1、Q4 2019 Sector Update Fintech Important disclosures appear at the back of this report GP Bullhound LLP is authorised and regulated by the Financial Conduct Authority GP Bullhound Inc is a member of FINRA 2 We publish this quarterly fintech market report to provide quantitative insights into public a

2、nd private market valuations across the transaction spectrum and qualitative insights into company business models, technology and customer trends Based in our London office, Claudio Alvarez heads up our fintech practice which has completed over 20 transactions involving both equity and debt We also

3、 feature some of the leading fintech companies and CEOs across sectors which we find interesting at the moment given the continued growth in challenger banks, the emergence of different open banking business models and continued investor interest as a flurry of fintech investors raise new funds Seve

4、ral of our recent fintech advisory transactions and investments are showcased below GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to category leaders Fintech perspectives EXECUTIVE SUMMARY Mambu INVESTMENT BY Bessemer Venture Partners 30

5、million Budget Insight ACQUIRED BY Crdit Mutuel Arka Undisclosed Extenda ACQUIRED BY STG Partners Undisclosed Monese INVESTMENT BY PayPal, IAG, Augmentum $60 million RavenPack INVESTMENT BY GP Bullhound $10 million 3 Key sector takeaways Recent fintech transaction trends Public market fintech analys

6、es Fintech CEO often teaming up with other technology VCs and corporate venture funds Fintech specialist investors increase dry powder DEC-19 Fund II $375M DEC-19 Fintech Fund III 985m DEC-19 Fund II $320m NOV-19 Fund I 150M 9 Section 2 Recent fintech transaction trends 10 0% 20% 40% 60% 80% 100% Q1

7、 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 AmericasEuropeAsiaOther 0 250 500 750 1,000 1,250 0 10 20 30 40 50 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Total capital invested (LHS)Volume (RHS) 0

8、50 100 150 200 250 300 350 0 20 40 60 80 100 120 140 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Value (LHS)Volume (RHS) M Current market capitalisation as of 31December 2019 GP Bullhounds selected 2019 fintech index market capitalisation 15 2019 v

9、aluations of the GPB fintech index outperformed the 3-year average Source: Capital IQ as of 31 December 2019. 1 EV/Rev multiples except for online lenders which are computed as Market Cap/Rev multiples. Note: fintech Index constituents are: Paypal, Shopify, Square, Adyen, Market Axess, Xero, Envestn

10、et, Q2, Blackline, Lending Club, Funding Circle, Ondeck Analysis of GP Bullhound fintech index valuations 4x 5x 6x 7x 8x 9x 10 x 11x 12x 13x 14x Dec-16 Apr-17 Aug-17 Dec-17 Apr-18 Aug-18 Dec-18 Apr-19 Aug-19 Dec-19 GPB Fintech Index - TEV/LTM RevenuesGPB Fintech Index - TEV/NTM Revenues Mean: 9.8x M

11、ean: 9.4x As of 31 Dec: 11.1x As of 31 Dec: 11.5x 16 HR however, they have not been independently verified and are not guaranteed as being accurate. The information contained in this research report is not intended to be a complete statement or summary of any securities, markets, reports or developm

12、ents referred to herein. No representation or warranty, either express or implied, is made or accepted by GP Bullhound LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this research repo

13、rt nor should it be relied upon as such. This research report may contain forward-looking statements, which involve risks and uncertainties. Forward-looking information is provided for illustrative purposes only and is not intended to serve as, and must not be relied upon as a guarantee, an assuranc

14、e, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions. Any and all opinions expressed are current opinions as of the date appearing on the documents included in this research report. Any and all opinions expressed are subject to change without notice and GP Bullhound LLP is under no obligation to update the information contained in this research report. Disclaimer LONDONSAN FRANCISCOSTOCKHOLMBERLIN PARISMANCHESTERHONG KONGMADRIDNEW YORK