Multiples Neobanking Index

Index Performance

This chart shows the weighted market cap evolution over time for the Multiples Neobanking Index constituents, indexed to 0% at the beginning of the period.

Key Index Metrics

This chart shows the median evolution over time of key valuation metrics for the Multiples Neobanking Index constituents.

Valuation Benchmarks

This chart shows the regression relationship between valuation metrics across companies in the Multiples Neobanking Index.

Company Rankings

This chart shows company rankings by selected metric within the Multiples Neobanking Index.

Companies Side-by-Side

Compare key metrics between companies in the Multiples Neobanking Index.

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Metric	Nubank	SoFi	Kaspi.kz
Market Cap	$65B	$20B	$18B
EV/Revenue (NTM)	2.4x	3.6x	1.6x
EV/Gross Profit (NTM)	5.4x	4.2x	3.9x
EV/EBITDA (NTM)	-	10.3x	4.5x
EV/FCF (NTM)	-	11.0x	-
Revenue Growth	27%	25%	17%
Gross Margin (NTM)	45%	85%	41%
EBITDA Margin (NTM)	-	35%	36%
FCF Margin (NTM)	-	32%	-
Rule of 40	-	68%	44%
Rule of X	-	120%	56%

Data as of October 4, 2026.

Cumulative Metrics

This chart shows the cumulative sum of selected metrics across all companies in the Multiples Neobanking Index, over time.

Index Methodology

Similar to the NASDAQ 100 Index, the Multiples Neobanking Index employs a modified market capitalization weighting scheme.

The weight process uses company-level weights, which are derived using company market capitalization.

Company weights are evaluated based on two rules:

Rule 1

No company's weight may exceed 24%.

Rule 2

The aggregate weight of the companies whose weights exceed 4.5% may not exceed 48%.

If neither rule is 'violated', then no adjustments are made. Only in cases where either or both of the rules are 'violated', weight adjustments are made according to a two-stage adjustment process.

Rule 1 adjustment

If no company's initial weight exceeds 24% of the Index, initial weights are used as Rule 1 weights without adjustment. Otherwise, initial weights are adjusted such that no company's weight may exceed 20% of the Index.

Rule 2 adjustment

If the aggregate weight of the companies whose Rule 1 weights exceeds 4.5% and does not exceed 48%, Rule 1 weights are used as the final weights. Otherwise, Rule 1 weights are adjusted such that:

• The aggregate weight of the companies whose Rule 1 weights exceeded 4.5% is set to 40%.
• Companies with Rule 1 weights below 4.5% may also have their weights adjusted to keep the initial rank order of all companies.

If the two-stage rule process results in a 'violation' of the weighting rules as previously detailed, then the process is repeated until the company weights meet the rule system.