A Review of the Health and Trends
of the Fintech Industry
November 2022
The Changing Fintech Landscape
Founders Focus on Fundamentals
On Hold, Backlog Builds
Building for a Crypto Future
The State of Fintech: 2022
2
This time last year, I was writing a much different cover letter. The innovation economy was at the peak of
its best funding year ever, and fintech was at the center of that success. Companies in our industry were
raising money at a breakneck pace for staggering valuations. Fast-forward to now and market conditions
have changed dramatically. Founders are telling us about plans to “trim fat” and extend runway as
consumer demand softens. While the public markets grapple with a correction, more people want to
know: “Has the fintech bubble popped?”
From a valuations standpoint, you might see an easy answer. High-profile companies in our space have
seen their public valuations fall sharply over the last 12 months. While down rounds are still rare, it’s clear
that valuations are resetting in the private markets. But that’s only part of the story. Tough market
conditions provide the best conditions to grow resilient startups. That’s what we’re seeing now. A healthy
pipeline of promising new fintech companies is rising to the occasion, while more established companies
are seeking new growth opportunities to capture market share.
In this year’s The State of Fintech report, we dive into these trends and leverage SVB’s unmatched
proprietary data to offer a unique perspective on the fintech industry. Investment may be cooling from the
record high in 2021, but not by much. Venture Capital (VC) investors are on pace to deploy $38B into US
fintech this year, the second-highest annual total for the US. However, capital deployments are now
tapering with Q3 investment down 42% QoQ. In our benchmarking section, we detail which subsectors
are faring best, indexing key performance indicators (KPIs) like cash runway and revenue growth. Our exits
section details the backlog of IPO-ready fintech companies and the growing stable of unicorns.
Our spotlight on Web3 takes a closer look at decentralized finance (DeFi), blockchain developer activity
and the intersection between corporations and crypto. We wrote this section before the recent collapse of
FTX created fresh uncertainty in the space. While it's too soon to know how this event will impact the
future of crypto, we believe the themes we discuss in the report — around regulation, compliance and
fraud prevention — are even more relevant in the wake of such a high-profile failure.
There’s no denying it’s been a challenging year, but market moments like these can also present a golden
opportunity for differentiation. Fintech infrastructure, commercial lending and regtech are areas with
strong growth potential in the near term. Looking ahead into 2023, the economic picture remains foggy,
but the long-term resilience of the fintech sector is unwavering.
Dan Allred
Senior Market Manager, Fintech
Silicon Valley Bank
The State of Fintech: 2022
3
The
TheFuture
State of
of Fintech:
Climate 2022
Tech
4
Change in US Interest Rates1
VC-backed companies that leveraged the free cash
environment to offer products such as buy now, pay later
(BNPL) loans and non-interest-bearing checking accounts
may now face stiffer competition from traditional banks that
have deeper deposits — a cheap source of capital. Fintech
companies can pivot to meet these challenges, but changes
take time. And retaining customers could require startups to
spend heavily, and even take losses, at a time when equity
costs are high and investors are valuing profitability more than
growth. The uncertainty is weighing heavily on fintech stocks,
wiping out most gains fintech companies saw during the recent
bull market. The STOXX Global Fintech Index, for example,
outperformed the S&P 500 until November 2021 but has traded
at a discount ever since.
Trends that benefited fintech companies during the run-up of
the past decade are now reversing themselves. Consumer
interest rates are up across all categories. Household budgets
are tightening as debt payments grow and inflation-adjusted
wages drop. Mortgage rates, for example, have more than
doubled in the last year. Delinquency rates for consumer debt
are also increasing with delinquent consumer assets up 34%
since Q2 2021.
$40B
3.0%
+34%
$35B
0%
-1%
$20B
1.5%
$15B
1.0%
$10B
$5B
$31B
+98 bps
+75 bps
2.0%
$25B
$25B
Fed begins
rate hikes
2.5%
$30B
$23B
+171 bps
+300 bps
$28B
+313 bps
$29B
Mortgage rates
double from
low to 6.90%
$26B
1%
Business Loan Delinquency Rate
Consumer Loan Delinquency Rate
Since Feb ’22
$33B
2%
Fed cuts rates
at the start of
the pandemic
Mortgage rates
hit an all-time
low of 2.67%
Total Delinquent Consumer Assets
$29B
3%
Fed Funds Rate
$30B
After years of consistent growth, an economic slowdown is
well underway. US inflation reached a 39-year high in
November 2021 and has stayed stubbornly put ever since,
unmoved by six consecutive rate hikes from the Federal
Reserve. The hikes pushed the benchmark lending rate from
near zero in February to 3.83% in November, the fastest
increase since 1980. Concerns over inflation, rising rates
and geopolitical tension have caused public markets to
enter bear-market territory. Both the S&P 500 and Nasdaq
Composite indices are on pace for their worst annual
returns since 2008. One of the most exposed sectors to
these macro forces is fintech.
Credit Cards
Mortgage (30 Yrs.)
$39B
Personal Loans (24 Mos.)
Auto Loans (60 Mos.)
US Loan Delinquencies2
$B
-2%
2020
2021
STOXX Global Fintech
Index (Jan. ’20 = 0)
2021
2022
Federal Fund Rate Hikes4
Spread: STOXX Fintech
Index to S&P 500 Index
4%
42.6% 43.6%
1983-84
1988-89
1993-95
1999-2000
2004-06
2015-19
2022
2022 Expected
5%
60%
40%
Fastest
increase
since 1980
3%
20%
13.8%
2%
0%
-14.3%
-20%
0.0%
2020
2022
Returns of S&P 500 and STOXX Global
Fintech Index Since Jan 20203
S&P 500 Index
(Jan. ’20 = 0)
0.5%
-18.6%
-11.3%
Nov. ’21–Sept. ’22:
S&P 500 outperforms
fintech sector
-40%
2020
2021
2022
2023
1%
0%
0
4
8
12
16
20
24
28
Months Since Start of Rate Hike
Notes: 1) One basis point (bps) is equivalent to 0.01%. Auto rates are for new vehicles. 2) Delinquent loans are past due 30 days or more. 3) Data
aggregated to monthly average as of 10/10/2022. The STOXX index includes 172 companies involved in financial technology. 4) Change in monthly average
of the daily Federal Funds Effective Rate. Expected rate based on median projection of the Federal Open Market Committee.
Source: St. Louis Fed, Cleveland Fed, S&P Capital IQ, PitchBook and SVB analysis.
32
36
The State of Fintech: 2022
5
US Timeline: The Rise of Fintech Companies and Key Regulatory Actions1
US VC Deals in Fintech TTM
2,500
The pace of fintech innovations such as digital wallets,
peer-to-peer lending, commission-free stock trading and
cryptocurrency has strained federal regulators’ ability to
police them. While traditional financial institutions
grappled with a mountain of new regulations following the
Great Financial Crisis, fintech companies largely avoided
such regulations to build tech platforms with less
oversight than the large banks and institutions they were
disrupting. The result is a shifting mesh of rules that are
expensive for founders to navigate and complicated for
consumers to understand.
Fintechs today are overseen by dozens of federal agencies
with broad mandates to protect consumers from data
breaches, unfair lending and fraud, while also ensuring
digital platforms don’t enable criminal activities like
money laundering or avoiding international sanctions.
Two companies that provide similar services may face
vastly different regulatory regimes. Coinbase, for example,
is registered as a money services business with the
Treasury Department (the same as Western Union),
while Robinhood, which also offers crypto trading, is
registered as a broker-dealer with the Securities and
Exchange Commission (SEC). SoFi issues loans under
its own US banking charter, while Chime offers loans
through third-party banks. The legal risks are so fraught
that many fintechs turn to regulatory tech companies to
stay compliant.
Now that economic uncertainty is mounting, federal
oversight is only heating up. In September, the Consumer
Financial Protection Bureau (CFPB) signaled that greater
scrutiny is coming for the short-term consumer loans
known as BNPL, which aren’t required to give data to
credit agencies. Popularity for BNPL skyrocketed during
the pandemic, with originations jumping from 17 million
loans in 2019 to 180 million in 2021 — a 10.6x increase.
2,000
US Fintech Unicorn Deals (Pre-Money Valuations)
Commodities Futures
Trading Commission (CFTC)
defines cryptocurrencies as
commodities under the
Commodity Exchange Act.
Dodd-Frank Act Section 1033
requires banks to provide
consumers digital access
to their financial records.
1,500
SEC, CFTC and FinCEN
issue joint statement
on digital assets.
$24B
$20B
$13B
$11B
$9B
$2B
0
2010
2011
$4B
$2B
$3B
2012
2013
2014
$8B
$6B
$6B
$4B
$5B
$4B
$1B
$3B
2015
2016
US Regulations on Financial Services4
2017
$2B
$2B
2018
16.5k
12.0k
30k
9.8k
0k
1970 1980 1990 2000 2010 2020
2019
$400B
$300B
$200B
$13B
$11B
$100B
$7B $7B
$0B
2020
2021
2022
2023
BNPL Loan Originations
$24B
10.6x
increase in BNPL
loan originations
from 2019 to
2021
180M
$8B
20k
10k
$5B
$4B
$2B
BNPL Loan Volume
The Dodd-Frank Act
added 20k federal
restrictions on banking,
insurance and securities.
$8B
$7B
CFPB
announces
greater
scrutiny on
BNPL.
US BNPL Loan Originations and Volume
Number of Restrictions by Agency
40k
$22B
$500B
$35B
$14B
500
50k
Justice Department establishes
crypto enforcement team
Office of the Comptroller
of the Currency (OCC)
allows fintechs to apply
for national bank charters.
SEC publishes DAO 2
Report and issues
guidance on ICOs. 3
Treasury Department
issues guidance on virtual
currency exchanges.
CFPB is established.
1,000
Value of US VC-backed Fintech Companies TTM
6.6k
$2B
3.8k
68M
17M
2019
2020
Notes: 1) Square became Block in 2021. Not shown: Stripe valued at $95B in March 2021. 2) Decentralized Autonomous Organization 3) Initial
Coin Offering 4) The number of restrictions imposed by federal agencies overseeing the financial sector. Restrictions are the words “shall,”
“must,” “may not,” “required,” and “prohibited” in regulations. Logos from top to bottom: SEC, CFPB, CFTC, Federal Deposit Insurance
Corporation (FDIC), National Credit Union Administration (NCUA).
Source: Reghub.ai, CFPB, PitchBook and SVB analysis
2021
The State of Fintech: 2022
6
The
TheFuture
State of
of Fintech:
Climate 2022
Tech
7
US Fintech VC Investment
Capital Invested
Fintech was among the best-funded sectors in a record
year for the innovation economy in 2021. Investment in
fintechs jumped 2.5x from 2020 to 2021, while investment
for all sectors increased 2x. Intense investor competition
for deals caused valuations to balloon. By October 2021,
the median Series C+ valuation was $965M, up 2x from
October 2020.
Yet the environment has changed in 2022. VC-backed
valuations at all stages have started to decline as
investors paused for the summer, hoping public markets
would rebound. With no rally in sight, reality is setting in
and valuations are retreating. The steepest declines in
valuation have occurred for late-stage fintech companies,
which are most susceptible to public market volatility and
changes in the valuations of their public market comps.
Enterprise value (EV) to next 12 months (NTM) revenue
multiples for public fintech companies has declined 55%
since the market peaked on January 3, 2022.
While early stage valuations have declined, these
companies are generally more sheltered as investors
recognize that the early stage is a long-term game and
can weather a down market — even benefiting from the
availability of talent economic slowdowns present.
However, valuations don’t tell the whole story.
Anecdotally, investors are offering tougher terms with
1-2x liquidation preferences. Such a compromise can
be acceptable for founders who want to avoid a down
round and investors who protect themselves from
downside risk.
While down rounds are not generally reported in data,
analysis of SVB call notes indicates that down rounds, flat
rounds, inside rounds and extension rounds are being
discussed more frequently, a sign that more companies
are considering these measures.
Deals
Extrapolation
2,125
1,160
1,168
US Fintech Trailing 180-Day Pre-money
Valuation Index1
1,215
2,005
300
Series
Start
Peak
End
Seed
$7M
$15M
$13M
$55M
$38B
250 A
$23M
$63M
1,476
200
B
$72M
$263M $200M
C+
$499M $965M $733M
150
100
$15B
$17B
$22B
$56B
$28B
2018
2019
2020
2021
2022
Median US Valuation Step-up by Series
Seed to A
Series A to B
Series B to C
50
2020
2021
2022
Mentions of Down Rounds, Inside
Rounds, Flat Rounds and Extensions2
Fintech
400%
Frontier Tech
Enterprise Software
Consumer Internet
350%
500
300%
400
250%
200%
300
150%
200
100%
100
50%
0
Indexed
to 100
Q1
0%
2019
2020
2021
2022
Q2
Q3
2020
Notes: 1) As of Median pre-money valuation for the trailing 180 days, smoothed with a 30-day moving average. 2) Aggregated from
SVB written call notes with private companies. Not taken from recordings. Trailing 6-months.
Source: PitchBook, SVB proprietary data, and SVB analysis.
Q4
Q1
Q2
Q3
2021
Q4
Q1
Q2
Q3
2022
The State of Fintech: 2022
8
US VC Investment and Change in Deal Count by Fintech Subsector2
When it comes to funding, certain fintech subsectors have
fared better than others. Blockchain, Crypto and Web3
companies have remained most resilient at attracting deal
flow in 2022. These companies experienced the slightest
drop in year-over-year (YoY) deal activity of any subsector
but have gained billions in new investments, benefiting from
crypto-specific VC funds that were raised in 2021. However,
cracks began to show in Q3 following declines in crypto
asset prices. Web3 posted large quarter-over-quarter (QoQ)
declines in deal flow.
The hardest hit subsectors in 2022 are those most exposed
to the negative macro conditions impacting consumer
demand. Consumer alternative lending and personal wealth
management have both seen deal counts cut in half in
2022, with investment volume down by over a third.
Consumer payment apps saw investment drop by 73% from
2021 to the extrapolated total for 2022. These sectors are
being hampered by rising interest rates, tightening
household budgets and down public markets. Robinhood,
for example, lost 6.6 million users in 2022, dropping from
22.5 million in 2021 to 15.9 million this year.1
While consumer-facing apps are struggling to attract
funding, B2B fintech companies have remained relatively
robust. Commercial payments, commercial insuretech, and
fintech infrastructure have benefited from increased
interest in building the rails and infrastructure for enterprise
fintech applications.
We can see these trends play out in revenue growth rates
for consumer and commercial fintech platforms. Consumer
fintech saw substantially higher growth rates in 2019 and
2020 as consumers moved their spending, banking and
investing to fintech platforms. However, starting in mid2021, revenue growth rates for both consumer and
commercial sectors began to trend together as consumer
adoption of fintech has slowed.
Change in Deal Count Q4 2021 to Q3 2022
Capital Invested YTD as of Q3 2022
Change in Deal Count QoQ
2022 Full Year Outlook
-4%
-12%
-20%
-14%
-17% -17%
-38%
-20%
-39%
-25%
-27%
-10%
-29%
-39%
-36%
-38%
-24%
-53%
-39%
-54%
-25%
Web3 with Fintech Applications
Payments: Commercial
Insuretech: Commercial
Fintech Infrastructure
Real Estate Fintech
Insuretech: Consumer
10%
Alternative Lending: Commercial
Financial Business Process Software
Payments Consumer
Personal Finance Wealth Management
Alternative Lending: Consumer
US VC Investment by Customer Type
Commercial Fintech
Consumer Fintech
400
Notes: Significant overlap
between Web3 and
Blockchain and Crypto
Consumer Fintech
160%
350
250
$10B | 33%
$12B | 30%
Median YoY US Revenue
Growth by Customer Type
Commercial Fintech
450
300
$7B
$9B
$2B
$3B | -39%
$2B
$3B | -4%
$3B
$4B | -7%
$3B
$3B | -39%
$1B
$2B | -55%
$2B
$2B | 48%
$3B
$4B | 32%
$782M $1B | -73%
$3B
$4B | -37%
$647M $863M | -35%
Blockchain and Crypto
-36%
-36%
| ABC Change: Capital Invested
2021 to 2022 Outlook
140%
Indexed
to 100
120%
100%
200
80%
150
60%
100
40%
50
20%
0
0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019
2020
2021
2022
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019
Notes: 1) Estimate from BusinessofApps.com 2) Web3 companies overlap with other subsectors; Change in deal count compares
Q4 2021 deal count to Q3 2022.
Source: PitchBook, BusinessofApps.com, SVB Proprietary data and SVB analysis.
2020
2021
2022
The State of Fintech: 2022
9
VC-backed Fintech Cash Balances1
Share of US VC-backed Fintech with Less
than 12 Months of Runway by Revenue2
Cash and Cash Equivalents Indexed to 100 in Q4 2019
TTM US VC Investment In Fintech
As COVID-19 hit in early 2020, companies were advised
to cut burn and raise 18-24 months of runway. Many
companies did so successfully, and as a result, the
number of companies that needed to raise capital within
12 months dropped significantly across all stages.
When the worst-case scenario didn’t play out,
operations returned to normal, but companies had
stockpiles of cash in the bank. Not only had startups
saved, many had also raised new rounds. The
investment climate was going gangbusters. Companies
could raise cheap equity (given the high valuations) and
significant sums of capital. For example, Series B
valuations peaked at a level 265% higher than the start
of 2020. This led to a surge in cash balances for US VCbacked companies. They put the money to work, and
burn rates climbed. Subsequently, remaining months
liquidity (RML) began to fall — substantially. Payments
companies, for example, had a median of 40 months
runway at the height of the pandemic as demand for
cashless technology skyrocketed and investors filled
their coffers. As spending increased, cash runway for
payments companies fell to 12 months by Q3 2022. Real
estate fintech companies, by contrast, had 8 months
runway in Q3 2022.
Today, 44% of fintech companies with under $10M in
revenue need to raise capital in the next 12 months. With
top-tier investors such as Sequoia recommending 18-24
months of runway, these companies may face a tough
fundraising environment as they look to extend runway
without being labeled as distressed by VCs. We have
also seen an increased interest in companies seeking
non-dilutive financing, such as venture debt, to increase
their cash runway. It’s becoming more common to stack
a venture loan on top of a funding round as a way to
maximize runway.
190
180
170
160
150
140
130
120
110
100
90
$60B
$0-$10M
$10M-$25M
$25M-$50M
$50M+
50%
$50B
$40B
Indexed
to 100
$30B
$20B
$10B
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019
2020
2021
2022
$B
Median Months of Cash Runway
by Revenue Band2
Q4 2019
Q4 2020
Q4 2021
40%
30%
20%
10%
0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2018
2019
2020
2021
2022
Median Months of Cash Runway
by Subsector
Q3 2022
Q4 2019
Q4 2020
Q4 2021
40
40
29
12
16 15
14
Early
0-$10M
16
27
24
21 19
14
Mid
$10M-$25M
15
18 19
17 18
14
11
Late
$25M-$50M
Q3 2022
Corp
$50M+
13
23
15
Insurance Tech
Notes: 1) Median value of cash and cash equivalents held by US VC-backed fintech companies, indexed to 100 in Q4 2019; using trailing two
quarters of financial data. 2) Annual revenue calculated by multiplying the run rate for the time period by the number of periods in a year.
Source: SVB proprietary data and SVB analysis.
12
Payments
12
15
18
8
Real Estate
The State of Fintech: 2022
10
Distribution of US VC-backed Fintech
Companies by QoQ Revenue Growth
Positive QoQ Revenue Growth
50%+
60%
66%
of fintech
51%
12%
38%
77%
26%
24%
22%
18%
16%
17%
15%
Q3 2021
Q4 2021
Q1 2022
Q2 2022
21%
Negative Revenue Growth
59%
more companies
are experiencing
negative growth rates in Q3
2022 compared to Q2 2022
71%
76%
73%
86%
79%
84%
74%
companies are
growing slower
in Q3 2022 as
compared to Q2.
12%
2021 2022 2021 2022 2021 2022 2021 2022
Q3 2022
$0-$10M
Median QoQ Revenue Growth: US Formerly
VC-backed Fintech IPOs Since 20182
Middle 50% of Companies
Median
$10M-$25M $25M-$50M
$50M+
QoQ Revenue Growth: US Formerly
VC-backed Fintech IPOs Since 20183
Average Revenue Growth Weighted by Company Size
16%
500%
400%
300%
200%
100%
2%
Insurance Tech
Payments
2022
2021
2020
2019
2022
2021
2020
-100%
2019
0%
2022
While fintech growth is lackluster, there is no escaping
the fact that fintech is increasingly embedded in all
our financial dealings. For example, some companies
in the insuretech industry benefit from growing
challenges in the regulatory environment, which create
tailwinds for companies offering compliance and
risk-management solutions. So short-run growth may
be hampered, but long-term growth of the sector looks
promising.
0%-50%
60%
2021
The headwinds facing these companies are primarily
driven by the pace of interest-rate hikes. Fintechs face
less competition from traditional banks when interest
rates are near zero and equity is cheap. Most neobanks,
for example, don’t offer interest on checking accounts,
and many rely on third-party chartered banks to issue
loans. Their value tends to be in the convenience and
flexibility of their tech interface. As traditional banks
offer higher interest on deposits, customer retention
may become a problem for platforms like wallet apps.
The fast pace of the rate hikes may be especially
challenging, because customers are more aware of the
rising rates than they might be if the rates were slowly
increasing over many months.
61%
2020
Public companies have mirrored this lackluster growth.
Among formerly VC-backed fintech companies that
went public since 2018, the average revenue growth
weighted by company size fell from 16% in Q4 2021 to 3% in Q3 2022.
Negative Growth
2019
The tough economic environment is taking its toll. As
with other sectors, fintech companies are growing more
slowly in 2022. An increasing share are not growing at
all. SVB proprietary data shows that 38% of fintech
companies lost revenue from Q2 2022 to Q3 2022, up
from 26% the prior quarter.
Share of Companies by Revenue
Growth and Revenue Band1
Q4 2021
Q1 2022
Q2 2022
Q3 2022
-3%
-3%
Real Estate
Notes: 1) Annual revenue calculated by multiplying the run rate for the time period by the number of periods in a year. 2) Analysis uses trailing two quarters
to calculate percentile. 3) Fintech companies that have been listed on a major US exchange since 2018.
Source: SVB Proprietary data and SVB analysis.
The State of Fintech: 2022
11
US VC-Backed Fintech EBITDA Index1
QoQ Change
150
150
Just as you can’t stop a train on a dime, it turns out you
can’t cut company spending in a single quarter. Five
months after prominent investors such as Lightspeed and
Craft Ventures first warned founders to begin tightening
their belts, companies are finally curtailing their spending.
According to SVB proprietary data, there were more
fintech companies with decreasing net burn in Q3 2022
than at any point since the peak of COVID-19 lockdowns
in Q2 2020. The cuts give us optimism that companies are
right-sizing their expenses to match decreased
expectations for spending and slower revenue growth.
Ad spend was the first to go, with cuts first spiking in Q3
2021. By Q2 2022, 59% of companies were slashing
marketing spend. Computing spend was next with 35% of
companies making cuts in Q3 2021, increasing to 50% by
Q2 2022. Companies appeared to hold off on payroll cuts
until Q2 2022, when they spiked to 41% of companies.
Among subsectors, fintech infrastructure, real estate and
alternative lending companies have the highest share of
companies cutting payroll. Payments and blockchain/
crypto sectors have the fewest companies cutting payroll.
In the short term, we expect payroll cuts to continue, as
new tech layoffs are announced.
The tech employment tracker layoffs.fyi has counted
6,400 layoffs in the US finance and crypto sectors since
January, accounting for 12% of all US tech layoffs tracked
on the site. In Q3 2022, 399 companies announced
layoffs — the most since initial COVID-19 lockdowns in
Q2 2020, when 428 companies announced layoffs.
US VC-backed Fintech Change in Net Burn
Companies cut
spending during
COVID-19.
Abundant capital fuels
growth at all costs.
100
100
Abundant
capital fuels
growth at
all costs.
5050
00
Indexed
to 100
-50
-50
Spending
cuts begin
to improve
EBITDA.
-100
-100
Increasing >25%
Decreasing >25%
Increasing <25%
Decreasing <25%
100%
80%
60%
40%
20%
-150
-150
0%
-200
-200
Q2
Q4
2017
Q2
Q4
2018
Q2
Q4
2019
Q2
Q4
Q2
2020
Q4
2021
Share of Companies Cutting Spend
QoQ by Category
Payroll
Computing
Marketing
Q2
2022
Q4 Q1
Q1 Q2 Q3
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Q4
Q2 Q3
2019
2020
2020
2020
2020
2021
2021
2021
2021
2022
2022
2019
2020
2021
2022 2022
Share of Companies Cutting Payroll
Spend QoQ by Fintech Subsector
Q3 2022
2021 Average
60%
Fintech Infrastructure
50%
Real Estate
Alternative Lending
40%
Personal Finance
30%
Insuretech
Financial Business
Process Software
Blockchain and
Cryptocurrency
20%
10%
Q1
Q2
Q3
Q4
Q1
2021
Notes: 1) Annualized median indexed to 100 at start of the period.
Source: SVB proprietary data and SVB analysis.
Q2
2022
Q3
Payments
0%
10%
20%
30%
40%
50%
60%
The State of Fintech: 2022
12
The
TheFuture
State of
of Fintech:
Climate 2022
Tech
13
US VC-backed Fintech1 IPOs by Month and Days Since Last IPO2,3
Days Since Last US VC-backed Fintech IPO
Aggregate US VC-backed Fintech IPO Valuation
531
Aggregate US VC-backed Non-fintech IPO Valuation
Furthermore, not only is the backlog increasing, but the
length of time fintech companies have been private is also
beginning to increase. Following a record year of liquidity in
2021, which saw the average age (defined here as the time
from the first round to the latest private round) fall as US
fintech unicorns went public, this trend has begun to
reverse as public markets are no longer open. Should this
trend continue, it could put pressure on startups to seek
liquidity for investors and key employees via secondary
sales on platforms such as Nasdaq Private Market (NPM).
Based on proprietary data from NPM, more private fintechs
are selling shares on the secondary market at a discount
relative to the past three years — signaling the level of
uncertainty felt amongst investors in market.
321
324
Sep '22
Jun '22
Mar '22
Dec '21
Sep '21
Jun '21
77
Mar '21
Dec '20
Jun '20
Mar '20
Dec '19
Sep '19
Jun '19
Mar '19
Dec '18
Sep '18
Jun '18
Mar '18
Dec '17
US Fintech Unicorns Count, Valuation
and Time from First Round3,4
Sep '20
105
103
Sep '17
Jun '17
Mar '17
Dec '16
Sep '16
Jun '16
Mar '16
Dec '15
Sep '15
112
Jun '15
202
195
181
Mar '15
However, it’s not all doom and gloom. A growing backlog of
fintech companies are looking to exit. US fintech unicorns
have grown to 159 and stand at a staggering $656B in
aggregate valuation — a 38% and 15% increase since the
end of 2021, respectively. Of the current cohort,
blockchain/cryptocurrency and payment subcategories
make up 28% and 52% of US fintech unicorns by count and
aggregate valuation, respectively.
336
Dec '14
Following a record year of liquidity, the IPO window has
undoubtedly remained shut in 2022. It has been nearly a
year since the last US VC-backed fintech IPO, and while
this isn’t unprecedented, it is longer than most investors
expected. With the slowdown in traditional IPOs, SPACs
started to take up a growing proportion of IPOs, with 167
SPACs hitting the major US public markets in 2022.
Currently, there are 60 US SPACs actively seeking fintech
companies as a potential target, with nearly $18B sitting in
aggregate trust value. With north of 75% of them over
halfway to their deadline date, this could put upward
pressure on fintech activity.
Nasdaq Private Market: Fintech
Secondary Liquidity Activity5
Fintech Share of Deal Count
4.8
5.0
5.9
7.3
7.2
7.2
7.8
Average Time from First
Round Until End of Year (Yrs.)
$253B
$210B $229B
7
2014
13
18
2015
2016
25
2017
6.1
Fintech Share of Transaction Volume
21%
$656B
$546B $547B
$394B
5.5
$453B
33
2018
$569B
115
159
% Sold at Par
or Premium
18%
15%
15%
46
52
2019
2020
2021
2022
16%
15%
16%
11%
2019
2020
2021
2022
Notes: 1) Fintech classification based on SVB’s proprietary taxonomy. 2) Company must be headquartered in the US and list on a major US exchange.
3) Data as of 9/30/2022. 4) Company must be headquartered in the US. Fintech classification determined using PitchBook verticals.
5) Data provided by Nasdaq Private Market and its subsidiaries as of 10/19/2022. SVB Financial Group has an investment in NPM. NPM is an
independent third party and is not affiliated with SVB Financial Group. To learn more about NPM’s private market solutions, click here.
Source: PitchBook, Nasdaq Private Market, SPAC Track and SVB analysis.
% Sold at
Discount
2019
2020
2021
2022
The State of Fintech: 2022
14
US Public Fintech Stocks Trading
Below LPV2
-97%
Following a historic year in 2021 for deals within the US
venture-backed fintech universe, acquisition activity has
softened in 2022 — though it remains on track to outpace
pre-pandemic levels. Despite this, it’s fair to say most
investors are surprised there hasn’t been an increased
uptick in activity given the tougher fundraising conditions,
slower economic growth and growing proportion of startups
experiencing declines in revenue and cash runway. This
may be partially attributed to the fact that valuations have
yet to fall in-line with historical correction periods.
However, for public fintechs, the opposite could not be
more true. Public US fintech stocks have seen NTM revenue
multiples fall nearly 70% since the same time last year.1 In
fact, a number of notable public fintechs have fallen well
below their last private valuation (LPV), with some even
trading below their Series A and B rounds. The fall in
valuations could serve as an attractive entry point for a
prospective buyer for a take-private transaction. This is
especially true when one considers how much these
companies have scaled since their last private round. For
example, Opendoor Technologies had annual revenue of
$1.8B for fiscal year 2018 (around the time it raised its
Series E2 at a $3.8B valuation). As of the last 12 months
ending June 2022, Opendoor’s revenue stood at $15.4B —
more than 8x the revenue figure from 2018.
These changing financial dynamics could attract private
equity (PE) buyers, especially as global PE buyout dry
powder continues to mount and the “age” of this dry
powder is increasing. With funds generally aiming for
deployment of capital within the first four years, this
suggests that there is still a significant amount of capital
that funds will need to deploy in the near future — or face
the prospect of returning funds to limited partners (LPs).
This need to deploy capital may encourage activity, placing
upward pressure on dealmaking.
US VC-backed Fintech Acquisition Activity3
Aggregate Post-Valuation
Deal Count
$18.4B
Extrapolation
Stage Acquired At
6% Other
137
16% Late-Stage VC
-88%
108
-84%
85
89
55
-82%
$6.7B
$5.2B
$5.0B
-78%
1% Series D+
2% Series C
13% Series B
84
73
-82%
16% Early-Stage VC
$12.3B
22% Series A
$2.7B $2.8B
18% Seed
-75%
7% Accel/Inc
-74%
2017 2018 2019 2020 2021 2022
-72%
-70%
Global PE Buyout Dry Powder, by Vintage4
-60%
Percentage Raised More Than Three Vintages Ago
Amount Raised in Most Recent One, Two or Three Vintages
Amount Raised in Older Vintages
$909B
$823B
$796B
$607B
$722B
21%
23%
19%
-60%
-57%
-43%
Series A
Series B
Series C
Series D+
Undefined Series
Reverse Merger
-36%
17%
17%
2019
2020
$941B
25%
-21%
-13%
-12%
2017
2018
Notes: 1) Data based on public fintech companies within the F-Prime Capital Fintech Index. 2) LPV based on post-valuation of most recent
equity round prior to going public. Data as of 10/31/2022. 3) Data as of 9/30/2022. 4) Note that in some cases, fund vintages are reclassified by
the data provider (Preqin) later in the fund’s life. These charts assume the original fund vintage remains constant throughout the timeframe.
Data for 2022 is as of 9/30/2022; all other years are as of year-end.
Source: PitchBook, Preqin, S&P Capital IQ and SVB analysis.
2021
2022
The State of Fintech: 2022
15
The State of Fintech: 2022
16
Bitcoin Price and US Web3 Company Formations1
Quarterly Formations
Bitcoin USD (BTC-USD)
By any metric, Web3 was the breakout star of the
innovation economy over the last two years. In
addition to massive gains in funding and public
attention, the term itself — a catchall for efforts to
build a new digital economy on cryptographic
networks — became a unifying banner for far-flung
elements of crypto users and builders. As
cryptocurrency prices climbed and non-fungible
token (NFT)-mania took over in 2021, investment
poured into Web3 projects, both on chain and off.
Company formations, as measured by first VC
financings, initially spiked in Q1 2021, increasing 8x
over the next five quarters to peak at 237 formations
in Q1 2022.
Now that the markets have turned, formations are
down. But the floor is now higher than it was before
the spike. It’s a familiar development cycle in the
crypto space. During the last crypto price boom in
2017-18, Web3 company formations jumped in
proportion to the price spike of bitcoin, the dominant
cryptocurrency. The companies seeded from that
spike and the long tail after it built the infrastructure
and applications that enabled the recent growth in
user adoption. Now, the funds raised during the last
boom are building the foundation for the future of
crypto.
Investors clambered for crypto deals in 2021. VC deal
activity in Web3 grew 3.7x from Q1 2019 to Q1 2022,
higher than any other tech sector by far. The
competition for deals spurred some firms to signal
their commitment to the space and capitalize on
LP interest by establishing crypto-specific funds.
The funds attracted $16.5B in funding, led by
Andreessen Horowitz (a16z), which earmarked
$5.5B for crypto investments.
$70K
1,080
Rising cryptocurrency
prices fuel Web3
company formations.
$60K
formations
3x
$50K
$40K
406
2x
formations
$30K
$20K
$10K
14
18
$0K
2017
18
34
64
72
68
2018
60
46
52
44
39
2019
38
30
92
108 114 185 237 210 134
2021
2022
2023
Trailing 90-day VC Deal Count by Sector
Web3
Fintech
Enterprise
Still Raising
Consumer
Frontier Tech
400
$18B
$5.5B
Top Five Firms
$15B
350
$5.5B
$11.0B
$12B
$9.5B
$2.0B
$9B
$1.0B
$6B
$3B
31
2020
US Fundraising in Crypto-specific
VC Funds2
Closed Funds
25
$1.1B
$1.1B
$0B
2017 2018 2019 2020 2021 2022
$800M
$700M
300
250
200
3.7x
increase in deal
activity between
Q4 ’19 and Q1 ’22
150
100
50
0
2019
Notes: 1) Formations counted as first round VC investments. Latest quarter may undercount formations because of a lag in reporting.
2) By vintage year as classified by the data source (Preqin).
Source: PitchBook, Preqin and SVB analysis.
2020
2021
2022
The State of Fintech: 2022
17
User Adoption: Early Internet and Web33
Internet Users
Gen Z
Crypto Users
Millennials
Gen Xers
Baby Boomers
450M
400M
The 250 most popular decentralized apps have a combined
monthly user base of 15.4 million accounts2, equivalent to
Robinhood’s users. Among these users, 34% play games and
26% trade assets on DeFi apps. The others are divided among
NFT markets (14%), gambling apps (15%) and utility apps
(10%), which provide services like domain names. Users may
be split, but nearly all the wealth staked in blockchain apps
goes into DeFi.
100M
About 2.8 million addresses are active daily on blockchains
as of Q3 2022. That’s a 4x increase from Q1 2021, but it’s
down from the peak of 3.3 million in Q4 2021. With crypto
assets down, some crypto owners are logging off for the socalled crypto winter by taking their tokens offline in cold
wallets, which are more secure but make assets unavailable
for trading, buying or exchange. In fitting with the broader
tech slowdown, Web3 development activity is trending down
over the last six months. The number of active developers
working on blockchain projects dropped 25% from Q1 2022
to Q3 2022. The optimistic view is that so-called “cryptotourists” are fleeing now that speculative trading is drying up,
leaving a core group to build lasting value. That may be true,
but a contributing factor could be layoffs. The tech
employment tracker Layoffs.fyi has counted over 6,000 job
losses in the crypto sector in 2022, all occurring in Q2 or
later. Most notably, Coinbase, a centralized exchange, laid
off 1,100 employees (18% of its workforce) in June. These
layoffs could continue as the economic fog grows thicker.
Web3 Developer Activity per Week4
295M
250M
200M
150M
28%
Active
Developers
1M
16%
3.0M
140k
The number of active web3 developers
is down 25% from the peak in Q1 2022.
120k
100k
80k
5.5k
5.8k 5.9k
6.0k
0.7M
0.4M 0.4M
0.2M 0.4M
Q1
Q2
Q3
Q4
Q1
2020
BSC
Q2
5.9k
5.4k 5.4k
2019
2020
Q1
Q2
Q3
2021
Q4
Q1
Q3
2022
$42.7B
$3.4B
DeFi
Buy and trade
crypto assets
2.3M
Q4
Q2
Dollar Balance by Category
4.9k
0k
Q3
Q1
2021
5.2M
20k
Q2
Q4
Top Decentralized Apps by Monthly
Users and USD Balance2
40k
Q1
Q3
4.0M
60k
Q4
2.8M
1.5M
Games
Play-to-earn gaming
6.4k 6.5k 6.5k 6.6k
3.3M
2.1M
Number of Users
160k
Other
0M
Crypto
US
Owners Adults
Number of Commits:
Ethereum
Polkadot
Other
Cosmos
Solana
Bitcoin
Polygon
3.3M
2M
26%
'90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00
'12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22
Solana
growth in Web3
addresses since
Q1 2021.
3M
42%
18%
BSC
4x
26%
50M
0M
4M
32%
users held crypto
assets in 2021,
equivalent to the
number of internet
users in 1999.
300M
Ethereum
12%
It’s still early days in the crypto lifecycle. Compared to the
early internet, crypto’s 295 million global owners puts Web3
at a 1999-level of maturity. But unlike the early internet, most
Web3 users are not here to build community — at least not
actively. They’re here to make money. One recent poll1 found
that 66% of crypto-holders view their assets as an investment
rather than a means of exchange.
350M
Daily Active Web3 Addresses
by Blockchain Network
Q2
2022
2.2M
Q3
Gambling
Bet with
crypto
NFT Markets
Buy and trade
NFTs
Notes: 1) A poll of crypto owners conducted by the analytics firm Morning Consult.
2) Sum of active users on DappRadar’s top 250 most popular apps. Users may overlap. Dollar balance is value of assets in a decentralized
application’s smart contract. 3) Estimate of unique users. 4) Average number of developers tagged to open-source repositories.
Source: Crypto.com, IMF, Morning Consult, DefiLlama, DappRadar, Artemis.xyz and SVB analysis.
1.6M
Social
media,
72k
Utility
Services for
blockchain users
$0.8B
$0.7B
$35M $97M
$47.8B
balance staked
in the top 250
decentralized
applications
The State of Fintech: 2022
18
Total Value Locked (TVL) in
DeFi Platforms2
The vast majority of on-chain wealth is staked in DeFi
apps. These smart contracts attempt to mimic the fiat
securities markets, allowing users to invest in crypto
derivatives and exchange coins and other tokenized
assets. Like the stock market, DeFi apps create the
liquidity needed to fund the growth of other Web3
products and services that could create long-term value
and drive adoption of crypto. But unlike the fiat world,
DeFi is largely unregulated. Those vulnerabilities were
highlighted during the recent downturn as consumers
lost billions from investments in high-risk assets.
From November 2021 to September 2022, the total
value locked (TVL) in DeFi platforms fell 67%. The space
has been rocked by falling asset prices and the collapse
of high-profile crypto projects. In May 2022, the
algorithmic stablecoin Terra became unpegged from the
US dollar, resulting in a cascade of other project
failures. High-profile hacks, like the $625M breach of
the game Axie Infinity, have also plagued crypto, inviting
greater scrutiny from regulators. A quarter of all fraud
losses reported to the Federal Trade Commission (FTC)
from Q1 2021 through Q1 2022 were tied to crypto.
In light of these risks, a growing faction in crypto is going
beyond the call for industry standards and inviting
regulations. In June 2022, a poll of crypto owners1 found
that 48% want crypto regulated at similar or stricter
levels than other financial assets, up from 42% in
January. One promising area of DeFi that could lead
to broader mainstream adoption is collateralized
stablecoins. Unlike algorithmic stablecoins,
these asset-based coins are backed by fiat reserves.
A Treasury Department report from 2021 said
stablecoins like USD Coin (USDC) hold the potential
to support “faster, more efficient, and more inclusive
payments options.”
Losses from Notable DeFi
Hacks since 20213
Size of loss
How do you primarily use
crypto?1
66%
18%
Investment
Both
$150B
$146B
2021
$0M
-67%
2023
-$200M
16%
Money
$100B
2022
-$400M
-$600M
$45B
$50B
-$800M
-$1,000M
-$1,200M
$0B
2020
2021
2022
2023
Market Cap of Stable Coins
USDT
USDC
USTC
DAI
FRAX
Others
$150B
US-Reported Cryptocurrency
Fraud Losses4
BUSD
$1B
$20B+ lost
when Terra
went to zero
$250B
$200B
-$1,400M
$20B
$680M
24%
of fraud losses
reported to the
FTC since January
2021 involved
cryptocurrency.
$10B
$0B
$329M
$100B
$130M
$50B
$0B
2021
2022
$12M
$33M
2018
2019
2020
Notes: 1) Poll of crypto owners by Morning Consult. Money refers to using crypto as a means of exchange. 2) TVL is the value of tokens used for
lending, staking, or liquidity pool participation in a chain's DeFi platforms. The graph shows the average monthly value in Solana, Binance Smart
Chain (BSC), Ethereum, Polygon, Avalanche, and NEAR blockchains. 3) Data aggregated from news reports as of 10/10/2022. 4) Based on fraud
reports to the FTC’s Consumer Sentinel Network.
Source: Morning Consult, DeFi Llama, Federal Trade Commission and SVB analysis.
2021
Q1 2022
The State of Fintech: 2022
19
US CVC Investment in Web3
Notable Companies Bringing
Compliance to Tokenized Finance
TTM Deal Value with CVC Participation
TTM Deal Value with Coinbase Participation
Coinbase Deals as a % of CVC Deal Value
Advocates of Web3 promise a future internet like
the one we have today — only better. Blockchain
protocols would replace the social media apps, web
browsers and productivity tools that now dominate
the centralized internet, giving users more control
over their data and a greater stake in the online
communities where they create and consume
content. For now, that egalitarian internet still
remains to be built. The companies selling
the hammers are the tech giants Web3 is trying
to disrupt.
The most notable vendor in the Web3 stack, for
example, is AWS, which provides computing services
to 32% of Web3 companies, according to SVB data.
LinkedIn and Google are the largest marketing
vendors. Coinbase, a centralized exchange, is the
largest corporate investor in Web3 startups. With
these relationships in place, how decentralized can
Web3 actually be? It’s a core tension in the Web3
narrative. But the reality is corporations are serving
as a needed bridge for crypto projects building a
decentralized internet.
Corporate interest in crypto is driving development
of infrastructure, compliance and risk management
tools that are standardizing the space. Internal
compliance requirements from large companies like
Nike, for example, require vendors — including
blockchain developers — to have insurance. Vouch 1,
a fintech company, has stepped in to underwrite
crypto companies. Chainalysis, a crypto analysis
company, helps combat fraud. Some of the highestvalue crypto projects are those bridging tokenized
products into the corporate world.
Company
$15B
Coinbase deals accounted for
27% of all CVC-backed Web3 deal
value from Q4 2020 to Q3 2021.
$12B
$9B
20%
$0B
8%
7%
$3B
0%
9%
10%
11%
22%
20%
19%
16%
16%
20% 20%
17%
10%
9%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2018
2019
2020
2021
2022
Notable Web3 M&A by Public Companies
Buyer
Target
VC
Raised
Key Product
2018
$1.2B
Digital asset custody for
financial institutions
2014
$536M
Investigation, and risk
management for crypto
2017
$238M
Tax management platform
for cryptocurrency
2018
$160M
Insurance for Web3
companies
2021
$15M
Equity management platform
for tokens
27%
22%
$6B
Year
Founded
Rationale
Most Popular Vendors for Web3
Companies2
Payroll
Adds security for PayPal's
cryptocurrency services.
Provides Nike a foothold in NFTs
and digital assets.
Legal
Marketing
1
Enhances Mastercard’s fraud
monitoring service for cryptocurrency.
2
Grows Robinhood’s crypto exchange
business.
3
Provides Cboe entry to digital asset
spot and derivatives markets.
4
Enables IDT customers to exchange
crypto currencies on their phones.
5
Notes: 1) SVB Financial Group has an investment in Vouch. Vouch is an independent third party and
is not affiliated with SVB Financial Group. 2) By number of companies using the vendor.
Source: PitchBook, SVB proprietary data and SVB analysis.
Computing
The State of Fintech: 2022
20
Dan Allred
Sophie McNaught
Jake Mendel
Josh Pherigo
Andrew Pardo, CFA
Eli Oftedal
Senior Market Manager,
Fintech
dallred@svb.com
Director,
Corporate Ventures
smcnaught@svb.com
Director,
Startup Banking
jmendel@svb.com
Senior Researcher,
Market Insights
jpherigo@svb.com
Senior Researcher,
Market Insights
apardo@svb.com
Senior Researcher,
Market Insights
eoftedal@svb.com
SVB Financial Group has an investment in Vouch. Vouch is an independent third party and is not affiliated with SVB Financial Group.
SVB Financial Group has an investment in NPM. NPM is an independent third party and is not affiliated with SVB Financial Group.
The State of Fintech: 2022
21
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
The material contained in this document, including without limitation the statistical information herein, is provided for informational purposes
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Any predictions are based on subjective assessments and assumptions. Accordingly, any predictions, projections or analysis should not be
viewed as factual and should not be relied upon as an accurate prediction of future results.
Investment Products:
Are not insured by the FDIC or any
other federal government agency
Are not deposits of or
guaranteed by a bank
May lose value
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11.
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This document is not a disclosure by SVB Financial Group and does not convey any information about SVB Financial Group or its performance.
Accordingly, it should not be considered in any way with respect to investment decisions regarding securities of SVB Financial Group. For
information on SVB Financial Group refer to our website at www.svb.com.
Silicon Valley Bank is an authorized foreign bank branch under the Bank Act (Canada).
SPD, SHANGHAI PUDONG DEVELOPMENT BANK, and 浦发银行有限公司 are trademarks, separately and in combination, of Shanghai Pudong
Development Bank, Ltd. in China, and are used under license. SPD Silicon Valley Bank is a Sino-U.S. joint-venture bank of Silicon Valley Bank,
the California bank subsidiary and commercial banking operation of SVB Financial Group, and Shanghai Pudong Development Bank.
Silicon Valley Bank UK Ltd is not licensed to undertake banking business in Denmark or to undertake any other regulated activity in Denmark.
Silicon Valley Bank UK Limited is not licensed to undertake banking business in Sweden or to undertake any other regulated activity in Sweden.
Silicon Valley Bank UK Limited is registered in England and Wales at Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, UK (Company
Number 12546585). Silicon Valley Bank UK Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct
Authority and Prudential Regulation Authority (Firm Reference Number 543146).
Silicon Valley Bank Germany Branch is a branch of Silicon Valley Bank. Silicon Valley Bank, a public corporation with limited liability
(Aktiengesellschaft) under the laws of the U.S. federal state of California, with registered office in Santa Clara, California, U.S.A. is registered
with the California Secretary of State under No. C1175907, Chief Executive Officer (Vorstand): Gregory W Becker, Chairman of the Board of
Directors (Aufsichtsratsvorsitzender): Beverley Kay Matthews. Silicon Valley Bank Germany Branch with registered office in Frankfurt am Main is
registered with the local court of Frankfurt am Main under No. HRB 112038, Branch Directors (Geschäftsleiter):Phillip Lovett, Dayanara Heisig.
Silicon Valley Bank, Silicon Valley Bank UK Ltd and SVB Financial Group UK Limited are not licensed in Ireland to undertake banking business in
Ireland or to undertake any other regulated activity in Ireland. SVB Financial Group UK Ltd. is registered in England and Wales at Alphabeta, 1418 Finsbury Square, London EC2A 1BR, UK under No. 5572575.
SVB Israel Advisors Ltd. is a subsidiary of SVB Financial Group. Neither SVB Israel Advisors nor SVB Financial Group is licensed to conduct
banking business or provide other financial services in Israel and neither engages in unlicensed banking activities. Banking services are
provided by Silicon Valley Bank, a member of FDIC. Silicon Valley Bank is not supervised by the Supervisor of Banks in the Bank of Israel but by
the US Federal Reserve Bank and the California Department of Financial Protection and Innovation (DFPI).
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© 2022 SVB Financial Group. All rights reserved. SVB Financial Group (SVB) is the holding company for all business units and groups. SVB, SVB
FINANCIAL GROUP, SILICON VALLEY BANK, SVB SECURITIES, SVB PRIVATE, SVB CAPITAL and the chevron device are trademarks of SVB Financial
Group, used under license. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank
subsidiary of SVB Financial Group (Nasdaq: SIVB).
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23
SVB is the financial partner of the innovation economy,
helping individuals, investors and the world’s most
innovative companies achieve their ambitious goals.
SVB’s businesses — Silicon Valley Bank, SVB Capital,
SVB Private and SVB Securities — together offer the
services that dynamic and fast-growing clients require
as they grow, including commercial banking, venture
investing, wealth planning and investment banking.
Headquartered in Santa Clara, California, SVB operates
in centers of innovation around the world. Learn more
at svb.com/global.
www.svb.com
@SVB_Financial
Silicon Valley Bank
@SVBFinancialGroup
See complete disclaimers on previous pages.
© 2022 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, and the chevron device are
trademarks of SVB Financial Group, used under license. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System.
Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB).
The State of Fintech: 2022
24