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FinTech in Stockholm 2015 - DI FinTech Conference

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My presentation on the Stockhlm FinTech Cluster in Sept 2015

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FinTech in Stockholm 2015 - DI FinTech Conference

  1. Stockholm FinTech An overview of the FinTech industry in the greater Stockholm Region Robin Teigland Stockholm School of Economics robin.teigland@hhs.se September 2015
  2. Banking is essential, but banks are not. Bill Gates
  3. In just the past few years in Stockholm… Company Founded Business Klarna 2005 E-commerce payment services MyLoan 2006 Loan broker Trustly 2008 Online payments TrustBuddy 2009 P2P lending iZettle 2010 Mobile payments FundedByMe 2011 Crowdfunding, crowd equity Kivra 2011 Digital mailbox Tink 2012 Personal finance Safello 2013 Cryptocurrency exchange KnCMiner 2013 Cryptocurrency mining equipment Toborrow 2013 P2P lending for companies Cryex 2014 Cryptocurrency clearing house
  4. High concentration of FinTech companies around downtown Stockholm
  5. 1950 1960 1970 1980 1990 2000 2010 1959, Bankgirot founded 1985, Swedish financial and credit markets deregulated 1968, World’s first online ATM in Sweden First wave of electronic trading software companies emerges 2003, First BankID issued in Sweden 1990s, Sweden invests in Internet infrastructure, today country with 3rd highest Internet penetration 2010, iZettle founded 2010, Neonet $160M exit 2014, iZettle raises $55M2014, Klarna raises $125M in PE 1967, First ATM installed in Sweden 1984, Optionsmäklarna (OM) opens in Stockholm, Sweden’s first stock option market, electronic trading introduced 2012, TriOptima, $160M exit 2005, Klarna founded 1998, Merger between Stockholm’s Stock Exchange and OM Stockholm 2007, NASDAQ acquires OMX Group Unicorns such as Skype, King, Spotify and Mojang founded 2014, FinTech Funding in Stockholm Explodes Long history of “FinTech” in Stockholm
  6. Stockholm #2 FinTech city in EU 2010-2014 investment ● #2 EU city with 18% total ● 31 investments - $532 M ● 8 exits - $381 M disclosed 2014 total investment ● 15 investments - $266 M ● 50% of 5 year investment total ● 3 exits (2 undisclosed) = $20 M Top 2014 Investments in Stockholm FinTech Companies (Mln) Klarna $ 125 iZettle $ 55 Trustly $ 29 Bima Mobile $ 22 KNC Miner $ 14 ($ 29) ● 2014 FinTech investment in Stockholm is 32% total investment in Sweden ● But Stockholm FinTech workers only ~0.05% of Sweden’s population
  7. ”New” FinTech on par with ”Old” FinTech Trading & Banking Tech ● Classic heavyweights, real base of Stockholm FinTech ● Mix of new entrants in past 10 years helped drive growth Payments ● New heros, currently primary growth driver ● Received $470 M or 88% of FinTech investments in past 5 years 2013 FinTech revenue in Stockholm Cryptocurrency 0% Transfers 2% Innovative Lending 5% Wealth Management 9% Other FinTech 12% Payments 33% Trading & Banking Tech 39%
  8. International investors noticing Stockholm 0 5 10 15 20 25 30 2010 2011 2012 2013 2014 NumberofInvestors Year Other US EU (Excluding Sweden) Sweden Where do investors come from? 0 5 10 15 20 25 30 2010 2011 2012 2013 2014 Year # of investments # of Firms investing in Sthlm FinTech Companies Annual investment numbers for Stockholm FinTech companies
  9. Stockholm – The Ideal FinTech Location ● The Nordic tech and financial hub ● Supportive local startup ecosystem ● High-tech early adopters provide test market ● Natural global focus ● ”Down-to-earth” Swedish leadership style ● Relatively low wage costs ● Strong government and social security benefits
  10. FinTech – An increasingly crowded space • Growing number of entrepreneurs with experience from established finance industry • Increasing number of FinTech incubators • Collaboration among established banks • Open innovation through open APIs • Other big non-banking entrants
  11. Major actors running incubators Actor Incubator Location Citi Mobile Challenge Americas, EMEA, Asia Pacific DBS & Nest Investment Accelerator Hong Kong Wells Fargo Startup Accelerator USA Accenture and Bank of America, Merrill Lynch, Barclays, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, UBS Innovation Lab NY, London, Hong Kong “Innovation labs are a sign that banks are taking the FinTech threat seriously as they recognize that we’re coming to eat their lunch.” -FinTech Entrepreneur
  12. Betting on the Blockchain - Together Goldman Sachs, JPMorgan, Credit Suisse, Barclays, Commonwealth Bank of Australia, State Street, RBS, BBVA, UBS +
  13. Opening up innovation… Citigroup Capital One BBVA Compass Silicon Valley Bank Bank of America
  14. IBM + Samsung
  15. If the rate of change on the outside (of an organization) exceeds the rate of change on the inside, the end is near.... -Jack Welch Our FinTech report is here: http://www.slideshare.net/eteigland/stockholm-49722748
  16. Robin Teigland robin.teigland@hhs.se www.slideshare.net/eteigland www.funnovation.se @RobinTeigland If you love knowledge, set it free… If you like this presentation and would like to contribute to our research, we accept bitcoins: 14hs4JbnQLXE87GGzu84uXGaspmxmnLpwC. Thank you!!!!!
  17. Under-representation in reports ● Before 2014 Stockholm investments were small ● VC vs PE, Stockholm is PE heavy ● Certain databases simply missing information ● London suffers also, $ 539 M self-reported often higher than attributed numbers
  18. Consistent exits Name Year Total Value of Company at Time of Exit (USD M) Comments Lendo 2010 $29 51% to 97% by Schibsted Growth Neonet 2010 $158 Acquired by ORC TriOptima 2012 $159 ICAP Group Holdings 38% to 100% Shareville 2013 undisclosed Majority Stake Sold to Nordnet TrustBuddy 2013 $15 100% to 360 Holdings AB MPS 2014 undisclosed Acquired by Cidron SuperPay AB Payson 2014 undisclosed Acquired by SveaEkonomi TradeTech 2014 $20 Acquired by Virtusa DIBS 2014 $107 Delisted/Acquired by Nets
  19. Segments Cryptocurrency: Bitjoin, ChromaWay, Cryex, KnCMiner, Safello Innovative Lending: Consector, Crowdculture, Emric AB, FundedByMe, kortio, Lånbyte.se, lendify, Lendo AB, Myloan (owned by Insplanet), qvido, Toborrow, Trustbuddy Other FinTech: Algorithmica, BehavioSec, Bimamobile (Milvik AB), Bolånegruppen (Our Interest AB), Mopper, ORC Group/Orc Software, Pantor, Tbricks, TriOptima, Zenconomy, Trema Transfers: Seamless Distribution, Swish (GetSwish AB)
  20. Segments (cont'd) Payments: Accumulate, Allopass, Babs Paylink, betalo, Billhop, iZettle, Klarna, Mondido, MPS (Mobile Payment Solutions), PayAir, Payex, Payground, Payson, Prello, Qliro AB, Seamless Payments, Trustly, Vaulted Payments, wywallet (4T Sverige) Trading & Banking Technologies: Aphelion, Camerontec, Cinnober, CMA Small Systems, Neonet, Nordnet, OMX Technology, Shareville (part of Nordnet), SunGard Front Arena Wealth Management: Avanza, InsPlanet, Qapital, Tink

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