Fintech was on fire in 2021, with 77 public listings — including eight of largest 10 fintech exits in history. However, in 2022 public investors re-appraised many fintech companies by prioritizing capital efficiency, and shifting their valuation multiples from SaaS to traditional financial services businesses. Macroeconomic uncertainty abounds and rising interest rates will help some businesses while hurting others. The F-Prime Fintech Index was down 72% for 2022, with the average company in the Index falling 56% during the year.