PitchBook：2025年4季度金融科技与支付公开报表和估值指南报告（英文版）

New listings amid mixed IPO performance: Our comp table now includes Navan and Wealthfront after their recent IPOs. The IPO window remains open entering 2026, but recent fintech public listings have seen varied performance. As of January 20, 2026, relative to their IPO prices, Circle (+135%), Figure (+187%), and Bullish (+5%) have seen positive share movement, while eToro (-41%), Chime (-5%), Klarna (-32%), Navan (-44%), and Wealthfront (-37%) have conversely seen negative returns. Performing