December 5, 2023

with the market Fintech valuations have changed dramatically since the height of the venture capital boom in 2021, and fintech valuations have changed accordingly.

With a few exceptions, the valuations of the once most valuable companies in fintech have fallen sharply, according to an analysis of secondary stock activity analyzed by, a firm that builds pricing tools for private markets.

One of the most notable examples of the decline is payments giant Stripe, which raised a funding valuation of $95 billion in March 2021. According to Notice, the company’s secondary market valuation peaked at nearly $200 billion in January 2022 (!), leaving employees frustrated and understandably wondering why the company didn’t go public at the time. But as of this writing, its secondary market valuation has plummeted 73% to $52.5 billion.

Only three fintech startups have actually increased their secondary valuations since January 2022: HR/payroll startups Rippling, Gusto and Deel. The companies’ valuations climbed 103%, 5% and 37%, respectively, to $13.2 billion, $10 billion and $6.5 billion, according to Notice.

Greg Martin (co-founder and managing director of secondary trading platform Rainmaker Securities) told TechCrunch+ that while some fintech unicorns are indeed strong businesses, just a little overpriced, others are not quite back to reality. “Others holding on to valuations may take longer to bottom out and find a way back up and have momentum,” Martin said.


Notice founder and CEO Tyson Hendricksen said the private market is a great way to see how a company is doing between funding rounds.