2023-12-24-GP_Bullhound-2023年第二季度金融报告_24页_1mb

报告摘要

Fintech Sector Update Summary

Core Content

The Fintech sector is undergoing significant transformation driven by the integration of ESG principles, the digital payment revolution, and the potential resurgence of cryptocurrencies. GP Bullhound provides insights into these trends and highlights key transactions and public market performance.

Main Trends and Views

ESG-Centric Transformation

Integration of ESG and Fintech: Combining ESG principles with financial technology is revolutionising how businesses and investors approach sustainable and responsible practices.
Key Use Cases:
- ESG Data and Analytics: Utilising data on carbon emissions, social impact, and corporate governance to provide comprehensive risk assessments and ESG data.
- Sustainable Investment Solutions: Fintech platforms offer robo-advisory services and crowdfunding solutions that align with ESG values.
- Impact Measurement and Reporting: Developing tools to quantify environmental and social impact, enabling businesses to meet sustainable development goals.
- ESG Risk Management: Fintech firms are incorporating ESG risk management to mitigate climate change, regulatory compliance, and reputational risks.

Digital Payment Revolution

Growing Importance of Payment Solutions: Payment solutions are essential in today's fast-paced business environment.
Adoption of Digital Wallets: The use of digital wallets is increasing, with 30% of customers owning three or more in 2022, up from 18% in 2021.
Efficient Payment Systems: Optimising financial operations through highly efficient payment systems, especially for small businesses and corporate clients.
Bill Payments in the US: US households collectively pay at least 15 billion bills annually, driving demand for mobile banking solutions with real-time payment confirmation and push notifications.

Crypto Comeback Potential

Strong Momentum in Crypto Market: The cryptocurrency market has shown strong momentum in 2023 due to macroeconomic conditions and declining inflation.
Institutional Interest in Crypto ETFs: Several institutions are revisiting the opportunity to invest in cryptocurrencies via ETFs.
BlackRock's ETF Application: BlackRock is expected to be the first asset manager to launch a bitcoin ETF, which could trigger a surge in crypto values and benefit the Fintech ecosystem.
SEC Concerns: The SEC has historically been cautious about approving crypto ETFs, citing market manipulation, custody, and investor protection concerns.

Key Transactions

M&A Deals

pismo (28-Jun-23): Acquired by VISA, provider of core banking and payments infrastructure solutions, with an EV of $1,000 million.
Berbix (27-Jun-23): Acquired by Socure, provider of ID and document verification solutions, with an EV of $70 million.
AirPlus (21-Jun-23): Acquired by SEB, provider of corporate card and payment services for travel, with an EV of $491 million.
Adenza (12-Jun-23): Acquired by Nasdaq, provider of treasury, risk management, and compliance solutions, with an EV of $10,500 million.
Reward Gateway (16-Jun-23): Acquired by edenred, provider of employee benefits, engagement, and management platform, with an EV of $1,435 million.

Private Financings

trax (22-Jun-23): Raised $10 million from TriumphFinancial, invoice processing software for logistics.
Blank (16-Jun-23): Raised $47 million from CRÉDIT AGRICOLE, financial management platform.
gensyn (12-Jun-23): Raised $43 million from Andreasen & Horowitz, blockchain-based marketplace protocol.
lentra (07-Jun-23): Raised $87 million from Citi Ventures, online lending platform for digital loan approvals.
Griffin (07-Jun-23): Raised $14 million from MassMutual, digital banking payments.
fabrick (31-May-23): Raised $44 million from Mastercard, open finance solutions.
NYMBUS (25-May-23): Raised $70 million from MVP Mendon, digital banking transformation for traditional banks.
openfin (23-May-23): Raised $35 million from Bank of America, financial operating system for enterprise productivity.

Fintech Index Performance

Stabilised Valuation: As of 30 June 2023, the Fintech index is trading at 5.2x trailing 12-month revenues, 51.3% below the 2-year average.
Public Market Recovery: Public markets show signs of recovery in Q2 2023, with select large-cap companies outperforming.
Valuation Benchmarks:
- Banking Technology: MarketAxess and Jack Henry show strong revenue and EBITDA growth, with EV/Revenue and EV/EBITDA ratios indicating varied valuations.
- Financial Data & Analytics: S&P Global and Thomson Reuters demonstrate steady revenue and EBITDA growth, with high EV/Revenue and EV/EBITDA multiples.
- HR & Payroll: Intuit and Workday show strong growth and performance in both revenue and EBITDA.
- Payments: PayPal and Visa maintain significant market presence and valuation multiples.

Leading Companies and CEOs

Martin Kreitmair, CEO of Tangany

Focus: Secure custody services, seamless user experience, and compliance-driven solutions.
Achievements: Tangany is a BaFin-regulated German institution with 60 active B2B clients and €450 million in assets under custody.
Quote: "We are proud to be at the forefront of digital asset custody, setting the standard for trust, reliability, and innovation."

Francesca Carlesi, Founder and CEO of Molofinance

Focus: Speed, ease, and convenience in mortgage services.
Achievements: 4.9 rating on Trustpilot, transforming the mortgage market with near-real-time decisions.
Quote: "We are transforming the mortgage market and moving away from cumbersome, inefficient and slow processes, to fast, near-real-time decisions."

Julio Martínez & Jorge Lluch, Co-Founders of Abacum

Focus: Automated FP&A solution for mid-market companies, enabling better and faster financial decisions.
Quote: "Abacum is the missing link. We are focused on multiplying the impact Finance leaders have in the business and operations by enabling better and faster decisions and becoming a trusted partner to the business."