金融科技领域欣欣向荣的另一个迹象是，德国支付软件初创公司Wirecard在德国蓝筹股DAX 30指数中击败了德国第二大银行德国商业银行。与此同时，德意志银行（Deutsche Bank）本月将从欧洲顶级股票指数中跌落。如今，这家总部位于法兰克福的银行市值为204亿欧元（237亿美元），并不比Adyen（187亿欧元）市值高出很多。
上市有时候也不像高管说的那么悲观。当被问及投资银行家是否对Adyen的IPO错误定价时，首席执行官Pieter van der Does承认这家总部位于阿姆斯特丹的公司的股价跳涨幅度比预期高一些。不过，在一封电子邮件中，他指出此次IPO是"一个梦"。这笔交易为股东提供了需要的灵活性。
但并非所有金融科技公司的上市需求都同样迫切。支付公司可以从电子交易的增长和手续费的稳定现金流中获益。Adyen首席执行官表示，该公司的潜在市场"十分巨大且潜力无限"。位于伦敦的Funding Circle这样的P2P贷款服务商的前景则更加不确定。商业模式类似的两家美国上市公司Lending Club和OnDeck的股票在IPO后跌跌撞撞。英国监管机构也提出，应当对这些类型贷款服务商进行严格监管。下一次经济衰退将成为Funding Circle以及其他新兴行业的重大考验。
European fintech startups are parlaying enthusiasm for their budding sector into stock market listings. Seven of these financial firms have announced or completed initial public offerings (IPOs) this year, on pace to set an annual record, according to PitchBook data. The market is humming: Adyen’s stock skyrocketed after the payment processor’s listing, and this week Funding Circle said it’s planning a high-profile IPO.
In another sign of fintech’s rise, Wirecard, a German payment-software startup, dislodged Commerzbank, the country’s second-biggest bank, in the DAX 30 index of blue-chip German companies. Deutsche Bank, meanwhile, is getting dropped (paywall) from Europe’s leading index of top-tier stocks this month. These days, the Frankfurt-based lender’s €20.4 billion ($23.7 billion) market capitalization isn’t much more than Adyen’s €18.7 billion market value.
Not every fast-growing fintech is racing to go public, of course. In April, the CEO of Revolut, a London-based unicorn that touts itself as a bank alternative, said an IPO was still several years away. Becoming a listed company, particularly in the US, has been criticized as too expensive and time-consuming for entrepreneurs. Spotify’s CFO (paywall) said banks demand too much money from companies to manage these offerings. But given the euphoria, it makes sense that more financial upstarts will look to tap the market.
Going public isn’t as gloomy as execs sometimes make it sound. Asked whether investment bankers had mis-priced Adyen’s IPO, CEO Pieter van der Does admitted the Amsterdam-based company’s stock price jump was bigger than expected. Still, he said in an email that the offering was “a dream.” The deal gave shareholders the flexibility they were seeking.
Fintech listings are also an opportunity for ordinary investors who have otherwise been “deprived” of taking stakes in the most promising companies, according to Eyal Malinger, investment director at venture capital firm Beringea. And startups get access to additional funding through share offers, as well as currency for acquisitions, which are “valuable upsides,” he said.
But not all fintechs are in equally high demand. Payment companies are in line to benefit from the growth in electronic transactions and a steady cash flow from charging fees. Adyen’s CEO said the the company’s addressable market is “huge and nearly limitless.”
The prospects for peer-to-peer lenders like London-based Funding Circle are more uncertain. Shares in Lending Club and OnDeck, two US-listed companies with similar business models, stumbled after their IPOs. UK watchdogs have also proposed tightening regulations for these types of lenders. The next economic downturn will be a major test for Funding Circle, and the rest of the nascent sector.
Still, more IPOs are probably on the way. Beringea’s Malinger says the window for public offerings is opening, and he thinks “many more will flow and follow.”