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CategoryCompanyExit YearIPO /
Acquisition		AcquirerExit ValuationCurrent ValuationWedgeNetwork effects, Economies of Scale, or OtherwiseDegree of Reliance on Network EffectsDirect / Indirect Network EffectsBrief ExplanationGetting past the cold start problem. Supply or demand first? Tricks, etc.
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BlockchainCoinbase2021IPO$86,000,000,000
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PaymentsPayPal2015IPO$52,000,000,000Network effectsHighIndirect
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BankingNubank2021IPO$41,000,000,000
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Wealth ManagementRobinhood2021IPO$32,000,000,000Free stock trades
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LendingAfterpay2021AcquisitionSquare$29,000,000,000BNPLNetwork effectsHighIndirectMerchants > more borrower awareness > more merchant requests > more merchants.
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Data, Analytics, FraudRefinitiv2019Acquisition$27,000,000,000
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LendingAffirm2021IPO$23,000,000,000BNPLNetwork effectsHighIndirectMerchants > more borrower awareness > more loans > more data > better experience.
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PaymentsToast2021IPO$20,000,000,000
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PropTechBlack Knight2022AcquisitionICE$15,800,000,000
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InfrastructureMarqeta2021IPO$12,000,000,000
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PaymentsWise2021IPO$11,000,000,000Network effectsHighDirect
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Wealth ManagementSoFi2021IPO$8,650,000,000P2p student loans
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Business Financial ManagementAvalara2022AcquisitionVista$8,400,000,000
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Business Financial ManagementCoupa2022AcquisitionThomabravo$8,000,000,000
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HealthTechSignifyHealth2023AcquisitionCVS$8,000,000,000
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Data, Analytics, FraudCredit Karma2020AcquisitionIntuit$8,000,000,000
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BankingnCino2020IPO$6,900,000,000
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PaymentsRemitly2021IPO$6,900,000,000
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InsuranceRoot Insurance2020IPO$6,700,000,000
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InsuranceHippo2021IPO$5,000,000,000
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Business Financial ManagementClearwater Analytics2021IPO$5,000,000,000
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LendingLoanDepot2021IPO$5,000,000,000
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Business Financial ManagementAvidxchange2021IPO$4,800,000,000
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LendingGreenSky2018IPO$4,300,000,000
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Business Financial ManagementEngageSmart2021IPO$4,200,000,000
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PropTechBlend2021IPO$4,000,000,000
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Data, Analytics, FraudDefinitive Healthcare2021IPO$3,900,000,000
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InfrastructurePayoneer2021IPO$3,300,000,000
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PaymentsSquare2015IPO$3,000,000,000Free POS card reader
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BankingDave2022IPO$3,000,000,000
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PropTechDoma2021IPO$3,000,000,000
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PropTechOfferpad2021IPO$2,700,000,000
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InsuranceDuck Creek 2022AcquisitionVista$2,600,000,000
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Business Financial ManagementExpensify2021IPO$2,600,000,000
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Business Financial ManagementDivvy2021AcquisitionBill$2,500,000,000
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Capital Markets TechItiviti2021AcquisitionBroadridge$2,500,000,000
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InsuranceAssurance2019AcquisitionPrudential$2,350,000,000
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InfrastructureTink2021AcquisitionVisa$2,149,000,000
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InfrastructureAlkami2021IPO$2,000,000,000
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LendingFunding Circle2018IPO$2,000,000,000
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Data, Analytics, FraudNerdwallet2021IPO$2,000,000,000
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BankingAspiration2021AcquisitionInterPrivate Financial Partners$1,943,000,000
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Capital Markets TechEnfusion2021IPO$1,900,000,000
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PaymentsMindbody2018AcquisitionVista$1,800,000,000
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Business Financial ManagementBilltrust2022AcquisitionEQT$1,700,000,000
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LendingAcima2020AcquisitionRent-A-Center$1,650,000,000
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InsuranceLemonade2020IPO$1,600,000,000
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BankingOportun2019IPO$1,400,000,000
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PaymentsPaya2020IPO$1,300,000,000
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Data, Analytics, FraudTruebill2021AcquisitionRocket Companies$1,275,000,000
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PropTechSimpleNexus2021AcquisitionnCino$1,200,000,000
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Capital Markets TechBetaNXT2022AcquisitionMotive Partners$1,110,000,000
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InfrastructureTechnisys2022AcquisitionSoFi$1,100,000,000
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InsuranceMetromile2020IPO$1,000,000,000
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LendingLending Club2014IPO$1,000,000,000P2p loansHigh
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LendingBillMeLater2008AcquisitionPayPal$945,000,000Alternative checkoutNetwork effectsHighIndirect
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InfrastructureRepay2021IPO$900,000,000
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PaymentsXoom2015AcquisitionPayPal$890,000,000
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Data, Analytics, FraudEkata2021AcquisitionMastercard$850,000,000
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LendingKabbage2020AcquisitionAmerican Express$850,000,000
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Data, Analytics, FraudThreat Metrix2018AcquisitionLexis Nexus$830,000,000
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InfrastructureBraintree2013AcquisitionPayPal$800,000,000
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LendingTaulia2022AcquisitionSAP$800,000,000
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InfrastructurePayrix2022AcquisitionFIS$800,000,000
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LendingFair Square Financial2021AcquisitionAlly$750,000,000
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InfrastructureFinxact2022AcquisitionFiserv$650,000,000
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Data, Analytics, FraudKount2021AcquisitionEquifax$640,000,000
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Business Financial ManagementInvoice2go2021AcquisitionBill$625,000,000
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HealthTechInstaMed2019AcquisitionJP Morgan Chase$500,000,000
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InfrastructureSafetyPay2021AcquisitionPaysafe$441,000,000
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HealthTechVisitPay2021AcquisitionR1 $300,000,000
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PropTechLendInvest2021IPO$272,000,000
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Data, Analytics, FraudAccertify2010AcquisitionAmerican Express$150,000,000
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PaymentsVenmo2012AcquisitionBraintree$26,000,000Network effectsHighDirect
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