毕马威-2020上半年金融科技脉搏报告（英文）-2020.9-76页_2mb

Summary of Pulse of Fintech H1 2020

Core Content

The Pulse of Fintech H1 2020 report provides an in-depth analysis of global fintech investment trends, including venture capital (VC), private equity (PE) and mergers and acquisitions (M&A) activity. It outlines the key segments of the fintech industry, notable deals, and emerging trends for H2 2020.

Global Investment Overview

• Total Investment: $25.6 billion across VC, PE, and M&A in H1 2020.
• VC Dominance: VC investment remained strong, contributing $20 billion globally.
• M&A Decline: The lack of mega-M&A deals, such as the 2019 WorldPay-FIS acquisition, led to a decline in investment.
• Impact of COVID-19: The pandemic slowed deal activity, but strategic acquisitions continued, often reflecting carryover from 2019 and long lead times.

Top 10 Global Fintech Deals in H1 2020

1. Gojek – $3B, Jakarta, Indonesia – Payments/transactions – Series F
2. Open Lending – $1.3B, Austin, US – Lending – M&A
3. Grab – $886M, Singapore – Payments/transactions – Late-stage VC
4. Stripe – $850M, San Francisco, US – Institutional/B2B – Late-stage VC
5. RDC – $700M, King of Prussia, US – Regtech – M&A
6. Chime (Financial Software) – $700M, San Francisco, US – Banking – Series E
7. N26 – $570M, Berlin, Germany – Banking – Series D
8. Revolut – $500M, London, UK – Payments/transactions – Series D
9. Robinhood – $430.3M, Menlo Park, US – Wealth/Investment Management – Series F
10. Navi Technologies – $397.9M, Bengaluru, India – Payments/transactions – Angel

Key Fintech Segments

• Payments: Despite the lack of mega-mergers, the segment remained active. Late-stage companies like Stripe, Chime, and Revolut attracted significant VC funding.
• Insurtech: Investment declined in H1 2020 due to regulatory challenges, frothy valuations, and the impact of the pandemic. However, the US remained the dominant market.
• Regtech: Investment remained steady, driven by evolving regulations and the need for compliance. Regtech is expected to grow in importance, especially for global firms.
• Wealthtech: Investment was soft in H1 2020, but there was a trend toward more strategic deals and partnerships. Robo-advisory is gaining renewed interest.
• Blockchain/Cryptocurrency: Investment dropped due to the pandemic and market volatility. However, vertical integration and real-world use cases are becoming more important.
• Cybersecurity: Continued to be a critical area for fintech investment, especially as digital transformation increases the need for secure infrastructure.

Strategic Trends and Outlook

• Digital Transformation: Accelerated by the pandemic, with more focus on digital payments, online services, and back-office solutions.
• Platform Business Models: Big tech and platform companies are expanding into financial services, focusing on seamless integration and customer experience.
• Consolidation: Expected to increase in H2 2020, especially for mid-sized fintechs and those in less liquid markets.
• Corporate Involvement: Corporates are increasing their investment in fintech, both for customer-facing technologies and back-office improvements.
• Regulatory Focus: Governments are pushing for more regulation in fintech, including open banking and data privacy, which is driving the growth of regtech.

Featured Insights

• Ian Pollari: Emphasizes the role of growth-stage companies in driving fintech investment and the impact of the pandemic on deal activity.
• Anton Ruddenklau: Highlights the importance of strategic M&A and the potential for increased activity in H2 2020.
• Chris Hadorn: Notes that payments companies are adapting to digital trends, with a focus on seamless customer experiences.
• Gary Plotkin: Points to the shift in insurtech from being acquisition targets to potential acquirers.
• Bill Packman: Observes that wealthtech is becoming more strategic as traditional wealth managers seek to improve efficiency and customer experience.

Regional Analysis

• Americas: Strong activity in payments and lending, with deals like Stripe, Chime, and Gojek.
• EMEA: Active in payments and regtech, with notable deals in the UK, Germany, and France.
• ASPAC: Deals in India, Japan, and the Philippines, with a focus on payments and niche solutions.

Conclusion

The fintech industry in H1 2020 showed resilience despite the challenges posed by the pandemic. While mega-M&A activity declined, strategic deals and VC investment remained strong. The report predicts continued consolidation, increased focus on digital transformation, and growing importance of regtech and platform-based solutions in the coming months.