G正式版 Bullhound-2021年第一季度金融科技报告（英文）-2021.5-24正式版

Q12021

Fintechsectorupdate

QualitativeinsightsintobroaderFintechtrendsandpublicandprivatevaluationsacrossthetransactionspectrum,andinterviewswithtoday’sleaderstransformingthesector.

Importantdisclosuresappearattheendofthisreport

GPBullhoundLLPisauthorisedandregulatedbytheFinancialConductAuthority

GPBullhoundIncisamemberofFINRA

THEVIEW

Q1FintechperspectivesfromGPBullhound

Takeaways

Dealmakinghitsrecordhigh

Thenextfrontier:disruptionofcapitalmarkets

Bitcoinbillionaires:Marketmaniaorthenewgold?

Arecordamountof$25.5bnwasraisedinQ1,withtheaveragedealsizeof$57mversus$42minQ420201

WebelievethisactivitywillcontinuewellintoH22021,drivenbyinvestorsplacingapremiumongrowthandfintech-focusedSPACScomingintoEurope

Fintechplatformsattheserviceoffinancialinstitutionsontheirjourneytoalphacreation

DeepfinancialtechnologyatthecoreofaneweraforcapitalmarketsdrivingM&Aandfundraisingactivity

IsBitcoinnowthemainchallengertogoldwhendangerpervadesfinancialmarkets?

AsinstitutionalinvestorinterestinBitcoinpeaks,wenoteasignificantuptickinpublicandprivatemarketinvestmentamongstcryptostart-ups

Note:1)Calculatedexcludingtransactionslessthan$5m 2

ALEADINGTECHNOLOGYADVISORYANDINVESTMENTFIRM,PROVIDINGTRANSACTIONADVICEANDCAPITAL.

GPBullhound’srecentFintechactivity

ACQUIREDBY ACQUIREDBY INVESTMENTBY INVESTMENTBY ACQUIREDBY INVESTMENTBY

Investment

Banking

INVESTMENTBY ACQUIREDBY ACQUIREDBY INVESTMENTBY INVESTMENTBY INVESTMENTBY

Investment

Management

INVESTMENTBY

INVESTMENTBY

INVESTMENTBY

INVESTMENTBY

FundI

FundIII

FundIV

FundIV

3

Takeaways

GPBULLHOUND’SSECTORTAKEAWAYS

DealmakinghitsrecordhighinQ1

FintechdealsinQ1surged,drivenbySPACSandmegaprivaterounds

DealmakinginQ1continuesthetrendsinceQ32020asfintechinvestorsandacquirerstakeadvantageofthedigitalshiftcreatedbyCOVIDandstrongcompanyperformancetranslatesintopremiumvaluations.AlthoughthenumberofprivatefundingroundsinQ1didnotdramaticallyriseQoQ,wedidseeahugeriseinaveragedealsize:theaveragedealsizeinQ42020was$42mversus$57minQ120211.ThisjumpwasdrivenbymegaroundslikeRobinhood’s$3.4bnraiseandthe$1.3bnraisedbyKlarna,buttherewereothersignificantroundslikeStripe($600m),C($450m),andNUBank($400m).

Thedeal-makingactivitywasalsodrivenbytheriseofSpecialPurposeAcquisitionCompanies(SPACs),whichledfiveacquisitionsinthequarter:eToro($9.6bn),Hippo($1.2bn),Metromile($956m),Bakkt($2.1bn),andSoFi($8.7bn).WebelievethatSPACs’interestinfintechwillcontinue,especiallyinverticalsthatbenefitfrom:1)agrowingcashlesssocietyandwhatthismeansforinternationalmoneyflows;2)openbanking;3)imbeddedfinance–trading,wealthmanagement,saving,credit,andlending;and4)crypto.

WeexpectlevelsofdealmakingactivitytocontinueintoH22021

Giventherobustgrowthalotoffintechcompaniesareexperiencingandthepremiuminvestorsareplacingonthisgrowth–whichisperceivedtobesecular–weexpectdemandfordealstocontinuewellintothesecondhalfofthisyear.

WealsonotethatwhileSPACshavemainlybeenanAmericanphenomenon,webelievethatEuropeisnowstartingtocatchupgiventhesizeofprivatelyfundedtechbusinessesthatcouldbeidealtargets.WebelieveEuropeanfintechswillstarttogarnermoreattentionfromSPACs,especiallyasEuropeanSPACsstarttocometomarket.

JustthreeSPACslistedinEuropelastyear,netting$495m.Sofarthisyear,Lakestarraised€275minFebruary,468Capitalislookingtoraise€300m,andEuropeanFintechIPOCompanyBV(afintech-focusedSPAC)raised€415mwhenitfloatedinAmsterdam.

Sources:CapitalIQ,Pitchbook,MergerMarket,andpressreleases(asof31March2021);Note:1)Calculatedexcludingtransactionslessthan$5m

Selecttransactions

inQ12021

DEALDATE:MAR-21

EFIC1.AS

RAISED:€415M

DEALDATE:MAR-21

TTV:$1.3BN

POST-MONEY:$31.0BN

DEALDATE:FEB-21

LRS1:XETRA

RAISED:€275M

DEALDATE:JAN-21

TTV:$3.4N

EV/REV:N/A

4

Takeaways

GPBULLHOUND’SSECTORTAKEAWAYS

Thenextfrontier:Disruptionofcapitalmarkets

Fintechplatformsattheserviceoffinancialinstitutionsontheirjourneytoalphacreation

Untilrecently,FinTechstart-upshavebeenflourishinginthepayments,remittance,peer-to-peerlendingandequitycrowdfundingsectors,buthadnotcrackedthecapitalmarkets.

Recently,wehaveseenanincreaseinactivityincapitalmarketswithsolutionstocomplexfront-,middle-andbackofficeproblemsareemergingintheformoffintechsolutions.

Thischangeisbeingenabledbythedigitalisationoflegacysystems,ademocratisationofAI-drivendecisioningandfinally,aneedfortailoredandagilesolutionswherefinancialtechnologycomesintoplay.

Deepfinancialtechnologyatthecoreofaneweraforcapitalmarkets

Manyfinancialinstitutionshavebeenracingtogettherightsetofanalyticsanddatacapabilities.ThishaslaidthefoundationsfordisruptionincapitalmarketswithtraditionalplayersnowabletointegrateAI/MLtechnologiesintheirinvestmentprocesses.

Despitethehype,AIisnotprimarilyan“automationtechnology”buta“predictiontechnology”.Inthisindustrywhichisconcernedwiththemanagementoffinancialuncertainty,fintechcompaniesfocusedoncapitalmarketssolutionscanautomaticallymodelcomplexprobabilisticsystems.Thisisaprofoundchangeintheindustry,anditishappeningrightnow.

Thischangeisbeingreflectedinsomeofthecurrentdealactivitythatwesee.ThisquarterhasseentwomarqueeM&AtransactionsincapitalmarketsoftwaretransactionswiththeacquisitionofItivitibyBroadridgefor$2.5bnandtheacquisitionofCalypsobyThomasBravofor$3.7bn.

Fundraisinghasbeenveryactiveinthesegmentaswell,notablywith:

Chainalysisraising$100mfromParadigmCapital.Chainalysisservesfinancialinstitutionsintheirpathtoimplementingandmanagingblockchainsolutionsintheirclientsolutions.

UK-basedFinbournelaunchedLUSIDinAug-19,anopencloud-basedinvestmentdataplatform,andistacklingtheEuropeancapitalmarketlandscapetobecomeaprominentplayerintheregion.

Sources:CapitalIQ,Pitchbook,MergerMarket,andpressreleases(asof31March2021)

Selecttransactions

inQ12021

DEALDATE:MAR-21

TTV:$2.6BN

EV/REV:12.8X

DEALDATE:MAR-21

TTV:$3.8BN

EV/REV:15.0X

DEALDATE:MAR-21

TTV:$100M

POST-MONEY:$2.3BN

DEALDATE:DEC-20

TTV:$45M

TTV/REV:N/A

5

Takeaways

GPBULLHOUND’SSECTORTAKEAWAYS

Bitcoinbillionaires:Marketmaniaorthenewgold?

IsBitcoinnowthemainchallengertogoldwhendangerpervadesfinancialmarkets?

Attheendof2019,thepriceofBitcoinstoodatjustover$7k.BytheendofMarch2021thepriceincreased+8xtoc.$60k.ThisphenomenalpriceincreasemakesBitcoinoneofthebest-performingassetclassesinthepandemic.

Indevelopedmarketspolicymakersaredoingeverythingtheycantogenerategrowthandinflation,andaspartofthatmakingcashandcash-likeassetsincreasinglyunattractive.Ifinflationiscoming,youwanttoholdarealassettohedgeagainstit.

Typicallyinvestorshavefledtogold,whichisagreatstoreofwealthduetoitslimitedsupplyandtherelativeeasebywhichitcanbetransferredandexchangedintoday’sdigitalworld.Bitcoinsharessomeofthesequalitiesandwithamaturationofcryptoregulation,weanticipateinstitutionalinvestorswilllooktoincreasetheirexposure.

Wenotesignificantuptickinpublicandprivatemarketinvestmentamongstcryptostart-ups

Inthepublicmarkets,megadealsinthespaceincludeeToro,theonlineinvestmentplatformthatwentpublicviaaSPACinadealthatvaluesthecombinedbusinessat$10.4bn.Similarly,Coinbase,thedigitalcurrencyexchange,issettofollowsuitshortlywithaplanneddirectlisting.

Intheprivatemarketswenoteaflurryofactivityoflate,including:

Fireblocks,havingraised$133minMarch2021,beganlifeprovidingtheinfrastructureformoving,storingandissuingdigitalassetstocrypto-nativeinstitutionsandexchanges.Nowthecompanyisworkingwithtraditionalbanksandfintechs,whicharefacinggrowingdemandfromcustomerstoenabledigitalassetproductsandservices.

Braised$300minMarch2021,valuingthecompanyat$5.2bn,onemonthafterthefirmraised$120minfundingfromahostofmacroinvestorsincludingGoogleVentures.Foundedin2011,Bnowhasover65mcryptowallets,over3mverifiedusers,andareported28%marketshareofallbitcointransactions.

Selecttransactions

inQ12021

DEALDATE:APR-21

IPO

DEALDATE:MAR-21

EV:$10.4BN

DEALDATE:MAR-21

TTV:$133M

DEALDATE:MAR-21

TTV:$300M

Sources:CapitalIQ,Pitchbook,MergerMarket,PressReleases,andCoinbase(asof31March2021)

6

Transactiontrends

CEOcommentary

M&AANDFUNDRAISINGACTIVITYBYQUARTER

Strongfundingenvironmentinfintechcontinues

AlthoughthenumberoffundingroundswhichcompletedinQ12021remainedrelativelyconsistentversusthepreviousquarterwehaveseenamaterialupliftinthesizeofrounds.ThiswaspredominantlydrivenbylargerroundslikeKlarna($1.3BN)andRobinhood($3.4BN)

TransactionM&Adealvalueandvolume$bn,numberofdeals

140

450

120

400

100

350

300

80

250

60

200

40

150

100

20

50

0

0

2017

2017

2017

2018

2018

2018

2018

2019

2019

2019

2019

2020

2020

2020

2020

2021

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

(1)

(2)

Value(LHS)

Volume(RHS)

Fundraisingdealvalueandvolume

$bn,numberofdeals

25

20

15

10

5

0

2017

2017

2017

2018

2018

2018

2018

2019

2019

2019

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

(3)

Totalcapitalinvested(LHS)

Q42019

Q12020

Q22020

Q32020

Q42020

Q12021

Volume(RHS)

2,000

1,600

1,200

800

400

0

M&Adealvaluebyregion

100%

80%

60%

40%

20%

0%

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

Q12020

Q22020

Q32020

Q42020

Q12021

(3)

Americas

Europe

Asia

Other

Fundraisingdealvaluebyregion

100%

80%

60%

40%

20%

0%

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

Q12020

Q22020

Q32020

Q42020

Q12021

Americas

Europe

Asia

Other

Sources:Pitchbook(asof31March2021);Note:(1)SpikeinvalueinQ32019duetofourextraordinarylargetransactionswithanaggregatevalueof$82bn(Worldpay/FIS

7

($35.5bn),TotalSystemServices/GlobalPayments($24.5bn),FirstData/Fiserv($22bn),(2)SpikeinvalueinQ42020duetoanextraordinarylargetransactionof$22bn(TD

Ameritrade/CharlesSchwab&Co)(,(3)SpikeinfundraisesvalueinQ22018wascausedbyanextraordinarylargeinvestmentinAntFinancial($14bn)

Transactiontrends

NOTABLEFINTECHM&A

FintechM&AactivityreboundsinQ12021

FintechM&AsetsaQ1record,with$71bninvalueversus$25.6bninQ12020

Dealdate

Target

Buyer

Targetdescription

EV($m)

ImpliedEV/LTMRev

29-Mar-21

Tradingsoftwareintendedtoservetheglobalfinancial

2,556

12.8x

industry

22-Mar-21

Cloud-enabledfront-to-backtechnologysoftware

3,750

15.0x

servicesforthefinancialmarkets

16-Mar-21

FintechAcquisition

Socialtradingandinvestingplatform

9,600

-

CorpV(SPAC)

08-Mar-21

Cloud-basedwalletdesignedfordigitalassetprotection

-

-

08-Mar-21

Bankingsoftwareprovider

1,811

-

04-Mar-21

SPAC

Digitalhomeinsuranceservice

1,200

-

22-Feb-21

Paymentplatformdesignedtomeetclient's

605

10.6x

omnichannelretailrequirements

17-Feb-21

Creditfinancingplatform

1,650

7.3x

12-Feb-21

Onlinecomparisonportalforinstalmentloansand

242

-

privatefinancialproducts

11-Feb-21

Cloud-basedfrauddetectionandanti-money

2,750

19.6x(1)

launderingsoftware

10-Feb-21

SPAC

Digitalinsuranceplatform

956

8.6x

02-Feb-21

Digitalfinancialservicesplatformdesignedtooffer

1,000

3.5x

knowledgeaboutinvestment

29-Jan-21

Financialdataandriskanalyticstools

14,800

4.2x

11-Jan-21

SPAC

Cryptoexchangeplatformandwallet

2,100

-

07-Jan-21

SocialCapital

Digitalfinanciallendingplatform

8,650

13.9x

HoldingsV(SPAC)

Sources:Pitchbook,CapitalIQ,andMergermarket(asof31March2021);Note:1)NTM 8

Transactiontrends

SELECTFINTECHFUNDRAISINGS

Recordleveloffundraisingactivityinfintech

Thisquarterseesrecordfundingof$25.6bnwithlargelate-stageroundsincluding$3.4bnraisedbyRobinhoodand$1.3bnraisedbyKlarna.HotsectorsthisquarterincludeBlockchain,Payments,andNeobrokers.

Capital

Lead

raised

Date

Target

investor(s)

Targetdescription

($m)

31-Mar-21

Insuranceplatform

250

FintechenterpriseSaaSto

30-Mar-21

automateaccounts

300

receivables

Cryptocurrency

26-Mar-21

investigationand

100

compliancesoftware

24-Mar-21

Digitalassetsplatform

300

Paymentsoftware

18-Mar-21

connectingbanksand

50

SMEs

17-Mar-21

Softwaretoautomate

108

payrolltasks

16-Mar-21

Cryptocurrency

170

investmentplatform

14-Mar-21

Onlinepayments

600

processingplatform

Wealthmanagement

11-Mar-21

platformtomanage

350

cryptoassets

10-Mar-21

Commercialmotor

150

insurtech

08-Mar-21

Digital-onlybanking

379

platform

Capital

Lead

raised

Date

Target

investor(s)

Targetdescription

($m)

01-Mar-21

BNPLplatform

1,290

10-Feb-21

Sociallyconsciousfinancial

250

solutionsforhomeowners

01-Feb-21

Commission-freetrading

3,400

platform

28-Jan-21

Digital-onlybanking

400

platform

25-Jan-21

B2Bpaymentsplatform

110

19-Jan-21

Electronicpaymentsoftware

180

13-Jan-21

Digitallendingplatform

300

13-Jan-21

Bankingandremittance

300

services

12-Jan-21

Onlinepaymentsplatform

450

07-Jan-21

SaaScloudbanking

134

platform

05-Jan-21

Corporatespend

165

managementplatform

Sources:Pitchbook,CapitalIQ,andMergermarket(asof31March2021) 9

Publiccompanyanalyses

GPBULLHOUNDFINTECHINDEXBYMARKETCAPITALISATION

Performancebeingdrivenbypaymentsandlenders

ThevalueofGPBullhound’sfintechindexincreasedbyc.$12.6bninQ12021,comparedtoa$123bnincreaseinQ42020

($bn)

274.4

10.0

284.4

(1.6)

138.9

137.3

98.1

5.1

103.2

70.6

67.8

(2.8)

26.0

22.1

(3.9)

21.7

18.9

(2.7)

16.6

14.1

(2.5)

(1.3)

7.6

6.3

(1.2)

6.8

5.6

(0.5)

4.4

3.9

1.0

1.2

2.1

0.4

0.8

MarketCapasat31December20

ChangeinMarketCapto31March21

CurrentMarketCap

Source:CapitalIQ(asof31March2021);Note:Presentedonalogarithmicscale 10

Publiccompanyanalyses

GPBULLHOUNDFINTECHINDEXVALUATIONS

Valuationsofffrom2020year-endhighsbutstillrobust

Inflationconcernshaveimpactedsharevaluations,butstrongunderlyingperformancestillunderpinshistoricallyhighlevels

Asof31March2021,thefintechindexistradingat18.6xtrailing12-monthrevenues,whichis21%abovethe3-yearaverageAsof31March2021,thefintechindexistradingat17.6xnext12-monthrevenues,whichis25%abovethe3-yearaverage

Dec2018:Tradewar

24x

withChinaleadstoa

market-widesell-off

19x

Mean:15.4x

14x

Mean:14.1x

Februarytechsell

9x

Volatility

astech

stocks

offduetomarket

Mar2020:LTMmultiples

fearsofrising

suffer

theirworst

sell-off

interestratesthat

weredown22%1vs.3-year

sincethemarket

turmoil

averageduetotheeffects

inMarch

theFedcould

ofCOVID-19

looseagripon

4x

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

GPBFintechIndex-TEV/LTMRevenues

GPBFintechIndex-TEV/NTMRevenues

Sources:CapitalIQ(asof31March2021);Note:EV/Revmultiplesexceptforonlinelenders,whicharecomputedas

11

MarketCap/Revmultiples.FintechIndexconstituentsarePayPal,Shopify,Square,Adyen,MarketAxess,Xero,

Envestnet,Q2,Blackline,LendingClub,FundingCircle,Ondeck,andAfterpay

TakeawaysPubliccompanyanalyses

SHAREPRICEPERFORMANCE–LAST12MONTHS

Correctioningrowthtechstocksasinvestorsconsiderinflation

Thecorrectioninthebroadertechmarkethasimpactedallfintechsub-sectors,withbankingtechnologysufferingthemostoverL3M.

LTMperformance

Payments

+121.3%

Nasdaq

+72.0%

FinancialData&Analytics

+51.9%

HR&Payroll

+67.5%

BankingTechnology

+28.9%

Performance

1Month

3Months

6Months

1Year

Payments

(8.1%)

(3.2%)

21.8%

121.3%

Nasdaq

0.4%

2.8%

18.6%

72.0%

FinancialData&Analytics

0.6%

(7.5%)

7.0%

51.9%

HR&Payroll

(1.4%)

(6.3%)

17.8%

67.5%

260

(5.6%)

(11.2%)

5.0%

28.9%

BankingTechnology

210

160

110

60

Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21

Source:CapitalIQ(asof31March2021) 12

Publiccompanyanalyses

GPBULLHOUNDFINTECHINDICESINDICATIVETRADINGVALUATIONBENCHMARKS

GPBullhoundfintechindicesvaluationbenchmarks

Verticals

Selectedcompanies

2021Erevenue

2021EEBITDA

EV/2021E

EV/2021E

growth(1)

margin(1)

revenue(1)

EBITDA(1)

Payments

30.2%

36.9%

11.9x

28.4x

FinancialData&

Analytics

8.7%

37.0%

9.1x

21.3x

HR&

12.8%

28.8%

11.4x

33.1x

Payroll

Banking

12.6%

32.7%

11.4x

26.3x

Technology

Sources:CapitalIQ(asof31March2021);Note:Onlyselectedlogosshown;1)Mean 13

LEADINGCOMPANIESANDCEOSTRANSFORMINGTHESECTOR

JordanMayo,CEO

JORDANMAYO

ProfilePensionsisonamissiontomakeBritainbetteroffbymakingimpartialpensioninvestmentadviceaffordableandaccessibletoeveryone.Anyonecannowgetimpartial,whole-of-market,pensionsadviceonlineinlessthan10minswithnoupfrontfees.

Todate,ProfilePensionshashelpedover25,000customersimproveinvestmentreturnsby3.7%peryearonaverageandhasacustomerNetPromoterScoreof+77.

CEOcommentary

CEO,PROFILEPENSIONS

“Wehaveremovedallthecomplexityandbarriersthatexistforpeopletryingtogetadvice,andhavemadeitquickandeasyforconsumerstogetafreerecommendationonwheretoinvesttheirpensions.Thiscanbedoneinlessthan10minutesonline,allowingcustomerstothenseamlesslytransferoldpensionsintotheirrecommendednewpensionplan.”

Investors

14

CEOcommentary

LEADINGCOMPANIESANDCEOSTRANSFORMINGTHESECTOR

MounirLaggoune,Co-founder&CEO

MOUNIRLAGGOUNE CO-FOUNDER&CEO,FINARY

“WestartedFinarybecausewebelievethatWealthManagementhasbeenalaggardwhenitcomestotechandcustomerexperience.Anewbreedofyounginvestorsisbecomingwealthyandisn’tproperlyservedbyincumbents:theyhavenotech,sellin-houseproducts,anddon’tunderstandnewinvestmentopportunitieslikecrypto.Wearebuildingaone-stopshopforthem:wealthtrack,wealthmanagement,andaccesstonewinvestmentsallinoneplace.”

Investors

Finaryisonamissiontochangewealthmanagementforever.Launchedinlate2020andbackedbyYC,theParis-basedstart-upbuiltthenewstandardforportfoliotracking.Finaryhasthemostextensiveassetcoverage:10,000banks&brokerageplatformsglobally,realestate,cryptoexchangesandwallets,start-upinvestments,orevenprivateequity.Afewmonthsafteritslaunch,Finaryalreadyhasthousandsofusersthattrackover€1.2Bnontheplatform.

15

LEADINGCOMPANIESANDCEOSTRANSFORMINGTHESECTOR

AseemMunshi,CEO

ASEEMMUNSHI

Updraftisanautonomousfinancialservicebuilttotacklethesubconsciousworryofexcessconsumerborrowing.

Thetechnologybuildsaconsolidatedviewofbankandcreditcardaccounts,synchroniseswithauser’scredithistory,thencreatesa360view.Expensivedebtsareidentified,routestoclearthemaresuggested,andtheselectedjourneyisautomated.

CEOcommentary

CEO,UPDRAFT

“Mostpeoplecarrysubconsciousworriesaboutsmalldebtsmountingupfromcards,overdrafts,orbuy-now,pay-laterschemes.ConsumersintheUKpayover$18bninfeesandinterestsrelatedtotheseproducts.ResearchbytheCMAandtheFCAshowsthatasconsumerswesignificantlyunderestimatethecostsoftheseproductsastheborrowingbuildsupintinybite-sizedmorsels.WecreatedUpdrafttokeepaneyeonthesemicro-debtsandlendahandwhereneeded,freeingouruserstolivelifeinconfidence.”

Investor

16

Publiccomparables

PUBLICCOMPARABLESBYCATEGORY

Publiccomparables–Payments

MarketCap

SharePrice

(USDm)

EV(USDm)

RevenueGrowth

EBITDAGrowth

EBITDAMargin

EV/Revenue

EV/EBITDA

P/E

Performance

Company

31/Mar/21

31/Mar/21

20/21

21/22

20/21

21/22

CY2020

CY2021

CY2022

CY2020

CY2021

CY2022

CY2020

CY2021

CY2022

CY2020

CY2021

CY2022

LTM

Payments

HighGrowthOmnichannelPayments

PayPal

284,408

281,094

20%

21%

23%

22%

28.8%

29.4%

29.7%

13.1x

10.9x

9.1x

45.6x

37.2x

30.6x

64.0x

53.3x

42.3x

154%

Shopify

137,273

131,788

43%

35%

6%

57%

15.0%

11.1%

13.0%

46.0x

32.2x

23.9x

n.m.

n.m.

n.m.

n.m

n.m

n.m

165%

FIS

87,337

106,185

9%

8%

16%

11%

41.7%

44.7%

46.2%

8.4x

7.8x

7.2x

20.2x

17.4x

15.6x

25.9x

22.1x

19.1x

16%

Square

103,220

102,484

50%

19%

67%

59%

4.6%

5.1%

6.8%

10.9x

7.2x

6.1x

n.m.

n.m.

89.8x

n.m

n.m

119.7x

333%

Fiserv

79,693

101,066

7%

7%

14%

11%

36.9%

39.4%

40.7%

6.7x

6.3x

5.9x

18.3x

16.1x

14.5x

27.1x

22.0x

18.7x

25%

Adyen

67,803

64,730

44%

37%

56%

41%

56.5%

61.4%

62.8%

n.m.

n.m.

40.6x

n.m.

90.8x

64.6x

n.m

134.7x

95.2x

147%

Afterpay

22,080

21,814

68%

54%

56%

147%

12.4%

11.5%

18.4%

38.4x

22.9x

14.9x

n.m.

n.m.

80.7x

n.m

n.m

n.m

440%

StoneCo

18,900

18,062

64%

43%

68%

56%

50.2%

51.2%

55.9%

29.6x

18.1x

12.6x

59.1x

35.3x

22.6x

101.9x

64.7x

42.5x

181%

Pageseguro

15,233

14,933

46%

30%

60%

38%

32.2%

35.2%

37.3%

12.2x

8.4x

6.4x

38.0x

23.8x

17.2x

55.9x

44.2x

30.6x

140%

Fawry

1,911

1,861

43%

42%

54%

54%

26.9%

29.1%

31.6%

23.2x

16.3x

11.5x

86.1x

56.0x

36.3x

n.m

116.4x

74.3x

381%

Mean

39.2%

29.5%

41.9%

49.5%

30.5%

31.8%

34.3%

21.0x

14.5x

13.8x

44.6x

39.5x

41.3x

54.9x

65.3x

55.3x

198.2%

Median

43.2%

32.4%

54.8%

47.5%

30.5%

32.3%

34.5%

13.1x

10.9x

10.3x

41.8x

35.3x

30.6x

55.9x

53.3x

42.4x

159.5%

GeneralPayments&Services

GlobalPayments

59,484

67,964

12%

10%

17%

13%

44.9%

47.1%

48.6%

10.0x

9.0x

8.2x

22.4x

19.1x

16.9x

31.7x

25.3x

21.5x

40%

Worldline

23,438

28,565

85%

9%

100%

17%

23.3%

25.1%

27.0%

8.5x

4.6x

4.2x

36.5x

18.3x

15.6x

39.0x

28.9x

24.4x

33%

Nexi

10,964

15,323

11%

6%

16%

9%

55.5%

57.7%

59.0%

12.5x

11.2x

10.5x

22.5x

19.4x

17.9x

34.6x

31.7x

27.2x

25%

ACIWorldwide

4,457

5,515

3%

5%

9%

7%

27.0%

28.4%

29.0%

4.3x

4.2x

4.0x

15.9x

14.6x

13.6x

24.6x

21.3x

19.4x

58%

NetworkInternational

3,134

3,169

21%

17%

25%

30%

38.7%

39.9%

44.4%

11.3x

9.3x

8.0x

29.1x

23.3x

18.0x

70.6x

55.7x

33.6x

6%

Cielo

1,782

3,909

6%

5%

33%

1%

15.9%

20.1%

19.3%

1.9x

1.8x

1.7x

11.8x

8.8x

8.8x

20.9x

11.4x

10.5x

(16%)

EVOPayments

1,289

2,531

10%

12%

21%

16%

32.7%

35.7%

37.1%

5.7x

5.2x

4.6x

17.6x

14.6x

12.5x

44.4x

34.1x

27.5x

80%

Mean

21.2%

9.0%

31.4%

13.3%

34.0%

36.3%

37.8%

7.7x

6.5x

5.9x

22.2x

16.9x

14.8x

38.0x

29.8x

23.5x

32.2%

Median

11.3%

8.6%

20.6%

13.0%

32.7%

35.7%

37.1%

8.5x

5.2x

4.6x

22.4x

18.3x

15.6x

34.6x

28.9x

24.4x

33.0%

PaymentNetworks

Visa

452,525

459,222

13%

17%

17%

20%

67.6%

69.7%

71.3%

21.5x

19.0x

16.2x

31.9x

27.3x

22.7x

43.7x

36.7x

29.2x

31%

Mastercard

353,687

356,264

19%

18%

25%

24%

56.6%

59.3%

62.1%

23.5x

19.7x

16.6x

41.5x

33.2x

26.8x

56.2x

44.3x

34.2x

47%

Mean

16.3%

17.9%

20.9%

22.1%

62.1%

64.5%

66.7%

22.5x

19.3x

16.4x

36.7x

30.2x

24.7x

50.0x

40.5x

31.7x

39.4%

Median

16.3%

17.9%

20.9%

22.1%

62.1%

64.5%

66.7%

22.5x

19.3x

16.4x

36.7x

30.2x

24.7x

50.0x

40.5x

31.7x

39.4%

Mean(ALL)

30.2%

20.7%

35.8%

33.3%

35.1%

36.9%

39.0%

16.0x

11.9x

11.2x

33.1x

28.4x

29.1x

45.7x

46.7x

39.4x

120.3%

Median(ALL)

19.9%

17.5%

24.6%

21.9%

32.7%

35.7%

37.3%

11.7x

9.1x

8.2x

29.1x

21.4x

17.9x

41.4x

35.4x

29.2x

57.6%

Source:CapitalIQ(asof31March2021);Note:EV/Revenuemultiplesinexcessof50.0x,EV/EBITDAmultiplesinexcessof

17

100.0xandP/Emultiplesinexcessof150.0xareconsiderednot-material(‘NM’)andarenotincludedinaveragecalculation

Publiccomparables

PUBLICCOMPARABLESBYCATEGORY

Publiccomparables–Financialdata&Analytics

MarketCap

SharePrice

(USDm)

EV(USDm)

RevenueGrowth

EBITDAGrowth

EBITDAMargin

EV/Revenue

EV/EBITDA

P/E

Performance

Company

31/Mar/21

31/Mar/21

20/21

21/22

20/21

21/22

CY2020

CY2021

CY2022

CY2020

CY2021

CY2022

CY2020

CY2021

CY2022

CY2020

CY2021

CY2022

LTM

FinancialData&Analytics

S&PGlobal

85,0