some interesting datapoints on the new fintech liquidity supercycle by FT Partners (who ran the $4.2b Equinity <> Bullish deal and Digital Asset's $355m series F):
late stage crypto leads multiples
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scaled fintech's traction is at all time highs: Nu's and Revolut's customer bases are outpacing the 2 largest US banks, while Stripe and Revolut are heading for double digit $b in revenues
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US companies rack in more venture funding than EU by almost 2x (no surprises here)
Sep 28, 2026 · 10:56 AM UTC
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IPO activity is ticking up, but still low compared to past cycles. the major change is that companies are more profitable than ever, and revenues per employee almost tripled
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