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1 2017 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. #FINTECH Global analysis of investment in fintech 21 February 20172 2017 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. #FINTECH Welcome to the Q416 edition of KPMGs Pulse of Fintech report. In this report, we highlight key trends and insights related to fintech investment globally and in specific jurisdictions around the world. In addition to examining Q416 specific fintech activity, we also look back on 2016 as a whole and discuss the key opportunities and trends for fintech investment in 2017. Overall, 2016 was a challenging year for fintech investment. The Brexit vote in the UK and ramifications associated with its outcome, the US presidential election, a perceived slowdown in China and significant fluctuations in the exchange rate globally prompted investors to be more cautious. This caution likely played a part in the significant decline in total investment in fintech globally. The decline reflects major decreases in mergers and acquisitions (M&A) and private equity (PE) funding related to fintech. However, global venture capital investment showed an opposite trend, reaching a new high of US$13.6 billion. The resilience of the VC market for fintech opportunities suggests that fintech will continue to be an attractive sector in the future. During 2016, investors in a number of regions saw some saturation within the more mature fintech areas, particularly in payments and lending. Enthusiasm for burgeoning fintech areas, however, helped keep interest in fintech high overall. Insurance tech (insurtech), regulatory tech (regtech), artificial intelligence (AI) and data and analytics each drew significant investor attention, with a positive outlook for further growth over the next 12 months. This report explores these results and a number of other global and regional trends. We also examine a number of questions that are top of mind for fintech investors today, including: Will lending and payments continue to attract the most investment? Will insurtech and regtech become the next big fintech hot spots? What are regulators doing to open the door for fintech innovation? How is fintech expected to evolve in 2017? We hope you find this edition of the Pulse of Fintech report informative. If you would like to discuss any of the results in more detail, contact a KPMG advisor in your area. 2017 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. Dennis Fortnum Global Chairman, KPMG Enterprise, KPMG International Warren Mead Global Co-Leader of Fintech, KPMG International and Partner, KPMG in the UK Ian Pollari Global Co-Leader of Fintech, KPMG International and Partner, KPMG Australia Brian Hughes Co-Leader, KPMG Enterprise Innovative Startups Network, Partner, KPMG in the US Arik Speier Co-Leader, KPMG Enterprise Innovative Startups Network, Partner, KPMG in Israel KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 152 countries and have more than 189,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such. 4 Summary 6 Global Americas 28 44 US 61 Europe 2017 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. 76 Asia 3 #FINTECH4 2017 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. #FINTECH Note: This report covers all mergers and acquisitions, private equity investment types and rounds to VC - backed companies, delineated appropriately. Mega-deals to VC-backed companies from hedge funds or mutual funds are included. All data is sourced from PitchBook. Page 94 details the methodology and definitions used. Investment & mergers value subside after blockbuster 2015: The overall amount invested in fintech dropped from $46.7 billion in 2015 to $24.7 billion in 2016, still historically robust, but a considerable decline. Deal volume remained healthy: Global M&A value hit $11.15 billion in 2016, a sharp decrease in overall value from 2015s $34.1 billion, but still on the historically higher end. Deal volume stayed high at 236 transactions, more than any other single year of the decade. VC investment remains robust: Venture capital investment remained strong in 2016, totalling $13.6 billion across 840 financings. This sum represents nearly 7% more than the prior high in 2015, even as deal flow slumped by approximately 100 rounds. Corporates maintain deal pace: Corporate venture capital arms continued to actively participate in fintech reaching 145 total rounds and $8.5 billion in 2016. This represents a significant increase over the 2015 total of 134 rounds. Late-stage financings decline: Globally, the median late stage financing subsided after growing for 3 straight years, dropping from $21 million in 2015 to $17 million in 2016. Valuations remained relatively lofty: At $151.3 million, the median global late- stage VC post valuation may seem low in the context of 2014s $201 million and 2015s $250 million, yet, still represents a lofty sum relative to all prior years. Venture-backed exits remain steady: Important for reasons of liquidity for early fintech backers, venture-backed sales remained healthy at 51 in 2016, down from 57 the prior year. US deal activity continues to reset: Deal flow slumped considerably in the US in 2016, however massive late- stage fintech financings contributed as outliers to keep total deal value healthy. M&A falls in the US: After a sudden surge in 2015, US fintech M&A activity returned to 2014 levels, with 108 transactions completed - worth $8.2 billion in aggregate. U$ All currency amounts are in USD, unless otherwise specified, data provided by PitchBook.5 2017 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. #FINTECH Americas see a sharp decline in deal value: In the Americas, the total amount invested in fintech decreased over 50% from 2015 to 2016, although Canada bucked this trend with a record year for venture capital investment. US fintech drops dramatically: Total fintech investment in the US dropped from $27.0 billion in 2015 to $12.8 billion in 2016. US fintech venture capital investment still robust in value: Venture capital investment in the US dropped from $6 billion in 2015 to $4.6 billion in 2016. However, 2016 was still the second- highest total of the decade. US deal activity continues to reset: Deal flow slumped considerably in the US in 2016, however massive late- stage fintech financings contributed as outliers to keep total deal value healthy. Smaller fintech ecosystems more prone to outliers shifting overall totals: Largely owing to the impact of outlier deals, both Europe and Asia saw disparate changes year over year. Moving from $10.9 billion in 2015 to $2.2 billion last year, European M&A and VC deal value fell by 80%. Asia on the other hand saw total investment rise slightly from $8.4 billion in 2015 to $8.5 billion in 2016. Venture capital activity rises in Europe: Alone among global regions, Europe saw its fintech venture investment grow in volume, from 230 financings in 2015 to 242 in 2016. Asia hits new high in venture capital invested: Driven by mega-financings of at least $100 million or more, Asia recorded no less than $7.1 billion invested in fintech in 2016. Venture activity in Asia still healthy: Venture funding by count remained steady between 2015 and 2016. There were 149 completed venture rounds in 2016 which was the second-highest total of the decade. U$ U$6 2017 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. #FINTECH In 2016, global investment in fintech companies hit across 1076 deals7 2017 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. #FINTECH Total investment in fintech declined globally in 2016, reflecting the significant amount of uncertainty that plagued the broader investment market. The ramifications of the Brexit vote in the UK, the US presidential election, a perceived slowdown in China, and significant exchange rate fluctuations along with other local factors, all conspired to make investors more cautious throughout much of the year. Total fintech funding declined almost 50 percent, falling to $25 billion from the $47 billion invested in 2015. Despite a significant decrease in annual M&A and PE funding, activity is up The significant decline in fintech investment in 2016 was a result of a decrease in M&A and PE funding in particular. M&A deals fell from $34 billion to $11 billion year-over-year, while PE funding dropped from $18 billion to $11 billion. However, it is important to recognize that 2015 was a significant outlier in terms of M&A dollars attributable to fintech. The level of M&A deal activity this year came second only to 2015. Global VC investment reaches a new high on the back of the record-setting Ant Financial Deal Total VC investment for 2016 bucked the general downward investment trend. Dollars invested grew from $12.7 billion to $13.6 billion year over year, while deal activity dropped from 940 to 840 deals over the same period. A massive record-setting funding round of $4.5 billion to China-based Ant Financial significantly buoyed the VC funding total. When looking at the results on a quarterly basis, Q416 saw an increase in both VC funding and deal activity related to fintech, with over $2 billion invested across 199 deals. While the increase was modest, these results suggest optimism may be returning after a significant period of uncertainty around the world. Payments and lending are losing luster in North America In the more mature fintech markets, particularly the US, investors are starting to question whether certain fintech areas are becoming saturated. Investors have grown increasingly hesitant to invest in payments and lending platforms given the proliferation of such offerings over the past 24 months. Allegations of wrongful practices at a leading US lending company early in 2016 likely exacerbated investors concerns. As a result, rather than consider new opportunities in these areas, many fintech investors in the US have focused on improving business models and scaling the businesses of their existing portfolio companies. Despite a decrease in interest in the US, payments and lending platforms continue to garner a lot of attention in other jurisdictions, particularly those with a significant degree of unbanked individuals. Countries like India and Brazil, for example, continue to see payments and lending models as key avenues for fintech growth. Governments are recognizing the value of fintech innovation Jurisdictions have begun to realize the important role that fintech innovation can play in facilitating financial inclusion. They also have recognized that improving the efficiency of the banking system can improve the performance of the economy as a whole. This alignment of fintech with government objectives may be one reason why a number of governments and financial regulators have moved quickly to support the development of fintech hubs and to help fintech companies manage the regulatory challenges associated with new technologies. For example, in 2016, the UK, Australia, Singapore, Malaysia and Thailand all announced the development of regulatory sandbox programs. 8 2017 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. #FINTECH A number of jurisdictions are also working together to minimize the regulatory roadblocks associated with the growth of fintech companies. In 2016, the UK has been particularly active in this regard, creating fintech bridges with Australia, Singapore and China and announcing plans for bridges with Belgium and Canada in 2017. Insurtech interest grows exponentially as industry starts to play catch up Interest in insurtech grew substantially during 2016. Many traditional insurance companies have been hampered by legacy IT systems and regulatory transformation programs which means there have been limited funds to invest in innovation. This has left the industry somewhat behind others in the financial services sector, making the industry ripe for disruption. Over the past year, a number of early movers in insurtech have also matured and started attracting larger funding rounds. This has helped put the sector firmly on the radar of investors. There has also been a proliferation of accelerator programs aimed at encouraging insurtech innovation over the past year. For example, Plug and Play Tech Centre in Silicon Valley recently introduced an insurtech vertical, while Startupbootcamp InsurTech London is now into its second year. Heading into 2017, interest in insurtech is expected to remain hot across all regions of the world. Most insurtech investments will likely focus on companies specializing in individual components of the insurance value chain (e.g. distribution, underwriting, claims, customer service), although there may be some that follow the lead of Lemonade and Trov: two early-mover, full-service digital insurance providers. Investment from corporates is also expected to grow as traditional insurers look for technologies that can help them respond to the evolving demands of their customers. Interest in cross-industry technologies that can be applied to the insurance sector such as healthtech, automotive telematics, Industry 4.0, and the expanding use of commercial drones is also expected to be high fo
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