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Public FinTech Valuations - US vs. Europe

Last updated on 24 April 2025·Fintech·Europe, United States & Canada

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The valuation gap between 🇪🇺 Europe and the 🇺🇸 US across public fintech markets is huge and very visible

💳 Payments: 96% (!) of all market cap is based in the US, mostly due to card networks (Visa, Mastercard) and big platforms like PayPal or Shopify. Europe has only one (but a great one!) large-cap payment company Adyen

🏛️ Neobanking: very few publicly listed neobanking stocks, Wise being the only large pure-play digital bank. The world is waiting for Revolut and Chime IPOs!

🖥️ Software: SAP (worth nearly $300B) carries Europe's financial software industry that otherwise massively lags behind the US (72% vs. 28% market cap share)

📊 Trading: all leading online brokers like Charles Schwab, Robinhood, Coinbase or Interactive Brokers are based in the US and there are no comparable peers (size-wise) in Europe - only mid-cap players like Nordnet, IG, Allfunds or Plus500

💰 Lending: fully dominated by America (93% market cap) but Europe is waiting for the Klarna IPO to rival US-based Affirm

📑 Lead Generation / Brokers: here Europe shines (64% market cap), plenty of great mid-cap platforms (Moltiply Group, Hypoport, CDON, Multitude), with the overall market significantly bigger than in the US

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