The universe of companies includes 121 public fintechs trading on US, European, and Chinese exchanges across the categories of payments, lending/banking, insurtech, wealth/asset management, B2B SaaS (with embedded payments), and proptech. We include both consumer and B2B companies. While we exclude traditional banks, insurance companies, real estate companies, and asset managers that were not started with the premise of operating technology first, we do still include legacy fintechs, even though they are considered to be less tech-forward than their nextgen counterparts. Beyond reported financials, trading, and other publicly available metrics, we also added a number of additional variables to the dataset, summarized below:
- Segment, i.e. type of company: B2B SaaS (21), Banking / Lending (24), Insurance (7), Payments (46), PropTech (8), and Wealth / Asset Management (15)
- Generation, i.e. whether the company generally considered an “incumbent” or a “disruptor”: Legacy (59), Nextgen (62)
- Geo, i.e. where most of the business is conducted: Intnl (23), US (98)
- B2B vs B2C, i.e. whether the company primarily serves other companies or consumers: B2B (78), B2C (43)
- Consumer Type, i.e. which market segment the company primarily serves: Consumer (43), Enterprise (36), Mid-Market (15), SMB (27)
- Presence of B/S, i.e. if the business model relies on regulatory capital or substantial assets on the balance sheet: No (89), Yes (32)
- Software Intensity, i.e. how much of the company’s core product is software, and/or software revenue contributes to a majority of revenue: High (42), Low (79)
The full list of the companies follows: