Rick Baker, the Co-Founder of Australian Venture Capital firm Blackbird says that investors have got to seek out genuine product-market-fit when trying to value technology companies with no revenues. “Number of users and growth is obviously really important and then it keeps coming back to engagement. We really look hard under the hood at how people are using (the technology). Before you have a product that people really love it’s crazy to spend time, money and effort trying to grow because you’re growing something that people don’t like.”

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LG Chem will build $3B EV battery cathode factory in the US

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Fintech is only 1% finished.

But what do we mean by that?

Simon Taylor, Head of Ventures at 11:FS takes us through the landscape of financial technology in this Lightboard edition of 11:FS Explores.

When you take a look at the customer numbers that financial services brands are serving in any particular segment, it’s apparent that the majority of UK Fintech brands currently operate within areas that have high customer numbers, but low value-per-customer. For example, areas with high customer numbers such as retail are being served by market-leaders such as Monzo, Starling, and Revolut. Retail is one of the most over-served markets by digital banking providers at the moment – but considering 12 million UK customers have a digital bank and the majority aren’t moving their salary into it, there is still a lot of work to be done, and that shows it.

But the biggest edge in recent times is the massive changes to the supplier landscape – from onboarding and KYC, to payments, to Banking as a Service. Prospective fintech companies now have the chance to assess the opportunity space for their proposition and to get a full view of the suppliers available to them.

With such a robust supplier landscape emerging – it means that any company can be a fintech company.

The market has blown wide open.

It’s turning into a sobering year for fintech. After a carnival of new unicorns and mega-funding rounds in 2021, private fintech companies are now scrambling to cut costs and stretch out the funds they have to avoid needing to raise additional money at a lower valuation (known as a “down round”). Their fear is well grounded.

Still, it’s been a heck of a ride, fueled in part by the pandemic-accelerated shift towards so much shopping and banking online. In February 2020, just before Covid-19 hit the U.S, the average valuation of America’s ten biggest private fintech companies was $9 billion, and the cutoff to make the list was $3.7 billion.

For our 2022 list, those numbers have more than tripled–to an average value of $27.7 billion and a cutoff of $12 billion. Future funding rounds will show whether these record valuations reflect an about-to-burst bubble or are, perhaps, sustainable after a pause.

Read the full story on Forbes: https://www.forbes.com/sites/isabelcontreras/2022/06/07/the-10-biggest-fintech-companies-in-america-2022/?sh=54368f6b7d08

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