全球金融科技报告28年第一季度

1、Global FintechReport Q1 2018W H O W E A R EThe technology marketintelligence platform.CB Insights software lets you predict, discuss,and communicate emerging technology trendsusing data in ways that are beyond humancognition. We are a leader in the Expert Automation& Augmentation Software (EAAS) spa

2、ce.2T R U S T E D B Y T H E W O R L D S L E A D I N G C O M P A N I E S“We use CB Insights to find emerging trendsand interesting companies that might signal a shift intechnology or require us to reallocate resources.”Beti Cung, Corporate Strategy, Microsoft3The CBI Community Membership Has Benefits

3、I N D U S T R Y - S C A L E S U M M I T SP E E R - T O - P E E RN E T W O R KC L I E N T - O N L Y E V E N T SDEMO DAY4WHAT THIS REPORT COVERSPayments processing, card developers,& subscription billing software toolsCompanies selling insurance digitally or providingdata analytics and software for (r

4、e)insurersTools to manage bills and trackpersonal and/or credit accountsSales & trading, analysis, and infrastructuretools for financial institutionsPAYMENTS/ INSURANCEBILLINGCAPITALPERSONALFINANCEMARKETSAudit, risk, and regulatorycompliance softwareInvestment and wealth managementplatforms and anal

5、ytics toolsWEALTHREGTECHMANAGEMENTMONEYCompanies leveraging blockchaintechnologies for financial servicesInternational money transferand tracking softwareBLOCKCHAIN/CRYPTOTRANSFER/REMITTANCESMORTGAGE/LENDINGREAL ESTATEMortgage lending, digitization,and financing platformsMarketplace lending & altern

6、ativeunderwriting platformsGLOBAL FINTECHREPORT Q1 20185Contents8 Q12018 Financing Trends5 3 Incumbent Fintech Investing UpdateAnnual Deals & DollarsRegional Trends6 2 Appendix:Fintech UnicornsMajor markets financing trends2 0 Top Deals and Top InvestorsQ1 2018 Top VC-Backed Fintech DealsMost Active

7、 Fintech Investors Q117-Q1182 5 Q12018 Sector Trends6Summary of findingsVC-backed fintech companies raised $5.4B across 323 deals globallyin Q12018: Global fintech deal activity hit a new quarterly record. TheUS saw the largest boost in deals, while Europe saw fintech deal activitydip to a 5-quarter

8、 low.Asia fintech funding saw the largest quarterly spike in Q12018 on theback of 4 $100M+ investments: Funding to Asia-based fintechcompanies surged on the back of 4 mega-round deals of $100M+ orgreater.Q118 fintech funding in South America already surpassed 2017sannual total: In the first 3 months

9、 of 2018, VC-backed fintechcompanies in South America raised $271M, already surpassing 2017sannual funding total. Funding saw a boost from a $150M mega-rounddeal to Brazilian mobile banking unicorn Nubank.Europe fintech deals dipped to 5-quarter low in Q118: VC-backedfintech companies in Europe saw

10、the largest pull back in early-stageinvestments. Despite the dip in deals, funding hit a 5-quarter high drivenby $100M+ investments to later-stage digital banking startups N26 andAtom Bank.Fintech funding in Q118 saw a boost from 12 $100M+ investments, aquarterly record for mega-rounds: The 10 large

11、st fintech deals to VC-backed companies in Q12018 were all $100M or greater as investorscontinued to make more concentrated bets in the sector. $100M+investments spanned four continents and included N26, eToro, OscarHealth, and C2FO.Banks continue to make fintech investments, but slow down pace:Over

12、 the last five quarters, top US banks including Goldman Sachs,Citigroup, and JPMorgan slowed down their fintech investments relativeto 2016s highs. European banks were more active as Santander madethree new portfolio investments in Q118.Note: Report focuses on all equity rounds to VC-backed fintech

13、companies. This reportdoes 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.7G L O B A L F I N T E C H V C - B A C K E D E Q U I T Y F U N D I N G I N Q 1 2 0 1 8 :$5.4 BILLIONA C R O S S323 D

14、EALS8Global fintech investment on pace for new highAnnual VC-backed global fintech deals and financing, 2013 2018 (Q118), ($B)11651049963790588323$3.7$7.9$14.72015$13.82016$16.5201720132014Q120189Q118 sees new quarterly record for global VC-backed fintech deals as funding rebounds3233042942992862762

15、7026325125024222722421520818317517016213412210North America sees biggest fintech deals jumpGlobal VC-backed fintech deal share by continent, Q117 Q118, ($M)157NorthAmerica137+38% Quarterly12111792114876686638566Asia7877Europe511913South1264AmericaQ117Q217Q317Q417Q11811South America, Asia see biggest

16、 funding growthGlobal VC-backed fintech funding share by continent, Q117 Q118, ($M)$41$271+164%$519$933$103$12$497+188%$900$35$701$681$2,023$2,793$1,373-12%$849$1,289$2,080Q217Asia$2,066$2,469$2,170Q117Q317Q417Q118North AmericaEuropeSouth America12Early-stage fintech deal drops to 5-quarter lowQuart

17、erly deal share by stage to global VC-backed fintech companies, Q117 Q1189%12%13%Other15%15%22%10%Late-StageMid-StageEarly-Stage19%7%20%8%18%7%21%10%62%60%60%59%55%Q117Q217Q317Q417Q11813E A R L Y - S T A G E F I N T E C H A C T I V I T Y S T R O N G I N U S & A S I A I N Q 1 1 8US early-stage fintec

18、h deals hit a 5-quarter highAnnual Seed and Series A deals to VC-backed fintech startups, Q117 Q11887NorthAmerica+38% YOY67636856666065Asia4943+68% YOY47334336Europe-51% YOY28South10America8744+75% YOYQ117Q217Q317Q417Q11814I N V E S T O R S C O N T I N U E T O M A K E M O R E C O N C E N T R A T E D

19、 B E T S I N F I N T E C HQ118: 12 fintech mega-rounds total $2.2BGlobal number of fintech mega-rounds ($100M+), 2013 Q1182017119885444433211120132014201520162017Q12018North AmericaAsiaEuropeSouth America15G L O B A L L Y T H E R E A R E26 FINTECH UNICORNSV A L U E D , I N A G G R E G A T E , A T$77

20、.6 BILLION1626 fintech unicorns valued at $77.6BGlobal VC-backed fintech companies with a private market valuation of $1B+NORTH AMERICAEUROPEUNITED STATESUNITED KINGDOMSWEDENNETHERLANDS$1.1B Valuation$1.6B Valuation$1B$2.5B$2.3B$1.3BASIA$1.79B$1.56BCHINA$1B$1.46B$1.24B$1.2B$3.2B$1B$9.2B$1B Valuation

21、$4.5B$2B (as of Q215)$3.6B$1B$1B$18.5BINDIA$7B$4BSOUTH AMERICA$1.9BBRAZIL17$1B - $2BQ12018 sees 2 fintech unicorn birthsGlobal VC-backed fintech companies with a private market valuation of $1B+NORTH AMERICAUNITED STATES$1.1B ValuationSOUTH AMERICABRAZIL$1B - $2BRumored IPOs to watch for in 2018Glob

22、al VC-backed fintech companies with a private market valuation of $1B+NORTH AMERICAEUROPEUNITED STATESUNITED KINGDOMNETHERLANDS$1B$2.3BFintech Firm GreenSky Files Confidentiallyfor IPO seeking to raise $1B at a valuation ofroughly $5BMarch 11, 2018 |$3.6BG L O B A L V C - B A C K E D F I N T E C H I

23、 N Q 1 1 8Top deals &investors20Top 11 global fintech deals in Q118The top 11 deals to VC-backed fintech companies were all mega-roundsDeal Date /AmountTotal DisclosedCompanyFunding (M) Select InvestorsDescriptionJan18 / $650M$650M IDG Capital and SBI GroupA spin-out from Ping An and provides a plat

24、formfor financial account management for SMBs.Mar18 / $206.9M$514M BBVA, Toscafund($1.25B Valuation)Mobile-only bank or challenger bank for retailbanking services that allows customers to openaccounts remotely, using just a mobile applicationMar18 / $165M$892.5M Founders Fund, General($3.2B Valuatio

25、n) Catalyst, Khosla Ventures,Thrive Capital, 8VC, capitalGTech-enabled health insurance carrierMar18 / $160MMar18 / $160M$266.6M Forebright CapitalManagement, Lingfeng CapitalAlternative credit risk monitoring and assessmentplatform for individuals$212M Allianz X, Tencent Holdings($500-$750M Valuati

26、on)German-based challenger bank for retail bankingservices that allows customers to open accountsremotely using just a mobile application21Top 11 global fintech deals in Q12018 (continued)2 of the top 11 deals to VC-backed fintech companies created new unicornsDeal Date /AmountTotal DisclosedCompany

27、Funding (M) Select InvestorsDescriptionMar18 / $153M$183M Accel Partners, capitalG, Credo Ventures,($1.1B Valuation) Earlybird Venture Capital, Kleiner PerkinsCaufield & ByersRobotic process automation (RPA) softwaresolutions for back office automationMar18 / $150M$605M Ribbit Capital, Thrive Capita

28、l, DST Global,($1-$2B Valuation) Founders Fund, QED, Redpoint VenturesBrazil-based challenger bank for retail bankingservices that allows customers to open accountsremotely using just a mobile application.Feb18 / $145.97M$146M Lightspeed China Partners, FullshareGroup, Gobi Partners, MorningsideVent

29、ure CapitalChina-based alternative lending platformMar18 / $110MMar18 / $100M$229M Founders Fund, Google Ventures, NewEnterprise Associates, Sun Life FinancialInsurance platform for SMBs that administersmedical, pharmacy, dental, and vision claims on asingle platform on behalf of its customers.$172M

30、 China Minsheng Investment,($800M Valuation) SBI Group, Korea Investment PartnersDigital brokerage for retail investors to accessequity and crypto marketFeb18 / $100M$199M Mithril Capital Management, Mubadala($495M Valuation) Investment Co, Union Square VenturesDigital marketplace for buyers and sel

31、lers ofworking capital financing22The most active fintech VCs from Q117 Q118By unique fintech company investments (new or follow-on)Rank InvestorSelect Q117 Q118 Fintech Investments1234523The most active fintech VCs from Q117 Q118By unique fintech company investments (new or follow-on)Rank InvestorS

32、elect Q117 Q118 Fintech Investments577924GLOBAL VC-BACKEDFINTECH Q12018PERSONALFINANCEREGTECHWEALTH TECHCAPITALMARKETSALTERNATIVELENDINGINSURTECHBLOCKCHAINMACROS SECTORTRENDSGLOBAL VC-BACKEDFINTECH Q12018INSURTECHMACROS SECTORTRENDSInsurance tech deals and funding rebound in Q118Global VC-backed ins

33、urance tech financing trends, Q117 Q118, ($M)4040343018$143$601$239$463$645Q117Q217Q317Q417Q11827Carriers cap off big funding quarter forinsurance techMar18 / $165M Series DMar18 / $51M Series C$3.2B Valuationelect Investors:edpoint Ventures, Ribbit Capital, Scale Ventureartners, Drive CapitalSelect

34、 Investors:Founders Fund, General Catalyst, KhosVentures, Thrive Capital, 8VC, capitalescription:Root Insurances mobile app tests drivinghabits for 2-3 weeks including mileage, hardbraking, dangerous routes, driving regularity,and time of day before insuring “good drivers.” Expanded to 11 states in

35、Q118 (now in 16 states) 100K+ installs in Google Play storeQ118 announcements: Multi-year quota-share reinsuranceagreement with AXA Estimated 15% share of individualCleveland Clinic-Oscar plan Forecasted to grow to 260K members in 201828Cyber insurance becomes new area of early-stage investmentsSele

36、ct Q118 investments: $10M Series A from VY Capital $4M seed round from investors Investors include ForgePointand Ribbit Capitalincluding LightbankCapital and Symantec Ventures Cyber insurance managinggeneral agent for Swiss Re andArgo Group Cyber insurance broker providingup to $1M in cyber liabilit

37、ycoverage Cyber risk analytics platformspun out of Symantec Data license from Symantec to Offers online portal for retailbrokers as well as freecybersecurity tools Free phishing and companyaugment Cybercube risk models.cyber risk assessment29GLOBAL VC-BACKEDFINTECH Q12018ALTERNATIVELENDINGMACROS SEC

38、TORTRENDSInvestment to alternative lending startups is onpace for a new low in 2018Global alternative lending VC-backed financing trends, 2013 2018 (Q118), ($B)$0.6$2.3$5.6$4.3$4.0$0.920132014201520162017Q1201831Despite public market struggles for alternativelenders, new rivals are finding tractionL

39、aunched by former Lending Club CEO Renaud Leplanche in2017, Upgrade provides online personal loans up to $50K. InApril, Upgrade announced that its originating $100M in personalloans a month and expects to do over $2B in originations in2018. Upgrade raised a $60M in Series A funding from investorsinc

40、luding Union Square Ventures, VY Capital, CreditEase, andRibbit Capital in March 2017, and is reportedly valued at $180M.32In Asia, alternativelending deals continueshift away from ChinaVC-backed alternative lending deal activityChina vs. rest of Asia, 2014 2018 (Q118)India saw a spate of alternativ

41、elending deals in Q118, includingto small business lending firmLendingkart ($87M), microlenderAvail Finance ($17M), salaryadvance startup EarlySalary($15.7M), and asset-backedonline lender Rupeek ($7M).32%36%43%46%78%68%64%57%54%22%20142015201620172018Rest of AsiaChinaGLOBAL VC-BACKEDFINTECH Q12018W

42、EALTH TECHMACROS SECTORTRENDSWealth tech deals and funding hit 5-quarter highGlobal wealth tech VC-backed fintech financing trends, Q117 Q118, ($M)2824242118$197$540$277$172$546Q117Q217Q317Q417Q11835Q118 wealth tech investment saw a boost fromestablished players pursuing contrasting modelsFocus: B2C

43、 technology-backed wealthmanagement services. $10B AUM.Focus: B2C & B2B micro-investing andautomatic savingsQ118 Funding: $75M Series GQ118 Funding: $38 Series DSelect Investors: Tiger GlobalSelect Investors: Union SquareVentures, Valar Ventures, GoodwaterVentures, Entre Capital, Breyer Capital,Coat

44、ue ManagementManagement, Benchmark, DAG Ventures,Greylock Partners, Index Ventures, RibbitCapital, Social Capital, Spark CapitalQ118 saw investments to robo-focused startupsacross different business models and marketsSelect Q118 investments:CANADAJAPANROBO-ADVISORMICRO-INVESTINGROBO-ADVISOR$2.5M See

45、d$51M Series B$63M Series AUNITED STATESMICRO-INVESTINGROBO-ADVISORMICRO-INVESTING$41M Series C$35M Series D$75M Series GROBO-RETIREMENT$2M Seed$11M Series ASOUTH AMERICA$21M Series BROBO-ADVISOR37$2M Series BGLOBAL VC-BACKEDFINTECH Q12018PERSONALFINANCEMACROS SECTORTRENDST H E F U T U R E O F R E T

46、 A I L B A N K I N GWill challenger banks replace physical branches?Challenger banks are attacking banks across vectorsTransparentcompetitive pricingDigital-only platformsEntering new markets& productsCentralized personalfinance39C H A L L E N G E A C C E P T E DTop Q118 deals in Europe went to digi

47、tal-firstchallenger banksMar18 / $160M Series CMar18 / $207M Series D$500M - $750M Valuation$1.25B ValuationSelect Investors:Allianz X & Tencent HoldingsSelect Investors:BBVA &Toscafund AssetManagement40N U B A N K I S E X P A N D I N G I N T O R E T A I L B A N K I N G W I T H C U R R E N T S A V I

48、 N G S A C C O U N TNubank launches NuCantadigital savings accountsMar18 / $150M Series EJanuary 18, 2018 |$2B ValuationSelect Investors:Goldman Sachs, Sequoia Capital, Tiger GlobalManagement, Ribbit Capital, Thrive Capital, DSTGlobal, Founders Fund, QED, Redpoint VenturesBrazil-based Nubank is a mo

49、bile-only challenger bank focused onthe 60M unbanked & underbankedpeople in LatAm. In 2017, Nubankreported having approximately 3Mcustomers and 850 employees.Up next, theyre launching personalsavings & hiring internationally.41GLOBAL VC-BACKEDFINTECH Q12018REGTECHMACROS SECTORTRENDSRegtech deals and

50、 funding grow as early-stagecompanies raise follow-on investments to scaleGlobal VC-backed regtech financing trends, Q117 Q118, ($M)2115131110$69$62$116$160$311Q117Q217Q317Q417Q11843Regulations are top of mind on earnings callsahead of implementation deadlinesMentions of financial services regulatio

51、n terms in earnings call from Q112 - Q417MIFIDGDPRKEY REGULATORY IMPLEMENTATION DATES 3 January 2018: Markets in Financial Instruments Directive II (MiFID II) 3 January 2018: The Markets in Financial Instruments Regulation (MIFIR) 12 January 2018: Revised Payment Services Directive (PSD2) 25 May 201

52、8: General Data Protection Regulation (GDPR)Dodd-FrankPSD2Open BankingSearch: CB Insights Earnings Call Data44Corporates boosted funding to mid- and late-stage regtechs to tackle regulatory complianceSelect Q118 Investments:BEHAVIORTRACKINGANTI-MONEYLAUNDERINGTAXCOMPLIANCEDATA RISKMANGEMENTLast Fund

53、ingLast FundingUndisclosed Series BLast FundingLast Funding$17.5M Series B$30M Series C$30M Series D45GLOBAL VC-BACKEDFINTECH Q12018CAPITALMARKETSMACROS SECTORTRENDSInfrastructure is a core focus for capital marketstech investorsGlobal VC-backed capital markets tech financing trends, Q117 Q118, ($M)

54、5449484442$366Q117$872$638$525Q417$1,084Q118Q217Q31747A U T O M A T I O N S T I L L A C O R E F O C U S A R E A F O R T H E I N D U S T R YE X A M P L E W O R K F L O W A U T O M A T I O NLast Funding$153M Series B / Q118Valuation $1.1BUiPath specializes in robotic processautomation, leveraging comp

55、utervision to operate the user interfacelayer of software more efficiently &accurately than human users.Select InvestorsAccel, capitalG, Credo Ventures, KleinerPerkins Caufield & ByersS E L E C T C U S T O M E R S48B A N K I N V E S T O R S M A K E B E A U T I F U L M U S I C C O - I N V E S T I N G

56、 I N C O M M U N I C A T I O N SLast Funding$67M Series D / Q218Symphonys communication platform is acloud-based messaging and collaborationplatform led by Goldman Sachs.The technology originated out of an internalmessaging system at Goldman calledLiveCurrent. As of May, Symphony counted200,000 payi

57、ng customers.S E L E C T B A N K I N V E S T O R S49GLOBAL VC-BACKEDFINTECH Q12018BLOCKCHAINMACROS SECTORTRENDSPure-play ICOs are losing funding momentumDisclosed funding of completed ICOs, January 2017 March 2018215170Total CompletedICOs150Total Disclosed136USD Raised99121113623530171215$103M $200M

58、 $648M $460M $329M $775M $858M $823M52$1.2B$1.6B$1.2B $507MJan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18Sources: CB Insights, TokenData.51Blockchain fintech deals rebound in Q118Global VC-backed blockchain fintech financing trends, Q117 Q118

59、, ($M)3023201716$111$185$151$269$163Q117Q217Q317Q417Q118Note: Blockchain investments outside of financial services-related applications are not included in this data52VCs look to invest in tokenized securities asregulators clamp downSelect Q118 investments: $10M Series A from VY Capital,Valor Equity

60、 Partners, and FifthWall Ventures $5M Series A in February 2018 Templum is building a regulatorycompliant trading platform fordigital assets offered assecurities Decentralized complianceprotocol for standardizingcrypto-securities issuance andtrading Acquired Liquid Markets Groupsbroker dealer and al