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Emerging Tech Research: Fintech

Q3 2021

Emerging Tech Research: Fintech

December 14, 2021

Emerging Tech Research: Fintech
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Fintech crams a decade’s worth of exits into nine months

Fintech investors and entrepreneurs continue to reap the rewards of an acceleration in digital transactions, retail trading and other pandemic-era tailwinds. Our Q3 2021 Fintech VC update breaks down the latest trends, including:
  • VC-backed fintech exits surpassed $244 billion in the first three quarters of the year, more than the combined total of the prior decade. The third quarter was headlined by IPOs from trading platform Robinhood and restaurant point-of-sale software maker Toast.
  • Against the backdrop of supersized exits, investors’ price sensitivity has plummeted. The median fintech valuation multiple hit 21.7x, and the median late-stage pre-money valuation leapt to $265 million.
  • As cryptocurrencies continue to earn mainstream acceptance, one area to watch is institutional crypto custodians, which store private keys, verify access, and approve transactions on behalf of clients.


Table of contents
Vertical overview 3
Q3 2021 timeline 4
Fintech VC ecosystem market map 5
VC activity 7
Emerging opportunities 16
FP&A automation 17
Real-time payments 20
Institutional crypto custodians 22
Select company highlights 24
Mesh 25
Transparent Financial Systems 26
Qredo 27