I have added some companies to the Fintech IPO WatchList that have been public for a while, so that it becomes possible to create some categories for comparables. I have omitted Traditional Fintech (although Fiserv arguably falls in that category) and omitted old banks wth a digital skin (although Virgin Money arguably falls in that category)

1. Lending Club: public
2. OnDeck: S-1
3. Yodlee – public
4. Virgin Money: public
5. SoFi – announced intent
6. Monetise – public
7. Fiserv – public
8. First Data – public

That is just enough for some categorization:

• Lending Disintermediation = 3 (Lending Club, OnDeck, SoFi).
• White Label = 4 (Yodlee, Monetise, Fiserv, First Data)
• Full Stack Bank = 1 (Virgin Money)

Lending Disintermediation” (aka Specialty Credit) is crossing the chasm thanks to the Lending Club IPO.

There are till no IPOs in the Bitcoin space (in this post I speculate on who might be first).

In the existing public companies in the White Label category, each has a clear positioning:

FirstData: the paymemts stack guys

Fiserv: the power behind the small banks

Monetise: the power behind mobile money

Of course we can also add Mastercard, Amex and Visa to this list. The stock play when we get a Bitcoin IPO will be fun – buy one, short the other.

A rising IPO tide will lift a lot of boats. This will drive M&A in the sector and that will encourage early stage funding. The existing comparables may get a valuation multiple upgrade and that could be the easy bet.