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1、WWW.DRAKESTAR.COMQUARTERLY FINTECH MARKET UPDATEQ1 OUR KEY TAKE AWAYS FOR Q1 Fundraising volume rose for the first time since 2021 with M&A volume increasing for the second straight quarterFinTech has been the second most invested industry in Q1 2023Fundraisings above$100m remain stable with similar
2、 levelscompared to Q3&Q4 2022Share prices of B2B and B2C FinTechs recorded theirsecond consecutive quarterly growth 6%and 9%,OUTSTANDING TRACK RECORD IN FINTECH DEALMAKINGSALE TOCOMBINATION WITHPRIVATE PLACEMENTPRIVATE PLACEMENTPRIVATE PLACEMENTSALE OF MANAGEMENTSHARE TOMAJORITY SALE TOBACKED BYSALE
3、 TOPRIVATE PLACEMENTPRIVATE PLACEMENTPRIVATE PLACEMENTMAJORITY SALE TOJulian OstertagJulian OstertagManaging Partner and Member of Global ExcomMUNICH+49 89 149 026 Christophe Christophe MorvanMorvanManaging PartnerPARIS+33 687 990 Sam LevySam LevyPartnerNEW YORK+1 646 245 Note:selected AGENDAPAYMENT
4、SOVERALL FINTECH MARKET UPDATEOVERALL FINTECH MARKET UPDATEINSURTECHWEALTHTECHCORE BANKING&LENDINGFINANCIAL DATABLOCKCHAIN&CRYPTOABOUT DRAKE STARDRAKE STARS FINTECH UNIVERSECOVERING ALL RELEVANT SUB-VERTICALSPAYMENTSMerchant Acquiring&ProcessingPayment NetworksB2B SolutionsINSURTECHB2B SoftwareDigit
5、al Broker&Price ComparisonDigital CarrierWEALTHTECHAsset ManagementStock Exchanges&BrokeragesCORE BANKING&LENDINGAlternative Online LendersCore Banking&Lending SolutionsNeobankingPrice ComparisonFINANCIALDATABusiness DataCapital Markets DataConsumer DataIR&ComplianceBLOCKCHAIN&CRYPTOBlockchainCrypto
6、 TradingCrypto MinersMoney TransferOnline Focused PaymentsPOS Devices&SolutionsFinancial Management SolutionsRetail BrokerTrading&Risk S FinTech M&A activity picked up in Q1 2023 from Q4 2022 with deal value increasing 55%.However,deal count decreased 4.4%,the lowest in the last two years with YoY d
7、eal count decreasing 45%amidst economic and geopolitical uncertainty Despite the decrease in FinTech M&A activity,the market is driven medium size deals with 62%had valuation below$100m The US remains the hottest place for FinTech M&A activity in Q1 2023 with 66%of dealsCURRENT MARKET DYNAMICS FOR M
8、&A,PRIVATE PLACEMENTS AND IPOSFINTECH MARKET OVERVIEW Sources:Pitchbook,Mergermarket,Capital IQ,DS researchM&AM&A Financing volume in Q1 2023 totaled$17.8bn,representing a 53.3%increase vs.Q4 2022.This increase surpasses pre-pandemic levels.In addition,many FinTech verticals are still very attractiv
9、e:BaaS is a continuing trend with funding remaining strong at$1.9bn in 2022 vs.$1.6bn in 2021 Climate FinTech remains a leading sub-sector with fundraising reaching new heights$2.0bn with Europe taking a global lead in the sub-sectorP Privaterivate PlacementsPlacements FinTech IPOs have almost vanis
10、hed with no IPO this year due to high economic and geopolitical uncertainty.Investors are much more pessimistic on the market environment.Highly anticipated IPOs like Stripe and Zopa have been delayed or canceled as a result Instead,due to economic difficulties,those firms are now raising capital to
11、 deal with pressure to grow their business while becoming profitable much faster For the past year,public markets have been closed due to high market uncertaintyIPOsIPOs152152total deals in Q1 2023Largest deal in Q1 2023 was$9.9bn$9.9bn(Poseidon Poseidon acquired AltlasAltlas)The US made up 66%66%of
12、 global deal making861861transaction inQ1 202351.2%51.2%YoY decrease in funding amountQ1 2023 largest funding round was StripeStripe with$6.5bn$6.5bnNo IPOs in Q1 No IPOs in Q1 FINTECH PRIVATE PLACEMENT&M&A ACTIVITY BY TYPE DEVELOPMENT OVER THE LAST THREE YEARSSources:Pitchbook,Mergermarket,Capital
13、IQ,DS research1)Incudes disclosed deal value from Pitchbook17.59.960.010.322.53.814.250.733.336.626.818.246.410.96.012.920.020226276296287277234182159152Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020 Q2 2020 Q3 2020 Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022 Q3 2022 Q4 2022 Q1 2023
14、Deal Value$bnDeal Count10.310.814.016.614.211.212.813.527.534.337.836.336.529.015.611.617.81,5501,2421,2501,2281,4451,0881,1301,3412,0131,8201,8821,8832,2431,6911,357990861Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020 Q2 2020 Q3 2020 Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022 Q3 2022 Q4 2022 Q1 2023Dea
15、l Value$bnDeal CountM&A1)PRIVATE PLACEMENTSacquisition by Block$24.7bnacquisition by The Charles Schwab$acquisition by Fidelity National$48bnreceived$6.5bninvestment from Andreessen H32%59%20%40%36%43%31%13%18%70%29%55%11%35%63%60%35%20%14%3%21%3%24%23%9%9%12%13%27%9%29%45%3%48%28%77%39%61%33%46%79%
16、73%19%58%19%80%36%40%62%Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020 Q2 2020 Q3 2020 Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022 Q3 2022 Q4 2022 Q1 2023M&A$1bnFINTECH PRIVATE PLACEMENT&M&A ACTIVITY BY SIZEDEVELOPMENT OVER THE LAST THREE YEARSSources:Pitchbook,Mergermarket,Capital IQ,DS research1)Incude
17、s disclosed deal value from Pitchbook71%51%33%53%69%58%33%33%32%53%38%32%34%51%29%38%8%17%21%16%12%12%16%19%21%14%16%17%17%16%13%21%25%10%12%28%51%35%19%26%48%46%53%31%45%50%50%36%51%37%82%Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020 Q2 2020 Q3 2020 Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022 Q3 2022 Q
18、4 2022 Q1 2023PP$100mM&A1)PRIVATE PLACEMENTSAfter an impressive FinTech boom,2022 has been a very difficult year for FinTechsespecially when it comes to raising capital.Is the FinTech market now going into a longerconsolidation phase?Since the second half of 2022 we have seen a significant drop in F
19、inTech funding,followinga record 2021 that saw over 3x more investment than at any previous period.We have seena departure of many“tourist investors”who entered the market at the wrong moment andhave since been rethinking their strategy in building exposure to the sector.At Augmentumwe continued to
20、take a measured approach throughout this period however,holding backon investing when we felt valuations were excessive.The challenging macro conditions provide both challenges and opportunities for theFinTech sector and fundraising environment more broadly.Many FinTechs are by their verynature bett
21、er placed to serve customers and take market share from slower movingincumbents,and their building of strong businesses and brands in recent years will helpconsolidate their position in the market.While we expect to see FinTech investment pick uptowards the latter part of 2023,quality businesses are
22、 still able to attract funding and thepotential for FinTech remains compelling.Augmentum portfolio company Zopa announceda 75m raise in February and we announced an investment in Berlin-based cyber insuranceplatform Baobab in January for example.The financial services market is enormous,and the pene
23、tration of disruptors is stillsignificantly less than 10%overall.There is a huge amount of upside yet to be captured andwe will see hundreds of very valuable FinTechs built over the coming decade that dontexist today.Most publicly listed FinTechs saw their share prices decrease significantly,while V
24、C-backed FinTechs seem to focus on defending their last post-money valuation.Why aredown rounds so difficult to accept?Down rounds can be a and investors alike.Resisting write downs is a common themeamongst venture bacbitter pill to swallow for both founders ked businesses,as many fundswill do their
25、 very best to hold values for a number of reasons,one of which is that they areusing their current performance to help raise their next fund.Ultimately shareholders needto be pragmatic however and recognise the changing market conditions.In some cases,businesses that are well capitalised will extend
26、 runway and hope to grow into theirpreviously“inflated”valuations,but the market will speak when the music stops either at afuture funding round or an IPO.What are potential solutions for FinTechs,which need more capital,but do not want toaccept a down round?Many companies are adjusting their strate
27、gy to focus on cash preservation and profitabilityto extend runway and avoid having to raise additional capital at a lower valuation.Raising debt or convertible notes have become increasingly popular options in marketconditions such as these,with companies aiming to push out the timing to a priced r
28、ound.This can exacerbate issues further down the line however as it can have negativeconsequences on the companys cash-flow,and debt can often come with highly restrictivecovenants.The more exotic the cap table structure,the more hurdles you are putting infront of yourself for the next funding round
29、.Down rounds are becoming far more commonin the current market,and incoming investors no longer see it as a negative signal.What should we expect for the FinTech market in 2023(Funding and/or M&A)?While the start of 2023 has seen a quieter start for FinTech funding,we expect to see anuptick in Q4 as
30、 more companies come back to market.We have already started to see areal flight to quality and a return to investing in strong fundamentals and unit economics atevery investment stage.In recent years,we have seen incumbent financial services companies become increasinglyacquisitive and we fully expe
31、ct this to continue in 2023.Time and again incumbents havefailed to deliver on costly tech transformation and digitisation,and M&A is a powerfulalternative to this.We have seen this across our portfolio,with some recent examplesincluding Cushon,the workplace savings and Net Zero pension provider,rec
32、ently acquiredbyNatWestGroup,andlastyearinterativeinvestor,direct-to-consumerfixedfeeinvestment platform,acquired by abrdn for 1.49bn.VIEW ON THE CURRENT FINTECH MARKETSources:Drake StarInterviewed by:Julian OstertagJulian OstertagManaging Partner&Member of the Global Executive Committee(Munich)Tim
33、LevenePartner&CEO Partner&CEO INSIGHTS ON THE CURRENT AND FUTURE TRENDS-PAYMENTS AND INSURTECHPAYMENTSPAYMENTSINSURTECHINSURTECH“S Shorthort termterm,it it mightmight bebe moremore difficultdifficult toto raiseraise totovaluationsvaluations ,but ,but withwith a strong a strong businessbusiness model
34、model and and an an experiencedexperienced managementmanagement teamteam thatthat understandsunderstandsthethe marketmarket and and growthgrowth KPIs,KPIs,it it is is possiblepossible“Hlne Hlne FalchierFalchier,Partner,Partner“Companies with strong leaders who are converting Companies with strong le
35、aders who are converting revenue to a path to profitability are continuing to get revenue to a path to profitability are continuing to get fundedfunded“Martha Martha NotarasNotaras,General Partner,General Partner“I believe the next 12 to 18 months will have lots of I believe the next 12 to 18 months
36、 will have lots of interesting deals really invigorating the ecosystem and interesting deals really invigorating the ecosystem and creating a lot more excitement for investors to come back creating a lot more excitement for investors to come back in and at the correct pricesin and at the correct pri
37、ces“David Wechsler,David Wechsler,PrincipalPrincipal“In 2023 and beyond,well see a 3.0 version of B2B In 2023 and beyond,well see a 3.0 version of B2B payments payments one where the new frontier of global B2B one where the new frontier of global B2B commerce is digital,secure,fast,and commerce is d
38、igital,secure,fast,and flexible.80%of flexible.80%of B2B transactions are expected to be digital by 2025B2B transactions are expected to be digital by 2025”Darren Darren ParslowParslow,Global Head,Global Head“Each consumer has a unique payment preference driven Each consumer has a unique payment pre
39、ference driven by a realby a real-life need.Brands will increasingly invest in life need.Brands will increasingly invest in payment choice in 2023 to create experiences that drive payment choice in 2023 to create experiences that drive loyalty and enable people to navigate their financial livesloyal
40、ty and enable people to navigate their financial lives“Casey Casey KlyszeikoKlyszeiko,SVP,SVP,Head of Global EcommerceHead of Global Ecommerce“SoftPOSoftPOS allows smartphones and tablets to function allows smartphones and tablets to function as payment terminals.While we dont see smartphones as pay
41、ment terminals.While we dont see smartphones replacing terminals in 2023,we do imagine that we will replacing terminals in 2023,we do imagine that we will begin to see begin to see SoftPOSSoftPOS creeping in to augment existing creeping in to augment existing payment technology to reduce bottlenecks
42、payment technology to reduce bottlenecks“Ralph Ralph DangelmaierDangelmaier,CEO,CEOSources:Public sources interviews given to different media outlet,DS RINSIGHTS ON THE CURRENT AND FUTURE TRENDS-CORE BANKING&LENDING AND WEALTHTECHCORE BANKING&LENDINGCORE BANKING&LENDINGWEALTHTECHWEALTHTECH“Alternati
43、ve investments are massively increasing.Alternative investments are massively increasing.as demand will continue to grow significantly in 2023!as demand will continue to grow significantly in 2023!In order to achieve broad market penetration,it is In order to achieve broad market penetration,it is i
44、mportant that investors have the opportunity to invest important that investors have the opportunity to invest in different asset classes on one platformin different asset classes on one platform“Ralf Heim,CoRalf Heim,Co-CEOCEO“WWealthtechealthtech without a human component is limited.without a huma
45、n component is limited.People have emotions and insecurities that need to be People have emotions and insecurities that need to be addressed,a quality that no machine can yet provideaddressed,a quality that no machine can yet provide“MargueritaMarguerita Cheng,CEOCheng,CEO“The digital transformation
46、 of wealth management will The digital transformation of wealth management will steadily evolve into open wealth ecosystems.Open steadily evolve into open wealth ecosystems.Open platform architectures which are easier than ever to be platform architectures which are easier than ever to be integrated
47、 into the core processesintegrated into the core processes“Urs Bolt,News Business LeadUrs Bolt,News Business Lead“By 2030,I would say that we will probably have 2 By 2030,I would say that we will probably have 2 billion people that will be using day to day banking billion people that will be using d
48、ay to day banking services,independent of banksservices,independent of banks“Brett King,CEO&FounderBrett King,CEO&Founder“87%of banks are aware that the traditional banking 87%of banks are aware that the traditional banking experience is not enough.This explains why 75%of experience is not enough.Th
49、is explains why 75%of financial institutions have already considered leveraging financial institutions have already considered leveraging conversation AI,data,and analytics to improve their CXconversation AI,data,and analytics to improve their CX”Aurelie Aurelie LHostisLHostis,PrincipalPrincipal Ana
50、lystAnalyst“T The focus on Digital E2E processes remain a key topic in he focus on Digital E2E processes remain a key topic in 2023.Credit institutions need to ask themselves:“How are 2023.Credit institutions need to ask themselves:“How are my processes designed and how do my customers want to my pr
51、ocesses designed and how do my customers want to experience them?”experience them?”Bastian Bastian WalkhoffWalkhoff&Julian PoppJulian PoppSources:Public sources interviews given to different media outlet,DS RINSIGHTS ON THE CURRENT AND FUTURE TRENDS-FINANCIAL DATA AND BLOCKCHAIN&CRYPTOFINANCIAL DATA
52、FINANCIAL DATABLOCKCHAIN&CRYPTOBLOCKCHAIN&CRYPTO“As we enter 2023,what happens with crypto funding in As we enter 2023,what happens with crypto funding in Q1 will be critical as to whether we stay in a sustained Q1 will be critical as to whether we stay in a sustained bear market.The strength of the
53、 venture market has bear market.The strength of the venture market has persisted,with billions of funding still pouring into the persisted,with billions of funding still pouring into the space and high levels of capital waiting to be deployedspace and high levels of capital waiting to be deployed”Ja
54、mie Burke,CEO and FounderJamie Burke,CEO and Founder“Larger macro downturn market conditions should shift“Larger macro downturn market conditions should shift crypto projects away from speculation and more towards crypto projects away from speculation and more towards utility utility one major categ
55、ory simply being meaningful,fun,one major category simply being meaningful,fun,social experiences”social experiences”Alex Zhang,Alex Zhang,HeadHead“We will see further collaborations between Web3 We will see further collaborations between Web3 personalities and consumer and luxury brands that want p
56、ersonalities and consumer and luxury brands that want to explore new commerce models and customer to explore new commerce models and customer touchpoints.touchpoints.“Cathy Hackl,Chief Cathy Hackl,Chief MMetaverseetaverse OfficerOfficer“We see a rapid shift away from traditional resourceWe see a rap
57、id shift away from traditional resource-intense compliance frameworks towards digitalintense compliance frameworks towards digital-centric centric compliance pliance frameworks.A An organization can massively n organization can massively reduce compliance risk by replacing samplereduce compliance ri
58、sk by replacing sample-based based compliance monitoring with an embedded compliance compliance monitoring with an embedded compliance approachapproach“Ralf Huber,CoRalf Huber,Co-FounderFounder“Global ESG regulatory regimes will become more complex Global ESG regulatory regimes will become more comp
59、lex and continues to move ESG from a soft law or“private and continues to move ESG from a soft law or“private ordering”regime to hard lawordering”regime to hard law“Data quality is critical for Data quality is critical for FiFinTechnTech companies,.This companies,.This requires sophisticated data an
60、alytics capabilities and a requires sophisticated data analytics capabilities and a deep understanding of financial markets and regulationsdeep understanding of financial markets and regulations“Neil Rimer,CoNeil Rimer,Co-Founder and Partner Founder and Partner Sources:Public sources interviews give
61、n to different media outlet,DS R-50%-40%-30%-20%-10%0%10%20%Mar 2022May 2022Jul 2022Sep 2022Nov 2022Jan 2023Mar 2023DS B2B FinTech IndexDS B2C FinTech IndexNASDAQS&P 500CAPITAL MARKET ENVIRONMENT DRAKE STARS FINTECH B2B&B2C INDICESLTM1)SHARE PRICE PERFORMANCEB2C B2C INDEXINDEXDS B2B FINTECH INDEXDS
62、B2C FINTECH INDEX-14.2%-9.7%-4.6%-33.7%1)Last twelve monthsSources:Pitchbook,Mergermarket,Capital IQ,DS CAPITAL MARKET ENVIRONMENT DRAKE STARS FINTECH B2B&B2C INDICESSHARE PRICE PERFORMANCE1)Performance vs.previous quarter2)Indexed to 100 at the start of Q1 2021Sources:Pitchbook,Mergermarket,Capital
63、 IQ,DS During 2022,FinTech stocks and indices underperformed against both broader financial services and the technology sectors.However,share prices have started to bounce back since Q4 2022,with both indices experiencing a return of+6%and+9%respectively over the first quarter.Despite better perform
64、ances,uncertainty remains the dominant theme.Therefore,investors focus continues to be on profitability and lower capital requirements,where B2B solutions are more favored by private and institutional investors.Q1Q120212021Q2Q220212021Q3Q320212021Q4Q420212021Q1Q120222022Q2Q220222022Q3Q320222022Q4Q42
65、0222022Q1Q120232023ShareShare1)1)PricePrice+1%+7%-2%-3%-14%-21%-4%4%4%6%6%INDEXINDEX28870677074ShareShare1)1)PricePrice+28%+28%-1%1%-8%8%-19%19%-18%18%-34%34%-5%5%1%1%9%9%INDEXINDEX7751494953DS B2B FinTech IndexDS B2C FinTech IPUBLICLY TRADED FINTECHS EXPERIENCED A SIGNIFICANT
66、CORRECTION FROM ALL-TIME HIGHS BUT MANY ALREADY SHOW A STRONG RECOVERY FROM 52-WEEK LOWS(1/2)-4.7%-28.5%-56.4%-9.5%-26.1%-21.9%-32.8%-13.2%-51.8%-18.9%-31.8%-23.9%-20.2%-28.5%13.526.6631.5514.563.543.330.370.969.0324.611.916.8111.239.23$2,823$2,661$14,857$2,884$6,530$1,713$11$402$4,276$1,367$8,424NM
67、$2,961$1,083232%155%114%102%90%89%80%80%77%66%49%43%42%37%EV(m)Performancevs.52-Week HighCompanyNASDAQNASDAQ1)1)+19.7%+19.7%CountryS&P 500S&P 5001)1)+14.9%+14.9%52-Week Low Share Price1)Return from 52-week low end of Q1 2023Sources:Pitchbook,Mergermarket,Capital IQ,DS research,Data as of 31th of Mar
68、ch PUBLICLY TRADED FINTECHS EXPERIENCED A SIGNIFICANT CORRECTION FROM ALL-TIME HIGHS BUT MANY ALREADY SHOW A STRONG RECOVERY FROM 52-WEEK LOWS(1/2)-28.2%-72.5%-19.4%-37.8%-29.5%-54.9%-15.7%-56.8%-59.2%-4.9%-60.5%-121.3%-54.9%-23.5%-46.4%152.018.6253.519.63.4068.318.3410.2942.028.9011.750.753.4413.53
69、0.92$11,040$6,117$24,140$2,790$201$7,854NM$741$402$1,666$979$507$1,103$10,373$25631%31%29%27%23%19%18%16%15%14%12%12%8%7%7%EV(m)Performancevs.52-Week HighCompanyNASDAQNASDAQ1)1)+19.7%+19.7%CountryS&P 500S&P 5001)1)+14.9%+14.9%52-Week Low Share Price1)Return from 52-week low end of Q1 2023Sources:Pit
70、chbook,Mergermarket,Capital IQ,DS research,Data as of 31th of March INSTITUTIONALLY BACKED PRIVATE COMPANIES&INVESTORS LIST OF BEST FUNDED PRIVATE COMPANIES AND MOST ACTIVE FINANCIAL INVESTORS IN FINTECH1)Numbers display total funding as of Q1 20232)By number of Investments in since Jan-2022Sources:
71、Pitchbook,Mergermarket,Capital IQ,DS researchThe top 15 funded private companies have raised$49.7bn during their lifespan8,7357,253 4,6494,5773,2403,1412,6462,3972,1812,050 1,8351,8331,8301,7011,63246366677480818283130InvestorSelected InvestmentsNumber of InvestmentsTop 15 Best Funded Pri
72、vate FinTech Companies(in$m)1)Top 15 Most Active Financial Investors in FinTech since 20222)NOTABLE FINTECH M&A DEALS IN Q1 2023Sources:Pitchbook,Mergermarket,Capital IQ,DS researchGlobal Payments acquires EVO Payments EVO Payments provides card-based payment processing services to small and middle
73、market merchants,multinational corporations,government agencies,and other business The transaction will expand Global Payments geographic footprint into attractive new geographiesMarch 24,2023EV:$4.0bnEV/Rev:6.7xVista Equity Partners completes acquisition of Duck Creek Technologies The company is on
74、e of the leading SaaS provider of core systems for the P&C insurance industry The acquisition enables Duck Creek Technologies to access Vistas global network and deep sector expertise,enabling the company to be better positioned to support and accelerate the industrys transition to the cloud while c
75、ontinuing to deliver a best-in-class customer experienceJanuary 24,2023EV:$481mEV/Rev:2.1x EV:$2.6bnEV/Rev:7.5x March 30,2023Voya Financial acquires Benefitfocus Operator of a cloud-based benefits management platform for consumers,employers,insurance carriers,and brokers The acquisition accelerates
76、Voyas strategy in health and wealth solutions,adding broad-based benefits administration capabilities that extend its reach across workplace benefits and savingsIntegrated Partners acquires Laurel Wealth Advisors Provider of investment and wealth management services based in Solana Beach,California
77、This acquisition represents a new dimension for Integratedsgrowth strategyNuvei completes acquisition of Paya Provider of integrated payment and frictionless commerce solutions that help customers accept and make payments,expedite the receipt of money,and increase operation efficiency Paya was acqui
78、red by Nuvei to support its growth and strengthen its presence in new segments where it has a holdEV:$2.3bnEV/Rev:n.a.EV:$1.3bnEV/Rev:4.0 xFebruary 27,2023February 23,NOTABLE FINTECH PRIVATE PLACEMENTS IN Q1 2023Sources:Pitchbook,Mergermarket,Capital IQ,DS researchKlarna completes later stage fundin
79、g led by Altun Capital Developer of an online payment platform designed to facilitate cashless payments through installments.Klarnas platform offers in-store,mobile,and online payments as well as deliveries and returns services and works on a buy now,pay later model The funds will be used to expand
80、the companys position in the United StatesJanuary 11,2023Deal Size:$766mMarch 6,2023Deal Size:$564mAbound completes funding from GRS venturesProvider of consumer lending services intended to offer low-cost personal credit The funds will be used to fund loans to bring more customers to the companys p
81、latform and to invest in their technology,which combines open banking data and machine learning algorithms InsuranceDekhocompletes a Series A funding led by TVC Capital and Goldman Sachs Operator of an insurance platform intended to secure an insurance plan that is right for the family The funds wil
82、l be used to scale up its product and technology functions,expand to new markets,pursue inorganic growth,strengthen its leadership team,launch new innovative products in the health and life categories,and grow the MSME insurance businessFebruary 14,2023Deal Size:$138m Deal Size:$411mFebruary 14,2023
83、PhonePe completes funding led by General Atlantic Developer of a mobile payment application PhonePe specializes in an online payment system based on Unified Payments Interface and a digital wallet The funds will be used to scale up its payments and insurance businesses in India,as well as to launch
84、and aggressively scale new businesses like lending,stockbroking,ONDC-based shopping,and account aggregators over the next few yearsStripe completes funding led by Andreessen Horowitz et al.Developer of an online financial infrastructure platform designed to accept payments,grow revenue and accelerat
85、e new business opportunities The funds raised will be used to provide liquidity to current and former employees and address employee withholding tax obligations related to equity awards,resulting in the retirement of Stripe shares that will offset the issuance of new shares to Series I investorsMarc
86、h 15,2023Deal Size:$AGENDAPAYMENTSPAYMENTSOVERALL FINTECH MARKET UPDATEINSURTECHWEALTHTECHCORE BANKING&LENDINGFINANCIAL DATABLOCKCHAIN&CRYPTOABOUT DRAKE STARCAPITAL MARKET ENVIRONMENT PAYMENTSLTM SHARE PRICE PERFORMANCE-2.4%3.6%1.8%0.5%-16.0%-26.5%Note:as of 31.03.2023Sources:Pitchbook,Mergermarket,
87、Capital IQ,DS research-38.00%-28.00%-18.00%-8.00%2.00%12.00%Mar 2022May 2022Jul 2022Sep 2022Nov 2022Jan 2023Mar 2023Merchant Acquiring&ProcessingPayment NetworksB2B SolutionsMoney TransferOnline Focused PaymentsPOS Devices&SolutionsMERCHANT ACQUIRING&PROCESSINGB2B SOLUTIONSMONEY TRANSFERPAYMENTNETWO
88、RKSPOS DEVICES&SOLUTIONSONLINE FOCUSED PAYMENTSNote:as of 31.03.2023Sources:Pitchbook,Mergermarket,Capital IQ,DS researchCAPITAL MARKET ENVIRONMENT PAYMENTSLTM EV/REVENUE MULTIPLES DEVELOPMENT3.1x4.1x2.6x4.9x4.3x16.0 x0.00 x5.00 x10.00 x15.00 x20.00 x25.00 xMar 2022May 2022Jul 2022Sep 2022Nov 2022Ja
89、n 2023Mar 2023Merchant Acquiring&ProcessingPayment NetworksB2B SolutionsMoney TransferOnline Focused PaymentsPOS Devices&SolutionsMERCHANT ACQUIRING&PROCESSINGB2B SOLUTIONSMONEY TRANSFERPAYMENTNETWORKSPOS DEVICES&SOLUTIONSONLINE FOCUSED PAYMENTSVENTURE-BACKED PRIVATE COMPANIES&INVESTORS PAYMENTSLIST
90、 OF BEST FUNDED PRIVATE COMPANIES AND MOST ACTIVE FINANCIAL INVESTORS1)Numbers display total funding as of Q1 20232)By number of Investments in since Jan-2022Sources:Pitchbook,Mergermarket,Capital IQ,DS researchThe top 15 funded private companies have raised$33.5bn during their lifespanTop 15 Best F
91、unded Private Payment Companies(in$m)1)Top 15 Most Active Financial Investors in Payment since 20222)4,6493,2402,6462,0501,8301,4061,3751,2281,2121,0931,0871,045969940994544InvestorSelected InvestmentsNumber of INOTABLE M&A DEALS IN Q1 2023 PAYMENTSSources:Pitchbook,Mergermarke
92、t,Capital IQ,DS researchGlobal Payments acquires EVO Payments EVO Payments Inc provides card-based payment processing services to small and middle market merchants,multinational corporations,government agencies,and other business The transaction will expand Global Payments geographic footprint into
93、attractive new geographiesNuvei completes acquisition of Paya Provider of integrated payment and frictionless commerce solutions that help customers accept and make payments,expedite the receipt of money,and increase operation efficiency Paya was acquired by Nuvei to support its growth and strengthe
94、n its presence in new segments where it has a holdnib completes acquisition of Connect Plan Management Provider of independent NDIS plan manager.Connect Plan Management offers assurance,advice,financial management of the NDIS plan as well as offers spending,budgets,invoicing process etc Connect Plan
95、 Management reached a definitive agreement to be acquired by nib for an undisclosed amountKeensight Capital acquires Oventis Developer of e-procurement and supplier relationship management software systems.Offers a cloud-based procurement-management service,as well as tools for supplier management,e
96、-ordering,e-sourcing,and spending analytics The investment in Oventiswill support the company on its way to further developing into an international mid-market SaaS businessJanuary 25,2023EV:n.a.EV/Rev:n.a.February 23,2023EV:$1.3bnEV/Rev:4.0 xFebruary 27,2023EV:$280mEV/Rev:n.a.February 20,2023EV:n.a
97、.EV/Rev:n.a.Nexi completes acquisition of PayComet Provider of an omnichannel payment platform for businesses to accept and process payments worldwide PayComet was acquired to help Nexiexpand its merchant acquiring operations and increase revenue diversification in EuropeMarch 24,2023EV:$4.0bnEV/Rev
98、:NOTABLE FINTECH PRIVATE PLACEMENTS IN Q1 2023 PAYMENTSStripe completes funding led by Andreessen Horowitz et al.Developer of an online financial infrastructure platform designed to accept payments,grow revenue and accelerate new business opportunities The funds raised will be used to provide liquid
99、ity to current and former employees and address employee withholding tax obligations related to equity awards,resulting in the retirement of Stripe shares that will offset the issuance of new shares to Series I investorsKlarna completes later stage funding led by Altun Capital Developer of an online
100、 payment platform designed to facilitate cashless payments through installments.Klarnas platform offers in-store,mobile,and online payments as well as deliveries and returns services and works on a buy now,pay later model The funds will be used to expand the companys position in the United StatesMoo
101、v completes funding led by Andressen Horowitz Operator of a financial platform intended to make sending,receiving,and storing money simple.Moov offers a portable,extensible,open-source platform for embedding banking and payment functionality within any application The funds will be used to refine th
102、e platform,address new payments use cases,and scale everything weve built so farDeal Size:$766mDeal Size:$42mSources:Pitchbook,Mergermarket,Capital IQ,DS researchDeal Size:$100mDeal Size:$411mLeafLink completes later stage funding led by CPMG Operator of a wholesale cannabis marketplace platform int
103、ended to connect retailers with brands and distributors for streamlined cannabis commerce.LeafLinksplatform changes the way cannabis brands,distributors,and retailers manage their operations The fund will be used to support the companys customers evolving technology and operational needs through enh
104、anced platform functionalityPhonePe completes funding led by General Atlantic Developer of a mobile payment application PhonePe specializes in an online payment system based on Unified Payments Interface and a digital wallet The funds will be used to scale up its payments and insurance businesses in
105、 India,as well as to launch and aggressively scale new businesses like lending,stockbroking,ONDC-based shopping,and account aggregators over the next few yearsDeal Size:$6.5bnFebruary 14,2023January 31,2023February 1,2023January 1,2023March 15,113.070,997.1 93,125.1 29x5.0%33.9%38.7%43.5%5.7 x5.3 x5
106、.2 x16.9 x13.6 x12.0 x54.332,159.9 50,710.9 NM1.8%29.1%28.3%41.9%3.7 x3.5 x3.5 x12.6 x12.3 x8.4 x105.227,760.7 40,725.3 NM0.3%40.4%40.6%49.6%4.8 x4.5 x4.7 x11.8 x11.2 x9.6 x8.110,661.6 20,677.6 NM3.4%19.5%32.8%51.0%6.0 x3.6 x5.6 x30.5 x10.9 x10.9 x42.511,973.1 15,638.0 53x11.0%18.1%21.4%26.5%3.7 x3.
107、4 x3.0 x20.6 x15.7 x11.4 x43.56,077.7 5,847.5 112x10.6%24.4%22.5%39.3%5.8 x6.9 x4.7 x23.6 x30.8 x12.0 x85.66,492.6 5,787.6 36x11.5%36.5%36.7%37.0%15.5 x16.6 x12.5 x42.4 x45.4 x33.7 x75.84,326.2 5,448.3 72x40.1%3.2%9.0%15.9%4.0 x2.7 x2.0 xNM30.4 x12.7 x26.12,823.9 3,856.7 NM2.8%20.5%18.5%26.6%2.8 x2.
108、7 x2.7 x13.7 x14.7 x10.0 x17.31,049.8 3,470.9 NM3.3%22.2%20.5%28.8%2.3 x2.3 x2.2 x10.5 x11.3 x7.6 x9.52,982.6 3,103.8 NM117.3%42.3%89.6%51.3%6.4 x3.7 x1.4 x15.1 x4.2 x2.6 x8.62,779.1 2,448.4 10 x67.9%42.4%69.5%20.3%2.0 x1.5 x0.7 x4.7 x2.1 x3.5 x33.82,193.3 2,446.3 10 x4.4%41.7%34.7%42.4%4.1 x4.0 x3.
109、8 x9.9 x11.4 x9.0 x3.01,624.7 1,897.9 21x19.9%27.6%40.7%41.5%5.4 x4.3 x3.7 x19.5 x10.6 x9.0 x24.5567.2 1,046.7 NM28.5%12.1%13.4%27.0%4.7 x3.3 x2.8 x38.5 x24.6 x10.5 x6.6580.6 1,011.3 55x13.6%19.9%23.4%44.6%4.6 x3.6 x3.6 x23.1 x15.5 x8.0 xMEAN44.2x44.2x21.4%21.4%27.2%27.2%33.4%33.4%34.7%34.7%5.4 x5.4
110、 x4.6 x4.6 x3.9 x3.9 x18.6 x18.6 x15.8 x15.8 x15.0 x15.0 xMEDIAN36.0 x36.0 x10.8%10.8%27.6%27.6%29.6%29.6%39.0%39.0%4.6 x4.6 x3.6 x3.6 x3.5 x3.5 x16.0 x16.0 x12.0 x12.0 x10.0 x10.0 xNote:as of 31.03.2023 Sources:Pitchbook,Mergermarket,Capital IQ,DS researchPUBLIC COMPANY TRADING ANALYSIS PAYMENTS(1/
111、4)MERCHANT ACQUIRING&PROCESSINGAll information has been obtained from sources believed to be reliable,but its accuracy is not guaranteed.There is no representation or warranty as to the current accuracy,reliability or completeness of,nor liability for,decisions based on such information and it shoul
112、d not be relied on as such.CompanyHQEnterprise Value($m)Revenue CAGR21a-23eShare Price($)Market Cap($m)EV/EBITDA2021a2023e2022aEBITDA Margin(%)2021a2023e2022aP/EEV/Revenue2021a2023e2022aMerchant Acquiring&P6.76,893.0 6,529.9 98x-6.3%14.8%16.5%44.1%11.3 x8.9 x12.8 x76.0 x53.8 x29.0 x11.14,144.95,666.
113、3-47x-10.3%26.3%23.6%24.0%1.1 x1.3 x1.4 x4.3 x5.4 x5.8 x29.43,230.12,884.1 NM34.2%NMNM8.6%14.3 x10.0 x8.0 xNMNM92.7 x10.61,020.4 1,679.1-17xNANM16.6%NMNM1.3 xNM7.6 x7.7 x7.1 x5.92,119.1 1,606.8NM30.6%6.0%7.7%15.5%NMNMNMNMNMNM17.2165.1 506.6 NM38.6%NMNM0.9%1.1 x0.8 x0.6 xNMNM66.1 x1.5249.7 245.6-29x2
114、9.4%22.6%19.2%27.2%1.8 x1.6 x1.1 x8.1 x8.1 x4.0 xMEANMEAN1.3x1.3x19.4%19.4%17.4%17.4%16.7%16.7%20.1%20.1%5.9 x5.9 x4.0 x4.0 x4.8 x4.8 x24.0 x24.0 x18.7 x18.7 x34.1 x34.1 xMEDIANMEDIAN-23x23x30.0%30.0%18.7%18.7%16.6%16.6%19.8%19.8%1.8 x1.8 x1.4 x1.4 x1.4 x1.4 x7.8 x7.8 x7.9 x7.9 x18.1 x18.1 xPUBLIC C
115、OMPANY TRADING ANALYSIS PAYMENTS(2/4)MONEY TRANSFERAll information has been obtained from sources believed to be reliable,but its accuracy is not guaranteed.There is no representation or warranty as to the current accuracy,reliability or completeness of,nor liability for,decisions based on such info
116、rmation and it should not be relied on as such.Money TransferNote:as of 31.03.2023 Sources:Pitchbook,Mergermarket,Capital IQ,DS researchCompanyHQEnterprise Value($m)Revenue CAGR21a-23eShare Price($)Market Cap($m)EV/EBITDA2021a2023e2022aEBITDA Margin(%)2021a2023e2022aP/EEV/R223.9463,666.3 470,015.3 6
117、x15.7%69.1%70.4%70.1%19.5 x16.0 x14.6 x28.2 x22.8 x20.8 x363.4346,417.9 353,482.9 NM15.3%58.2%60.1%60.8%18.7 x15.9 x14.1 x32.2 x26.4 x23.1 x164.9122,733.7 NM36x35.3%NMNMNMNMNMNMNMNMNM98.825,889.6 NM17x182.8%NMNMNMNMNMNMNMNMNMMEANMEAN19.7x19.7x62.3%62.3%63.7%63.7%65.2%65.2%65.4%65.4%19.1 x19.1 x16.0
118、x16.0 x14.3 x14.3 x30.2 x30.2 x24.6 x24.6 x22.0 x22.0 xMEDIANMEDIAN17.1x17.1x25.5%25.5%63.7%63.7%65.2%65.2%65.4%65.4%19.1 x19.1 x16.0 x16.0 x14.3 x14.3 x30.2 x30.2 x24.6 x24.6 x22.0 x22.0 x68.741,377.8 42,129.8 41x6.5%2.1%5.7%NM2.4 x2.4 x2.1 xNMNM31.5 x210.915,495.7 21,206.8 NM16.0%52.1%49.8%53.3%7.
119、5 x6.2 x5.6 x14.4 x12.4 x10.4 x59.314,755.5 15,214.0 17x12.8%37.8%37.0%41.3%8.5 x7.3 x6.1 x22.4 x19.8 x14.6 x183.97,931.7 8,542.3 37x22.6%33.4%38.0%42.6%5.2 x4.1 x3.5 x15.6 x10.8 x8.1 x81.18,632.1 7,853.8NM105.4%NMNM8.7%33.0 x12.2 x7.8 xNMNM89.5 x7.81,555.81,245.1NM21.0%NMNMNM5.0 x3.9 x3.4 xNMNMNM8.
120、91,092.4 957.7 NM22.0%4.0%5.8%6.0%0.9 x1.9 x1.6 x60.0 xNM27.1 xMEANMEAN31.7x31.7x29.5%29.5%25.9%25.9%27.2%27.2%30.4%30.4%8.9 x8.9 x5.4 x5.4 x4.3 x4.3 x28.1 x28.1 x14.3 x14.3 x30.2 x30.2 xMEDIANMEDIAN37.0 x37.0 x21.0%21.0%33.4%33.4%37.0%37.0%41.3%41.3%5.2 x5.2 x4.1 x4.1 x3.5 x3.5 x19.0 x19.0 x12.4 x1
121、2.4 x20.9 x20.9 xPUBLIC COMPANY TRADING ANALYSIS PAYMENTS(3/4)PAYMENT NETWORKS&B2B PAYMENT SOLUTIONSAll information has been obtained from sources believed to be reliable,but its accuracy is not guaranteed.There is no representation or warranty as to the current accuracy,reliability or completeness
122、of,nor liability for,decisions based on such information and it should not be relied on as such.NetworksB2B SolutionsCompanyHQEnterprise Value($m)Revenue CAGR21a-23eShare Price($)Market Cap($m)EV/EBITDA2021a2023e2022aEBITDA Margin(%)2021a2023e2022aP/EEV/Revenue2021a2023e2022aNote:as of 31.03.2023 So
123、urces:Pitchbook,Mergermarket,Capital IQ,DS 75.985,916.5 86,603.5 36x437.8%513.7%17.9%25.8%85.3 x3.1 x3.0 x16.6 x17.6 x11.4 x47.967,924.5 64,234.0 NM20.0%9.7%NM0.2%13.9 x11.5 x9.7 xNMNMNM1,585.449,125.6 42,259.8 80 x-47.7%10.2%7.8%49.7%6.2 x4.4 x22.6 x60.9 x57.1 x45.6 x16.24,800.9 4,276.4 45x58.4%34.
124、2%37.0%37.0%17.5 x10.2 x7.0 x51.2 x27.5 x18.9 x7.84,914.7 4,070.5 NM59.5%NMNMNM10.6 x6.2 x4.2 xNMNMNM4.62,461.3 849.0 NM33.0%NMNMNM1.6 x1.1 x0.9 xNMNMNM17.78559.5 555.2 NM40.2%NMNM1.4%4.7 x3.2 x2.4 xNMNMNM1.7507.1 402.3 119x1.5%11.4%17.4%32.5%5.8 x6.3 x5.6 x51.2 x36.2 x17.4 xMEANMEAN70.0 x70.0 x75.3
125、%75.3%115.8%115.8%20.0%20.0%24.4%24.4%18.2 x18.2 x5.8 x5.8 x6.9 x6.9 x45.0 x45.0 x34.6 x34.6 x23.3 x23.3 xMEDIANMEDIAN62.5x62.5x36.6%36.6%11.4%11.4%17.7%17.7%29.2%29.2%8.4 x8.4 x5.3 x5.3 x4.9 x4.9 x51.2 x51.2 x31.8 x31.8 x18.1 x18.1 x17.89,351.2 8,424.2 NM46.2%NMNMNM4.9 x3.1 x2.3 xNMNMNM15.22,289.9
126、1,478.0 NM-15.2%NMNMNM1.5 x2.7 x2.0 xNMNMNM34.0927.6 1,210.4 NM17.1%NMNMNM4.3 x3.4 x3.1 xNMNMNM8.21,316.6887.8 NM19.7%NMNM8.8%5.9 x4.8 x4.2 xNMNM47.4 x0.8906.5507.4 6x6.5%16.9%17.7%19.5%0.5 x0.5 x0.5 x3.3 x2.8 x2.5 x5.7413.0 430.0 NM21.4%NM1.3%5.2%2.6 x2.1 x1.7 xNMNM33.5 xMEANMEAN6.0 x6.0 x15.9%15.9
127、%16.9%16.9%9.5%9.5%11.1%11.1%3.3 x3.3 x2.8 x2.8 x2.3 x2.3 x3.3 x3.3 x2.8 x2.8 x27.8 x27.8 xMEDIANMEDIAN6.0 x6.0 x18.4%18.4%16.9%16.9%9.5%9.5%8.8%8.8%3.4 x3.4 x2.9 x2.9 x2.2 x2.2 x3.3 x3.3 x2.8 x2.8 x33.5 x33.5 xPUBLIC COMPANY TRADING ANALYSIS PAYMENTS(4/4)ONLINE FOCUSED PAYMENTS AND POS DEVICES&SOLU
128、TIONSAll information has been obtained from sources believed to be reliable,but its accuracy is not guaranteed.There is no representation or warranty as to the current accuracy,reliability or completeness of,nor liability for,decisions based on such information and it should not be relied on as such
129、.Online FocusedPOSNote:as of 31.03.2023 Sources:Pitchbook,Mergermarket,Capital IQ,DS researchCompanyHQEnterprise Value($m)Revenue CAGR21a-23eShare Price($)Market Cap($m)EV/EBITDA2021a2023e2022aEBITDA Margin(%)2021a2023e2022aP/EEV/RAGENDAPAYMENTSOVERALL FINTECH MARKET UPDATEINSURTECHINSURTECHWEALTHTE
130、CHCORE BANKING&LENDINGFINANCIAL DATABLOCKCHAIN&CRYPTOABOUT DRAKE STARCAPITAL MARKET ENVIRONMENT INSURTECHLTM SHARE PRICE PERFORMANCE-16.2%16.2%-6.4%6.4%-29.1%29.1%-53.3%53.3%DIGITAL BROKER&PRICE COMPARISONB2B INSURANCE SOFTWAREDIGITAL CARRIERSources:Pitchbook,Mergermarket,Capital IQ,DS research-9.7%
131、9.7%-70.00%-60.00%-50.00%-40.00%-30.00%-20.00%-10.00%0.00%10.00%20.00%30.00%Mar 2022May 2022Jul 2022Sep 2022Nov 2022Jan 2023Mar 2023Digital Broker&Price ComparisonB2B Insurance SoftwareDigital CarrierNASDAQS&P CAPITAL MARKET ENVIRONMENT INSURTECHLTM EV/REVENUE DEVELOPMENT7.8x7.8x2.6x2.6x0.6x0.6x3.5x
132、3.5x2.6x2.6xSources:Pitchbook,Mergermarket,Capital IQ,DS research*Revenue multiple is based on Premium EarnedDIGITAL BROKER&PRICE COMPARISONB2B INSURANCE SOFTWAREDIGITAL CARRIER*0.00 x1.00 x2.00 x3.00 x4.00 x5.00 x6.00 x7.00 x8.00 x9.00 x10.00 xMar 2022May 2022Jul 2022Sep 2022Nov 2022Jan 2023Mar 202
133、3Digital Broker&Price ComparisonB2B Insurance SoftwareDigital CarrierNASDAQS&P INSTITUTIONALLY BACKED PRIVATE COMPANIES&INVESTORS LIST OF BEST FUNDED PRIVATE COMPANIES AND MOST ACTIVE FINANCIAL INVESTORSTop 15 Best Funded Private InsurTech Companies(in$m)1)Top 15 Most Active Financial Investors in I
134、nsurTech since 20222)2,0491,3821,56656306206547506The top 15 funded private companies have raised$12.4bn during their lifespan1)Numbers display total funding as of Q1 20232)By number of Investments since Jan-2022Sources:Pitchbook,Mergermarket,Capital IQ,DS research41
135、453138InvestorSelected InvestmentsNumber of INOTABLE M&A DEALS IN Q1 2023 INSURTECHSources:Pitchbook,Mergermarket,Capital IQ,DS researchTuio acquires Luko Developer of a home insurance platform designed to help prevent miscalculations in claims This acquisition is an opportunity to accele
136、rate the growth of tuio in Spain,as well as to underpin international expansion and the launch of other insurance productsClark acquires Anorak Developer of an automated life insurance platform intended to help individuals match their suitable insurance policies with policy providers The acquisition
137、 enables the Clark to grow further and strengthens its presence in the important UK marketVoya Financial acquires Benefitfocus Operator of a cloud-based benefits management platform for consumers,employers,insurance carriers,and brokers The acquisition accelerates Voyas strategy in health and wealth
138、 solutions,adding broad-based benefits administration capabilities that extend its reach across workplace benefits and savingsDavies Group acquires Quick Internet Software Solutions Provider of claims management software intended to serve third-party administrators,independent adjusters and self-ins
139、ured entities The acquisition enables Davies to expand its global technology offering and strengthen both the solutions and experience it offers to its insurance clientsJanuary 24,2023EV:n.a.EV/Rev:n.a.March 30,2023EV:$2.6bnEV/Rev:7.5x EV:n.a.EV/Rev:n.a.January 25,2023January 23,2023EV:$570mEV/Rev:2
140、.1x EV:n.a.EV/Rev:n.a.Vista Equity Partners completes acquisition of Duck Creek Technologies The company is one of the leading SaaS provider of core systems for the P&C insurance industry The acquisition Duck Creek Technologies to access Vistas global network and deep sector expertise,enabling the c
141、ompany to be better positioned to support and accelerate the industrys transition to the cloud while continuing to deliver a best-in-class customer experienceMarch 30,NOTABLE PRIVATE PLACEMENTS IN Q1 2023 INSURTECHWefox completes a venture funding from undisclosed investors Developer of an applicati
142、on-based insurance comparison platform designed to manage insurance and financial products efficiently The funds will be used to speed up wefoxs growthQoala completes a Series B funding led by Eurazeo Operator of an online insurance platform intended to democratize insurance by making it universally
143、 accessible and affordable for all The funds will be used to accelerate business growth and expand operations and support technological development so that the companys insurance services can be improvedPaytient completes a Series B funding led by Mercato Partners Developer of a financial platform i
144、ntended to increase the companys deductible health plan adoption The funds will be used to scale growth and product development in 2023 and beyondSuperscript completes Series B led by BGL Group Developer of a digital-first insurance platform intended to automate the entire process of buying and mana
145、ging insurance The funding will be used to bolster the companys underwriting and broking capabilities,and continue investing in machine learning toolingInsuranceDekhocompletes a Series A funding led by TVC Capital and Goldman Sachs Operator of an insurance platform intended to secure an insurance pl
146、an that is right for the family The funds will be used to scale up its product and technology functions,expand to new markets,pursue inorganic growth,strengthen its leadership team,launch new innovative products in the health and life categories,and grow the MSME insurance businessJanuary 10,2023Feb
147、ruary 14,2023January 20,2023January 09,2023Deal Size:$55mDeal Size:$68mDeal Size:$41mDeal Size:$52mSources:Pitchbook,Mergermarket,Capital IQ,DS researchDeal Size:$138m undisclosedinvestorsMarch 14,191.929,679.9 33,537.3 29x2.9%52.6%50.0%53.5%13.6 x13.4 x12.9 x25.9 x26.9 x24.0 x82.16,717.9 6,498.6 NM
148、10.1%NMNM1.4%8.7 x8.0 x7.2 xNMNMNM9.05,606.8 6,139.0 150 x10.9%NM19.6%39.5%8.9 x7.8 x7.3 xNM40.1 x18.3 x1.1677.5 5,125.8 NM-7.8%72.5%69.0%65.5%4.6 x4.7 x5.4 x6.3 x6.9 x8.2 x21.71,198.01,136.7 23x4.6%17.0%17.5%19.9%2.5 x2.4 x2.3 x14.5 x13.7 x11.3 x13.2407.6 979.0 6x-1.4%13.5%13.2%17.9%1.0 x0.9 x1.0 x
149、7.3 x7.0 x5.7 x0.9287.9 268.3 NM3.7%NMNMNM2.1 x2.0 x1.9 xNMNMNMMEANMEAN52.0 x52.0 x3.3%3.3%38.9%38.9%33.9%33.9%32.9%32.9%5.9 x5.9 x5.6 x5.6 x5.4 x5.4 x13.5 x13.5 x18.9 x18.9 x13.5 x13.5 xMEDIANMEDIAN26.0 x26.0 x3.7%3.7%34.8%34.8%19.6%19.6%29.7%29.7%4.6 x4.6 x4.7 x4.7 x5.4 x5.4 x10.9 x10.9 x13.7 x13.
150、7 x11.3 x11.3 x7.83,421.0 3,002.7 NM54.5%NMNMNM24.8 x16.0 x10.4 xNMNMNM3.11,652.7 1,694.0 20 x9.0%25.6%25.5%30.3%4.0 x3.6 x3.3 x15.4 x14.2 x11.0 x2.2361.3 1,055.1 NM7.1%25.0%NM2.1%1.3 x1.8 x1.1 x5.2 xNM52.6 x16.3146.2 1,010.1 NM-11.6%0.1%NM12.4%1.0 x1.6 x1.2 xNMNM9.8 x9.4258.5 484.1 NM-7.0%NMNMNM1.0
151、 x1.3 x1.1 xNMNMNM13.9453.2 428.8 NM0.9%NMNM2.6%1.0 x1.1 x1.0 xNMNM39.1 xMEANMEAN20.0 x20.0 x8.8%8.8%16.9%16.9%33.9%33.9%32.9%32.9%5.5 x5.5 x4.2 x4.2 x3.0 x3.0 x10.3 x10.3 x14.2 x14.2 x28.2 x28.2 xMEDIANMEDIAN20.0 x20.0 x4.0%4.0%25.0%25.0%25.5%25.5%7.5%7.5%1.2 x1.2 x1.7 x1.7 x1.2 x1.2 x10.3 x10.3 x1
152、4.2 x14.2 x25.1 x25.1 xAll information has been obtained from sources believed to be reliable,but its accuracy is not guaranteed.There is no representation or warranty as to the current accuracy,reliability or completeness of,nor liability for,decisions based on such information and it should not be
153、 relied on as such.PUBLIC COMPANY TRADING ANALYSIS INSURTECH(1/2)B2B INSURANCE SOFTWARE AND DIGITAL BROKER&PRICE COMPARISON B2B SoftwareBroker&ComparisonCompanyHQEnterprise Value($m)Revenue CAGR21a-23eShare Price($)Market Cap($m)EV/EBITDA2021a2023e2022aEBITDA Margin(%)2021a2023e2022aP/EEV/Revenue202
154、1a2023e2022aNote:as of 31.03.2023 Sources:Pitchbook,Mergermarket,Capital IQ,DS 3.24,634.1 6,415.1 NM15.4%6.5%NMNM2.1 x1.9 x1.5 x31.8 xNMNM0.2139.4 1,163.3 NM47.1%NMNMNMNMNMNMNMNMNM14.3988.2 740.9 NM119.8%NMNMNM9.4 x4.1 x1.9 xNMNMNM0.8405.3 307.3 NM20.0%NMNMNM0.2 xNMNMNMNMNM6.51,412.6239.0 NM69.4%NMN
155、MNM0.1 x0.1 x0.0 xNMNMNM16.2378.2216.2 NM113.5%NMNMNM5.5 x4.2 x1.2 xNMNMNM4.564.0-280.2 NM-12.8%NMNMNMNMNMNM0.6 x1.2 x2.2 xMEANMEANNMNM53.2%53.2%6.5%6.5%NMNMNMNM3.5 x3.5 x2.6 x2.6 x1.2 x1.2 x16.2 x16.2 x1.2 x1.2 x2.2 x2.2 xMEDIANMEDIANNMNM47.1%47.1%6.5%6.5%NMNMNMNM2.1 x2.1 x3.0 x3.0 x1.4 x1.4 x16.2
156、x16.2 x1.2 x1.2 x2.2 x2.2 xAll information has been obtained from sources believed to be reliable,but its accuracy is not guaranteed.There is no representation or warranty as to the current accuracy,reliability or completeness of,nor liability for,decisions based on such information and it should no
157、t be relied on as such.PUBLIC COMPANY TRADING ANALYSIS INSURTECH(2/2)DIGITAL CARRIERDigital CarrierCompanyHQEnterprise Value($m)Revenue CAGR21a-23eShare Price($)Market Cap($m)EV/EBITDA2021a2023e2022aEBITDA Margin(%)2021a2023e2022aP/EEV/Revenue2021a2023e2022aNote:as of 31.03.2023 Sources:Pitchbook,Me
158、rgermarket,Capital IQ,DS AGENDAPAYMENTSOVERALL FINTECH MARKET UPDATEINSURTECHWEALTHTECHWEALTHTECHCORE BANKING&LENDINGFINANCIAL DATABLOCKCHAIN&CRYPTOABOUT DRAKE STAR-26.1%-24.7%-21.9%-14.8%-13.6%-9.7%-4.6%1%CAPITAL MARKET ENVIRONMENT WEALTHTECHLTM SHARE PRICE PERFORMANCEASSET MANAGEMENTSTOCK EXCHANGE
159、S,TRADING&BROKERAGEFINANCIAL MANAGEMENT SOULTIONSRETAIL TRADINGTRADING&RISK SYSTEMSWEALTHTECHSources:Pitchbook,Mergermarket,Capital IQ,DS research-60.00%-50.00%-40.00%-30.00%-20.00%-10.00%0.00%10.00%20.00%Mar 2022May 2022Jul 2022Sep 2022Nov 2022Jan 2023Mar 2023Asset ManagementStock Exchanges,Trading
160、&BrokerageFinancial Management SolutionsRetail TradingTrading&Risk SystemsWealthTechNASDAQS&P 1)EV/Revenue not applicable for brokerage firms 2)Retail Trading not disclosed Sources:Pitchbook,Mergermarket,Capital IQ,DS research2.6x1.9x3.5x3.9x7.6x3.8x8.9xCAPITAL MARKET ENVIRONMENT LTM EV/REVENUE DEVE
161、LOPMENT WEALTHTECHLTM EV/REVENUE DEVELOPMENTASSET MANAGEMENTSTOCK EXCHANGES,TRADING&BROKERAGEFINANCIAL MANAGEMENT SOULTIONSRETAIL TRADING1)TRADING&RISK SYSTEMSWEALTHTECH0.00 x2.00 x4.00 x6.00 x8.00 x10.00 x12.00 x14.00 xMar 2022May 2022Jul 2022Sep 2022Nov 2022Jan 2023Mar 2023Asset ManagementStock Ex
162、change,Trading&BrokerageFinancial Management SolutionsRetail TradingTrading&Risk SystemsWealthtechNASDAQ Composite IndexS&P INSTITUTIONALLY BACKED PRIVATE COMPANIES&INVESTORS WEALTHTECHLIST OF BEST FUNDED PRIVATE COMPANIES AND MOST ACTIVE FINANCIAL INVESTORSTop 15 Best Funded Private WealthTech Comp
163、anies(in$m)1)The top 15 funded private companies have raised$9.7bn during their lifespan1,23887684083375460435421Top 15 Most Active Financial Investors in WealthTech since 20202)9482040InvestorSelected InvestmentsNumber of Investments1)Numbers display tota
164、l funding as of Q1 20232)By number of Investments since Jan-2020Sources:Pitchbook,Mergermarket,Capital IQ,DS NOTABLE M&A DEALS IN Q1 2023 WEALTHTECHSLC Management acquires Advisors Asset Management Provider of asset management services intended to offer sound financial guidance and meet the individu
165、al needs of financial professionals The acquisition will allow Sun Life to enhance its alternative investment capabilities to new clients and expands investment solutions in the U.S.financial marketSources:Pitchbook,Mergermarket,Capital IQ,DS researchDexus acquires AMP Capital Provider of asset mana
166、gement services in Australia.The business unit offers wealth management services and deals in infrastructure and real estate investments The transaction will significantly strengthen AMPs capital position and it intends to use the proceeds to pay down some of its corporate debt and to return capital
167、 to shareholders following the sale completionGoLogiq acquires GammaRey Developer and provider of a global fintech platform created to provide consumers and businesses with the opportunity to leverage existing and new innovative financial solutions The acquisition helps GoLogiq to bring a full-stack
168、 ecosystem for the new world digital economyEV:$302mEV/Rev:n.a.March 07,2023EV:$632mEV/Rev:n.a.Integrated Partners acquires Laurel Wealth Advisors Provider of investment and wealth management services based in Solana Beach,California This acquisition represents a new dimension for Integratedsgrowth
169、strategyCaisson Investment Management acquires IO Asset Management Operator of investment and asset management firm intended to deploy and manage funds This acquisition helps Kingswood Holding to not only expand into the Irish market but also strengthen its presence in the UK marketFebruary 27,2023E
170、V:$2.3bnEV/Rev:n.a.February 06,2023EV:$123mEV/Rev:n.a.February 01,2023EV:$214mEV/Rev:n.a.March 20,NOTABLE PRIVATE PLACEMENTS IN Q1 2023 WEALTHTECHFinitive completes a later stage funding from an undisclosed investor Developer of a financial technology platform designed to provide institutional inves
171、tors with direct access to alternative lending investments The funds will be used to develop and expand the product offeringCelero completes a later stage funding from Allievo Capital Developer of a financial management platform designed for small and medium-sized entrepreneurs to manage their busin
172、ess finances The funds will be used to accelerate the companys growth and expand into new regionsFolio completes a venture funding from SBI Financial Services Co Developer of AI-based stock management platform designed to simplify the asset management process The funds will be used for marketing and
173、 strengthening service development capabilitiesMasttro completes a later stage funding from FTV Capital The firm provides wealth management services for high-net-worth individuals,families and family office clients around the world The funds willl enable the company to deliver robust wealth data agg
174、regation and synthesis to clients,which they believe is the last frontier to achieve total transparency in wealth managementSources:Pitchbook,Mergermarket,Capital IQ,DS researchFebruary 01,2023Deal Size:n.a.L Catterton receives development capital from Hunter Point Capital Provider of financial inve
175、stment services intended to support the consumer industry This investment will help the company to accelerate its business growth,with a focus on its new fund platformsDeal Size:$28mMarch 06,2023UndisclosedInvestorDeal Size:n.a.Deal Size:$43m March 13,2023January 06,2023Deal Size:$34mMarch 23,146.61
176、7,250.3 21,331.4 33x10.4%20.3%21.4%22.8%4.3 x3.7 x3.5 x21.1 x17.4 x15.3 x75.72,971.3 2,976.7 28x7.2%27.4%24.2%23.0%5.3 x5.0 x4.6 x19.3 x20.5 x19.9 x16.03,071.0 2,960.8NM20.0%12.7%4.5%27.0%11.7 x9.8 x8.2 x92.7 xNM30.2 x6.71,220.01,486.535x-0.4%19.7%16.2%21.8%3.4 x3.5 x3.5 x17.5 x21.9 x15.9 x10.5767.3
177、 750.2 NM30.6%NMNM17.8%6.8 x5.0 x4.0 xNMNM22.4 x21.2593.7 631.1 52x4.3%9.4%4.0%11.9%1.9 x1.8 x1.8 x20.4 x44.8 x14.7 x48.5315.8 374.4 10 x2.3%27.0%22.0%27.9%2.1 x2.0 x2.0 x7.6 x9.2 x7.0 x1.9159.2 153.5 45x11.3%8.0%10.2%21.9%3.1 x2.6 x2.5 x38.2 x25.8 x11.3 xMEANMEAN33.8x33.8x10.7%10.7%17.8%17.8%14.6%1
178、4.6%21.8%21.8%4.8 x4.8 x4.2 x4.2 x3.7 x3.7 x30.9 x30.9 x23.3 x23.3 x17.1 x17.1 xMEDIANMEDIAN34.0 x34.0 x8.8%8.8%19.7%19.7%16.2%16.2%22.4%22.4%3.9 x3.9 x3.6 x3.6 x3.5 x3.5 x20.4 x20.4 x21.2 x21.2 x15.6 x15.6 x58.73,169.3 4,059.5NM3.8%13.7%7.6%19.8%3.4 x3.3 x3.2 x25.0 x43.0 x16.0 x6.64,157.9 2,447.2 7
179、8x-58.1%11.4%10.2%NM0.8 x0.8 xNM7.1 x8.2 xNM31.52,324.1 2,337.8 22x2.4%12.5%26.0%44.6%4.4 x3.8 x4.2 x35.5 x14.7 x9.5 x1.2262.1 236.4 NM17.2%NMNM2.4%13.7 x11.1 x10.0 xNMNMNM0.749.7 NMNM21.9%NMNMNMNMNMNMNMNMNMMEANMEAN50.0 x50.0 x-2.6%2.6%12.5%12.5%14.6%14.6%22.3%22.3%5.6 x5.6 x4.8 x4.8 x5.8 x5.8 x22.5
180、 x22.5 x22.0 x22.0 x12.8 x12.8 xMEDIANMEDIAN50.0 x50.0 x3.8%3.8%12.5%12.5%10.2%10.2%19.8%19.8%3.9 x3.9 x3.6 x3.6 x4.2 x4.2 x25.0 x25.0 x14.7 x14.7 x12.8 x12.8 xPUBLIC COMPANY TRADING ANALYSIS WEALTHTECH(1/3)ASSET MANAGEMENT SOFTWARE AND WEALTHTECHAll information has been obtained from sources believ
181、ed to be reliable,but its accuracy is not guaranteed.There is no representation or warranty as to the current accuracy,reliability or completeness of,nor liability for,decisions based on such information and it should not be relied on as such.Asset Mgmt.SoftwareWealthTechCompanyHQEnterprise Value($m
182、)Revenue CAGR21a-23eShare Price($)Market Cap($m)EV/EBITDA2021a2023e2022aEBITDA Margin(%)2021a2023e2022aP/EEV/Revenue2021a2023e2022aNote:as of 31.03.2023 Sources:Pitchbook,Mergermarket,Capital IQ,DS 52.496,501.9 104,063.1 15x58.9%NMNMNM12.4 x13.2 x4.9 xNMNMNM104.358,282.6 74,979.6 40 x2.8%60.8%61.9%6
183、5.8%10.5 x10.3 x9.9 x17.3 x16.6 x15.1 x99.953,818.5 63,268.9 NM7.5%38.7%47.6%47.4%7.2 x7.0 x6.2 x18.6 x14.8 x13.1 x195.035,823.5 40,269.2 22x3.3%43.5%49.7%59.2%8.4 x8.0 x7.9 x19.3 x16.1 x13.3 x54.726,733.8 32,129.8 24x-20.4%32.5%31.4%53.8%5.5 x5.2 x8.7 x16.9 x16.5 x16.1 x82.68,503.6 27,860.0 22x75.8
184、%NMNMNM20.6 x21.1 x6.7 xNMNMNM391.314,715.914,293.4 59x7.8%56.0%53.0%55.2%20.5 x19.9 x17.6 x36.6 x37.6 x31.9 x79.016,433.512,155.6 53xNANMNMNMNM10.1 x9.1 xNMNMNM2.011,823.811,404.4 14x7.3%69.0%63.4%72.1%6.9 x6.6 x6.0 x10.0 x10.5 x8.3 x76.78,184.3 10,419.4 17x7.1%52.7%50.7%57.2%7.3 x6.9 x6.4 x13.9 x1
185、3.6 x11.1 x7.17,549.6 7,317.6 20 x6.0%52.4%51.8%57.3%9.3 x9.3 x8.3 x17.8 x17.9 x14.5 x56.5657.8 635.7 22x4.3%39.8%38.1%40.9%6.4 x6.2 x5.8 x16.0 x16.3 x14.3 xMEANMEAN25.8x25.8x14.6%14.6%49.5%49.5%49.7%49.7%56.5%56.5%10.4 x10.4 x10.3 x10.3 x8.1 x8.1 x18.5 x18.5 x17.8 x17.8 x15.3 x15.3 xMEDIANMEDIAN22.
186、1x22.1x7.1%7.1%52.4%52.4%50.7%50.7%57.2%57.2%8.4 x8.4 x8.6 x8.6 x7.3 x7.3 x17.3 x17.3 x16.3 x16.3 x14.3 x14.3 x20.91,916.1 NM5xNM3.6919.9 NM51x6%52.496,501.9NM15x59%2.2607.1 NM7xNM8.6949.2 NM8x5%9.78,700.6 NMNM14%5.91,514.6 NM23x20%MEANMEANNMNM18.2x18.2x20.7%20.7%MEDIANMEDIANNMNM11.6x11.6x14.0%14.0%
187、All information has been obtained from sources believed to be reliable,but its accuracy is not guaranteed.There is no representation or warranty as to the current accuracy,reliability or completeness of,nor liability for,decisions based on such information and it should not be relied on as such.PUBL
188、IC COMPANY TRADING ANALYSIS WEALTHTECH(2/3)STOCK EXCHANGES,TRADING&BROKERAGE AND RETAIL TRADINGRetail Trading Stock Exchanges,Trading&BrokerageCompanyHQEnterprise Value($m)Revenue CAGR21a-23eShare Price($)Market Cap($m)EV/EBITDA2021a2023e2022aEBITDA Margin(%)2021a2023e2022aP/EEV/Revenue2021a2023e202
189、2aNote:as of 31.03.2023 Sources:Pitchbook,Mergermarket,Capital IQ,DS researchNote:EBITDA and Multiples not applicable for trading forms(financial services)146.617,250.3 21,331.4 33x10.4%20.3%21.4%22.8%4.3 x3.7 x3.5 x21.1 x17.4 x15.3 x56.514,158.2 21,123.6 23x4.7%37.1%33.2%39.3%4.2 x4.0 x3.8 x11.3 x1
190、2.1 x9.7 x6.71,220.0 1,486.5 35x-0.4%19.7%16.2%32.5%3.4 x3.5 x3.5 x17.5 x21.9 x10.6 x10.5767.3 750.2 NM30.6%NMNM17.8%6.8 x5.0 x4.0 xNMNM22.5 x48.5315.8 374.4 10 x-1.8%27.0%22.0%30.3%2.1 x2.0 x2.1 x7.6 x9.2 x7.0 xMEANMEAN25.3x25.3x8.7%8.7%26.0%26.0%23.2%23.2%28.5%28.5%4.1 x4.1 x3.7 x3.7 x3.4 x3.4 x14
191、.4 x14.4 x15.2 x15.2 x13.0 x13.0 xMEDIANMEDIAN28.0 x28.0 x4.7%4.7%23.6%23.6%21.7%21.7%30.3%30.3%4.2 x4.2 x3.7 x3.7 x3.5 x3.5 x14.4 x14.4 x14.7 x14.7 x10.6 x10.6 x445.8125,076.0 130,682.0 65x21.3%29.5%25.5%38.9%13.6 x10.3 x9.2 x46.0 x40.3 x23.7 x206.553,497.1 50,624.8 NM20.0%1.0%4.4%2.3%11.7 x9.9 x8.
192、1 xNMNMNM114.641,309.7 40,623.9 28x11.7%41.3%44.6%44.5%10.2 x8.9 x8.1 x24.6 x20.0 x18.3 x304.017,589.0 17,258.3 63x26.9%26.9%30.8%41.3%16.4 x12.5 x10.2 x60.7 x40.7 x24.6 x198.811,085.9 11,039.7 117x35.5%12.3%12.9%31.2%17.5 x13.0 x9.5 xNMNM30.5 x9.69,778.5 10,685.3 31x3.3%26.2%21.7%23.2%4.3 x4.9 x4.0
193、 x16.4 x22.7 x17.3 x60.09,004.5 9,073.2 NM23.2%9.4%7.9%19.5%15.7 x12.4 x10.3 xNMNM52.9 x81.18,632.1 7,853.8 NM105.4%NMNM8.7%33.0 x12.2 x7.8 xNMNM89.5 x67.24,053.6 4,403.8 NM17.8%NMNM12.2%10.3 x8.4 x7.5 xNMNM60.9 x19.33,199.1 2,919.2 NM33.0%8.3%11.6%17.8%13.5 x9.6 x7.6 xNM82.9 x42.9 x3.7936.9 1,103.3
194、NM7.3%23.2%17.6%22.8%3.7 x3.5 x3.2 x15.9 x19.7 x14.0 x8.2672.1 636.1 NM13.8%28.7%NM26.5%4.5 x3.8 x3.4 x15.5 xNM13.0 x5.6974.0 535.8 NM14.5%NMNMNM2.3 x2.1 x1.8 xNMNMNM3.19320.4 341.8 NM-25.0%2.1%NM13.4%0.7 x1.2 x1.2 x31.1 xNM8.7 xMEANMEAN60.8x60.8x22.1%22.1%19.0%19.0%19.7%19.7%23.3%23.3%11.2 x11.2 x8
195、.0 x8.0 x6.6 x6.6 x30.0 x30.0 x37.7 x37.7 x33.0 x33.0 xMEDIANMEDIAN63.0 x63.0 x18.9%18.9%23.2%23.2%17.6%17.6%22.8%22.8%11.0 x11.0 x9.3 x9.3 x7.7 x7.7 x24.6 x24.6 x31.5 x31.5 x24.1 x24.1 xAll information has been obtained from sources believed to be reliable,but its accuracy is not guaranteed.There i
196、s no representation or warranty as to the current accuracy,reliability or completeness of,nor liability for,decisions based on such information and it should not be relied on as such.PUBLIC COMPANY TRADING ANALYSIS WEALTHTECH(3/3)TRADING&RISK SYSTEMS AND FINANCIAL MANAGEMENT SOLUTIONSFinancial Manag
197、ement SolutionsTrading&Risk SystemsCompanyHQEnterprise Value($m)Revenue CAGR21a-23eShare Price($)Market Cap($m)EV/EBITDA2021a2023e2022aEBITDA Margin(%)2021a2023e2022aP/EEV/Revenue2021a2023e2022aNote:as of 31.03.2023 Sources:Pitchbook,Mergermarket,Capital IQ,DS AGENDAPAYMENTSOVERALL FINTECH MARKET UP
198、DATEINSURTECHWEALTHTECHCORE BANKING&LENDINGCORE BANKING&LENDINGFINANCIAL DATABLOCKCHAIN&CRYPTOABOUT DRAKE STAR-28.7%-51.5%-40.2%-8.9%-6.9%14.4%CAPITAL MARKET ENVIRONMENT CORE BANKING&LENDINGLTM SHARE PRICE PERFORMANCEALTERNATIVE ONLINE LENDERSCORE BANKING&LENDING SOLUTIONSNEOBANKINGPRICE COMPARISONS
199、ources:Pitchbook,Mergermarket,Capital IQ,DS research-60.00%-50.00%-40.00%-30.00%-20.00%-10.00%0.00%10.00%20.00%30.00%40.00%Mar 2022May 2022Jul 2022Sep 2022Nov 2022Jan 2023Mar 2023Alternative Online-LendersCore Banking/Lending SolutionsNeobankingPrice ComparisonNASDAQS&P ALTERNATIVE ONLINE LENDERSCOR
200、E BANKING&LENDING SOLUTIONSNEOBANKING2.6x3.5x4.5xCAPITAL MARKET ENVIRONMENT CORE BANKING&LENDINGLTM EV/REVENUE DEVELOPMENT1.3x1.5x1.8xSources:Pitchbook,Mergermarket,Capital IQ,DS researchPRICE COMPARISON0.00 x1.00 x2.00 x3.00 x4.00 x5.00 x6.00 x7.00 xMar 2022May 2022Jul 2022Sep 2022Nov 2022Jan 2023M
201、ar 2023Alternative Online-LendersCore Banking/Lending SolutionsNeobankingPrice ComparisonNASDAQS&P 1)Numbers display total funding as of Q1 20232)By number of Investments since Jan-2022Sources:Pitchbook,Mergermarket,Capital IQ,DS researchVENTURE-BACKED PRIVATE COMPANIES&INVESTORS CORE BANKING&LENDIN
202、GLIST OF BEST FUNDED PRIVATE COMPANIES AND MOST ACTIVE VC INVESTORSTop 15 Best Funded Private Core Banking&Lending Companies(in$m)1)The top 15 funded private companies have raised$19.5bn during their lifespanTop 15 Most Active Financial Investors in Core Banking since 20222)2,6461,8351,7011,6751,422
203、1,3031,2841,2041,0591,0421,007883846803141720InvestorSelected InvestmentsNumber of IPanamax acquires Acute Investements Provider of information technology consulting services The acquisition enables Panamax to aim at empowering its digital finance solutions and offering digital
204、 core banking solutions globallyCelcoin completes acquisition of Finansystech Operator of the open-source technology platform.Finansystechoffers various services such as Consent Management,and Identity Security The transaction provides an earn-out amount to Finansystechs founders that takes into acc
205、ount the revenue multiples of the next two years,which will be paid in cash and sharesNav completes the acquisition of Nuula Developer of a financing platform intended to provide timely and flexible financing for small businesses The deal adds a number of mobile app features to Navs solutions for ch
206、ecking the financial pulse of small businessesAmbit Finvest acquires SME Corner Developer of a digital lending software designed to provide services to small and medium enterprises The acquisition will be used to strengthen the companys online lending and co-lending infrastructure for small and medi
207、um enterprises Aurora completes acquisition of Better Developer of homeownership and mortgage platform intended to eliminate fees and simplify the house mortgage process The new arrangement will replace the prior agreement wherein$950 million of the$1.78 billion in committed financing from Aurora an
208、d SoftBank would have been used to purchase existing sharesJanuary 26,2023EV:$4.7bnEV/Rev:n.a.March 9,2023EV:$2.9mEV/Rev:n.a.February 14,2023January 5,2023EV:n.a.EV/Rev:n.a.EV:n.a.EV/Rev:n.a.EV:n.a.EV/Rev:n.a.February 21,2023Sources:Pitchbook,Mergermarket,Capital IQ,DS researchNOTABLE M&A DEALS IN Q
209、1 2023 CORE BANKING&LENDINGNOTABLE PRIVATE PLACEMENTS IN Q1 2023 CORE BANKING&LENDINGLunar completes later stage funding from Tencent,IDC Ventures Developer of a digital banking application designed to facilitate online money transfers and payments The funds will be used to grow the businessSources:
210、Pitchbook,Mergermarket,Capital IQ,DS researchDeal Size:$140mDeal Size:$564mDeal Size:$116mNymbus completes funding by Reseda Group Developer of a core banking software designed to transform the way traditional banks and credit unions support and interact with their customers Funding will be used to
211、support and grow NymbusDeal Size:$370mDeal Size:$38mAbound completes funding from GRS ventures Provider of consumer lending services intended to offer low-cost personal credit The funds will be used to fund loans to bring more customers to the companys platform and to invest in their technology,whic
212、h combines open banking data and machine learning algorithms Carmoola completes later stage funding from InMotion Developer of an online financial lending platform designed to reinvent how people pay for cars The funds will be used to scale the business up and increase its staff headcount to 20MNT I
213、nvestment completes later stage funding from Chimera Provider of financial services intended to digitally bank the unbanked and substitute cash with electronic means The funds will be used to support the execution of the companys strategy growthMarch 13,2023February 9,2023February 1,2023March 6,2023
214、February 22,All information has been obtained from sources believed to be reliable,but its accuracy is not guaranteed.There is no representation or warranty as to the current accuracy,reliability or completeness of,nor liability for,decisions based on such information and it should not be relied on
215、as such.PUBLIC COMPANY TRADING ANALYSIS CORE BANKING&LENDING(1/3)ALTERNATIVE ONLINE LENDERSAlternative Online LendersNote:as of 31.03.2023 Sources:Pitchbook,Mergermarket,Capital IQ,DS research11.33,313.3 6,781.8 NM67%NMNMNM12.5 x8.3 x4.4 xNMNMNM15.91,293.2 1,958.0 NMNM19.1%NMNM2.4 x2.2 x3.5 x12.8 xN
216、MNM1.0694.7 808.1 NM35%NMNM2.3%1.8 x1.2 x1.0 xNMNM44.3 x5.1175.1 319.0 12x58%12.6%13.5%21.9%2.5 x1.4 x1.0 x19.6 x10.4 x4.5 x4.21,189.3 201.4 4x51%91.9%90.4%22.3%0.3 x0.2 x0.1 x0.3 x0.2 x0.5 x0.325.6 143.3 NMNM11.2%NM6.7%1.2 x1.4 x1.3 x11.1 xNM19.6 x0.444.0 85.1 NMNM53.9%53.0%NM0.3 x0.4 x0.4 x0.5 x0.
217、8 xNM0.7234.5 11.0 NMNM39.8%NMNM0.0 x0.1 x0.1 x0.1 xNMNM44.41,401.8 0.0 7x30%NMNMNMNMNMNMNMNMNM1.770.6 0.0 NM6%NMNMNMNMNMNMNMNMNM2.131.2 0.0 41x20%NMNMNMNMNMNMNMNMNM7.2768.4-136.5 3x196%116.0%298.8%NMNMNMNMNMNMNMMEANMEAN13.4x13.4x52.8%52.8%49.2%49.2%113.9%113.9%13.3%13.3%2.6 x2.6 x1.9 x1.9 x1.5 x1.5
218、 x7.4 x7.4 x3.8 x3.8 x17.2 x17.2 xMEDIANMEDIAN7.0 x7.0 x54.7%54.7%39.8%39.8%71.7%71.7%14.3%14.3%1.5 x1.5 x1.3 x1.3 x1.0 x1.0 x5.8 x5.8 x0.8 x0.8 x12.0 x12.0 xCompanyHQEnterprise Value($m)Revenue CAGR21a-23eShare Price($)Market Cap($m)EV/EBITDA2021a2023e2022aEBITDA Margin(%)2021a2023e2022aP/EEV/RAll
219、information has been obtained from sources believed to be reliable,but its accuracy is not guaranteed.There is no representation or warranty as to the current accuracy,reliability or completeness of,nor liability for,decisions based on such information and it should not be relied on as such.PUBLIC C
220、OMPANY TRADING ANALYSIS CORE BANKING&LENDING(2/3)CORE BANKING&LENDING SOLUTIONSCore Banking&Lending SolutionsNote:as of 31.03.2023 Sources:Pitchbook,Mergermarket,Capital IQ,DS research113.070,997.1 93,125.1 29x5%33.9%38.7%43.7%5.7 x5.3 x5.2 x16.9 x13.6 x12.0 x54.332,159.9 50,710.9 NM2%29.1%28.3%41.9
221、%3.7 x3.5 x3.5 x12.6 x12.3 x8.4 x150.711,001.2 11,298.5 31x8%27.0%28.2%32.0%6.4 x5.8 x5.5 x23.8 x20.6 x17.2 x69.34,983.2 5,708.5 43x1%27.8%20.0%38.7%5.9 x6.0 x5.8 x21.2 x30.1 x14.9 x27.02,916.8 3,949.7 22x3%20.5%18.5%26.6%2.9 x2.8 x2.7 x14.0 x15.0 x10.2 x24.82,772.1 2,790.2 NM41%NMNMNM13.7 x10.2 x6.
222、8 xNMNMNM17.31,395.7 1,769.3 NM7%28.5%24.7%36.5%6.6 x6.1 x5.7 x23.2 x24.8 x15.8 x24.61,421.5 1,719.3 NM13%NMNM10.0%3.4 x3.0 x2.7 xNMNM27.2 x12.71,175.5 1,083.2 NM30%NMNMNM7.1 x5.3 x4.2 xNMNMNM7.0870.8 818.4 13xNM70.2%55.1%48.2%3.8 x4.6 x5.7 x5.4 x8.3 x11.9 x9.6428.5 491.6 64x17%26.6%36.0%30.2%4.1 x3
223、.4 x3.0 x15.4 x9.4 x9.9 x1.7495.7 484.1 17x5%30.2%32.3%31.8%4.3 x4.3 x3.9 x14.2 x13.3 x12.3 x1.0241.9 160.5 NMNMNMNMNM0.7 x0.7 x1.0 xNMNMNMMEANMEAN31.3x31.3x11.7%11.7%32.7%32.7%31.3%31.3%34.0%34.0%5.3 x5.3 x4.7 x4.7 x4.3 x4.3 x16.3 x16.3 x16.4 x16.4 x14.0 x14.0 xMEDIANMEDIAN29.0 x29.0 x7.3%7.3%28.5%
224、28.5%28.3%28.3%34.2%34.2%4.3 x4.3 x4.6 x4.6 x4.2 x4.2 x15.4 x15.4 x13.6 x13.6 x12.1 x12.1 xCompanyHQEnterprise Value($m)Revenue CAGR21a-23eShare Price($)Market Cap($m)EV/EBITDA2021a2023e2022aEBITDA Margin(%)2021a2023e2022aP/EEV/RAll information has been obtained from sources believed to be reliable,
225、but its accuracy is not guaranteed.There is no representation or warranty as to the current accuracy,reliability or completeness of,nor liability for,decisions based on such information and it should not be relied on as such.PUBLIC COMPANY TRADING ANALYSIS CORE BANKING&LENDING(3/3)NEOBANKING&PRICE C
226、OMPARSIONPrice ComparisonNeobankingNote:as of 31.03.2023 Sources:Pitchbook,Mergermarket,Capital IQ,DS researchCompanyHQRevenue CAGR21a-23eShare Price($)Market Cap($m)4.822,347.2NMNM220%6.15,672.7 NMNM99%16.54,116.0 NM27x6%1.7683.1 NMNM102%0.6147.6 446.6 NM54%MEAN27.0 x27.0 x96.1%96.1%MEDIAN27.0 x27.
227、0 x98.5%98.5%P/EEnterprise Value($m)CompanyHQEnterprise Value($m)Revenue CAGR21a-23eShare Price($)Market Cap($m)EV/EBITDA2021a2023e2022aEBITDA Margin(%)2021a2023e2022aP/EEV/Revenue2021a2023e2022a3.11,652.7 1,694.0 20 x9%25.6%25.5%30.3%4.0 x3.6 x3.3 x15.4 x14.2 x11.0 x16.21,227.1 1,153.9 NM33%NM1.1%1
228、2.4%3.0 x2.1 x1.7 xNMNM13.9 x26.7341.6 955.5 NMNM4.3%0.3%9.3%0.9 x1.0 x1.0 x20.1 xNM10.8 x15.9853.9 781.4 NM3%4.8%1.4%4.4%1.4 x1.3 x1.3 x28.4 x93.9 x28.9 xMEANMEAN20.0 x20.0 x20.8%20.8%25.6%25.6%13.3%13.3%21.4%21.4%3.5 x3.5 x2.9 x2.9 x2.5 x2.5 x15.4 x15.4 x14.2 x14.2 x12.4 x12.4 xMEDIANMEDIAN20.0 x2
229、0.0 x20.8%20.8%25.6%25.6%13.3%13.3%21.4%21.4%3.5 x3.5 x2.9 x2.9 x2.5 x2.5 x15.4 x15.4 x14.2 x14.2 x12.4 x12.4 AGENDAPAYMENTSOVERALL FINTECH MARKET UPDATEINSURTECHWEALTHTECHCORE BANKING&LENDINGFINANCIAL DATAFINANCIAL DATABLOCKCHAIN&CRYPTOABOUT DRAKE STARCAPITAL MARKET ENVIRONMENT FINANCIAL DATALTM SH
230、ARE PRICE PERFORMANCE-4.6%0.4%2.5%-14.9%2.2%-9.7%BUSINESS DATACAPITAL MARKETS DATACONSUMER&CREDIT DATAIR&COMPLIANCESources:Pitchbook,Mergermarket,Capital IQ,DS research-30.00%-25.00%-20.00%-15.00%-10.00%-5.00%0.00%5.00%10.00%15.00%Mar 2022May 2022Jul 2022Sep 2022Nov 2022Jan 2023Mar 2023Business Data
231、Capital Markets DataConsumer/Credit DataIR/Compliance&GovernanceNASDAQS&P CAPITAL MARKET ENVIRONMENT FINANCIAL DATALTM EV/REVENUE DEVELOPMENT3.48x6.5x11.2x2.64x6.7x3.44xBUSINESS DATACAPITAL MARKETS DATACONSUMER&CREDIT DATAIR&COMPLIANCESources:Pitchbook,Mergermarket,Capital IQ,DS research0.00 x2.00 x
232、4.00 x6.00 x8.00 x10.00 x12.00 x14.00 x16.00 xMar 2022May 2022Jul 2022Sep 2022Nov 2022Jan 2023Mar 2023Business DataCapital Markets DataConsumer/Credit DataIR/Compliance&GovernanceNASDAQS&P NOTABLE M&A DEALS IN Q1 2023 FINANCIAL DATACUBE acquires TheHub Developer of AI-powered web data capture and mo
233、nitoring software intended to serve legal,financial and pharmaceutical firms and regtech providers around the world This acquisition advances CUBEs Governance product capabilities and market reach to provide the most innovative solutions to regulated firms around the worldInformative Research acquir
234、es Formfree Provider of a digital verification of asset,income and employment service enabling the driving insight into a consumers financial profile With this acquisition,the combined IR platform and AccountChek platform create a single solution to digitally verify consumer financial data,including
235、 credit,income,employment,and assetsSources:Pitchbook,Mergermarket,Capital IQ,DS researchJanuary 11,2023EV:n.a.EV/Rev:n.a.EV:n.a.EV/Rev:n.a.February 16,2023EV:n.a.EV/Rev:n.a.ebay acquires 3PM Solutions Developer of brand protection and compliance software intended to provide advanced artificial inte
236、lligence for marketplace compliance that protects buyer and seller The acquisition enhances eBays own world class monitoring solutions and its ability to address suspicious or harmful seller behaviorEV:n.a.EV/Rev:n.a.February 9,2023February 16,2023EV:n.a.EV/Rev:n.a.TMX Group acquires Logicly Develop
237、er of investment analytics and portfolio tools designed to streamline investment research and portfolio construction This acquisition will further expand TMXs information businesses as it provides advanced insights and analytics tools for wealth management professionalQuodd acquires Xignite Develope
238、r of market data API platform designed for brokers,wealth managers,and tech firms With this acquisition,the combined IR and AccountChek platform creates a single solution to digitally verify consumer financial data,including credit,income,employment,and assetsMarch 1,NOTABLE PRIVATE PLACEMENTS IN Q1
239、 2023 FINANCIAL DATAPuzzle completes a series A led by General CatalystDeveloper of financial accounting software intended to enhance speed,trust,and confidence in making financial decisionsThe funds will be used to hire talent enabling to company to improve and expand its product offeringSocure com
240、pletes debt funding from J.P.Morgan ChaseProvider of digital identity verification platform intended to verify identities and completely eliminate identity fraud for every customer transaction on the internetThe funds will further strengthen the companies balance sheet and to distance the company fr
241、om competitors as it continues its growthQuantifind completes funding led by Citi VenturesDeveloper of a financial crime intelligence automation platform designed to discover risk by combining internal financial institution data with public domain dataThe funds will be used to expand the companys pr
242、esence in international markets,growing global brand recognition,and enhance its solutions for financial crimes investigation,continuous customer monitoring,alerts triage,and supply chain risk screeningInscribe completesfunding led byCrosslink CapitalDeveloper of a fraud document detection platform
243、designed to automate the process of identifying fraudulent documentsThe fund will be used to help companies build digital trust by pioneering Risk IntelligenceSources:Pitchbook,Mergermarket,Capital IQ,DS researchMarch 1,2023Deal Size:$21mJanuary 25,2023Deal Size:$23mDeal Size:$95mDeal Size:$21m Marc
244、h 7,2023February 16,2023Deal Size:$15mDroit completes funding from GoldmanSachsDeveloper of a financial platform designed for global regulatory compliance and real-time controls and to advance global regulatory compliance and real-time controlsThe funds will be used to expand into wealth management
245、through the development of new products specific to the sector,including cross-border and product eligibility and also in expansion of both new and existing productsMarch 10,PUBLIC COMPANY TRADING ANALYSIS FINANCIAL DATA(1/2)CAPITAL MARKETS DATA&BUSINESS DATAAll information has been obtained from so
246、urces believed to be reliable,but its accuracy is not guaranteed.There is no representation or warranty as to the current accuracy,reliability or completeness of,nor liability for,decisions based on such information and it should not be relied on as such.Capital Markets DataBusiness Data344.8110,598
247、.8 124,305.8 34x119%56.8%44.5%0.1%15.0 x11.1 x3.1 x26.4 x25.0 xNM306.056,084.0 62,497.0 41xNM49.8%42.7%NM10.1 x11.4 x33.7 x20.2 x26.8 x1.4 x559.744,810.5 48,483.7 52x207%57.4%57.9%NM23.7 x21.6 x2.5 x41.3 x37.3 xNM415.115,878.0 17,361.5 36xNM33.8%34.0%NM10.9 x9.4 x2.5 x32.2 x27.7 x29.2 x203.08,624.7
248、9,533.7 124xNM22.1%16.4%NM5.6 x5.1 xNM25.4 x31.0 xNM48.3456.2 401.9 26x333%21.7%29.8%NM9.9 x9.9 x0.5 x45.9 x33.3 x0.0 x1.953.7-374.73xNMNM17.5%NMNMNMNM0.4 xNMNMMEANMEAN45.1x45.1x219.5%219.5%40.3%40.3%34.7%34.7%0.1%0.1%12.5 x12.5 x11.4 x11.4 x8.5 x8.5 x27.4 x27.4 x30.2 x30.2 x10.2 x10.2 xMEDIANMEDIAN
249、36.0 x36.0 x206.6%206.6%41.8%41.8%34.0%34.0%0.1%0.1%10.5 x10.5 x10.5 x10.5 x2.5 x2.5 x26.4 x26.4 x29.4 x29.4 x1.4 x1.4 x32.461,502.3 69,387.8 31x8%30.5%31.0%37.6%7.1 x6.7 x6.1 x23.2 x21.7 x16.2 x130.061,611.6 65,445.8 45x5%26.0%29.2%38.9%10.3 x9.9 x9.4 x39.7 x33.8 x24.3 x126.431,167.4 33,634.8 29x6%
250、29.8%30.1%32.6%6.2 x5.8 x5.5 x20.8 x19.1 x16.9 x325.825,755.6 28,209.6 33x12%24.3%24.0%22.3%6.0 x5.2 x4.8 x24.6 x21.5 x21.4 x8.611,946.8 12,649.2 74x18%22.4%22.6%34.2%5.2 x4.6 x3.7 x23.2 x20.6 x10.9 x11.75,113.4 8,494.9 NM3%33.6%30.4%39.5%3.9 x3.8 x3.7 x11.7 x12.6 x9.4 x32.4620.8 611.9 28x3%11.9%11.
251、1%12.9%1.2 x1.1 x1.2 x10.4 x10.3 x9.0 xMEANMEAN40.0 x40.0 x7.8%7.8%25.5%25.5%25.5%25.5%31.1%31.1%5.7 x5.7 x5.3 x5.3 x4.9 x4.9 x21.9 x21.9 x19.9 x19.9 x15.4 x15.4 xMEDIANMEDIAN32.0 x32.0 x6.1%6.1%26.0%26.0%29.2%29.2%34.2%34.2%6.0 x6.0 x5.2 x5.2 x4.8 x4.8 x23.2 x23.2 x20.6 x20.6 x16.2 x16.2 xCompanyHQ
252、Enterprise Value($m)Revenue CAGR21a-23eShare Price($)Market Cap($m)EV/EBITDA2021a2023e2022aEBITDA Margin(%)2021a2023e2022aP/EEV/Revenue2021a2023e2022aNote:as of 31.03.2023 Sources:Pitchbook,Mergermarket,Capital IQ,DS PUBLIC COMPANY TRADING ANALYSIS FINANCIAL DATA(2/2)IR/COMPLIANCE AND CONSUMER DATAA
253、ll information has been obtained from sources believed to be reliable,but its accuracy is not guaranteed.There is no representation or warranty as to the current accuracy,reliability or completeness of,nor liability for,decisions based on such information and it should not be relied on as such.IR/Co
254、mpliance146.617,250.321,331.4 33x10%20.3%21.4%22.8%4.3 x3.7 x3.5 x21.1 x17.4 x15.3 x14.58,740.4 10,372.6 28x19%20.6%21.5%38.9%4.5 x4.0 x3.2 x22.0 x18.9 x8.3 x44.82,858.6 2,823.6 NM26%NMNM3.3%13.2 x10.4 x8.2 xNMNMNM40.91,180.9 1,367.3 13xNM24.5%19.4%24.1%1.4 x1.6 x1.7 x5.6 x8.4 x7.1 x1.4724.2 981.1 N
255、MNM10.9%11.1%22.9%1.1 x1.2 x1.2 x10.4 x10.9 x5.3 x24.2242.6 273.2 NM16%NMNM14.0%4.6 x4.0 x3.4 xNMNM24.5 x3.0121.0 93.1 NM6%NMNMNM1.7 x1.7 x1.5 xNMNMNMMEANMEAN25.7x25.7x14.6%14.6%19.1%19.1%18.3%18.3%21.0%21.0%4.4 x4.4 x3.8 x3.8 x3.3 x3.3 x14.8 x14.8 x13.9 x13.9 x12.1 x12.1 xMEDIANMEDIAN28.0 x28.0 x14
256、.6%14.6%20.5%20.5%20.4%20.4%22.9%22.9%4.3 x4.3 x3.7 x3.7 x3.2 x3.2 x15.7 x15.7 x14.2 x14.2 x8.3 x8.3 x32.929,977.4 34,248.5 28x11%29.3%29.0%34.9%6.4 x5.4 x5.2 x21.8 x18.8 x14.8 x202.824,995.4 30,619.4 36x4%33.1%32.4%33.4%6.2 x6.0 x5.7 x18.8 x18.5 x17.2 x68.928,006.3 24,139.6 74x13%29.4%27.0%20.9%12.
257、4 x11.1 x9.8 x42.2 x41.0 x46.8 x702.717,676.0 19,507.6 47x6%33.3%40.8%51.8%14.8 x14.2 x13.2 x44.6 x34.7 x25.5 x62.112,003.3 17,320.7 47x14%34.9%31.8%36.3%5.9 x4.7 x4.5 x16.7 x14.7 x12.4 x57.68,918.6 11,635.4 20 x2%35.0%32.1%46.7%7.9 x7.5 x7.6 x22.5 x23.4 x16.2 x42.41,907.1 2,145.7 NM8%13.6%12.9%17.9
258、%4.3 x3.9 x3.7 x31.9 x30.6 x20.7 xMEANMEAN41.0 x41.0 x8.3%8.3%29.8%29.8%29.4%29.4%34.6%34.6%8.3 x8.3 x7.5 x7.5 x7.1 x7.1 x28.4 x28.4 x26.0 x26.0 x21.9 x21.9 xMEDIANMEDIAN41.5x41.5x7.5%7.5%33.1%33.1%31.8%31.8%34.9%34.9%6.4 x6.4 x6.0 x6.0 x5.7 x5.7 x22.5 x22.5 x23.4 x23.4 x17.2 x17.2 xCompanyHQEnterpr
259、ise Value($m)Revenue CAGR21a-23eShare Price($)Market Cap($m)EV/EBITDA2021a2023e2022aEBITDA Margin(%)2021a2023e2022aP/EEV/Revenue2021a2023e2022aNote:as of 31.03.2023 Sources:Pitchbook,Mergermarket,Capital IQ,DS researchConsumer DAGENDAPAYMENTSOVERALL FINTECH MARKET UPDATEINSURTECHWEALTHTECHCORE BANKI
260、NG&LENDINGFINANCIAL DATABLOCKCHAIN&CRYPTOBLOCKCHAIN&CRYPTOABOUT DRAKE STARCAPITAL MARKET ENVIRONMENT BLOCKCHAIN&CRYPTOLTM SHARE PRICE PERFORMANCE-4.6%-69.0%-9.7%-59.2%Sources:Pitchbook,Mergermarket,Capital IQ,DS researchBLOCKCHAIN&CRYPTOCRYPTO MINER-100.00%-80.00%-60.00%-40.00%-20.00%0.00%20.00%40.0
261、0%Mar 2022May 2022Jul 2022Sep 2022Nov 2022Jan 2023Mar 2023Crypto&BlockchainCrypto MinersNASDAQS&P CAPITAL MARKET ENVIRONMENT BLOCKCHAIN&CRYPTOLTM EV/REVENUE DEVELOPMENT2.7x3.5x7.6x2.6xSources:Pitchbook,Mergermarket,Capital IQ,DS research0.00 x2.00 x4.00 x6.00 x8.00 x10.00 x12.00 x14.00 xMar 2022May
262、2022Jul 2022Sep 2022Nov 2022Jan 2023Mar 2023Crypto&BlockchainCrypto MinersNASDAQS&P 500BLOCKCHAIN&CRYPTOCRYPTO MINERVENTURE BACKED PRIVATE COMPANIES&INVESTORS BLOCKCHAIN&CRYPTOLIST OF BEST PRIVATE COMPANIES AND MOST ACTIVE VC INVESTORS1)Numbers display total funding as of Q1 20232)By number of Inves
263、tments since Jan-2022Sources:Pitchbook,Mergermarket,Capital IQ,DS researchThe top 15 funded private companies have raised$13.5bn during their lifespanTop 15 Best Funded Private Blockchain&Crypto Companies(in$m)1)Top 15 Most Active Financial Investors in Crypto in since 20222)1,5531,2281,1221,1141,05
264、6958955866765738733644630589578InvestorSelected InvestmentsNumber of INOTABLE M&A DEALS IN Q1 2023 BLOCKCHAIN&CRYPTOEV:$320mEV/Rev:n.a.Galaxy Digital acquires GK8 Developer of custodian technology designed to manage and safeguard digital assets The transaction will accelerate Galaxy Digital Holdings
265、s product innovation and development by adding a team of nearly 40 people,including cryptographers and blockchain engineersSushiswap(subsidiary of Yearn.Finance)acquires SmartLink Developer of a cryptocurrency-based payments system designed to develop a non-custodial escrow solution The transaction
266、will accelerate and strengthen SushiSwapsdevelopment while maintain its competitive strengthBinance acquires Streami Provider of blockchain remittance middleware services intended to build a better financial network The acquisition follows Bisnance strategy to re-enter the South Korean Market,enabli
267、ng customer to withdraw fundsFebruary 28,2023EV:$2.0bnEV/Rev:n.a.February 23,2023EV:$41mEV/Rev:n.a.February 13,2023EV:n.a.EV/Rev:n.a.January 02,2023EV:n.a.EV/Rev:n.a.Sources:Pitchbook,Mergermarket,Capital IQ,DS researchLovarra,a subsidiary of GoLogiq acquires GammaRay Developer and provider of a glo
268、bal fintech platform created to provide consumers and businesses with the opportunity to leverage existing and new to market innovative financial solutions This transaction will enable GoLogiq to become a comprehensive fintech platform for underserved businesses and consumers that is generating stro
269、ng revenue growth and cash flowNovaWulf Digital Management acquires Celsius Developer of an online financial platform designed to facilitate secure digital trading of assets The transaction enables Celsius to exit bankruptcy and gives NovaWulf access to minung business,existing loan portfolio and il
270、liquid assetsMarch 07,NOTABLE PRIVATE PLACEMENTS IN Q1 2023 BLOCKCHAIN&CRYPTODeal Size:$493m EigenLayer completes a Series A funding from Figment Capital Developer of a stake validation marketplace designed to leverage crypto-economic security The funding was originally raised in the form of SAFE no
271、tes and subsequently converted to equitySalt Lending completes a Series A funding round from Vc.Ventures Developer of crypto-backed financial application designed to offer lending services using blockchain tools The funds will be used to recapitalize the companys balance sheet and for capital reserv
272、esBlockstream completes funding round led by Kingsway Capital Developer of a blockchain technology designed to streamline the financial infrastructure The funds will be used to expand the mining capacity for institutional hosting customersQuickNode completes a Series B funding led by 10T Holdings De
273、veloper of blockchain development platform designed to help blockchain ecosystems scale by providing accessible core infrastructure The funds will be used to accelerate the companys global expansion and further empower the builders laying the groundwork for a decentralized,globally connected futureM
274、arch 03,2023Deal Size:$68m February 07,2023Deal Size:$61mJanuary 24,2023Deal Size:$128mJanuary 24,2023Deal Size:$56mSources:Pitchbook,Mergermarket,Capital IQ,DS researchLedger completes a Series C led by 10T Holdings Developer of cryptocurrency security technology designed to facilitate authorizatio
275、n of digital asset transactions The funds will be used to invest in the companys proprietary Operating System,which runs across all of its products and services so that it can support the seamless integration of new third-party servicesMarch 30,68.741,377.8 42,129.8 NM6.5%2.1%NM6.7%2.4 x2.4 x2.1 xNM
276、NM31.5 x67.615,640.7 14,856.9 NMNM60.6%NM3.2%2.0 x4.7 x5.2 x3.3 xNMNM0.3113.7 1,150.3 NM51%51.1%25.9%32.1%3.5 x1.7 x1.5 x6.9 x6.7 x4.8 x1.7141.5 168.4 NM33%NMNMNM4.3 x3.1 x2.4 xNMNMNM1.651.3 NMNM42%NMNMNMNMNMNMNMNMNMMEANMEANN.AN.A33.2%33.2%37.9%37.9%25.9%25.9%14.0%14.0%3.0 x3.0 x3.0 x3.0 x2.8 x2.8 x
277、5.1 x5.1 x6.7 x6.7 x18.1 x18.1 xMEDIANMEDIANN.AN.A37.7%37.7%51.1%51.1%25.9%25.9%6.7%6.7%2.9 x2.9 x2.7 x2.7 x2.3 x2.3 x5.1 x5.1 x6.7 x6.7 x18.1 x18.1 x8.71,458.4 2,138.2 NM61%1.4%NM16.3%13.4 x18.2 x5.2 xNMNM32.0 x10.01,668.1 1,460.0 NM30%NMNM24.4%6.8 x5.6 x4.1 xNMNM16.6 x3.3276.6 299.4NM25%92.4%68.1%
278、34.7%4.4 x1.4 x2.8 x4.8 x2.1 x8.2 xMEANMEANN.AN.A38.4%38.4%46.9%46.9%68.1%68.1%25.2%25.2%8.2 x8.2 x8.4 x8.4 x4.0 x4.0 x4.8 x4.8 x2.1 x2.1 x18.9 x18.9 xMEDIANMEDIANN.AN.A29.8%29.8%46.9%46.9%68.1%68.1%24.4%24.4%6.8 x6.8 x5.6 x5.6 x4.1 x4.1 x4.8 x4.8 x2.1 x2.1 x16.6 x16.6 xPUBLIC COMPANY TRADING ANALYS
279、IS BLOCKCHAIN&CRYPTOBLOCKCHAIN&CRYPTO AND CRYPTO MINER All information has been obtained from sources believed to be reliable,but its accuracy is not guaranteed.There is no representation or warranty as to the current accuracy,reliability or completeness of,nor liability for,decisions based on such
280、information and it should not be relied on as such.MinerBlockchainCompanyHQEnterprise Value($m)Revenue CAGR21a-23eShare Price($)Market Cap($m)EV/EBITDA2021a2023e2022aEBITDA Margin(%)2021a2023e2022aP/EEV/Revenue2021a2023e2022aNote:as of 31.03.2023 Sources:Pitchbook,Mergermarket,Capital IQ,DS AGENDAPA
281、YMENTSOVERALL FINTECH MARKET UPDATEINSURTECHWEALTHTECHCORE BANKING&LENDINGFINANCIAL DATABLOCKCHAIN&CRYPTOABOUT DRAKE STARABOUT DRAKE STAROUTSTANDING FINTECH DEAL-MAKING RECORD(1/2)DRAKE STAR IS ACTIVE ACROSS FINTECH VERTICALSSTRICTLY CONFIDENTIALSALE TOMAJORITY SALE TOBACKED BYCOMBINATION WITHPRIVAT
282、E PLACEMENTSTRATEGIC ADVISORYPRIVATE PLACEMENTSALE TOMAJORITY SALE TOPRIVATE PLACEMENTPRIVATE PLACEMENTBUY SIDE ADVISORYPRIVATE PLACEMENTPRIVATE PLACEMENTMINORITY GROWTH INVESTMENTSALE TOOUTSTANDING FINTECH DEAL-MAKING RECORD(2/2)DRAKE STAR IS ACTIVE ACROSS FINTECH VERTICALSSTRICTLY CONFIDENTIALSTRA
283、TEGIC ADVISORYSALE TOSALE OFSALE OF MANAGEMENTSHARE TOALLOCATION OF PURCHASE PRICEPRIVATE PLACEMENTPRIVATE PLACEMENTACQUISITION OFPRIVATE PLACEMENTPRIVATE PLACEMENTMERGER WITHPRIVATE PLACEMENTPRIVATE PLACEMENTRESTRUCTURINGSALE TOThe Events Bsuienss ofENTERPRISE VALUATIONDELIVERING INDUSTRY THOUGHT L
284、EADERSHIPOUR VOICE AND INDUSTRY EXPERTISE MATTERIN DEPTH SECTOR REPORTS,NEWSLETTERS,IN DEPTH SECTOR REPORTS,NEWSLETTERS,AND MARKET UPDATESAND MARKET UPDATESOVER 50+INDUSTRY REPORTS UNCOVERING EXCLUSIVE INSIGHTSDRAKE TALKS AND EVENTS WITH DRAKE TALKS AND EVENTS WITH SECTOR LEADERSSECTOR LEADERSPANEL
285、DISCUSSIONS,SYMPOSIUMS,CONFERENCES AI DRAKE TALKSPOCKET GAMERCESINSURTECH SYMPOSIUMBBC INTERVIEWMCDERMOTT WILL&EMERYS CONFERENCEINTERVIEWS WITH INDUSTRY INTERVIEWS WITH INDUSTRY LEADING MEDIA LEADING MEDIA AS FEATURED ON BLOOMBERG,FORBES,CNBC AND OTHER MAJOR PUBLICATIONS FINTALK BY JULIAN OSTERTAGDE
286、EP INSIGHTS FROM INDUSTRY EXPERTSSELECTED INTERVIEW PARTNERS SELECTED INTERVIEW PARTNERS-INSURTECHINSURTECHSELECTED INTERVIEW PARTNERS SELECTED INTERVIEW PARTNERS-WEALTHTECHWEALTHTECHRob SchimekCEO&FounderMartin YoungCEO&Co-FounderClare KnightCo-Founder&CEOUtena TrevesCEOChristian MachtCEOJames Blac
287、khamCEOChristian FriedrichCEO&FounderChris BartzCEO&Co-FounderGil ShapiraCIOChristian Schneider-SickertCEO&FounderRalf HeimCo-CEO&FounderROLF-HENNING HACKELCEO&FOUR FINTECH TEAMGLOBAL EXPERTISE WITH LOCAL PRESENCEMichael MetzgerPartner(Los Angeles)EXTENDED FINTECH TEAMMathilde DeschampsAssociate(Lon
288、don)Anton DonauerAssociate(Munich)Mohit PareekPrincipal(Los Angeles)Ccilie Deveaux LepuissantAssociate(Paris)Christophe MorvanManaging Partner(Paris)Julian OstertagManaging Partner&Member Of The Global Executive Committee(Munich)Pablo LundershausenAssociate(Munich)Stefan KrauseSenior Advisor(Germany
289、)Nicolas HussSenior Advisor(France)David BatchelorSenior Advisor(USA)Thomas HuerlimannSenior Advisor(Switzerland)Mathieu GratzmllerAnalyst(Munich)Sam LevyPartner(New York)GLOBAL AND DEDICATED FINTECH SENIOR ADVISORSRELEVANT TRACK RECORD IN BANKING,FINTECH AND INSURTECHDavid was CEO in Asia Pacific,E
290、MEA,President International and Vice Chairman at Marsh McLennan and is on the board of several renowned insurance and InsurTech companies.David Batchelor Senior AdvisorInsurTechInsurTechThomas was CEO Global Corporate at Zurich.Thomas is in the advisory board of several renowned insurance and InsurT
291、ech companies.Thomas HuerlimannSenior AdvisorFinTechFinTechNicolas was CEO of Ingenico,Visa Europe and AvantCard,a portfolio company of Apollo.He is now CEO of HotelBeds and on the board of several FinTech companies.Nicolas HussFinTechFinTechStefan was Chairman of Deutsche PostBank Group,member of t
292、he Board at Deutsche Bank and senior advisors at Warburg Pincus.Now,he is on the board of several tech companies.Stefan KrauseBanking&FinTechBanking&FinTCASE STUDY-FINTECSYSTEMSDRAKE STAR ADVISED FINTECSYSTEMS ON ITS COMBINATION WITH TINK.THE LARGEST B2B FINTECH EXIT IN GERMANY IN THE LAST 10 YEARSS
293、ITUATION&OBJECTIVES FinTecSystems is a leading German open banking platform specializing in account aggregation,data analytics and open banking payments With connectivity to more than 99%of banks in the DACH region,alongside leading value-added data services,FinTecSystems delivers account informatio
294、n in a way that enables companies to make better,data-driven and automated decisions With the initial aim of raising growth capital,there was substantial interest from strategic acquirers in an outright acquisitionDRAKE STAR VALUE ADD Drake Star acted as exclusive financial advisor to the shareholde
295、rs and the Company Together with management,Drake Star created and optimized comprehensive transaction documents and advised on efficiently setting up a virtual data room to facilitate the due diligence efforts in the most efficient way possible Drake Star Partners orchestrated and coordinated the w
296、hole due diligence process between the sell-side and the buy-side Drake Star Partners successfully negotiated a very high valuation uplift among the initial bids to a very attractive outcome Drake Stars FinTech expertise and network facilitated the successful search for the most suitable strategic p
297、artners on a global scaleSUCCESS FACTORSSuccessfully achieved the best result for the Company and its shareholders By joining forces with Tink,there is a unique opportunity to further strengthen FinTecSystems position as the open banking leader in the region,and better support clients to expand acro
298、ss Europe The combination of Tink and FinTecSystems will offer both local and international customers in the region the most complete solution when partnering for open banking technology The existing shareholders achieved a landmark exit at very attractive revenue multipleCOMBINATION WITHFINTECH/SOF
299、TWARECASE STUDY 4STOPDRAKE STAR ADVISED 4STOP ON ITS MAJORITY SALE TO JUMIO,CREATING THE LEADER IN DIGITAL IDENTITY ORCHESTRATION SITUATION&OBJECTIVES 4Stop,a leading fraud prevention provider solves businesses risk-based approach through a modern,all-in-one KYC,compliance,and anti-fraud solution Th
300、e companys global data marketplace and orchestration hub connects to more than 650 data sources across 195 countries Founders and early-stage venture capital firm Ventech aimed to find the best partner and new shareholder to support the Company in its next stage of expansionDRAKE STAR VALUE ADD Drak
301、e Star acted as the exclusive financial advisor to the Company and its shareholders on this transaction Created highly efficient due diligence and SPA process to drive optimal outcome for shareholders Drake Star Partners orchestrated and coordinated the whole due diligence process between the sell-s
302、ide and the buy-side Due to the teams long-time sector experience and strong global reach,Drake Star generated enormous support in creating and reviewing documentsSUCCESS FACTORSSuccessfully achieved the best result for the Company and its shareholders Supported highly efficient process to drive opt
303、imal outcome for shareholders Final transaction structure combined of cash and share deal for founders and Ventech This acquisition follows the launch of Jumios intuitive no-code orchestration layer for its KYX Platform and will accelerate Jumios business and technology objectives to solidify itself
304、 as the leader in digital identity orchestration.The acquisition allows Jumio to capture the future of KYC/KYB&AML with augmented data orchestration,globally The existing shareholders achieved a landmark exit at very attractive revenue multipleSALE TOFINTECH/KYC PLATFORMCASE STUDY-ELINVARDRAKE STAR
305、ADVISED ELINVAR ON ITS FUNDRAISING BY TOSCAFUND,GOLDMAN SACHS&OTHERS.2ND LARGEST B2B WEALTHTECH FUNDRAISING IN H1 2021 IN GERMANYSITUATION&OBJECTIVES Elinvar exclusively focuses on B2B2C,enabling its partners to digitalize their business models.The Platform as a Service(PaaS)offers a multi-tenant so
306、lution with the vision to connect the entire wealth management ecosystem After an intense building phase,developing a broad range of service packages and digitalizing several business models,Elinvar was ready to start its expansion phase with the newly raised capitalDRAKE STAR VALUE ADD Drake Star a
307、cted as exclusive financial advisor to the shareholders and the Company Established and communicated a well-developed organic growth story Drake Star managed the entire process with an international investor approach Drake Star Partners created comprehensive transaction documents,equity story and a
308、sound financial model.Also,orchestrated and coordinated the whole due diligence process between the sell-side and the buy-sideSUCCESS FACTORSSuccessfully achieved the best result for the Company and its shareholders Highly competitive structured and flexible multi-stage auction process with leading
309、international strategic and financial investors Found very suitable financial partner that already has strong expertise in the European financial services market Managed and coordinated a fully digital process with great results Funds will be used to enable Elinvar to rapidly expand the companys cus
310、tomer base and offeringPRIVATE PLACEMENTWEALTHTECH PLATFORM-AS-A-SERVICE“OUR CLIENTS TRUST USBECAUSE WE ARE 100%COMMITTED TO DELIVER SUCCESSFUL OUTCOMESWe benefitted strongly from Drake Stars excellent sector knowledge,global network,and strong execution skills,which enabled us to find the perfect p
311、artner for the future and at the same time achieve an outstanding result for our shareholders.Stefan KrautkraemerCo-Founder&CEOErich BorschCo-Founder Benjamin PapoCo-CEO“With their great understanding of the global InsurTech environment and their outstanding international reach and network,Drake Sta
312、r Partners was the perfect advisor for Finanzchef24 to find a strong and international partner.“Drake Star Partners has a highly unique international reach across the FinTech industry worldwide.The team was able to help us with their deep understanding of the market and close connections with key in
313、ternational investors to drive a competitive process and help us on our way to achieve important strategic milestones.Geoffrey De SchrevelCEOIngo ErnstCEOAndy CreakDirector“The Drake Star Partners team provided invaluable support on this project through their understanding of the technology subtleti
314、es,the management of the process,and the conduct of negotiations.They maintained close ties with the team and accompanied us with effectiveness“It was a great pleasure to work with Julian Ostertag and the Drake Star team.Their commitment,sector expertise,and advice made us feel very comfortable in t
315、he transaction process.We want to thank the team for their support.“Drake Star Partners proven experience in the FinTech sector was essential in driving an efficient process and identifying InvestCloud as the right strategic partner.GLOBAL REACH COMBINED WITH LOCAL PRESENCEDrakeStar_*Partner Offices
316、DrakeStarPARIS25 Boulevard MT.+33 1 58 18 39 00MUNICHLudwigpalais,LT.+49 89 1490 265 25SAN FRANCISCO50 California Street,Suite T.+1 415 400 6698LOS ANGELES1100 Glendon Avenue,Suite T.+1 310 696 4001BERLINFriedrichstrasse T.+49 30 30366 2856DUBAI*Emirates Financial TT.+971 4325 4662LONDON16 Berkeley
317、Street,MT.+44 20 7112 7777NEW YORK 950 Third Avenue,20th FT.+33 1 58 18 39 WWW.DRAKESTAR.COMQUARTERLY FINTECH MARKET UPDATEQ1 2023Drake Star is an award-winning global tech investment bank that has completed over 450 transactions since 2003.Drake Star team of over 100 seniorprofessionals across offi
318、ces in New York,London,Paris,Munich,San Francisco,Los Angeles,Berlin,Miami,Dubai*,and Singapore*focuses on mergers&acquisitions and corporate finance services worldwide in Consumer&Retail Technology,Digital Media,FinTech,Mobility&Sustainability,Software/SaaS,DigitalServices,and Industrial Tech secto
319、rs.All securities in the USA,are transacted through Drake Star Securities LLC.In the USA,Drake Star Securities LLC is regulated by FINRA and is a member of SIPCDrake Star UK Limited is an appointed representative of Kession Capital which is authorized and regulated by the Financial Conduct Authority.The testimonials herein may not be representative of the experience of others nor is it a guarantee of future performance or success.Copyright 2023 Drake Star