1、1 1 WHAT IS CB INSIGHTS? CB Insights is a tech market intelligence platform that analyzes millions of data points on venture capital, startups, patents, partnerships and news mentions to help you see tomorrows opportunities, today. CLICK HERE TO LEARN MORE 2 CB Insights is the day-in day-out tool we

2、 use at Prudential. We leverage CB Insights to guide our strategy and also the work that we do within the innovation lab. Joe Dunleavy Head of Innovation at Pramerica, Prudential 3 June 14 -16, 2020 Pier 27 however, both regions saw fintech set annual deal and funding records. India and China both s

3、aw funding drop off in Q419 when adjusted for One97s $1B Series G, but India regained the lead in deals: India saw 31 deals in Q419 just 1 deal ahead of China. India saw $1.87B invested ($1.66B of which went to One97) while $298M went to China. There are 67 VC-backed fintech unicorns worth a combine

4、d $244.6B: 2019 saw a record of 24 unicorn births, 8 of which occurred in Q419 (Next Insurance, Ebanx, Riskified, Rapyd, Wefox Group, Ripple, Bright Health, and Figure) and 2 in Q120 (HighRadius, Pine Labs, and Flywire) (as of 2/14/20). Note: This report focuses on equity rounds to VC-backed fintech

5、 companies. This report does not cover companies funded solely by angels, private equity firms, or any debt, secondary, or line of credit transactions. All data is sourced from CB Insights. Unicorns are $1B+ valuation in latest round. Summary of findings 2019 saw fintech reach an inflection point on

6、 a global scale, pulling in $34.5B across 1,913 deals: Annual funding dipped 15% year-over-year (YoY); however, 2018 funding was inflated by Ant Financials record $14B deal in Q218. Removing this round would make 2019 a record funding year. North America, Europe, and Asia all saw deals dip year-over

7、-year, partially driven by a 5-year low in early-stage deals: Though annual early- stage (seed early-stage deals dropped to a 5-year low Annual deal share to global VC-backed fintech companies by stage, 2015 2019 Note: Early-Stage includes seed/angel and Series A, Mid-Stage includes Series B and Ser

8、ies C, Late-Stage includes Series D, Series E+, growth equity, and private equity Series A Seed/Angel Series B Series D Series C Series E+ Other 43%44%44%37%33% 24% 22%22% 24% 26% 12% 11% 11% 13% 16% 6% 5% 5% 6% 8% 2%3%2% 2% 3% 5% 3%4% 3% 4% 9% 12% 12% 15% 11% 200182019 14 Deal volume coo

9、led in developed markets but continued to grow in emerging markets Global VC-backed fintech deals by continent, 2015 2019 Note: Charts not to scale Africa South America Australia Europe North America Asia 11 12 25 30 32 13 29 29 26 27 20 32 63 68 65 200182019 680 693 751 871 819 301 382 4

10、54 609 529 250 289 429 445441 200182019 15 Asias 2019 pullback is an anomaly as the year brought record funding levels to other continents Global VC-backed fintech funding by continent, 2015 2019($M) Africa South America Europe North America Australia Asia Note: Ant Financials $14B Series

11、 C in Q218 and $4.5B Series B in Q216 drove the funding spikes in each respective year $9,488.0 $6,557.9 $9,220.5 $13,154.4 $18,751.6 $5,415.6 $11,231 $6,035.7 $22,810.2 $7,059.4 $2,025.4 $1,386.4 $2,975.4 $3,846.5 $6,490 $24.1 $30.8 $42 $110.6 $282.5 $68.5 $160 $111.3 $358.7 $550 $65 $215.4 $204.7

12、$552.8 $1,395 200182019 16 Mega-rounds drive large quarterly increase for North America, Asia, and Africa Global VC-backed fintech funding by continent, Q418 Q419 ($M) Africa South America Europe North America Australia Asia $3,698.7 $3,988.6 $5,535.8 $4,384.6 $4,842.7 $2,638.0 $1,132 $1,

13、289.9 $1,837.7 $2,799.6 $899.7 $1,718.4 $1,931.6 $1,605.3 $1,234 $16.2 $82.2 $7 $65.5 $127.9 $72.0 $131 $10.6 $318.0 $91 $217 $47.6 $349.5 $704.0 $294 Q418Q119Q219Q319Q419 17 2019 saw 83 mega-rounds totaling $17.2B, a record year in every market except Europe Global number of fintech mega-rounds ($1

14、00M+), 2015 2019 18 8 22 26 47 12 9 10 16 14 33 7 15 1 4 1 2 1 200182019 North AmericaAsiaEuropeSouth AmericaAustraliaAfrica 1818 67 FINTECH UNICORNS $244.6 BILLION GL OB AL L Y THER E AR E V AL UED, IN AGGR EGATE, AT 19 SWEDEN EUROPE $7.6B $3.5B$5.5B $1.2B $35.3B $4B $2.9B $3.8B $2.1B (a

15、s of Q215) 67 fintech unicorns valued at $244.6B Global VC-backed fintech companies with a private market valuation of $1B+ (2/14/20) UNITED KINGDOM SOUTH AMERICA $10B BRAZIL $2.7B$3.5B $1.7B $2.7B* $2.6B $2.6B AUSTRALIA $2B $2.8B AUSTRALIA $1B UNITED STATES GERMANY $3.5B $5.8B $3.5B $1.7B $1B $2B $

16、2B$1.1B $3B $8B $1.4B $1B $1B $1B $1B $1.2B $1B $1B NORTH AMERICA $1B $1.4B$1.1B$1.6B $1.2B$3.2B $1B$4.8B $1.8B $1.9B $1.2B $1.8B $1B $1.2B $1B (Q120) $16B CHINA INDIA ASIA $1.4B $39.4B $1B $1.5B $2B SOUTH KOREA $2.2B $1B JAPAN $1.9B $1B $1B HONG KONG *Pending M allegedly its NPS is 76 or 3x industr

17、y average Q419 Funding: $250M Series C Valuation: $1B Total Funding: $381M Select Investors: Munich Re Ventures Business model: Digital insurer that underwrites the majority of its own verticalized SMB policies Traction: 1,000 business types covered; 100K customers to- date and $77M gross written pr

18、emiums Q419 Funding: $110M Series B-II Valuation: $1.65B Total Funding: $274.31M Select Investors: Salesforce Ventures, Target Global, IDInvest Partners Business model: (1) B2B2C platform that connects carriers, agents, and insurers (2) Digital household and private liability provider Traction: Repo

19、rtedly $100M in revenue and over 500K customers across both lines Q419 Funding: $635M Series D Valuation: $1B Total Funding: $1.08B Select Investors: NEA, Bessemer, Redpoint, Cross Creek Business model: Single health system-focused, tech-enabled consumer health plan (Medicare Advantage, Individual,

20、Family) Traction: 22 markets in 12 states, 13 new markets planned for 2020 26 Millennials are killing US life insurance policies Millennials have the largest coverage gaps, but Boomers are also underinsured at a critical life stage US individual life insurance policies are steadily dying Policies ou

21、tstanding in the US in millions (M) 176 156 144 138 200320052007200920017 22% 52% 64% 78% 48% 36% 0% 20% 40% 60% 80% 100% MillennialsGen XBoomers Life insurance coverage gap Life insurance coverage in place 27 Early-stage life insurance startups are trying new approaches to attract younge

22、r demographics Q419 Funding: $3.2M Unattributed Select Investors: Aphelion Capital Focus: Avibra offers a platform that is targeted towards wellbeing benefits and uses gamification to attract younger demographics. Avibra uses data science and machine learning to track and reward individual good habi

23、ts with life insurance coverage. It also integrates with social media to encourage sharing. Q419 Funding: $12M Series A Select Investors: Guardian Life, Moneta VC, State of Mind Focus: Sproutt is a marketplace for life insurance coverage. Sproutt has developed a Quality of Life Index (QL Index) that

24、 uses alternative data, like sleep patterns and nutrition, to assess customers life insurance coverage gaps and recommend policies and coverage. 28 Startups are helping insurance incumbents meet customer expectations and demand for digital solutions Focus: No-code SaaS platform for insurers and fina

25、ncial incumbents New York-headquartered Unqork is looking to create a no-code application development platform for large enterprises. The cloud-hosted platform has a drag-and-drop interface that is meant to speed up app development by unifying rules, workflows, and databases. Unqorks platform can be

26、 used to build applications that support underwriting, policy issuance, and servicing, among others. Traction: Company tripled employees from 30 to 150 in 2019; customers include John Hancock, Goldman Sachs, Prudential, and Liberty Mutual. Focus: P+C enterprise cloud software Boston-based Duck Creek

27、 Technologies offers a suite of SaaS solutions for policy, billing, claims, analytics, distribution, and reinsurance management. The company has also created a partner ecosystem to match users with “specialists” focused on delivery, solutions, or consulting as a value-added service. Traction: Duck C

28、reek reported a 32% increase in market share between FY 2018 and FY 2019. Customers include large insurance players like Liberty Mutual, Progressive, Geico, Chubb, Berkshire Hathaway, and Zurich. Q419 Funding: $120M Unattributed VC Select Investors: Insight Partners, Dragoneer Investment Group, Tama

29、sek, Neuberger Berman Q419 Funding: $80M Series B Select Investors: CapitalG, BlackRock, Goldman Sachs 29 Underinsured sectors remain open target markets Select startups going after the 40% of US SMBs that lack insurance coverage Q419 Funding: $22M Series A Select Investors: AXA Venture Partners, IA

30、C, Open Ocean Capital, Slow Ventures Roadmap: New York-based Thimble plans to use its funds to expand product offerings and grow its 40 employees by 40% to 100% over the next year to 18 months. Focus: Thimble (fka Verifly) is focused on providing flexible, short-term insurance to small businesses an

31、d freelancers. Users can purchase daily, weekly, monthly, or yearly liability coverage for close to 120 professions through an app or on the web. Traction: Thimble is licensed to sell coverage in 48 states and was on pace to sell 100K policies in 2019. The company claims to have sold over $100B in a

32、ggregate exposure. Q419 Funding: $18M Series A Select Investors: Tribe Capital, Crosslink Capital, Uncork Capital Roadmap: San Francisco-based Huckleberry plans to use its funds to increase sector coverage including personal care, auto repair, and restaurants. The company also plans to scale its eng

33、ineering, data science, and marketing efforts. There is also potential the funding will be used to match small businesses with insurance plans using AI. Focus: Huckleberry is a managing general agent that focuses on providing small business insurance, with an emphasis on workers comp and business ow

34、ner policies (bundled coverage). 30 MACRO SECTOR TRENDS Q419 WEALTH MANAGEMENT CAPITAL MARKETS REAL ESTATE GLOBAL VC-BACKED FINTECH Q42019 INSURTECH LENDING DIGITAL BANKING SMB 31 US VC-backed SMB fintech tech financing trends, Q118 Q419 ($M) Small business (SMB) fintech companies in the US raised o

35、ver $4B in 2019 $543.8$615.5$804.8$561.9$657.3$1,438.2$1,296.0$722.2 33 30 24 30 27 23 33 26 0 5 10 15 20 25 30 35 40 $- $200.00 $400.00 $600.00 $800.00 $1,000.00 $1,200.00 $1,400.00 Q118Q218Q318Q418Q119Q219Q319Q419 32 There are 140+ US fintech startups enabling SMBs across the financial services 33

36、 HighRadius is treasury and accounts receivables (AR) automation platform for SMBs. Its Integrated Receivables (IR) product unifies AR and payments across credit, billing, payment processing, cash application, deductions, and collections. HighRadius has established a B2B payment network that allows

37、suppliers to connect with buyers and aims to close the current communication gaps between supplier receivable processes and buyer payable processes. HighRadius treasury management platform gives SMBs control over cash flows by giving them visibility into cash positions, automating reconciliation, an

38、d reducing days sales outstanding (DSO), among other highly manual tasks. AUTOM ATING TR EAS UR Y M ANAGEM ENT THR OUGH AR TIFIC IAL INTEL L IGENC E Last Funding $125M Series B / Q120 / $1B valuation S EL EC T C L IENTS 34 Next-gen business accounting startups are streamlining accounts payable for S

39、MBs Q419 Funding: $25M Series B Select Investors: Bloomberg Beta, Hillsven Capital, SignalFire Focus: Stampli provides cloud-based interactive invoice management software that is intended to streamline the entire accounts payable process and centralizes the communication on a specific invoice. Stamp

40、lis solution integrates ERP systems like NetSuite, Sage Intacct, QuickBooks, and SAP. Traction: Processed over $12B in invoices annually with 1,900+ businesses and 40K users on the platform Q319 Funding: $60M Series D $4.25B in new institutional capital commitments to purchase loans Q120 Funding: $5

41、0M Series D Select Investors: SVB, Bain Capital Ventures, Citi Ventures Focus: Enabling retail investors to buy and sell leased single family rental homes through an online marketplace. Target Investors: Retail investors (50% of users under 35 years old) and expanding to accredited investors and fra

42、ctional investing Traction: Facilitated $2B in transactions; top markets include Atlanta, Memphis, Indianapolis, Jacksonville, and greater Chicago area 67 MACRO SECTOR TRENDS Q419 SMB CAPITAL MARKETS REAL ESTATE GLOBAL VC-BACKED FINTECH Q42019 INSURTECH LENDING DIGITAL BANKING WEALTH MANAGEMENT 68 W

43、ealth tech deals and funding dropped to 2-year low in Q419 as consumer startups pivoted to banking Global VC-backed wealth tech financing trends, Q118 Q419 ($M) $549.9$929.6$775.1$515.8$821.6$432.0$766.5$259.9 59 66 68 53 63 45 47 33 -10 0 10 20 30 40 50 60 70 80 $- $100.00 $200.00 $300.00 $400.00 $

44、500.00 $600.00 $700.00 $800.00 $900.00 $1,000.00 Q118Q218Q318Q418Q119Q219Q319Q419 69 Wealth tech startups are rebundling the consumer bank of the future Note: Product offerings by top financial servicers as of Q419 *announced or in beta 70 Early-stage investing startups are unlocking alternatives li

45、ke crypto as a diversification vehicle for retirement accounts Q419 Funding: $420K Total Funding: $3.6M Select Investors: Undisclosed investors Focus: Rocket Dollar enables consumers to diversify retirement savings in non-traditional assets like peer-to-peer lending in startups & small businesses, c

46、rypto, and real estate via a marketplace of investment partners. Rocket Dollar offers traditional, Roth, self-employed (SEP), inherited IRAs, and 401(k)s, as well as a gold subscription service with features such as a debit card. Q120 Funding: $3.5M Series A Total Funding: $13.3M Select Investors: M

47、oment Ventures, Foundation Capital, Jefferson River Capital Focus: Alto IRA offers self-directed IRAs with access to alternatives like private companies, real estate, and crypto. Crypto is unique as its investors fall under two extremes, enthusiasts who tend to hold, making it a prime “asset” for lo

48、nger-term retirement accounts and skeptics who question if its viable in a long-term scenario like retirement. In either scenario, investors can self-direct their allocations and risk appetite on Alto. Select investment partners 71 Startups are also lowering the barriers for investors to manage the

49、uncertain tax implications of crypto Q419 Funding: $3.4M seed Select Investors: Castle Island Ventures, gumi Cryptos, Migration Capital, unblock ventures, Vestigo Ventures Focus: ZenLedger provides tax software for cryptocurrency investors and their accountants. Using the platform, cryptocurrency investors can manage their portfolio, generate profit loss statements, file their taxes, and avoid IRS audits. Q120 Funding: $5M seed Select Investors: TTV Capital, Collaborative