There is no continuous order book in late-stage private fintech. Wholesale buyers still need a defensible answer for what is a fair clearing price on a parcel of Stripe, Revolut or Kraken today.
The last priced primary round, the listed-comparable haircut, and observed secondary clearing levels. Each is incomplete on its own; together they bracket a defensible range.
Share-class subordination (common can be 15–30% below preferred), transfer-mechanic friction, and information rights. Fintech secondaries price closer to listed comps than AI names like OpenAI because cash-flow visibility supports multiple-based underwriting.
Stripe Pre-IPO Revolut Pre-IPO Kraken Pre-IPO OpenAI Pre-IPO IPO Index Investor Platform Fintech Secondary Liquidity Pre-IPO Operating Manual