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Fintech's worst performing IPOs

Lucinda Shen
Feb 22, 2023
Data: F-Prime Capital; Note: Only includes companies that went public since 2020; Chart: Axios Visuals
Data: F-Prime Capital; Note: Only includes companies that went public since 2020; Chart: Axios Visuals

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.

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