1、2SALE TOCOMBINATION WITHPRIVATE PLACEMENTPRIVATE PLACEMENTPRIVATE PLACEMENTSALE OF MANAGEMENTSHARE TOMAJORITY SALE TOBACKED BY+49 89 149 026 +1 404 747 +1 646 245 SALE TOPRIVATE PLACEMENTPRIVATE PLACEMENTPRIVATE PLACEMENT+33 687 990 MAJORITY SALE TONote:selected deals34PaymentsMerchant Acquiring&Pro

2、cessingPayment NetworksB2B SolutionsMoney TransferOnline Focused PaymentsPOS Devices&SolutionsInsurTechB2B SoftwareDigital Broker&Price ComparisonDigital CarrierWealthTechAsset ManagementStock Exchanges&BrokeragesFinancial Management SolutionsRetail BrokerTrading&Risk SystemsCore Banking&LendingAlte

3、rnative Online LendersCore Banking&Lending SolutionsNeobankingPrice ComparisonFinancialDataBusiness DataCapital Markets DataConsumer DataIR&ComplianceBlockchain&CryptoBlockchainCrypto TradingCrypto Miners45Sources:Pitchbook,Mergermarket,Capital IQ,DS research6M&A18.246.010.77.3256207156Q4 2021Q1 202

4、2Q2 2022Q3 2022Deal Value$bnDeal Count274PRIVATE PLACEMENTS36.227.215.05.11,5361,215377Q4 2021Q1 2022Q2 2022Q3 2022Deal Value$bnDeal Count2,058acquisition by Block$24.7bnSources:Pitchbook,Mergermarket,Capital IQ,DS research789Mohit PareekPrincipal(Los Angeles)Sam LevyPartner(New York)Jim HolzerManag

5、ing Partner(New York)10Sources:Pitchbook,Mergermarket,Capital IQ,DS research-59.2%DS B2B FINTECH INDEXDS B2B FINTECH INDEXDS B2C FINTECH INDEXDS B2C FINTECH INDEX-36.6%-26.8%-70%-60%-50%-40%-30%-20%-10%0%10%20%Sep-2021Nov-2021Jan-2022Mar-2022May-2022Jul-2022Sep-2022DS B2B FinTech IndexDS B2C FinTech

6、 IndexNASDAQS&P 500-16.8%1)Last twelve monthsSources:Pitchbook,Mergermarket,Capital IQ,DS research11+25%+1%+6%-2%-3%-13%-23%-2%1252)71118583+69%+56%-8%-5%-19%-18%-43%0%1692)26224686)1)Performance vs.previous quarter2)Indexed to 100 in Q3 2020-16%-41%-4%-35%-12%-73%-54%-42%-35%-

7、23%-83%-60%-57%-29%-37%$3.95$3.18$5.06$3.33$0.96$6.66$9.23$2.68$4.27$152.01$40.83$14.56$12.50$24.60$11.23$1,412$7,250$1,721$1,627$353$1,450$1,241$459$1,834$13,292$12,452$2,154$1,193$1,376$3,009134%132%106%82%70%67%63%60%59%59%58%58%52%50%50%12EV(m)Performancevs.52-Week HighCompanyS&P 500(132.4%Count

8、ryNASDAQ(1-2.1%Sources:Pitchbook,Mergermarket,Capital IQ,DS research,Data as of 30thof September 202252-Week Low Share Price-77%-62%-44%-63%-56%-31%-7%-76%-40%-76%-43%-89%-67%-11%-73%$6.81$89.87$0.86$30.44$23.94$49.00$11.24$11.91$0.55$13.52$13.64$15.19$13.83$15.99$15.64NM$13,041$316$364$3,745$25,472

9、$11,209$7,550$445-$37$1,125$8,011$5,633NM$1,28360%59%57%53%52%52%52%51%51%50%47%47%46%45%44%13EV(m)Performancevs.52-Week HighCompanyCountry52-Week Low Share PriceSources:Pitchbook,Mergermarket,Capital IQ,DS research,Data as of 30thof September 2022S&P 500(132.4%NASDAQ(1-2.1%The top 15 funded private

10、 companies have raised$32.12bn during their lifespanTop 15 Best Funded Private FinTech Companies(in$m)1)Top 15 Most Active Financial Investors in FinTech 20222)Sources:Pitchbook,Mergermarket,Capital IQ,DS research14FTX filed for bankruptcyon November 1115Sources:Pitchbook,Mergermarket,Capital IQ,DS

11、research16July 12,2022July 11,2022Sources:Pitchbook,Mergermarket,Capital IQ,DS research1718MERCHANT ACQUIRING MERCHANT ACQUIRING&PROCESSING&PROCESSINGSources:Pitchbook,Mergermarket,Capital IQ,DS researchB2B SOLUTIONSB2B SOLUTIONS-80%-60%-40%-20%0%20%Sep-2021Nov-2021Jan-2022Mar-2022May-2022Jul-2022Se

12、p-2022Merchant Acquiring&ProcessingPayment NetworksB2B Payment SolutionsMoney TransferOnline Focused PaymentsPayment POS Devices&SolutionsNASDAQS&P 500MONEY TRANSFERMONEY TRANSFER-37.2%-16.8%-26.8%-21.0%-61.1%-23.5%-42.9%PAYMENTPAYMENTNETWORKSNETWORKS-63.6%POS DEVICES POS DEVICES/SOLUTIONS/SOLUTIONS

13、POS DEVICES POS DEVICES&SOLUTIONS&SOLUTIONSONLINE FOCUSED ONLINE FOCUSED PAYMENTSPAYMENTSPAYMENTPAYMENTNETWORKSNETWORKS191x3x5x7x9x11x13x15x17x19x21xSep-2021Nov-2021Jan-2022Mar-2022May-2022Jul-2022Sep-2022Merchant Acquiring&ProcessingPayment NetworksB2B Payment SolutionsMoney TransferOnline Focused

14、PaymentsPayment POS Devices&SolutionsNASDAQS&P 5002.6x4.0 x3.5x3.1x2.6x2.8x4.3x13.0 xMERCHANT ACQUIRING MERCHANT ACQUIRING&PROCESSING&PROCESSINGB2B SOLUTIONSB2B SOLUTIONSMONEY TRANSFERMONEY TRANSFERPOS DEVICES POS DEVICES/SOLUTIONS/SOLUTIONSPOS DEVICES POS DEVICES&SOLUTIONS&SOLUTIONSONLINE FOCUSED O

15、NLINE FOCUSED PAYMENTSPAYMENTSSources:Pitchbook,Mergermarket,Capital IQ,DS research20InvestorSelected InvestmentsNumber of InvestmentsThe top 15 funded private companies have raised$25.6bn during theirlifespanTop 15 Best Funded Private Payment Companies(in$m)1)Top 15 Most Active Financial Investors

16、in Payment 20222)Sources:Pitchbook,Mergermarket,Capital IQ,DS research21Sources:Pitchbook,Mergermarket,Capital IQ,DS research22Sources:Pitchbook,Mergermarket,Capital IQ,DS research93.575.2%-13.8%59,84679,16714x5.3%33.9%42.6%43.2%4.9x4.7x4.4x14.4x11.1x10.2x75.57-17.6%-37.9%45,94562,73011x6.3%28.4%44.

17、3%45.0%4.5x4.3x4.0 x15.9x9.6x8.9x108.05-2.3%-31.4%29,94740,86911x1.6%40.4%48.5%49.0%4.8x5.0 x4.6x11.9x10.4x9.5x39.897.9%-47.9%11,22616,18718x5.0%18.1%25.5%27.1%3.9x3.8x3.5x21.3x15.1x12.9x8.18-1.0%-56.3%10,72717,76115x-0.3%19.5%49.2%51.1%5.1x5.6x5.1x26.2x11.3x10.1x68.77-2.1%-45.9%5,2164,54834x6.5%36.

18、5%36.3%36.6%12.2x13.1x10.7x33.3x36.0 x29.3x13.2329.2%-74.4%4,3384,36814x70.9%42.4%22.1%23.1%3.6x1.5x1.2x8.5x6.7x5.3x27.19-24.7%-76.3%3,8423,65315x18.0%34.2%40.9%42.1%5.0 x4.4x3.6x14.8x10.6x8.6x9.5323.8%-72.6%2,9763,09237x106.2%53.2%46.7%51.9%6.4x1.8x1.5x12.0 x3.8x2.9x1.0039.2%136.3%2,6873,82011x2.8%

19、17.5%34.8%34.8%1.8x1.8x1.7x10.4x5.3x5.0 x22.9630.2%-47.6%2,4862,154NM31.8%0.2%5.9%8.6%10.7x8.0 x6.2xNMNM71.5x44.6134.9%-42.5%2,4423,26635x42.2%3.2%12.9%12.5%2.4x1.6x1.2x74.1x12.6x9.5x31.35-15.0%-31.4%2,0932,28512x3.9%41.6%45.3%43.1%3.9x3.7x3.6x9.3x8.3x8.3x3.3847.2%-31.2%1,8852,06622x21.1%27.6%40.3%4

20、2.3%5.9x4.7x4.0 x21.3x11.6x9.5x33.3041.6%40.6%1,6082,75430 x12.7%31.2%36.8%37.5%5.5x4.9x4.4x17.8x13.4x11.7x1.38-29.2%-82.2%1,0013,552NM2.7%22.2%27.3%28.6%2.4x2.4x2.3x10.8x8.8x7.9x6.11-7.0%-43.8%80790516x12.3%21.5%26.0%26.8%3.6x3.2x2.9x16.9x12.3x10.7x7.06-45.1%-69.3%6281,0669x20.7%24.2%43.5%44.1%4.9x

21、3.8x3.3x20.1x8.8x7.6x20.03-19.9%-17.3%44684914x23.9%12.1%25.0%26.3%3.8x2.7x2.5x31.3x10.8x9.4x0.17-39.7%-62.9%18915732x4.2%19.1%17.2%17.7%1.8x1.9x1.7x9.5x10.8x9.5xMEAN7.2%-34.3%19x19.9%27.3%35.5%36.5%5.1 x4.4 x3.8 x20.1 x11.5 x13.4 xMEDIAN5.2%-45.9%15x9.4%27.6%40.3%42.1%4.8 x4.3 x3.6 x15.9 x10.5 x9.5

22、 x2321a-23eEV/EBITDA2021a2023e2022eEBITDA Margin(%)2021a2023e2022eEV/Revenue2021a2023e2022ePerformance12-Months3-MonthsSources:Pitchbook,Mergermarket,Capital IQ,DS researchAll information has been obtained from sources believed to be reliable,but its accuracy is not guaranteed.There is no representa

23、tion 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.7.36103.7%-49.8%7,5427,250NM23.6%14.8%12.4%20.9%12.5x9.9x11.3x84.3x79.6x39.2x13.50-18.0%-33.2%5,2086,7018x-7.6%26.1%24.8%24.9%1.3x0.

24、6x5.7x5.1x5.2x6.2x22.9630.2%-47.6%2,4862,154NM31.8%0.2%5.9%8.6%10.7x11.5x13.6xNMNM71.5x6.0554.3%-29.2%2,0961,627NM22.6%NM5.7%6.3%3.4xNM7.1xNM0.1x36.4x11.1245.2%-69.7%1,8691,450NM32.5%NMNMNM3.2xNM0.4xNM83.9xNM10.404.0%29.7%1,0021,72123x3.7%15.5%15.8%17.4%1.3x0.4x4.5x8.7xNM7.2x18.94-0.1%-29.7%79967227

25、x10.0%43.6%42.1%44.1%6.4x1.2x1.5x14.7x1.8x12.0 x1.622.9%41.4%402353NM18.5%14.0%21.6%26.2%3.5x3.0 x0.4x24.8x13.8x9.4xMEAN27.8%-23.5%11x16.9%19.0%18.3%21.2%5.3x4.4x3.6x27.5x44.0 x26.0 xMEDIAN17.1%-31.5%8x20.6%15.2%15.8%20.9%3.4x2.9x2.4x14.7x14.6x12.0 x2421a-23eEV/EBITDA2021a2023e2022eEBITDA Margin(%)2

26、021a2023e2022eEV/Revenue2021a2023e2022ePerformance12-Months3-MonthsSources:Pitchbook,Mergermarket,Capital IQ,DS researchAll 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,reliabil

27、ity or completeness of,nor liability for,decisions based on such information and it should not be relied on as such.182.74-7.2%-19.0%341,101350,39124x15.9%69.1%69.7%70.9%14.5x12.0 x10.8x21.0 x17.3x15.2x284.34-9.9%-18.2%274,779282,67127x17.0%58.2%60.1%61.4%15.0 x12.7x10.9x25.7x21.1x17.8x134.91-2.7%-1

28、9.5%101,148125,30014x33.3%NMNMNM3.8x2.4x2.1xNMNMNM90.92-3.9%-26.0%24,83739,0536x8.1%NMNMNM20.4x3.0 x2.8xNMNMNMMEAN-5.9%-20.7%18x18.6%63.7%64.9%66.2%9.1x7.5x6.7x23.4x19.2x16.5xMEDIAN-5.5%-19.2%19x16.5%63.7%64.9%66.2%9.1x7.5x6.8x23.4x19.2x16.5x54.99-10.5%-77.1%32,76333,12464x8.6%1.9%4.4%5.5%1.9x1.9x1.

29、6x99.3x42.6x28.7x132.3720.4%-50.4%13,87813,041NM101.6%NMNM5.2%54.7x20.3x13.5xNMNM257.8x176.17-16.2%-32.6%13,21518,66411x14.3%52.1%52.3%53.8%6.6x5.5x5.0 x12.6x10.5x9.4x46.44-1.2%-14.1%11,57312,71829x7.8%37.8%41.6%42.0%7.1x6.7x6.1x18.7x16.1x14.5x126.94-18.4%-27.9%5,6076,83610 x21.1%33.4%43.9%45.8%4.2x

30、3.0 x2.8x12.5x6.9x6.2x8.4237.1%NA1,6681,354NM21.8%NMNMNM5.4x4.4x3.7xNMNMNM9.2685.9%-13.0%1,5231,412NM24.9%NMNMNM10.7x8.4x6.9xNMNMNM9.72-27.3%-60.6%1,1921,047212x-21.8%1.6%5.3%6.6%1.0 x2.1x1.7x65.6x40.5x25.7xMEAN8.7%-39.4%54x22.3%25.4%29.5%26.5%11.5x6.5x5.2x41.7x23.3x57.0 xMEDIAN-5.9%-32.6%20 x17.7%3

31、3.4%41.6%24.3%6.0 x4.9x4.4x18.7x16.1x20.1x2521a-23eEV/EBITDA2021a2023e2022eEBITDA Margin(%)2021a2023e2022eEV/Revenue2021a2023e2022ePerformance12-Months3-MonthsSources:Pitchbook,Mergermarket,Capital IQ,DS researchAll information has been obtained from sources believed to be reliable,but its accuracy

32、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.86.0723.2%-66.9%99,538101,61322x11.9%20.6%23.5%24.6%4.0 x3.6x3.2x19.5x15.5x13.0 x1276.52-12.

33、0%-54.4%39,54934,24665x-48.9%10.4%60.4%61.8%5.0 x25.8x19.2x48.3x42.7x31.1x26.94-13.8%-80.1%34,25028,487NM21.7%9.7%NM0.5%6.2x5.2x4.2x64.0 xNMNM20.52-21.8%-62.4%6,0705,63348x-20.4%8.2%37.0%37.7%5.6x13.3x8.8x67.4x36.1x23.2x7.84-8.3%NA5,0874,541NM57.9%NMNMNM11.9x6.9x4.8xNMNMNM7.12-12.2%-67.8%3,9082,257N

34、M34.4%NMNMNM4.4x3.1x2.4xNMNMNM1.24-0.7%-52.9%37031633x0.0%11.4%31.7%33.2%4.6x5.1x4.6x40.2x16.0 x13.8xMEAN-18.2%-60.6%34x19.9%17.2%38.2%31.6%8.4x9.0 x6.7x47.9x27.6x20.3xMEDIAN-12.1%-64.7%33x21.7%11.4%34.4%33.2%5.0 x5.2x4.6x48.3x26.0 x18.5x16.7229.2%-66.5%8,6377,550NM43.5%NMNMNM4.4x2.8x2.1xNMNMNM17.71

35、-20.5%-81.7%2,6451,842NM-13.9%NMNMNM1.8x3.4x2.4xNMNMNM7.90-20.0%-73.7%1,277837184x21.3%NM6.1%7.2%5.6x4.6x3.8xNM74.4x52.9x0.76-2.5%-40.0%8204455x16.7%16.9%18.2%19.6%0.5x0.4x0.4x2.9x2.3x1.8x29.53-21.2%-52.0%8051,047NM14.9%NMNMNM3.7x3.1x2.8xNMNMNM3.48-37.9%-67.7%248200NM17.4%NM1.4%6.0%1.2x1.0 x0.9xNM74

36、.9x14.4xMEAN-12.1%-63.6%47x16.7%NM8.6%10.9%2.9x2.6x2.1xNM50.5x23.0 xMEDIAN-20.2%-67.1%2x17.1%NM6.1%7.2%2.8x3.0 x2.3xNM74.4x14.4x2621a-23eEV/EBITDA2021a2023e2022eEBITDA Margin(%)2021a2023e2022eEV/Revenue2021a2023e2022ePerformance12-Months3-MonthsSources:Pitchbook,Mergermarket,Capital IQ,DS researchAl

37、l 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.2728-9

38、0%-70%-50%-30%-10%10%30%50%Sep-2021Nov-2021Jan-2022Mar-2022May-2022Jul-2022Sep-2022B2B SoftwareDigital Broker&Price ComparisonDigital CarrierNASDAQS&P 500DIGITAL CARRIERDIGITAL CARRIER-42.0%-73.1%-75.0%-26.8%-16.8%B2B INSURANCE B2B INSURANCE SOFTWARESOFTWAREDIGITAL BROKER&DIGITAL BROKER&PRICE PRICE

39、COMPARISONCOMPARISONSources:Pitchbook,Mergermarket,Capital IQ,DS research290 x2x4x6x8x10 x12xSep-2021Nov-2021Jan-2022Mar-2022May-2022Jul-2022Sep-2022B2B SoftwareDigital Broker&Price ComparisonDigital CarrierNASDAQS&P 5000.4x6.7x3.1x2.4xDIGITAL CARRIERDIGITAL CARRIER1.6xB2B INSURANCE B2B INSURANCE SO

40、FTWARESOFTWAREDIGITAL BROKER&DIGITAL BROKER&PRICE PRICE COMPARISONCOMPARISONPB FintechIPOSources:Pitchbook,Mergermarket,Capital IQ,DS research3049212831InvestorSelected InvestmentsNumber of InvestmentsThe top 15 funded private companies have raised$11.44bn during their lifespan

41、Top 15 Most Active Financial Investors in InsurTech since 20202)Sources:Pitchbook,Mergermarket,Capital IQ,DS researchTop 15 Best Funded Private InsurTech Companies(in$m)1)1,9671,3141,058555655254550650448046841631Sources:Pitchbook,Mergermarket,Capital IQ,DS research32Sources:Pitchbook,Mer

42、germarket,Capital IQ,DS research170.53-1.5%-14.8%26,76630,04629x3.0%46.1%49.3%50.9%10.0 x9.9x9.4x21.7x20.0 x18.6x9.10-1.1%-13.4%5,6106,24231x10.7%NM38.2%39.0%9.1x8.1x7.4xNM21.1x19.0 x61.58-13.3%-48.2%5,1784,665NM9.4%NMNMNM6.3x5.7x5.2xNMNMNM2.86-47.9%-49.2%1,8286,39218x2.8%72.1%73.1%72.0%5.7x5.5x5.4x

43、7.9x7.5x7.5x11.85-20.2%-73.2%1,5711,228123x11.0%2.7%7.2%7.6%4.7x4.2x3.8x176.0 x57.8x50.1x19.18-20.7%-33.4%1,0561,00116x6.7%17.0%18.5%18.8%2.2x2.1x1.9x12.8x11.2x10.1x18.9712.2%-29.6%5861,1937x-1.4%13.5%17.1%20.1%1.2x1.2x1.2x8.9x7.2x6.1x0.81-21.0%-74.3%257220NM2.3%NMNM8.1%1.7x1.7x1.6xNMNM20.3xMEAN-14.

44、2%-42.0%28x5.6%30.3%33.9%30.9%5.1x4.8x4.5x45.5x20.8x18.8xMEDIAN-16.7%-40.8%17x4.8%17.0%28.4%20.1%5.2x4.8x4.5x12.8x15.6x18.6x5.81-19.9%NA2,5502,075NM50.3%NMNMNM17.1x11.0 x7.6xNMNMNM2.07-2.1%-28.0%1,1111,17814x4.2%25.6%29.0%30.5%2.7x2.8x2.5x10.7x9.6x8.3x6.82-22.9%-63.4%216183NM4.1%NMNM1.2%0.4x0.5x0.4x

45、NMNM32.9x0.73-70.6%-94.4%120724NM3.8%25.0%NMNM0.9x1.2x0.8x3.5xNMNM3.91-58.1%-90.3%107259NM-6.8%NMNMNM0.5x0.7x0.6xNMNMNM0.36-40.6%-92.9%471,101NM-2.5%0.0%4.9%9.5%1.0 x1.1x1.1xNM23.0 x11.5xMEAN-35.7%-73.8%NM8.8%16.9%33.9%34.8%3.8x2.9x2.2x7.1x16.3x17.6xMEDIAN-31.7%-90.3%NM3.9%25.0%17.0%9.5%1.0 x1.2x1.0

46、 x7.1x16.3x11.5x3321a-23eEV/EBITDA2021a2023e2022eEBITDA Margin(%)2021a2023e2022eEV/Revenue2021a2023e2022ePerformance12-Months3-MonthsSources:Pitchbook,Mergermarket,Capital IQ,DS researchAll information has been obtained from sources believed to be reliable,but its accuracy is not guaranteed.There is

47、 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.2.24-31.1%-45.5%3,2955,26914514.3%6.0%6.0%9.9%1.7x1.5x1.3x28.3x25.6x13.0 x21.1816.0%-68.4%1,4601,283NM119.9%NMNMNM16.3

48、x5.4x3.4xNMNMNM4.9917.4%-71.3%1,059-928NM79.6%NMNMNMNMNMNM1.8x2.0 x3.5x1.70-20.6%-77.0%812514NM142.1%NMNMNM0.7x0.2x0.1xNMNMNM1.05-42.3%-87.1%659179NM40.7%NMNMNMNMNMNMNMNMNM18.53-15.6%-84.2%424171NM143.9%NMNMNM4.4x1.4x0.7xNMNMNM7.88-63.2%-91.7%112-370NM-8.4%NMNMNMNMNMNM0.8x1.4x1.8xMEAN-14.2%-42.0%NM6

49、.0%NMNMNM4.6x1.7x1.1x10.3x9.6x6.1xMEDIAN-16.7%-40.8%NM6.7%NMNMNM1.7x1.4x0.7x1.8x2.0 x3.5x3421a-23eEV/EBITDA2021a2023e2022eEBITDA Margin(%)2021a2023e2022eEV/Revenue2021a2023e2022ePerformance12-Months3-MonthsSources:Pitchbook,Mergermarket,Capital IQ,DS researchAll information has been obtained from so

50、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.35-60%-40%-20%0%20%Sep-2021Nov-2021Jan-2022Ma

51、r-2022May-2022Jul-2022Sep-2022Financial Management SolutionsAsset Management SoftwareStock Exchanges,Trading&BrokerageWealthTechRetail TradingTrading&Risk SystemsNASDAQS&P 500-34.5%-53.3%-41.7%-27.1%-26.8%-34.2%36FINANCIAL MANAGEMENT SOLUTIONSASSET MANAGEMENT WEALTHTECHRETAIL TRADINGTRADING&RISK SYS

52、TEMS-16.7%-14.7%STOCK EXCHANGES,TRADING&BROKERAGESources:Pitchbook,Mergermarket,Capital IQ,DS research0 x3x6x9x12x15x18xSep-2021Nov-2021Jan-2022Mar-2022May-2022Jul-2022Sep-2022Financial Management SolutionsAsset ManagementStock Exchanges,Trading&BrokerageWealthTechTrading&Risk SystemsNASDAQS&P 50037

53、FINANCIAL MANAGEMENT SOLUTIONSASSET MANAGEMENT WEALTHTECHRETAIL TRADING1)TRADING&RISK SYSTEMS3.1x1.7x2.4x3.8x7.2x3.7x8.6xSTOCK EXCHANGES,TRADING&BROKERAGESources:Pitchbook,Mergermarket,Capital IQ,DS research388899InvestorSelected InvestmentsNumber of InvestmentsThe top 15 funde

54、d private companies have raised$8.0bn during their lifespanTop 15 Most Active Financial Investors in WealthTech since 20202)Sources:Pitchbook,Mergermarket,Capital IQ,DS researchTop 15 Best Funded Private WealthTech Companies(in$m)1)1,6634552509425423431631139Sources:Pitchbook,M

55、ergermarket,Capital IQ,DS research40Sources:Pitchbook,Mergermarket,Capital IQ,DS research144.321.2%-13.4%16,92920,770NM10.9%20.3%21.4%22.1%4.2x3.6x3.4x20.5x17.0 x15.3x16.7939.5%-34.4%3,1523,00977x18.4%12.7%26.4%27.7%11.9x10.1x8.5x94.2x38.1x30.7x56.64-21.8%-52.2%2,2242,24724x0.2%27.4%24.0%26.8%4.0 x4

56、.2x4.0 x14.6x17.5x14.8x5.75-27.5%-31.1%1,0561,29723x-1.9%19.6%22.3%23.8%3.0 x3.2x3.1x15.3x14.5x13.0 x12.3420.9%NA827811161x32.5%NM12.0%17.8%7.3x5.4x4.2xNM44.9x23.5x15.87-33.6%-50.0%445470NM-0.4%9.4%4.0%12.4%1.4x1.3x1.4x15.2x33.3x11.5x34.03-20.0%-25.9%2162699x-3.5%27.0%29.3%28.4%1.5x1.6x1.6x5.5x5.5x5

57、.6x1.58-8.3%-32.5%13112522x1.4%8.0%21.9%22.9%2.5x2.7x2.4x31.1x12.2x10.6xMEAN-6.2%-34.2%40 x7.2%17.8%20.2%22.7%4.5x4.0 x3.6x28.0 x22.9x15.6xMEDIAN-14.2%-32.5%23x0.8%19.6%22.1%23.4%3.5x3.4x3.2x15.3x17.2x13.9x7.43-3.5%-61.8%4,6753,55419x5.9%68.2%71.5%69.1%7.0 x7.0 x6.3x10.3x9.7x9.1x44.40-15.9%-44.7%2,4

58、513,08623x8.4%12.4%17.9%19.7%2.6x2.5x2.2x21.0 x13.7x11.3x18.29-2.6%-26.5%1,3511,37511x-1.3%12.5%42.2%42.8%2.6x3.1x2.7x20.9x7.3x6.2x0.82-42.7%-54.4%182150NM42.3%NMNMNM8.7x7.0 x4.3xNMNMNM0.906.7%-79.0%68NMNM12.9%NMNMNMNMNMNMNMNMNMMEAN-11.6%-53.3%18x13.6%31.0%43.9%43.9%5.2x4.9x3.9x17.4x10.2x8.9xMEDIAN-

59、3.5%-54.4%19x8.4%12.5%42.2%42.8%4.8x5.0 x3.5x20.9x9.7x9.1x4121a-23eEV/EBITDA2021a2023e2022eEBITDA Margin(%)2021a2023e2022eEV/Revenue2021a2023e2022ePerformance12-Months3-MonthsSources:Pitchbook,Mergermarket,Capital IQ,DS researchAll information has been obtained from sources believed to be reliable,b

60、ut 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.90.35-3.9%-21.3%50,45768,05417x4.0%60.8%64.5%65.3%9.5x9.2x8.8x15.7x14.3x13.5

61、x85.00-8.3%-15.5%47,15255,77724x1.1%38.7%47.4%49.0%6.3x6.7x6.2x16.4x14.1x12.7x164.98-1.1%1.3%30,29534,54021x-5.2%42.1%58.9%59.9%7.2x8.6x8.0 x17.1x14.6x13.4x56.6811.5%-11.9%27,84333,62621x-20.1%32.4%55.2%55.1%5.7x9.4x9.0 x17.7x17.0 x16.3x2.4115.1%2.6%14,25213,86916x4.3%69.2%74.4%73.4%8.4x8.3x7.7x12.1

62、x11.1x10.5x56.42-17.3%-30.2%11,53312,15630 x11.2%NMNMNM11.3x10.1x9.2xNMNMNM222.49-13.1%-47.1%8,3758,14533x7.8%55.1%54.4%54.9%11.7x11.2x10.0 x21.2x20.7x18.3x6.59-3.0%-10.4%7,0556,846NM2.9%52.4%51.8%57.7%8.7x8.7x8.2x16.6x16.7x14.3x63.84-21.6%-43.6%6,8048,84313x3.1%54.9%58.7%59.8%6.2x6.1x5.8x11.3x10.4x

63、9.8x63.9116.2%2.5%6,57327,86017x63.6%NMNMNM20.6x9.3x7.7xNMNMNM55.05-3.4%12.3%6383,28722x4.0%39.8%42.6%43.3%32.9x31.5x30.4x82.6x74.0 x70.3xMEAN-2.7%-14.7%20 x12.0%49.5%56.4%57.6%11.7x10.8x10.1x23.4x21.4x19.9xMEDIAN-3.4%-11.9%21x4.0%52.4%55.2%57.7%8.7x9.2x8.2x16.6x14.6x13.5x71.8713.8%-1.3%135,263104,0

64、6318x12.1%10.1022.9%-76.0%8,891127NM2.1%18.35-9.7%-2.2%1,751NM11x-8.2%5.39-9.0%-26.1%1,38647NM15.5%9.05-4.7%-57.5%994646x10.5%3.120.6%-40.4%832NMNM3.3%2.46-26.2%-35.9%688NMNM-23.0%MEAN-1.8%-34.2%6x11.3%MEDIAN-4.7%-35.9%3x10.5%4221a-23eEV/EBITDA2021a2023e2022eEBITDA Margin(%)2021a2023e2022eEV/Revenue

65、2021a2023e2022ePerformance12-Months3-MonthsSources:Pitchbook,Mergermarket,Capital IQ,DS researchAll 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,n

66、or liability for,decisions based on such information and it should not be relied on as such.144.321.2%-13.4%16,92920,770NM10.9%20.3%21.4%22.1%4.2x3.6x3.4x20.5x17.0 x15.3x47.75-17.8%-31.2%12,17719,31710 x5.4%37.1%38.1%39.6%3.8x3.6x3.4x10.3x9.5x8.7x5.75-27.5%-31.1%1,0561,29723xNM19.6%22.3%23.8%3.0 x3.

67、2x3.1x15.3x14.5x13.0 x12.3420.9%NM827811161x32.5%NM12.0%17.8%7.3x5.4x4.2xNM44.9x23.5x34.03-20.0%-25.9%2162699xNM27.0%29.3%28.4%1.5x1.6x1.6x5.5x5.5x5.6xMEAN-8.6%-25.4%41x16.2%26.0%24.6%26.3%4.0 x3.5x3.1x12.9x18.3x13.2xMEDIAN-17.8%-28.5%10 x10.9%23.6%22.3%23.8%3.8x3.6x3.4x12.8x14.5x13.0 x387.320.5%-28

68、.2%109,174113,433NM23.1%29.5%25.5%37.8%11.8x8.9x7.8x39.9x35.0 x20.6x112.21-1.5%-0.2%40,44140,090NM11.6%41.3%44.6%44.8%10.0 x8.8x8.1x24.3x19.7x18.0 x152.229.1%-39.1%38,97137,106NM19.9%2.9%4.4%25.1%8.6x7.2x6.0 x299.1x163.3x23.8x329.9917.8%-33.4%19,09518,84557x25.5%26.9%40.4%40.9%17.9x13.9x11.3x66.3x34

69、.4x27.7x241.5838.5%-13.8%13,35413,292NM31.2%12.3%12.9%29.0%21.0 x15.7x12.2x170.9x121.2x42.1x132.3720.4%-50.4%13,87813,041NM101.6%NMNM5.2%54.7x20.3x13.5xNMNM257.8x7.770.7%-18.9%7,8858,61027xNM26.2%23.7%23.9%3.5x4.0 x3.7x13.2x16.9x15.5x47.36-10.7%-53.0%7,1057,155NM16.9%9.4%7.9%21.5%12.4x9.8x9.0 x131.9

70、x124.0 x42.1x58.803.0%-73.2%4,4655,874NM24.6%NMNM10.2%10.8x8.1x7.0 xNMNM68.6x59.90-10.1%-49.3%3,8584,251228x21.7%NM9.1%9.8%9.3x7.5x6.3xNM82.7x64.1x20.6928.7%-39.3%3,3903,15098x32.4%8.3%14.6%14.5%14.6x10.6x8.3x174.8x72.8x57.1x6.7940.3%-41.9%1,7121,834NM5.5%23.2%17.6%25.5%6.1x5.8x5.5x26.4x32.7x21.5x14

71、.88-16.4%NA1,2171,18144x26.0%NM26.9%30.1%8.3x6.6x5.2xNM24.4x17.3x3.94-11.3%-82.7%659213NM16.5%NMNMNM0.9x0.8x0.7xNMNMNMMEAN7.8%-40.3%91x27.4%20.0%20.7%24.5%13.6x9.1x7.5x105.2x66.1x52.0 xMEDIAN1.8%-39.3%57x23.1%23.2%17.6%25.1%10.4x8.5x7.4x66.3x35.0 x27.7x4321a-23eEV/EBITDA2021a2023e2022eEBITDA Margin(

72、%)2021a2023e2022eEV/Revenue2021a2023e2022ePerformance12-Months3-MonthsSources:Pitchbook,Mergermarket,Capital IQ,DS researchAll 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,relia

73、bility or completeness of,nor liability for,decisions based on such information and it should not be relied on as such.4445-70%-60%-50%-40%-30%-20%-10%0%10%20%30%Sep-2021Nov-2021Jan-2022Mar-2022May-2022Jul-2022Sep-2022Alternative Online LendersCore Banking&Lending SolutionsNeobankingPrice Comparison

74、NASDAQS&P 500-41.4%-55.5%-65.0%-63.1%-26.8%-16.8%NEOBANKINGPRICE COMPARISONALTERNATIVE ONLINE LENDERSCORE BANKING&LENDING SOLUTIONSSources:Pitchbook,Mergermarket,Capital IQ,DS research460 x2x4x6x8x10 x12x14x16x18x20 xSep-2021Nov-2021Jan-2022Mar-2022May-2022Jul-2022Sep-2022Alternative Online LendersC

75、ore Banking&Lending SolutionsNeobankingPrice ComparisonNASDAQS&P 5002.4x2.0 x1.2x2.0 x4.6x3.1xNEOBANKINGALTERNATIVE ONLINE LENDERSCORE BANKING&LENDING SOLUTIONSPRICE COMPARISONSources:Pitchbook,Mergermarket,Capital IQ,DS research478889991121216InvestorSelected InvestmentsNumber of Investm

76、entsThe top 15 funded private companies have raised$16.4bn during their lifespanTop 15 Most Active Financial Investors in Core Banking in 20222)Sources:Pitchbook,Mergermarket,Capital IQ,DS researchTop 15 Best Funded Private Core Banking&Lending Companies(in$m)1)2,2991,5961,5791,3201,2501,134 1,1331,

77、0551,044473548Sources:Pitchbook,Mergermarket,Capital IQ,DS research49undisclosedSources:Pitchbook,Mergermarket,Capital IQ,DS research18.763.88%-84.25%5,4238,011NM77.3%NMNMNM14.7x9.8x4.7xNMNMNM20.79-34.25%-93.43%1,6911,85730 x9.3%18.8%9.0%14.7%2.3x2.1x1.9x12.3x23.0 x13.2x4.28-9.89%-24.11%1

78、,2214594x49.0%91.9%24.6%24.2%0.6x0.3x0.3x0.6x1.2x1.1x1.81-56.70%-81.64%1,1861,102NMNMNMNMNM2.5xNMNMNMNMNM11.05-5.47%-60.87%1,1453506x238.7%83.5%18.3%14.7%3.0 x0.3x0.3x3.6x1.6x1.8x29.271.56%-15.28%937NM4x31.4%NMNMNMNMNMNMNMNMNM5.103.58%NM17525312x63.2%12.6%17.0%20.9%2.0 x1.1x0.7x15.5x6.4x3.5x4.01-27.

79、49%-76.86%1622,38221x17.3%17.1%18.3%28.6%2.9x2.2x2.1x17.1x12.3x7.4x0.46-33.81%-78.00%161-37NMNM42.1%12.4%15.5%NMNMNMNMNMNM1.24-57.97%-76.65%103372NM12.6%11.2%10.2%42.9%3.2x3.1x2.6x28.8x30.7x6.0 x0.96-10.27%-82.32%94108NMNM53.9%NMNM0.4x0.5x0.4x0.7xNMNM2.30-30.09%-70.74%31NMNM19.8%NMNMNMNMNMNMNMNMNMME

80、AN-21.4%-67.7%10 x57.6%41.4%15.7%23.1%3.5x2.4x1.6x11.2x12.5x5.5xMEDIAN-18.9%-76.9%5x31.4%30.5%17.0%20.9%2.5x1.6x1.3x12.3x9.3x4.7x5021a-23eEV/EBITDA2021a2023e2022eEBITDA Margin(%)2021a2023e2022eEV/Revenue2021a2023e2022ePerformance12-Months3-MonthsSources:Pitchbook,Mergermarket,Capital IQ,DS researchA

81、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.93.57

82、5.2%-13.8%59,84679,16714x5.4%33.9%42.5%43.3%4.9x4.7x4.4x14.4x11.1x10.2x75.57-17.6%-37.9%45,94562,73011x6.3%28.4%44.3%45.0%4.5x4.3x4.0 x15.9x9.6x8.9x182.271.2%11.1%13,28813,406NM8.8%27.0%28.2%32.6%7.6x6.9x6.4x28.2x24.5x19.8x68.72-19.6%-49.6%4,9305,66817x8.1%27.8%45.9%47.0%5.9x5.5x5.0 x21.0 x12.0 x10.

83、7x34.1110.3%-52.0%3,7813,745NM40.4%NMNMNM18.3x13.7x9.3xNMNMNM20.90-19.3%-32.0%2,3843,42111x4.1%20.5%28.3%29.3%2.5x2.4x2.3x12.2x8.5x7.9x32.20-16.5%-59.8%1,8452,182104x17.2%NM7.4%9.3%4.4x3.8x3.2xNM51.2x34.3x15.058.4%-39.0%1,3701,241NM29.8%NMNMNM8.2x6.1x4.8xNMNMNM16.28-2.5%-27.2%1,3151,64646x9.1%33.2%3

84、9.3%39.9%6.1x5.7x5.2x18.5x14.4x12.9x8.04-21.4%-77.7%1,01599712xNM70.2%64.7%65.7%4.6x5.2x4.8x6.6x8.1x7.3x1.82-0.4%-26.1%53753225xNM30.4%32.5%32.8%4.7x5.3x5.1x15.5x16.4x15.7x2.21-6.4%-83.6%519339NM1.1%NMNMNM1.4x1.4x1.4xNMNMNM9.16-0.9%-50.5%40746810 x18.2%26.6%34.0%30.0%3.9x3.2x2.8x14.7x9.5x9.3xMEAN-6.

85、1%-41.4%23x13.6%33.1%36.7%37.5%5.9x5.2x4.5x16.3x16.5x13.7xMEDIAN-2.5%-39.0%12x8.8%28.4%36.6%36.4%4.7x5.2x4.8x15.5x11.5x10.4x5121a-23eEV/EBITDA2021a2023e2022eEBITDA Margin(%)2021a2023e2022eEV/Revenue2021a2023e2022ePerformance12-Months3-MonthsSources:Pitchbook,Mergermarket,Capital IQ,DS researchAll in

86、formation 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.4.4017.6%N

87、A20,576NMNM205.5%4.88-7.4%-69.3%4,501NMNM103.3%11.40-12.6%-36.6%2,846NM19xNM3.2655.2%NA1,308NM101x167.0%0.89-32.4%-86.8%217507NM92.2%MEAN4.1%-64.2%60 xMEDIAN-7.4%-69.3%60 x5221a-23ePerformance12-Months3-Months2.07-2.1%-28.0%1,1111,17814x4.2%25.6%29.0%30.5%2.7x2.8x2.5x10.7x9.6x8.3x8.8711.9%NA654542NM

88、27.5%NM8.9%9.4%1.4x1.0 x0.9xNM11.6x9.4x10.504.4%-40.2%562475NM1.2%4.8%1.4%5.3%0.8x0.8x0.8x17.2x57.1x15.2x23.86-45.5%-82.9%305943NMNM4.3%8.1%10.4%0.9x0.9x0.9x19.8x11.5x8.5xMEAN-7.9%-50.4%NM10.9%11.6%11.9%13.9%1.5x1.4x1.3x15.9x22.5x10.4xMEDIAN1.1%-40.2%NM4.2%4.8%8.5%9.9%1.1x1.0 x0.9x17.2x11.6x9.0 x21a

89、-23eEV/EBITDA2021a2023e2022eEBITDA Margin(%)2021a2023e2022eEV/Revenue2021a2023e2022ePerformance12-Months3-MonthsSources:Pitchbook,Mergermarket,Capital IQ,DS researchAll information has been obtained from sources believed to be reliable,but its accuracy is not guaranteed.There is no representation or

90、 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.5354-30%-25%-20%-15%-10%-5%0%5%10%15%20%Sep-2021Nov-2021Jan-2022Mar-2022May-2022Jul-2022Sep-2022Business DataCapital Markets DataConsumer&C

91、redit DataIR&ComplianceNASDAQS&P 500-21.6%-24.0%-26.8%-24.1%-16.8%CONSUMER&CREDIT DATABUSINESS DATACAPITAL MARKETS DATAIR&COMPLIANCE-16.3%Sources:Pitchbook,Mergermarket,Capital IQ,DS research550 x2x4x6x8x10 x12x14x16xSep-2021Nov-2021Jan-2022Mar-2022May-2022Jul-2022Sep-2022Business DataCapital Market

92、s DataConsumer&Credit DataIR&ComplianceNASDAQS&P 5006.2x3.5x5.6x10.4xCONSUMER&CREDIT DATABUSINESS DATACAPITAL MARKETS DATAIR&COMPLIANCE3.1x2.4xSources:Pitchbook,Mergermarket,Capital IQ,DS research56Sources:Pitchbook,Mergermarket,Capital IQ,DS research57Sources:Pitchbook,Mergermarket,Capital IQ,DS re

93、search305.35-9.4%-28.1%101,834113,17927x25.1%56.8%46.9%49.9%13.6x9.4x8.7x24.0 x20.1x17.5x243.11-10.6%-31.5%44,62251,42926x0.5%50.1%44.2%46.4%8.3x9.0 x8.2x16.5x20.3x17.6x421.792.3%-30.7%33,95537,78238x10.6%57.4%58.1%58.4%18.5x16.7x15.1x32.2x28.8x25.9x400.114.0%1.4%15,19616,880NM15.0%33.8%34.0%35.8%10

94、.6x9.2x8.0 x31.3x26.9x22.4x212.32-12.2%-18.0%9,0209,93639x12.8%22.1%21.8%22.5%5.8x5.2x4.6x26.5x24.0 x20.4x43.90-33.5%28.1%416364NMNM21.7%29.8%NM9.0 x9.0 xNM41.6x30.2xNM2.28-36.7%-72.4%77-38810 xNMNM18.3%18.7%NMNMNM0.4xNMNMMEAN-13.7%-13.7%20 x12.8%40.3%36.1%38.6%11.0 x9.7x8.9x24.7x25.1x20.8xMEDIAN-10

95、.6%-10.6%26x12.8%42.0%34.0%41.1%9.8x9.1x8.2x26.5x25.5x20.4x103.28-0.9%-6.8%49,93753,15742x5.4%25.1%34.8%39.4%8.4x8.0 x7.5x33.4x22.8x19.1x24.54-9.3%-15.4%46,92754,48722x1.1%30.5%37.4%37.9%5.6x5.9x5.4x18.2x15.7x14.4x97.981.3%-7.7%24,18226,35525x0.2%29.8%32.3%32.3%4.9x5.0 x4.8x16.3x15.6x15.0 x276.6914.

96、4%-8.9%21,88424,72630 x11.7%24.3%23.3%21.6%5.2x4.6x4.2x21.5x19.7x19.3x5.79-10.0%-22.0%8,2898,60022x8.6%22.4%26.1%29.8%3.5x3.4x3.0 x15.8x13.2x10.0 x12.39-17.6%-26.3%5,3758,95811x3.9%33.6%39.2%40.3%4.1x4.0 x3.8x12.3x10.2x9.5x36.01-24.7%-26.9%68368216x8.7%11.9%12.2%13.1%1.4x1.3x1.2x11.6x10.4x8.9xMEAN-6

97、.7%-16.3%24x5.7%25.4%29.3%30.6%4.7x4.6x4.3x18.4x15.4x13.8xMEDIAN-9.3%-15.4%22x5.4%25.1%32.3%32.3%4.9x4.6x4.2x16.3x15.6x14.4x5821a-23eEV/EBITDA2021a2023e2022eEBITDA Margin(%)2021a2023e2022eEV/Revenue2021a2023e2022ePerformance12-Months3-MonthsSources:Pitchbook,Mergermarket,Capital IQ,DS researchAll in

98、formation 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.144.321.2%

99、-13.4%16,92920,770NM10.9%20.3%21.4%22.1%4.2 x3.6 x3.4 x20.5 x17.0 x15.3 x15.95-6.0%20.9%9,63011,209NM16.3%20.6%21.5%34.0%4.9 x4.4 x3.6 x23.8 x20.4 x10.7 x18.6727.5%-27.5%1,1761,125NM23.4%NMNM0.6%5.2 x4.1 x3.4 xNMNM540.0 x36.9726.2%6.8%1,0991,3769xNM24.4%26.2%26.0%1.4 x1.5 x1.5 x5.7 x5.8 x5.8 x1.84-2

100、9.4%-42.2%9421,574NMNM10.9%11.1%22.6%1.8 x1.9 x2.0 x16.6 x17.6 x8.9 x23.53-23.2%-46.8%236266NM20.1%NM9.9%19.9%4.5 x4.1 x3.1 xNM40.9 x15.5 x3.01-5.5%NA12079NM12.2%NMNMNM1.4 x1.4 x1.1 xNMNMNMMEAN-1.3%-17.0%NM13.6%19.0%18.0%20.9%3.3x3.0 x2.6x16.7x20.3x99.4xMEDIAN-5.5%-20.5%NM13.6%20.5%21.4%22.3%4.2x3.6

101、x3.1x18.6x17.6x13.0 x69.6515.3%-19.1%28,32025,47263x13.8%29.4%28.8%30.1%13.1x11.7x10.1x44.5x40.7x33.7x29.651.4%-29.4%27,06830,453NM11.9%29.3%29.0%34.3%5.7x4.8x4.5x19.4x16.7x13.2x171.43-6.2%-32.4%20,98326,46122x5.1%33.1%34.3%35.7%5.4x5.2x4.9x16.3x15.1x13.6x59.49-25.6%-47.0%11,45217,09916x16.8%34.9%36

102、.4%37.3%5.8x4.5x4.2x16.5x12.5x11.4x412.012.8%3.5%10,40412,24924x5.7%33.3%49.3%50.3%9.3x8.9x8.3x28.0 x18.0 x16.6x64.73-1.0%-10.1%10,00012,81225x7.9%35.0%49.3%50.1%8.7x8.0 x7.5x24.8x16.3x14.9x32.62-5.8%-33.3%1,4771,72523x7.2%14.8%18.1%18.1%3.5x3.2x3.0 x23.6x17.6x16.8xMEAN-2.7%-23.9%25x9.8%30.0%35.0%36

103、.6%7.3x6.6x6.1x24.7x19.5x17.2xMEDIAN-1.0%-29.4%23x8.5%33.1%34.3%35.7%5.8x5.2x4.9x23.6x16.7x14.9x5921a-23eEV/EBITDA2021a2023e2022eEBITDA Margin(%)2021a2023e2022eEV/Revenue2021a2023e2022ePerformance12-Months3-MonthsSources:Pitchbook,Mergermarket,Capital IQ,DS researchAll information has been obtained

104、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.60-100%-80%-60%-40%-20%0%20%40%60%80%1

105、00%Sep-2021Nov-2021Jan-2022Mar-2022May-2022Jul-2022Sep-2022Blockchain&CryptoCrypto MinerNASDAQS&P 500CRYPTO MINER61-26.8%-69.6%-16.8%BLOCKCHAIN&CRYPTO-70.1%Sources:Pitchbook,Mergermarket,Capital IQ,DS research620 x10 x20 x30 x40 x50 x60 xSep-2021Nov-2021Jan-2022Mar-2022May-2022Jul-2022Sep-2022Blockc

106、hain&CryptoCrypto MinerNASDAQS&P 500BLOCKCHAIN&CRYPTO3.1x2.4x4.4x2.1xCRYPTO MINERSources:Pitchbook,Mergermarket,Capital IQ,DS research632323242828283034647InvestorSelected InvestmentsNumber of InvestmentsThe top 15 funded private companies have raised$15.3bn during their lifespanTop 15 Mo

107、st Active Financial Investors in Crypto in 20222)Top 15 Best Funded Private Blockchain&Crypto Companies(in$m)1)1,969*1,5531,5291,2281,5865765738733700627614Sources:Pitchbook,Mergermarket,Capital IQ,DS researchFTX filed for bankruptcyon November 1164Sources:Pitchbook,Mergermarket,Capital I

108、Q,DS research65Sources:Pitchbook,Mergermarket,Capital IQ,DS research54.99-10.5%-77.1%32,76333,12464x8.6%1.9%4.4%5.5%1.9x1.9x1.6x99.3x42.6x28.7x64.4937.2%-71.7%14,52012,452NMNM61.6%NM2.9%1.7x3.7x3.0 x2.7xNM100.7x10.71100.6%-66.1%1,2511,931NM110.6%NM32.3%78.1%12.8x11.0 x2.9xNM34.2x3.7x3.7927.0%-71.6%3

109、12338NM48.7%92.4%68.1%51.1%5.0 x1.6x2.3x5.4x2.4x4.4x2.288.6%-77.4%1741,497NM44.6%NMNMNM38.0 x25.6x18.2xNMNMNMMEAN32.3%-69.8%NM85.8%42.1%31.0%40.6%9.7x6.9x4.4x46.2x28.9x23.9xMEDIAN32.1%-72.2%NM61.3%51.1%32.3%50.0%4.5x2.7x2.3x8.9x34.2x4.1x75.3540.8%-34.8%2,385NM15x253.0%NMNMNMNMNMNMNMNMNM7.0167.3%-72.

110、7%1,083832NM61.3%3.4%4.4%48.9%3.9x2.7x1.5x114.7x61.0 x3.1x1.30-12.8%-87.1%4641,484NM73.7%51.1%45.6%56.8%4.5x2.1x1.5x8.9x4.6x2.6xMEAN20.4%-57.9%NM61.2%49.0%39.4%52.3%4.2x2.4x1.5x61.8x32.8x2.9xMEDIAN27.0%-72.7%NM61.2%71.7%56.9%54.0%4.2x2.4x1.5x61.8x32.8x2.9x6621a-23eEV/EBITDA2021a2023e2022eEBITDA Marg

111、in(%)2021a2023e2022eEV/Revenue2021a2023e2022ePerformance12-Months3-MonthsSources:Pitchbook,Mergermarket,Capital IQ,DS researchAll 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,re

112、liability or completeness of,nor liability for,decisions based on such information and it should not be relied on as such.6768SALE TOMAJORITY SALE TOBACKED BYCOMBINATION WITHPRIVATE PLACEMENTSTRATEGIC ADVISORYPRIVATE PLACEMENTSALE TOMAJORITY SALE TOPRIVATE PLACEMENTPRIVATE PLACEMENTBUY SIDE ADVISORY

113、PRIVATE PLACEMENTPRIVATE PLACEMENTMINORITY GROWTH INVESTMENTSALE TO69STRATEGIC ADVISORYSALE TOSALE TOSALE OFSALE OF MANAGEMENTSHARE TOALLOCATION OF PURCHASE PRICEPRIVATE PLACEMENTPRIVATE PLACEMENTACQUISITION OFPRIVATE PLACEMENTPRIVATE PLACEMENTMERGER WITHPRIVATE PLACEMENTPRIVATE PLACEMENTRESTRUCTURI

114、NGThe Events Bsuienss ofENTERPRISE VALUATIONIN DEPTH SECTOR REPORTS,NEWSLETTERS,AND MARKET UPDATESINTERVIEWS WITH INDUSTRY LEADING MEDIA DRAKE TALKS AND EVENTS WITH SECTOR LEADERSAI DRAKE TALKSPOCKET GAMERCESINSURTECH SYMPOSIUMBBC INTERVIEWMCDERMOTT WILL&EMERYS CONFERENCE70Selected Interview Partner

115、s-InsurTechSelected Interview Partners-WealthTech71Rob SchimekCEO&FounderMartin YoungCEO&Co-FounderClare KnightCo-Founder&CEOChristian FriedrichCEO&FounderChris BartzCEO&Co-FounderUtena TrevesCEOChristian MachtCEOJames BlackhamCEOGil ShapiraCIOChristian Schneider-SickertCEO&FounderRalf HeimCo-CEO&Fo

116、underRolf-HenningHackelCEO&FounderMichael MetzgerPartner(Los Angeles)Sam LevyPartner(New York)Extended FinTech TeamMathilde DeschampsAnalyst(London)Anton DonauerAssociate(Munich)Mohit PareekPrincipal(Los Angeles)Ccilie Deveaux LepuissantAnalyst(Paris)Christophe MorvanManaging Partner(Paris)Julian Os

117、tertagManaging Partner&Member of the Global Executive Committee(Munich)Pablo LundershausenAssociate(Munich)Mathieu GratzmllerAnalyst(Munich)Tobias BerberichAnalyst(Munich)Stefan KrauseSenior Advisor(Germany)Nicolas HussSenior Advisor(France)David BatchelorSenior Advisor(USA)Thomas HuerlimannSenior A

118、dvisor(Switzerland)72Ron RiveraPartner(New York)73DAVID BATCHELOR Senior AdvisorInsurTechDavid was CEO in Asia Pacific,EMEA,President International and Vice Chairman at Marsh McLennan and is on the board of several renowned insurance and insurtech companies.NICOLAS HUSSFinTechNicolas was CEO of Inge

119、nico,Visa Europe and AvantCard,a portfolio company of Appollo.He is now CEO of HotelBeds and on the board of several FinTech companies.STEFAN KRAUSEBanking&FinTechStefan was Chairman of Deutsche PostBank Group,member of the Board at Deutsche Bank and senior advisors at Warburg Pincus.Now,he is on th

120、e board of several tech companies.THOMAS HUERLIMANN Senior AdvisorFinTechThomas was CEO Global Corporate at Zurich.Thomas is in the advisory board of several renowned insurance and InsurTech companies.74Situation&Objectives FinTecSystems is a leading German open banking platform specializing in acco

121、unt 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 information in a way that enables companies to make better,data-driven and automated decisions With the in

122、itial 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 shareholders and the Company Together with management,Drake Star created and optimized comprehensive trans

123、action documents and advised on efficiently setting up a virtual data room to facilitate the due diligence efforts in the most efficient way possible DrakeStar orchestrated and coordinated the whole due diligence process between the sell-side and the buy-side DrakeStar successfully negotiated a very

124、 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 partners on a global scaleSuccess Factors Successfully achieved the best result for the Company and its shareholders

125、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 across Europe The combination of Tink and FinTecSystems will offer both local and international customers in the region

126、 the most complete solution when partnering for open banking technology.The existing shareholders achieved a landmark exit at very attractive revenue multiple75Situation&Objectives Elinvar exclusively focuses on B2B2C,enabling its partners to digitalize their business models.The Platform as a Servic

127、e(PaaS)offers a multi-tenant solution 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 capitalDr

128、ake Star Value Add Drake Star acted 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 DrakeStar created comprehensive transaction document

129、s,equity story and a sound financial model.Also,orchestrated and coordinated the whole due diligence process between the sell-side and the buy-sideSuccess Factors Successfully achieved the best result for the Company and its shareholders Highly competitive structured and flexible multi-stage auction

130、 process with leading 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 e

131、xpand the companys customer base and offering76“We benefitted strongly from Drake Stars excellent sector knowledge,global network,and strong execution skills,which enabled us to find the perfect partner for the future and at the same time achieve an outstanding result for our shareholders.”“The Drak

132、eStar team provided invaluable support on this project through their understanding of the technology subtleties,the management of the process,and the conduct of negotiations.They maintained close ties with the team and accompanied us with effectiveness”“DrakeStar has a highly unique international re

133、ach across the FinTech industry worldwide.The team was able to help us with their deep understanding of the market and close connections with key international investors to drive a competitive process and help us on our way to achieve important strategic milestones.”“With their great understanding o

134、f the global InsurTech environment and their outstanding international reach and network,DrakeStar was the perfect advisor for Finanzchef24 to find a strong and international partner.”“It was a great pleasure to work with Julian Ostertag and the Drake Star team.Their commitment,sector expertise,and

135、advice made us feel very comfortable in the transaction process.We want to thank the team for their support.”“DrakeStar proven experience in the FinTech sector was essential in driving an efficient process and identifying InvestCloud as the right strategic partner.”77Drake Star is an award-winning g

136、lobal tech investment bank that has completed over 400 transactions since 2003.Drake Star team of over 100 senior professionals across offices in New York,London,Paris,Munich,San Francisco,LosAngeles,Berlin,Miami,Dubai*,and Singapore*focuses on mergers&acquisitions and corporate finance servicesworl

137、dwide in Consumer&Retail Technology,Digital Media,FinTech,Mobility&Sustainability,Software/SaaS,DigitalServices,and Industrial Tech sectors.All securities in the USA are transacted through Drake Star Securities LLC.In the USA,Drake Star Securities LLC isregulated by FINRA and is a member of SIPC Dra

138、ke Star UK Limited is an appointed representative of Kession Capitalwhich is authorized and regulated by the Financial Conduct Authority.Copyright 2022 DrakeStar LimitedThis report is published solely for informational purposes and is not to be construed as an offer to sell or the solicitationof an

139、offer to buy any security.The information herein is based on sources we believe to be reliable but is not guaranteedby us,and we assume no liability for its use.Any opinions expressed herein are statements of our judgment on this dateand are subject to change without notice.All product and company n

140、ames are trademarks or registered trademarks of their respective holders.Use of themdoes not imply any affiliation with or endorsement by them.Past performance does not guarantee future results.All investing involves risks,including the loss of principal.25 Boulevard MT.+33 1 58 18 39 00Ludwigpalais

141、,LT.+49 89 1490 265 2550 California Street,Suite T.+1 415 400 66981100 Glendon Avenue,Suite T.+1 310 696 4001Friedrichstrasse T.+49 30 30366 2856Emirates Financial TT.+971 4325 46624 Shenton WT.+65 6511 0688Drake Star DrakeStar_*Partner Offices16 Berkeley Street,MT.+44 20 7112 7777950 Third Avenue,20th FT.+33 1 58 18 39 00