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The Pulse of Fintech 2018 Biannual global analysis of investment in fintech 13 February 20192 #fintechpulse 2019 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. 2019 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. Welcome to the 2018 end-of-year edition of KPMGs The Pulse of Fintech a biannual report highlighting key trends and activities within the fintech sector globally and in key markets around the world. Fintech investment increased substantially in 2018, with total global investment dollars across M&A, PE and VC more than doubling from $50.8 billion in 2017 to $111.8 billion in 2018. Mega deals throughout the year including Vantivs acquisition of Worldpay for $12.86 billion in Q1, Ant Financials record-shattering VC raise of $14 billion in Q2, and PE firm Blackstones $17 billion investment in Refinitiv in Q3 helped to spur interest and activity in the fintech market. The Americas, Europe and Asia all saw significant growth in fintech investment, although the total number of deals globally only increased slightly. This modest increase was driven primarily from the US and the Americas, where deal volume saw solid increases year-over-year. Both Asia and Europe saw a decline in their fintech deal volume, mirroring a trend seen across the broader investment market. M&A and buyouts accounted for the largest fintech investments during the year in both the Americas and Europe, while VC investments reigned supreme in Asia. At a technology level, payments and lending continued to attract the most significant investment dollars globally, although insurtech and regtech were also quite high on the radar of investors. The outlook is positive for fintech investment heading into 2019, in part due to the strong and highly diverse fintech hubs cropping up around the world, as well as growing recognition from both incumbents and scaled fintech companies that M&A is an important part of their growth strategies. There is likely to be an increase in investment focused on solutions targeted to the needs of unbanked and underbanked people in the developing world, including southeast Asia and Africa, even as more developed regions see a growth in fintechs that can reduce operating costs, improve service quality and expand customer reach. We discuss these and a number of other trends in this edition of the Pulse of Fintech, in addition to examining other questions driving interest in the fintech market globally, including: Why is global growth pivotal for fintech success? Will regtech be the next big fintech play? How are corporates reshaping the fintech industry? How is blockchain investment evolving into a product play? We hope you find this edition of The Pulse of Fintech insightful and informative. If you would like to discuss any of the information contained in this report in more detail, contact a KPMG advisor in your area. Welcome message Ian Pollari Global Co-Leader of Fintech, KPMG International and Partner, KPMG Australia Anton Ruddenklau Global Co-Leader of Fintech, KPMG International and Partner, KPMG in the UK KPMG Fintech professionals include partners and staff in over 50 fintech hubs around the world, working closely with financial institutions, digital banks and fintech companies to help them understand the signals of change, identify the growth opportunities and to develop and execute on their strategic plans. All currency amounts are in US$ unless otherwise specified. Data provided by PitchBook unless otherwise specified.3 #fintechpulse 2019 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. Contents 22 Americas In 2018 fintech investment in the Americas reached $54.5 billion across 1,245 deals US dominates fintech investment in Americas, although Latin America sees growth Median pre-money venture valuation size for late stage investment nearly doubled Brazil saw a record Q4, bolstering fintech investment to $555.9 million in 2018 Canada hit a record of 119 fintech deals in 2018, bringing in $1.18 billion of investment 33 US In 2018, US fintech companies received $52.5 billion in investment driven primarily by M&A activity Refinitiv deal propels US-based fintech investment to record high in Q418 M&A skewed toward smaller enterprises while late-stage valuations nearly double Top deals were found mostly on the East Coast with New York and Massachusetts leading the way 43 Europe In 2018 investment in fintech companies in Europe hit $34.2 billion with 536 deals Strong M&A activity nearly triples total fintech investment in Europe PE fintech investment rose to $1,624.5 million in 2018 from $356.8 million Median M&A size in Europe increased from $23.7 million in 2017 to $62.5 million in 2018 The UK remains the leader in Europe accounting for half of the top 10 deals 57 Asia In 2018 investment in fintech companies in Asia hit $22.7 billion across 372 deals Ant Financials $14 billion round in H1 was a massive outlier Fintech CVC-related investments tripled to $17.3 billion Fintech investment in Singapore increased to a new high of $346.6 million Global expansion and investment a top priority for Chinese fintechs and big techs Global In 2018 global investment in fintech companies hit $111.8 billion with 2,196 deals Global fintech investment more than doubled, led by three mega 10 billion+ deals Global median venture pre-money valuation for late stage investment doubled to $207 million Corporate venture capital (CVC) investment in fintech topped $23 billion, more than double 2017 fintech CVC of $10.3 billion Global cross-border fintech M&A activity reached $53.5 billion in 2018 from $18.9 billion in 2017 Regtech investment more than tripled from $1.2 billion in 2017 to $3.7 billion in 2018 Investment in blockchain and cyrptocurrency stayed steady at $4.5 billion 4 All currency amounts are in US$ unless otherwise specified. Data provided by PitchBook unless otherwise specified.In 2018, global investment in fintech companies hit $111.8B with 2,196 deals5 #fintechpulse 2019 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. All currency amounts are in US$ unless otherwise specified. Data provided by PitchBook unless otherwise specified. Fintech investment globally more than doubled during 2018, driven in part by a small number of mega deals, including the acquisition of WorldPay by Vantiv and the $14 billion VC funding round raised by Ant Financial in H118. The second half of 2018 also saw a significant number of large deals, including PE firm Blackstones $17 billion investment in Refinitiv (formerly the financial and risk group of Thomson Reuters) and the $3.5 billion acquisition of prepaid card company Blackhawk Network by Silver Lake and P2 Capital Partners. All told, 2018 was a year of multiple record highs across fintech investment, including VC, CVC, M&A and PE. While new startups sprouted across emerging fintech subsectors, highly mature areas like payments saw some consolidation. For example, in 2018 Denmark payments firm Nets merged with German-based Concardis in a multi-billion-dollar deal. At the same time, Nets also carried out a number of other deals, including the acquisition of Poland-based payment firm Dotpay/eCard. Growth a top priority for challenger banks across the globe The growth agenda was a hot topic for fintechs globally during 2018, with later stage and unicorn fintechs raising large rounds, building international partnerships and making their own acquisitions to drive global expansion activities. This was particularly true among digital challenger banks, which have historically focused on their domestic markets. In 2018, a number of challenger banks made big plays to expand beyond their borders including Nubank in Brazil, N26 in Germany and several UK-based challenger banks. The growth objective of these companies has been a strong attractor for global investors. For example, China-based technology giant Tencent joined insurance company Allianz in March to invest $160 million in German digital bank N26 to help fuel the banks international growth. A number of other Asia-based fintechs have also targeted the use of acquisitions as a means for scaling globally. In addition to global expansion, many challenger and digital banks also focused on broadening their service offerings throughout 2018 expanding from niche offerings into a wider range of services similar to those offered by traditional banks. In order to compete effectively both regionally and globally, it is expected that such expansion of services whether internally or as a result of partnerships will continue to be a big priority for digital banks. For example, Marcus from Goldman Sachs acquired Clarity Money a personal financial management app for an undisclosed price. According to Goldman this acquisition will bring it more than a 1 million customers. Big tech players coming onto the scene Investors focused a significant amount of attention on Software-as-a-Service (SaaS) business models in 2018 and investors in the fintech market were no different. Many of the big tech players are continuously working to expand their cloud-services offerings, including Alibaba, Google and others. While some of these companies are looking to compete directly with financial institutions, others have primarily focused on developing cloud, AI and machine learning products to enable banks and other financial institutions to launch their own fintech solutions or enhance their internal efficiencies. In 2018, a number of large fintech players also made their own fintech investments. In September, PayPal acquired Europe-based payments platform iZettle for $2.2 billion, while earlier in the year Workday purchased Adaptive insights for approximately $1.6 billion. Stripe and Credit Karma were also quite active in the M&A space in 2018. Global fintech investment doubles amid mega deals6 #fintechpulse 2019 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. All currency amounts are in US$ unless otherwise specified. Data provided by PitchBook unless otherwise specified. Open data driving significant fintech developments Open banking and open data continued to be key topics among fintech investors not only in markets that have mandated or are in the process of implementing open data regimes, but also in markets interested in leveraging best practices as they are developed. In 2018, a number of fintech companies have recognized the opportunity to help enable banks to comply and get ready for open banking (e.g. data sharing, customer management, consent, entitlement, digital identity management), with many investments and activities crossing national borders in order to take advantage of leading practices. For example, in the VC space, Australia-based Data Republic raised $22 million in Series B funding in Q418 led by Singapore-based Innov8 and Singapore Airlines. At the same time, Ireland-based Priviti worked to help banks in Australia become compliant with open data regulations 1 . It is expected that open banking will lead to more competition as established fintechs work to become more competitive and new fintech companies look to enter the market. Growth, however, will continue to be a key obstacle, with customer acquisition and scaling as particular challenges. As a result, it is likely that open banking will primarily be a catalyst for the development of partnerships that will allow fintechs to grow. These partnerships will likely be a mix of fintech-fintech partnerships and partnerships between traditional companies and fintechs. Jurisdictions such as Australia have also designed their open data regimes to have broad applicability with banking only the first sector to be targeted. As policies are tested and applied, they will likely be applied to other sectors, such as energy, telecommunications and others which could foster additional cross-industry partnerships and investments. Regulatory changes driving uptick in regtech investment The regulatory environment continued to shift in 2018, with the degree of change not expected to drop off in the near future. The implementation of MiFID II, Payments Service Directive (PSD2), General Data Protection Regulation (GDPR), new IFRS standards and the EU Benchmark Regulation forced many organizations to adjust their operations in 2018, while the Fundamental Review of the Trading Book (FRTB) and the Central Securities Depositories Regulation (CSDR) are expected to drive further change in 2019 and beyond. The ongoing regulatory changes helped increase interest in regtech during 2018, both from traditional corporates looking for ways to better manage their compliance obligations and from other investors. While regtech investments primarily focused on compliance management and reduction of risk exposure, there was also increasing interest in data and predictive analytics as evidenced by the $17 billion Refinitiv deal. The US and Europe attracted the majority of regtech investment globally in 2018, although regtech interest in Asia also grew. Over time, Singapore, Hong Kong (SAR) and India are expected to become strong hubs for regtech in the Asia region, in part due to their significant investments in digital transformation, the rapid expansion of their domestic enterprises and their focus on development-related infrastructure. Global fintech investment doubles amid mega deals (contd) 1 finextra/pressarticle/75308/irish-priviti-sniffs-open-banking-opportunity-in-australia/openapis “The growing complexity, costs and risks in managing regulatory and legal obligations on a global basis is a persistent challenge for the financial services industry. Through the application of AI and machine learning, global and regional banks are able to now gain access to emerging regtech solutions that can help them to more accurately assess and monitor their compliance obligations across multiple markets in real time and with greater confidence.” Ian Pollari Global Co-Leader of Fintech KPMG International7 #fintechpulse 2019 KPMG International Cooperative (“KPMG International”). KPMG In
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