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1、Fintech sector updateQualitative insights into broader Fintech trends and public and private valuations across the transaction spectrum,and interviews with todays leaders transforming the sector.Important disclosures appear at the end of this reportGP Bullhound Corporate Finance Ltd and GP Bullhound

2、 Asset Management Limited are authorised and regulated by the Financial Conduct Authority GP Bullhound Inc is a member of FINRAGP Bullhound Luxembourg S.R.L.is regulated by the CSSF in LuxembourgQ1 20232Q1 2023 Fintech sector updateAbout usPublic comparablesTransaction trendsPublic company analysesC

3、EO commentaryTakeawaysTHE VIEWQ1 Fintech perspectives from GP BullhoundAI takes centre stage in the evolution of fintech AI is transforming the financial services industry by improving efficiency,reducing costs,and adding value to customer experiences Key areas to watch include enhanced fraud detect

4、ion,predictive analytics,and automated investing As AI technology evolves,ethical and regulatory considerations will need to be addressedCFO priorities are changing and becoming more digital-first Enhancing the performance and technology stack within finance teams has been one of the most critical a

5、reas of fintech Emergence of API-led companies in the space,focused on full-stack and sub-vertical solutions,have sparked significant interest in the spaceZKPs could be a game changer in fintech A Zero-Knowledge Proof(ZKP)is a cryptographic method that allows one party to prove to another party that

6、 a certain statement is true without revealing any additional information about the statement ZKPs can enable faster and cheaper payments by reducing the need for intermediaries and reducing the risk of fraud and data breaches3Q1 2023 Fintech sector updateA LEADING TECHNOLOGY ADVISORY AND INVESTMENT

7、 FIRM,PROVIDING TRANSACTION ADVICE AND CAPITALGP Bullhounds recent Fintech activityInvestment BankingInvestment ManagementACQUIRED BYACQUIRED BYACQUIRED BYINVESTMENT BYINVESTMENT BYINVESTMENT BYACQUIRED BYINVESTMENT BYINVESTMENT BYACQUIRED BYINVESTMENT BYINVESTMENT BYINVESTMENT BYINVESTMENT BYINVEST

8、MENT BYINVESTMENT BYINVESTMENT BYAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysFund IFund IIIFund IIIFund IVFund IV4Q1 2023 Fintech sector updateGP BULLHOUNDS SECTOR TAKEAWAYS Where is fintech headed with the exponential rise in AI?AI takes centre stage in

9、 the evolution of fintechSource:Juniper Research,Accenture,PwC,Deloitte,Federal ReserveAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysINVESTMENT BYINVESTMENT BYACQUIRED BYSelect transactions Artificial Intelligence(AI)has become increasingly prevalent in th

10、e fintech industry over the past few years,revolutionising the way financial services are delivered,but even more so in AIs meteoric rise in 2023.According to a report by PwC,AI is settocontribute$15.7tn to the global economy by 2030,cementing its position as the technology to watch The financial se

11、rvices industry accounts for a significant portion of the growth in AI.In fact,the AI segment of fintech has seen significant growth in recent years,with the market size of AI-powered financial services set to increase from$12bn in 2021 to over$44bn in 2030 As AI technology continues to evolve,we ca

12、n expect to see even more significant changes in the financial services industry.AI-powered systems have already shown the potential to improve efficiency,reduce costs,and provide better customer experiences.But in the coming years,we can expect to see AI being used to automate routine tasks,such as

13、 customer service inquiries and data entry,freeing up human employees to focus on creating further value to be passed on to consumers Additionally,AI will enable financial institutions to make more informed decisions by analysing vast amounts of data to identify trends and predict outcomes.The rise

14、of AI in fintech presents exciting opportunities for both financial institutions and consumers,but it also raises important ethical and regulatory questions that will need to be addressed as the technology continues to develop Three key areas to keep an eye on moving forward:Enhanced fraud detection

15、:AI will save the financial services industry an estimated$22bn by 2023 by providing streamlined and automated fraud detection and prevention systems.AI-powered systems can analyze vast amounts of data and identify patterns that may be missed by human analysts.Considering the shift to digital system

16、s,digital indentities and consumers having a significantly larger proportion of their financial activities online,AI could prove critical in the improvement of fraud detection Predictive analytics:AI will enable financial institutions to use predictive analytics to forecast future trends and identif

17、y potential risks.According to a report by Deloitte,73%of financial institutions plan to use predictive analytics to make strategic decisions.By using AI-powered systems to analyse customer data and market trends,financial institutions can better make decisions regarding product development,risk man

18、agement,and marketing strategies Automated investing:AI will revolutionise the investment industry by providing automated investment advice and execution to consumers.According to a study by PwC,“robo-advisors”could manage up to$7tn in assets by 2025.Not only are robo-advisors using AI algorithms,fu

19、eled by vast amounts of data,to provide investment advice and portfolio management services,but they are also doing this at a much lower cost in comparison to traditional financial advisors5Q1 2023 Fintech sector updateGP BULLHOUNDS SECTOR TAKEAWAYS How technology is shaping the“office of the CFO”La

20、y of the land for finance functions globally Being digital-first and technology-driven is now a priority for businesses.The days of CFOs with frugal technology budgets havegone,they are now deeply strategic and are required to look past short-term technology costs to identify drivers of value Enhanc

21、ing the performance and technology stack within Finance teams has been one of the most critical areas of Fintech.It islikely that the global accounting software market alone will reach$38bn by 2030 A survey conducted by Gartner found that 82%of CFOs report that their digital investments are now acce

22、lerating The current technology landscape,focused on the finance function,is highly fragmented with tools targeting specific functions.Businesses are addressing each finance activity as a disparate function,with the end-to-end stack not working cohesively Legacy tools still have operations which are

23、 paper-based and require significant manual intervention.This has resulted in an over-hiring in finance teams and a focus on data aggregation across systems,rather than data analysis Technologies that operate across the stack and at scale are dominated by legacy players.However,emergence of newer AP

24、I-led players over recent years has sparked interest in the spaceSource:Gartner,Medium,MRFRAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysACQUISITION BYINVESTMENT BYINVESTMENT BYSelect transactions While the“office of the CFO”landscape is broad,most of the

25、underlying technologies can be allocated to two main buckets:Core finance and accounting systems End-to-end software suites for accounting,primarily focused on bookkeeping and accounting data storage Select players in the space:AccountsIQ,Sage,Xero Case-specific financial applications Solutions targ

26、eted on specific finance functions e.g.AR&invoice management,TMS,tax and spend management Select players in the space:AccessPay,Payhawk,Nomentia While CFOs are still in the adoption phase of these technologies,there remains a large opportunity to augment existing solutions and catalyse process autom

27、ation with artificial intelligence and machine learningWhere we are seeing innovation?6Q1 2023 Fintech sector updateGP BULLHOUNDS SECTOR TAKEAWAYS Are zero-knowledge proofs the future in fintech?Zero-knowledge proofs(ZKPs)can enable secure and efficient transactions in financial services A Zero-Know

28、ledge Proof is a cryptographic method that allows one party to prove to another party that a certain statement is true without revealing any additional information about the statement.This means that ZKPs can help maintain privacy and security in financial transactions while reducing the need for in

29、termediaries.In Fintech,ZKPs could be a game changer in payments applications,allowing for faster and cheaper transactions with greater privacy and security One of the key advantages of ZKPs in payments is the ability to reduce transaction costs.Traditional payment systems requireintermediaries,such

30、 as banks or payment processors,to facilitate transactions,which increases costs for consumers and merchants.With ZKPs,however,transactions can be directly verified by the parties involved,eliminating the need for intermediaries and reducing transaction costs.This is particularly important for cross

31、-border payments,which can be slow and costly due to the involvement of multiple intermediaries Another advantage of ZKPs is the ability to maintain privacy while still allowing verification.In traditional payment systems,transaction information is often stored in a centralised database,which can be

32、 vulnerable to hacks and data breaches.With ZKPs,however,transaction information is encrypted and verified without the need to reveal any additional information.This means that transaction information can remain private and secure,even in the event of a data breach In addition to payments,ZKPs could

33、 also be used in other areas of fintech,such as identity verification and fraud prevention.For example,ZKPs could be used to verify the identity of a customer without revealing any personal information,allowing forgreater privacy and security in the onboarding process.ZKPs could also be used to prev

34、ent fraud by allowing secure and transparent verification of transactions,without revealing any additional information about the transaction There are already several examples of ZKP-based payments applications in the fintech space:Aztec Protocol developed a ZKP-based protocol for confidential trans

35、actions on the Ethereum blockchain.This allows for private transactions of Ethereum-based assets,including tokens and smart contracts Hydro Protocol:Hydro Protocol is a decentralised exchange(DEX)that uses ZKPs to ensure privacy and security for its users.The protocol enables trustless trading of Et

36、hereum-based assets without the need for a central party to facilitate transactions Dark Matter Labs:The company is developing a decentralised identity verification system that uses ZKPs to ensure privacy and security.The system enables users to prove their identity without revealing any personal in

37、formation,which can help prevent identity theft and fraudAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysINVESTMENT BYINVESTMENT BYACQUIRED BYSelect transactions7Q1 2023 Fintech sector updateGLOBAL SOFTWARE TRANSACTION TRENDSDeal activity continues to be mut

38、ed given market uncertaintyM&A/buyout activity continues to coolM&A/buyout activity continues to skew towards US&CanadaPrivate placements are experiencing a similar trendPrivate placement activity hints at Asia recoverySource:Pitchbook(as of 31 March 2023)Note:(1)Spike in value in Q3 2019 due to fou

39、r extraordinarily large transactions with an aggregate value of c.$185bn:Ant Group/Alibaba($66bn),Worldpay/FIS($48bn),First Data/Fiserv($46bn),and Total Systems Services/Global Payments($24bn);(2)Spike in Asia fundraises value in Q2 2018 was caused by an extraordinarily large investment in Ant Finan

40、cial($14bn)About usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeaways0100200300400500600050100150200250Q1 2018Q2 2018Q3 2018Q4 2018Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Value(LHS)Volume(R

41、HS)0%20%40%60%80%100%Q1 2018Q2 2018Q3 2018Q4 2018Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023AmericasEuropeAsiaOther0%20%40%60%80%100%Q1 2018Q2 2018Q3 2018Q4 2018Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021

42、Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023AmericasEuropeAsiaOther05001,0001,5002,0002,5003,00001020304050Q1 2018Q2 2018Q3 2018Q4 2018Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Total capital invested(LHS)Volume(

43、RHS)(1)(2)8Q1 2023 Fintech sector update0.60.40.30.30.30.30.30.20.62.94.53.46.34.43.82.20.41.0Mortgage&LendingFinancialManagementSolutionsCrypto&DeFiPaymentsWealthManagementBankingInsuranceRegTechConsumer-FacingFintechQ1 2023Q1 2022FINTECH FUNDING ROUND BY SUB-VERTICALMortgage and Lending startups h

44、ave raised more than Payments in Q1 2023(Amounts in$bn)Amounts raised by the fintech subsectors YoY Source:Dealroom.ioAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeaways9Q1 2023 Fintech sector update0.82.01.81.71.31.40.50.30.63.54.33.14.17.14.51.71.81.0Q1 2021Q

45、2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023B2CB2BB2B VS B2C FINTECHSustained weak capital flows into B2C fintech(Amounts in$bn)Amounts raised by B2C vs B2B fintechsSource:Dealroom.ioAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeaways10Q1 2023 Fintec

46、h sector updateNOTABLE SOFTWARE M&A DEALS&PRIVATE FINANCINGSNotable transactions from Q1 2023 M&ASources:Pitchbook,Capital IQ and MergerMarket(as of 31 March 2023),GP Bullhound intelligenceAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysDeal dateTargetBuyerT

47、arget descriptionEV($m)Implied EV/LTM Rev31-Mar-23Financial software for operational finance and card issuance40n.a.27-Mar-23Card operations and credit card platform687n.a.22-Mar-23Provider of a portfolio intelligence platform for startup investorsn.a.n.a.22-Mar-23Provider of loans with gold as coll

48、ateral72n.a.20-Mar-23Open banking provider offering bank aggregation and payments43n.a.16-Mar-23Provider of digitally-enabled life and health insurance 325n.a.06-Mar-23Health intelligence platform for insurance n.a.n.a.01-Mar-23Provider of digital insurance and reinsurance250n.a.01-Mar-23Provider of

49、 SaaS-based cash and treasury management solutionsn.a.n.a.27-Feb-23Provider of omnichannel e-commerce payments platform300n.a.22-Feb-23Provider of retailer financing solutionsn.a.n.a.13-Feb-23Provider of tech-enabled workplace savings and pension solutions206n.a.13-Feb-23Provider of AI-enabled insur

50、ance solutions965n.a.10-Feb-23Provider of integrated payments solutions focused on gaming 415n.a.09-Jan-23Provider of integrated payment and commerce solutions 1,3004.7x09-Jan-23Provider of property and casualty insurance software2,6007.6x01-Jan-23Provider of a credit card program management platfor

51、m275n.a.11Q1 2023 Fintech sector updateNOTABLE SOFTWARE M&A DEALS&PRIVATE FINANCINGSNotable transactions from Q1 2023 Private financingSources:Pitchbook,Capital IQ and MergerMarket(as of 31 March 2023),GP Bullhound intelligenceAbout usPublic comparablesTransaction trendsPublic company analysesCEO co

52、mmentaryTakeawaysDateTargetLeadinvestor(s)Target descriptionCapital raised($m)14-Feb-23Online insurance distribution platform150114-Feb-23Singapore-based neo-bank for SMEs10014-Feb-23Digital assets infrastructure provider6513-Feb-23Partnership enablement platform for private markets13310-Feb-23AI-en

53、abled credit scoring platform10502-Feb-23Provider of a P2P lending platform9301-Feb-23Digital lender and e-commerce platform20024-Jan-23Digital asset infrastructure platform12524-Jan-23Blockchain and Web3 app development platform6018-Jan-23Loan refinancing and personal finance platform3018-Jan-23Buy

54、-now-pay-later platform5806-Jan-23Online micro-loans and credit platform 200DateTargetLeadinvestor(s)Target descriptionCapital raised($m)31-Mar-23Provider of hardware wallets to secure crypto holdings10824-Mar-23Global cross-border payments platform3023-Mar-23Savings and investment platform via open

55、 banking solutions6521-Mar-23Social trading and investments platform 25017-Mar-23Omnichannel digital payments platform20015-Mar-23Payments platform and software integrations6,50001-Mar-23Insurance and investment software12528-Feb-23Provider of digital insurance distribution5528-Feb-23Provider of blo

56、ckchain-enabled process digitisation4127-Feb-23Real-time auto insurance platform3822-Feb-23Provider of a tech-enabled car financing platform12621-Feb-23SaaS platform for payments and merchant services2012Q1 2023 Fintech sector update1.6 3.7 0.6 1.3 1.1 2.1(0.1)0.1 0.4 0.6(0.2)85.9 67.9 49.1 41.4 22.

57、3 14.7 9.0 6.9 5.7 4.1 4.8 3.2 2.5 2.2 1.4 1.0 0.8 0.3Market Cap at 31 March 2023Change in Market Cap vs prior quarterMacroeconomic factors have now been priced in,resulting in fintech equities being relatively stable in Q1 2023GP BULLHOUND SAAS INDEX PERFORMANCEAbout usPublic comparablesTransaction

58、 trendsPublic company analysesCEO commentaryTakeawaysSource:Capital IQ(as of 31 March 2023)Note:Presented on a logarithmic scale13Q1 2023 Fintech sector update5x10 x15x20 x25xMar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22Mar-23GPB Fintech Index-TEV/LTM RevenuesGPB Fintech Index-TEV/NTM RevenuesGP

59、BULLHOUND SAAS INDEX PERFORMANCESell-off continues to impact sector performanceSource:Capital IQ(as of 31 March 2023)About usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysMean:12.2xMean:11.2xAs of 31 March 2023,the Fintech index is trading at 5.9x trailing 12-mont

60、h revenues,which is 51.8%below the 2-year averageAs of 31 March 2023,the Fintech index is trading at 6.0 x next 12-month revenues,which is 46.8%below the 2-year averageContinued volatility tech sell-off due to market fears of rising interest rates that the Fed in the US could lose a grip onRising tr

61、easury yield expectations due to inflation have put pressure on tech valuationsConflict in Ukraine exacerbates weak macroeconomic climateTechnology stocks continued to fall given vulnerability to higher interest rates and slow economic growth14Q1 2023 Fintech sector update020406080100120140 Mar-21 J

62、un-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23GP BULLHOUND SAAS INDEX PERFORMANCEPublic markets while recently recovering are still off highsSource:Capital IQ(as of 31 March 2023)About usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeaways4.0%Financial Data&Anal

63、ytics5.8%HR&PayrollPerformance1 Month3 Months6 Months1 Year2 YearsBanking Technology1.2%3.3%3.4%2.7%(5.8%)Nasdaq1.7%4.3%3.7%6.9%6.6%Financial Data&Analytics1.5%4.0%4.4%4.4%1.0%HR&Payroll1.7%5.8%5.8%7.6%1.1%Payments1.2%3.8%3.4%3.9%(0.9%)L3M Performance4.3%Nasdaq3.8%Payments3.3%Banking Technology15Q1

64、2023 Fintech sector updateGP BULLHOUND SAAS INDEX PERFORMANCEGP Bullhound Fintech indices valuation benchmarksSource:Capital IQ(as of 31 March 2023)Note:Only select logos shown;(1)MeanAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeaways6.3x19.7x32.3%HR&Payroll11

65、.4%EV/2023E revenue(1)EV/2023E EBITDA(1)2023E EBITDA margin(1)Select companiesVerticals 2023E revenue growth(1)7.7x23.1x33.1%Financial Data&Analytics6.8%38.3xOnline Lenders3.5x5.4%30.5%5.7x14.4x30.9%Payments16.9%6.5x22.6x13.9%Banking Technology0.8%16Q1 2023 Fintech sector updateLEADING COMPANIES AND

66、 CEOS TRANSFORMING THE SECTORMaximilian Eber and Maik Taro Wehmeyer,Co-FoundersAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysCO-FOUNDER-TAKTILEMaik Taro WehmeyerTaktile is the an automated decisioning platform for financial services.It allows businesses to

67、 build,run and test automated decision flows simply,quickly and accurately.Taktile helps companies bring products to market quickly,adapt to change rapidly,and constantly improve their margins.Taktile can help lenders determine if someone is eligible for a loan and insurers more accurately price the

68、ir products.“A lot of todays financial world is run on automated decisions.But teams often dont have an easy way to build,run,or evaluate their decision flows.Taktiles low-code platform solves that by making it easy for the right people to own decision design and data integrations.It is the missing

69、piece of the Fintech stack.We empower banks,Fintechs,and insurance companies to act proactively in a constantly-changing environment,eliminate guesswork for their most relevant decisions,and drive profitable growth.”SELECT INVESTORS17Q1 2023 Fintech sector updateLEADING COMPANIES AND CEOS TRANSFORMI

70、NG THE SECTORBrad Goodall,CEO&Co-FounderAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysCEO&CO-FOUNDER-BANKEDBrad GoodallBanked is creating a new global payment network which offers an alternative to existing card schemes and mainstream digital payment metho

71、ds through Pay by Bank.Banked focuses on improving legacy experiences,reducing costs and providing operational efficiencies for merchants,through partnerships with tier 1 banks,payment providers,gateways and tech platforms.Consumers use Pay by Bank without entering financial data via their mobile ba

72、nking app using biometric authentication for a simpler,faster and safer way to pay online.“Building Banked is about creating choice for merchants and consumers.The reality is cards will not go away any time soon but there are absolutely situations where using Pay by Bank makes more sense than a card

73、.It also goes beyond cards,lots of existing payment methods and experiences have a need for smart digitisation to bring efficiencies and better customer experiences.Banked can help merchants lower their fees by up to 90%compared to traditional payment methods,receive funds in real-time and virtually

74、 eliminate fraud.Consumers can have peace of mind from not having to create an account,remember any passwords or share any financial details directly with us,and instead pay through their mobile banking app,which theyre familiar with.Bankeds partnership model with some of the largest banks and payme

75、nt acquirers globally provides additional revenue lines,monetising real-time payment rails locally and around the world.”SELECT INVESTORS18Q1 2023 Fintech sector updateLEADING COMPANIES AND CEOS TRANSFORMING THE SECTORColum Lyons,FounderAbout usPublic comparablesTransaction trendsPublic company anal

76、ysesCEO commentaryTakeawaysFOUNDER ID-PALColum LyonsID-Pal is an award-winning ISO 27001 certified identity verification solution that enables businesses to verify identities and addresses in real time.Offering a blend of industry-leading biometric,document and database checks to streamline AML and

77、KYC in one GDPR-compliant solution,it is available off-the-shelf and integrates with existing processes via an API or SDK.ID-Pal offers global identity verification coverage of more than 6,000 identity documents and 200 verified address data sources to enterprise clients and SMEs across 200 countrie

78、s and jurisdictions.“ID-Pal serves over 30 industries across Ireland,the UK and the US with simple,secure and convenient identity verification.We launched in the UK last year and now over 30%of our revenue comes from there.Its clear the market didnt offer what organisations actually need a solution

79、that is easy to deploy,offers global coverage,robust compliance,and prevents fraud at source.We designed ID-Pal to allow you to create unique regulatory workflows in minutes,so compliance teams enjoy unrivalled customisation for any jurisdiction they operate in.Plus,our unique multi-layered verifica

80、tion approach is the strongest defence against fraud.With security and compliance built in,ID-Pal delivers long-term operational efficiencies while allowing complete digital transformation,out-of-the-box.”SELECT INVESTORS19Q1 2023 Fintech sector updateGP BULLHOUND SAAS INDEX PUBLIC COMPARABLESSector

81、 Trading Statistics Banking TechnologySource:Capital IQ(as of 31 March 2023);Note:Multiples in excess of 75.0 x or less than 0.0 x are considered not-material(n.m.)and are excluded from average calculationsAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysMark

82、et Cap(USDm)EV(USDm)Revenue GrowthEBITDA GrowthEBITDA MarginEV/RevenueEV/EBITDAP/EShare Price PerformanceCompany31/Mar/2331/Mar/2322/2323/2422/2323/24CY2022CY2023CY2024CY2022CY2023CY2024CY2022CY2023CY2024CY2022CY2023CY2024LTMBanking TechnologyMarketAxess14,71614,29313%12%18%14%53.0%55.2%56.1%19.9x17

83、.6x15.7x37.6x31.9x28.1x58.7x50.4x44.1x15%Jack Henry11,00111,2996%6%27%6%27.1%32.5%32.6%5.7x5.3x5.0 x20.9x16.4x15.4x31.2x30.0 x27.1x(24%)Temenos4,9835,7084%9%103%12%20.0%38.7%39.8%6.0 x5.8x5.3x30.1x14.9x13.2x24.7x22.9x20.0 x(29%)Q21,4221,71912%13%n.a.42%(12.0%)10.0%12.5%3.0 x2.7x2.4xn.m.27.2x19.2x78.

84、2x42.7x25.6x(60%)Blend Labs242161(29%)23%n.a.n.a.42.5%(67.0%)(31.5%)0.7x1.0 x0.8x1.6xn.m.n.m.n.m n.m n.m(83%)Mean1.3%12.7%49.3%18.5%26.1%13.9%21.9%7.1x6.5x5.8x22.6x22.6x19.0 x48.2x36.5x29.2x(36.0%)Median6.3%11.9%27.4%13.0%27.1%32.5%32.6%5.7x5.3x5.0 x25.5x21.8x17.3x45.0 x36.3x26.4x(28.9%)20Q1 2023 Fi

85、ntech sector updateGP BULLHOUND SAAS INDEX PUBLIC COMPARABLESSector Trading Statistics Financial Data&AnalyticsSource:Capital IQ(as of 31 March 2023);Note:Multiples in excess of 75.0 x or less than 0.0 x are considered not-material(n.m.)and are excluded from average calculationsAbout usPublic compar

86、ablesTransaction trendsPublic company analysesCEO commentaryTakeawaysMarket Cap(USDm)EV(USDm)Revenue GrowthEBITDA GrowthEBITDA MarginEV/RevenueEV/EBITDAP/EShare Price PerformanceCompany31/Mar/2331/Mar/2322/2323/2422/2323/24CY2022CY2023CY2024CY2022CY2023CY2024CY2022CY2023CY2024CY2022CY2023CY2024LTMFi

87、nancial data&AnalyticsS&P Global110,599124,30611%7%17%12%44.5%46.9%48.9%11.1x10.0 x9.4x25.0 x21.4x19.1x31.0 x27.6x24.0 x(16%)Thomson Reuters61,61265,4465%6%39%8%29.2%38.9%39.9%9.9x9.4x8.9x33.8x24.3x22.4x52.7x39.8x35.0 x30%Moodys56,08462,4977%11%11%16%42.7%44.5%46.5%11.4x10.7x9.6x26.8x24.0 x20.7x36.6

88、x32.9x27.4x(9%)MSCI44,81048,48410%11%14%13%57.9%60.0%60.7%21.6x19.6x17.6x37.3x32.7x29.0 x49.2x43.6x37.6x11%Experian29,97734,2495%8%7%8%35.0%35.8%35.8%5.3x5.0 x4.6x15.1x14.0 x13.0 x25.2x23.1x21.0 x(10%)Verisk Analytics29,68033,5374%7%12%10%50.0%53.5%54.9%13.4x12.9x12.0 x26.9x24.0 x21.9x34.8x35.3x30.1

89、x(11%)Equifax24,99530,6194%10%7%18%32.4%33.4%36.0%6.0 x5.7x5.2x18.5x17.2x14.5x26.9x28.3x22.3x(14%)FICO17,67619,5088%10%36%11%41.7%52.5%53.3%13.9x12.9x11.8x33.4x24.6x22.1x39.6x34.4x29.3x51%FactSet15,87817,36110%6%13%10%35.4%36.2%37.3%9.0 x8.2x7.7x25.5x22.6x20.6x30.1x27.5x24.4x(4%)TransUnion12,00317,3

90、213%8%18%12%31.8%36.3%37.4%4.7x4.5x4.2x14.7x12.4x11.1x17.0 x17.7x14.9x(40%)Black Knight8,91911,635(1%)6%45%11%32.1%46.7%48.7%7.5x7.6x7.1x23.4x16.2x14.6x23.9x26.6x22.1x(1%)Morningstar8,6259,53410%11%36%21%16.4%20.3%22.3%5.1x4.6x4.2x31.0 x22.7x18.8x90.2x39.5x31.1x(26%)BlackLine4,0544,40413%16%n.a.30%(

91、6.9%)12.2%13.8%8.4x7.5x6.4xn.m.60.9x46.7x147.7x73.1x57.7x(8%)Envestnet3,1694,0593%13%169%26%7.6%19.8%22.1%3.3x3.2x2.8x43.0 x16.0 x12.7x31.7x28.1x21.6x(21%)LiveRamp1,4191,0084%12%n.a.46%(9.9%)14.3%18.6%1.7x1.6x1.5xn.m.11.5x7.8x41.5x22.5x17.0 x(41%)Riskified97453615%18%n.a.n.a.(40.2%)(7.7%)(0.9%)2.1x1

92、.8x1.5xn.m.n.m.n.m.n.m n.m n.m(7%)Mean6.8%10.3%34.0%17.2%23.7%33.1%35.1%8.2x7.7x7.0 x27.4x23.1x19.7x46.2x33.7x28.0 x(6.7%)Median5.1%10.0%16.2%12.1%32.1%36.2%37.3%7.5x7.5x6.4x26.8x22.6x19.7x35.7x30.6x25.9x(9.3%)Financial data&AnalyticsS&P Global110,599124,30611%7%17%12%44.5%46.9%48.9%11.1x10.0 x9.4x2

93、5.0 x21.4x19.1x31.0 x27.6x24.0 x(16%)Thomson Reuters61,61265,4465%6%39%8%29.2%38.9%39.9%9.9x9.4x8.9x33.8x24.3x22.4x52.7x39.8x35.0 x30%Moodys56,08462,4977%11%11%16%42.7%44.5%46.5%11.4x10.7x9.6x26.8x24.0 x20.7x36.6x32.9x27.4x(9%)MSCI44,81048,48410%11%14%13%57.9%60.0%60.7%21.6x19.6x17.6x37.3x32.7x29.0

94、x49.2x43.6x37.6x11%Experian29,97734,2495%8%7%8%35.0%35.8%35.8%5.3x5.0 x4.6x15.1x14.0 x13.0 x25.2x23.1x21.0 x(10%)Verisk Analytics29,68033,5374%7%12%10%50.0%53.5%54.9%13.4x12.9x12.0 x26.9x24.0 x21.9x34.8x35.3x30.1x(11%)Equifax24,99530,6194%10%7%18%32.4%33.4%36.0%6.0 x5.7x5.2x18.5x17.2x14.5x26.9x28.3x

95、22.3x(14%)FICO17,67619,5088%10%36%11%41.7%52.5%53.3%13.9x12.9x11.8x33.4x24.6x22.1x39.6x34.4x29.3x51%FactSet15,87817,36110%6%13%10%35.4%36.2%37.3%9.0 x8.2x7.7x25.5x22.6x20.6x30.1x27.5x24.4x(4%)TransUnion12,00317,3213%8%18%12%31.8%36.3%37.4%4.7x4.5x4.2x14.7x12.4x11.1x17.0 x17.7x14.9x(40%)Black Knight8

96、,91911,635(1%)6%45%11%32.1%46.7%48.7%7.5x7.6x7.1x23.4x16.2x14.6x23.9x26.6x22.1x(1%)Morningstar8,6259,53410%11%36%21%16.4%20.3%22.3%5.1x4.6x4.2x31.0 x22.7x18.8x90.2x39.5x31.1x(26%)BlackLine4,0544,40413%16%n.a.30%(6.9%)12.2%13.8%8.4x7.5x6.4xn.m.60.9x46.7x147.7x73.1x57.7x(8%)Envestnet3,1694,0593%13%169

97、%26%7.6%19.8%22.1%3.3x3.2x2.8x43.0 x16.0 x12.7x31.7x28.1x21.6x(21%)LiveRamp1,4191,0084%12%n.a.46%(9.9%)14.3%18.6%1.7x1.6x1.5xn.m.11.5x7.8x41.5x22.5x17.0 x(41%)Riskified97453615%18%n.a.n.a.(40.2%)(7.7%)(0.9%)2.1x1.8x1.5xn.m.n.m.n.m.n.m n.m n.m(7%)Mean6.8%10.3%34.0%17.2%23.7%33.1%35.1%8.2x7.7x7.0 x27.

98、4x23.1x19.7x46.2x33.7x28.0 x(6.7%)Median5.1%10.0%16.2%12.1%32.1%36.2%37.3%7.5x7.5x6.4x26.8x22.6x19.7x35.7x30.6x25.9x(9.3%)21Q1 2023 Fintech sector updateGP BULLHOUND SAAS INDEX PUBLIC COMPARABLESSector Trading Statistics HR&PayrollSource:Capital IQ(as of 31 March 2023);Note:Multiples in excess of 75

99、.0 x or less than 0.0 x are considered not-material(n.m.)and are excluded from average calculationsAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysMarket Cap(USDm)EV(USDm)Revenue GrowthEBITDA GrowthEBITDA MarginEV/RevenueEV/EBITDAP/EShare Price PerformanceCo

100、mpany31/Mar/2331/Mar/2322/2323/2422/2323/24CY2022CY2023CY2024CY2022CY2023CY2024CY2022CY2023CY2024CY2022CY2023CY2024LTMHR&PayrollIntuit125,076130,6828%12%68%11%24.8%38.6%38.0%9.5x8.8x7.9x38.4x22.8x20.7x37.6x30.8x27.9x(7%)ADP92,24794,30411%5%8%11%28.1%27.5%29.0%5.7x5.1x4.9x20.1x18.6x16.7x29.7x26.1x24.

101、2x(2%)Workday53,49750,62516%17%31%22%25.2%28.5%29.5%8.1x7.0 x6.0 x32.4x24.7x20.3x58.3x39.6x32.4x(14%)Paychex41,31040,6248%6%9%8%44.4%44.7%45.3%8.6x7.9x7.4x19.2x17.7x16.4x29.0 x25.8x24.0 x(16%)SS&C14,15821,1245%4%24%7%33.2%39.3%40.4%4.0 x3.8x3.7x12.1x9.7x9.1x12.1x11.7x10.5x(25%)Paycom17,58917,25824%2

102、1%25%22%40.8%41.3%41.7%12.5x10.2x8.4x30.8x24.6x20.1x51.4x40.6x33.0 x(12%)Paylocity11,08611,04032%20%234%23%12.3%31.2%32.1%11.3x8.6x7.2x92.0 x27.6x22.4x53.2x41.3x34.2x(3%)The Sage Group9,77910,6859%7%n.a.10%n.a.23.7%24.4%4.3x4.0 x3.7xn.a.16.9x15.4x29.5x25.6x23.8x11%Xero9,0059,07329%17%55%37%20.9%25.0

103、%29.4%11.8x9.1x7.8x56.5x36.5x26.7x n.m 130.3x73.2x(13%)TriNet4,8354,957(74%)7%(16%)9%11.6%37.7%38.4%1.0 x3.9x3.7x8.8x10.4x9.6x12.8x15.3x14.1x(18%)Blucora1,2601,03113%9%717%9%2.4%17.6%17.7%1.5x1.4x1.3x63.2x7.7x7.1x14.5x16.9x18.5x35%Mean7.3%11.4%115.5%15.3%24.4%32.3%33.3%7.1x6.3x5.6x37.4x19.7x16.8x32.

104、8x36.7x28.7x(5.9%)Median10.8%9.1%28.1%10.5%25.0%31.2%32.1%8.1x7.0 x6.0 x31.6x18.6x16.7x29.6x26.1x24.2x(12.2%)22Q1 2023 Fintech sector updateGP BULLHOUND SAAS INDEX PUBLIC COMPARABLESSector Trading Statistics Online LendersSource:Capital IQ(as of 31 March 2023);Note:Multiples in excess of 75.0 x or l

105、ess than 0.0 x are considered not-material(n.m.)and are excluded from average calculationsAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysMarket Cap(USDm)EV(USDm)Revenue GrowthEBITDA GrowthEBITDA MarginEV/RevenueEV/EBITDAP/EShare Price PerformanceCompany31/M

106、ar/2331/Mar/2322/2323/2422/2323/24CY2022CY2023CY2024CY2022CY2023CY2024CY2022CY2023CY2024CY2022CY2023CY2024LTMOnline LendersSoFI5,6736,97399%23%n.a.87%(4.5%)13.8%20.9%7.1x3.6x2.9xn.m.25.8x13.8x n.m n.m n.m(36%)LendInvest1611,422(82%)29%n.a.26%n.a.18.7%18.4%1.7x9.5x7.4xn.a.50.8x40.3x10.3x9.0 x7.1x(55%

107、)Upstart1,3091,180(33%)41%n.a.n.a.(10.8%)(5.1%)15.9%1.4x2.1x1.5xn.m.n.m.9.4x n.m n.m 18.6x(85%)LendingClub768792879%32%n.a.n.a.58.7%n.a.n.a.7.7x0.8x0.6x13.0 xn.a.n.a.5.1x16.8x6.4x(54%)Funding Circle25226827%27%n.a.n.a.(8.7%)(5.9%)9.5%1.7x1.3x1.0 xn.m.n.m.10.9x n.m n.m n.m(27%)Mean178.1%30.5%n.a.56.6

108、%8.7%5.4%16.2%3.9x3.5x2.7x13.0 x38.3x18.6x7.7x12.9x10.7x(51.6%)Median26.9%28.5%n.a.56.6%(6.6%)4.3%17.1%1.7x2.1x1.5x13.0 x38.3x12.3x7.7x12.9x7.1x(54.3%)23Q1 2023 Fintech sector updateGP BULLHOUND SAAS INDEX PUBLIC COMPARABLESSector Trading Statistics PaymentsSource:Capital IQ(as of 31 March 2023);Not

109、e:Multiples in excess of 75.0 x or less than 0.0 x are considered not-material(n.m.)and are excluded from average calculationsAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysMarket Cap(USDm)EV(USDm)Revenue GrowthEBITDA GrowthEBITDA MarginEV/RevenueEV/EBITDAP

110、/EShare Price PerformanceCompany31/Mar/2331/Mar/2322/2323/2422/2323/24CY2022CY2023CY2024CY2022CY2023CY2024CY2022CY2023CY2024CY2022CY2023CY2024LTMPaymentsHigh Growth Omnichannel PaymentsFiserv70,99793,1251%8%13%9%38.7%43.7%44.1%5.3x5.2x4.8x13.6x12.0 x11.0 x17.4x15.4x13.5x11%PayPal85,91686,6037%9%54%1

111、1%17.9%25.8%26.1%3.1x3.0 x2.7x17.6x11.4x10.3x18.6x15.5x13.5x(34%)Shopify67,92464,23419%23%n.a.2634%(1.0%)0.2%4.9%11.5x9.7x7.8xn.m.n.m.n.m.n.m n.m n.m(29%)FIS32,16050,711(1%)4%47%8%28.3%41.9%43.1%3.5x3.5x3.4x12.3x8.4x7.8x8.2x9.3x8.2x(46%)Adyen49,12642,26028%32%23%41%51.6%49.7%53.0%28.6x22.4x16.9x55.5

112、x45.1x31.9x75.3x64.8x47.3x(19%)Block41,37842,13014%15%n.a.38%(1.4%)6.7%8.0%2.4x2.1x1.8xn.m.31.5x22.8x61.2x40.0 x28.3x(49%)Nubank22,34728,797437%31%n.a.n.a.n.a.n.a.n.a.23.3x4.3x3.3xn.a.n.a.n.a.125.6x41.5x20.3x(38%)Toast9,3518,42433%26%n.a.n.a.(13.6%)(0.5%)2.2%3.1x2.3x1.8xn.m.n.m.83.8x n.m n.m n.m(18%

113、)Affirm3,3136,78283%21%n.a.224%(107.0%)2.8%7.4%7.4x4.1x3.3xn.m.n.m.45.2x n.m n.m n.m(76%)Wise6,8936,53052%22%33%20%27.7%24.1%23.7%7.3x4.8x3.9x26.4x19.9x16.6x80.7x37.7x31.5x10%Dlocal4,8014,276n.a.41%n.a.36%n.a.37.0%35.7%n.a.7.0 x5.0 xn.a.18.9x13.9x39.0 x25.7x17.7x(48%)Paysafe1,0503,4716%8%49%14%20.5%

114、28.8%30.5%2.3x2.2x2.0 x11.3x7.6x6.7x6.3x6.3x4.9x(58%)StoneCo2,9833,104165%12%52%11%89.6%51.3%50.9%3.5x1.3x1.2x3.9x2.6x2.3x30.7x15.4x11.4x(18%)PagSeguro2,7792,44895%14%(43%)21%69.5%20.3%21.6%1.4x0.7x0.6x2.0 x3.4x2.8x9.3x8.6x6.8x(57%)Payoneer2,2251,71329%17%n.a.24%(2.1%)15.5%16.4%2.7x2.1x1.8xn.m.13.7x

115、11.1x n.m 32.9x26.2x41%Marqeta2,46184922%22%n.a.n.a.(27.5%)(4.0%)(0.7%)1.1x0.9x0.8xn.m.n.m.n.m.n.m n.m n.m(59%)Fawry56948338%33%54%24%30.3%34.0%31.5%6.6x4.8x3.6x21.7x14.1x11.3x36.8x40.6x24.1x(47%)Mean64.2%20.0%31.3%222.5%14.8%23.6%24.9%7.1x4.7x3.8x18.2x15.7x19.8x42.4x27.2x19.5x(31.5%)Median28.2%21.5

116、%46.7%22.5%20.5%25.0%24.9%3.5x3.5x3.3x13.6x12.8x11.2x33.7x25.7x17.7x(38.3%)General Payments&ServicesGlobal Payments27,76140,725(4%)8%17%9%40.6%49.6%50.1%4.5x4.7x4.4x11.2x9.6x8.8x11.3x10.2x8.9x(23%)Nexi10,66220,678(37%)9%(2%)14%32.8%51.0%53.5%3.5x5.5x5.1x10.6x10.8x9.5x14.5x12.9x10.4x(29%)Worldline11,

117、97315,6389%9%35%16%21.4%26.5%28.0%3.3x3.0 x2.7x15.3x11.3x9.7x19.1x16.2x13.5x(1%)Cielo2,5814,09411%9%45%7%29.6%38.7%38.1%1.9x1.7x1.6x6.4x4.4x4.1x9.6x6.9x6.5x56%ACI Worldwide2,9173,9502%5%47%8%18.5%26.6%27.3%2.8x2.7x2.6x15.0 x10.2x9.5x15.5x15.0 x13.0 x(14%)Network International1,6251,89816%18%18%23%40

118、.7%41.5%43.2%4.3x3.7x3.2x10.6x9.0 x7.3x20.7x17.1x12.2x(13%)Mean(0.6%)9.7%26.7%12.7%30.6%39.0%40.0%3.4x3.6x3.3x11.5x9.2x8.2x15.1x13.1x10.8x(3.9%)Median5.4%8.7%26.5%11.5%31.2%40.1%40.6%3.4x3.4x3.0 x10.9x9.9x9.1x15.0 x14.0 x11.3x(13.4%)Payment NetworksVisa463,666470,01510%11%10%13%70.1%70.4%71.6%22.1x2

119、0.0 x18.4x22.2x20.2x17.8x29.2x26.0 x22.4x2%Mastercard346,418353,48313%14%14%15%60.1%60.9%61.6%23.6x20.9x18.7x26.4x23.1x20.1x34.4x29.8x25.0 x2%Mean11.3%12.6%12.2%14.3%65.1%65.6%66.6%22.9x20.5x18.6x24.3x21.7x18.9x31.8x27.9x23.7x1.7%Median11.3%12.6%12.2%14.3%65.1%65.6%66.6%22.9x20.5x18.6x24.3x21.7x18.9

120、x31.8x27.9x23.7x1.7%Mean(ALL)43.6%16.9%27.4%146.4%23.3%30.9%32.2%7.5x5.7x4.9x16.6x14.4x16.6x33.2x23.2x17.4x(22.2%)Median(ALL)14.9%14.4%32.6%15.5%28.3%31.4%31.0%3.5x3.7x3.3x13.6x11.4x10.7x19.9x16.2x13.5x(23.1%)24Q1 2023 Fintech sector updateMethodologyAbout usPublic comparablesTransaction trendsPubli

121、c company analysesCEO commentaryTakeawaysThis report is based on the expert insights of GP Bullhounds worldwide team alongside detailed analysis of investment trends across the global technology landscape.GP Bullhounds Fintech sector comprises Payments,Financial Data&Analytics,HR&Payroll,Banking Tec

122、hnology and Online Lenders.Claudio AlvarezPARTNERJames LoydallANALYSTBen PitariVICE PRESIDENTKishan KhushalANALYSTBased in our London office,Claudio Alvarez heads up our Fintech practice,which has completed over 20 transactions involving both equity and debt.GP Bullhounds Fintech team25Q1 2023 Finte

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147、formation contained in this report or any copy of part thereof should not be accessed by a person in anyjurisdictions where its access may be restricted by law and persons into whose possession the information in this report comesshould inform themselves about,and observe,any such restrictions.Acces

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149、ldthe information contained in this report,or any part thereof,be redistributed or disclosed to anyone without the prior consentof GP Bullhound.GP Bullhound and/or its associated undertakings may from time to-time provide investment advice or otherservices to or solicit such business from any of the

150、 companies referred to in the information contained in this report.Accordingly,information may be available to GP Bullhound that is not reflected in this material and GP Bullhound may haveacted upon or used the information prior to or immediately following its publication.However,no person at GP Bul

151、lhound(which includes its members,directors,officers and/or employees),may undertake personal transactions in financialinstruments of companies to which this report relates,without receiving prior clearance from the GP Bullhound ComplianceOfficer or nominated delegated.In addition,GP Bullhound,the m

152、embers,directors,officers and/or employees thereof and/orany connected persons may have an interest in the securities,warrants,futures,options,derivatives or other financialinstrument of any of the companies referred to in this report and may from time-to-time add or dispose of such interests.GPBull

153、hound Corporate Finance Ltd and GP Bullhound Asset Management Ltd are private limited companies registered in Englandand Wales,registered numbers 08879134 and 08869750 respectively,and are authorised and regulated by the FinancialConduct Authority.GP Bullhound Luxembourg Sarl is a private limited co

154、mpany,registered in Luxembourg(B-254.845)andauthorised and regulated as an Alternative Fund Manager by the CSSF in Luxembourg(A00003217).Any reference to a partnerin relation to GP Bullhound is to a member of GP Bullhound or an employee with equivalent standing and qualifications.A list ofthe member

155、s of GP Bullhound is available for inspection at its registered office,GP Bullhound 78 St.Jamess Street,LondonSW1A 1JB.For US Persons:This report is distributed to US persons by GP Bullhound Inc.a broker-dealer registered with the SEC and amember of the FINRA.GP Bullhound Inc.is an affiliate of GP B

156、ullhound Corporate Finance Ltd.All investments bear certainmaterial risks that should be considered in consultation with an investors financial,legal and tax advisors.GP Bullhound Inc.engages in private placement and mergers and acquisitions advisory activities with clients and counterparties in the

157、Technology and CleanTechsectors.In addition,the persons involved in the production of this report certify that no part of their compensation was,or will be,directly or indirectly related to the specific views expressed in this report.As such,no person at GP Bullhound(including itsmembers,directors,o

158、fficers and/or employees)has received,or is authorised to accept,any inducement,whether monetary orin whatsoever form,in counterparty of promise to issue favorable coverage for the companies to which this report may relate.In the last twelve months,GP Bullhound or an affiliate is or has been engaged

159、 as an advisor to and received compensationfrom,or has invested in the following companies mentioned in this report:Byjuno,EcoVadis,Klarna,LendInvest,Ottonova,Revolut,and Zuto.GP Bullhound InsightsLONDONSAN FRANCISCOSTOCKHOLMBERLINMANCHESTERPARISMADRIDNEW YORKLUXEMBOURGZURICHMALAGAMUNICHFRANKFURTFollow us on