GP Bullhound：2020年第三季度金融科技報告（36頁）.pdf

1、Q3 2020 Sector Update Fintech Important disclosures appear at the back of this report GP Bullhound LLP is authorised and regulated by the Financial Conduct Authority GP Bullhound Inc is a member of FINRA 3 Key sector takeaways Recent fintech transaction trends Public market fintech analyses Fintech

2、CEO and (ii) BNPL offers a better customer experience with potentially lower fees. This shift in preference was first exemplified when Visas credit card volumes fell sharply in May YoY, while debit card usage grew by 12%. While consumer benefits is the main reason for the change, we expect retailers

3、 to enhance this as platforms like Klarna, Afterpay for example, digital mobile payments platforms such as TPAY Mobile, focussed on the MENA region, are becoming the de-facto merchant payments platform in the region given their unique scale and coverage across key payment methods as well as subscrip

4、tion management within prepaid ecosystem. Notable activity this quarter includes General Atlantic investing $200m in dLocal, Network International acquiring DPO Group for $288m, and TPAY acquiring Payguru. Source: Capital IQ, MergerMarket, Pitchbook, Statista - as of 30 September 2020 Notes: (1) Sta

5、tista SEP-20 PRIVATE PLACEMENT $200M JUN-20 M fundraising levels in 2020 YTD remain robust vs. the prior year. 11 M current market capitalisation as of 30 September 2020 (0.4) (0.1) 0.0 Current Market Cap 15 GP BULLHOUND FINTECH INDEX VALUATIONS Despite a recent correction, fintech valuations remain

6、 strong 4x 6x 8x 10 x 12x 14x 16x 18x 20 x 22x Sep-17Dec-17Mar-18Jun-18Sep-18Dec-18Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20 GPB Fintech Index - TEV/LTM RevenuesGPB Fintech Index - TEV/NTM Revenues Dec 2018: Trade war with China leads to a market-wide sell-off Mar 2020: LTM multiples were down 22%(

7、1)vs. 3- year average due to the effects of COVID-19 Sep 2020: Tech stocks suffer their worst sell-off since the market turmoil in March Mean: 13.1x Mean: 11.4x Fintech stocks have been recovering since the early September tech sell-off with payment solution providers leading the charge. As of 30 Se

8、ptember 2020, the fintech index is trading at 18.1x trailing 12-month revenues, which is 38% above the 3-year average As of 30 September 2020, the fintech index is trading at 16.9x next 12-month revenues, which is 48% above the 3-year average Source: Capital IQ as of 30 September 2020. Note: EV/Rev

9、multiples except for online lenders, which are computed as Market Cap/Rev multiples. Fintech Index constituents are PayPal, Shopify, Square, Adyen, Market Axess, Xero, Envestnet, Q2, Blackline, Lending Club, Funding Circle, Ondeck, and Afterpay (1) YTD GPB fintech index EV / LTV revenues comparison

10、16 The September 2020 correction of broader tech stocks has had a limited impact on the fintech space. Q3 2020 remained positive, although there was some underperformance in HR cash thats now in peoples wallets. Anyfin has now taken the next steps to put financial power into the hands of hard-workin

11、g people - by adding more smart, simple and personal tools in its app. “Financial services can be valuable- but frankly the system is very unfair for millions of hard-working people. Right from the start, Anyfin has been on a mission to improve the worlds financial health.” “We want to make it as si

12、mple as possible for people to get more control over their finances and we have just started.” Filip Polhem CO-FOUNDER 21 CEO profile Wealth Wizards at a glance Wealth Wizards was founded in 2009 with one aim: to use technology to make expert financial advice affordable and accessible to everyone. I

13、t has pioneered the combination of chartered financial planning with smart software engineering to deliver expert advice online and at an affordable cost. Headquartered in Leamington Spa, they have more than 80 employees dedicated to providing seamless experiences across all of its products and serv

14、ices, empowering advisers and employers to help people make better financial decisions. Turo is the market-leading automated financial advice engine by Wealth Wizards. It uses flexible technology to help financial services organisations deliver regulated, automated financial advice that can consumer

15、s can access digitally or be used as a tool to support financial advisers. “It is clear in the advice industry that there has never been a more important time for advisers and advice firms to look at digital transformation. Most financial advisers are currently working from home and many are adaptin

16、g well to engaging digitally during lockdown and beyond. We are mindful that this is a huge opportunity to lock-in the benefits of a digital model and work with major FS brands to enhance specific journeys relevant to particular target groups. Both large and small employers are seeing financial well

17、being as a key part of supporting their people through the current crisis and beyond. Our regulated chatbot adviser, MyEva, demonstrates in real time how our Turo platform can deliver digitally enabled advice and guidance on a personalised basis to large online communities as we continue to disrupt

18、both the FS and employment sectors to inspire positive transformational change.” Andrew Firth CEO however, they have not been independently verified and are not guaranteed as being accurate. The information contained in this research report is not intended to be a complete statement or summary of an

19、y securities, markets, reports or developments referred to herein. This research report may contain forward-looking statements, which involve risks and uncertainties. Forward-looking information is provided for illustrative purposes only and is not intended to serve as, and must not be relied upon a

20、s a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions. Any and all opinions expressed are current opinions as of the date appearing on the documents included in this research report. Disclaimer