PitchBook-2023年一季度零售金融科技报告

Q1

2023

2023

EMERGINGTECHRESEARCH

RetailFintech

Report

VCtrendsandemergingopportunities

REPORTPREVIEW

ThefullreportisavailablethroughthePitchBookPlatform.

Contents

Verticaloverview

Q12023timeline

Retailfintechlandscape

RetailfintechVCecosystemmarketmap

VCactivity

Emergingopportunities

Digitalfinancialpassports

Open-loopP2Ppayments

Selectcompanyhighlights

Portabl

Ping

Appendix

Q12023RetailFintechReport

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InstitutionalResearchGroup

Analysis

RudyYangAnalyst,EmergingTechnology

rudy.yang@

pbinstitutionalresearch@

Data

MatthewNacionalesDataAnalyst

Publishing

ReportdesignedbyJuliaMidkiffandSarahSchwab

PublishedonMay8,2023

CONFIDENTIAL.NOTFORREDISTRIBUTION.PG2

$X,XXX

$X,XXX

$X,XXX

$X,XXX

$XXXXX.

BNPL

$X,XXX

$XXX,XXX

1

3

4

2

Retailfintech

landscape

Alternativelending

2Credit&banking

3

1

Consumerpayments

Wealthtech

4

Q12023RetailFintechReport

VCactivity

RetailfintechVCdealactivityremainedmutedinQ1,decreasing4.4%quarter-over-quarter(QoQ)from$3.2billionto$3.0billion.Notably,VCinvestmentforretailfintechstartupshasnowreachedthelowestquarterlylevelsinceQ32018,reflectiveofloweroverallVCinvestmentandtheongoingshiftofcapitaltowardB2B.ComparedwiththeQ12022VCinvestmenttotalof$7.3billion,whichhadalreadydeclined42.6%YoYfromarecord$12.0billioninQ12021,Q12023VCdealactivitywasdownsubstantiallyby58.4%YoYto$3.0billion.WeexpectfundingforB2CfintechcompaniestoremainatsimilarlevelsintheneartermasbothVCinvestmentandfundraisingnormalizetolowerpostpandemiclevels.

Topfintechdealsthisquarterbelongedprimarilytolate-stageB2Bfintechstartups.Still,therewereafewnotableretailfintechdealsinQ1,includingUKalternativelenderAbound’s$602.0millionearly-stageround(comprisedofbothdebtandequity),consumercreditfirmKredivoHoldings’$270.0millionSeriesD,investmentplatformeToro’s$250.0millionlate-stageround,andIndia-basedlenderKreditBee’s$200.0millionSeriesD.Overall,VCdealvaluewaslargestinthealternativelendingandcredit&bankingsegmentsthisquarter,with$1.5billionand$648.4millioninvestedineachsegment,respectively.

ThemediandealsizeforretailfintechcompaniesinQ1was$3.5million,down28.5%versus2022’smedianof$4.8million.Comparatively,themedianenterprisefintechdealvalueinQ1wassteadier,declining9.0%from2022’smedianto$4.6million.Comparedwith2022averages,Q1medianretailfintechdealsizesweredownby25.0%forangelandseedcompaniesanddown38.1%forearly-stagecompaniesto$1.5millionand$3.7million,respectively.Forlate-stageandventure-growthcompanies,mediandealsizeswerenotablyupby2.5%and118.5%from2022levelsto$20.5millionand$59.0million,respectively.However,significantlyfewerventure-stagedeals—andthusasmallersamplesize—wereseeninQ1relativeto2022.Additionally,thefew

Q12023RetailFintechReport

RetailfintechVCdealactivity

1,340

1,039

893891

687

167

$3.0

$12.4$30.8$25.1$21.3$45.4$23.0

758

2017

2018

20192020

Dealvalue($B)

2021

2022

2023*

Dealcount

Source:PitchBook•Geography:Global•*AsofMarch31,2023

RetailfintechVCdealactivitybyquarter

400

300

200

100

0

$20

$15

$10

$5

$0

Q1

Q4

Q1

Q2Q32018

Q2Q32017

Q4

Q1

Q2Q32022

Q4Q12023*

Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3

201920202021

Dealvalue($B)Dealcount

Source:PitchBook•Geography:Global•*AsofMarch31,2023

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VCACTIVITY

Keyretailfintechlate-stageVCandventure-growthdeals*

Post-moneyvaluation($M)

Leadinvestor(s)

CompanyClosedate(2023)SegmentSubsegmentDealvalue($M)

KredivoHoldingsMarch23Credit&bankingCredit&BNPL$270.0N/AMizuhoBank

eToroMarch23WealthtechBrokerage$250.0$3,500.0N/A

KreditBeeJanuary6AlternativelendingMicrolending$200.0$700.0

AdventInternational,MUFGBank,PremjiInvest(Bangalore)

PrizeoutMarch13ConsumerpaymentsLoyalty&rewards$160.0$760.0N/A

MoonfareFebruary8WealthtechAlternativeinvestments$151.7N/AInsightPartners

ZopaFebruary2AlternativelendingRetail&marketplacelending$91.9$1,017.3SoftBankInvestmentAdvisers

Gojo&CompanyFebruary22AlternativelendingMicrolending$80.0N/AN/A

SaltLendingFebruary7AlternativelendingRetail&marketplacelending$64.4$164.4N/A

TabbyJanuary18Credit&bankingCredit&BNPL$58.0$660.0

ArborVentures,EndeavorCatalyst,MubadalaInvestmentCompany,STV,SequoiaCapitalIndia

Monument

January26Credit&bankingDigitalbanking$52.0$174.9N/A

Source:PitchBook•Geography:Global•*AsofMarch31,2023

Q12023RetailFintechReport

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Open-loopP2Ppayments

Peer-to-peer(P2P)paymentplatformshavegraduallygainedpopularityamongUSconsumersoverthepastdecade.Widespreadadoptionremainstobeseen,however,despiteaccelerationofdigitalwalletusagetranspiringfromtheCOVID-19pandemic.Currently,only40%ofAmericansuseaP2Ppaymentserviceonamonthlybasis.7Inaddition,theleadingP2PpaymentprovidersseeonlyafractionofAmericansusingtheirservices—just20%usePayPal,19%useVenmo(ownedbyPayPal),16%useCashApp,and16%useZelle.8WebelievethiscanpartlybeattributedtothefactthatmanyP2Pprovidersoperateinaclosed-loopsystem,meaningusersmaycurrentlyonlyinitiatepaymenttransfersbyoperatingonthesameplatform.Incontrast,anopen-loopsystem,whichincludesinteroperabilityacrossmultipleapplications,couldunlockgreaterconvenienceforconsumersandfacilitatesuperioradoptionofP2Ppaymentapplications.Thoughcompetitivedynamicshavenaturallysuppressedopen-loopP2Ppaymentsystems,weseeagrowingmovementtowardopen-loopP2Ppayments.

Visa’spilotlaunchofitsopen-looppaymentsinfrastructure,Visa+,hasfurtheredthemovementtowardaninteroperableP2Ppaymentsenvironment.PlatformsintegratedwithVisa+willbeabletoconnectwitheachotherandprovideseamlesstransferstootherP2Papps—aservicewhichhasnotpreviouslybeenmadeavailablebyothernetworkproviders.CurrentparticipatingplatformsincludePayPal,Venmo,WesternUnion,DailyPay,TabaPay,andI2c.Weexpectfurtherpaymentsinteroperabilitytobeunlockedwithintheneobank,gigeconomy,creator,andearnedwageaccessspaceswiththeadditionofnewpartners.

Currently,Visa+issettolaunchinlate2023asaUS-onlyservice.Still,Visa+canprovideameaningfulsteptowardinteroperablecross-borderP2PpaymentsifremittanceprovidersjointheVisa+network.Forexample,addingstartupssuchasLemonadeFinance,Kappa,andChipperCashtoanopen-loopnetworkwouldenableconsumerstoreceivemoneyfromP2PpaymentappssuchasVenmoandsuccessivelyinitiateaninternationalmoneytransfer.OtheropportunitiesforgreaterconsumeradoptioncouldexistforP2PpaymentproviderssuchasPing,whichallowsuserstotransfermoneyandconverttocryptocurrencies,orEchoPay,adigitalpaymentsplatformthatoffersearlydirectdeposits.

AnadditionalfactorthatcouldspurUSP2Ppaymentinteroperabilityistherolloutofreal-timepayments(RTP)providerFedNow.SettolaunchinJuly2023,FedNowwillallowbankstoofferRTPservices,enablingconsumerstoinstantlytransferfundsbetweenbankaccounts.ShouldthemajorityofbankschoosetooffertransfersviaFedNow,weforeseeP2Ppaymentprovidersalsoaddinginteroperabilitycapabilitiesinordertoremaincompetitive.Inourview,thiscouldbearesponsetoconsumerutilizationofinstantaccount-to-accounttransfersviatheirbanks.Nonetheless,RTPwilllikelybeastrongdrivingforceforP2Pmoneytransfersiffraudcanbecontained.WebelievethisisonereasonforZelle’ssuccess;totalpaymentvolumeforZelleiscurrently$490billion,9comparedto$245billionforVenmo,10and$204billionforBlock(inclusiveofCashAppandSquarepayments).11

7:“ConsumerReportsFindsPeer-to-PeerPaymentAppsOfferEaseandConveniencebutPosePotentialFinancialandPrivacyRisksforUsers,”Consumer

Reports,DeliciaHand,January24,2023.

8:“Peer-to-PeerPaymentServices,”ConsumerReports,January10,2023.

9:“NearlyHalfaTrillionDollarsSentbyConsumersandBusinesseswithZelle®in2021,”Zelle,February2,2022.

10:“FourthQuarterandFullYear2022Results,”PayPal,February9,2023.

11:“Q42022ShareholderLetter,”Block,February23,2023.

Q12023RetailFintechReport

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MedianfintechVCpre-moneyvaluation($M)bystage

$800

$600

$520.0

$466.7

$400

$200

$0

2017201820192020202120222023*

AngelandseedEarly-stageVCLate-stageVCVenturegrowth

$35.2$28.0

$9.0$9.0

$72.2

$67.6

350

300

250

FintechVCexitcountbytype

Buyout

AcquisitionPubliclisting

200

150

100

50

0

2017201820192020202120222023*

APPENDIX

MedianfintechVCdealvalue($M)bystage

$100

$80

$60

$40

$20

$0

2023*

Venturegrowth

$37.3$14.9$6.7$2.3

$37.9

$9.1$5.2$2.5

Angelandseed

Early-stageVC

Late-stageVC

2020

2022

2018

2019

2021

2017

Source:PitchBook•Geography:Global•*AsofMarch31,2023Source:PitchBook•Geography:Global•*AsofMarch31,2023

FintechVCexitvalue($B)bytype

Buyout

AcquisitionPubliclisting

$100

$0

2017201820192020202120222023*

$200

$300

Source:PitchBook•Geography:Global•*AsofMarch31,2023Source:PitchBook•Geography:Global•*AsofMarch31,2023

Q12023RetailFintechReport

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