Investors more selective when evaluating fintechs
The shares of financial technology companies, known as fintechs, experienced a day of strong growth on Tuesday in global markets and in Brazil. However, an analysis of the performance of the segment’s shares throughout the year clearly shows that, in the background, there was a change in the mood of investors towards fintechs.The Banco Inter unit, for example, remains far from the peak of R$84.90 seen on July 21. The fintech’s stocks closed Tuesday’s trading session at R$37.02 after a rise of 12.15%. To return to the top, from the current position, the unit would have to grow 129.33%.Banco Pan performance is in line with its competitor. The preferred share (PN) of the digital financial institution controlled by BTG Pactual reached the highest price of the year, on June 23, R$25.58. Even with a high of 6.48%, the share closed at R$12,49 on Tuesday. That means that the current price is still 104.8% distant from the peak seen at the end of the first half of the year.The share of Mosaico, the controlling shareholder of platforms such as Zoom, Buscapé and Bondfaro, reached a high of R$ 41.03 on February 8. Since then, the value has fallen gradually. In Tuesday’s session, it closed at R$9.96 after an elevation of 6.75%. Even with the recovery, the stock needs to appreciate 310% to return to the peak of the beginning of the year.But what has changed over the last few months? Managers, analysts and executives consulted by Valor see the oscillations as part of the game. "The Brazilian companies in the technology world have a higher level of volatility because the Brazilian market has its peculiarities: we are seeing an increase in interest rates that impacts the cost of capital for these companies and naturally brings more volatility," says the head of variable income and capital markets at Citi, Marcelo Millen. "I don’t think there is a saturation of launching new fintechs, but perhaps investors will become more selective, particularly in Brazil. According to the executive, "it is a moment in which investors are more sensitive to what is happening in the macro environment."A source who asked to remain anonymous affirms that venture capital funds have learned the lessons of the dotcom bubble in the early 2000s. According to the source, the scenario today is completely different. Digitalization has spread across all sectors and there are a number of new technologies still in their early stages, which amplifies the opportunities. The source, however...
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