2021-10-14-GP_Bullhound-2021年Q3金融科技报告（英）_24页_1mb

报告摘要

Q3 2021 Fintech Sector Summary

Core Content

The Q3 2021 Fintech sector update provides an overview of key trends, investment activity, and valuation insights across various fintech verticals. The report highlights the increasing convergence between credit cards and BNPL (Buy Now, Pay Later) services, the rapid growth of fintech investments in Africa, and the role of fintech in driving impact investing. It also outlines major M&A transactions and fundraising activities, as well as performance metrics and valuation benchmarks.

Main Trends and Views

The Line Between Credit Cards and BNPL Gets Blurred

The COVID-19 pandemic has accelerated the shift from traditional credit cards to BNPL services, especially among younger generations, due to their convenience and ease of use.
BNPL is now a preferred form of credit, with Klarna and AfterPay leading the market.
The market for BNPL is expected to grow significantly, with spending predicted to reach $995bn in five years, four times the current figure.
M&A and fundraising activity has surged, with major players like Square, PayPal, and Goldman Sachs acquiring or investing in BNPL firms.

Mobile Money Dominates Fintech Investment in Africa

Fintech investments in Africa have reached record levels, with $2bn raised in 2021 YTD compared to $0.5bn in 2020.
The region is seen as a large and untapped opportunity, driven by a young, digitally native population and increasing mobile and internet penetration.
E-commerce is expected to grow rapidly, and mobile wallet payments are projected to account for over one-fifth of e-commerce spend by 2024.
OPay and Wave have raised significant funds, with OPay becoming a $2bn valued unicorn in Africa.

Fintech Driving Impact Investing

Impact investing is moving mainstream, with a growing volume of investment expected in the coming years.
Technology and data are essential for meeting investors' ESG expectations, particularly in the impact investing space.
Investment apps like Clim8 Invest and Circa5000 are leveraging technology to drive impact investing, focusing on climate-related initiatives.
The report emphasizes the need for transparency and trust in ESG data to avoid greenwashing and maintain the credibility of sustainable finance.

Key Transactions in Q3 2021

M&A Activity

Goldman Sachs acquired GreenSky for $2.24bn.
Square acquired AfterPay for $29bn.
PayPal acquired Paidy for $2.7bn.
PayU acquired BillDesk for $4.7bn.
Zilch raised $110m led by Goldman Sachs Asset Management & DMG Ventures.
Scalapay raised $155m at a $700m valuation from Tiger Global.
ZestMoney raised $500m led by Zip.

Fundraising Activity

Revolut raised $800m.
Chime raised $750m.
Branch raised $567m.
OPay raised $400m from SoftBank Vision Fund 2.
Wave raised $200m from Sequoia, Founders Fund, Stripe, and Ribbit Capital.
Monese raised $90m.
Zobito raised $200m.
Klarna raised $17m.
Tiger Global invested in Scalapay and Zobito.
Target Partners invested in Zobito.
General Atlantic invested in Zobito.
Kuda raised $55m from Target Global and Valar Ventures.

Fintech IPOs

Remitly listed on September 23 with a valuation of $6.9bn and an offering price of $43.
Toast listed on September 22 with a valuation of $20bn and an offering price of $40.
Robinhood listed on July 29 with a valuation of $32.0bn and an offering price of $38.
Meridianlink listed on July 28 with a valuation of $2.1bn and an offering price of $26.
Blend listed on July 16 with a valuation of €3.9bn and an offering price of $18.
Lendinvest raised $355m.
7 WISE listed on July 7 with a valuation of $12.2bn and an offering price of £8.8.
Coinbase listed on April 14 with a valuation of $85.8bn and an offering price of $250.
Paytm is expected to list with an offering amount of $1.6bn.
Xavidxchange is expected to raise $484m.
KakaoPay is expected to reach a valuation of $9.0bn.

Valuation Insights

Valuation multiples have stabilized at a new level during Q3 2021.
As of September 30, 2021, the fintech index is trading at 21.9x trailing 12-month revenues, 14.9% above the 2-year average.
The index is also trading at 18.1x next 12-month revenues, 7.6% above the 2-year average.
The Fintech index saw a decrease of $34.4bn in value, with PayPal and Shopify being the largest contributors to the decline.

Performance Metrics

Online lenders saw a 213.2% 2-year performance increase.
Nasdaq had a 80.6% 2-year performance increase.
Payments had a 69.9% 2-year performance increase.
HR & Payroll had a 65.6% 2-year performance increase.
Financial Data & Analytics had a 63.2% 2-year performance increase.
Banking Technology had a 3.7% 2-year performance increase.

Public Comparables – Payments

PayPal has a market cap of $305.755bn and an EV of $303.050bn.
Shopify has a market cap of $169.659bn and an EV of $162.980bn.
Square has a market cap of $110.393bn and an EV of $110.976bn.
Adyen has a market cap of $85.408bn and an EV of $81.679bn.
FIS has a market cap of $75.161bn and an EV of $93.464bn.
Fiserv has a market cap of $71.849bn and an EV of $92.851bn.
Affirm has a market cap of $32.388bn and an EV of $32.904bn.
Pageseguro has a market cap of $17.027bn and an EV of $16.801bn.
Dlocial has a market cap of $15.981bn and an EV of $15.718bn.
Wise has a market cap of $14.597bn and an EV of $9.200bn.
Marqeta has a market cap of $11.931bn and an EV of $10.264bn.
StoneCo has a market cap of $10.726bn and an EV of $10.174bn.
Paysafe has a market cap of $5.609bn and an EV of $7.675bn.
Payoneer has a market cap of $2.893bn and an EV of $2.450bn.

Conclusion

The Q3 2021 Fintech sector report highlights a significant shift in the market, with BNPL gaining prominence, Africa becoming a major investment hub, and impact investing being driven by technology and data. The report also showcases a record level of M&A and fundraising activity, indicating a robust and growing fintech landscape. The valuation and performance metrics suggest that the sector is performing well, despite some declines in the GP Bullhound Fintech index. Overall, the report underscores the dynamic nature of the fintech industry and its potential for future growth.