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
Dealmakers in Technology
Anything but alternative
FINTECH
02 Executive Summary

03 THE VIEW: Claudio Alvarez and Carl Wessberg
04 Key Trends

06 Funding for Fintech remains resilient

08 Alternative Finance leading the way

10 China cements position as a leader
16 Alternative Finance

19 EXPERT VIEW: Christian Faes - LendInvest
20 Digital Payments

23 EXPERT VIEW: Jacob de Geer - iZettle

24 EXPERT VIEW: David Fock - Klarna

25 EXPERT VIEW: Oscar Berglund - Trustly
26 Data Software
29 Insurtech
32 Digital Banking

35 EXPERT VIEW: Rishi Kholsa - OakNorth Bank
36 Asset Management
40 Methodology
CONTENTS
EXECUTIVE SUMMARY
2
GP Bullhound Research
Source: Company data, Capital IQ, Mergermarket, CB Insights (US data), PitchBook, press articles, GP Bullhound analysis as at March 2017
Claudio Alvarez
Director
The reasons for the strong investment appetite are
clear: using technology and data, Fintech firms in
developed markets are providing financial services
and solutions in more efficient and streamlined
ways to fill the gap that legacy institutions have left.
Meanwhile, in emerging markets, Fintech firms are
building a world-class, digital-first financial services
infrastructure.
Fintech companies are now firmly established in the
mainstream of the financial services market. Indeed,
it is a point of debate how symbiotic the relationship
between Fintech and traditional financial institutions
is. However, we can be certain that there is more to
come from the Fintech sector as it leverages the next
wave of innovation and we expect investment into
the sector to remain resilient.
Venture Capital investment into Fintech globally
remained robust in 2016 despite a challenging
political and economic backdrop, underlining
the long-term attractiveness of the sector. Across
Alternative Finance, Digital Payments, Data &
Software, Insurtech, Digital Banking and Asset
Management, there are now some 39 billion-dollar
Fintech companies and there is a raft of companies
hot on their heels.
The Fintech sector is a tale of two regions. Explosive
growth in China stems from the opportunities created
by under-banked consumer and SME markets,
strong growth in e-commerce and a supportive
regulatory environment. However, in Europe, with its
stronger traditional financial services sector, a focus
on disruption is giving way to collaboration and
enablement and a “flight to class” has emerged
amongst investors targeting more mature segments,
such as alternative lending and payments. Category
winners are already emerging and consolidation is
starting to pick up pace as investors become more
selective, and established players look to M&A to
accelerate growth.
A clear set of messages emerges for European Fintech
from our guest experts included in this research.
First, there remains a significant market opportunity
focused on improving the user experience of financial
services. The lines between sectors (lending, banking,
payments, wealth management) are also starting
to blur from the consumer’s point of view, as digital
becomes the dominant channel for interaction.
Second, Europe is able to leverage hubs of talent,
strong financial services ecosystems and its regulatory
environment. Finally, new waves of innovation are on
their way to provide even greater value.
At GP Bullhound, we work closely with many of the
best companies and investors in the Fintech sector.
We are passionate about building more category
leaders across Europe and know that Fintech is a
sector that will continue to shape the way financial
institutions deliver services to consumers.
Over the past three years, global venture capital investment into Fintech has risen by 4.7x
to $13.6 billion in 2016 and these companies are now creating significant shareholder
value: there are now 39 Fintech companies valued at over a billion dollars.
Carl Wessberg
Director
3
FINTECH: ANYTHING BUT ALTERNATIVE
THE VIEW
From GP Bullhound
KEY
TRENDS
KEY TRENDS
4
KEY
TRENDS
5
FINTECH: ANYTHING BUT ALTERNATIVE
GP Bullhound Research
Source: KPMG Venture Pulse, Pitchbook
Funding for Fintech
remains resilient
The record-setting $4.5 billion funding of China’s Ant
Financial was a major contributor to the global tally.
However, Fintech funding in Europe remained robust
at $1.4 billion and the number of companies funded
hit a seven-year high at 247. Investors continue to
see opportunities in Europe’s disparate financing
ecosystem as well as London’s role within the global
Fintech sector, which remains considerable, despite
the uncertainties stemming from Brexit.
Within Europe, the UK and Germany share the
limelight, with nine of the top ten Fintech VC rounds
being completed in the two countries. However, the
UK continues to lead the way with three companies
valued at over $1 billion: Funding Circle, Paysafe and
Transferwise, and we do not see that changing, given
London’s prominence in financial services.
We expect 2017 to be another year of resilience for
Fintech funding in Europe and we have already seen
several high-profile capital raises announced: Funding
Circle, iZettle, Atom Bank and Monzo. We think these
will set the pace for the rest of the year. We expect
VC investors to continue to back established players
and also to increase investment in new technologies,
such as Artificial Intelligence and Digital Ledger, and
new business models, such as Digital Banking.
KEY TRENDS
Investor appetite for Fintech remained strong in 2016, despite a
backdrop of political uncertainty in Europe and the US and a perceived
slowdown in global economic activity. Venture capital investment in
2016 totalled $13.6 billion, up 7 per cent on the stellar prior year.
However, the number of investee companies fell by 100 to 840,
continuing the trend towards larger fundraisings.
$0.6bnQ1
$0.6bnQ2
$0.4bnQ3
$0.5bnQ4
$0.7bnQ1
$0.6bnQ2
$0.6bnQ3
$0.6bnQ4
$0.6bnQ1
$0.6bnQ2
$0.9bnQ3
$1.0bnQ4
$1.6bnQ1
$1.7bnQ2
$1.3bnQ3
$3.1bnQ4
$2.4bnQ1
$5.2bnQ2
$5.0bnQ3
$1.9bnQ4
$4.9bnQ1
$2.9bnQ2
$2.4bnQ3 Q4
2011
2012
2013
2014
2015
2016
Global - Quarterly VC-backed fintech investment activity (2011 – 2016)
Total Funding ($m)
Total # of Transactions
88
88
65
71
104 110 101
132
114
128
159 159 160
171
185
202 194
224
211
192
231
203
178
210
$3.4bnGlobal - Quarterly VC-backed Fintech
investment activity (2011 - 2016)
6
7
FINTECH: ANYTHING BUT ALTERNATIVE
GP Bullhound Research
Source: Company data, Capital IQ, Mergermarket, CB Insights (US data), PitchBook, press articles, GP Bullhound analysis as at March 2017
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Total Deal Value ($bn)
0
100
200
300
400
500
600
Number of transactionsVenture investment in fintech by region (2014 – 2016)
Europe
US
Asia
2014
2015
2016
Size of bubble indicates total deal value
0.8
1.4
1.9
2.9
6.7
12.7
13.6
119
300
419
627
842
942
840
2010
2011
2012
2013
2014
2015
2016

Capital Invested
# of Transactions
Global venture investment in fintech companies
(USD $bn)
Global venture investment in
Fintech companies (USD $bn)
Venture investment in Fintech
by region (2014 - 2016)
GP Bullhound Research
Source: Morgan Stanley; LendAcademy *Estimated
Of the 39 Fintech companies valued at $1 billion and above,
16 are in the Alternative Finance space and three were created in 2016 in
this vertical alone - two in China and one in Hong Kong. However, whilst
Asia is in a super-growth phase, Western companies are maturing.
Business models are broadening out and we believe the sector
is ripe for consolidation.
Alternative Finance is the
vertical with the most companies
valued at $1 billion or above
Billion-dollar companies in this space have raised an
average of $670 million of equity and have achieved
an average valuation of $3.1 billion. Asia leads the
pack with average valuations reaching $3.7 billion,
and Ant Financial is the world’s largest Fintech
company at a valuation of $60 billion. Alternative
Finance in China will remain in a super-growth phase
but we also see interesting developments underway
in Western markets as companies adapt to a
changing market and a more cautious investor base.
In Europe and the US, companies such as Zopa and
SoFi have applied for banking licenses in order to be
able to raise consumer deposits and thereby reduce
their cost of capital. Digital banks are also entering
the Alternative Finance market, with banks such as
Marcus (launched by Goldman Sachs in the US),
Loan Volume 2016
(USD $bn)
Lending Club
SoFi*
Kabbage
Funding Circle
8.7
3.2
1.3
1.0
Global marketplace lending to reach ~$290bn by 2020
(USD $bn)
2017
2018
2019
2016
2015
2014
2013
2012
2011
2010
2020
Australia
China
UK
US
1.0
1.4
2.4
9.3
23.7
61.2
119.1
182.8
220.3
273.2
286.3
2
2.4x
KEY TRENDS
Atom Bank and Oak North aggressively seeking to
use their deposits base to compete with established
Alternative Finance players.
Higher competition, a focus on proving the
profitability and sustainability of business models and
cautious investor sentiment suggest that the sector is
ripe for consolidation. We also see traditional banks
and financial institutions playing a more pivotal role
in the development of the market, as Alternative
Finance players seek to diversify their sources of
capital towards bank funding, warehouse financing,
wholesale loans, securitisation and credit facilities, in
order to fund origination growth. All of this bodes well
for the industry as it matures and becomes an enabler
rather than a disrupter of lending.
8
GP Bullhound Research
Source: Company data, Capital IQ, Mergermarket, CB Insights (US data), PitchBook, press articles, GP Bullhound analysis as at March 2017
ALTERNATIVE
FINANCE
DIGITAL
PAYMENTS
DATA &
SOFTWARE
DIGITAL
BANKING
INSURTECH
ASSET
MANAGEMENT
16
10
8
2
2
1
Companies valued at $1 billion
and above by vertical
9
FINTECH: ANYTHING BUT ALTERNATIVE
ALTERNATIVE FINANCE
LEADING THE WAY
Fintech verticals
GP Bullhound Research
Source: Company Data, Morgan Stanley, iResearch Inc.
China cements its
position as a leader in the
Fintech universe
Similarly to other regions, Alternative Finance is the
most populous Fintech vertical in China with eight
of the 13 billion-dollar companies operating in that
vertical. In truth, the moniker ‘Alternative’ is less
relevant than in Western markets, which are more
encumbered by legacy systems and models. Investors
deployed $7.1 billion into the sector in 2016 and have
been right to focus on the lending vertical, given the
rate of growth.
In 2016, there were just under 2500 lending platforms
in China and total lending volume topped RMB2
trillion (approximately $300 billion), of which around
20 per cent originated in 2016. Origination levels
are forecast to rise by five times by 2020. Given
the explosive growth being experienced in China,
underpinned by strong fundamentals, we believe
investors will continue to place a premium on growth
and that valuations will outpace those in the West.
2017
2018
2019
2016
2015
2014
2013
2012
2011
Size of China's internet consumer finance market
(USD $bn)
0.1
0.3
0.9
2.7
17.1
63.2
144.5
281.2
491.8
174%
223%
205%
546%
269%
129%
95%
75%
KEY TRENDS
2016 saw China solidify its status as one of the leaders in Fintech,
with 13 billion-dollar companies – four of which reached this valuation
in 2016 – and the country’s weighting will undoubtedly increase in the
coming years. The strong domestic and e-commerce market, high rates of
investment, a supportive regulatory environment and demand for digital-
first services from under- or unbanked businesses and consumers will
continue to fuel the Chinese Fintech sector and premium valuations.

Average valuation by region
(USD $bn)
7.8
Asia
Europe
US
2.8
3.9
2.0x
2.8x
YoY Growth %
10
THE GLOBAL FINTECH
League Table
2.4
2.3
2.3
1.0
50.6
18.5
CUMULATIVE
VALUE
1
1
1
1
4
18
NO. OF
COMPANIES
0
0
+1
0
LTM
CHANGE
-1
0
112.3
13
+4
COUNTRY
HQ
GP Bullhound Research
Source: Company data, Capital IQ, Mergermarket, CB Insights (US data), PitchBook, press articles, GP Bullhound analysis as at March 2017
Note: A Hong Kong Fintech business reached a billion-dollar valuation for the first time in 2016
11
FINTECH: ANYTHING BUT ALTERNATIVE
Regional distribution of businesses valued
at $1 billion or above
$1.0bn
$1.0bn
$1.0bn
$1.0bn
$1.0bn
$1.0bn
$1.0bn
$1.0bn
$1.0bn
$1.1bn
$1.1bn
$1.2bn
$1.3bn
$1.3bn
$1.5bn
$1.7bn
$2.0bn
$2.0bn
$2.0bn
$2.0bn
$2.1bn
$2.3bn
$2.3bn
$2.4bn
$2.4bn
$2.7bn
$2.7bn
$3.5bn
$3.6bn
$4.0bn
$4.5bn
$4.9bn
$5.9bn
$8.0bn
$9.2bn
$11.0bn
$14.4bn
$18.5bn
-
$5.0bn
$10.0bn
$15.0bn
$20.0bn
Kabbage
Dianrong
Zuora
Gusto
Jimubox
Funding Circle
Rong360
WeLab
u51.com (51Xinyongka)
China Rapid Finance
TransferWise
Yintech Investment Holdings
Q2
Coupa
FinancialForce
Yirendai
Avant
Prosper Marketplace
First P2P.com
Paysafe
LendingClub
Klarna
Adyen
Xero
Mozido
Black Knight Financial Services
Oscar
Credit Karma
Greensky
SoFi
Zenefits
Square
Qufenqi
Zhong An Insurance
Stripe
Lakala
Markit
Lufax
Ant Financial
$60.0bn
$60.0bn
WHO ARE
The global Fintech leaders?
GP Bullhound Research
Source: The Pulse of Fintech, Q3 2016, Global Analysis of Fintech Venture Funding, KPMG International and CB Insights
(data provided by CB Insights) 16th November 2016
Valuations in 2016 ($bn)
» 5 new billion-dollar Fintech
companies in 2016, all of which
are based in Asia
» The average valuation is $4.9bn
» The average valuation of
European Fintech firms valued
at $1 billion or above is $3.9bn
2016 NEW ADDITIONS
KEY TRENDS
12
GP Bullhound Research
Source: Company data, Capital IQ, Mergermarket, CB Insights (US data), PitchBook, press articles, GP Bullhound analysis as at March 2017
Note: * 2015 includes POWA Technologies, valued at $2.7BN, which filed for bankruptcy in February 2016
ASIA DRIVING
GLOBAL GROWTH
Asian Fintech leaders
$71bn
$182bn*
$190bn
Number of Fintech firms valued at $1 billion
or above per region in last 3 years
2014
2015
2016
3
10
2
7
18
10
6
18
15
Europe
United States
Asia
$215bn
2014
2015
2016
13
FINTECH: ANYTHING BUT ALTERNATIVE
Cumulative valuation of firms valued at
$1 billion or above ($bn)
FINTECH
VERTICALS
FINTECH VERTICALS
14
FINTECH
VERTICALS
15
FINTECH: ANYTHING BUT ALTERNATIVE
EUROPE
ALTERNATIVE FINANCE
GP Bullhound Research
Source: Company data, Capital IQ, Mergermarket, CB Insights (US data), PitchBook, press articles, GP Bullhound analysis as at March 2017
» In Alternative Finance, Asia dominates. Nine of the 16 companies in the sector
valued at $1 billion and above are headquartered in the region
» Global marketplace lending is expected to increase 2.4x from 2016 to 2020, with China driving
growth at a 40% CAGR, versus their US counterparts forecasting 35% CAGR over the same period
» Although Europe has only one company valued at over $1 billion today, we see a number of
companies rising fast, as they continue to expand geographically and diversify across lending verticals
NUMBER OF COMPANIES
AVERAGE FUNDS RAISED
AVERAGE VALUATION
16
$670m
$3.1bn
» Alternative Finance firms valued at
$1 billion or above
» Average of total funds raised
» Average equity valuation of sample set of
businesses valued at $1 billion or above
» Based on market capitalisation for public
companies and disclosed information for
private companies
UNITED STATES
ASIA
ALTERNATIVE FINANCE
16
17
FINTECH: ANYTHING BUT ALTERNATIVE
Founded: 2010
HQ: London, UK
Revenues (FY2015A): $35.1m
EBIT: $(25.9m)
Total Funds Raised: $374m*
Summary Offering: Online
marketplace for small business
loan lenders and seekers
Total Cumulative Lending
(as of end 2016): +$1.8bn
ALTERNATIVE FINANCE
Funding Circle - The road
to $1 billion
GP Bullhound Research
Source: Company data, Capital IQ, Mergermarket, CB Insights (US data), PitchBook, press articles, GP Bullhound analysis as at March 2017
* not including debt financing
$374m
$274m
$124m
$59m
$22m
$5m
$1m
$15m
$68m
$209m
$1.1bn
+$1.1bn
ANGEL:
$1m
SERIES A:
$4m
SERIES B:
$16m
SERIES C:
$37m
SERIES D:
$65m
SERIES E:
$150m
SERIES F:
$100m
Cumulative Funds Raised ($m)
Post Money Valuations ($m)
2010
2011
2012
2013
2014
2015
2016
2017
ALTERNATIVE FINANCE
Companies to watch
GP Bullhound Research
Source: Company data, Capital IQ, Mergermarket, CB Insights (US data), PitchBook, press articles, GP Bullhound analysis as at March 2017
* Note: Initial criteria for inclusion is a valuation greater than $150 million
» This is a selection of Alternative Finance firms that GP Bullhound believes could
achieve a billion-dollar valuation in the coming months and years*
» These businesses have the potential to reach this valuation due to
their fast-growth, ambition and robust credentials
Key Investors:
» Atomico
About Lendinvest:
» UK’s leading Fintech disruptor in
specialist mortgage lending
» Highly attractive loan metrics with over
£980m lent to fund over 3,000 properties for
a total value of over £1.7bn since 2013
Founded:
2013
HQ:

London, United Kingdom
Employees:
100+
Key Investors:
» Balderton Capital
About Prodigy:
» First borderless credit platform
» Pioneer in underserved international
student loan market
» Attractive unit economics per high value
loan will support as strong growth later
Founded:
2006
HQ:

London, United Kingdom
Employees:
50-100
Key Investors:
» Emery Capital
About ID Finance:
» Digitizing consumer lending across
emerging markets
» Proprietary and fully automated scoring
model employs machine learning to
analyse 10k data points in real time
» Launched in six countries across Europe
and LatAm and the number one online
lender in Russia and the CIS
Founded:
2012
HQ:

Barcelona, Spain
Employees:
380
2
Rounds
$59m
Total Funds
Raised
1
Round
$123m
Total Funds
Raised
2
Rounds
$60m
Total Funds
Raised
ALTERNATIVE FINANCE
18
19
FINTECH: ANYTHING BUT ALTERNATIVE
ALTERNATIVE FINANCE
Expert view
CHRISTIAN FAES
Co-Founder & CEO, LendInvest
Consumers are demanding significant changes in the
financial services industry. The rise of on-demand services
isn’t confined to leisure, travel and retail like Uber and
Deliveroo; but as use of these products increases, so does
consumer expectation that they’ll receive the same
kind of instantaneous, efficient experiences from their
banks and lenders. As little as a few years ago, many
people were apathetic towards financial services, the
emergence of challenger banks, online lenders and
payment companies show us that consumers are now
crying out for an improved experience that begins online.
In my view, the next wave of Fintech innovation will be
seen in sectors that are typically less easy to penetrate
with technology. Mortgages and insurance in particular
are next in line. The next wave of Fintech success stories
too will be those that are focused on one proposition
only to deliver an improved experience. You can already
see platforms that have had success have concentrated
on one specialism and done it well. We know that we
are a specialist property lender. All of the expertise we
have brought into LendInvest and all of the technology
we have been developing are focused simply on lending
against property.
This clarity of what you can deliver for the consumer will
also appeal to investors. I think that there has been a
flight to quality recently. Globally, the Fintech sector saw
a decline in investment in 2016. This fall in funding reflects
the growing realisation that Fintech is no longer revolution
but evolution, less bank bashing, more steady building.
This means we are not looking to rip up the rule book in
the way that the first wave of Fintech did. For investors,
this simply translates to looking for businesses that have
a model that is sustainable and profitable. Likewise,
entrepreneurs are much more willing to take their time,
attract the right talent, and work hard to build a business
that has a proposition with genuine longevity. Last, we
have also started to see more traditional banks and
lenders embracing technology and working with
Fintech firms.
Ultimately, this transition towards a more consistent,
sensible model for growth shows that the hype cycle has
moved beyond its peak. Investors want to see profitability
and returns; they do not want skyrocketing valuations
and an unstable market. Gone are the days when you
could expect to raise a billion dollars simply by labelling
yourself a Fintech business.
From our perspective, we have always been sceptics. If
you are lending a billion dollars a year and you cannot
make money, then how much do you need to lend
before you do make money? You only have to look at
some of the largest marketplace lenders in the US to see
just how quickly you can come unstuck when you chase
growth and neglect the importance of profitability.
All of this points towards a phase of consolidation in the
market, particularly as investors become less willing to
part with their money. In my view, those businesses that
have begun to struggle for traction in the market, or
struggled to demonstrate an ability to turn a profit from
operations, however modest, will become acquisition
prospects fairly soon.
Financial services is more regulated than other sectors
on which technology has had a huge influence, such
as media, leisure or transport. As such, it is never going
to be an industry with a ‘winner takes all’ situation:
the regulator simply will not let there be an Uber for
banking. Nonetheless, the near future of Fintech will be
characterised by fewer players taking greater market
share and acquiring smaller competitors.
LendInvest is dedicated to driving innovation in financial
services and the mortgage market. We believe that
we have a proposition that will fundamentally improve
people’s experience of mortgages, in turn enabling
us to scale and consolidate. Fintech is simple. It is not
about trying to take down an industry; it is about making
financial services better for consumers. This is what will
ensure the growth of Fintech for decades to come.
For years, traditional banking institutions have dominated the largest area of financial services:
the mortgage market. This vast market share has allowed the banks to neglect consumers,
especially when it comes to bringing services online. Our mission at LendInvest is to tackle this
by developing online tools to create a better consumer experience for mortgage customers.
DIGITAL PAYMENTS
DIGITAL PAYMENTS
» Digital Payments is the largest Fintech vertical by average funds raised
and continues to attract significant venture capital investment
» In the first three quarters of 2016, $1.2 billion of venture capital
was invested into Digital Payments globally
GP Bullhound Research
Source: Company data, Capital IQ, Mergermarket, CB Insights (US data), PitchBook, press articles, GP Bullhound analysis as at March 2017
* Note: without including Ant Financial, who raised $6.4bn in 2016, the average is $329m
UNITED STATES
EUROPE
ASIA
NUMBER OF COMPANIES
AVERAGE FUNDS RAISED
AVERAGE VALUATION
10
$936m*
$9.6bn
» Digital Payments firms valued at
$1 billion or above
» Average of total funds raised
» Average equity valuation of sample set of
businesses valued at $1 billion or above
» Based on market capitalisation for public
companies and disclosed information for
private companies
20
GP Bullhound Research
Source: Company data, Capital IQ, Mergermarket, CB Insights (US data), PitchBook, press articles, GP Bullhound analysis as at March 2017
1. SEK 8bn valuation in Aug 2013 sell-off by Anralk Holding (Sven Hagströmer and Mats Qviberg)
DIGITAL PAYMENTS
Klarna - journey to $1 billion
and beyond

Founded: 2005
HQ: Stockholm, Sweden
Revenues (LTM Q2 2016): $351m
EBITDA (LTM Q2 2016): $27m
Total Funds Raised: $327m
Summary Offering: E-commerce
payment solutions for merchants
and shoppers
Cumulative Funds Raised ($m)
Valuations ($m)
2010
2009
2007
2006
2008
2011
2012
2013
2014
2015
2016
2005
$11m
$2.3bn
$0.9bn 1
SERIES A:
$2m
SERIES B:
$9m
SERIES C:
$155m
VENTURE:
UNDISCLOSED
VENTURE:
$124m
DEBT FINANCING: $36m
$2.3m
$0.1m
$166m
$291m
$327m
ANGEL:
$80k
21
FINTECH: ANYTHING BUT ALTERNATIVE
DIGITAL PAYMENTS
GP Bullhound Research
Source: Company data, Capital IQ, Mergermarket, CB Insights (US data), PitchBook, press articles, GP Bullhound analysis as at March 2017
* Note: Initial criteria for inclusion is a valuation greater than $150 million
DIGITAL PAYMENTS
Companies to watch
» This is a selection of Digital Payments firms that GP Bullhound believes could
achieve a billion-dollar valuation in the coming months and years*
» These businesses have the potential to reach this valuation due to
their fast growth, ambition and robust credentials
Key Investors:
» 83North, Vitruvian, Angel CoFund
About Ebury:
» Highly scalable international platform
already present in UK, Benelux, DACH,
France, Iberia, Ireland, and Italy
» Loyal customer base displaying high levels
of repeat revenue
» Latest funding round with leading growth
investors valued company at more
than $500m
Founded:
2009
HQ:

London, United Kingdom
Employees:
300
Key Investors:
» 83North, American Express Ventures,
Creandum, Index Ventures, Intel Capital,
Northzone
About iZettle:
» Successfully built a broad user base in
mature and high growth markets
» Starting to tap into wider monetization
strategies including iZettle Advance product
» Close and trusted partner to an SME base
across 12 markets globally
Founded:
2010
HQ:

Stockholm, Sweden
Employees:
450
Key Investors:
» Accel Partners, Project A Ventures, TCV
About worldremit:
» Serving the enormous $600bn global
remittances market
» Flexible products offer customers multiple
ways to receive FX payments and transfers
» Very competitive pricing in the market is
putting pressure on legacy players and
eroding their market share
Founded:
2010
HQ:

London, United Kingdom
Employees:
167
5
Previous Equity
Rounds
$120m
Total Funds
Raised
5
Previous Equity
Rounds
$170m
Total Funds
Raised
3
Previous Equity
Rounds
$184m
Total Funds
Raised
22
DIGITAL PAYMENTS
DIGITAL PAYMENTS
Expert view
DAVID FOCK
CPO, Klarna
However, there are further technologies that are
beginning to have a substantial impact and accelerate
the rise of Fintech. BankID in Sweden, for instance, has
enabled 7.5 million people to make use of revolutionary
electronic identification services. These technologies
working in partnership with the boom in mobile ownership
mean that Fintech is starting to reach a point where it has
the chance to redefine how we use financial services.
The technology has now reached a level that allows
for a company like ours to truly make a difference,
substantially changing the user experience for the
better. However, it is still vital to bear in mind that current
technology has only recently reached the point at which
it can bring about large scale change.
Fintech, despite already having had a significant
impact, still has a lot of work to do to deliver meaningful
change for consumers. It is only through time, further
development, and really hard work that we will be able
to provide a more holistic product that resolves critical
problems and improves the user experience in the
banking or financial services sectors.
I think the core challenge that we must address to
reach this goal is the density of top talent we can get
into the company. That is a far greater challenge than
any regulatory issue. The way that we execute our plans
through talent and innovation; that is our fundamental
challenge.
This might conflict, however, with what you might imagine
of a Fintech firm. It is not like all the smart people sit in
startups, and all the not-so-smart people sit in the banks.
There are plenty of very intelligent, talented and forward-
looking people working in both banks and other financial
institutions. Not only do these people have the talent to
bring technology to financial services, but they also have
an acute awareness of the fact that new technology is
posing a threat to their industry.
In contrast to our situation, the challenge for those
traditional financial institutions is how fast they can drive
change. And driving change is, of course, among the
hardest things you can do. What I have seen is that a
lot of the banks have good ideas going, but the mobile
banking service they offer to their millions of customers
still does not change at all. That is the core challenge for
the banks: how do they make use of the significant talent
sitting in their digital teams to inspire meaningful change
for their consumers?
One significant change that is on the horizon is the
impact of artificial intelligence. Clearly AI is a broad term,
but where we feel it can have a vast impact in financial
services is in user experience. It will transform how you
interact and engage with digital platforms. This could
start with simply asking a virtual personal assistant: “what
is the balance on my account?” However, we feel that
a conversational type of user experience powered by
AI has the potential to shape every aspect of
financial services.
That is not to say that we intend to be building
conversational control capabilities at Klarna. Rather,
we will look to use the best technology in the market
and add our own user experience and our services to
it. Especially when it comes to AI, we have a lot of data,
and data is what those technologies require to read,
learn, and be able to do anything meaningful. Basically,
we will probably not build a library, but we will fill it
with books!
This means that Klarna will stick to its core objective for
the near future. We will not seek to create or adapt
technologies that are beyond our skillset. In five years, it
is our ambition to pose a real threat to traditional credit
cards, getting to a place where you don’t need a card,
you will only need Klarna.
New technologies have been critical to the growth of Klarna and the beginning of a
transformation of financial services. The majority of Europeans have a smartphone, which
enables them to access mobile financial services every hour of every day. This has been the
platform for the start of the renewal of an industry.
24
25
FINTECH: ANYTHING BUT ALTERNATIVE
DIGITAL PAYMENTS
Expert view
OSCAR BERGLUND
CEO, Trustly
One example from the Nordics is mobile bank ID.
Founded in Sweden, the app is available to all
consumers, and allows for convenient identification and
authentication. It’s a fantastic innovation that didn’t
come from fintech, but traditional Swedish banks. In
response, fintechs have taken this innovation and built
additional products on the top of the service. In this way
the financial industry in Europe has created an ecosystem
capable of sharing technology innovation to the benefit
of traditional players and tech startups alike.
Ultimately, fintech is about making products and
services that simplify the life of the customer. In Europe,
a critical mass of online consumers and digitally
enabled businesses have created a highly financially
literate customer pool with enormous potential for user
simplification. That can be new means of payment,
better ways to borrow money or access to financial
advice. Each application offers opportunities for startups
to innovate and grow successful businesses. Customers
are used to having things instantly and they don’t want
to wait for hours before they know if they have been paid
or received the information they need and so they are
increasingly turning to startups to offer these services.
The growth potential in this fintech landscape is
enormous. One option is international expansion and
we’ve seen examples of European fintechs going outside
of Europe, and I think many of them will do so very well.
At Trustly we can expand scale by helping new
merchants to get paid and we ourselves can enter new
countries, allowing consumers to pay with our products.
We can also grow with our existing merchant base as
they enter new countries. Or indeed we could consider
mergers and acquisitions. Whilst there is a demand for
effective, affordable services, we’re determined to roll
out the best possible products across Europe.
Of course, there are challenges which fintech companies
face in Europe. Despite Trustly’s rapid growth, we are just
as concerned about finding good people as any other
technology company. Today we have 150 employees
from 23 different countries and we continually try to find
new ways to motivate colleagues.
One aspect which delays the emergence of global
fintech players, is the fact that in lots of these instances
you need a local license. Even with a European license,
when you enter the US or other territories you need to
invest time and money into securing local licenses and
there are always delays in the process. Local expansion
is much easier because a Swedish license can be
passported to European countries so Sweden is perfectly
poised to serve the continent. But this is certainly an issue
which negatively impacts the global potential of the
industry.
Looking to the future, I think authorization and
authentication will attract huge levels of investment.
Historically, authorizing bank payments has already
seen innovation. With scratch cards you had to scratch
and get a one-time code. Then came along a piece
of hardware you needed to carry with you or store in a
drawer at home. What’s happening now is that these
procedures are moving into your mobile phone. You can
get a text message with a one-time code, or in Sweden
you use your mobile bank ID. These use cases are all
making it more convenient for the consumer to make a
bank transfer. This simplifies the process of bank payments,
which is good news for us.
Over the next five years, I think the lines around fintech
are going to become increasingly blurred. Customers
won’t differentiate between technology companies,
banks or non-banks. We will see a more diverse market
and more collaboration between product developers at
small companies and tech teams in global banks as they
create and distribute new products.
Europe’s competitive advantage lies in the quality of our financial infrastructure. Whilst we
may not have the same level of capital available when compared with the US or Asia, where the
European market excels is in having sophisticated infrastructure and a wealth of established
institutions. In Europe, rather than seeing Fintech as a disruptive influence, there is instead
increasing levels of collaboration between traditional players and Fintech startups.
DATA & SOFTWARE
GP Bullhound Research
Source: Company data, Capital IQ, Mergermarket, CB Insights, press articles, GP Bullhound analysis as at March 2017
UNITED STATES
EUROPE
ASIA
NUMBER OF COMPANIES
AVERAGE FUNDS RAISED
AVERAGE VALUATION
8
$227m
$3.9bn
DATA & SOFTWARE
» Data & Software firms valued at
$1 billion or above
» Average of total funds raised
» Average equity valuation of sample set of
businesses valued at $1 billion or above
» Based on market capitalisation for public
companies and disclosed information for
private companies
» Data and Software companies are delivering a new age of transparency
and insight into the complex financial services industry
» Key sub-sectors include transaction and pricing analytics,
accounting, payroll and HR
DATA & SOFTWARE
Xero - journey to IPO
26
27
FINTECH: ANYTHING BUT ALTERNATIVE
DATA & SOFTWARE
Xero - journey to IPO
Founded: 2006
HQ: Wellington, New Zealand
Revenues (FY2016A): $183.5m (Mar-YE)
EBITDA (FY2016A): $(59.9m) (Mar-YE)
Total Funds Raised: $389m
Summary Offering: Platform for online
accounting and business services to
small businesses
Pre-IPO Cumulative Funds Raised ($m)
Post-IPO Cumulative Funds Raised ($m)
Post Money Valuation ($m)
IPO:
$11m
NZX Listing
FOLLOW-ON
EQUITY: $15m
PLACEMENT:
$15m
PLACEMENT:
$67m
PLACEMENT:
$3m
FOLLOW-
ON EQUITY:
$13m
PLACEMENT:
$151m
PLACEMENT:
$114m
CURRENT
$1.7bn
IPO
$41m
GP Bullhound Research
Source: Company data, Capital IQ, Mergermarket, CB Insights (US data), PitchBook, press articles, GP Bullhound analysis as at March 2017
$11m $21m $41m $44m
$124m
$275m
$389m
2010
2009
2007
2006
2008
2011
2012
2013
2014
2015
2016
DATA & SOFTWARE
Companies to watch
» This is a selection of Data & Software firms that GP Bullhound believes could
achieve a billion-dollar valuation in the coming months and years*
» These businesses have the potential to reach this valuation due to
their fast-growth, ambition and robust credentials
GP Bullhound Research
Source: Company data, Capital IQ, Mergermarket, CB Insights (US data), PitchBook, press articles, GP Bullhound analysis as at March 2017
* Note: Initial criteria for inclusion is a valuation greater than $150 million
Key Investors:
» BBVA Ventures, DAG Ventures, EDB
Investments, Matrix Partners, QuestMark
Partners, Zouk Capital
About Taulia:
» Taulia provides cloud-based invoice,
payment and discount management
solutions for large buying organizations
» Track record of success with Fortune
500 companies
» Business model is a combination of an
annual fees and share of payments
made earlier through the platform
Founded:
2009
HQ:

San Francisco, United States
Employees:
275+
8
Rounds
$137m
Total Funds
Raised
DATA & SOFTWARE
Key Investors:
» Blumberg Capital, Global Founders
Capital, IFC, JC Flowers Rakuten,
Victory Park Capital
About Kreditech:
» Kreditech provides credit access to
people with limited or no credit history
through the use of data analytics
» The offering includes consumer loans,
a digital wallet, and a personal finance
manager which helps underbanked
consumers to manage their credit score
Founded:
2012
HQ:

Hamburg, Germany
Employees:
200+
8
Rounds
$163m
Total Funds
Raised
Key Investors:
» Discovery Capital Groupe Aeroplan,
Kinetic Ventures, Atlanta Ventures, West
Coast Capital
About cardlytics:
» Cardlytics uses purchase-based
intelligence to make marketing more
relevant and measurable
» Partnerships with 1,500+ financial
institutions gives access to vast amounts
of purchasing data
Founded:
2008
HQ:

Atlanta, United States
Employees:
335+
5
Rounds
$191m
Total Funds
Raised
28
29
FINTECH: ANYTHING BUT ALTERNATIVE
» Insurtech companies are shaking up the insurance world
with self-directed services and usage-based insurance
» The Insurtech subsector has witnessed very strong growth
in investment interest, with a total of $1.4 billion of venture
capital invested in the first three quarters of 2016
INSURTECH
GP Bullhound Research
Source: Company data, Capital IQ, Mergermarket, CB Insights, press articles, PwC, GP Bullhound analysis as at March 2017
Note: Only includes billion-dollar companies where data is available.
UNITED STATES
ASIA
NUMBER OF COMPANIES
AVERAGE FUNDS RAISED
AVERAGE VALUATION
2
$836m
$5.4bn
» Insurtech firms valued at
$1 billion or above
» Average of total funds raised
» Average equity valuation of sample set of
businesses valued at $1 billion or above
» Based on market capitalisation for public
companies and disclosed information for
private companies
INSURTECH
INSURTECH
INSURTECH
Oscar - the road to $1bn
and beyond
Founded: 2012
HQ: New York, United States
Total Funds Raised: $739m
Summary Offering: Health
insurance company that
employs technology, design,
and data to humanise
health care
Cumulative Funds Raised ($m)
Post Money Valuation ($m)
GP Bullhound Research
Source: Company data, Capital IQ, Mergermarket, CB Insights (US data), PitchBook, press articles, GP Bullhound analysis as at March 2017
SERIES A:
$52m
SERIES A:
$30m
SERIES B:
$80m
SERIES C:
$142m
VENTURE:
$33m
PRIVATE
EQUITY:
$400m
$121m
$340m
$800m
$1.5bn
$1.75bn
$2.7bn
$52m
$82m
$162m
$306m
$339m
$739m
2014
2015
2016
30
INSURTECH
Companies to watch
» This is a selection of Insurtech firms that GP Bullhound believes could
achieve a billion-dollar valuation in the coming months and years*
» These businesses have the potential to reach this valuation due to
their fast-growth, ambition and robust credentials
GP Bullhound Research
Source: Company data, Capital IQ, Mergermarket, CB Insights (US data), PitchBook, press articles, GP Bullhound analysis as at March 2017
* Note: Initial criteria for inclusion is a valuation greater than $150 million
Key Investors:
»
Intel Capital, PremjiInvest, Inventus Capital
About PolicyBazaar:
» Leading online life insurance and general
insurance aggregator in massive Indian
market
» Unique competitive offering gives it large
credibility and a strong value proposition to
disrupt the Indian insurance market
» Experience in navigating complex and
changing financial sector regulatory
environment
Founded:
2008
HQ:

Gurgaon, India
Employees:
560
Key Investors:
» Founders Fund, Google Ventures,
Maverick Capital
About Collective Health:
» Applying technology and design to
transform the $3tn US healthcare market
» Estimated already $200m health insurance
claims processed for c.30,000 members
in 2016
» Backing from leading tech partners and
growth accelerator funds
Founded:
2013
HQ:

San Mateo, United States
Employees:
120
6
Previous Equity
Rounds
$78m
Total Funds
Raised
3
Previous Equity
Rounds
$125m
Total Funds
Raised
31
FINTECH: ANYTHING BUT ALTERNATIVE
» Digital Banking is one of the nascent Fintech sectors with only
two businesses valued at $1 billion or above
» In the UK, the sector is picking up momentum and investor confidence with
Atom Bank announcing an equity investment of $102 million in Q1 2017 by support
from its existing investors and Starling Bank raising $70 million in 2016
» With additional players set to gain their banking licences in 2017, competition is
heating up against traditional banks which have legacy costs and poor user experience
DIGITAL BANKING
GP Bullhound Research
Source: Company data, Capital IQ, Mergermarket, CB Insights (US data), PitchBook, press articles, GP Bullhound analysis as at March 2017
NUMBER OF COMPANIES
AVERAGE FUNDS RAISED
AVERAGE VALUATION
2
$256m
$1.1bn
DIGITAL BANKING
ASIA
UNITED STATES
» Digital Banking firms valued at
$1 billion or above
» Average of total funds raised
» Average equity valuation of sample set of
businesses valued at $1 billion or above
» Based on market capitalisation for public
companies and disclosed information for
private companies
DIGITAL BANKING
Q2 - journey to IPO
32
33
FINTECH: ANYTHING BUT ALTERNATIVE
DIGITAL BANKING
Q2 - journey to IPO
Founded: 2005
HQ: Austin, United States
Revenues (FY2016A): $150.2m
EBITDA (FY2016A): $(20.4m)
Total Funds Raised: $341m
Summary Offering: Cloud-based virtual
banking solutions for regional and
community financial institutions
Pre-IPO Cumulative Funds Raised ($m)
Post-IPO Cumulative Funds Raised ($m)
Post Money Valuation ($m)
CURRENT
$1.2bn
IPO
$0.4bn
SERIES A:
$11m
SERIES B: $11m
UNDISCLOSED
INVESTORS
SERIES C:
$20m
IPO: $101m
NYSE LISTING
FOLLOW-ON
EQUITY: $131M
GP Bullhound Research
Source: Company data, Capital IQ, Mergermarket, CB Insights (US data), PitchBook, press articles, GP Bullhound analysis as at March 2017
$11m
$22m
$42m
$143m
$341m
2010
2009
2007
2006
2008
2011
2012
2013
2014
2015
2016
2005
DIGITAL BANKING
Companies to watch
» This is a selection of Digital Banking firms that GP Bullhound believes
could achieve a billion-dollar valuation in the coming months and years*
» These businesses have the potential to reach this valuation due to
their fast-growth, ambition and robust credentials
GP Bullhound Research
Source: Company data, Capital IQ, Mergermarket, CB Insights (US data), PitchBook, press articles, GP Bullhound analysis as at March 2017
* Note: Initial criteria for inclusion is a valuation greater than $150 million
Key Investors:
» Anthemis Group, Banco Bilbao, Polar
Capital & Toscafund AM
About Atom Bank:
» Leading UK-based mobile first digital
bank with banking license and significant
fundraising momentum
» UK domestic market at forefront of digital
banking adoption with large addressable
credit and current account potential
» Entering into mature and incumbent UK
mortgage market
Founded:
2013
HQ:

Durham, United Kingdom
Employees:
200+
Key Investors:
» Indiabulls Housing Finance Limited
About OakNorth Bank
» Uniquely servicing an under-financed
and growing entrepreneurs business loans
market in the UK
» Efficient lending selection and propriety
technology platform scalable across
multiple regions
Founded:
2013
HQ:

London, United Kingdom
Employees:
150+
Key Investors:
» Battery Ventures, Horizon, Peter Theil,
Valar Ventures
About N26:
» Europe’s leading digital bank with
expansion plans in 17 countries across
the Eurozone
» Processed over €3 billion in transaction
volume since founded with active user
base tripling from to 300k+ in Mar-17 from
beginning of year
» Participation from leading growth and
disruption investors including Battery
Ventures, Horizon & Peter Thiel
Founded:
2013
HQ:

Berlin, Germany
Employees:
150+
$268m
Total Funds
Raised
$137m
Total Funds
Raised
$52m
Total Funds
Raised
3
Previous Equity
Rounds
2
Previous Equity
Rounds
4
Previous Equity
Rounds
DIGITAL BANKING
34
DIGITAL BANKING
Companies to watch
35
FINTECH: ANYTHING BUT ALTERNATIVE
DIGITAL BANKING
Expert view
RISHI KHOSLA
CEO, OakNorth Bank
In my previous business, Copal Amba, we tried to
get debt financing from the UK highstreet banks at
a relatively early stage, but at a stage where we felt
creditworthy nonetheless. The banks told us that the only
way they could lend to us was by putting a charge on
our house. We went to the US a few months later and
were able to secure one hundred times the capital we
were looking for, so there is clearly a problem in the UK.
We therefore set out to launch a fully regulated bank
that leverages technology to deliver lending solutions to
SMEs that are ten times better than anything else in
the market.
This is not about reinventing banking. We are not saying
that you should take a traditional bank and reconstitute
it as a purely digital platform. Our view is that there are
parts of banking that make immense sense. The growth
in digital banking is about putting together various
elements of financial services and new technologies to
create the right solution, in our case to provide lending
to entrepreneurs. For instance, we have been able to
incorporate machine learning into our credit process.
This has enabled us to blur the lines between what the
Fintech players are doing and what the banks are doing
to simply ask: what is the best way to lend? We are able
to complete deals in a matter of weeks, and sometimes
even days, but with even more robust underwriting than
the larger institutions who take anywhere from nine to 12
months to complete a transaction.
There is huge appetite for this speed, flexibility and
bespoke approach to lending in the UK. We launched a
business in 2015 and have since lent around £400 million.
We will lend around a further £500 million this year and
will double that next year, to build up a lending book of
approximately £2 billion.
In terms of overseas expansion, we do not currently have
any immediate plans to lend outside of the UK, as we
think the market opportunity is significant enough here for
us to focus our attention and efforts on the UK. There is so
much pent-up demand and frustration from companies
trying to get access to high-quality debt financing.
Whether or not the country remains part of the single
market or whether banks remain able to passport is
beside the point. Sitting here today, our qualified pipeline
is around £700 million of potential businesses to lend
to. This leaves us in a position where we can focus on
building a very substantial business in the UK, without
needing to think about spreading ourselves too thin or
expanding overseas too soon.
Meanwhile, the broader political and economic climate
means that many banks that are already failing to deliver
adequate products and services for SME borrowers have
begun to retreat even more. The supply of capital in
the market, particularly for entrepreneurs, then starts to
contract and we have a greater number of businesses
looking for growth capital.
Our belief is that we have a market opportunity of at
least £10 billion, perhaps even £20 billion here in the UK.
The scale of this opportunity reflects a deep-set problem
at the heart of financial services: making debt finance
far more readily available for growing businesses, and
enabling the UK’s entrepreneurs to thrive.
My focus is to solve this problem and to build an amazing
business on the back of it. A billion-dollar valuation is not
the target for me; it is significantly higher, but that’s for
another day.
Business lending in the UK is dominated by the big five banks – who have 90 per cent of the
SME market share between them and who have not had significant competition for the past
150 years. This has left borrowers – in our case entrepreneurs and fast-growth businesses
– looking for capital to grow their business with no option other than to look to alternative
sources of credit.
ASSET MANAGEMENT
GP Bullhound Research
Source: Company data, Capital IQ, Mergermarket, CB Insights, press articles, PwC, GP Bullhound analysis as at March 2017
Note: Only includes billion-dollar companies where data is available.
ASSET MANAGEMENT
ASIA
NUMBER OF COMPANIES
AVERAGE FUNDS RAISED
AVERAGE VALUATION
1
$141m
$1.2bn
» Asset Management firm valued at
$1 billion or above
» Average of total funds raised
» Average equity valuation of sample set of
businesses valued at $1 billion or above
» Based on market capitalisation for public
companies and disclosed information for
private companies
36
» Asset Management and capital markets are experiencing rapid
innovation across front, middle and back office functions, with crucial
trends including sophisticated data analytics and increased
automation of asset allocation and wealth management
RAISED THROUGHOUT
2011-2015: $40m
IPO: $101m
IPO:
$121m
CURRENT
M. CAP:
$1.2BN
ASSET MANAGEMENT
Yintech - journey to IPO
and beyond
Founded: 2011
HQ: Shanghai, China
Revenues (FY2016A): $369.3m
Net Income (FY2016A): $134m
Total Funds Raised: $141m
Summary Offering: Online provider
of spot commodity trading services
Cumulative Funds Raised ($m)
Post Money Valuation ($m)
GP Bullhound Research
Source: Company data, Capital IQ, Mergermarket, CB Insights (US data), PitchBook, press articles, GP Bullhound analysis as at March 2017
1. Round sizes, timings, and investors undisclosed
$40m
$141m
2011
2012
2013
2014
2015
2016
37
FINTECH: ANYTHING BUT ALTERNATIVE
ASSET MANAGEMENT
Companies to watch
» This is a selection of Asset Management firms that GP Bullhound believes could
achieve a billion-dollar valuation in the coming months and years*
» These businesses have the potential to reach this valuation due to
their fast-growth, ambition and robust credentials
GP Bullhound Research
Source: Company data, Capital IQ, Mergermarket, CB Insights (US data), PitchBook, press articles, GP Bullhound analysis as at December 2016
* Note: Initial criteria for inclusion is a valuation greater than $150 million
ASSET MANAGEMENT
Key Investors:
» Kinnevik, Menlo Ventures, Bessemer
Venture Partners
About Betterment:
» Market leading robo-advisor with >$5bn
AUM in a market with massive potential
» Excellence in ease of use and design
of website
» Company valuation accelerated from
$450m in 2015 to $700m in 2016
Founded:
2008
HQ:

New York, United States
Employees:
149
Key Investors:
» DSpark Capital, Index Ventures, Ribbit
Capital, Greylock Partners
About Wealthfront:
» One of the leading US-based platforms
for auto-investing
» Tapping into a new market by providing
cheaper, accessible investment advice
» Recent copying by larger incumbent
asset managers shows value to
consumers of simplifying platform and
investment transparency
Founded:
2011
HQ:

California, United States
Employees:
60
Key Investors:
» Armada Investment Group, Balderton
Capital, Pentech Ventures
About Nutmeg:
» First mover advantage in UK and Europe
led to strong brand and a proven track
record to use for customer acquisition
» Market leader in the UK
» State-of-the-art proprietary technology
platform for auto-investing with deeply
competitive pricing will drive competitive
position in early stages
Founded:
2014
HQ:

London, United Kingdom
Employees:
200+
$205m
Total Funds
Raised
$130m
Total Funds
Raised
$85m
Total Funds
Raised
5
Previous Equity
Rounds
6
Previous Equity
Rounds
6
Previous Equity
Rounds
38
39
FINTECH: ANYTHING BUT ALTERNATIVE
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ALEXANDRA JARVIS
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CARL WESSBERG
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GP Bullhound Research
1. Sources for the valuation transaction data from PitchBook, CBInsights, Crunchbase, Business Insider, SP CapitalIQ,
MergerMarket, with public market caps as of 31 December 2016
» Financial Technology companies with a bias towards internet and software driven
business models (hardware and related peripherals have been excluded)
» Companies with an equity valuation of $1 billion or above in the public or private markets1
» Companies which were founded in 2000 or later
» First Caveat: our sources include public data (e.g. press articles, blogs, and industry rumours),
and the accuracy of our dataset is limited to such extent
» Second Caveat: the analysis of our data is based on data as 31 December 2016,
which has obvious limitation related to, for example, the state of equity markets
and recent public company performance where applicable
METHODOLOGY
AUTHORS
RAVI GHEDIA
Vice President
JOHANNES ÅKERMARK
Vice President
KYLE BOOYSENS
Analyst
THE GP BULLHOUND TEAM
CLAUDIO ALVAREZ
Director
FELIX BRATELL
Analyst
JULIEN YEE
Intern
METHODOLOGY
40
JAVED HUQ
Vice President
THE GP BULLHOUND TEA