CB Insights：2020Q2金融科技投資趨勢展望報告（英文版）（89頁）.pdf

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1、 1 CLICK HERE TO SIGN UP FOR A FREE TRIAL CB Insights helps the worlds leading companies make smarter technology decisions with data, not opinion. Our Technology Insights Platform provides companies with comprehensive data, expert insights and work management tools to drive growth and improve operat

2、ions with technology. WHAT IS CB INSIGHTS? CB Insights has changed the way our corporate venture fund functions by fueling strategic discussions internally and providing a single place to track and manage deal fl ow. Harrie Vollaard Head of Rabo Frontier Ventures, Rabobank 1 ASK YOUR CSM ABOUT FREE

3、OR DISCOUNTED TICKETS TO OUR UPCOMING EVENTS. ACCESS TO OUR CLIENT-ONLY COMMUNITY The CBI Community VIRTUAL EVENTS Our Most Popular Client-Exclusive Research P Note: 2020 data is through the end of April Q2 2 0 FINTEC H S P OTL IGHT #3 5.6% 6.4% 7.2% 8.0% 8.8% 9.7% 10.7% 11.8% 13.2% 14.4% 16.0% 27.0

4、% 20092010201120122013201420152016201720182019 2020* US e-commerce penetration (% of retail sales) Apr-19Apr-20 Stripe Atlas registered company growth 220% Stripe Atlas, a platform that enables entrepreneurs to form companies online, grew new registrations by 220% YoY. “There has been a very sharp m

5、ove from the offline economy to the online economy” John Collison, co-founder and president, Stripe 13 Intense retail wealth management competition contributed to consolidation in Q220 Select Q220 wealth management acquisitions Q2 2 0 FINTEC H S P OTL IGHT #4 June 29, 2020 Empower, the second-larges

6、t US retirement services provider, acquired Personal Capital, bringing it an additional 2.5M customers and digital personal wealth management capabilities. The deal is valued at $1B. May 6, 2020 Franklin Templeton acquired AdvisorEngine, a software and consulting company that works with 1,200 adviso

7、ry firms with over $600B in AUM. The acquisition will expand Franklin Templetons offerings to its financial advisors. May 14, 2020 Goldman Sachs acquired Folio, an RIA custodian platform with $11B in assets under custody, for approximately $500M. On May 20, now shuttered Motif transferred its accoun

8、ts to Folio. May 7, 2020 Charles Schwab acquired Motifs tech and IP. The deal will enable Schwab to expand direct-indexing and thematic investing solutions for retail investors. 14 Fintech sees a flurry of IPO filings in Q220 *Publicly traded as of July 2020 Q2 2 0 FINTEC H S P OTL IGHT #5 IPO Date:

9、 May 21, 2020 Ticker: SLQT HQ: Overland Park, KS Founded in 1985, SelectQuote is an online platform that matches customers and select insurance carriers across senior health, life, auto, and home insurance policies. CompanyDescription Lemonade (LMND)* New York-based Lemonade is a digital renter and

10、homeowner insurance company nCino (NCNO)* Wilmington, NC-based nCino offers cloud- based operating software to banks SelectQuote (SLQT)*Online insurance matching platform Shift4Payments (FOUR)* Online POS provider Fusion Acquisition (FUSE)* Fintech focused SPAC (blank check company) Fintech S-1s fil

11、ed in Q220A 30-year old insurtech goes public Multiple fintech companies filing to go public in Q220 could signal an impeding shift in attitudes toward IPOs among other mature fintech companies. 15 Fintech deal activity continues quarterly decline Quarterly global VC-backed fintech deals, Q117 Q220

12、461 453 445 457 557 533 554 502 550 486 540 502 452 397 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 2017201820192020 Public markets begin reacting to Covid-19 16 Q220 fintech funding rebounds after 2 straight quarters in decline Quarterly global VC-backed fintech financing, Q117 Q220 ($M) $3,353 $5,953 $5,019 $5,5

13、78 $6,273 $21,156 $6,562 $7,925 $7,171 $9,120 $11,762 $9,379 $7,947 $9,290 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 2017201820192020 $14,000 17% 17 Public markets begin reacting to Covid-19 Covid-19 brought deals to a recent low in April Deals to VC-backed fintech companies have picked up after falling to 127 i

14、n April, possibly signaling a rebound. # Of DealsTotal Funding ($M) $3,483 $1,434 $2,253 $2,809 $3,286 $3,025 $4,902 $2,913 $3,946 $2,507 $3,221 $3,651 $2,136 $2,161 $3,650 $2,846 $3,006 $3,438 214 163 173 162 173 151 199 166 175176 171 155 150 146 156 127 129 141 0 50 100 150 200 250 $0 $1,000 $2,0

15、00 $3,000 $4,000 $5,000 $6,000 Jan 19 Feb 19 Mar 19 Apr 19 May 19 Jun 19 Jul 19 Aug 19 Sep 19 Oct 19 Nov 19 Dec 19 Jan 20 Feb 20 Mar 20 Apr 20 May 20 Jun 20 18 Mega-rounds reach a new high in Q220 Global number of fintech mega-rounds ($100M+), Q115 Q220 7 11 10 66 7 2 3 4 11 13 10 12 14 13 17 16 26

16、21 20 14 28 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 201520162017201820192020 1919 66 FINTECH UNICORNS $248 BILLION GL OB AL L Y THER E AR E V AL UED, IN AGGR EGATE, AT 20 $1B $1B $1B $1.2B $1.8B $1.2B $10B $1B SWEDEN EUROPE $7.6B $3.5B$5.5B $1.2B $36B $2.9B $3.8B $2.1B (as of Q215) There are 66

17、 fintech unicorns valued at $248B Global VC-backed fintech companies with a private market valuation of $1B+ (as of 6/30/20) UNITED KINGDOM SOUTH AMERICA $10B BRAZIL $4.9B$3.5B $5.5B $2.7B* $2.6B $2.6B AUSTRALIA $2B $2.8B AUSTRALIA $1.8B UNITED STATES GERMANY $3.5B $5.8B $3.5B $1.7B $1B $2B $2B$1.1B

18、 $3B $8B $1.4B $1B $1.2B $1B $1B NORTH AMERICA $1.1B $1.4B$1.1B $1.2B $3.2B $1B$4.8B $1.8B $1.9B $1B $16B CHINA INDIA ASIA $1.4B $39.4B $1.5B $1.5B $2B SOUTH KOREA $2.2B $1B JAPAN $1.9B $1B $1B HONG KONG *Pending M&A Note: Lemonade IPOd on 7/2/20 $1B $1.6B $1B $1B $1B 21 $1B $1B $1B $1.2B $1.8B $1.2

19、B $10B $1B SWEDEN EUROPE $7.6B $3.5B$5.5B $1.2B $36B $2.9B $3.8B $2.1B (as of Q215) Q220 saw 1 new fintech unicorn birth Upgrade, an online lending and credit monitoring platform, is the newest fintech unicorn. UNITED KINGDOM SOUTH AMERICA $10B BRAZIL $4.9B$3.5B $5.5B $2.7B* $2.6B $2.6B AUSTRALIA $2

20、B $2.8B AUSTRALIA $1.8B UNITED STATES GERMANY $3.5B $5.8B $3.5B $1.7B $1B $2B $2B$1.1B $3B $8B $1.4B $1B $1.2B $1B $1B NORTH AMERICA $1.1B $1.4B$1.1B $1.2B $3.2B $1B$4.8B $1.8B $1.9B $1B $16B CHINA INDIA ASIA $1.4B $39.4B $1.5B $1.5B $2B SOUTH KOREA $2.2B $1B JAPAN $1.9B $1B $1B HONG KONG *Pending M

21、&A Note: Lemonade IPOd on 7/2/20 $1B $1.6B $1B $1B $1B The image part with relationship ID rId2 was not found in the file. #AhaCBI Q220 Fintech Sector Trends 23 PAYMENTS BANKING ALTERNATIVE LENDING WEALTH MANAGEMENT INSURANCE CAPITAL MARKETS SMB REAL ESTATE Companies creating new solutions personal

22、or commercial lending Mortgage lending, transaction digitization, and financing platforms Digital-first banks or companies digitizing banking services for credit and debit Payments processing, card developers, money transfer, and tracking software Personal finance tools, investment and wealth manage

23、ment platforms, and analytics tools Companies selling or distributing insurance digitally or providing data analytics and software for (re)insurers Sales and trading, analysis, and infrastructure tools for financial institutions Companies focused on providing solutions to small- to-medium sized busi

24、nesses WHAT THE STATE OF FINTECH COVERS 24 BANKING ALTERNATIVE LENDING WEALTH MANAGEMENT INSURANCE CAPITAL MARKETS SMB REAL ESTATE GLOBAL VC-BACKED FINTECH Q22020 PAYMENTS 25 Payments funding holds steady in Q220 Global VC-backed payments financing trends, Q219 Q120 ($M) $2,733$2,772 $3,915 $3,439$3

25、,451 86 65 120 91 86 0 20 40 60 80 100 120 140 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 Q219Q319Q419Q120Q220 # Of DealsTotal Funding ($M) 26 Shopifys growing payments revenue illustrates potential of embedded fintech in e-commerce Source: Company filings EM B EDDED FINTEC H: P

26、 AYM ENTS In Q120, merchant solutions revenues accounted for 60% of total revenues, driven primarily by payment processing fees. 27 Reducing payments friction is key as online retail spending stays elevated Note: Clients can see companies streamlining retail store checkout in this market map post. 2

27、8 Checkout conversion solutions are poised to capitalize on accelerating global e-commerce Q220 Funding: $7M Series A Select Investors: Global Founders, Arbor Ventures, Wamda Capital Tabby enables consumers in the UAE and Saudi Arabia to pay for online purchases either in a deferred single payment o

28、r in multiple installments. Q220 Funding: $6M Series A Select Investors: Kickstart Fund, Next Frontier Capital Chargeback protects against credit card fraud and helps merchants stay compliant. Q220 Funding: $3M Seed Select Investors: Bain Capital Ventures, SV Angel, Digital Currency Group Lolli is a

29、 bitcoin rewards application that lets people earn bitcoin when they shop online. PoS LENDINGFRAUD PREVENTIONREWARDS 29 Mobile money is finding success in the worlds fastest-growing middle-class population Source: United Nations, Quartz, GSMA 30 Early-stage companies are looking to enable consumer a

30、nd merchant payments in Africa Q220 Funding: $1M Angel Select Investors: Google for Startups Accelerator, Fast Track Malmo, Seedrs Eversend is a multi-currency e-wallet and neobank that allows users in Africa to exchange, spend, and send money. Q220 Funding: $14M Series A Select Investors: Kickstart

31、 Fund, Next Frontier Capital Chipper Cash is enabling free and instant P2P cross-border transactions in Africa. Q220 Funding: Incubator Select Investors: Binance Labs, LongHash Hatch Xend is a payments platform that allows SMEs to send money, pay bills, and make transfers. MOBILE WALLETP2P PAYMENTSS

32、MB PAYMENTS 31 Big Tech sees payments as a foothold into global fintech opportunities Big Tech companies are investing heavily in payments products. Facebook and Google are eying these tools to expand into emerging markets like Brazil and India. Apple Pay Google Pay Facebook Pay & WhatsApp Pay Amazo

33、n Pay WhatsApp Pay for Brazil Deals New Blow to Banks June 18, 2020 | WhatsApp launches payments service, 2 years after it began testing in India June 16, 2020 | 32 PAYMENTS ALTERNATIVE LENDING WEALTH MANAGEMENT INSURANCE CAPITAL MARKETS SMB REAL ESTATE GLOBAL VC-BACKED FINTECH Q22020 BANKING 33 Ban

34、king deals decline for second straight quarter while funding remains flat Global banking VC-backed financing trends, Q219 Q220 ($M) $3,356 $3,757 $2,158 $2,332 $2,251 82 78 80 63 54 0 10 20 30 40 50 60 70 80 90 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 Q219Q319Q419Q120Q220 # Of DealsT

35、otal Funding ($M) 34 LatAm fintechs are building the infrastructure to launch open banking services EM B EDDED FINTEC H: B ANKING Several financial infrastructure startups are supporting the next generation of consumer banks in Latin America as regulators move to support open banking initiatives. “G

36、alileo Financial Technologies pioneers expansion into Mexico with Mastercard certification and major strategic partnership with Klar” May 1, 2020 | MEXICO Last Funding: $10M Seed / Q220 Focus: Open Banking Last Funding: $3M Seed / Q220 Focus: Open Banking COLOMBIABRAZIL Last Funding: $21M Series A /

37、 Q220 Focus: Open Banking 35 There is a broad ecosystem for services supporting next-gen digital banks Expert Intelligence clients can learn more about these startups in this analysis. 36 Widespread lockdowns and branch closures have increased the need for digital banking Well-funded startups have p

38、iled into the banking market, but Covid-19 may accelerate consolidation as leading challenger banks look to gain market share and expand their product offerings. Revolut on the hunt for acquisitions May 5, 2020 | 37 Several digital banks raise mega-rounds in Q220 Sources: TechCrunch, Contxto, Altfi

39、Most Recent Funding: $241M Series D Valuation: Undisclosed HQ: San Francisco, CA Select Investors: HarbourVest Partners, The Rise Fund, Gallatin Point Capital Traction: Varo has doubled its customer base since late 2019 to 2M users. Deposits have increased 350% so far this year. Most Recent Funding:

40、 $100M Series D extension Valuation: $3.5B HQ: Berlin, Germany Select Investors: Tencent Holdings, Valar Ventures Traction: N26 has 5M customers as it expands into new markets like the US and Brazil while exiting others, including the UK. Most Recent Funding: $75.7M Series G Valuation: $1.57B HQ: Lo

41、ndon, UK Select Investors: Accel, Y Combinator, General Catalyst, Thrive Capital, Stripe Traction: Despite its 4M customers, Monzo raised its Series G at a 40% discount to its previous valuation. Most Recent Funding: $300M late-stage round Valuation: $10B HQ: Sao Paulo, Brazil Select Investors: Sequ

42、oia Capital, Kaszek Ventures, Ribbit Capital Traction: Nubank has grown its user base by 25% to 25M since the beginning of 2020. 38 Some challenger banks offer new credit and wealth management products Sources: TechCrunch, LendingTree Investor Relations, Stash Most Recent Funding: $40M Series DValua

43、tion: $1B Select Investors: USV, Ribbit Capital, Santander InnoVentures Focus: While most upstart banks lead with savings accounts, Upgrade offers personal loans and credit cards. The company plans to launch a checking account and debit rewards later this year. Traction: Upgrade has originated over

44、$3B in loans since its 2018 launch. The company is cash-flow positive with a $100M annual revenue run rate. Most Recent Funding: $112M Series FValuation: $812M Select Investors: USV, T. Rowe Price, LendingTree, Goodwater Capital Focus: Stash is a comprehensive personal financial app that combines ba

45、nking, investing, financial advice, and a rewards program to improve financial health. Traction: Stash has over 4.5M customers and holds over $1B in assets under management. It has also given over 11.5M fractional shares to customers through its Stock-Back rewards program. 39 Point is combining a cr

46、edit card-style rewards program with a debit card product Point Card is a mobile banking app that offers financial products like rewards cards, offers and perks, and high-yield deposit accounts. The company combines a rewards debit card with a no-fee checking account. Select Investors: Y Combinator,

47、 Valar Ventures, Kindred Ventures, Financial Venture Studio Latest Funding: $10.5M Last Funding Round: Series A / Q220 40 PAYMENTS BANKING WEALTH MANAGEMENT INSURANCE CAPITAL MARKETS SMB REAL ESTATE GLOBAL VC-BACKED FINTECH Q22020 ALTERNATIVE LENDING 41 Alternative lending funding increases, driven

48、by Nubanks $300M raise Global VC-backed alternative lending financing trends, Q219 Q220 ($M) $2,796 $2,844 $1,275 $866 $1,668 74 74 68 42 55 0 10 20 30 40 50 60 70 80 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 Q219Q319Q419Q120Q220 # Of DealsTotal Funding ($M) 42 Demand for paycheck advance services

49、as an employee benefit grows amid pandemic Source: Federal Reserve Report May 2020 EM B EDDED FINTEC H: L ENDING 0% 5% 10% 15% 20% 25% 30% 35% Payday loan or paycheck advance Pawn shop or auto title loan Tax refund advance Any borrowing service Alternative financial services used by the underbanked/unbanked in the US Among those using any alternative financial servicesAmong adult population Most Recent Funding: Series D Select Investor: General Catalyst, Kleiner Perkins, Fidelity, Generation Manag