20160525-毕马威-The_Pulse_of_Fintech,Q1_2016_Global_Analysis_of_Fintech_Venture_Funding_85页_3mb_3mb

Summary of The Pulse of Fintech, Q1 2016

Core Content

The Q1 2016 edition of The Pulse of Fintech Report, a collaboration between KPMG International and CB Insights, provides a comprehensive overview of global fintech venture funding trends. The report highlights a strong rebound in fintech investment after a significant drop in Q4 2015, driven by a number of large-scale funding rounds, particularly in Asia and North America.

Main Trends and Key Insights

Global Investment Activity

• Total Funding: $4.9 billion was invested in 218 VC-backed fintech deals in Q1 2016.
• Overall Fintech Investment: $5.7 billion was invested in all fintech deals, including those backed by angels, PE, and other investors.
• Growth: Fintech funding rose by 22% quarter-over-quarter, marking a new high after a drop in Q4 2015.
• Mega-Rounds: The top three mega-rounds (over $100M) accounted for over 50% of the total funding, with Lu.com and JD Finance in Asia leading the way.

Regional Highlights

• North America:
  • $1.8 billion in VC-backed fintech funding across 128 deals.
  • Corporate participation rose to 26%, a 5-quarter high.
  • Seed deal share dropped to 28%, while Series B fell to 14%.
  • Median late-stage deal size fell to a 5-quarter low of $19.5 million.
• Europe:
  • $348 million in VC-backed fintech funding across 47 deals.
  • Deal activity rose by 27% quarter-over-quarter.
  • Seed deal share fell to 30%, while Series A rose to 1/5th of all deals.
  • Corporate participation increased to 21%, up from 8% in Q4 2015.
• Asia:
  • $2.6 billion in VC-backed fintech funding across 36 deals.
  • Seed deal share rose to 39%, while Series A activity dropped to a 5-quarter low.
  • Corporate participation was 31%, a 5-quarter low, but still higher than in Europe and North America.
  • China dominated with two $1 billion+ rounds to Lu.com and JD Finance.

Key Verticals and Sectors

• Lending Tech: Includes P2P platforms and machine learning-based underwriters.
• Payments/Billing Tech: Covers payment processing, card development, and subscription billing tools.
• Personal Finance/Wealth Management: Tech companies helping individuals manage accounts and investments.
• InsuranceTech: Growing interest with companies developing online carriers and distribution platforms.
• Blockchain/Bitcoin: Includes wallets, security providers, and sidechain technologies.
• Institutional/Capital Markets Tech: Tools for financial institutions like alternative trading systems and financial modeling software.
• Equity Crowdfunding: Platforms enabling individual investments in projects or companies.

Robo Advisory and InsuranceTech

• Robo Advisory: Gaining momentum globally, especially in the US. Betterment raised $100 million in Series E funding, becoming a major player.
• InsuranceTech: Increasingly attracting interest from traditional insurance companies seeking to improve efficiency and reduce costs. However, the sector remains in early development stages compared to the US.

Collaboration Over Competition

• Financial institutions are increasingly collaborating with fintech companies rather than competing.
• Banks are exploring three main strategies: building their own technology, acquiring fintech firms, or partnering with them.
• Collaborations extend beyond banks to include fintechs, regulators, and other industries, especially in areas like blockchain.

VC vs. Non-VC Funding

• VC-backed fintech companies received 86% of all fintech funding in Q1 2016.
• Non-VC funding continued to decline, with a third straight quarter drop.

Most Active VC Investors

• QED Investors, 500 Startups, and Khosla Ventures were the top three most active fintech investors over the last 5 quarters.

Corporate Participation

• Corporates were involved in over 20% of fintech deals in Q1 2016.
• North America had the highest corporate participation at 26%, followed by Europe at 21%.

Conclusion

The fintech sector showed resilience in Q1 2016, bouncing back from the Q4 2015 drop-off. While the US and Asia led in investment, Europe lagged behind. The rise of robo advisory and InsuranceTech indicates the sector's diversification and expansion into new areas. Despite the risks highlighted by recent failures like Ezubao, the overall trend suggests continued growth and innovation in fintech.