CBInsights-2019年第三季度金融科技（英文）-2019.12-88页_7mb

Global Fintech Report Q3 2019 Summary

Core Content

The Global Fintech Report Q3 2019 provides an in-depth analysis of fintech financing trends, sector-specific developments, and the evolving landscape of financial technology across the globe. It highlights the continued growth of fintech funding despite a decline in early-stage investments and emphasizes the role of challenger banks, wealth tech, and alternative lending in shaping the future of financial services.

Main Points and Key Information

Global Fintech Funding Trends

• Total Funding: Fintech funding reached $24.6B through Q3 2019, already surpassing the 2017 annual total.
• Q3 2019 Record: The Q3 2019 fintech funding hit a quarterly high of $8.9B, excluding Ant Financial's $14B investment in Q2 2018.
• Global Deals: The number of fintech deals in Q3 2019 was 19, with a total value of $4B, but these figures are still lower than 2018's record due to a pullback in early-stage investing.
• Regional Performance:
  • US: Deals dipped to an 11-quarter low, driven by a decline in early-stage investments.
  • Asia: Deals rebounded significantly, with China surpassing India as the top fintech hub in the region.
  • Southeast Asia: Set a new annual record with $701M raised across 87 deals.
  • India and China: Continued to compete for the title of Asia's top fintech hub, with India raising $674M and China raising $661M in Q3 2019.
• Challenger Banks: Raised over $3B in 2019, with Q3 2019 seeing $1.3B in investments. NuBank became the highest-valued challenger bank at $10B with its $400M Series F round.

Fintech Sector Trends

• Digital Banking: Challenger banks and startups are expanding their offerings, including corporate credit cards and FDIC-insured accounts.
• Wealth Management: Wealth tech deals and funding rebounded to $761M across 39 deals, showing global growth. Startups like Upstox, Groww, and Vested are gaining traction with zero-commission models and mobile-first approaches.
• Lending: Alternative lending saw a decline in Asia due to regulatory intervention, but startups like Till and Flex are targeting renters to help avoid late fees.
• Real Estate Tech: Raised $1.9B through Q3 2019, surpassing the 2018 record of $1.1B. Companies are focusing on unlocking home equity and fractional ownership.
• Payments: Mobile wallets like Kuda and Chipper Cash are leading in emerging markets, offering free P2P transactions and expanding merchant networks.
• Regtech: Continued to see growth as fintechs navigate regulatory challenges and compliance.

Fintech Unicorns

• Total Unicorns: 58 fintech unicorns, collectively valued at $213.5B.
• New Unicorns: 6 new fintech unicorns were born in Q3 2019, with 3 more added by Q4 2019.
• Notable Unicorns:
  • NuBank: Highest-valued challenger bank at $10B.
  • Stripe: Valued at $35-$35.3B.
  • Brex: Valuation at $2.6B.
  • WeBull: Registered broker dealer in the US with operations in China and Hong Kong.
  • Groww: Retail investment platform with 1M+ downloads and 3M customers.

Key Trends

• Early-Stage Deals: Declined to an 11-quarter low, with Series A and seed deals significantly down.
• Mega-Rounds: 59 mega-rounds ($100M+) were reported in Q1–Q3 2019, totaling $11.5B.
• DeFi and Crypto Lending: Early-stage DeFi startups are allowing investors to earn interest on crypto without selling assets.
• Student Lending: Startups like Summer, Pillar, and Stride are offering alternative financing and repayment models to help students manage debt.
• Corporate Card Competition: Fintechs like Ramp Financial, Mercury, and Stripe are targeting the corporate credit card market with innovative features and no personal guarantees.

Appendix Highlights

• Top Fintech Deals: Southeast Asia led with $701M in Q3 2019, including $100M rounds to Deskera and MoMo.
• Most Active Investors: Includes firms like Andreessen Horowitz, Sequoia Capital, and Kleiner Perkins Caufield & Byers.
• Methodology: The report focuses on equity rounds to VC-backed fintech companies and excludes angel, private equity, and debt transactions.

Summary of Key Insights

• Fintech funding in Q3 2019 reached a new quarterly high when excluding Ant Financial's Q2 2018 investment.
• The US saw a decline in early-stage deals, while Asia rebounded and nearly surpassed the US in deal volume.
• Challenger banks and startups are reshaping the financial services landscape with innovative products and services.
• Wealth tech and alternative lending are gaining traction, especially in emerging markets.
• The rise of DeFi and crypto lending is providing new opportunities for investors to generate returns without selling assets.
• Student loan startups are exploring income-sharing agreements (ISAs) and other alternative models to reduce financial burden on graduates.
• Real estate tech is seeing growth as companies explore home equity and fractional ownership models.