2018-金融科技_别无选择（英文版）-2mb

Fintech Summary

Core Content

Fintech has become a major force in the financial services industry, with global venture capital investment rising significantly over the past three years. In 2016, the total investment reached $13.6 billion, a 4.7x increase from previous years. These companies are now generating substantial shareholder value, with 39 Fintech companies valued at over $1 billion.

Fintech is not just an alternative to traditional finance; it is a mainstream force that is reshaping the industry. It is providing more efficient and streamlined financial services in developed markets and building digital-first infrastructure in emerging markets. The sector is evolving from disruption to sustainable innovation, with a growing focus on profitability and long-term value.

Main Trends

• Funding remains resilient: Despite a challenging political and economic environment, Fintech funding in 2016 was robust, with $1.4 billion in Europe and $4.5 billion in China (Ant Financial).
• China cements its leadership: China has 13 billion-dollar Fintech companies, with 8 in the Alternative Finance vertical. The sector is growing rapidly, driven by under-banked markets, strong e-commerce, and supportive regulation.
• Europe's focus on collaboration: While Europe has a strong traditional financial services sector, the Fintech landscape is shifting toward collaboration and enablement. London remains a key player, with 3 billion-dollar companies, and the sector is ripe for consolidation.

Key Verticals

Alternative Finance

• Dominates the billion-dollar list with 16 companies, including 3 created in 2016.
• Asia leads with 9 of these companies, while Europe has 1.
• Average funds raised: $670 million
• Average valuation: $3.1 billion
• China's growth: $40% CAGR for marketplace lending, compared to $35% CAGR in the US.
• Emerging players: Companies like Funding Circle, Kabbage, and LendingClub are leading the charge.

Digital Payments

• Largest Fintech vertical by average funds raised, with 10 companies valued at over $1 billion.
• Average funds raised: $936 million
• Average valuation: $9.6 billion
• Key players: Klarna, iZettle, and WorldRemit are notable examples.
• Europe's growth: Companies are leveraging regulatory frameworks, mobile penetration, and digital infrastructure to scale.

Data & Software

• A growing area with 2 billion-dollar companies, focusing on consumer lending and financial data analysis.

Insurtech

• 1 company valued at over $1 billion.
• Focused on digital-first insurance solutions and improving consumer experiences.

Digital Banking

• 2 companies valued at over $1 billion.
• Emphasizing innovation, user experience, and collaboration with traditional banks.

Asset Management

• 1 company valued at over $1 billion.
• Highlighting digital transformation and technology-driven investment strategies.

Expert Views

Claudio Alvarez & Carl Wessberg (GP Bullhound)

• Fintech is now a mainstream force, not just an alternative.
• The sector is mature and attractive, with strong long-term potential.
• China is a key leader, while Europe is maturing and consolidating.

Christian Faes (LendInvest)

• Fintech is not about disruption, but about improving the consumer experience.
• Mortgage and insurance are the next big areas for innovation.
• The hype cycle has moved beyond its peak; profitability and sustainability are now key.
• Consolidation is expected as investors become more selective.

Jacob de Geer (iZettle)

• Stockholm is a Fintech hub due to its financial services history, technological innovation, and digital infrastructure.
• Europe offers vast opportunities, but is more regulated than the US.
• Talent is crucial for scaling, and Sweden has a strong talent pool.
• iZettle is scaling rapidly due to market size, customer loyalty, and monetization strategies.

David Fock (Klarna)

• Technology is driving the transformation of financial services.
• Klarna is leveraging mobile technology and data analytics to provide e-commerce payment solutions.
• Regulation is a challenge, but also an opportunity for those who can navigate it.

Conclusion

The Fintech sector is maturing, growing, and becoming more integrated with traditional financial institutions. China is leading the charge with its fast-growing markets and supportive regulation, while Europe is consolidating and collaborating. The focus is now on sustainable innovation, user experience, and profitability. As the sector evolves, consolidation and collaboration will be key drivers of growth and value creation.