Stripe remains the most valuable privately held fintech company despite a 47% decline in valuation, while Klarna suffered an 85% valuation drop and fell off the top 10 list entirely. The lack of new companies with huge funding rounds resulted in a lower turnover on the list this year.

However, Bolt and Alchemy made it to the list with valuations of $11 billion and $10.2 billion respectively, although the cut-off for making the list has declined from $12 billion. OpenSea, a peer-to-peer marketplace for NFTs, has reached a valuation of $13.3 billion and earned its founders the title of first NFT billionaires.