2024-03-23-PitchBook-2023年四季度零售金融科技报告（英）_12页_8mb

报告摘要

Retail Fintech Report Summary

Core Content

This report provides an overview of the retail fintech industry, focusing on venture capital (VC) trends and emerging opportunities in Q4 2023. It includes insights into the VC deal activity, market landscape, and highlights key companies such as Klarna, Tabby, and others.

Main Trends

Q4 2023 VC Activity

Total Deals: 148
QoQ Growth: -10.8%
YoY Growth: -32.1%
YTD Growth: -36.0%
Total Deal Value: $2.6 billion
QoQ Growth: 5.0%
YoY Growth: -18.2%
YTD Growth: -57.5%

Full-Year 2023 VC Activity

Total Deals: 699
YoY Growth: -36.0% from 1,093 deals in 2022
Total Deal Value: $10.0 billion
YoY Growth: -57.5% from $23.6 billion in 2022

Key Deals in Q4 2023

Company	Close Date	Segment	Category	Deal Value ($M)	Post-Money Valuation ($M)	Lead Investor(s)	Valuation Step-Up
Tabby	November 1	Credit & Banking	Credit & BNPL	$950.0	$1,500.0	STV, Sequoia Capital, Wellington Management	1.9x
Tamara	December 18	Credit & Banking	Credit & BNPL	$340.0	$1,000.0	SNB Capital, Sanabil Investments	N/A
Órama	December 12	Credit & Banking	Digital Banking	$65.3	N/A	N/A	N/A
PaySend	November 29	Consumer Payments	Debit & P2P	$65.0	N/A	N/A	N/A
YouTrip	October 26	Consumer Payments	Wallets & Super Apps	$50.0	N/A	Lightspeed Venture Partners	N/A
AFEX	November 2	Wealthtech	Brokerage	$26.5	N/A	N/A	N/A
Moocho	December 21	Consumer Payments	Loyalty & Rewards	$23.0	N/A	N/A	N/A
HomeCapital	November 9	Alternative Lending	Real Estate Lending	$15.0	N/A	NABVENTURES	N/A
Trust & Will	December 4	Wealthtech	Retirement Planning	$15.0	N/A	N/A	N/A
Lucent Block	November 22	Wealthtech	Alternative Investments	$11.3	N/A	N/A	N/A

Retail Fintech Landscape

The retail fintech market is segmented into four main categories:

Alternative Lending
Credit & Banking
Consumer Payments
Wealthtech

Top VC-Backed Retail Fintech Companies

Company	VC Raised to Date ($M)	Segment	Category	IPO Probability	M&A Probability	No Exit Probability
Klarna	$4,612.9	Credit & Banking	Credit & BNPL	92%	6%	2%
Chime	$2,646.6	Credit & Banking	Digital Banking	93%	5%	2%
Suning Finance	$2,211.8	Credit & Banking	Digital Banking	N/A	N/A	N/A
N26	$1,853.1	Credit & Banking	Digital Banking	90%	8%	2%
Revolut	$1,689.3	Credit & Banking	Digital Banking	66%	29%	5%
eToro	$1,671.4	Wealthtech	Brokerage	86%	12%	2%
Orange Retail Finance	$1,546.0	Alternative Lending	Microlending	85%	8%	7%
Monzo	$1,301.3	Credit & Banking	Digital Banking	76%	22%	2%
Toss	$1,285.0	Consumer Payments	Wallets & Super Apps	89%	9%	2%
Trade Republic	$1,230.8	Wealthtech	Brokerage	45%	53%	2%

Emerging Opportunity: Buy Now, Pay Later (BNPL)

BNPL is a significant growth area in retail fintech, with companies like Klarna, Tabby, and Tamara leading the charge. The sector continues to attract substantial investment despite overall market contraction, driven by increasing consumer demand for flexible payment options.

Klarna Highlights

Overview

Klarna is a leading BNPL company operating in the US, Europe, and Australia. It offers flexible payment solutions including interest-free installment plans, debit cards, and B2B checkout solutions. Klarna's app has over 7 million monthly active users and provides AI-powered features for shopping based on photo recognition.

Financials

Global Active Users: 150 million
Daily Transactions: 2 million
Q4 2023 Revenue Growth: 26.0% YoY to $704.2 million
Net Loss Improvement: 76.1% YoY to $43.5 million
Credit Loss Reduction: 32.3% YoY to $373.3 million
Credit Loss Rate: 0.4%
GMV Growth: 17.2% YoY to $97.2 billion
Take Rate: 2.40% (up 9 basis points YoY)

Valuation

Last Disclosed Post-Money Valuation (July 2022): $6.7 billion
Estimated Valuation Range for IPO: $15 billion to $20 billion
EV/TTM Sales Multiple (2023): ~2.9x
Public Peer (Affirm): EV/TTM Sales Multiple ~7.04x

Leadership

CEO & Co-Founder: Sebastian Siemiatkowski
CFO: Niclas Neglén
COO: Camilla Giesecke
CMO: David Sandström
CCO: Joaquín Calderón
CTO: Yaron Shaer
CPO: David Fock
CISO: Dave Currie
Chief Credit Risk Officer: Arvind Varadhan
Chief Risk Officer: Joachim Reuss

Board Members

Chairman: Michael Moritz
Other Members: Sebastian Siemiatkowski, Mikael Walther, Lise Kaae, Sarah Smith, Omid Kordestani, Roger W. Ferguson Jr., Matt Miller

Financing History

Series A: December 7, 2007 | $4.7M
Series B: May 6, 2010 | $9.0M
Series C: December 9, 2011 | $155.0M
Series D: March 14, 2014 | $124.0M
Late-Stage VC (2019): $119.0M | $3.3B Pre-Money
Late-Stage VC (2019): $460.0M | $5.1B Pre-Money
Late-Stage VC (2020): $650.0M | $10.0B Pre-Money
Late-Stage VC (2021): $1.3B | $29.7B Pre-Money
Series H (2021): $639.0M | $45.0B Pre-Money
Late-Stage VC (2022): $800.0M | $5.9B Pre-Money

Conclusion

The retail fintech sector experienced a mixed Q4 2023 with a slight increase in deal value but a significant drop in deal count. BNPL remains a key growth area, with companies like Klarna leading the market. Despite the overall decline in VC activity, the sector continues to attract investment due to its strong consumer appeal and innovative offerings. Klarna, in particular, is a standout company with a robust financial position and a clear path to an IPO.

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