Publicly traded fintech companies took a beating last year, some more than others. According to new data, proptech was hit the hardest.
Driving the news: Data from F-Prime Capital show that wealth management, lending and insurance got walloped as well.
- Opendoor (down 95% since IPO), Oscar (down 90%), and Affirm (down 84%) led the declines in those respective sectors.
Of note: Companies with less consumer exposure or with recurring revenue tended to have better luck hanging on to investors, Lucinda reports.
- Only B2B SaaS and payments verticals beat the broader fintech market's 56% average decline, according to F-Prime.
What we're watching: Whether companies make good on their promises of diversifying their business models, particularly when it comes to recurring revenue streams.
- Coinbase credited its subscriptions and services for boosting its earnings in the last quarter.
