It's not entirely fair to compare bank failure sizes across times, even inflation adjusted [1]. The rate of asset price growth since 2008 far outstrips inflation.
IMO the frequency of bank failures is more worrying. They tend to come in waves [2].
It feels like so much of the IPO class of 21-22 was just a 0 interest rate phenomenon. I did this analysis of fintech IPOs last year. So many of them are down by 80% and growth is slowing. https://yarn.pranshum.com/ipos_int
Generally, this has been a pretty terrible year across the board for Fintech.
A number of stocks are down by over 80%, when the S&P 500 was down about 22%.
The standout fintech stock is DAVE, which is down an amazing 97%!
A common argument for why it is happening is that investors are moving to safer stocks, as interest rates rise. But this is only partially true: a bunch of the businesses are genuinely doing worse. Eg, Coinbase's revenue is down 27% QoQ, Upstart revenue is down 30% QoQ, Affirm revenue is flat and no longer growing.
And most of the sector is super unprofitable, burning a ton of money. Lemonade's margins are -120%.