4.1x), and high-growth fintech (from 3.9x to 4.5x). Meanwhile, EV/NTM EBITDA multiples contracted for all groups with the exception of high-growth fintech (from 58.0x to 60.7x), generally due to declining EBITDA forecasts outpacing EV growth.

M&A yet to pick up: Q3 2023 saw a few more acquisitions, including Zillow’s acquisitions of digital title and escrow company Spruce as well as real estate media software and content platform Aryeo; Latch’s purchase of proptech startup Honest Day’s Work; and Wex’s acquisition of employee benefits company Ascensus Health and Benefits. Still, the total number of acquisitions from public fintech companies in Q3 2023 trailed behind that of Q2, despite broader industry expectations for M&A to pick up. We believe there is more consolidation to be seen ahead. Fintech multiples were generally expensive in 2021 and 2022, trading at premiums relative to the S&P 500. However, EV/NTM sales multiples are now priced at significant discounts to the S&P 500’s 10.3x. In an environment of consolidation, incumbents also stand to benefit from acquiring fintech companies with proven success.

Stripe valuation analysis

A look at Stripe’s latest valuation after Adyen’s rough quarter: Stripe recently raised \$6.9 billion of capital at a \$43.1 billion pre-money valuation. The capital is earmarked to cover Stripe employees’ tax liability from stock-based compensation.

Stripe’s May 2023 valuation was 11.9x estimated trailing-12-month (TTM) revenue on 25% to 35% estimated TTM revenue growth. We compare this to Adyen’s latest EV/TTM net revenue multiple which was 10.7x. Adyen is expected to grow revenue by 15.9% in 2023, 23.2% in 2024, and 24.6% in 2025.

Stripe’s three most recent valuations prior to their latest raise were as follows:

March 2021: A \$95.5 billion valuation on \$1.7 billion of estimated TTM revenue and 60% to 70% estimated revenue growth, resulting in a 54.4x multiple.

• December 2020: A \$35.2 billion valuation on \$1.6 billion of TTM revenue and 60% to 70% estimated revenue growth, resulting in a 22.6x multiple

• January 2019: A \$22.4 billion valuation on \$0.7 billion of estimated TTM revenue and 60% estimated revenue growth, resulting in a 31.7x multiple

Stripe investors have expressed interest in Adyen’s H1 2023 earnings release after Adyen announced slowing North American revenue growth due to clients seeking low-cost providers (enterprise belt tightening), as well as heighted hiring to remain competitive. After the release, analysts lowered their revenue estimates. Adyen’s new median 2024 consensus revenue estimate declined by about 10% (\$2.4 billion to \$2.1 billion) from June 30, 2023 to September 30, 2023, and its 2025 revenue estimate declined from \$3.1 billion to \$2.6 billion. Similarly, the 2024 EBITDA consensus estimate declined from \$1.3 billion to \$0.9 billion, and the 2025 estimate fell from \$1.7 billion to \$1.3 billion.

All historical financial data, forecasted financial data (consensus estimates), and private-company valuation data is available through the PitchBook Platform and can be pulled into excel using the PitchBook excel plugin. PitchBook subscribers also have access to company financial models for large publicly traded firms, including Adyen. PitchBook clients can access the Adyen financial model here.

Company	IPO/SPAC Type		S&P500 S&P500 1week 30days90days
Company	IPO/SPAC Type				bottom		peak	YTD	1year 3years	5years
Euronet Worldwide	IPO	Payments	-2%	-10%	-32%	8%	-35%	-16%	3%	-10% -21% 6%
FLEETCOR	IPO	Payments	-5%	-7%	2%	51%	10%	39%	41%	12%
Global Payments	IPO	Payments	-3%	-9%	17%	8%	-19%	16%	5% -35%	-9%
Mastercard	IPO	Payments	-2%	-4%	1%	40%	7%	14%	38% 17%	78%
PayPal	IPO	Payments	1%	-8%	-12%	-30%	-70%	-18%	-34% -70%	-33%
PaySafe	SPAC	Payments	0%	-8%	19%	-27%	-75%	-14%	-27% N/A	N/A
REPAY	SPAC	Payments	-1%	-17%	-3%	18%	-61%	-6%	4% -69%	-22%
Shift4	SPAC	Payments	2%	-3%	-18%	21%	-7%	-1%	24% 21%	N/A
Stone Co	IPO	Payments	0%	-13%	-16%	-1%	-45%	13%	18% -80%	N/A
Visa	IPO	Payments	-2%	-7%	-3%	29%	4%	11%	28% 15%	53%
Western Union	IPO	Payments	-5%	-4%	3%	40%	31%	15%	44% 31%	-6%

/PitchBook

Stock returns

Neobanks,brokers,and crypto*

	IPO/SPAC Type		S&P500 S&P 500
			1week 30 days		90 days	bottom	peak	YTD	1year 3years N/A	5years
Company Coinbase	IPO	Crypto	6%	-10%	5%	7%	-70%	112%	21%	N/A
Dave	SPAC	Neobank	-2%	-11%	16%	-49%	N/A	-33%	-46% N/A	N/A
MoneyLion	SPAC	Neobank	-3%	11%	80%	-29%	-82%	16%	-10% N/A	N/A
Nubank	IPO	Neobank	6%	3%	-8%	76% -27%	78%	63% 0%	N/A	N/A
Robinhood SoFi	IPO SPAC	Neobrokerand neobank	1%	-11%	-2%	-8% -47%	20%		N/A	N/A
		Neobroker and neobank	6%	-9%	-4%	57% -49%	73%	65%	N/A	N/A
	Mean		2% -5% 3%	15%	9%	-55%	45%	16%	N/A	N/A
	Median		-10%	2%	0%	-49%	47%	11%	N/A	N/A

High-growth payments*

Company	IPO/SPAC Type		S&P500 S&P500 1week 30days90days bottom
Company							peak	YTD	1year 3years	5 years
Adyen	IPO	Payments	2%	-15%	-59%	-43%	-74%	-49%	-41% -62%	-14%
AvidXchange	IPO	Payments	4%	-7%	-9%	16%	-40%	-5%	16%	N/A
Bill.com	IPO	Payments	8%	-5%	-7%	-12%	-54%	0%	N/A -20%	N/A
Block	IPO	Payments/neobank	-1%	-23%	-34%	-21%	-73%	-30%	11% -21% -72%	-55%
Flywire	IPO	Payments	4%	-6%	3%	54%	-17%	30%	41% N/A	N/A
Nuvei Corporation	IPO	Payments	1%	-15%	-49%	-43%	-77%	-41% -45%	-63%	N/A
Remitly	IPO	Payments	2%	2%	34%	140%	25%	120% 128%	N/A	N/A
Toast	IPO	Payments/POS	1%	-15%	-17%	5%	-43%	4%	7% N/A	N/A
Wise	IPO	Payments	-2%	3%	1%	10%	-18%	23%	11% N/A	N/A

Insurtech*

IPO/SPAC Type			S&P500 S&P500 1week 30days90days
IPO/SPAC Type						bottom	peak	YTD	1year	3years	5years
Company Bright Health Group	IPO	Insurtech	1%	-34%	-51%	-93%	-98%	-89%	-93%	N/A	N/A
Clover Health	SPAC	Insurtech	-1%	-21%	22%	-31%	-73%	17%	-39%	N/A	N/A
Doma	SPAC	Insurtech	25%	-20%	3%	-53%	-96%	-55%	-55%	N/A	N/A
Hippo	SPAC	Insurtech	-9%	-22%	-52%	-55%	-89%	-41%	-57%	N/A	N/A
Lemonade	IPO	Insurtech	-3%	-16%	-31%	-47%	-73%	-15%	-45%	-77%	N/A
Oscar Health	IPO	Insurtech	0%	-12%	-31%	45%	-31%	126%	9%	N/A	N/A
Root	IPO	Insurtech	-7%	-18%	6%	14%	-84%	112%	19%	N/A	N/A
		Mean	1%	-21%	-19%	-31%	-78%	8%	-37%	N/A	N/A
		Median	-1%	-20%	-31%	-47%	-84%	-15%	-45%	N/A	N/A

High-growth fintech*

			S&P 500 S&P 500 1week 30days90days
Company	IPO/SPAC	Type				bottom	peak	YTD	1year	3years	5years
Affirm	IPO	Buy now,pay later	5%	6%	39%	7%	-78%	120%	12%	N/A	N/A
Alkami Technology	IPO	Infrastructure	3%	4%	11%	25%	-13%	25%	20%	N/A	N/A
Marqeta	IPO	Infrastructure	0%	0%	23%	-15%	-67%	-2%	-16%	N/A	N/A
nCino	IPO	Infrastructure	1%	-2%	6%	3%	-43%	20%	-9%	-61%	N/A
Pagaya Upstart	SPAC	Technology lending	-3%	-32%	13%	10%	N/A	27%	-13%	N/A	N/A
	IPO	Technology lending	8%	-14%	-20%	16%	-80%	116%	36%	N/A	N/A
	Mean		2%	-6%	12%	8%	-56%	51%	5%	-61%	N/A
		Median	2%	-1%	12%	9%	-67%	26%	1%	-61%	N/A

Proptech*

			S&P 500 S&P 500 bottom peak YTD
Company	IPO/SPAC	Type	1week 30days 90days						1year	3years	5 years
Better	SPAC	Proptech	-13%	-45%						N/A	N/A
Latch	SPAC	Proptech	4%	18%	-32%	12%	-88%	32%	5%	N/A	N/A
Opendoor	SPAC	Proptech	2%	-33%	-35%	-6%	-83%	127%	-16%	N/A	N/A
Redfin	IPO	Proptech	0%	-25%	-43%	51%	-82%	66%	18%	-86%	-62%
WeWork	IPO	Proptech	-3%	-35%	-71%	-97%	-99%	-95%	-97%	N/A	N/A
Zillow	IPO	Proptech	2%	-12%	-8%	61%	-27%	43%	58%	-54%	4%
		Mean	-1%	-22%	-38%	4%	-76%	35%	-6%	-70%	-29%
		Median	1%	-29%	-35%	12%	-83%	43%	5%	-70%	-29%

Medium-growth and legacy fintech*

	IPO/SPAC		S&P 500 S&P 500
	Type		1week 30 days	90 days	bottom		peak	YTD	1year 3 years	5years
Company Fidelity National	IPO	Payments/infrastructure	-2%	-2%	1%	-25%	-51%	-19%	-28%	-63% -49% 10%
Fiserv	IPO	Payments/infrastructure	-3%	-7%	-9%	20%	5%	13%	21%	38%
Green Dot	IPO	Infrastructure	3%	-7%	-26%	-28%	-62%	-12%	-28% -72%	-84%
Jack Henry	IPO	Infrastructure	2%	-5%	-10%	-17%	-12%	-14%	-17%	-7% -6%

	Mean		0% 0%	-5%	-12%	-30%	-8%	-13%	-33%	-25%
	Median		-6%	-11% -9%	-21%	-32%	-13%	-23%	-35%	-27%

Medium-growth and legacy payments*
Indexes*

Indexes	Market Market 1week 30days 90 days
Indexes				bottom	peak	YTD	1year	3 years	5years
S&P500	-1%	-5%	-4%	20%	-11%	12%	18%	28%	47%
Nasdaq	0%	-6%	-4%	27%	-17%	26%	23%	19%	64%
Russell2000	0%	-6%	-5%	6%	-21%	1%	7%	18%	5%
S&P Financials	-2%	-4%	-2%	10%	-16%	-3%	8%	38%	21%
Recentfintech and payments IPOs	1%	-9%	-8%	6%	-52%	35%	4%	-67%	N/A
Recentfintechand payments SPACs	1%	-15%	1%	-14%	-71%	14%	-15%	21%	N/A

Source: PitchBook and Morningstar • Geography: Global • *As of September 30, 2023

/PitchBook

Valuations

Sources: PitchBook, Morningstar, and FactSet • Geography: Global • *As of September 30, 2023

EV/NTM forecast EBITDA*

Sources: PitchBook, Morningstar, and FactSet • Geography: Global • *As of September 30, 2023

Stock price/NTM forecast EPS*

Sources: PitchBook, Morningstar, and FactSet • Geography: Global • *As of September 30, 2023

Current EV/forecast revenue				EV/historical NTMrevenue
	23E	24E	25E	17	18	19	20	21	22	23	9/30
	9.7x	7.9x	6.3x	N/A	N/A	N/A	45.1x	62.8x	29.4x	21.7x	8.2x
	4.4x	3.7x	3.1x	N/A	N/A	N/A	N/A	16.6x	4.8x	4.3x	3.9x
	10.4x	8.3x	6.8x	N/A	N/A	N/A	26.6×	34.6x	17.7x	8.1x	7.9x
	1.1x	0.9x	0.8x	N/A	N/A	N/A	4.0x	6.0x	2.5x	1.6x	1.0x
	9.4x	7.3x	5.6x	N/A	N/A	N/A	N/A	19.2x	7.8x	7.4x	7.7x
	2.8x	3.7x	3.1x	N/A	N/A	N/A	N/A	20.4x	4.3x	2.6x	4.0x
	2.8x	2.4x	2.0x	N/A	N/A	N/A	10.6×	14.7x	6.6x	3.9x	2.5x
	4.8x	3.7x	3.0x	N/A	N/A	N/A	N/A	8.3x	2.0x	2.9x	4.0x
	1.0x	0.9x	0.9x	N/A	N/A	N/A	18.7x	13.9x	1.6x	1.2x	0.9x
	5.4x	4.2x	3.7x	N/A	N/A	N/A	N/A	17.1x	9.1x	5.1x	3.9x
Mean Median	5.2x	4.3x	3.5x	N/A	N/A	N/A	N/A	21.4x	8.6x	5.9x	4.4x
	4.6x	3.7×	3.1x	N/A	N/A	N/A	N/A	16.9x	5.7x	4.1x	3.9x

?PitchBook

Revenue

Neobanks,brokers,and crypto*

		Enterprise value ($B)	Actual revenue ($B)				Forecast revenue ($B)
Company	Ticker		19A	20A	21A	22A	23E	24E	25E
Coinbase	COIN	$15.7	$0.5	$1.3	$7.8	$3.2	$2.8	$3.1	$3.0
Dave	DAVE	$0.1	$0.1	$0.1	$0.2	$0.2	$0.2	$0.3	N/A
MoneyLion	ML	$0.3	$0.1	$0.1	$0.2	$0.3	$0.4	$0.5	N/A
Nubank	NU	$34.4	$0.4	$0.4	$1.1	$4.8	$6.1	$8.9	$11.3
Robinhood	H0OD	$3.4	$0.3	$1.0	$1.8	$1.4	$1.9	$2.1	$2.2
SoFi	SOFI	$7.6	$0.4	$0.6	$1.0	$1.5	$2.0	$2.5	$3.2
Sum		$61.5	$1.8	$3.4	$12.1	$11.4	$13.6	$17.5	$19.7

Note: ForSoFiand Nubank, we use market cap instead of enterprise value duetodata limitations.

YoY revenue growth
20A	21A	22A	23E	24E	25E
139%	514%	-59%	-11%	9%	-3%
60%	26%	34%	20%	25%	N/A
32%	115%	91%	31%	21%	N/A
0%	218%	319%	27%	46%	26%
245%	89%	-25%	39%	11%	7%
28%	74%	55%	33%	24%	26%
92%	260%	-6%	19%	29%	13%

CurrentEV/forecastrevenue
23E	24E 25E
5.5x	5.1x 5.2x
0.3x 0.8×	0.2x N/A N/A
5.6x	0.6x 3.8x 3.1x
1.8x	1.6× 1.5x
3.8x	3.0x 2.4x
Mean 3.0x	2.4x 3.0x
Median 2.8x	2.3x 2.7x

EV/historical NTM revenue
17	18	19	20	21	22	23	9/30
N/A	N/A	N/A	N/A	8.6×	5.0x	4.9x	5.3x
N/A	N/A	N/A	N/A	N/A	4.3x	0.2x	0.3x
N/A	N/A	N/A	N/A	4.6x	1.4x	0.9x	0.7x
N/A	N/A	N/A	N/A	14.3x	5.6x	3.8x	4.0x
N/A	N/A	N/A	N/A	21.6x	1.4x	1.7×	1.7x
N/A	N/A	N/A	N/A	11.8x	4.0x	3.1x	3.2x
N/A	N/A	N/A	N/A	12.2x	3.6x	2.4x	2.5x
N/A	N/A	N/A	N/A	11.8x	4.2x	2.4x	2.4x

High-growth payments*
\$10.7\$739.1\$721.7

		Enterprise	Actual revenue ($B)				Forecast revenue ($B)
Company	Ticker	value ($B)	19A	20A	21A	22A	23E	24E	25E
Adyen	ADYEN	$16.4	N/A	N/A	$1.3	$1.5	$1.7	$2.1	$2.6
AvidXchange	AVDX	$1.6	$0.1	$0.2	$0.2	$0.3	$0.4	$0.4	$0.5
Bil.com	BILL	$10.8	$0.1	$0.2	$0.2	$0.6	$1.0	$1.3	$1.6
Block	SQ	$23.1	$4.7	$9.5	$17.7	$17.5	$21.5	$24.3	$27.3
Flywire	FLYW	$3.5	$0.1	$0.1	$0.2	$0.3	$0.4	$0.5	$0.6
Marqeta	MQ	$1.8	$0.1	$0.3	$0.5	$0.7	$0.6	$0.5	$0.6
Nuvei Corporation	NVEI	$3.3	$0.2	$0.4	$0.7	$0.8	$1.2	$1.4	$1.6
Remitly	RELY	$4.4	$0.1	$0.3	$0.5	$0.6	$0.9	$1.2	$1.5
Stone	STNE	$2.2	$0.6	$0.6	$0.8	$1.8	$2.3	$2.5	$2.6
Wise	WISE	$6.5	$0.2	$0.4	$0.5	$0.6	$1.2	$1.6	$1.8
Sum		$73.7	$6.4	$11.9	$22.8	$24.9	$31.3	$35.7	$40.7

YoYrevenue growth
20A	21A	22A	23E	24E	25E
N/A	N/A	11%	15.3%	23.2%	24.6%
24%	34%	27%	17%	19%	19%
45%	51%	161%	67%	25%	23%
101%	86%	-1%	23%	13%	12%
39%	53%	32%	42%	28%	32%
103%	78%	44%	-13%	-26%	23%
53%	93%	16%	40%	16%	16%
103%	78%	40%	44%	27%	26%
2%	37%	117%	25%	7%	6%
65%	43%	9%	99%	30%	14%
85%	91%	9%	26%	14%	14%

Medium-growth and legacy payments*

Company	Enterprise Ticker value ($B)
Euronet EEFT	$3.9
FLEETCOR	FLT $24.4
Global Payments GPN	$46.4
Mastercard MA	$382.2
PayPal	PYPL $64.8
REPAY	RPAY $1.1
Shift4	FOUR $4.5
Visa V	$480.2
WEX WEX	$7.8
Sum	$1015.2

Actual revenue ($B)				Forecast revenue ($B)
19A	20A	21A	22A	23E	24E	25E
$2.8	$2.5	$3.0	$3.4	$3.7	$4.0	$4.2
$2.6	$2.4	$2.8	$3.4	$3.8	$4.1	$4.7
$4.9	$7.4	$8.5	$8.1	$8.7	$9.3	$9.9
$16.9	$15.3	$18.9	$22.2	$25.2	$28.6	$32.3
$17.8	$21.5	$25.4	$27.5	$29.7	$32.4	$35.5
N/A	$0.2	$0.2	$0.3	$0.3	$0.3	$0.4
$0.7	$0.8	$1.4	$0.7	$1.0	$1.2	$1.5
$23.0	$21.8	$24.1	$29.1	$32.6	$36.2	$40.2
$1.7	$1.6	$1.9	$2.3	$2.5	$2.7	$2.9
$70.4	$73.4	$86.2	$97.0	$107.4	$118.9	$131.6

YoY revenue growth
20A	21A	22A	23E	24E	25E
-10%	21%	12%	9%	8%	7%
-10%	19%	21%	11%	9%	13%
51%	15%	-5%	7%	7%	6%
-9%	23%	17%	14%	13%	13%
21%	18%	8%	8%	9%	9%
N/A	41%	27%	3%	12%	11%
5%	78%	-47%	33%	30%	20%
-5%	10%	21%	12%	11%	11%
-10%	19%	25%	9%	7%	9%
4%	17%	13%	11%	11%	11%

Current EV/forecast revenue				EV/historical NTM revenue
	23E	24E	25E	17	18	19	20	21	22	23	9/30
	1.1x	1.0x	0.9x	1.9x	1.7x	2.8x	2.3x	2.2x	1.6x	1.4x	1.0x
	6.4x	5.9x	5.2x	7.6×	8.9x	10.3x	10.4x	8.5x	6.3x	5.8x	6.1x
	5.3x	5.0x	4.7x	4.8x	5.3x	5.8x	8.7x	7.7x	5.4x	5.0x	5.1x
	15.2x	13.4x	11.8x	10.2x	12.7×	16.1x	19.5x	18.1x	14.6×	14.2x	13.8×x
	2.2x	2.0x	1.8x	4.5x	5.8×	6.2x	8.0x	11.3x	3.9x	2.6x	2.1x
	3.7x	3.3x	3.0x	N/A	N/A	3.0x	8.9x	8.8x	5.2x	3.8x	3.5x
	4.6×	3.6x	3.0x	N/A	N/A	N/A	6.5x	8.0x	4.4x	4.8x	3.8x
	14.7x	13.3x	11.9x	12.6x	14.4x	16.9x	19.9x	18.6×	14.6x	14.2x	13.3x
	3.1x	2.9x	2.6x	5.3x	6.1x	6.3x	5.7x	5.5x	3.7x	3.1x	2.9x
Mean	6.3x	5.6×	5.0x	6.7x	7.9x	8.4x	10.0x	9.9x	6.6x	6.1x	5.7x
Median	4.6x	3.6x	3.0x	5.3x	6.1x	6.3x	8.7x	8.5x	5.2x	4.8x	3.8x

Sources: PitchBook, Morningstar, and FactSet • Geography: Global • *As of September 30, 2023

?PitchBook

Revenue

High-growth fintech*

	Ticker	Enterprise value ($B)	Actual revenue ($B)			Forecast revenue ($B) 24E
	Ticker	Enterprise value ($B)	19A	20A	21A	22A	23E	25E
Company Affirm	AFRM	$9.8	$0.3	$0.5	$0.9	$1.3	$2.0	$2.4
Alkami Technology	ALKT	$1.6	$0.1	$0.1	$0.2 $0.2	$1.6 $0.3	$0.3	$0.4
Marqeta	MQ	$1.8	$0.1	$0.3	$0.5	$0.7	$0.5	$0.6
nCino	NCNO	$3.6	$0.1	$0.1	$0.2 $0.3	$0.6 $0.4	$0.5	$0.6
Pagaya	PGY	$1.4	N/A	$0.1 $0.4	$0.7	$0.8	$1.0	$1.3
Upstart	UPST	$2.4	$0.2	$0.2	$0.8 $0.8	$0.5	$0.7	$0.9
Sum		$20.6	$0.7	$1.4	$3.0 $4.1	$4.2	$5.0	$6.1

Note: For Upstart, we use market cap instead of enterprise value due to data limitations.

YoY revenue growth
20A	21A	22A	23E	24E	25E
93%	71%	54%	16%	26%	21%
52%	36%	34%	30%	25%	24%
103%	78%	44%	-13%	-26%	23%
51%	48%	31%	51%	18%	16%
N/A	386%	62%	11%	26%	27%
36%	281%	-2%	-35%	37%	24%
85%	123%	35%	2%	19%	22%

Current EV/forecast revenue
23E 6.3x	24E 25E
6.2x	5.0x 4.1x
2.8x	5.0x 4.0x 3.7x
8.8x	3.0x 7.5x 6.4x
1.8x	1.4x 1.1x
4.5x	3.3x 2.6×
Mean 5.1x	4.3x 3.6x
Median 5.3x	4.4x 3.5x

EV/historical NTMrevenue
17	18	19	20	21	22	23	9/30
N/A	N/A	N/A	N/A	21.0x	6.0x	3.8x	4.7x
N/A	N/A	N/A	N/A	15.30	4.8x	4.7x	5.3x
N/A	N/A	N/A	N/A	20.4x	4.3x	2.6x	4.0x
N/A	N/A	N/A	N/A	N/A	9.1x	6.3x	7.0x
N/A	N/A	N/A	N/A	N/A	5.2x	1.4x	1.5x
N/A	N/A	N/A	N/A	11.98	4.3x	3.6x	3.5x
N/A	N/A	N/A	N/A	17.2x	5.6x	3.7x	4.3x
N/A	N/A	N/A	N/A	17.9x	5.0x	3.7x	4.4x

Medium-growth and legacy fintech*

Company	Ticker	Enterprise value ($B)
Fidelity National	FIS	$50.3
Fiserv	FI	$92.6
Green Dot	GDOT	$0.1
Jack Henry	JKHY	$11.3
Sum		$154.3

Actual revenue ($B)				Forecast revenue ($B)
19A	20A	21A	22A	23E	24E	25E
$10.3	$12.6	$13.9	$14.5	$14.6	$15.1	$15.7
$10.2	$14.9	$16.2	$16.7	$18.1	$19.4	$20.7
$1.1	$1.3	$1.4	$1.4	$1.4	$1.5	$1.6
$1.6	$1.7	$1.8	$1.9	$2.1	$2.2	$2.4
$23.2	$30.4	$33.3	$34.6	$36.2	$38.2	$40.3

YoY revenue growth
20A	21A	22A	23E	24E	25E
21%	11%	5%	1%	3%	4%
46%	9%	3%	8%	7%	7%
13%	14%	-1%	2%	3%	6%
9%	4%	10%	6%	8%	7%
31%	10%	4%	5%	5%	6%

Current EV/forecast revenue				EV/historical NTM revenue
	23E	24E	25E	17	18	19	20	21	22	23	9/30
	3.4x	3.3x	3.2x	4.2x	4.9x	5.6x	8.2x	7.1x	5.0x	3.6×	3.4x
	5.1x	4.8x	4.5x	5.20	5.5x	4.2x	6.5x	6.03	5.0x	5.2x	4.9x
	0.0x	0.0x	0.0x	2.3x	3.6×	2.3x	1.9x	1.9x	0.9x	0.6x	0.0x
	5.5x	5.1x	4.8x	5.24	6.6x	6.5x	7.2x	6.34	6.7x	5.6x	5.0x
Mean	3.5x	3.3x	3.1×	4.2x	5.1×	4.7x	5.9x	5.3x	4.4x	3.7x	3.3x
Median	4.3x	4.1x	3.8x	4.7x	5.2x	4.9x	6.8x	6.2x	5.0x	4.4x	4.1x

Proptech*

Company	Enterprise Ticker
Latch LTCH	value ($B) $0.2
Opendoor	OPEN $3.6
Redfin	RDFN $1.8
Zillow	Z $9.2
WeWork	WE $17.2
Sum	$33.6

Actual revenue ($B)				Forecast revenue($B)
19A	20A	21A	22A	23E	24E	25E
$0.0	$0.0	$0.0	$0.1	$0.2	$0.2	$0.3
$4.7	$2.6	$8.0	$15.1	$7.2	$7.8	$10.1
$0.8	$0.9	$1.9	$2.2	$1.1	$1.1	$1.3
$2.7	$3.3	$2.1	$6.2	$1.9	$2.2	$2.5
$3.5	$3.4	$2.6	$3.2	$3.4	$3.7	$4.1
$11.8	$11.1	$16.0	$26.9	$13.8	$15.1	$18.2

YoY revenue growth
20A	21A	22A	23E	24E	25E
21%	129%	89%	136%	29%	30%
-46%	211%	89%	-53%	9%	29%
14%	117%	17%	-50%	2%	11%
22%	-36%	189%	-69%	13%	13%
-1%	-25%	26%	5%	10%	8%
-6%	44%	68%	-49%	9%	20%

CurrentEV/forecastrevenue 23E 24E	25E
0.9x 0.7×	0.5x
0.5x 0.5x	0.4x
1.6x 1.5x	1.4x
4.8x 4.3x	3.8x
5.0x 4.6×	4.2x
Mean 2.6x	2.3x 2.1×
Median 1.6x	1.5x 1.4×

EV/historical NTM revenue
17	18	19	20	21	22	23	9/30
N/A	N/A	N/A	N/A	22.0x	1.3x	0.2x	0.7x
N/A	N/A	N/A	3.6x	1.16	0.7x	0.9x	0.5x
5.2x	2.9x	1.9x	3.1x	3.0x	1.2x	2.0x	1.6x
6.24	5.6x	2.5x	3.9x	3.08	3.5x	4.8x	4.4x
N/A	N/A	N/A	N/A	N/A	7.8x	5.7x	4.8x
5.7x	4.3x	2.2x	3.5x	7.3x	2.9x	3.1x	2.4x
5.7x	4.3x	2.2x	3.6x	3.0x	1.3x	3.4x	1.6x

Insurtech*

Company	Market Ticker cap ($B)
Bright Health BHG	$0.0
Clover Health	CLOV $0.5
Doma	DOMA $0.1
Hippo	HIPO $0.2
Lemonade	LMND $0.8
Oscar	OSCR $1.2
Root	ROOT $0.1
Sum	$3.0

Actual revenue ($B)				Forecast revenue($B)
19A	20A	21A	22A	23E	24E	25E
$0.3	$0.5	$1.5	$6.8	$1.2	$1.2	$1.3
$0.5	$0.7	$1.5	$3.4	$2.0	$2.1	$2.2
$0.4	$0.4	$0.6	$0.4	$0.2	$0.3	$0.4
N/A	$0.1	$0.1	$0.1	$0.2	$0.4	$0.5
$0.1	$0.1	$0.1	$0.2	$0.4	$0.5	$0.6
$0.6	$0.6	$1.9	$4.7	$5.8	$7.0	$8.1
$0.3	$0.3	$0.3	$0.6	$0.6	$0.7	$0.7
$2.0	$2.7	$6.0	$16.3	$10.4	$12.2	$13.7

YoY revenue growth
20A	21A	22A	23E	24E	25E
83%	194%	349%	-83%	4%	4%
46%	119%	129%	-40%	2%	7%
14%	36%	-24%	-44%	28%	26%
N/A	77%	30%	66%	99%	18%
40%	36%	92%	66%	18%	25%
6%	226%	144%	24%	21%	16%
20%	0%	78%	-7%	18%	0%
33%	125%	170%	-36%	16%	13%

Current EV/forecast revenue
23E 0.0x	24E 25E 0.0x
0.3x 0.3x	0.0x 0.2x
0.3x	0.2x
1.0x	0.2x 0.4x
2.0x	0.5x 1.7x 1.3x
0.2x	0.2x
	0.2x 0.2x
0.2x	0.2x
Mean 0.6x Median 0.3x	0.4x 0.4x 0.2x 0.2x

MC/historical NTM revenue
17	18	19	20	21	22	23	9/30
N/A	N/A	N/A	N/A	0.9x	0.2x	0.2x	N/A
N/A	N/A	N/A	N/A	1.83	0.3x	0.3x	0.3x
N/A	N/A	N/A	N/A	20.4x	1.1x	0.5x	0.2x
N/A	N/A	N/A	N/A	20.39	4.6x	1.6x	0.6x
N/A	N/A	N/A	41.9x	36.5x	5.4x	2.6×	1.8x
N/A	N/A	N/A	N/A	1.39	0.3x	0.2x	0.2x
N/A	N/A	N/A	6.7x	3.4x	0.5x	0.2x	0.2x
N/A	N/A	N/A	N/A	12.1x	1.8x	0.8x	0.5x
N/A	N/A	N/A	N/A	3.4x	0.5x	0.3x	0.2x

Sources: PitchBook, Morningstar, and FactSet • Geography: Global • *As of September 30, 2023

/PitchBook

Gross income

Neobanks,brokers,and crypto*

		Enterprise	Actual gross profit ($B)			Forecast gross profit ($B)
Company	Ticker	value ($B)	19A	20A	21A	22A	23E 24E	25E
Coinbase	COIN	$15.7	$0.5	$1.1	$6.6	$2.6 $1.8	$1.8	$1.2
Dave	DAVE	$0.1	$0.1	$0.1	$0.1 $0.2	$0.2	$0.2	N/A
MoneyLion	ML	$0.3	$0.1	$0.1	$0.1	$0.2 $0.2	$0.3	N/A
Robinhood	HOOD	$3.4	$0.2	$0.8	$1.7	$1.2 N/A	N/A	N/A
Sum		$27.1	$0.8	$2.2	$8.5	$4.2	$2.2 $2.3	N/A

YoY grossprofit growth
20A	21A	22A	23E	24E 25E
153%	475%	-61%	-30%	0% -30%
64%	29%	33%	-10%	19% N/A
32%	69%	85%	4%	20% N/A
264%	96%	-29%	N/A	N/A N/A
170%2	293%	-51%	-47%	3% N/A

High-growth payments*

		Enterprise	Actual gross profit ($B)		Forecast gross profit ($B)
Company	Ticker	value ($B)	19A	20A	21A	22A 23E	24E	25E
AvidXchange	AVDX	$1.6	$0.1	$0.1	$0.1	$0.2 $0.3	$0.3	$0.4
Bill.com	BILL	$10.8	$0.1	$0.1	$0.2	$0.5 $0.9	$1.1	$1.3
Block	SQ	$23.1	$1.9	$2.7	$4.4	$6.0 $7.5	$8.8	$10.2
Flywire	FLYW	$3.5	$0.1	$0.1	$0.1	$0.2 $0.2	$0.3	$0.4
Nuvei	NVEI	$3.3	$0.2	$0.3	$0.6	$0.7 $1.0	$1.1	$1.2
Remitly	RELY	$4.4	$0.1	$0.1	$0.2	$0.3 $0.6	$0.8	N/A
Stone	STNE	$2.2	$0.5	$0.5	$0.5	$1.2 $1.0	$1.2	$1.3
Wise	WISE	$6.1	$0.1	$0.2	$0.3	$0.5 $0.8	$1.1	$1.3
Sum		$71.5	$3.6	$5.0	$7.7	$11.0 $13.9	$16.7	$18.8

YoY grossprofit growth
20A 21A	22A	23E 24E	25E
30% 45%	34%	26% 21%	27%
51% 49%	182%	81% 22% 17%	21%
45% 62%	36%	25%	16%
44% 56%	39%	36% 24%	24%
50% 88%	16%	42% 15%	14%
127% 83%	47%	83% 28%	N/A
-6% 13% 42%	131%	-19% 18% 37%	8%
65% 37% 56%	48%	61% 20%	17%
	42%	26%	12%

Gross profit margin
	19A	20A	21A	22A	23E	24E	25E
	85%	89%	84%	80%	63%	56%	32%
	80%	82%	85%	84%	64%	61%	N/A
	94%	95%	74%	69%	58%	57%	N/A
	84%	88%	91%	87%	N/A	N/A	N/A
Mean	86%	89%	83%	80%	61%	58%	32%
Median	84%	89%	84%	82%	63%	57%	32%

Medium-growth and legacy payments*

EV/forecast gross profit
22A 23E	24E 25E
6.1x 8.8x	8.8x 12.6×
0.4x 0.5x	0.4x N/A
1.4x 1.3x	1.1x N/A
2.9x N/A	N/A N/A
2.7x 3.5×	3.4x 12.6x
2.1x 1.3x	1.1x 12.6x

EV/NTMgross profit
2018	2019	2020	2021	2022	2023	9/30
N/A	N/A	N/A	10.4x	8.4x	6.5x	6.9x
N/A	N/A	N/A	N/A	8.3x	0.3x	0.4x
N/A	N/A	N/A	7.5x	2.6x	1.7x	1.2x
N/A	N/A	N/A	12.9x	N/A	N/A	N/A
N/A	N/A	N/A	16.8x	7.3x	3.7×	2.8x
N/A	N/A	N/A	11.7x	8.3x	4.0x	1.2x

	Gross profit margin						EV/forecast gross profit
	19A	20A	21A	22A	23E	24E	25E	22A 23E	24E	25E
	52%	55%	60% 63%	68%	69%	73%	8.2x	6.5x	5.4x	4.2x
	72%	75%	74%	77%	86%	85%	83%	21.8x
	40%	29%	25%	34%	35%	36% 37%	3.9x	12.0x 3.1x	9.8x 2.6x	8.1x 2.3x
	61%	64%	65%	63%	66%	64% 61%	19.4x	14.2x	11.4x	9.2x
	83%	82%	80%	80%	81%	79% 78%	4.9x	3.4x	3.0x	2.6x
	42%	47%	48%	50%	64%	66% N/A	13.4x	7.3x	5.7x	N/A
	82%	76%	63%	70%	42%	46% 46%	1.8×	2.3x	1.9x	1.8x
	62%	62%	62%	65%	67%	75% 74%	12.1x	10.1x	7.3x	6.3x
Mean	57%	56%	55%	57%	67%	68% 69%		10.8x 7.6x	6.1x	5.1x
Median	61%	62%	62%	63%	67%	69% 73%	11.8x	7.3x	5.7x	5.2x

EV/NTM gross profit
2018	2019	2020	2021	2022	2023	9/30
N/A	N/A	N/A	26.2x	7.3x	6.1x	5.6x
N/A	19.4x	34.0x	42.1x	19.7x	9.1x	9.3x
16.1x	14.2x	15.7x	21.6x	7.3x	5.0x	2.7×
N/A	N/A	N/A	27.8x	11.4x	10.8x	11.6x
N/A	N/A	13.2x	18.5x	8.4x	5.2x	3.1x
N/A	N/A	N/A	13.5x	3.0x	4.0x	6.1x
N/A	N/A	N/A	N/A	N/A	N/A	N/A
N/A	N/A	N/A	29.0x	8.1x	6.7x	6.8x
25.8x	21.9x	27.0x	30.3x	11.9x	8.9x	6.7x
35.4x	25.8x	34.0x	27.8x	8.4x	6.7x	6.8x

		Enterprise	Actual gross profit ($B)			Forecast gross profit ($B)
Company	Ticker	value ($B)	19A	20A	21A	22A	23E 24E	25E
Euronet	EEFT	$3.9	$1.2	$0.9	$1.1	$1.3	$1.5	$1.6 N/A
FLEETCOR	FLT	$24.4	$2.1	$1.8	$2.3	$2.7 $3.0	$3.3	$4.1
Global Payments	GPN	$46.4	$2.8	$3.8	$4.8	$5.2 $5.8	$6.2	$6.9
Mastercard	MA	$382.2	$13.3	$11.5	$14.4	$17.0 $25.2	$28.4	$32.1
PayPal	PYPL	$64.8	$9.6	$11.8	$14.0	$13.8 $13.8	$14.5	$15.2
REPAY	RPAY	$1.1	N/A	$0.1	$0.2	$0.2 $0.2	$0.3	$0.3
Shift4	FOUR	$4.5	$0.2	$0.2	$0.3	$0.5	$0.7 $0.9	$1.1
Visa	V	$480.2	$18.8	$17.3	$19.1	$23.6 $30.4	$33.7	$37.6
WEX	WEX	$7.8	$1.1	$0.9	$1.1	$1.4	$1.5 $1.7	$1.9
Sum		$1015.2	$49.1	$48.3	$57.2	$65.6	$82.1 $90.6	N/A

YoY grossprofit growth
20A 21A	22A	23E	24E 25E
-24% 21%	22%	10%	10% N/A
-15% 27%	17%	12% 10%	25%
33% 26%	9%	12%	7% 11%
-14% 25%	18%	49%	13% 13%
23% 19%	-2%	0%	5% 5%
N/A 44%	31%	4%	12% 11%
3% 57%	69%	44%	32% 22%
-8% 10%	23%	29%	11% 11%
-17% 30%	24%	9%	9% 14%
-2% 19%	15%	25% 10%	N/A

Gross profit margin
19A	20A	21A	22A	23E	24E		25E
43%	36%	37%		40%	40%	41%	N/A
80%	75%	80%		78%	78%	79%	88%
58%	51%	56%		58%	67%	66%	69%
79%	75%	76%		76%	100%	99%	99%
54%	55%		55%	50%	46%	45%	43%
N/A	73%		75%	77%	78%	78%	78%
24%	23%		20%	24%	71%	72%	73%
82%	79%		79%	80%	93%	93%	94%
62%	57%		62%	60%	62%	63%	65%
Mean Median	60% 60%	58% 57%	60% 62%	60% 60%	71% 71%	71% 72%	76% 76%

EV/forecast gross profit22A 23E 24E 25E

2.9x 2.7x 2.4x N/A

9.2x 8.2x 7.4x 5.9x

8.9x 8.0x 7.5x 6.8x

22.5x 15.2x 13.4x 11.9x

4.7x 4.7x 4.5x 4.3x

4.9x 4.7x 4.2x 3.8x

9.5x 6.6x 5.0x 4.1x

20.4x 15.8x 14.2x 12.8x

5.5x 5.0x 4.6x 4.0x

9.8x 7.9x 7.0x 6.7x

8.9x 6.6x 5.0x 5.1x

EV/NTM gross profit
2018	2019	2020	2021	2022	2023	9/30
N/A	N/A	N/A	N/A	N/A	N/A	N/A
9.2x	13.0x	13.3x	10.6x	7.9x	7.2x	7.7x
8.7x	9.4x	13.7x	11.5x	8.0x	7.0x	7.0x
12.4x	13.5x	19.0x	18.4x	15.6x	14.0x	N/A
10.6x	11.8x	15.0x	21.9x	8.2x	5.9x	4.5x
4.0x	5.0x	12.0x	11.8x	7.1x	4.9x	4.5x
N/A	N/A	10.6x	13.7x	6.9x	7.0x	5.3x
N/A	N/A	N/A	N/A	N/A	N/A	N/A
9.5x	10.1x	9.6x	8.7x	5.9x	5.0x	4.6×
9.1x	10.5x	13.3x	13.8x	8.5x	7.3x	5.6x
9.4x	10.9x	13.3x	11.8x	7.9x	7.0x	5.0x

Sources: PitchBook, Morningstar, and FactSet • Geography: Global • *As of September 30, 2023

/PitchBook

Gross income

High-growth fintech*

		Enterprise	Actual gross profit ($B)			Forecast gross profit ($B)
Company	Ticker	value ($B)	19A	20A	21A	22A	23E 24E	25E
Affirm	AFRM	$9.8	$0.2	$0.3	$0.5	$0.8	$0.6 $0.8	$0.7
Alkami Technology	ALKT	$1.6	$0.0	$0.1	$0.1	$0.1 $0.2	$0.2	$0.3
Marqeta	MQ	$1.8	$0.1	$0.1	$0.2	$0.3 $0.3	$0.4	$0.4
nCino	NCNO	$3.6	$0.0	$0.1	$0.1	$0.2	$0.3 $0.3	$0.4
Pagaya	PGY	$1.4	N/A	N/A	N/A	$0.2	N/A N/A	N/A
Sum		$18.2	$0.3	$0.6	$1.0	$1.6 $1.4	$1.7	N/A

YoY gross profit growth
20A 21A	22E	23E	24E	25E
117% 62%	41%	-16%	22%	-13%
94% 42%	29%	44%	29%	30%
95% 97%	38%	1%	9%	23%
64% 57%	40%	61%	19%	18%
N/A N/A	N/A	N/A	N/A	N/A
102% 66%	63%	-13%	19%	N/A

Medium-growth and legacy fintech*

		Enterprise	Actual gross profit ($B)			Forecast gross profit ($B)
Company	Ticker	value ($B)	19A	20A	21A	22A	23E	24E	25E
Fidelity National	FIS	$50.3	$3.7	$4.2	$5.2	$5.7	$5.9	$6.1	$6.4
Fiserv	FI	$92.6	$4.9	$7.0	$8.1	$9.7	$10.0	$10.7	$11.7
Green Dot	GDOT	$0.1	$0.7	$0.7	$0.8	$0.7	N/A	N/A	N/A
Jack Henry	JKHY	$11.3	$0.6	$0.7	$0.7	$0.8	$0.8	$0.9	$1.0
Sum		$154.3	$9.9	$12.7	$14.8	$17.0	$16.7	$17.7	N/A

YoY gross profit growth
20A	21A	22E	23E	24E 25E
13%	24%	10%	4%	3% 5%
44%	15%	20%	2% 7%	9%
2%	7%	-7%	N/A N/A	N/A
9%	1%	17%	3%	8% 8%
27%	17%	15%	-2%	6% N/A

Proptech*

		Enterprise	Actual gross profit ($B)			Forecast gross profit ($B)
Company	Ticker	value ($B)	19A	20A	21A	22A 23E	24E	25E
Latch	LTCH	$0.2	$0.0	$0.0	$0.0	N/A $0.0	$0.1	N/A
Opendoor	OPEN	$3.6	$0.3	$0.2	$0.7 $0.7	$0.5	$0.7	$0.9
Redfin	RDFN	$1.8	$0.1	$0.2	$0.4	$0.3 $0.4	$0.4	$0.5
Zillow	Z	$9.2	$1.2	$1.5	$1.8	$1.6 $1.5	$1.7	$2.0
WeWork	WE	$17.2	$0.7	-$0.1	-$0.5	$0.3 $0.6	$0.9	$1.2
Sum		$31.9	$2.3	$1.8	$2.4	$2.9 $3.0	$3.8	$4.6

Gross profitmargin
19A	20A		21A	22E	23E	24E	24E
59%	66%		63%	57%	42%	40%	29%
	41%	53%	55%	53%	59%	61%	64%
	42%	41%	45%	43%	49%	67%	75%
	49%	54%	57%	59%	65%	66%	67%
	N/A	N/A	N/A	34%	N/A	N/A	N/A
Mean	48%	53%	55%	49%	54%	58%	59%
Median	46%	53%	56%	53%	54%	63%	65%

YoY gross profit growth
20A	21A	22E	23E24E	25E
-10%	23%	N/A	N/A	138% N/A
-27%	N/A	-9%	-22% 28%	40%
61%	74%	-29%	23%	25% 12%
23%	23%	-12%	-4%	14% 15%
-118%	306%	-164%	84%	51% 25%
-23%	35%	19%	6%	26% 19%

EV/forecast gross profit
22E 23E	24E 25E
12.6x 15.0x	12.3x 14.2x
15.1x 10.5x	8.1x 6.2x
5.6x 5.5x	5.1x 4.1x
21.9x 13.6x	11.4x 9.7x
6.1x N/A	N/A N/A
12.3x 11.2x	9.2x 8.6x
12.6x 12.1x	9.8x 8.0x

EV/NTM gross profit
2018	2019	2020	2021	2022	2023	9/30
N/A	N/A	N/A	61.9x	15.6×	9.4x	14.2x
N/A	N/A	N/A	26.6x	8.2x	7.6x	8.7x
N/A	N/A	N/A	48.3x	10.3x	3.7x	5.3x
N/A	N/A	49.4x	32.1x	14.0x	9.2x	10.6x
N/A	N/A	N/A	N/A	N/A	N/A	N/A
N/A N/A	N/A N/A	49.4x 49.4x	42.2x 40.2x	12.0x 12.1x	7.5x 8.4x	9.7x 9.6x

Gross profitmargin
	19A	20A	21A	22E	23E	24E	24E
	36%	33%	37%	39%	40%	40%	41%
	48%	47%	50%	55%	55%	55%	56%
	64%	58%	54%	50%	N/A	N/A	N/A
	41%	41%	40%	42%	41%	41%	41%
Mean	47%	45%	45%	47%	46%	45%	46%
Median	44%	44%	45%	46%	41%	41%	41%

EV/forecast gross profit22E 23E 24E 25E

8.8x 8.5x 8.3x 7.8×

9.5x 9.3x 8.7x 7.9x

0.1x N/A N/A N/A

13.9x 13.4x 12.4x 11.5x

8.1x 10.4x 9.8x 9.1x

9.2x 9.3x 8.7x 7.9x

EV/NTM gross profit
2018	2019	2020	2021	2022	2023	9/30
13.0x	15.1x	23.4x	19.1x	13.2x	9.1x	8.5x
N/A	N/A	N/A	N/A	N/A	N/A	9.2x
N/A	N/A	N/A	N/A	N/A	N/A	N/A
17.4x	16.1x	18.4x	15.8x	16.5x	13.8x	12.2x
15.2x 15.2x	15.6x 15.6x	20.9x 20.9x	17.5x 17.5x	14.8× 14.8x	11.5x 11.5x	10.0x 9.2x

Gross profit margin
19A	20A	21A		22E	23E	24E	24E
-16%	-12%		-6%	N/A	16%	29%	N/A
	6%	9%	9%	4%	7%	9%	9%
	18%	26%	21%	13%	32%	39%	38%
	44%	44%	85%	81%	80%	81%	82%
	20%	-4%	-20%	10%	18%	25%	28%
Mean	15%	13%	18%	27%	30%	36%	39%
Median	18%	9%	9%	11%	18%	29%	33%

EV/forecast gross profit
22E 23E N/A 5.6x	24E 25E 2.4x
5.4x 6.9x	N/A 5.4x 3.8x
6.1x 5.0x	4.0x 3.6x
5.8x 6.0x	5.3x 4.6x
51.9x 28.2x	18.7x 14.9x
17.3x 10.3x	7.1x 6.7x
6.0x 6.0x	5.3x 4.2x

EV/NTM gross profit
2018	2019	2020	2021	2022	2023	9/30
N/A	N/A	N/A	N/A	17.6×	0.7x	4.0x
N/A	N/A	31.8x	12.5x	-77.5x	13.5x	7.3x
N/A	N/A	N/A	N/A	N/A	N/A	4.4x
7.2x	5.7x	8.5x	14.4x	6.1x	5.7x	5.5x
N/A	N/A	N/A	116.7x	63.3x	30.9x	20.2x
N/A N/A	N/A N/A	N/A N/A	N/A N/A	2.4x 11.9x	12.7x 9.6x	8.3x 5.5x

Sources: PitchBook, Morningstar, and FactSet • Geography: Global • *As of September 30, 2023

/PitchBook

EBITDA

Neobanks,brokers,and crypto*

	Enterprise	Actual EBITDA ($B)				Forecast EBITDA ($B)
Company	value ($B)	19A	20A	21A	22A	23E	24E	25E
Coinbase	$15.7	$0.0	$0.4	$3.1	-$0.5	$0.8	$0.7	$0.6
Dave	$0.1	$0.0	$0.0	$0.0	-$0.1	-$0.1	$0.0	N/A
MoneyLion	$0.3	-$0.1	$0.0	-$0.1	-$0.1	$0.0	$0.0	N/A
Robinhood	$3.4	-$0.1	$0.0	-$1.6	-$0.1	$0.5	$0.7	$1.0
Sum	$19.5	-$0.2	$0.4	$1.3	-$0.7	$1.3	$1.5	$1.6

High-growth payments*

YoY EBITDA growth
20A	21A	22A	23E	24E	25E
N/A	618%	-115%	-260%	-1%	-20%
-26%	N/A	94%	-24%	-136%	N/A
-67%	168%	4%	-146%	20%	N/A
-123%	N/A	-92%	-497%	35%	38%
-310%	216%	-155%	-269%	20%	4%

	Enterprise	Actual EBITDA ($B)				Forecast EBITDA ($B)
Company	value ($B)	19A	20A	21A	22A	23E	24E	25E
Adyen	$16.4	$0.3	$0.5	$0.8	$0.9	$0.7	$0.9	$1.3
AvidXchange	$1.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.1
Bill.com	$10.8	$0.0	$0.0	$0.0	$0.0	$0.1	$0.2	$0.3
Block	$23.1	$0.4	$0.5	$1.0	$0.9	$1.5	$1.9	$2.5
Flywire	$3.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.1	$0.1
Nuvei	$3.3	$0.1	$0.2	$0.3	$0.3	$0.4	$0.5	$0.6
Remitly	$4.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.1	$0.1
Stone	$2.2	$0.4	$0.4	$0.3	$0.8	$1.2	$1.3	$0.4
Wise	$6.1	$0.0	$0.1	$0.2	$0.1	$0.3	$0.4	$0.4
Sum	$71.5	$1.2	$1.5	$2.5	$3.1	$4.3	$5.5	$5.9

YoY EBITDA growth
20A	21A	22A	23E	24E	25E
36%	66%	15%	-18%	27%	36%
-13%	-30%	-19%	-141%	402%	164%
-284%	-670%	-200%	-827%	51%	55%
6%	11%	-9%	64%	28%	30%
-94%	-861%	266%	140%	66%	66%
87%	94%	9%	22%	18%	23%
-55%	74%	-4%	-215%	82%	100%
-4%	-22%	194%	43%	14%	-67%
167%	116%	-17%	120%	35%	4%
25%	69%	22%	41%	26%	8%

Medium-growth and legacy payments*

	EBITDAmargin						Current EV/forecast EBITDA
	19A	20A	21A	22A	23E 24E	25E	23E	24E	25E
	-5%	33%	39%	-15%	26%	23%	15%	20.8x 21.0x	26.2x
	3%	2%	-24%	-34%	-22%	6%	N/A	-1.4x 4.0x	N/A
	-124%	-32%	-39%	-21%	8%	7%	10.3x	8.5x	N/A
	-37%	2%	-89%	-10%	27%	32%	N/A 42%	6.5x 4.9x	3.5x
Mean	-41%	1%	-28%	-20%	10%	17%	29%	9.0x 9.6x	14.9x
Median	-21%	2%	-31%	-18%	17%	15%	29%	8.4x 6.7x	14.9x

	Enterprise	Actual EBITDA ($B)				Forecast EBITDA($B)
Company	value ($B)	19A	20A	21A	22A	23E	24E	25E
Euronet	$3.9	$0.6	$0.3	$0.4	$0.6	$0.6	$0.7	$0.8
FLEETCOR	$24.4	$1.6	$1.4	$1.7	$1.9	$2.1	$2.4	$2.7
Global Payments	$46.4	$2.1	$3.0	$3.6	$3.9	$4.3	$4.7	$5.1
Mastercard	$382.2	$10.3	$8.8	$10.9	$13.4	$15.4	$17.7	$20.5
PayPal	$64.8	$4.6	$6.1	$7.1	$6.7	$7.5	$8.2	$9.1
REPAY	$1.1	N/A	$0.0	$0.1	$0.1	$0.1	$0.1	$0.1
Shift4	$4.5	$0.1	$0.1	$0.2	$0.3	$0.5	$0.6	$0.7
Visa	$480.2	$16.3	$15.0	$16.7	$20.6	$23.0	$25.6	$28.6
WEX	$7.8	$1.0	$0.7	$1.1	$1.0	$1.1	$1.2	$1.4
Sum	$1015.2	$36.6	$35.4	$41.7	$48.5	$54.7	$61.3	$69.0

EV/NTM EBITDA
18	19	20	21	22	23	9/30
N/A	N/A	N/A	35.2x	-153.5x	26.2x	26.9x
N/A	N/A	N/A	N/A	-13.9x	-0.9x	N/A
N/A	N/A	N/A	-19.6x	-47.2x	13.2x	9.1x
N/A	N/A	N/A	-92.7x	14.1x	7.6x	5.3x
N/A	N/A	N/A	-25.7x	-50.1x	11.5x	13.8x
N/A	N/A	N/A	-19.6x	-30.6x	10.4x	9.1x

EBITDA margin 21A

CurrentEV/forecastEBITDA

EV/NTMEBITDA

19A

20A

59%

22A

23E

24E

25E

23E

24E

25E

23 9/30

N/A

61%

43% 44%

49%

22.3x

N/A

18.5x

-25%

-18%

-6%

19%

213.7x

17.5x 42.5x

12.9x 16.1x

N/A N/A

-232.9x

-288.9x

N/A 177.3x

53.2x

-2%

-9% 6%

-2%

2% 10%

9% 13%

16%

100.0x 66.1x

42.6×

N/A

67.8x

57.5x

8% 12%

15.3x

N/A

83.0x

103.4x

147.4x

49.6x

24.1x

13.0x

10% -10%

5% 0%

10%

16%

97.0x

11.9x 58.3x

9.2x 35.2x

N/A N/A

N/A

122.9x

76.6x

65.0x

35%

43%

44%

41%

36%

36% 6%

38%

7.7x

6.5x

5.3x

N/A

24.6×

35.4x

17.1x

10.8x

6.8x

-35% 62%

-8%

-5%

115.6x

63.5x

31.8x

N/A

-163.1x

193.4x

79.7x

71.6x

58%

33%

47%

50% 53%

16%

1.7x

5.0x

N/A

28.9x

36.2x

69.2x

3.3x

2.3x

1.7x

12% 20%

30%

18%

25% 28%

24%

1.9x 20.0x

14.8x

14.2x

N/A

38.5x

3.0x

-10.1x

-13.6x

Mean

12%

18%

21% 23%

229%

65.9x 22.3x

31.4x 17.5x

19.2x

N/A

55.9x

54.7x

-17.6x

14.3x 17.1x

53.6×

30.4x

Median

6% 5%

10%

13%

14.2x

N/A

55.9x

36.2x

36.9x

46.0x

18.5x

YoY EBITDA growth
20A	21A	22A	23E	24E	25E
-49%	29%	38%	10%	12%	8%
-10%	18%	13%	13%	11%	11%
44%	21%	9%	11%	9%	7%
-15%	25%	22%	15%	15%	16%
33%	16%	-5%	12%	9%	11%
N/A	N/A	3%	4%	13%	4%
11%	67%	66%	62%	32%	23%
-8%	11%	23%	12%	11%	12%
-24%	45%	-3%	6%	10%	14%
-3%	18%	16%	13%	12%	13%

EBITDA margin

Current EV/forecastEBITDA

EV/NTMEBITDA

19A

20A

21A

22A

23E

24E

25E

23E

24E

25E

9/30

23%

13%

14%

17%

18%

6.3x

5.6×

5.2x

8.6x

16.9x

21.2x

15.0x

8.7x

8.1x

5.7x

59%

60%

59%

21%

56%

57%

11.4x

10.2x

9.2x

15.0x

17.6x

18.5x

15.1x

11.4x

10.4x

10.7x

42%

40%

42%

18%

50%

51%

10.7x

9.8x

9.1x

15.1x

14.2x

19.0x

16.4x

11.0x

9.9x

10.1x

61%

57%

58%

49%

61%

62%

63%

24.8x

21.6x

18.6x

21.7x

27.9x

34.8x

31.0x

24.2x

23.1x

22.4x

26%

28%

N/A

25%

26%

8.6x

7.9x

7.1x

22.3x

23.4x

27.8x

43.3x

16.2x

10.2x

8.1x

N/A

54%

44%

42%

8.4x

7.4x

7.2x

N/A

8.5x

21.3x

20.3x

11.4x

8.7x

7.8x

12%

13%

12%

47%

48%

49%

9.9x

7.5x

6.1x

N/A

19.4x

22.9x

11.6x

10.2x

8.2x

71%

69%

877%

71%

20.9x

18.8x

16.8x

N/A

27.8x

27.3x

26.8x

20.7x

20.2x

18.8x

56%

47%

58%

N/A

43%

45%

47%

7.1x

6.5x

5.7x

14.1x

14.9x

15.1x

12.8x

8.3x

7.1x

6.7x

Mean

44%

37%

44%

141%

46%

47%

12.0x

10.6×

9.4x

16.1x

18.9x

22.7x

22.6x

13.7x

12.0x

10.9x

Median

49%

40%

54%

18%

47%

48%

9.9x

7.9x

7.2x

15.0x

17.2x

21.2x

20.3x

11.4x

10.2x

8.2x

Sources: PitchBook, Morningstar, and FactSet • Geography: Global • *As of September 30, 2023

/PitchBook

EBITDA

High-growth fintech*

	Enterprise value $B)	Actual EBITDA ($B)				Forecast EBITDA ($B)				YoY EBITDA growth
Company		19A	20A	21A	22A	23E	24E	25E	20A	21A	22A	23E	24E	25E
Affirm	$9.8	-$0.1	-$0.1	-$0.3	-$0.1	$0.0	$0.1	$0.1	27%	312%	-69%	-112%	816%	57%
Alkami Technology	s8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.1	-54%	19%	-17%	-83%	-658%	196%
Marqeta		$0.0	$0.0	-$0.2	$0.0	$0.0	$0.0	$0.0	30%	263%	-72%	-41%	-47%	-270%
nCino	$3.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.1	$0.1	0%	-69%	122%	-107%	N/A	25%
Pagaya	$14	N/A	$0.0	$0.0	$0.0	$0.0	$0.1	$0.1	N/A	184%	-137%	-380%	110%	0%
Sum	$18.2	-$0.1	-$0.1	-$0.4	-$0.2	$0.0	$0.3	$0.4	-8%	221%	-58%	-116%	796%	55%

Medium-growth and legacy fintech*

Company	Enterprise value ($B)		Actual EBITDA ($B)			Forecast EBITDA ($B)			YoY EBITDA growth
Company	Enterprise value ($B)		20A	21A	22A	23E	24E	25E	20A	21A	22E	23E	24E	25E
Fidelity National	$50.3	19A $4.0	$5.2	$6.2	$6.2	$6.1	$6.4	$6.8	30%	19%	0%	-1%	5%	5%
Fiserv	$92.6	$3.8	$5.6	$6.4	$7.2	$8.1	$8.7	$9.5	47%	14%	12%	13%	8%	9%
Green Dot	$0.1	$0.2	$0.2	$0.2	$0.2	$0.2	$0.2	$0.2	-12%	5%	5%	-21%	12%	4%
Jack Henry	$113	$0.5	$0.6	$0.6	$0.6	$0.6	$0.7	$0.7	9%	3%	5%	8%	6%	8%
Sum	$154.3	$8.6	$11.6	$13.4	$14.2	$15.0	$16.0	$17.2	35%	16%	6%	6%	7%	7%

Proptech*

	Enterprise	Actual EBITDA ($B)				Forecast EBITDA($B)
Company	value ($B)	19A	20A	21A	22A	23E	24E	25E
Latch	$0.2	$0.0	-$0.1	-$0.1	-$0.1	-$0.1	-$0.1	N/A
Opendoor	$3.6	-$0.2	$0.0	$0.1	-$0.2	-$0.6	-$0.1	$0.2
Redfin	$1.8	-$0.1	$0.0	$0.0	-$0.2	-$0.1	$0.0	$0.1
Zillow	$9.2	$0.1	$0.4	$0.7	$0.6	$0.4	$0.5	$0.7
WeWork	$17.2	-$2.2	-$1.0	-$1.2	-$0.5	$0.0	$0.4	$0.4
Sum	$31.9	-$2.4	-$0.6	-$0.6	-$0.4	-$0.4	$0.8	$1.4

YoYEBITDA growth
20A	21A	22E	23E	24E	25E
22%	86%	42%	-16%	-20%	N/A
-98%	N/A	-343%	272%	-91%	-364%
-126%	-341%	337%	-73%	-165%	110%
259%	82%	-20%	-34%	42%	36%
-56%	28%	-59%	-95%	N/A	0%
-74%	-3%	-27%	-1%	-289%	64%

EBITDA margin

CurrentEV/forecast EBITDA

EV/NTMEBITDA 18

19A

20A -14%

21A

22A

23E

24E

25E

23E

24E

25E

9/30

-7%

942.7x

-194.4x

89.5x

-21%

-16%

-33% -14%

13%

-529.7x

102.9x 94.9x

65.7× 32.1x 75.1x

N/A N/A

-110.3x

-67.0x -67.1x

321.6x 3043.0x

134.0x

-53%

-9% -6%

-1% -4%

5% -3%

-67.6x

-127.2x

N/A

-218.1x

-71.6x

-160.4x

-73.2x

-24% -19%

-15% -13%

-31% -3%

-4%

13%

14%

N/A

58.8x 46.8x

N/A

48.1x

N/A

18%

10%

-2%

10%

30.1x 14.3x

14.3x

N/A

17.6×

Mean

-29%

-8%

-14%

-6%

28.7x

46.8x

N/A

-174.3x

-68.6x

1068.0x

43.2x

Median

-22%

-14%

-6%

93.9x -18.7x

58.8x 46.8x

N/A

-194.4x

-67.1x

321.6x

48.1x

EBITDA margin

Current EV/forecastEBITDA

EV/NTM EBITDA

19A

20A

21A

22E

23E

24E

25E

23E

24E 25E

18.0x

19.0x

9/30

39%

42%

45%

43%

42%

43%

8.0x

37%

38%

39%

40%

45%

43%

46%

8.2x 11.5x

7.8x 10.7x

7.4× 9.8x

12.9x 14.5x

13.6x 11.7x

19.2x 16.0x

16.1x 14.4x

11.2x 11.6x

8.6× 12x

10.9x

22% 17%

16%

13%

45% N/A

N/A

0.3x

0.3x 0.3x

14.9x

12.6×

12.5x

11.9x

6.1x

4.8x

0.3x

33%

31%

17.5x 16.6×

15.4x

19.9x

20.6x

23.2x

20.6x

21.3x

18.0x

16.3x

Mean

33%

32%

33%

39%

40%

9.4x 8.8×

8.2x

16.0Xx

15.5x

17.8x

15.7x

12.6×

10.5x

8.8x

Median

35%

36%

37%

43%

9.9x

9.2x 8.6x

14.9x

13.6x

17.6x

15.2x

11.4x

8.6x

9.4x

EBITDA margin 21A

CurrentEV/forecast EBITDA

19.0x

19A

20A

22E N/A

23E

24E

25E

23E

24E

25E

18.0x

EV/NTMEBITDA 20

23 9/30

-302%

-304%

-246%

-65%

-41%

N/A

-1.4x

-1.7x

N/A

-0.5x

-1.2x

-62.8x

23.8x

N/A N/A

173.1x

-1.0x

-0.3x -17.6x

-26.5x

-5%

0% 2%

1% -2%

-1% -8%

-9% -5%

-1% 3%

2% 5%

-5.8x -34.1x

52.6x

25.1x

N/A N/A

93.4x

N/A

N/A N/A

-49.8x

-9% 4%

12%

34%

29%

20%

25%

30%

24.4x

17.2x

12.6×

107.8×

N/A N/A

N/A

21.3x 23.9x

19.1x

-64%

-29%

-48%

-16%

-1%

11%

10%

-628.9x

41.6x 41.6x

N/A N/A

N/A

Mean

-75%

-64%

-53%

-12%

N/A N/A

N/A

6.6x

2.0x

10.3x

Median

-9%

-2%

-5%

12%

-129.2x -5.8x

9.4x 17.2x

25.8x 24.5x

N/A N/A

N/A

-0.5x

-0.3x

9.0x

Sources: PitchBook, Morningstar, and FactSet • Geography: Global • *As of September 30, 2023

MarketCo Ticker cap ($B)

Actual FCF ($B) ForecastF($B)19A 20A 21A 22A 23E 24E 25E

YoYFCF growth20A 21A 22A 23E 24E 25E

FCF margin19A 20A 21A

22A 24E 25E

Current MC/forecatFCF23E 24E 25E

Historical MC/NTM FCF

$17.8MoneyLion $0.2Nubank $34.4

$0.4 $3.8 -$0.6$0.0$2.5

$0.2 $0.4NVA N/A

N/A-101%292%

935%

-116% -181% 6%160%-166%5/%225%101%5%

-4%-75%24%

29% 49%7

-20%

14%

35.4x 111.5x 42.9xINX N/A9.7x

Robinhood 8SoFi

-$0.3-$7.3-$5.7

50 7

-193%483%

119%

233%110%

-27%

-19%%

38 Nx

Sum

$4.6

-226%

N/A

-283% 54% 50%

Median -14%

Forecast FCF ($B)

FCF margin

Current MC/forecatFCF

High-growth payments*

Company Tickercap ($B)

19A 20A 22A 23E 24E 25E

20A

21A

22A 23E 24E 25E

19A

20A 21A

22A 23E 24E 25E

23E 24E 25E

17 18 19 20

22 9/30

Adyen ADYEN $23.1

$0.3 $0.3 $0.5

$0.9 $1.3

24%

52%

36%

36% 41% 45% 49%

33.2x 24.4x 18.1x

N/A

49.2x

32.9x

33.9x

59.7x

66.0x 59.1x 26.1x-50.7x -96.0x 654x

AvidXchange 9Bil.com

500 $0.1

-37% - N06

-39% -34%-15%

19%

-664.2x 47x 198x105.3x

N/A

-48

20N/A

-56.8x-576.7x

Block 8Flywire

8$0.680

-53

278%-265%176%

-21% 82% 70%-360%20% 25%

粥

3% 8%-2%8%

24.6x 14.5x 108x-271.0x104.1x6.4x 5.3x 4.3x

N/AN/A

170.4x

152.7x 160.2xAAA

21x46.4x

74.9x 30.8x-75.0x -201.5x23.8x 12.8x

RetStone $3.3

00$0.3$0.4$0.330.

723-33%

-51%-28%

-77%254%108% -13% -27% 17%

65%

-3%

27% 1%22% 15%

462x 5518x

NVA

-46.9x -1150.2x

126.5x-44.3x

-25.5x 43.6x 108.4x24.8x 10.1x N/A

suise $8.6$86.0

$0.1 $0.2 $0.4 $0.4$1.0 $0.8 $1.8 $2.8 $4.2 $5.4

674% 132%-15% 106%

38% 5% 126% -6%9% 54% 46% 30%

Mean 3%2%

14% 23%2% 4%

29% 15% 27% 13%179%

46.6x 206 -73.7%24.4x

N/A N/ANA NA

2 -2883 61.8x-83.5x46.4x

39.1x 19.4x 212x-4.4x29.98x 19.4x 26.1x

Medium-grewth and legac

Market

Actual FCF ($B) Forecast FCF ($B)

20A 21A

YoYFCF growth22A 23E 24E 25E

19A

FCF20A 21A

margin22A 23E 24E 25E

Current MC/forecast FCF23E 24E 25E

Historical

Company Ticker cap ($B)

19A 20A 21A 22A 23E 24E 25E

17 18

19 20

22 9/30

Euronet EEFT $3.9FLEETCOR FLT $18.9Global PaymentsGPN $30.0Mastercard

5013 $0.2$1.1$20

$0.2 $0.3$1.2 $1.4$2.4$11.0

$0.4 $0.4 N/A$1.4 $1.4 $1.6322 $3.0 $3.3$13.1

-61%-16%59%

25%25%

13% 3% 19% N/A4%-4% 5% 11%15%

14%48%

6% 6%41%279% 29%51%

10% 10% 11% N/A40% 37% 34% 34%29% 29% 33%45%

11.1x 9.3x 120x13.5x13.5x12.0x 10.4x 24.0x

20.8x17.7x

17.5x19.0x

36.5x 51.9x224X 218x36.1x

27.3x19.5x218x

12.0x 16.0x 6.7x13.9x 12.3x 13.3x13.9x 10.2x

PayPalREPAROAX$3.2V$478.4

$5.6$4.95660030$0.35183$18.1$21.2$18.1$2065288$0.2$0.5$0.6

粥 10%822%-1%17%-59% 158%

-15%-17%N/A-293%20%-29%12%-15%-5%

28%3%2%83% 8%

然16%19%24%-18%26%26%88%56%57%33%31%

8 8.5x129%83x26.4x 23x 208x12.6x

N/A24.0x

2825.8x17.5x

29.8x204A32.4x37.7x36.5x 51.9x

47.9x310x362x

5 14.0x25.6x12.0x 16.0x

$980.4

$35.3 $35.1 $41.6 $39.4 $46.3 $52.4

-1% 19%

12% -16% 17% 13%

34%Median

32%26%

29% 31% 35%29% 26% 31% 34%

16.4x 13.7x 12.5x13.1x

20.6x 21.8x21.7x

29.2x 36.6x31.1x

36.0x31.0x

19.1x 17.0x 13.6x15.1x 14.7x 11.1x

Free cash flow

Neobanks,brokers,and crypto*

Sources: PitchBook, Morningstar, and FactSet • Geography: Global • *As of September 30, 2023

/PitchBook

Free cash flow

High-growth fintech*

	Market Ticker cap ($B)		Actual FCF ($B)			Forecast FCF ($B)				YoYFCF growth
	Market Ticker cap ($B)		19A	20A	21A	22A	23E	24E	25E	20A	21A	22A	23E		24E 25E
Company Affirm	AFRM	$6.4	-$0.1	-$0.1	-$0.2	-$0.3	-$0.1	$0.0	$0.1	40%	29%	65%	-79%		-98% N/A
AlkamiTechnologyALKT		$1.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-23%	-11%	-11%	-4%	-100%	N/A
Marqeta	MQ	$3.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-61%	2%	93%	-6%		-100%
nCino	NCNO	$3.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.1	-20%	-51%	220%	-9%	-5% -249%	37%
Pagaya	PGY	$1.1	N/A	$0.0	$0.0	$0.0	-$0.1	$0.1	N/A	N/A	143%	-144%	330%	-198%	N/A
Upstart	UPST	$2.4	$0.0	$0.0	$0.1	-$0.7	$0.2	$0.2	$0.1	-131%	N/A	-790%	-123%	1%	6-30%
Sum		$18.4	-$0.2	-$0.2	-$0.1	-$1.0	-$0.1	$0.3	$0.3	9%	-62%	N/A	-94%	-500%	3%

Medium-growth and legacy fintech*

Company	Ticker	Market cap ($B)	Actual FCF ($B)			Forecast FCF ($B)			YoYFCF growth
Company	Ticker	Market cap ($B)	19A	20A	21A	22A	23E	24E	25E	20A	21A	22A	23E	24E	25E
Fidelity National	FIS	$32.7	$2.4	$3.0	$4.0	$3.1	$2.9	$3.3	$3.7	23%	34%	-23%	-6%	14%	10%
Fiserv	FI	$68.9	$2.0	$3.5	$3.4		$3.8	$4.5		70%	-3%		-2%		1 10%
Green Dot	GDOT	$0.7	$0.1	$0.1	$0.2	$3.9 $0.1	$0.1	N/A	$4.9 N/A	-19%	44%	15% -15%	-39%	17%	N/A N/A
Jack Henry	JKHY	$11.0	$0.3	$0.3	$0.4	$0.4	$0.3	$0.2	$0.3	20%	8%	11%	-37%	-8%	36%
Sum		$113.4	$4.9	$6.9	$7.9	$7.5	$7.1	$8.0	$8.9	41%	15%	-5%	-6%	13%	11%

Proptech*

Company	Ticker	Market cap ($B)	Actual FCF ($B)			Forecast FCF ($B)				YoYFCF growth
Company	Ticker	Market cap ($B)	19A	20A	21A	22A	23E	24E	25E	20A	21A	22A	23E	24E	25E
Latch	LTCH	$0.2	$0.0	-$0.1	-$0.1	-$0.2	-$0.1	-$0.1	N/A	36%	91%	23%	-33%		-26% N/A
Opendoor	OPEN	$1.7	-$0.3	-$0.2	-$0.1	-$0.3	$2.9	-$1.0	-$1.7	-41%	-39%	153%	N/A	-134%	76%
Redfin	RDFN	$0.8	-$0.1	$0.0	$0.0	-$0.2	$0.0	$0.0	$0.0	-138%	-166%	988%	-117%		-264%-106%
Zilow	Z	$10.7	$0.0	$0.3	$0.5	$0.5	$0.2	$0.4	$0.6	N/A	73%	0%	-52%	78%	44%
WeWork	WE	$0.2	-$6.0	-$3.7	-$2.0	-$0.8	-$0.8	-$0.2	$0.3	-39%	-45%	-60%	-5%		-76%-235%
Sum		$13.5	-$6.4	-$3.6	-$1.8	-$0.9	$2.3	-$0.9	-$0.9	-43%	-50%	-48%	-342%	-139%	-1%

FCF margin

CurrentMC/forecastFCF

17 18

19A

20A

21A

22A

23E

24E

25E

23E -117.4x

24E

25E

23 9/30

-33%

-24%

-18%

-20% -13%

-3% -9%

0% 0%

3% 7%

87.9x

-113.6x

-42.2x -1493.2x

N/A

-58%

-29%

-19%

-68.9x -123.9x

-5182.0x 18167.7x

63.9x

N/A N/A

-64.9x

-54.2x

-85.2x

-246.1x

-25%

-5%

-3%

-4%

-5%

-130.6x

-68741.8x

N/A

-61.2x

-82.3x

-169.7x

-377.7x

-27%

-14%

-5% 10%

-12%

-7%

10%

-126.4x 85.0x

N/A

62.0x

21%

9% N/A

-12.7x

13.0x

62.0x N/A

N/A

-4%

21% 12%

15.3x -72.3x

15.2x 2161.4x

21.7x

N/A

35.1x

9.5x

6.3x -435.4x

N/A

Mean

-9%

14.1x

-13701.3x 62.0x

N/A

-51.2x

-42.3x

-127.4x

-187.3x -246.1x

Median

-10%

-4%

-22%6

-1%

-93.1x

N/A

-63.0x

-48.2x

FCF margin

Historical MC/NTM FCF

19A

20A

21A

22A

23E

24E

25E

23E

24E

25E 17

9/30

24%

29%

21%

20%

22%

23%

11.3x

9.9x

9.0x 15.6×

16.6x

19.4x

25.2x

21.0x

13.6×

12.1x

11.1x

20%

23%

21%

23%

21%

23% N/A

24%

18.0x

15.4x

19.2x

20.5x

16.4x

19.0x

18.6×

14.8x

17.0x

15.0x

13%

10%

12%

11%

N/A

8.0x

N/A

14.0x N/A

11.3x

20.1x

22.3x

15.6x

19.2x

12.5x

9.7x

5.8x

18%

20%

21%

12%

11% 14%

43.0x

46.5x

34.3x

32.3x

39.0x

36.8x

43.1x

36.1x

38.9x

41.3x

48.9x

Mean

19%

21%

19%

15%

19%

20%

20.1×

23.9x

19.1x

19.6x

24.1

23.7×

25.7x

23.7x

20.0x

20.2x

Median

19%

22%

21%

16%

22%

23%

14.6×

15.4x

14.0x

17.4x 20.3x

20.9x

22.1x

20.1x

14.2x

14.6x

13.0x

FCF margin 21A

Current MC/forecast FCF 24E

Historical MC/NTMFCF

19A

20A

22A

23E

24E 25E -32%

23E -1.6x

-2.1x

25E N/A

23 -1.1x

9/30

-324%

-363%

-303%

-197%

-56%

N/A

-11.0x

-2.5x

N/A

-6%

-7%

-2%

40%

-12%

-17%

-1.8x -16.6x

-1.0x 272.3x

N/A N/A

N/A

-12.9x

-98.1x

-20.4x -6.3x

0.4x 12.1×

N/A

-8%

-1% -1%

-8%

-4%

0.6x 27.2x

-27.8x

-21.5x

-439.5x

-55.4x

66.9x

22%

12%

19% 24%

47.1x 26.4x -0.2x

18.3 N/A

49.2x

-12.6x

88.3x

-23.9x

39.5x

44.6x

32.8x

-174%

-108%

-79%

-25%

-23%

-5% 6%

-0.8x 1.0x

0.6x 72.6x

N/A

-6.1x

-5.8x

-1.2x

-0.6x

Mean

-102%

-93%

-72%

-45%

-5%

-7%

14.6x -1.8x

N/A

10.7x

-17.0x

-121.4x

-38.9x

0.9x -5.8x

10.9x 0.4x

33.0x

Median

-8%

-7%

-1%

-8%

-5%

0.6x

9.5x N/A

10.7x

-17.0x

-12.9x

-23.9x

32.8x

Sources: PitchBook, Morningstar, and FactSet • Geography: Global • *As of September 30, 2023

Earnings per share

Neobanks,brokers,and crypto*

Company	Stock price	Actual EPS			Forecast EPS
Company	Stock price	19A	20A	21A	22A	23E	24E 25E
Coinbase	$75.08	$1.81	$17.51	-$2.22	-$1.63	-$1.49	-$1.32
MoneyLion	$21.64	$0.04 N/A	N/A -$31.51	-$10.49	-$5.73	-$2.89	N/A
Nubank	$7.25	-$0.02	$0.00	$0.00 $0.01	$0.21	$0.34	$0.45
Robinhood	$9.81	-$0.11	-$0.18 -$5.06	-$0.57	-$0.53	$0.12	$0.10
SoFi	$7.99	-$1.87 -$2.09	-$0.63	-$0.14	-$0.20	$0.06	$0.23
							Mean Median

High-growth payments*

YoY EPS growth						Stock price/forecast EPS
20A	21A	22A	23E	24E	25E	23E	24E	25E
N/A	$8.69	-$1.13	-$0.27	-$0.09	-$0.11	-46.1x	-50.4x	-56.9x
N/A	N/A	-$0.67	-$0.45	-$0.50	N/A	-3.8x	-7.5x	N/A
-$1.00	-$1.71	N/A	N/A	$0.63	$0.34	35.4x	21.6x	16.1x
$0.66	N/A	-$0.89	-$0.08	-$1.23	-$0.19	-18.6x	79.7x	98.1x
$0.12	-$0.70	-$0.78	$0.48	-$1.30	$2.83	-39.7x	133.2x	34.7x
-$0.14	$1.55	-$0.87	-$0.11	-$0.46	$0.72	-12.3x	29.2x	23.0x
-$0.10	-$0.39	-$0.84	-$0.23	-$0.40	$0.11	-11.2x	10.2x	25.4x

Historical NTM PE
17	18	19	20	21	22	23	9/30
N/A	N/A	N/A	N/A	21.7×	-14.6x	-39.8x	-49.6x
N/A	N/A	N/A	N/A	-14.8x	-6.3x	-4.0x	-7.1x
N/A	N/A	N/A	N/A	N/A	275.9x	23.9x	22.0x
N/A	N/A	N/A	N/A	-20.4x	-10.8x	73.4x	68.6x
N/A	N/A	N/A	N/A	-33.2x	-19.9x	-65.3x	319.6×
N/A	N/A	N/A	N/A	-11.7x	35.7x	-2.1x	70.7x
N/A	N/A	N/A	N/A	-17.6x	-10.6x	-2.5x	22.0x

Company	Stock price
Adyen	$745.37
AvidXchange	$9.48
Bill.com	$108.57
Block	$44.26
Flywire	$31.88
Nuvei Corporation	$15.10
Remitly	$25.22
Stone	$10.67
Wise	$8.37

Actual EPS				Forecast EPS
19A	20A	21A	22A	23E	24E	25E
$8.67	$11.01	$18.36	$18.13	$20.77	$25.35	$32.56
-$0.64	-$0.41	-$0.75	-$0.24	-$0.06	$0.01	$0.27
-$0.05	-$0.17	-$0.12	-$0.24	$1.47	$1.92	$2.30
$0.80	$0.84	$1.28	$1.00	$1.76	$2.42	$3.20
-$0.23	-$0.09	-$0.09	-$0.16	-$0.17	$0.01	$0.26
-$0.53	-$0.69	$1.01	$0.99	$1.69	$2.10	$2.70
-$0.40	-$0.19	-$0.44	-$0.27	$0.16	$0.34	$0.65
$0.77	$0.63	$0.05	$0.33	$0.79	$0.99	$1.16
$0.02	$0.04	$0.09	$0.12	$0.17	$0.27	$0.28
						Mean Median

YoY EPS growth						Stock price/forecast EPS
20A	21A	22A	23E	24E	25E	23E	24E	25E
$0.27	$0.67	-$0.01	$0.15	$0.22	$0.28	35.9x	29.4x	22.9x
-$0.36	$0.81	-$0.68	-$0.77	-$1.18	N/A	-172.4x	948.0x	35.8x
$2.40	-$0.29	$1.00	-$7.09	$0.31	$0.19	73.9x	56.4x	47.2x
$0.05	$0.52	-$0.22	$0.76	$0.38	$0.32	25.2x	18.3x	13.8x
-$0.61	-$0.04	$0.82	$0.09	-$1.05	N/A	-187.7x	3749.3x	121.9x
$0.29	-$2.46	-$0.02	$0.71	$0.24	$0.29	8.9x	7.2x	5.6x
-$0.51	$1.24	-$0.39	-$1.62	$1.06	$0.92	154.0x	74.9x	38.9x
-$0.18	-$0.92	$5.49	$1.39	$0.26	$0.17	13.5x	10.8x	9.2x
$1.10	$1.41	$0.25	$0.46	$0.61	$0.02	49.4x	30.6x	30.0x
$0.27	$0.11	$0.69	-$0.66	$0.09	$0.32	0.1x	547.2x	36.2x
$0.05	$0.52	-$0.01	$0.15	$0.26	$0.28	25.2x	30.6x	30.0x

Historical NTMPE
17	18	19	20	21	22	23	9/30
N/A	101.3x	86.2x	111.1x	149.2x	79.5x	65.5x	30.8x
N/A	N/A	N/A	N/A	48.9x	-48.2x	-296.9x	-1516.8x
N/A	N/A	-104.8x	-326.4x	-477.0x	358.0x	55.7x	54.8x
N/A	119.2x	116.3x	141.2x	216.6x	83.9x	35.6x	20.0x
N/A	N/A	N/A	N/A	-152.8x	-96.9x	-205.9x	-1298.5x
N/A	N/A	N/A	35.1x	-68.1x	24.8x	17.5x	7.6x
N/A	N/A	N/A	N/A	-133.2x	-10.8x	86.4x	85.9x
N/A	N/A	53.4x	71.1x	275.8x	31.9x	13.1x	11.2x
N/A	N/A	N/A	N/A	145.4x	56.0x	28.6x	30.3x
N/A	110.2x	37.8x	6.4x	0.5x	53.1x	-22.3x	-286.1x
N/A	110.2x	69.8x	71.1x	48.9x	31.9x	28.6x	20.0x

Medium-growth and legacy payments*

	Stock price	Actual EPS			Forecast EPS
	Stock price	19A	20A	21A	22A	23E	24E	25E
Company Euronet	$79.34	$7.05	$2.83	$3.71	$6.51	$7.26	$8.28	$9.30
FLEETCOR	$255.34	$11.79	$11.09	$13.21	$16.10	$16.94	$19.16	$23.09
Global Payments	$115.39	$6.22	$6.40	$8.16	$9.32	$10.41	$11.86	$13.57
Mastercard	$395.91	$7.77	$6.43	$8.40	$10.65	$12.16	$14.55	$17.12
PayPal	$58.46	$3.10	$3.26	$4.38	$3.19	$4.95	$5.65	$6.29
REPAY	$7.59	N/A	$0.71	$0.89	$0.72	$0.84	$0.93	$1.03
Shift4	$55.37	-$0.69	$1.24	-$0.17	$1.02	$2.67	$3.23	$3.95
Visa	$230.01	$5.40	$5.04	$5.91	$7.50	$8.68	$9.83	$11.29
WEX	$188.09	$9.20	$6.06	$9.14	$13.53	$14.28	$16.14	$18.69
								Mean Median

YoY EPS growth						Stock price/forecast EPS
20A	21A	22A	23E	24E	25E	23E	24E	25E
-$0.60	$0.31	$0.76	$0.12	$0.14	$0.12	10.9x	9.6x	8.5x
-$0.06	$0.19	$0.22	$0.05	$0.13	$0.21	15.1x	13.3x	11.1x
$0.03	$0.28	$0.14	$0.12	$0.14	$0.14	11.1x	9.7x	8.5x
-$0.17	$0.31	$0.27	$0.14	$0.20	$0.18	32.6×	27.2x	23.1x
$0.05	$0.34	-$0.27	$0.55	$0.14	$0.11	11.8x	10.3x	9.3x
N/A	$0.25	-$0.19	$0.16	$0.11	$0.10	9.1x	8.2x	7.4x
-$2.78	-$1.14	-$7.03	$1.61	$0.21	$0.22	20.7x	17.1x	14.0x
-$0.07	$0.17	$0.27	$0.16	$0.13	$0.15	26.5x	23.4x	20.4x
-$0.34	$0.51	$0.48	$0.06	$0.13	$0.16	13.2x	11.7x	10.1x
-$0.49	$0.14	-$0.59	$0.33	$0.15	$0.15	16.8x	14.5x	12.5x
-$0.12	$0.28	$0.22	$0.14	$0.14	$0.15	13.2x	11.7x	10.1x

Historical NTMPE
17	18	19	20	21	22	23	9/30
17.9x	15.9x	32.5x	50.0x	29.1x	15.9x	14.1x	10.1x
17.1x	19.1x	23.5x	23.0x	18.7x	13.5x	13.0x	13.7x
20.4x	20.9x	24.9x	25.9x	21.1x	12.6x	10.3x	10.1x
25.1x	28.5x	36.7x	48.1x	41.1x	31.4x	30.0x	28.5x
27.4x	33.0x	34.5x	40.3x	61.9x	23.1x	13.7x	10.6x
N/A	16.5x	24.5x	39.6x	29.1x	13.6x	9.1x	8.4x
N/A	N/A	N/A	N/A	124.1x	31.0x	23.1x	17.1x
24.1x	26.9x	31.5x	38.5x	34.2x	26.3x	25.3x	23.4x
18.3x	20.0x	22.7x	24.7x	18.7x	11.9x	12.6×	12.1x
21.5x	22.6x	28.8x	36.3x	42.0x	19.9x	16.8x	14.9x
20.4x	20.4x	28.2x	39.1x	29.1x	15.9x	13.7x	12.1x

Sources: PitchBook, Morningstar, and FactSet • Geography: Global • *As of September 30, 2023

/PitchBook

Earnings per share

High-growth fintech*

Company	Stock price
Affirm	$21.27
Alkami Technology	$18.21
Marqeta	$5.98
nCino	$31.82
Pagaya	$1.58
Upstart	$28.55

Actual EPS				Forecast EPS
19A	20A	21A	22A	23E	24E	25E
-$0.53	-$0.60	-$1.04	-$0.27	-$3.49	-$2.80	-$2.48
-$0.51	-$0.32	-$0.39	-$0.23	-$0.06	$0.15	$0.43
-$0.22	-$0.08	-$0.06	-$0.06	-$0.43	-$0.38	-$0.42
-$0.22	-$0.26	-$0.14	-$0.20	-$0.16	$0.40	$0.54
N/A	$0.07	$0.14	-$0.07	-$0.18	-$0.04	$0.05
$0.05	$0.23	$2.37	$0.21	-$0.38	$0.50	$1.05
						Mean Median

YoY EPS growth						Stock price/forecast EPS
20A	21A	22A	23E	24E	25E	23E	24E	25E
$0.13	$0.72	-$0.74	N/A	-$0.20	-$0.11	-6.1x	-7.6x	-8.6x
-$0.38	$0.22	-$0.40	-$0.74	-$3.54	$1.82	-303.5x	119.4x	42.3x
-$0.65	-$0.23	-$0.02	$6.53	-$0.12	$0.11	-13.9x	-15.7x	-14.2x
$0.21	-$0.46	$0.43	-$0.20	-$3.50	$0.35	-198.9x	79.6x	58.9x
N/A	$1.00	-$1.50	$1.57	-$0.78	-$2.25	-8.8x	-39.4x	31.5x
$3.60	$9.30	-$0.91	-$2.81	-$2.30	$1.12	-75.1x	57.7x	27.2x
$0.58	$1.76	-$0.52	$0.87	-$1.74	$0.17	-101.0x	32.3x	22.9x
$0.13	$0.47	-$0.57	-$0.20	-$1.54	$0.23	-44.5x	25.0x	29.3x

Historical NTMPE
17	18	19	20	21	22	23	9/30
N/A	N/A	N/A	N/A	-55.4x	-9.6×	-4.9x	-7.8x
N/A	N/A	N/A	N/A	-99.3x	-62.5x	-119.0x	173.4x
N/A	N/A	N/A	N/A	-65.1x	-23.9x	-13.3x	-16.2x
N/A	N/A	N/A	-282.7x	-257.4x	30.4x	72.5x	63.6x
N/A	N/A	N/A	N/A	N/A	-36.7x	-13.7x	-22.5x
N/A	N/A	N/A	55.3x	132.9x	113.6x	1199.2x	70.5x
N/A	N/A	N/A	-113.7x	-68.9x	1.9x	186.8x	43.5x
N/A	N/A	N/A	-113.7x	-65.1x	-16.7x	-9.1x	27.9x

Medium-growth and legacy fintech*

	Stock price	Actual EPS			Forecast EPS
	Stock price	19A	20A	21A	22A	23E	24E	25E
Company Fiserv	$112.96	$4.00	$4.42	$5.58	$6.49	$7.44	$8.52	$9.70
Fidelity National	$55.27	$5.61	$5.46	$6.55	$15.32	$6.03	$6.50	$7.07
Jack Henry	$151.14	$3.65	$4.08	$4.31	$5.20	$4.86	$4.96	$5.62
Green Dot	$13.93	$2.79	$2.11	$2.21	$2.59	$1.85	$2.16	$2.05
								Mean Median

YoY EPS growth						Stock price/forecast EPS
20A	21A	22A	23E	24E	25E	23E	24E	25E
$0.11	$0.26	$0.16	$0.15	$0.15	$0.14	15.2x	13.3x	11.6x
-$0.03	$0.20	$1.34	-$0.61	$0.08	$0.09	9.2x	8.5x	7.8x
$0.12	$0.06	$0.21	-$0.07	$0.02	$0.13	31.1x	30.5x	26.9x
-$0.24	$0.05	$0.17	-$0.29	$0.17	-$0.05	7.5x	6.4x	6.8x
-$0.01	$0.14	$0.47	-$0.20	$0.10	$0.08	15.7x	14.7x	13.3x
$0.04	$0.13	$0.19	-$0.18	$0.11	$0.11	12.2x	10.9x	9.7x

Historical NTMPE
17	18	19	20	21	22	23	9/30
22.4x	22.8x	23.5x	22.3x	19.2x	14.7x	15.2x	13.8x
18.8x	18.5x	22.5x	24.8x	20.0x	13.3x	9.7x	8.7x
31.0x	37.7x	38.7x	44.1x	35.6×	38.1x	33.1x	29.1x
17.1x	25.1x	24.8x	25.9x	22.4x	11.4x	9.3x	6.6x
22.3x	26.0x	27.4x	29.3x	24.3x	19.4x	16.8x	14.5x
20.6x	24.0x	24.2x	25.3x	21.2x	14.0x	12.5x	11.2x

Proptech*

	Stock price	Actual EPS			Forecast EPS
	Stock price	19A	20A	21A	22A	23E	24E	25E
Company Latch	$0.94	-$0.33	-$0.45	-$1.58	-$1.33	-$1.15	-$0.60	-$0.33
Opendoor	$2.63	-$0.60	-$1.60	-$0.20	-$0.92	-$0.51	-$0.62	-$0.45
Redfin	$7.03	-$0.58	$0.21	-$0.62	-$2.63	-$1.20	-$0.91	-$0.65
Zillow	$46.17	-$0.54	$0.44	-$0.47	$1.13	$1.20	$1.64	$2.39
WeWork	$3.01	-$3.89	-$70.88	-$382.17	-$2.05	-$23.63	-$9.27	-$3.49
								Mean Median

YoY EPS growth
20A	21A	22A	23E	24E	25E
$0.36	$2.51	-$0.16	-$0.14	-$0.48	-$0.45
$1.67	-$0.88	$3.68	-$0.44	$0.22	-$0.28
-$1.37	-$3.93	$3.21	-$0.54	-$0.24	-$0.29
-$1.81	-$2.07	-$3.40	$0.06	$0.36	$0.46
N/A	$4.39	-$0.99	N/A	-$0.61	-$0.62
-$0.29	$0.00	$0.47	-$0.26	-$0.15	-$0.24
-$0.51	-$0.88	-$0.16	-$0.29	-$0.24	-$0.29

Stock price/forecast EPS
23E -0.8x	24E 25E -1.6x -2.8x
-5.2x	-4.2x -5.9x
-5.9x	-7.7x -10.9x
38.5x	28.2x 19.3x
-0.1x	-0.3x -0.9x
6.7x	3.7× -0.1x
-3.0x	-2.9x -4.4x

Historical NTMPE
17	18	19	20	21	22	23	9/30
N/A	N/A	N/A	N/A	-9.6x	-1.8x	-0.8x	-1.0x
N/A	N/A	N/A	N/A	-27.0x	-2.7x	-4.0x	-4.2x
N/A	-29.1x	-20.4x	-88.9x	-34.2x	-3.8x	-8.3x	-7.8x
N/A	30.2x	-39.3x	173.4x	-484.5x	54.0x	40.8x	31.0x
N/A	N/A	N/A	N/A	N/A	-101.2x	-1.3x	-0.2x
N/A	0.6x	-29.8x	42.3x	-138.8x	11.4x	7.0x	4.5x
N/A	0.6x	-29.8x	42.3x	-30.6x	-2.3x	-2.4x	-2.6x

Insurtech*

	Stock price	Actual EPS				Forecast EPS
	Stock price	19A	20A	21A	22A	23E		24E	25E
Company Bright Health	$5.97	-$16.05	-$20.30	-$69.56	-$59.69	-$25.69	-$11.98		-$3.28
Clover Health	$1.09	-$0.54	-$0.12	-$1.18	-$0.44		-$0.47	-$0.30	-$0.11
Doma	$5.08	-$2.06	-$2.61	-$14.75	-$14.81		-$7.77	-$1.31	$1.49
Hippo	$7.97	N/A	-$40.75	-$35.63	-$10.24		-$11.90	-$5.09	-$2.40
Lemonade	$11.62	-$2.69	-$3.40	-$3.41	-$3.92		-$3.70	-$3.26	-$2.80
Oscar	$5.57	-$8.09	-$13.27	-$2.77	-$2.33		-$1.42	-$0.64	-$0.22
Root	$9.51	-$26.70	-$79.93	-$35.21	-$18.95		-$10.70	-$10.66	-$11.36
									Mean Median

YoY EPS growth
20A	21A	22A	23E	24E	25E
$0.26	$2.43	-$0.14	-$0.57	-$0.53	-$0.73
-$0.77	$8.55	-$0.63	$0.08	-$0.36	-$0.63
$0.27	$4.65	$0.00	-$0.47	-$0.83	-$2.14
N/A	-$0.13	-$0.71	$0.16	-$0.57	-$0.53
$0.26	$0.00	$0.15	-$0.06	-$0.12	-$0.14
$0.64	-$0.79	-$0.16	-$0.39	-$0.55	-$0.65
$1.99	-$0.56	-$0.46	-$0.44	$0.00	$0.07
$0.44	$2.02	-$0.28	-$0.24	-$0.42	-$0.68
$0.27	$0.00	-$0.16	-$0.39	-$0.53	-$0.63

Stock price/forecast EPS
23E 24E	25E
-0.2x -0.5x	-1.8x
-2.3x -3.6x	-9.9x
-0.7x -3.9x	3.4x
-0.7x	-1.6x -3.3x
-3.1x	-3.6x -4.2x
-3.9x	-8.8x -25.3x
-0.9x	-0.9x -0.8x
-1.7x	-3.3x -6.0x
-0.9x	-3.6x -3.3x

Historical NTMPE
17	18	19	20	21	22	23	9/30
N/A	N/A	N/A	N/A	-6.7x	-1.5x	-1.3x	-0.5x
N/A	N/A	N/A	N/A	-9.3x	-3.2x	-2.4x	-3.8x
N/A	N/A	N/A	N/A	-14.8x	-4.4x	-1.7x	-1.9x
N/A	N/A	N/A	N/A	-12.5x	-2.9x	-1.6x	-1.3x
N/A	N/A	N/A	-21.1x	-19.7x	-4.6x	-4.4x	-3.5x
N/A	N/A	N/A	N/A	-8.0x	-2.7x	-5.7x	-7.9x
N/A	N/A	N/A	-6.5x	-4.9x	-0.9x	-0.7x	-0.9x
N/A	N/A	N/A	-13.8x	-10.8x	-2.9x	-2.5x	-2.8x
N/A	N/A	N/A	-13.8x	-9.3x	-2.9x	-1.7x	-1.9x

Sources: PitchBook, Morningstar, and FactSet • Geography: Global • *As of September 30, 2023

/PitchBook

Market cap

Neobanks,brokers,and crypto*

Company	Ticker	Market cap （$B)	Amount raised ($B)	Market cap/ amount raised	Year funding hit $10million
Coinbase	COIN	$17.7	$0.9	19.1x	2013
Dave	DAVE	$0.1	$0.5	0.2x	2017
MoneyLion	ML	$0.2	$1.1	0.2x	2016
Nubank	NU	$32.6	$5.0	6.5x	2014
Robinhood	HOOD	$9.0	$7.6	1.2x	2014
SoFi	SOFI	$7.6	$4.9	1.6x	2012
	Total	$67.1	$20.0	3.4x

High-growth payments*

Company	Ticker	Market cap ($B)	Amount raised ($B)	Market cap/ amountraised	Year funding hit $10million
Adyen	ADYEN	$20.8	$1.3	16.5x	2014
AvidXchange	AVDX	$1.9	$1.8	1.0x	2010
Bil.com	BILL	$10.7	$0.8	13.7x	2009
Block	SQ	$27.8	$0.8	35.8x	2010
Flywire	FLYW	$3.7	$0.6	6.2x	2013
Nuvei Corporation	NVEI	$2.1	$1.7	1.3x	2017
Remitly	RELY	$4.5	$1.0	4.6x	2014
Stone	STNE	$3.3	$1.1	3.0x	N/A
Wise	WISE	$8.5	$0.5	15.6x	2014
	Total	$83.2	$9.5	8.7x

Insurtech*

Company	Ticker	Market cap ($B)	Amount raised ($B)	Market cap/ amount raised	Year funding hit $10million
Bright Health	BHG	$0.0	$3.3	0.0x	2016
Clover Health	CLOV	$0.5	$1.6	0.3x	2015
Doma	DOMA	$0.1	$6.1	0.0x	2016
Hippo	HIPO	$0.2	$1.3	0.2x	2016
Lemonade	LMND	$0.9	$1.4	0.6x	2015
Oscar	OSCR	$1.3	$3.4	0.4x	2013
Root	ROOT	$0.2	$2.0	0.1x	2017
	Total	$3.1	$18.9	0.2x

High-growth fintech*

Company	Ticker	Market cap ($B)	Amount raised ($B)	Market cap/ amountraised	Year funding hit $10 million
Affirm	AFRM	$6.4	$2.8	2.3x	2014
Alkami Technology	ALKT	$1.7	$0.6	2.9x	2014
Marqeta	MQ	$3.2	$1.8	1.9x	2013
nCino	NCNO	$3.6	$0.5	7.9x	2013
Pagaya	PGY	$1.2	$0.7	1.7x	2018
Upstart	UPST	$2.3	$1.1	2.1x	2015
	Total	$18.3	$7.3	2.5x

Market cap/capital raised in private markets*

Sources: PitchBook, Morningstar, and FactSet • Geography: Global • *As of September 30, 2023

Sources: PitchBook, Morningstar, and FactSet • Geography: Global • *As of September 30, 2023

Fast-growth and newly public fintech company market cap (\$B)*

Sources: PitchBook, Morningstar, and FactSet • Geography: Global • *As of September 30, 2023

Note: EV/NTM forecast revenue for private companies was estimated using PitchBook revenue data and post-money valuations. SoFi was private through Q1 2021 and

Private company valuations
Select private and public payments company EV/NTM forecast revenue multiples*

Select private and public payments company EV/NTM forecast revenue multiples*

Payments

Q118

Q218

Q318

Q418

Q119

Q219

Q319

Q419

Q120

Q220Q320

Q420

Q121

Q2 21

Q321Q421Q1222QQQ3Q323

Bil.com

8.8x

6.8x

8.6×

18.9x 30.1x

33.2x

33.0x

28.0x

34.5x

41.5x

25.9x

16.2x

13.5x

11x

8.0x

7.8× 8.8x

Flywire

7.3x

7.3x 20.8x

20.0x

17.5x

9.8x

7.6x

7.1x

5.9x

6.7x

7.1x

7.9x

Remitly

5.4x

5.4x 4.1x

4.1x

12.6x

7.6x

2.4x

1.7x

1.7×

1.6x

2.1x

2.6x

3.7x

Publichigh-growth payments

10.8x

14.1x

28.2x 6.4x

16.8x

15.4x

14.0x

17.1

19.6×

17.7×

18.8x 24.7x

24.2x

25.4x

17.1x

19.8x

15.7x

8.7x

4.3x

4.2x

4.0x

4.6x

4.6x4.5x

Publicmediumgowth,ncumbentnts

5.9x

6.2x

5.4x

5.2x

6.2x

6.6x

6.9x

7.3x

7.6x 8.8x

8.7x

8.8x

8.2x

6.3x

5.5x

4.6x

4.3x

4.2x

4.7x

4.8x4.4x

Average

13.4x14.3x 14.3x17.0x16.0x9.9x6.9x6.3x5.7x5.5x5.7x 5.9x

Median

8.0x8.0x 13.0x 16.2x 11.7x 7.9× 5.9×5.7x

5.1x

5.9x

4.5x

EV/NTMforecast revenue forprivate companies was estimated using PitchBook revenuedataand post-moneyvaluations.
Sources: PitchBook, Morningstar, and FactSet • Geography: Global • *As of September 30, 2023
The bolded te Note: EV/NTM forecast revenue for private companies was estimated using PitchBook revenue data and post-money valuations. Remitly was private through Q2 2021, Flywire through Q1 2021, and Bill.com through Q1 2020. The bolded text in the table indicates the quarter of the company’s IPO.
Sources: PitchBook, Morningstar, and FactSet • Geography: Global • *As of September 30, 2023

Source: PitchBook·Geography:Global Note:The circle on the line chart marks the quarter in which the company exited via IPO.

Source: PitchBook·Geography:Global Note: The circle on thelinechart marks the quarter in which the company exited via IPO. *As of September 30,2023

1k,broker,and crypto company EV/NTM forecast revenue multiples*

Neobankse

Q118Q218Q318Q418Q119Q219Q319Q419Q120Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q222 Q322 Q422 Q123Q223 Q323

Chime

4.1x

9.5x

9.5x9.5x15.5x15.5x15.5x20.1x20.1x20.1x20.1x20.1x20.1x20.1x20.1x20.1x

Upgrade

5.5x5.5x

5.5x5.5x5.5x6.9x6.9x6.9x6.9x6.9x6.9x6.9x6.9x6.9x

Acorns

8.5x8.5x8.5x8.5x8.5×8.5x8.5x8.5x8.5x8

8.5x8.5x

Aspiration

7.1x7.1x7.1x7.1x7.1x7.1x7.1x

x7.1x7.1x7.1x7.1x

SoFi

1x111x11x1x78x78x78x78x16.5x10.8x113x6.5x83x

2.5x2.8x

2.8x3.6x

Robinhood

15.4x19.8x19.8x19.8x19.8x19.8x19.8x19.8x19.8x28.1x 17.2x5.1x2.1x1.6x1.6x1.4x1.4x2.3x

Publiceobanksrokersd

10.3x 10.7x7.3x3.6x2.4x2.1x2.1x2.1x3.0x

Average

Median

11.6x

8.1x 12.0x

10.3x 10.7x

7.1x

6.9x

6.9x 6.9x

6.9x

The bolded text in the table indicates the quarter of the company's IPO.
Sources: PitchBook, Morningstar, and FactSet • Geography: Global • *As of September 30, 2023
Robinhood through Q2 2021. The bolded text in the table indicates the quarter of the company’s IPO.

/PitchBook

PitchBook VC Exit Predictor

PitchBook VC Exit Predictor: Highest likelihood of going public (IPO, SPAC)*

	IPO	Lastknown probability valuation ($M)	Last known valuationdate	Total raised ($M)	Last financing
Company Addepar	97%	$2170.0	December 22,2021	$495.1	date March 4,2022	HQ country United States
Cross River Bank	97%	$3000.0	May 1,222	$1157.1	June 1,23	United States
Chime	96%	$25000.0	September10,1	$2646.3	July 28, 2023	United States
Tradeshift	96%	$2700.0	March 15,2021	$909.5	August14,2023	United States
iCapital	95%	$6000.0	June 23,2022	$678.4	August 1, 2022	United States
Varo	95%	$1850.0	March1,2023	$1042.3	March 1,2023	United States
Fundbox	93%	$1100.0	November30,2021	$383.5	November30,2021	United States
Bolt	92%	$1000.0	February9,2022	$957.0	April29,2022	United States
Gemini	92%	$7100.0	November 18,2021	$400.0	February 1,2022	United States
Jerry	92%	$571.8	April 29,2022	$232.6	March 17,2023	United States
Public Holdings	92%	$1200.0	July 14,2021	$311.0	December 6,2021	United States
Stripe	92%	$50000.0	March 15,2023	$9105.0	April 30,2023	United States
Xpansiv	92%	N/A	N/A	$703.0	January 11,2023	United States
Gusto	91%	$9630.0	May 12, 2022	$751.3	May12,2022	United States
Petal	91%	$800.0	January 5,2022	$1208.8	N/A	United States
Pie Insurance	91%	$876.0	March 25,2021	$620.3	September 21,22	United States
Current	90%	$2200.0	April27,2021	$411.2	April27,2021	United States
Prosper Marketplace	90%	$850.0	September 20,2017	$679.9	January1,2023	United States
Ramp	90%	$5800.0	August 22, 2023	$1722.9	August 22, 2023	United States
Trumid	90%	$2400.0	October 12, 2021	$733.3	October 12,2021	United States
C2F0	88%	$2540.0	January31,2022	$549.8	January31,2022	United States
Kin	88%	$1000.0	September 13,2023	$421.1	N/A	United States
Circle	87%	$4500.0	May28,2021	$1114.0	August 21, 2023	United States
Collective Health	87%	$1530.0	May4,2021	$759.0	March 31,2023	United States
Republic	87%	$835.0	November 16,2021	$212.2	January 31,2023	United States
Avant	86%	$2000.0	October 14,2015	$2180.7	N/A	United States
Best Egg	86%	N/A	N/A	$313.3	March 10, 2022	United States
Next	86%	$4000.0	March 30,2021	$896.3	February 1,2023	United States
Tipalti	86%	$8300.0	December 8,2021	$737.0	May 15,2023	United States
Upgrade	86%	$6280.0	November 16,2021	$600.1	December1,222	United States
Acorns	85%	$1800.0	March 9,2022	$637.0	N/A	United States
Alchemy Insights	85%	$10450.0	February8,2022	$413.6	N/A	United States
FalconX	85%	$8000.0	June 2,2022	$427.0	June 2,2022	United States
Spot0n	85%	$3600.0	May 18,2022	$928.0	May 18,2022	United States
ConsenSys	84%	$7000.0	October 12,2022	$733.0	January1,2023	United States
BlueVine	83%	$602.5	October 11, 2019	$426.3	February 5,2022	United States
Mosaic	83%	$1000.0	July1,2022	$475.2	July1,2022	United States
MX	83%	$1900.0	January 13,2021	$445.0	N/A	United States
Brex	82%	$12300.0	January 11, 222	$1231.6	February 1,2023	United States

Company	IPO	Lastknown probability valuation ($M)	Lastknown valuationdate	Total raised ($M)	Last financing date	HQ country
eToro	97%	$3500.0	August1,2023	$1671.4	August1,2023	United Kingdom
Zopa	97%	$1052.5	September 8,2023	$907.9	September 8,2023	United Kingdom
Klarna	97%	$6700.0	July11,2022	$4648.1	March 1,2023	Sweden
Wealthsimple	97%	$4004.5	May3,2021	$875.6	September 1,	Canada
Revolut	96%	$33000.0	July1,201	$1693.8	N/A	United Kingdom
Creditas	96%	$4800.0	January 21,2022	$883.3	January 21,2022	Brazil
bolttech	95%	$1600.0	September 21,223	$493.0	September 21,2023	Singapore
N26	95%	$3000.0	N/A	$1879.8	N/A	Germany
Starling Bank	94%	$3429.2	April 26, 2022	$1006.5	February 8,2023	United Kingdom
Aye	94%	$251.3	June 24,2020	$230.5	N/A	India
BharatPe	94%	$5500.0	January1,	$1201.5	N/A	India
Raisin	94%	$762.8	February5,2019	$321.0	March 23,2023	Germany
Micro Connect	93%	N/A	N/A	$603.0	July 8,2023	Hong Kong
WeLab Holdings	93%	$2000.0	November 21,2022	$728.7	November 21,222	Hong Kong
Moonfare	93%	N/A	N/A	$211.9	March 17,2023	Germany
Toss	92%	$7000.0	December 20,2022	$1375.0	December 20,202	South Korea
Klar	92%	$500.0	June9,2022	$347.8	August 15,2023	Mexico
OurCrowd	92%	N/A	N/A	$187.5	June1,	Israel
Solfacil	92%	N/A	N/A	$288.1	June 15,2023	Brazil
Gojo & Company	91%	$380.4	December 17,2020	$246.1	August 16,2023	Japan
Gojek	91%	$10000.0	April30,2020	$6801.0	September1,	Indonesia
Cover Genius	91%	$657.0	November1,2	$153.2	November1,	Australia
SumUp	89%	$8175.4	July 28,2022	$1187.2	August9,2023	United Kingdom
Monzo	88%	$4596.8	January3,2022	$1304.3	January3,2022	United Kingdom
Wayflyer	88%	$1600.0	February1,2022	$1911.0	September 6,2023	Ireland
Scalable Capital	88%	$1704.4	June 8,2021	$319.9	August 31,2023	Germany
Kriya (Financial Services)	87%	$128.3	June 9,2021	$719.1	N/A	United Kingdom
Finaktiva	87%	N/A	N/A	$66.2	June 30,2023	Colombia
Smart	86%	$530.3	May 14,2023	$383.9	May 14,2023	United Kingdom
Solaris	86%	$1632.8	October 13,2021	$482.7	N/A	Germany
Clearco	86%	$2000.0	April5, 2021	$1077.0	October 4,2023	Canada
Polkadot	85%	N/A	N/A	$255.1	August 18,2022	Switzerland
Funding Societies	85%	$528.7	February 15,2022	$468.9	September 26,2023	Singapore
SEBA Bank	84%	$1977.1	January 24,2022	$153.0	N/A	Switzerland
Indifi	84%	$75.6	November 24,2021	$129.2	June 13,2023	India
GoCardless	83%	$2100.0	May 9,2022	$620.8	May9,2022	United Kingdom
Konfio	83%	$1300.0	September 29,2021	$781.8	March 2,2023	Mexico
Neo	82%	$782.4	June9,2022	$234.0	June9,2022	Canada
Dunamu	81%	$12568.3	January 27,2022	$574.6	March 1,2023	South Korea

*As of September 22, 2023Source: PitchBook • Geography: Global • *As of September 30, 2023 Note: Probability data based on PitchBook VC Exit Predictor methodology.

/PitchBook

PitchBook VC Exit Predictor

PitchBook VC Exit Predictor: Highest likelihood of being acquired (M&A)*

	M&A	Lastknown	Lastknown	Total	Last financing
Company		probability valuation ($M)	valuation date	raised ($M)	date
Arta	97%	N/A	N/A	$90.0	November 2,2022
FRISS	97%	N/A	N/A	$88.7	November 2,2021
Kaiko	97%	$93.6	June 23, 2021	$86.8	September1,222
Nav OpenGamma	97%	$244.9	September 24,2019	$108.7	January 25,2023
Regent Education	97%	$179.0	February1,222 May19,2022	$70.8	February 1, 2022
	97%	$20.0		$47.0	June 8,2022
RenoFi Tilled	97%	$20.4	June 23,2020	$42.6	May 18,2023
Agora	97%	$180.0	February28,2023	$39.2	February 28,2023
Dash	96%	N/A	N/A	$30.3	August 17,2022
Extend	96%	$14.5	August 23, 2021	$38.7	N/A
Federato	96% 96%	$205.0	October 27,2021	$54.3	October 27,2021
Hazeltree	96%	$125.0 $85.0	June 27,2023 August 17,2022	$40.6	June 27,2023
NetGuardians	96%	$48.5	December 15,2020	$21.7	August 17,2022
Nomad	96%	N/A		$33.8	December 15,2020
Order.co	96%	$181.0	N/A	$57.8	May16,2022
Resistant Al	96%	$12.1	September 27,2022 February6,2020	$70.9	September 27,2022
Rooser	96%	$73.2	April 14, 2022	$42.9	December 15,2022
Sayari	96%	$159.2	September 1, 221	$26.8	April 14, 2022
Stem	96%	$90.0	January 14,2022	$96.3	January 7,2022
Tic:Toc	96%	$250.0	December 29,2022	$42.5	September 1,2022
Tienda Pago	96%			$78.0	December 29,2022
Transactly	96%	N/A	N/A	$31.5	August 31,2022
Unit21	96%	N/A	N/A	$11.6	January 17,2023
9fin	95%	$700.0 $95.0	June 29,2023 November 17,2022	$92.0	June 29,2023
Agolo	95%	$40.0	March 16,2022	$37.9	November 17,2022
Apperio	95%	$19.7	August 14, 2018	$16.1 $19.6	March 16,2022
AutoFi	95%	$700.0	March 7,2022	$136.6	January 10,2023
Beam	95%		September 7,2021		March 7,2022
Bnext	95%	$15.1 $71.5	June 10,2020	$15.8 $79.2	November 17,2022 March 29,2022
Capitalizarme.com	95%	$5.9	December 12,2017	$8.3	August 19, 2022
Cleo	95%	$231.6	December 10,2020	$165.9	April5,2022

Company	M&A	Last known probability valuation ($M)	Last known valuation date	Total raised $M)	Last financing date
COCC	95%	N/A	N/A	$26.7	May8,2023
Core10	95%	$38.0	January 19, 2023	$12.2	January 19, 2023
CrowdStreet	95%	$222.0	November 6, 2019	$24.9	September 23,2022
Elementus	95%	$154.7	June 17,2022	$26.0	N/A
Horizon Blockchain Games	95%	N/A	N/A	$48.8	October 4,2022
Invesdor	95%	$4.1	November 21,2021	$7.4	N/A
lemon.markets	95%	$62.7	April 4, 2022	$16.5	April 4, 2022
Moven	95%	$42.5	August 15, 2018	$33.7	N/A
Notch	95%	N/A	N/A	$34.1	December 16,2022
Paytient	95%	$143.0	January 10,2023	$62.9	January 10,2023
PDAX	95%	$345.1	February 1,2022	$67.1	February 1, 2022
Polly	95%	$257.0	January26,2022	$72.0	June 2,2022
Previse	95%	$85.2	May 24,2022	$52.2	May 24,2022
ProducePay	95%	$128.0	March 18, 2021	$328.4	April1,2022
Scratch	95%	$80.0	August 1, 2019	$108.1	February 24,2023
Slash	95%	$188.9	October 3,2022	$37.9	May4,2023
Spiff	95%	$260.0	May 16,2023	$117.6	May 16,2023
Sproutt	95%	N/A	N/A	$38.0	September 14, 2021
Stoa	95%	$500.0	May 16, 2022	$250.0	May 16,2022
Stocktwits	95%	$210.0	December 16,2021	$53.3	December 16,2021
Together Labs	95%	$52.5	November 8,2021	$68.0	November 8,2021
TrueAccord	95%	N/A	N/A	$141.9	June 6,2022
Utopia	95%	$2630.8	N/A	$19.5	N/A
Volt Technologies	95%	$66.5	June 17, 2021	$87.0	June 21,2023
albo	94%	N/A	N/A	$99.3	April 30,2022
Alto	94%	$289.9	January 4, 2022	$72.3	January 4, 2022
Aria Systems	94%	$218.0	September 12, 2017	$333.8	August 12, 2021
Azibo	94%	$104.5	January 11, 2022	$35.0	January 11,2022
Banyan Infrastructure	94%	$94.1	March 7, 2023	$43.2	March 7,2023
BCB Group	94%	$149.0	January 24,2022	$65.9	January 24, 2022
BondIT	94%	N/A	N/A	$49.8	December 6, 2022
Boosted.ai	94%	N/A	N/A	$46.0	January12,2022

Source: PitchBook • Geography: Global • *As of September 30, 2023 Note: Probability data based on PitchBook VC Exit Predictor methodology.

Source: PitchBook and Morningstar • Geography: Global • *As of September 30, 2023

/PitchBook

M&A

Target	Acquirer	Targetdescription	Acquisition price （$M)	Acquisition date	Total capital raised ($M)	Last known valuation pre- buyout ($M)	Target's estimated employees	Abridgedcomments fromacquirers
Spruce	Zilow	Spruceisadigialbedile company.	N/A	September 11 2023	$109.1	$640.0	284	Acquirerparaphrasequote:Aspartofitsmissiontoelpmorepeoplegethome,llowroupascompleteditsacquisitionofSpruceatechenabletitle adescsas Overtime,ZillowGroupandSprucewillbuildadigital-poweredosingservicesofferngfoZillowcustomers. Acquirerparaphrasequote:amalsopleasedtoannouncethatWEXsignedadefinitiveagreement toacquireaAscensusHealth&Benefitslineofbusiness aleadingtechenabledprovderofemployeebenefitacountswithadversiedportfolioincudingHSAFSAsandotherbenefitaccounts.
Ascensus Health & Benefits	Wex	Thecompanyprovidesemployeebenefits includingHFe	$180.0	September 1,2023	N/A	N/A	N/A	SoAscensusislargelyusingourplatformrightnow.Andsotheyredistributing,usingnotjustourtech butwouldsay,largelyourtech.Wehavetheabiltyto Continuetobuildupontheproductsthattheyhavewithourexistingcustomerbaseovertime.Idon'thinkthathatsgoingtoapenimmediatelyButthey dhaveproductoffringsartiarlymplianceprouctofinshchwillbencremenaltatwerefeinginemarkeplaceandoldpoie incremental revenue.
Aryeo	Zillow	Aryeo wasfoundedwith themissionof Streamliningotenthouguteal industry-for thosewho generateit (photogaphsd (agents,brokers,etc.).Teoriginalplatfor focusedonbusinesssolutions forrealestate photographersndasucklyo encompassing contentsolution fortheentire	$35.0	July 31,20	$7.7	$21.0	36	Acquireret mediacompaniesfoundedonthemissiontostreamlinerealestatecontentforthosewhogenerateitandconsumeit. Aryeo's missonmakesitanaturalfitwithhowingme+,ZillowGroup'srealestatesoftwarebranddedicatedtoimprovingtherealestateindustryforagents, brokersandmultiplelistingservicesandthecustomers theyserve.BringingAryeointotheShowingTime+suiteenablesthebrandtoservephotographersand mediacompanesectlyndistiheolsteyedtoateeevatedmeieeopngexperiencefaletategentse
Honest Day's Work	Latch	Thecompany'ssoftwareallousrstesily manage clientsand schedule work for service providerslike housekeepers,dog walkers,and drivers,providing house workers with more control over their businesses and allowing them	$44.6	July 3,2023	$27.0	$100.0		Acquirerparaphrase/quote:LatchtodayannouncedthatithascompletedthepreviouslyannouncedacquisitionofHonestDaysWork("HDW),Ring founderJamieiofststompaydicatedtablingesdentiaeceproidersucsusekeepesdgalkerddrivers,toae efit eacqi visit,whilefrtheradvancingHDWscapabilities.JamieSiminofisexpectedtotakeoverasLatch'sCEOlaterthisyear.Thecombinedcompanyplans toremain focusedinthenartermonoptimiingeficiencyandensuringcontinuedexcellenceforustomers. Siminoffsid"Witteompletionofteacqsiio,amexiedtoetokoombingLathdHtouildisciplind,eentdtul

Note: Company descriptions and deal commentaries are sourced from the companies themselves and modified and abridged to be more concise.

/PitchBook

Traditional financials comparables

Ticker

Market

Total Pr

eferred

3-yr Stock performance CAGR30dys 90dys YTD '18 '19 '20 '25E

7-yr Book TangibleCAGR Forward PE book value F'23 /share ROE ROTCE

orar

IeR

$9.3

586.54

5300

PE+ EV/EBITDA

-5% 5228522 52455335

6$3.22$4.15 10.0

% 1.3%

138

N/A15.36 $9.16

243% N/A41.3%

1.8%

SchwabSCHW

$100.0

554.90

577.6$30.022.6%

PE + EV/EBITDA 7%

-6% -7% 13.5x 12.3x 3.2x 6.0x 22.5%

MarketTicker

Sock Tot CE($B)

CET1

Stock performance30dys 90dys YTD '18 '19 22

'23E

'24E

Tangiblebook value'23 /share /share

Prce Pice ROE ROTCE9.9%

9 American ExpressBread FinancialCapital One Credit AcceptanceDiscover

PEP/TEVP/E + P/TBVP/E + P/TBVP/E + P/TBVP/E+P/TBV

% 9% -1%%$12.09 8买 5733478$18.07

$13.64 86

30 380%21.8%18 2 75 56 8 2 0$51.21$54.421.6x24.2%

LendingClub 品5allie MaAeSynchrony

-$0.38 519

8 8

Average

-6% -13% -7% 10.3x 8.0x 6.5x 1.6x 1.7x 19.3% 20.0%

MarketMortage CTicker

Stock TotalET1

Preferred

Stock performance 30dys90dysYTD'20'22

C7GR

ForwardPE

Book

Tangible

PriselRricel

Forward

price($B)($B)

metrics

'23E'24E'25E'22-'25

'18-25

'2324

'25

/share

ROE ROTCE

yield

LoanDepot COOPMr.CooperPennyMac

$1.72 $7.4545

N/A

P/TBVP/TBV

$0.56 N/A N/A52 -518 -5708

-$0.45 $0.23 -154.2%3.6

-177.9%-34%

-3.8x

-$6.94-$48.17

0.8x 0.9% -0.3%08x 12 -15.6%-5.9%

0.0%

RKT AAAA P8UWMC

312550308 $0.80$0.59

148%

1628565

18x 22% 6696

0.0%

-13% -9% 20% 9.8x 12.5x 7.9x 1.6x -0.1x 10.3% -3.5%

Market Total

CET1

Preferred

Stock performance

7-yr

Book Tangible

Forward

Ticker

price"(s)(sB)

netrics

30dys 90dys YTD '18 '19 20 '23E '24E '25E

'18-'25

2324

'25/share/share

ROE ROTCE

"vield

CUROCURO$0.0

N/A

P/E

+ P/TBV

3% -21.1%

-176.1%

-1.1x

-3.7x-$6.52-$16.51

-0.1x 15.6% 6.2%-40.4%

0.0%

P/E + P/TBV

22.4%

0.0%

Oopportun

0.0%

Average 3.3x 1.7× 0.7x -6.2% 16.2%

Market Total Book TangibleConsumerStockCETCET1valuationStock performancevaluebookvalue Prcel PaiceTickermetrics30dys90dysYTD'18'192022'23E'24E'25E'2325/share/share ROE ROTCE

dividend

NRDS N/A N/A -1% -7% N/A 50.54-5057-5679 5035 -222.6%LendingTreeTREEN/AEV/EBITDA-18%-27%-135.8%

N/A-26.0%

-84.6x 45.5x 25.4x 516.4 N/A N/A 1.3% N/A-155.3x-$17.94-0.9x2.0%

0.0%

EverQuote EV/adjusted EBITDA 5570 36x 23EVERN/A17%11%-51%$0.56$0.28-$0.77-$0.26-30.4%-28.1%-12.7x $3.16 $2.31 3.1x -64.5%

0.0%

-1% -8% -29% -18.0x -40.8x 6.6x 1.7x 1.1x-15.9%

Source: PitchBook, Morningstar, and FactSet • Geography: Global • *As of September 30, 2023

/PitchBook

Traditional financials comparables

Market TotalMoney-center Stock							CET1		CET1		Preferredvaluation	Stock performance EPS C3GR30dys 90 dys YTD '18 '19 '20 '22 '23E '24E '25E '22-25								Forward PE			Book	Tangiblebook	value Price Picer	Forward
Ticker price					($B)			($B)	%		metrics									'18-'25	23	24 25 /s	hare	/share	ROE ROTCE	yield
Bank of America	BAC	217.0		$27.38	$3,073.		0 $1	90.1	13.2%	P/	E + P/TB	V -4%	-17%		$2.75 $2.93 $2.09 $3.87$4.73 -$0.01		$3.12	$3.29	$3.60	3.9	%		$32.05	$26.94	0.9x 11.7%	3.6%
JP Morgan	IPM	421.4		145.02$3,773.9				13 P/			E+P/TBV		660% $8.88 $15.36				$11.66$16.09	$14.63	$15.259.4%							2.9%
PNC	PNC	$28.61					$40.9$41.6 P/				+P/TBVE + P/TBV		$9.06 957 $6.37 $14.18 $13.99 -0.9%$4.05$3.80$5.53$4.47$3.65$4.01							$			$100.74 11.6% 14.1%42.681.3x8.1%15.4%			5.%
WSelsFargoWFC		88			518070		3429		12.1%		/E+P/TBV-9%		547 3444 5306 57 543 8					429 3459		强					19 166% 2398%	5.5%
											-3% -4% -14%									8.3x 8.4x 7.6x			1.0x 1.3x 11.3% 14.6%			4.8%

Market C				Stock			CTCET1				Preferred	Stock performance EPS											Bookve		Picer Pice	divrward
TickerCitizens		$12.7		$26.80		224.7	$18.4		103%	P/	E + P/TBV	30dys 90dys-5%	YTD '18			'19 20 '22$4.17		'24E '25E536		3.4%			ROE ROTCE$32.07 0.8x 11.3%			6.4%
Fifth ThirdHuntingtonKeycorp		3151$10.40			$1$	79.4190.1	$13.9		9.8%9.3%	P/P/P	E+ P/TBVEPV -5%/E-5%		-4%$1.73			533$1.43$1.25 $3.36 $2.09		$1.28$1.35	$1.39$1.69	-0.4	5%		56$11.7		1.6x 119.4%1217
M&TBank R				72							1% %-66		$12.86粥$1.21$4.20			$14.113252			$16.41 150238		$1		$103.44 9 2 5569643.4205
Average											-4%		6% -26%								7.8x 7.9x 7.1x				0.9x 1.2x 11.2% 14.8%
Investment	Ma	rket	Total				CET1		CET1		Preferred	Stock performance						3-yr		7-yrForwerd pE			Tangible			Forward
Ticker		($B)price			($B)		($B)		%		metrics	30dys	YTD '18 19 '20 '22 '23E					24E	'25E	'18-'25	'23 '25		share/share		ROE ROTCE	yield
EVR		$5.2		137.88	$3.2		N/A		N/A		PE	-2% 12	% 26% $9.01 $7.70 $9.62 $17.50 $11.05 $6.68					$11.61	$13.98	6.5%	20.6x 11.9x 9.9x		$37.10		3.5x 26.4% 25.1%	2.3%
Goldman Sachs GS $106.7 $3Houlihan Lokey HUI $7.4 $1				23.507.1	7 $1,556.02 $2.5		$98.2N/A		N/A		-1% 0%2% 9%			-6%23%	$24.02$2.39	$27.93 $36.33 $66.25 $32.48 52482$2.87$3.20$4.62$6.98$5.04		$36.14$4.45	$42.00$6.11 -4.3%	8.3% 13.0x14.3% 24.5x		9.0x 7 $324.1x$	304.88$328.37 1.0x 11.0% 10.2%23.29 $4.68 4.6x 22.9x 21.8% 108.6%			3.5%2.1%
aeae MCMorgan StanleyAverage		5303		362$160.0					NA		粥P/TBV-3%		8%			540					62.7x	11.8x	204.3x10.4x27.2%70.4%

Market							CET1 Prtere Stock performance EPS 3AGR													Forward PE			BookboTangiblePriselRricel			Forward
equityTicker		($B)price($B)					（$B)%				metrics	30dys YTD '18					'22'23E	'25E		'18-'25	'23		share/share		ROTCE	vield
Ares		$89.76$19.0 $102.87					N/A N/A			P/	DE + SOT	P 3% 41% $0.88 $8.59-1% 7% 50% $3.32 $1.59 $2.18 $2.82					$3.22 $3.74	$9.48$5.01 $6.18 24.3%		9.3%	13.4x27.5x	10.9x	$9.47 $10.09		16 34.4%10.2x48.8%45.8%	3.4%
Blackstone $		80.8 $107.14					N/A			P/D	E +SOTP 1% 15% 44% $2.26 $3.03 $1.50 $8.13 $5.05 $4.25							$5.93 $6.79 10.4%		17.0% 25.2x			$9.52 $22.4		0 11.x 4.8x 57.8% 24.6%	4.4%
Blue0wl Carlyle Group							WA P/DP/				E +SOTP DE + SOTP		229% N/A -$0.24 -$0.41 $0.53 $0.82$0.97$8.20							N/A 16.4x 125			N228			5.1%
KKR&Co.IPG TPG $30.12 $8.6							N/A P/DN/A P/D				E+ SOTPE + SOTP 7%		33% $0.80 -$7.61 -$7.513% N/A $4.92 $5.09 $5.71 $16.04 $1.79 $1.25 $2.11 $2.44 10.9							10%-9.5%24.1x			N/A 19.7%$6.56 N/A 30.6%			1.1%
Average 8% 32% 19.7x 14.4x 12.1x 5.9x 5.2x 33.5% 31.2%

Source: PitchBook, Morningstar, and FactSet • Geography: Global • *As of September 30, 2023

/PitchBook

Traditional financials comparables

Asset		Market C Stock	Total	A CET1	valuation	Stock performance	YTD	'18	'19 20	'21	EPS '22	'23E	'24E	'25E	C				Book e	Tangible book value /share	Prce	Price		ROTCE		ROE
	Ticker AB	price $30.35 $37.42	6 53 贸贸	N/A	metrics N/AnormlzdFE,EV/EBITDA	30dys	90dys	-12%	$2.96	533	$4.20 $6.68	$2.81 $3.09	$2.66 $2.92	$3.10 $3.24	5335	8.2% 0.7%	2.7% 1.0%	11.4x 12.8x	9.8x 11.5x	'25 8.5x 11.9x	$18.01 $4.10	$18.01 N/A	1.7× 9.1x	1.7x N/A	16.6% 75.3%	16.6% N/A
Artisan Partners BlackRock	APAM	54		N/A	normlzdFRE,EV/EBITDA normlzdFRE,EV/EBITDA			26%	$2.94	52.8		$34.39	$35.62 $2.96	$40.04	$46.11 N/A						$255.79	542.8		153
Cohen & Steers Federates Hermes	eUs FHI				N/A normlzdFRE,EV/EBITDA N/AnormlzdFRE,EV/EBITDA				528 $2.60					$3.28			7.3%	28 10.2x			$7.19					-1052.2%
Franklin Resurces Invesco	BEN		$24.58	AA	normlzdFRE,EV/EBITDA N/A N/A			粥粥悦粥						$3.69 560	5426		10.5%	10.4x							10.8%	50.2%
Janus Henderson	IVZ JHG		$14.52		normlzd FRE, EV/EBITDA N/A normlzdFRE,EV/EBITDA	-3% -9%	瑞锅5偶福					$3.53 $1.66 $2.40			$2.03	7.1%	-2.5%	9.4x						N/A		N/A 6.1%
IRowe Price Average	TROW	贸有发	58	N/A	N/AnormlzdFRE,EV/EBITDA	-6%	8	8			$4.26 $12.75	$8.00		5240	5252	176	-128				3270	$32.24				2 4.8%
						-5%		-3%
G		Market			Preferred		Stock performance										CAGR				Book	Tangible	Price	Paice
CBOE	Ticker	$16.5	Stock	CET	CET1	30dys	90dys	YTD	'18	'19			'23E	'24E	'25E		'18-'25 7.5%	'23 21.3x	20.2x	'25 18.9x	vae $34.73	booky -$10.68	4.5x	-14.6x	ROE 21.6%	ROTCE N/A 1.4%
CME Intercontinental Ex.	CBOE CME	5720	$156.21 20062	$7.3 N/A	N/A PE,EV/EBITDA,FCFY N/A PE,EV/EBITDA,CF		8%	24%	$5.02 $6.82	$4.73 8	$6.05	$6.89	$7.34	$7.73	$8.25 6	6.2% 7	5	2	7		57749	5			11.6% 13.8%	-103% 4.4
London Stock Exc. Nasdaq	LSEG	5	$100.49	N/A	N/A PE, EV/EBITDA,CF PE,EV/EBITDA,CF				$3.59 $2.28	$2.53	66 $4.12	$3.77			$5.10	10.6%		252x	2x		5726	N/A			N/A	N/A 1.5
Tradeweb VirtuFinancial	NDAQ		$1,075.5 $48.59 78	N/A	N/A PE,EV/EBITDAFCFY PE,EV/EBITDA,CF		挑现粥现 -5%		$1.58	$1.67	$2.52	$2.68	328		$3.20	6.2% 18	263	36	32		52449	-$8.68 842			22.9%	-33.5% 28
Average	VRT 578			W/A	NA PE,EV/EBITDAFCFY		4%	24% 8%	396	07		38		34	322								3 3.0x	-4.4x	68 16.1%	8.5%

Life insurance	Market C		Stock sses	CETI	valuation	Preferred	Stock performance														Book	Tangible book value		Price
AFLAC	Ticker	$0.0	$0.13	N/A NA	metrics NA P/E + P/TBV	30dys	90dys	YTD 季香 53%	'18 5776 $0.00	'19 -$0.01		'22	'23E	'24E	'25E	#VALUE! 24.1%	N/A 303%	#VALUE! 3	#VALUE! #VALUE！ 3	'25 2	sae #N/A	/share 56470 #N/A	Prite	#N/A 0	ROE ROTCE 18 #N/A	#N/A
AIG Lincoln Financial MetLife	配		48 S2

Source: PitchBook, Morningstar, and FactSet • Geography: Global • *As of September 30, 2023

Disclaimer: Any -0 values are negative values that have been rounded up to 0.

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