Fintech is a rapidly expanding sector which covers a huge range of business models and the valuation process for valuing these companies will vary accordingly.  If they hold loans on the balance sheet, then we may be able to utilise more traditional techniques and value them like a bank using either equity cashflows or comparable multiples.  However, if they are true peer to peer lenders and not holding loans on their balance sheet, they don’t get interest income, they collect loan origination and servicing fees, so we can value them in a similar manner to services/tech companies using a variety of methods.  In the case of a robo-advisor, we can value them like any asset manager is valued and if the company is pre-revenue, we would look at the terms of the company’s last financing round, and adjust it based on subsequent rounds by comparable analysis as with any venture funding round valuation.  Fintech valuation is certainly more complex than traditional company valuation but the principles are the same.