Could 2024 be the year for fintech IPOs? Quite possibly, according to F-Prime Capital’s State of Fintech 2024 report. F-Prime, a VC firm with over $4.5 billion in assets under management, remains bullish on the fintech space, noting that many scaled private fintech companies are generating $1B+ revenue, still growing rapidly, and expected to list in public markets.
Key Takeaway
Several fintech companies are showing signs of potential IPOs in 2024, with significant valuations and revenue growth, indicating a positive outlook for the fintech IPO market.
Apex
Last December, Apex, a stock trade clearance firm, filed confidentially with the SEC, indicating its intention to go public. The total number of shares to be offered and the price range for the proposed offering have not yet been determined.
Stripe
In January of 2023, Stripe set a 12-month deadline for itself to go public. Although it has not made any official announcements regarding an IPO, the payments giant continues to expand its offerings and raise capital.
Klarna
Swedish fintech Klarna confirmed its steps “toward an eventual IPO” last November. The company reported a positive third quarter, swinging to a profit and reporting 30% higher revenue of around $550 million.
Lendbuzz
Lendbuzz, a fintech company applying artificial intelligence to provide auto loans, hired investment banks for an IPO that could value it at more than $2 billion in December.
Chime
Rumors have suggested that Chime is eyeing the public markets. Recent reports peg the company’s valuation at closer to $6.7 billion, and it’s possible that Chime could decide to take the plunge this year.
Plaid
Last October, Plaid hired its first chief financial officer and announced the appointment of its first president, indicating a potential move toward an eventual IPO.
Rippling/Gusto/Deel
Rippling, Gusto, and Deel are among the hottest companies in the HR tech space, with significant funding and revenue milestones. Rippling has been vocal about its rivalry with the other two companies.
Brex/Ramp/Navan
The spend management space is crowded with multiple players clamoring for market share, including Brex, Ramp, Navan, and others. Navan has filed confidentially for an IPO at a $12 billion valuation, while Brex and Ramp have also made significant moves in the past year.
