2020年金融科技總結報告 - Crunchbase（英文版）（30頁）.pdf

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1、Crunchbase Industry Spotlight: Fintech Industry Spotlight: Fintech 2Crunchbase Industry Spotlight: Fintech Fintech is short-form for “financial technology” and includes everything from mobile banking technology to investment apps to cryptocurrency. As one of the most rapidly evolving sectors, fintec

2、h has changed significantly since banking technology was first introduced in the 1860s. Since then, the invention of credit cards, e-trade and online banking has quickly progressed the industry, threatening traditional financial institutions and changing the way people manage their finances. What is

3、 fintech? Crunchbase is the leading provider of private-company prospecting and research solutions. Over 55 million usersincluding salespeople, entrepreneurs, investors, and market researchersuse Crunchbase to prospect for new business opportunities. And companies all over the world rely on us to po

4、wer their applications, making over 3 billion calls to our API each year. About Crunchbase. 3Crunchbase Industry Spotlight: Fintech At Crunchbase, we are constantly analyzing our growing dataset and thinking about how to contextualize information to better equip people to make informed business deci

5、sions. Part of this process includes identifying trends and sharing complicated data insights in an easily digestible way, so you dont need advanced analytics tools or a data science degree to quickly identify and understand industry developments. Fintech companies hold 16 percent of the spots on th

6、e Crunchbase Unicorn Leaderboard, collectively valued at close to $500 billion, per last known disclosed or reported valuations. Since 2010, investments in fintech have grown more than ninefold, with $43 billion invested in 2019 alone. Why we cover fintech. 4Crunchbase Industry Spotlight: Fintech Wi

7、th the impact of COVID-19 hundreds of millions of people are changing how they conduct their daily lives. Industries that rely on people gathering to provide a service have been disrupted in a short time frame. Travel, events, restaurants, and retail businesses have been instantly impacted, casting

8、a wider net on services that supply these businesses. Broad adoption of social distancing measures, along with shutdowns of businesses deemed non-essential, impacts a wide array of companies, including manufacturing, construction, logistics, and supply chain. Investors will be assessing their portfo

9、lio companies for risks to their businesses based on a very different consumer and business environment. Consumers will also rely on companies that connect us virtually. As with every sector, some will fare better than others. Companies that rely on the revenue of impacted industries will see shrink

10、ing markets. Those whose offerings address real needs in a challenging economy will see more attention. In financial services the underlying trends towards servicing newer market segments through online services are accelerated by these changes. The trend towards cashless economies is furthered, as

11、businesses stop accepting cash in order to stem the transmission of the virus. Loans are expected to increase, and mortgage refinancings are seeing unprecedented demand. According to Ryan Gilbert of Propel Venture Partners, “Balance sheet businesses, specifically non-bank lenders are under tremendou

12、s pressure to collect on their issued loans and prove that their lending models can actually survive an economic shock like the one we are dealing with. The consumer and small business lending sectors seem to be hit the hardest.” Impact of COVID-19. 5Crunchbase Industry Spotlight: Fintech Companies

13、providing benefits and services to independent workers become important in helping non-W2 workers stay covered during this health crisis. Services for the unemployed will become critical as society addresses those that are most in need of short and longer term support. Retail banks are shuttering th

14、eir outlets on a short term basis. Will some of these short term closures become permanent as services move online? The full economic impact of COVID-19 is still too early to tell but a long- term recession or depression seems likely. “B2B companies will need to prepare for frozen sales pipeline for

15、 most of this year and longer sales cycles and shrinking budgets in 2021. B2C companies will need to adjust to reductions in consumer spending, greater emphasis on short term cash needs given spiking unemployment, and increased reluctance from consumers to switch financial service providers,” said S

16、atya Patel founder of seed investor Homebrew. “The hardest hit fintech businesses will be lending businesses that have large outstanding loan balances and that will have to deal with lots of uncertain credit risk. In general, an increasing emphasis on unit economics over growth, will put some compan

17、ies in a very difficult fundraising position.” For this report we look at the last decade to provide a lens on the prevailing trends in fintech. 6Crunchbase Industry Spotlight: Fintech Fintech has been a key arena for investment in the past decade with the rise of challenger banks, innovation in onl

18、ine payments, the changing market around lending and insurance, and the launch of cryptocurrencies. With the impending recession, there will be companies that face a changed market opportunity and do not make it through. However, fintech will continue to lead as a sector, as financial services becom

19、e more deeply integrated into the consumer mobile experience-a bank in your pocket-along with the growth in services integrating financial products aimed at both consumers and businesses. The next 10 years are going to be more interesting to watch, with the growth of infrastructure and compliance as

20、 a service, allowing more players to enter this ecosystem. Alongside challenger banks in Europe, the U.S., and now Latin America, 2,000 newly funded fintech companies per year are chipping away at services provided by banks and other finance incumbents not limited to checking, transfers, loans, mort

21、gages, brokerage, insurance, and more. Established public tech companies are building financial products into their services, with Google offering checking accounts (via Citigroup and small lender Stanford Federal Credit Union), Facebook launching Facebook Pay to facilitate payments across all its a

22、pps, and Apple launching Apple Card (developed by Goldman Sachs) that is linked to Apple Pay - launched back in 2014. In China, where credit card penetration is low, mobile payments represent 83 percent of all payments in 2018, up from just three percent in 2011 led by AliPay launched in 2004, and W

23、eChat Pay in Crunchbase Industry Spotlight: Fintech 7Crunchbase Industry Spotlight: Fintech 2013. The Chinese government is planning to launch its own state-backed cryptocurrency on the back of the Facebook Libra mislaunch. The most highly valued private company in the world is Ant Financial valued

24、at $150 billion. As of February 2020, 90 companies on the Crunchbase Unicorn Leaderboard (16 percent) are in financial services, collectively valued at close to $500 billion. Fintech received 16 percent of global venture capital funding in 2019 and 17 percent in 2018, up from 10 percent in 2010. 202

25、0 already exceeds 2019 in exits with the pending Visa acquisition of Plaid and Intuit acquisition of Credit Karma leading the way. Asia leads in payments, Europe in Neobanks, the U.S. in infrastructure, and LatAm in services for the unbanked. Despite the downturn, we will continue to see multiple le

26、ading companies in fintech across geographies. Fintech companies will reassess their product offerings in light of business and consumer needs in this changed funding environment. With this report, we dive into the last decade in fintech funding and exits as we look to the next decade. I. Decade Of

27、Venture Investments Into Financial Services II. Leading Sectors III. Growth In Leading Countries IV. Active Seed And Venture Investors V. Large Exits In 2019 VI. 90 Fintech Unicorns VII. Investor Predictions 8Crunchbase Industry Spotlight: Fintech In 2010 fintech represented 10 percent of total vent

28、ure funding. Fast forward to 2019, fintech held 16 percent of total venture funding I. Decade Of Venture Investments Into Financial 9Crunchbase Industry Spotlight: Fintech Investments in fintech companies have grown more than ninefold since 2010 and more than doubled since 2015. 2019 was the second

29、highest investment year over the last decade with $43 billion invested in fintech. 2018 is an all time high for investment in fintech at $57 billion, with the largest growth percent year-over-year in late-stage venture. The largest funding round to a fintech company was raised by Ant Financial - a $

30、14 billion Series C round in 2018. (The gap in funding between 2019 and 2018 decreases to $600 million if you remove Ant Financials single Series C round from consideration.) 10Crunchbase Industry Spotlight: Fintech Financial services companies attracted a greater proportion of late-stage venture fu

31、nding rounds in 2018 and 2019. Seed and early stage investments in fintech were at 34 percent in 2019 and 32 percent in 2018. Seed and early stage venture represent a higher proportion of investment dollars, averaging 51 percent from 2010 to 2017. 11Crunchbase Industry Spotlight: Fintech As of Febru

32、ary 2020, year-over-year deal counts were down by 22 percent, but over time will lessen. Much of the difference in funding round counts are attributed to the seed stage - down 31 percent - where we see the most reporting delays. At the early venture stage, counts are down by 10 percent. Late stage r

33、ound counts are down by 5 percent. We fully expect these numbers to go up for 2019 relative to 2018, due to reporting delays. However, 2019 will not exceed 2018 a decade long peak for fintech both in funding count and amount. (Reporting delays for funding amounts are less pronounced in Crunchbase da

34、ta.) Investments And Deal Count 12Crunchbase Industry Spotlight: Fintech Leading financial services industries in 2019 included payments (along with mobile payments), insurance, banking, and lending, respectively. For many companies there is integration between these sectors; for example companies t

35、hat offer payment and banking services or companies that offer banking and lending products. We assigned companies a single industry for this analysis. Industries that grew year-over-year above 75 percent by invested dollars include lending and banking. Insurance grew over 33 percent. (Payments did

36、not grow year-over-year due to Ant Financial raising $14 billion in 2018.) II. Leading Industries: Lending, Banking, these products are accessible via APIs.” Cherry Miao, Accel “The sharing economy, in certain parts of the world, is breaking into fintech way beyond the expectations.” said Ryan Gilbe

37、rt of Propel Venture Partners. “This is driven in part by peer to peer transactions in payments, lending and insurance.” “Although we are in uncertain times due to COVID-19, the market dynamics remain interesting in LatAm, particularly in Brazil and Mexico. Both are still substantially cash-based ec

38、onomies with mobile phone penetration over 70 percent, so there is an opportunity to deliver digital financial services tailored for consumer and small to midsize enterprise (SME) audiences that fill the gaps left by traditional financial institutions that often require in-person interaction for del

39、ivery of financial services products.” Michael Sidgmore, Broadhaven Ventures. “All of the fintech companies with products that have achieved significant consumer scale will work to introduce complementary products, such as savings, debit, credit, lending and investing, to round-out their offerings a

40、nd to drive customer engagement and loyalty.” Satya Patel, Homebrew 28Crunchbase Industry Spotlight: Fintech Methodology This report is based on data in Crunchbase as of Feb. 27, 2020. Industries in Crunchbase are not exclusive. A company can be in more than one industry and in more than one industr

41、y group. For Financial Services we include the following leading industries: Banking, Insurance (InsurTech), Lending, Payments (Mobile payments), Personal Finance, and Wealth Management. All Financial Services Industries Accounting, Angel Investment, Asset Management, Auto Insurance, Banking, Bitcoi

42、n, Commercial Insurance, Commercial Lending, Consumer Lending, Credit, Credit Bureau, Credit Cards, Crowdfunding, Cryptocurrency, Debit Cards, Debt Collections, Finance, Financial Exchanges, Financial Services, Fintech, Fraud Detection, Funding Platform, Gift Card, Health Insurance, Hedge Funds, Imp

43、act Investing, Incubators, Insurance, InsurTech, Leasing, Lending, Life Insurance, Micro Lending, Mobile Payments, Payments, Personal Finance, Prediction Markets, Property Insurance, Real Estate Investment, Stock Exchanges, Trading Platform, Transaction Processing, Venture Capital, Virtual Currency,

44、 Wealth Management 29Crunchbase Industry Spotlight: Fintech For this report we look at reported-not projected data, which means that 2019 numbers will increase over time, relative to previous years. Private market financing data is subject to reporting delays. Numbers may have changed since publicat

45、ion as more data gets added to Crunchbase. Please note that all funding values are given in U.S. dollars unless otherwise noted. Crunchbase converts foreign currencies to U.S. dollars at the prevailing spot rate from the date funding rounds, acquisitions, IPOs and other financial events are reported

46、. Even if those events were added to Crunchbase long after the event was announced, foreign currency transactions are converted at the historic spot price. 30Crunchbase Industry Spotlight: Fintech Glossary of Funding Terms Seed/Angel includes financings that are classified as a seed or angel, includ

47、ing accelerator fundings and equity crowdfunding$3 million and below. Early stage venture includes financings that are classified as a Series A or B, venture rounds without a designated series that are above $3 million and equal to or below $15M. Late stage ventures include financings that are class

48、ified as a Series C+ and venture rounds without a designated series greater than $15M. Note: Fundings denoted by Crunchbase as private equity are not included in this report. Special thanks go to the following investors; Satya Patel Founder, Homebrew John Locke Partner and Cherry Miao, Accel Ryan Gilbert Partner, Propel Venture Partners Michael Sidgemore Partner, BroadHaven Ventures, Howard Lindzon Founder & General Partner, Social Leverage