TechBreakdowns Fintech COMPLETE Index

Introducing TechBreakdowns Fintech COMPLETE Index: A curated list of growing fintech companies meeting specific criteria. Includes quarterly rebalancing, tracked against S&P 500 and NASDAQ.

TechBreakdowns Fintech COMPLETE Index
Photo by Nick Chong / Unsplash

As part of our ongoing coverage of various tech sectors, we are excited to introduce a new indices section on Kicking off this section is our focus on fintech.

If you're interested in following along, there will soon be a page holding all indices on Updates will also be provided via the TechBreakdowns newsletter of all indices during their rebalancing periods.

This index aims to encompass the entire fintech sector, with a specific focus on growing companies. Here are the criteria for inclusion:

  1. Market Cap: The equity must have a market cap above $250 million.
  2. Revenue Growth: The equity should have shown revenue growth over the last three years (ideally, >5%).
  3. Fintech Focus: The equity should generate, or be expected to generate, a significant portion of its revenues from the intersection of finance and technology.
  4. U.S. Listing: The equity should be listed on a U.S. exchange (ADRs are acceptable).
  5. Liquidity: The equity should be liquid, with an average daily trading volume exceeding $5 million.

Growing Revenues

To ensure the index is not weighed down by low-growth names, we have set growth criteria. However, there will be some flexibility:

  1. IPOs: For instance, if Stripe were to go public this year without providing three years' worth of growth data, it could still be included if the available data meets our criteria.
  2. Contextual Growth: Companies like Block (SQ), which did not grow in 2022 due to extraordinary circumstances like the COVID-19 pandemic, will be considered based on their overall growth trajectory. Discretion will be applied, and updates on inclusions or removals will be provided.

Defining "Fintech"

There is no universal definition of fintech. Inclusion or exclusion from the index will be based on TechBreakdowns' decisions, with reasoning provided during quarterly updates.


The index will be rebalanced quarterly, adding new equities, removing others, and balancing equally. Rebalancing will occur on weekends using the last closing prices.


The index will be tracked on the TechBreakdowns index page with regular updates. We will benchmark it against the S&P 500 and the NASDAQ. Dividends will not be tracked.

Initial Portfolio

The portfolio will start with $10,000. We will also track $10,000 invested in the two benchmark indices. Here are the initial stocks in the TechBreakdowns Fintech COMPLETE Index:

TickerNamePriceMarket Cap ($B)
ADYEYAdyen Unsponsored Netherl 100 ADR Representing 1 Ord Shs$13.14$38.21
AFRMAffirm Holdings Inc$30.03$9.28
ALKTAlkami Technology Inc$27.40$2.67
AVDXAvidXchange Holdings Inc$10.79$2.23
BILLBILL Holdings Inc$52.16$5.54
BLBlackline Inc$49.64$3.07
COINCoinbase Global Inc$237.65$58.36
CPAYCorpay Inc$267.93$18.83
CWANClearwater Analytics Holdings Inc$19.10$4.69
DLODlocal Ltd$9.56$2.83
FLYWFlywire Corp$18.33$2.28
FOURShift4 Payments Inc$68.29$5.98
GLBEGlobal-E Online Ltd$29.42$4.91
GRABGrab Holdings Ltd$3.66$14.47
HIPOHippo Holdings Inc$18.20$0.44
HOODRobinhood Markets Inc$20.51$18.02
HQYHealthequity Inc$79.27$6.90
INTAIntapp Inc$36.18$2.66
INTUIntuit Inc$606.99$169.94
LDILoandepot Inc$1.94$0.63
LMNDLemonade Inc$16.31$1.15
LSPDLightspeed Commerce Inc$15.15$3.11
MAMastercard Inc$451.18$419.42
MELIMercadoLibre Inc$1,693.57$85.86
MSCIMsci Inc$493.00$39.06
NCNOnCino Inc$30.66$3.51
NUNu Holdings Ltd$11.73$55.90
OLOOlo Inc$4.61$0.74
OSCROscar Health Inc$20.56$4.88
PAGSPagSeguro Digital Ltd$12.27$7.18
PAYPaymentus Holdings Inc$19.07$2.37
PAYOPayoneer Global Inc$6.03$2.25
PYPLPayPal Holdings Inc$61.64$64.48
RELYRemitly Global Inc$13.70$2.64
SHOPShopify Inc$56.97$100.59
SOFISoFi Technologies Inc$6.92$7.32
SPGIS&P Global Inc$438.24$137.13
SQBlock Inc$66.34$40.93
STNEStoneCo Ltd$14.29$10.17
TOSTToast Inc$25.46$14.13
VVisa Inc$274.49$549.25
WPLCFWise PLC$10.10$8.26
XROLFXero Ltd$83.18$20.42
ZUOZuora Inc$9.97$1.48