Data: Pitchbook for 2021 valuations; Note: Klarna and Chime 2025 valuations based on expected IPO pricing; Nu Holdings and ServiceTitan represent current public market cap; Table: Axios Visuals
2021 was a banner year for fintech investment, but it set unrealistic expectations, saddling startups with sky-high valuations.
Why it matters: Few of the unicorns that raised VC money at peak 2021 valuations have grown into them years later.