EMERGING TECH RESEARCH Enterprise Fintech VC Trends VC activity across the enterprise fintech ecosystem Q1 2025 REPORT PREVIEW The full report is available through the PitchBook Platform. Data Nick Zambrano Data Analyst pbinstitutionalresearch@pitchbook.com Publishing Report designed by Megan Woodard and Drew Sanders Published on May 9, 2025 Contents | Enterprise fintech landscape | 3 | | --- | --- | | Enterprise fintech VC ecosystem market map | 4 | | VC activity | 5 | | Enterprise fintech VC deal summary ...

Group 1 - The UK government will implement comprehensive regulatory upgrades for the Buy Now Pay Later (BNPL) industry starting next year, aligning its standards with other consumer credit products [1] - The new regulations require BNPL lenders to conduct mandatory affordability checks and establish consumer redress mechanisms, ensuring borrowers can complain to the Financial Ombudsman Service in case of disputes [1] - A unified regulatory timeline has been set, with all provisions to take effect by 2026 to ensure a smooth transition for the industry [1] Group 2 - The previous Conservative government began reviewing the BNPL sector in 2021, focusing on major platforms like Klarna, Clearpay, PayPal, and Zilch Technology, which saw increased transaction volumes during the pandemic [2] - The rapid expansion of the BNPL industry has revealed risks, as some consumers accumulate debt across multiple platforms without proper financial planning, while existing regulations only cover traditional credit products [2] - The new regulations are expected to reshape the competitive landscape of the BNPL industry, potentially leading to the exit of smaller firms due to increased compliance costs, while larger companies will need to adjust their risk management systems [2]

Core Viewpoint - The article discusses the ongoing challenges in the IPO market, particularly for venture capital exits, and highlights the unexpected rise of micro-cap stocks in the Nasdaq amidst a generally pessimistic market environment [1][3]. Group 1: IPO Market Challenges - Pitchbook's report indicates that the venture capital exit problem will persist until at least the first half of 2026, with a lack of suitable IPO windows [1]. - Companies like Klarna and Stubhub have postponed their IPO plans, reflecting the ongoing difficulties in the exit landscape, despite their high valuations of $14.6 billion and $16.5 billion respectively [1]. - Competitors of these companies, such as Affirm and Vivid Seats, have seen significant stock price declines, with Affirm down over 40% and Vivid Seats down over 70% since their IPOs [2]. Group 2: Rise of Micro-Cap Stocks - Despite the overall market downturn, micro-cap stocks have experienced a boom, contributing significantly to Nasdaq's IPO activity [3][6]. - As of early May, Nasdaq completed 75 IPOs, with micro-cap stocks accounting for a substantial portion, averaging a fundraising size of $9 million [6]. - Notable examples include Diginex, which saw its stock price rise over 1300% since its January listing, and EPWK, which had a peak increase of 470% [7]. Group 3: Market Dynamics and Investor Behavior - The surge in micro-cap stocks is driven by a wealth effect, where investors are drawn to the potential for high returns in a low-performing market [9]. - The involvement of high-profile investors, including members of the Trump family, in micro-cap IPOs indicates a growing interest in this segment [9]. - The Nasdaq is tightening its listing rules, which may increase the survival difficulty for micro-cap stocks, particularly those that rely on reverse stock splits [11][12]. Group 4: Future Outlook - The new Nasdaq regulations favor established companies with sufficient capital, making it harder for smaller firms to thrive [13]. - Some companies are opting for IPOs to transition from local to global operations, reflecting a strategic shift in response to market conditions [14]. - The article suggests that the current micro-cap frenzy may not yield true winners, as the underlying motivations are heavily influenced by market pain and uncertainty [14].

Group 1 - The core viewpoint is that the outsourcing industry (BPO) is being fundamentally disrupted by AI, with predictions that many jobs will disappear by 2030, leading to a complete transformation of the industry [1][3][19] - The global outsourcing market is estimated to exceed $300 billion by 2024, with major companies like Cognizant, Infosys, and Wipro generating annual revenues between $10 billion and $20 billion [3][4] - Approximately 70% of the 9 million workers in the global BPO industry could be replaced by AI, particularly affecting regions like India and the Philippines [3][4][6] Group 2 - Companies like Klarna are transitioning from outsourcing to in-house customer service teams, citing AI's efficiency in handling customer inquiries, which has reduced response times by 82% and decreased repetitive questions by 25% [5][6] - AI startups are emerging in various sectors of the outsourcing industry, such as Decagon in customer service, HappyRobot in logistics, and Salient in debt collection, showcasing the potential for AI to enhance operational efficiency [7][9][10] - Decagon has signed contracts worth over $10 million and is in talks for a new funding round of $100 million, indicating strong market interest and growth potential [8] Group 3 - Traditional outsourcing giants like Wipro, Infosys, and Accenture are increasing their AI investments, with Wipro reporting a 140% increase in AI adoption in existing projects [16][17] - The shift towards AI poses challenges for these companies, as their existing business models, which rely on human labor and hourly billing, conflict with the product-oriented approach required for AI integration [17][19] - The competitive landscape of the outsourcing industry is changing, with technology becoming the primary driver of business processes, transforming customer service from a cost center to a valuable source of customer insights [20][21]

Group 1 - Chime has submitted an application for an IPO on NASDAQ under the ticker "CHYM," emphasizing that it is a technology company rather than a bank [1] - The company reported a net profit of $12.9 million and revenue of $518.7 million for the quarter ending in March, with revenue growth of 32% [1] - Chime has 8.6 million active members, a year-over-year increase of approximately 23%, with average revenue per active member rising from $231 to $251 [1] Group 2 - Approximately two-thirds of Chime's members consider it their "primary financial partner," defined as users who have made at least 15 transactions or received at least $200 in qualifying direct deposits in the past month [2] - Chime offers free access to over 45,000 ATMs, claiming a larger network than the top U.S. banks combined [2] - The company was founded in 2012 and is headquartered in San Francisco, employing 1,465 people, with notable investors including Crosslink Capital and DST Global [3]

红杉资本已经连续第三年关注AI应用的盈利前景。前两年，企业融到的钱或者资本支出，都被英伟达赚走了，从2023年的2000亿美元问题上升到去年的 6000亿美元问题。在最近的AI峰会（AI Ascent）上，该风投机构合伙人Pat Grady开玩笑说，自己投的一个创业者，今年还是冲着黄仁勋的演讲来的。 AI可以赚钱，也必须赚钱了。算力、数据、网络等都已经在那了。Pat Grady在PPT上画了一个巨大的圈，称AI目前可以服务的市场（TAM）规模已经达 到了万亿美元，而且还留有大量空白，等待年收入（而不是估值）10亿美元初创企业去填补。大模型厂商向产品布局，消费端成熟企业整合AI，都在挤 压初创企业的生存空间。 尽管红杉资本喊着，交付结果正在取代交付工具，成为真正通往这个万亿美元市场的商业模式。但这首先是为什么、最终是怎么做的问题。 红杉资本的另一位合伙人Konstantine Buhler在接下来的演讲中，部分解释了智能体时代的商业模式有别于SaaS时代的原因。构建智能体，仍然存在持久身 份问题（persistent identity），要复刻真正的记忆，让智能体在关键内容上保持一致，而在必要的地方有所差异，仍 ...

Company Overview - eToro has priced its IPO at $52 per share, raising nearly $310 million and valuing the company at approximately $4.2 billion [1] - Founded in 2007 by brothers Yoni and Ronen Assia along with David Ring, eToro competes with platforms like Robinhood and generates revenue through trading fees and non-trading activities [5] Financial Performance - eToro's net income surged almost thirteenfold to $192.4 million in the last year, up from $15.3 million the previous year [6] - Revenue from cryptoassets more than tripled to over $12 million in 2024, with one-quarter of its net trading contribution coming from crypto, an increase from 10% the prior year [6] IPO Context - The IPO market is showing signs of recovery, with eToro's Nasdaq debut under the ticker symbol ETOR being a potential indicator of market readiness for risk [4] - eToro previously attempted to go public in 2022 through a SPAC merger, which was scrapped due to a downturn in equity markets [7] Investor Interest - BlackRock has expressed interest in purchasing $100 million in shares at the IPO price, with the company planning to sell 5 million shares in the offering, alongside existing investors selling another 5 million [8]

Core Insights - Upstart Holdings and Affirm Holdings are prominent players in the fintech industry, leveraging artificial intelligence to transform traditional lending practices [1][2] - Upstart focuses on AI-driven personal loans, while Affirm is recognized for its "buy now, pay later" (BNPL) model, with differing financials and future outlooks [2] Upstart Holdings - Upstart has created an AI-based underwriting platform that surpasses traditional FICO scoring by incorporating alternative variables such as education and employment history, allowing for 92% loan automation by Q1 2025 [3] - The company is experiencing growth not only in personal loans but also in auto loans, HELOCs, and small-dollar loans, with auto loan originations increasing by 42%, HELOCs by 52%, and small-dollar loans by 7% sequentially in Q1 2025 [4] - Financially, Upstart reported a 67% year-over-year revenue increase in Q1, with non-GAAP EPS turning from a loss of $0.31 to a profit of $0.30, and it anticipates 76% revenue growth in Q2 and 59% for the full year [5] - Upstart is strengthening its funding relationships, with institutional investors like Fortress Investment Group now funding over half of its originations, and it is shifting towards super-prime borrowers, who now account for 32% of personal loan originations [6] - Despite challenges such as high interest rates and a dip in contribution margin from 61% to 55%, Upstart's expanding product suite and improving credit performance position it as a resilient fintech player [7] Affirm Holdings - Affirm has established a strong BNPL brand, facilitating payment splitting at checkout through partnerships with major companies like Amazon and Shopify, and its AI platform allows for quick loan approvals [8] - The company has 21.9 million active users and 358,000 active merchants as of Q3 fiscal 2025, and is expanding into sectors like travel and home improvement while also moving towards broader banking services [9] - Affirm is pursuing international expansion, recently launching Shop Pay Installments in Canada and planning to enter the U.K., Australia, and Western Europe, although it faces competition from established players like Klarna and PayPal [10] - Financially, Affirm's Q3 fiscal 2025 revenues grew by 36% year-over-year, but this growth lags behind Upstart's performance, with a non-GAAP EPS of $0.01 compared to a loss of $0.43 in the previous year [11] - Management projects Q4 revenue growth between 23% and 28%, indicating a potential slowdown [12] EPS Estimate Trends - The Zacks Consensus Estimate for Affirm's fiscal 2025 indicates year-over-year growth of 36.9% for revenue and 95.8% for EPS, but the estimate revision trend has been volatile [13] - In contrast, Upstart's estimates imply a 58.8% revenue increase and an 830% EPS increase for 2025, with a steady upward revision trend reflecting predictable performance [14][15] Price Performance & Valuation - Both companies have experienced share price fluctuations in 2025, with Affirm shares down 11.8% year-to-date and Upstart down 14% [17] - Currently, both companies have similar forward price-to-sales ratios, with Affirm at 4.46 and Upstart at 4.52 [18] Conclusion - While Affirm has built a strong consumer brand and is diversifying its financial services, it remains heavily reliant on the competitive BNPL market, with uncertain profitability and slower growth [21] - Upstart, on the other hand, is executing across multiple high-growth verticals, demonstrating operational leverage and a path towards consistent profitability, making it a more attractive investment opportunity [22][23]

整理 | 郑丽媛 出品 | CSDN（ID：CSDNnews） 你还记得那个用"AI 克隆体"代替自己发布财报的 CEO 吗？对，就是那个说"AI 能取代所有人类工作，甚至我自己"的 Klarna CEO，Sebastian Siemiatkowski。 就在今年 1 月，这位 AI 信徒在社交媒体上认真地告诉大家：理论上来说，AI 已经具备取代所有工作的能力，最终人类工作者将"难逃下岗"，包括他自 己也不例外。 可就在大家纷纷感叹人类"职业危机"到来之时，现在 Klarna 却悄悄"打脸"了自己 ： 据多家外媒报道， 最近 Klarna 重新开启了人工招聘，结束了为期 一年多的"招聘冻结令"——这不禁让人好奇：不是说好了 AI 会接管一切，为什么又重新开始招人了？ AI 真的能做所有工作？ 先把时间线拉回 到 2024 年 9 月。 Klarna，这家以"先买后付"（Buy Now, Pay Later）模式闻名的金融科技公司， 当时被曝正 准备实施大规模裁 员：计划削减近 2000 个工作岗位。 对此 Klarna 表示，公司早在一年前就已全面冻结招聘，以"自然减员"的方式减少组织规模。据悉一年时间内， ...

Core Viewpoint - Google is facing claims from dozens of price comparison websites in the EU, amounting to at least €12.26 billion, accusing the tech giant of stealing their customers [1][3][5]. Group 1: Claims and Amounts - The total claims from various plaintiffs amount to €12.26 billion, with significant claims from Trovaprezzi (€2.97 billion), Pricerunner (€2.1 billion), and Kelkoo (€1.4 billion) [2][3]. - The lawsuits are linked to a 2017 EU ruling that fined Google €2.4 billion for abusing its market dominance, leading to a series of follow-up lawsuits [3][6]. Group 2: Legal Proceedings - There are currently 12 civil cases ongoing across seven European countries, with nine claims exceeding €12 billion [3][4]. - Upcoming court hearings include a £1 billion claim from Kelkoo and Foundem, and a €3.3 billion lawsuit from Idealo [4][5]. Group 3: Google's Response - Google denies all allegations related to the civil lawsuits and claims that its advertising features for price comparison websites have improved since 2017 [5][6]. - The company argues that it does not differentiate between its shopping services and those of competitors, stating that over 1,550 price comparison websites currently use its display features [5]. Group 4: Broader Implications - The surge in lawsuits against Google may encourage more companies to take action against the tech giant, potentially increasing the regulatory pressure from EU authorities [3][6]. - Legal experts note that proving Google's actions led to profit declines may be a significant challenge for the plaintiffs [6][7].