Global

The EM fintechs with the strongest operating models

  • Contribution margin and the payback period for customer acquisition costs are important fintech performance indicators

  • Lending fintechs lead on both metrics, making them the most profitable fintech sub-segment. Digital banking lags

  • Comparing valuations against these measures highlights 360 Digitech, Fawry and Waterdrop as attractive investments

April 29th, 2022
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").

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