Can Stripe avoid public fintech's troubles?

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The Daily Pitch: VC

October 10, 2023

The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data

In today's Daily Pitch, you'll find:

Our Q3 valuations data for public companies in the fintech & payments and agtech sectors

Could the FTC's Amazon lawsuit have any effects on startups?

There's a mega-fund drought in Greater China

General Catalyst bucks VC custom with plans to acquire an entire health system

Today's Top Stories

Will Adyen's woes ripple out among fintechs to squeeze Stripe?

After Stripe peer Adyen's disappointing H1 earnings release, we compare the public company's multiples to Stripe's valuation. Some investors expect Stripe will be negatively affected by the competitive pressures that are squeezing Adyen in North America. Median returns for fintech stocks overall were drab in Q3, but two categories did earn positive, yet meager, median returns—the high-growth fintech group and the neobanks, brokers, and crypto group.

Our Q3 2023 Fintech & Payments Public Comp Sheet and Valuation Guide tracks stock performance and valuations—as well as forecasts for revenue, EBITDA, EBITDA margins, and earnings per share—for key publicly traded companies.

see the data

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Navigating the FTC's Amazon lawsuit

The case that the Federal Trade Commission is bringing against ecommerce giant Amazon is landmark—but what effects, if any, will it have on startups within the space? Our latest analyst note dives into the lawsuit, what the FTC is alleging, what the potential outcome may be, and how it all could benefit startups in the end.

read it now

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A message from Allvue Systems

2023's biggest PE deals so far

The private equity market is experiencing a slowdown compared to years past, with fundraising, deal pipelines, and exits quieting down. That said, 2023 has still seen some impressive private equity deals, particularly in the taking private of public companies.

Sort through some of the biggest private equity deals to be announced so far in 2023 and download the regularly updated list for your own reference and analysis.

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General Catalyst to buy healthcare system in unprecedented VC move

(sshepard/Getty Images)

VC firm General Catalyst has announced it plans to purchase a health system and has created an offshoot company to do so. While the firm has invested in healthcare before, this is by far the biggest move it has taken yet—and something a VC firm has never done before.

Canada resilient in attracting inbound M&A from U.S.

Although global M&A activity has dragged under the weight of economic uncertainty, higher interest rates and uneven stock market performance, the Canadian market has remained relatively resilient in attracting inbound M&A.

Canada remained the second most popular destination for U.S. outbound M&A by deal volume over the first half of 2023, a position it enjoyed throughout each of 2022, 2021 and 2020. A relatively weaker Canadian dollar has also been a positive factor on this front as well as in spurring continued global inbound M&A into the country.

Throughout the turbulence (highs and lows) of the last 3+ years, FASKEN has consistently led Canadian M&A deal tables, and to further assist dealmakers it has prepared a comprehensive overview of U.S. private M&A into Canada.

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People

Luther Lowe, Yelp's former public policy chief is moving to Y Combinator as its new head of public policy, Axios reported.

VC Deals

Austin's Saronic raised a $55 million Series A led by Caffeinated Capital, TechCrunch reported. The defense-tech startup builds autonomous ships.

Swiss biotech startup LimmaTech Biologics raised a $37 million Series A co-led by Adjuvant Capital, AXA IM Alts and the Novo Holdings Repair Impact Fund.

Indian insurtech company Onsurity secured $24 million in a Series B led by the International Finance Corporation, according to reports.

Singapore-based fintech startup CrossFund raised $1.5 million at a $47 million valuation. Investors in the round included UI Investments and Australian Gulf Capital.

Don't miss our upcoming webinar

The leveraged loan secondary market is enjoying what may be its best year since 2008, marked by rising returns, renewed interest in extensions, and potential repricing opportunities. These developments coincide with the highest level of refinancing activity since 2017—as well as growing momentum for high-yield bonds.

In this webinar, experts from LCD will examine the trends that have defined the market so far in 2023, along with what developments to expect in Q4.

Register now to secure your spot.

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PE Deals

EQT is set to buy one of Australia's largest veterinary franchises, VetPartners, Australian Financial Review reported.

Agilitas Private Equity-backed Danish IT infrastructure company Aeven plans to acquire cloud solutions provider Sentia.

Gulf Capital-backed Eclat Health Solutions bought the health information management division of Excite Health Partners.

QHP Capital acquired Bay Area-based Applied StemCell, a contract researcher and drug developer focused on gene therapies.

Online training specialist 360Learning, backed by Sumeru Equity Partners and Silver Lake, acquired French disruptive AI-powered skills provider eLamp.

Fundraising

Mining-focused manager Appian Capital closed its third fund on $2.06 billion. The new vehicle will target energy transition commodities and precious metals.

Accolade Partners raised a $325 million fund to back venture and growth-equity funds led by women and people of color, The Wall Street Journal reported.

Michigan-based Grand Ventures closed its $50 million Fund II, which will invest in seed-stage startups.

Investors

Caz Investments committed $200 million for a minority stake in Grafine Partners, a New York-based firm that specializes in GP stakes investments.

Chart of the Day

"Startups within the prepurchase segment help shoppers discover relevant products across shopping channels. For generative AI platforms, this segment includes search providers, image and text generation platforms, and content marketing services. This segment is data driven and intensely competitive as startups compete with the enormous data graphs, network effects, and capital of incumbents such as Google, Amazon, and OpenAI."

Source: Generative AI in E-Commerce

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Can Stripe avoid public fintech's troubles?

Canada resilient in attracting inbound M&A from U.S.

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Generative AI dealmaking ebbs

Liquidation preferences put VCs into conflict

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