2021年Q3全球支付领域投融资报告-121页_6mb

State of Payments Summary - Q3 2021

Core Content

This report provides a detailed analysis of the global payments industry in Q3 2021, focusing on dealmaking, funding, and exits in private-market payments companies. It highlights key trends and notable companies across different stages of funding and geographic regions.

Main Points

• Global Funding: Payments startups raised $5.9 billion in Q3 2021, representing a 48% YoY increase but a 42% drop from Q2 2021. The total funding for 2021 YTD is $22.4 billion, which is 57% higher than 2020.
• Mega-Rounds: There were 20 mega-rounds (100M+) in Q3 2021, marking an 82% YoY increase. The number of mega-rounds has remained above 20 for three consecutive quarters.
• Late-Stage Valuations: The median late-stage valuation increased by 62% YoY, from $1.3 billion in 2020 to $2.1 billion in 2021 YTD. The median late-stage deal size also rose by 26%, reaching $120 million.
• Unicorn Growth: Q3 2021 saw the birth of 8 new payments unicorns, bringing the total to 57. This is a 58% increase YoY. India-based BharatPe and Pine Labs led the Q3 mega-rounds with $370M and $315M respectively.
• Regional Trends:
  • The US continues to lead in both deal count and funding, followed by Asia and Europe.
  • Europe raised $1.2 billion in Q3 2021, marking its third consecutive billion-dollar quarter.
  • Asia leads in early- and mid-stage deal share, while the US leads in late-stage deal share.
• Investor Activity:
  • Venture Capital (VC) accounted for the largest share of deals in Q3 2021, though angel investment share reached a record high.
  • The average deal size in 2021 YTD is nearly 70% higher than in 2020.
• Deal Size and Frequency:
  • The median months between raises decreased across most rounds in 2021 YTD.
  • Early-stage deal share dropped to 47%.
• Top Deals:
  • Series E+: BharatPe ($370M), Rapyd ($300M), SpotOn ($300M), ZEPZ ($292M), Airwallex ($200M), Upgrade ($105M), and others.
  • Series D: Papaya Global ($250M), Melio ($250M), NIUM ($200M).
  • Series C: Ramp ($300M), Xendit ($150M), Airwallex ($150M), etc.
  • Series A: Wave ($200M), Sunday ($100M), Highnote ($54M), Spenmo ($34M), Jasper ($34M), etc.
  • Seed/Angel: Karbon Card ($12M), Weavr.io ($10M), Trust ($9M), PayEm ($7M), Glean ($6M), etc.
• Unicorn Valuations:
  • The top unicorn by valuation in Q3 2021 was Stripe at $95 billion, followed by Klarna ($45.6B), One97 Communications ($16B), and Checkout.com ($15B).
  • ZEPZ and BharatPe were the top unicorn births in Q3 2021, with valuations of $5.0B and $2.9B respectively.
• Exit Trends:
  • Global payments exits saw an increase in 2021 YTD for the first time since 2018's peak.
  • M&A exits almost halved QoQ, and IPOs and SPACs also declined.

Key Information

• Global Funding: $5.9B in Q3 2021.
• Mega-Rounds: 20 in Q3 2021, up 82% YoY.
• Late-Stage Valuation: Median valuation increased to $2.1B in 2021 YTD.
• Unicorn Count: 57 unicorns in total, with 8 new ones added in Q3 2021.
• Top Unicorn Births: ZEPZ ($5.0B), BharatPe ($2.9B), 1Password ($2.0B), Papaya Global ($1.7B), Melio ($1.7B), etc.
• Top Valuation Gains:
  • Rapyd: $6.2B increase
  • ZEPZ: $4.1B increase
  • Papaya Global: $2.7B increase
  • Melio: $2.7B increase
  • Upgrade: $2.3B increase
  • Ramp: $2.3B increase
  • Airwallex: $1.4B increase
  • SpotOn: $1.3B increase
  • Pleo: $1.2B increase
  • MobileCoin: $981M increase

Summary

The payments sector in Q3 2021 showed significant growth in funding and unicorn births, despite a slight dip in funding compared to the previous quarter. The US remains the dominant region in terms of deal count and funding, while Asia and Europe are also performing well. Late-stage valuations have surged, with the median reaching $2.1B. Venture Capital continues to be the primary investor, although angel investment is on the rise. M&A exits decreased, but overall exit activity is showing signs of improvement. Notable companies like BharatPe, Rapyd, and Stripe are leading in terms of funding and valuation.