Summary of findings
2018 VC-backed fintech deals and funding set an annual record: In 2018, - VC-backed fintech companies raised $39.57B across 1,707 deals globally. Deals were up 15% year-over-year while funding surged 120% on the back of 52 mega-rounds ($100M+) worth $24.88B combined.
Fintech is happening on global scale with deals outside of core markets (US, UK, and China) accounting for 39% of deals: Fintech deal hubs are starting to emerge globally. The count of unique fintech startups raising funding topped an annual high of 1,463 companies, and the unique number of investors reached 2,745 boosted by an influx of corporate investors.
Early-stage deals, as a percentage, fell to a 5-year low as investors concentrated bets in perceived winners: Global seed and Series A fintech deals grew 5% on an annual basis in 2018, but fell as a percentage of total deals to 57%. US early-stage deals were flat YOY as investors concentrated their bets in established fintech unicorns.
There are 39 VC-backed fintech unicorns worth a combined $147.37B: Q4'18 saw five new unicorns births (Plaid, Brex, Monzo, DevotedHealth, and Toss) and two in the first month of Q1’19 (N26 and Confluent). The cohort’s total valuation in 2018 was boosted by a record year for megarounds to existing unicorns, including Gusto and Robinhood, among others.
India Stack - Towards Presence-less, paperless and cashless service delivery....ProductNation/iSPIRT
IndiaStack has the potential to revolutionize the way government services of the future are delivered in a large country like India. The nation is looking for “a transition from technology-poor to innovation-rich society” and entrepreneurs have a good role to play. The problems (read opportunities) in financial services, healthcare and education are all so large that only the right technology and entrepreneurial brainpower can cost-effectively solve them. Solving these scale problems should mean great business sense too.
The banking and financial services industry is undergoing a period of unprecedented disruption, which is re-shaping the competitive landscape.
Criterium Group believes we’re experiencing a fundamental change in how people manage, save and spend their money –which means banks and credit unions will need to re-imagine how they deliver value to customers and members.
We’re experiencing a disintegration of the financial industry. But disruption is exciting, not scary. As our relationship with money evolves, there are endless opportunities to delight customers and deliver value. However, competing in a digital age takes a completely different approach.
Criterium Group has considered the changing landscape from a competitive, financial, technological and operational perspective to re-design the traditional banking business model to win in a digital world.
India Stack - Towards Presence-less, paperless and cashless service delivery....ProductNation/iSPIRT
IndiaStack has the potential to revolutionize the way government services of the future are delivered in a large country like India. The nation is looking for “a transition from technology-poor to innovation-rich society” and entrepreneurs have a good role to play. The problems (read opportunities) in financial services, healthcare and education are all so large that only the right technology and entrepreneurial brainpower can cost-effectively solve them. Solving these scale problems should mean great business sense too.
The banking and financial services industry is undergoing a period of unprecedented disruption, which is re-shaping the competitive landscape.
Criterium Group believes we’re experiencing a fundamental change in how people manage, save and spend their money –which means banks and credit unions will need to re-imagine how they deliver value to customers and members.
We’re experiencing a disintegration of the financial industry. But disruption is exciting, not scary. As our relationship with money evolves, there are endless opportunities to delight customers and deliver value. However, competing in a digital age takes a completely different approach.
Criterium Group has considered the changing landscape from a competitive, financial, technological and operational perspective to re-design the traditional banking business model to win in a digital world.
Was recently invited to share my thoughts on fin-tech with the board of a top 5 bank in India. While Indian banks have several challenges, I was impressed by this board's disruption awareness and desire to embrace technological change. It was a good discussion. Here is an edited version of that presentation (removed a few non-public info slides).
India FinTech report 2019 - Executive summaryMEDICI
India FinTech Report 2019 offers an in-depth look at what makes the Indian FinTech ecosystem vibrant by taking a deeper dive into Government, Regulatory, and Private sector initiatives.
Download the Executive Summary here: https://bit.ly/2ugRke5
Download the main report here: https://bit.ly/2EjGclm
Use of Articificial Intelligence and technologies in providing financial services is what fintech does. Whether it is Payment gateway, insurance, banking, lending, stock trading, taxes.
How Fintech evolved over the years in the World and Indian Economy.
Indian Fintech Companies under different categories
Common Fintech practices adopted by Fintech Companies with better flexibility, convenience and accessibile financial products and services
Webinar: The Future of FinTech: Insights for 2021 | IntellectsoftIntellectsoft
FinTech companies and startups' changing dynamic forces them to be more adaptive to stay afloat or pivot during these difficult times.
Financial institutions from all over the world change the way people practice their finance. These are all credited to the growth of new digital trends such as Cryptocurrency, Contactless, Trading.
The Intellectsoft webinar "The Future of FinTech: Insights, Trends, and Use Cases Defining the Industry in 2021" offers fintech visionaries access to the unique resources for accelerating the infusion of digital finance in their business.
Watch the webinar to:
- Explore global fintech trends every leader should look out for in 2021
- Reveal how to make your fintech business stand out in the post-digital world
- Discover today's featured examples of Intellectsoft clients' technology solutions that can help you provide better and more efficient services
- Discuss how to evolve in 2021 using emerging technologies and more efficient solutions
Learn more about our financial software development here: https://www.intellectsoft.net/solutions/financial-software-development-services
FinTech: The revolution is here!
In this session, we will introduce fintech and discuss the eight key innovations in fintech that are revolutionizing how companies are doing business. This session is geared towards fintech enthusiasts and financial industry professionals who are intrigued and fascinated by the innovations in fintech and would like to learn and adapt to the new realities of the 21st century
Neobank is taking over the Fintech industry by Ne Dofofan globally. Every day we see a Neo player in the market whose main purpose is to make financial services simpler.
If you want to know about fintech then you must check out this presentation. Here you will get the basic points about fintech or technology in finance. A fintech is an abbreviated form of Financial Technology. It is also used as a collective term for all the technology in the financial sector. From a technical perspective, it is the seamless integration of technology in the finance sector to produce fast, accurate & efficient solutions for both consumers and businesses.
Building the 10x better bank, by @joukpleiter & @jelmerdejong
Slides of the November 11, 2015 webinar 'Omni-channel banking & the digital transformation roadmap'.
In this webinar, Jouk Pleiter and Jelmer de Jong of Backbase will talk about building the 10-times-better bank.
The financial services market is going through many changes. New challengers have appeared and are looking for a slice of the market. In addition, customers are more demanding and more informed, expecting convenience and simplicity when it comes to financial services, particularly online and via mobile devices. People love digital services such as Netflix, Amazon, and Uber because they’re easy to use and deliver great customer experiences. They deliver 10 times more convenience and better customer experiences than the status quo, and are therefore winning the market. It’s only a matter of time before the 10-times-better bank is founded, a thought that's on the radar of every banker.
In this webinar, we outline the journey of creating the 10-times-better bank, providing a detailed analysis of how banks can begin their digital journey, with a strong focus on five main points:
1) new competitors in banking: the disrupters
2) customer experience: the key ingredients
3) omni-channel and the changing channel mix
4) mobile's impact on online sales and share of wallet
5) regaining control in the era of digitization
Fintech and Transformation of the Financial Services IndustryRobin Teigland
Slides from our FinTech day as part of the Entrepreneurship & Innovation Concentration in the Stockholm School of Economics Exec MBA program in Stockholm, Sweden.
CB Insights Global Fintech Report Q3 2019Jeff Martinez
Q3’19 fintech funding topped $8.9B, a quarterly record when adjusting for Ant Financial’s $14B investment in Q2’ As of Q3, fintech has raised $24.6B in 2019, already surpassing 2017’s annual total. Funding grew on the back of 19 $100M+ rounds worth approximately $4B in Q3’19.
Deals rebounded slightly in Q3’19 but are likely to fall short of 2018’s record as a result of a continued pullback in early stage investing: Fintech deals in Q3’19 grew 6% from Q2'19, but they have dropped in every quarter in 2019 when compared to the same time frame last year. Early stage (seed/angel and Series A) deals fell to an 11 quarter low and funding hit a 7 quarter low.
The US saw deals dip to an 11 quarter low while Asia saw deals spike and nearly surpass the US in Q3’19: The US saw deals dip as a result of a pull back in early stage deals, which also contributed to the overall drop in 2019 global deals through Q3’19. Asia saw deals rebound as China reclaimed the
lead from India as Asia’s top deal hub.
Southeast Asia fintech topped new annual highs: Southeast Asia set a new annual record with $701M raised across 87 deals through Q3’19 . The top 2 deals since 2015 occurred in 2019: a $100M Series B to Singapore based Deserka and a $100M Series C to Vietnam based MoMo.
India and China continued to battle over the title of Asia’s top fintech hub in Q3’19: China saw deals surge to 55 in the quarter, reclaiming the lead from India with 33 deals. India saw $674M in funding, narrowly pulling ahead of China’s $661M.
Challenger banks have raised over $3B in 2019 YTD and Q3’19 saw $1.3B invested a quarterly funding high: Q3’19 saw challenger banks funding bolstered by rounds to unicorns, including NuBank’s $400M Series F, which was the largest reported equity investment to a challenger bank and made
NuBank the highest valued challenger at $10B. Startup focused challenger banks saw competition heat up with deals to Ramp Financial, Mercury, and Stripe, which launched card issuing.
There are 58 VC backed fintech unicorns worth a combined $213.5B: Q3’19 saw 6 new fintech unicorn births (Hippo, Judo, Deposit Solutions, QuintoAndar, Dave , and C2FO), and 3 more have occurred in Q4’19 as of 11/11/19 (Next Insurance, Ebanx , and Riskified ). Other highly valued unicorns continued to raise late stage capital, including NuBank, Gusto, and Stripe, among others, but none signaled an IPO was imminent.
Was recently invited to share my thoughts on fin-tech with the board of a top 5 bank in India. While Indian banks have several challenges, I was impressed by this board's disruption awareness and desire to embrace technological change. It was a good discussion. Here is an edited version of that presentation (removed a few non-public info slides).
India FinTech report 2019 - Executive summaryMEDICI
India FinTech Report 2019 offers an in-depth look at what makes the Indian FinTech ecosystem vibrant by taking a deeper dive into Government, Regulatory, and Private sector initiatives.
Download the Executive Summary here: https://bit.ly/2ugRke5
Download the main report here: https://bit.ly/2EjGclm
Use of Articificial Intelligence and technologies in providing financial services is what fintech does. Whether it is Payment gateway, insurance, banking, lending, stock trading, taxes.
How Fintech evolved over the years in the World and Indian Economy.
Indian Fintech Companies under different categories
Common Fintech practices adopted by Fintech Companies with better flexibility, convenience and accessibile financial products and services
Webinar: The Future of FinTech: Insights for 2021 | IntellectsoftIntellectsoft
FinTech companies and startups' changing dynamic forces them to be more adaptive to stay afloat or pivot during these difficult times.
Financial institutions from all over the world change the way people practice their finance. These are all credited to the growth of new digital trends such as Cryptocurrency, Contactless, Trading.
The Intellectsoft webinar "The Future of FinTech: Insights, Trends, and Use Cases Defining the Industry in 2021" offers fintech visionaries access to the unique resources for accelerating the infusion of digital finance in their business.
Watch the webinar to:
- Explore global fintech trends every leader should look out for in 2021
- Reveal how to make your fintech business stand out in the post-digital world
- Discover today's featured examples of Intellectsoft clients' technology solutions that can help you provide better and more efficient services
- Discuss how to evolve in 2021 using emerging technologies and more efficient solutions
Learn more about our financial software development here: https://www.intellectsoft.net/solutions/financial-software-development-services
FinTech: The revolution is here!
In this session, we will introduce fintech and discuss the eight key innovations in fintech that are revolutionizing how companies are doing business. This session is geared towards fintech enthusiasts and financial industry professionals who are intrigued and fascinated by the innovations in fintech and would like to learn and adapt to the new realities of the 21st century
Neobank is taking over the Fintech industry by Ne Dofofan globally. Every day we see a Neo player in the market whose main purpose is to make financial services simpler.
If you want to know about fintech then you must check out this presentation. Here you will get the basic points about fintech or technology in finance. A fintech is an abbreviated form of Financial Technology. It is also used as a collective term for all the technology in the financial sector. From a technical perspective, it is the seamless integration of technology in the finance sector to produce fast, accurate & efficient solutions for both consumers and businesses.
Building the 10x better bank, by @joukpleiter & @jelmerdejong
Slides of the November 11, 2015 webinar 'Omni-channel banking & the digital transformation roadmap'.
In this webinar, Jouk Pleiter and Jelmer de Jong of Backbase will talk about building the 10-times-better bank.
The financial services market is going through many changes. New challengers have appeared and are looking for a slice of the market. In addition, customers are more demanding and more informed, expecting convenience and simplicity when it comes to financial services, particularly online and via mobile devices. People love digital services such as Netflix, Amazon, and Uber because they’re easy to use and deliver great customer experiences. They deliver 10 times more convenience and better customer experiences than the status quo, and are therefore winning the market. It’s only a matter of time before the 10-times-better bank is founded, a thought that's on the radar of every banker.
In this webinar, we outline the journey of creating the 10-times-better bank, providing a detailed analysis of how banks can begin their digital journey, with a strong focus on five main points:
1) new competitors in banking: the disrupters
2) customer experience: the key ingredients
3) omni-channel and the changing channel mix
4) mobile's impact on online sales and share of wallet
5) regaining control in the era of digitization
Fintech and Transformation of the Financial Services IndustryRobin Teigland
Slides from our FinTech day as part of the Entrepreneurship & Innovation Concentration in the Stockholm School of Economics Exec MBA program in Stockholm, Sweden.
CB Insights Global Fintech Report Q3 2019Jeff Martinez
Q3’19 fintech funding topped $8.9B, a quarterly record when adjusting for Ant Financial’s $14B investment in Q2’ As of Q3, fintech has raised $24.6B in 2019, already surpassing 2017’s annual total. Funding grew on the back of 19 $100M+ rounds worth approximately $4B in Q3’19.
Deals rebounded slightly in Q3’19 but are likely to fall short of 2018’s record as a result of a continued pullback in early stage investing: Fintech deals in Q3’19 grew 6% from Q2'19, but they have dropped in every quarter in 2019 when compared to the same time frame last year. Early stage (seed/angel and Series A) deals fell to an 11 quarter low and funding hit a 7 quarter low.
The US saw deals dip to an 11 quarter low while Asia saw deals spike and nearly surpass the US in Q3’19: The US saw deals dip as a result of a pull back in early stage deals, which also contributed to the overall drop in 2019 global deals through Q3’19. Asia saw deals rebound as China reclaimed the
lead from India as Asia’s top deal hub.
Southeast Asia fintech topped new annual highs: Southeast Asia set a new annual record with $701M raised across 87 deals through Q3’19 . The top 2 deals since 2015 occurred in 2019: a $100M Series B to Singapore based Deserka and a $100M Series C to Vietnam based MoMo.
India and China continued to battle over the title of Asia’s top fintech hub in Q3’19: China saw deals surge to 55 in the quarter, reclaiming the lead from India with 33 deals. India saw $674M in funding, narrowly pulling ahead of China’s $661M.
Challenger banks have raised over $3B in 2019 YTD and Q3’19 saw $1.3B invested a quarterly funding high: Q3’19 saw challenger banks funding bolstered by rounds to unicorns, including NuBank’s $400M Series F, which was the largest reported equity investment to a challenger bank and made
NuBank the highest valued challenger at $10B. Startup focused challenger banks saw competition heat up with deals to Ramp Financial, Mercury, and Stripe, which launched card issuing.
There are 58 VC backed fintech unicorns worth a combined $213.5B: Q3’19 saw 6 new fintech unicorn births (Hippo, Judo, Deposit Solutions, QuintoAndar, Dave , and C2FO), and 3 more have occurred in Q4’19 as of 11/11/19 (Next Insurance, Ebanx , and Riskified ). Other highly valued unicorns continued to raise late stage capital, including NuBank, Gusto, and Stripe, among others, but none signaled an IPO was imminent.
Venture Capital funding report highlights 2019nfinitiv
PwC and CB Insights' Q4 2019 MoneyTree report highlights the latest trends in venture capital funding globally.
REPORT HIGHLIGHTS:
US VC FUNDING AND DEALS FALL FOR THE SECOND STRAIGHT QUARTER
US VC-backed companies raise $23B in Q4’19, down 16% compared to Q3.
GLOBAL DEAL ACTIVITY, FUNDING DECLINES IN LAST QUARTER OF 2019
Global VC funding falls 16% in Q4’19 compared to Q3’19.
ASIA AND EUROPE SEE INCREASED DEAL ACTIVITY, WHILE NORTH AMERICAN DEALS FALL
North American deal activity declines for the second consecutive quarter in Q4’19; four states more than double investments while most decline.
White Star Capital Eastern US Venture Capital Landscape 2019White Star Capital
Following in the footsteps of the reports that we have published on Canada, UK, Germany, France, Japan, and South Korea, we are delighted to share our newest report covering the NYC and US East Coast Venture Capital ecosystem. This report focuses not only on NYC but also includes Boston, which has been a long term power in the East Coast’s VC ecosystem, as well as emerging states including Florida, Georgia, North Carolina, Virginia, and the District of Columbia, each of which have had at least two companies raise mega-rounds of $100m or more.
BGX Investment Report covering venture capital flow into the period of 2018 Q4 and market sentiment for blockchain in 2019. Note: we are not talking about discredited ICOs or cryptocurrency predictions.
White Star Capital Canadian Venture Capital Landscape 2019White Star Capital
In this third edition of our report, we aim to reiterate our enthusiasm for the Canadian Tech and Venture Capital ecosystem as well as touch upon a few new topics.
In addition to sharing our excitement about Canada and expressing our belief that the ecosystem is stronger than ever, we examine larger round dynamics, the continuation of the VCCI program, the rise of narwhals, and funding activity by state and region. We have also explored one of Canada's key strengths: its diversity and increased immigration influx. Finally, we end with an updated deep dive on VCs and other investors.
At the end of the year, we often reflect on the current state of the venture market in technology. We are sharing it with our broader community in the hope that someone will find it informative, interesting or at least entertaining.
Tips for the Food sector: To keep up with this constantly shifting consumer behavior, look for early signs by using Google Trends to see how demand for certain food products or delivery services is changing to meet people’s needs.
Tips for Travel marketers: Our APAC travel recovery itinerary revealed that people have local trips and safety in mind, so marketers should seek to provide safety information upfront and present local product offerings and fun activities.
Tips for keeping people entertained: Though some people who signed up for a new entertainment source might stay, there’s also a higher likelihood of churn when their trial period ends. If you saw an increase in people signing up for your online products and services, focus on retention to keep them coming back, especially if you offered a free trial during the pandemic.
Tips for merchants: Make sure you integrate digital payment options for your consumers. Digital payments are expected to see a continued boost post-COVID-19, and trust in e-Wallets will likely increase.
Although there is still some instability, the internet sector in SEA is set to emerge stronger than ever in a post-COVID-19 world. The digital economy remains a bright spot in a very challenging economic environment, and e-Commerce remains a key driver of growth. The biggest takeaway for brands and marketers is the need to focus on people and their changing habits online, as well as keeping up with changing trends, as we continue to understand what our new normal will look like in the future.
A Roadmap for CrossBorder Data Flows: Future-Proofing Readiness and Cooperati...Peerasak C.
The World Economic Forum partnered with the Bahrain Economic Development Board and a Steering Committee-led project community of organizations from around the world to co-design the Roadmap for Cross-Border Data Flows, with the aim of identifying best-practice policies that both promote innovation in data-intensive technologies and enable data collaboration at the regional and international levels.
Creating effective policy on cross-border data flows is a priority for any nation that critically depends on its interactions with the rest of the world through the free flow of capital, goods, knowledge and people. Now more than ever, cross-border data flows are key predicates for countries and regions that wish to compete in the Fourth Industrial Revolution and thrive in the post COVID-19 era.
Despite this reality, we are witnessing a proliferation of policies around the world that restrict the movement of data across borders, which is posing a serious threat to the global digital economy, and to the ability of nations to maximize the economic and social benefits of data-reliant technologies such as artificial intelligence (AI) and blockchain.
We hope that countries wishing to engage in cross-border data sharing can feel confident in using the Roadmap as a guide for designing robust respective domestic policies that retain a fine balance between the benefits and risks of data flows.
“Freelancing in America” (FIA) is the most comprehensive study of the independent workforce. Commissioned by Upwork and
Freelancers Union, this study analyzes the size and impact of the freelance economy, as well as the motivations and challenges of this way of working. This year 53 percent of Gen Z workers freelanced—the highest independent workforce participation of any age bracket since FIA’s launch in 2014.
How to start a business: Checklist and CanvasPeerasak C.
How to start a business
A 15-point checklist and notes to take you from idea to launch
It’s critical to understand and manage your startup costs and cash flow wisely. If you aren’t self-funded, find out which investment options make the most sense for your business.
Outsourcing or hiring employees who are experts in their field will free up your time to focus on what you do best so you can drive faster growth. You can also lean on business partners in your community for support and to collectively grow your customer base.
Always remember, fortune favors the bold. But, it also smiles upon those who are prepared.
Download the business model canvas and full checklist here:
https://quickbooks.intuit.com/cas/dam/DOCUMENT/A5AuvH7EZ/Checklist-and-canvas.pdf
The Multiple Effects of Business Planning on New Venture PerformancePeerasak C.
ABSTRACT
We investigate the multiple effects of writing a business plan prior to start-up on new venture performance. We argue that the impact of business plans depends on the purpose for and circumstances in which they are being used. We offer an empirical methodology which can account for these multiple effects while disentangling real impact effects from selection
effects. We apply this to English data where we find that business plans promote employment growth. This is found to be due to the impact of the plan and not selection effects.
- Source: https://www.effectuation.org/wp-content/uploads/2017/06/The-Multiple-Effects-of-Business-Planning-onNew-Venture-Performance-1.pdf
Artificial Intelligence and Life in 2030. Standford U. Sep.2016Peerasak C.
Executive Summary
Artificial Intelligence (AI) is a science and a set of computational technologies that are inspired by—but typically operate quite differently from—the ways people use their nervous systems and bodies to sense, learn, reason, and take action. While the rate of progress in AI has been patchy and unpredictable, there have been significant advances since the field's inception sixty years ago. Once a mostly academic area of study, twenty-first century AI enables a constellation of mainstream technologies that are having a substantial impact on everyday lives. Computer vision and AI planning, for example, drive the video games that are now a bigger entertainment industry than Hollywood. Deep learning, a form of machine learning based on layered representations of variables referred to as neural networks, has made speech-understanding practical on our phones and in our kitchens, and its algorithms can be applied widely to an array of applications that rely on pattern recognition. Natural Language Processing (NLP) and knowledge representation and reasoning have enabled a machine to beat the Jeopardy champion and are bringing new power to Web searches.
- Source: Peter Stone, Rodney Brooks, Erik Brynjolfsson, Ryan Calo, Oren Etzioni, Greg Hager, Julia Hirschberg, Shivaram Kalyanakrishnan, Ece Kamar, Sarit Kraus, Kevin Leyton-Brown, David Parkes, William Press, AnnaLee Saxenian, Julie Shah, Milind Tambe, and Astro Teller. "Artificial Intelligence and Life in 2030." One Hundred Year Study on Artificial Intelligence: Report of the 2015-2016 Study Panel, Stanford University, Stanford, CA, September 2016. Doc: http://ai100.stanford.edu/2016-report. Accessed: September 6, 2016.
Testing Business Ideas by David Bland & Alex Osterwalder Peerasak C.
"This new Strategyzer book builds upon the Business Model Canvas and Value Proposition Canvas by integrating Assumptions Mapping and other powerful lean startup-style experiments." The Strategyzer
Free download: https://www.strategyzer.com/emails/testing-business-ideas-preview-free-download
To buy: https://www.strategyzer.com/books/testing-business-ideas-david-j-bland ; Amazon.com: Testing Business Ideas (9781119551447): David J. Bland, Alexander Osterwalder: Books https://amzn.to/2Pg7foy
Royal Virtues by Somdet Phra Buddhaghosajahn (P. A. Payutto) translated by Ja...Peerasak C.
Foreword
On the 13th October 2016 His Majesty King Bhumibol Adulyadej, the ninth monarch of his line, passed away. This was a cause of great grief to the people of Thailand. Before long his subjects were queuing in huge numbers to pay their respects to his body, a phenomenon that has continued for the many succeeding months. Now, with just over a year having passed, the Royal Cremation Ceremony is to take place on 26th October 2017.
On such a momentous occasion it is important that the admirable demonstration of gratitude for all that His Majesty has given to the nation, should be supplemented by the effort to express that gratitude by carrying on his good works for the longlasting benefit of our country. Last year I delivered a Dhamma discourse which encouraged this effort, and it has now been published as ธรรมของพระราชา; this book is its English translation.
I would like to express my appreciation for all the people with the faith and devotion to Dhamma, and with the best of wishes for the nation in mind, who have contributed to the publication of this book for free distribution. May the Dhamma be propagated and may wisdom be spread far and wide, for the long-lasting fulfilment of His Majesty the King’s fundamental goals: the welfare and happiness of all.
Somdet Phra Buddhaghosajahn
(P. A. Payutto)
---
Source: http://book.watnyanaves.net/index.php?floor=other-language
Reference
e-Conomy SEA is a multi-year research program launched by Google and Temasek in 2016. Bain & Company joined the program as lead research partner in 2019. The research leverages Bain analysis, Google Trends, Temasek research, industry sources and expert interviews to shed light on the Internet economy in Southeast Asia. The information included in this report is sourced as “Google & Temasek / Bain, e-Conomy SEA 2019” except from third parties specified otherwise.
Disclaimer
The information in this report is provided on an “as is” basis. This document was produced by and the opinions expressed are those of Google, Temasek, Bain and other third parties involved as of the date of writing and are subject to change. It has been prepared solely for information purposes over a limited time period to provide a perspective on the market. Projected market and financial information, analyses and conclusions contained herein should not be construed as definitive forecasts or guarantees of future performance or results. Google, Temasek, Bain or any of their affiliates or any third party involved makes no representation or warranty, either expressed or implied, as to the accuracy or completeness of the
information in the report and shall not be liable for any loss arising from the use hereof. Google does not provide market analysis or financial projections. Google internal data was not used in the development of this report.
General Population Census of the Kingdom of Cambodia 2019Peerasak C.
Provisional Population Totals of GPCC 2019 show that the total de facto population of Cambodia on March 3, 2019 stood at 15,288,489. This is the population that spent the night at the
place of enumeration, thereby excluding those that were abroad, even if only briefly. The total population has increased from 13,395,682 in the 2008 Census. Thus, the population has grown by 1,892,807 persons, which represents 14.1%, over the period of 11 years from 2008 to 2019. The male population was 7,418,577 (48.5%) and the female population stood at 7,869,912 (51.5%). The average size of households was stable since 2008 at 4.6 persons.
The first census conducted in Cambodia in 1962 after independence from France, counted a total population of 5.7 million. The demographic situation of the nation changed dramatically after this first census, because of war and civil unrest. The country carried out no further total counts until
1998. But demographers did undertake some population estimations for the purpose of planning and policy development. A Demographic Survey 1979-1980 estimated the total Cambodia population at approximately 6.6 million. Later, the Socio-Economic Survey of 1994 led by NIS estimated the total population of Cambodia at 9.9 million. In March 1996, the NIS conducted another Demographic Survey covering 20,000 households, which estimated the total population of Cambodia at 10.7 million. Next, the total population determined by the 1998 Census was 11.4 million. The NIS also undertook an Inter-Censal Survey in 2004 and found the population to have increased to 12.8 million. Following a pattern of steady increases, the 2008 Census obtained a result of 13.4 million and after an update by the Inter-Censal Survey of 2013 this figure rose to 14.7 million. Now the provisional result of the 2019 Census, sets the total de facto population at 15.3 million. Obviously, the final census result may differ slightly from this figure.
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
2. 1
WHAT I S CB I N S I G HTS ?
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platform that analyzes millions of data
points on venture capital, startups, patents,
partnerships and news mentions to help
you see tomorrow’s opportunities, today.
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3. 2
T R U S T E D B Y T H E W O R L D ’ S L E A D I N G C O M P A N I E S
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and interesting companies that might signal a shift in
technology or require us to reallocate resources.”
Beti Cung, Corporate Strategy, Microsoft
4. 3
I N D U S T R Y - S C A L E S U M M I T S C L I E N T - O N L Y E V E N T SP E E R - T O - P E E R
N E T W O R K
The CBI Community — Membership Has Benefits
events.cbinsights.com
DEMO DAY
6. Fintech mega-rounds continued in Q4’18, while IPO activity is likely to
remain lackluster in 2019: 2018 saw a whopping 52 $100M+ financing
deals to VC-backed fintech companies – including 14 in Q4’18 worth $3.8B.
Asia made a run at the US as the top market for fintech with a surge in
early-stage and mega-round investments: Asia saw the biggest boost in
deals, growing 38% YOY and a record level of funding raising
$22.65B across 516 deals. Political and trade war tensions may have
caused some of the pull back in H2’18, but 2019 could see Asia overtake
the US.
The US remained the top market for deals with 659 investments worth
$11.89B funding, both a new annual high: Europe saw a pull back in deals
to 367 deals but funding topped $3.53B, an annual record.
South America reached a turning point in the eyes of investors in 2018,
despite political turmoil across the region: South America saw funding top
$540M across 55 deals, both a new annual record. In H2’18, investors
started to pull back in the region as social, political, and monetary conflicts
struck the region. Despite strain, Brazil-based NuBank, became South
America’s first unicorn and closed out 2018 with a $90M investment from
Tencent.
Note: Report focuses on all equity rounds to VC-backed fintech companies. This report does not cover
companies funded solely by angels, private equity firms, or any debt, secondary, or line of
5
credit
transactions. All data is sourced from CB Insights.
Summary of findings
2018 VC-backed fintech deals and funding set an annual record: In 2018,
VC-backed fintech companies raised $39.57B across 1,707 deals globally.
Deals were up 15% year-over-year while funding surged 120% on the back of
52 mega-rounds ($100M+) worth $24.88B combined.
Fintech is happening on global scale with deals outside of core markets
(US, UK, and China) accounting for 39% of deals: Fintech deal hubs are
starting to emerge globally. The count of unique fintech startups raising
funding topped an annual high of 1,463 companies, and the unique number
of investors reached 2,745 boosted by an influx of corporate investors.
Early-stage deals, as a percentage, fell to a 5-year low as investors
concentrated bets in perceived winners: Global seed and Series A fintech
deals grew 5% on an annual basis in 2018, but fell as a percentage of total
deals to 57%. US early-stage deals were flat YOY as investors concentrated
their bets in established fintech unicorns.
There are 39 VC-backed fintech unicorns worth a combined $147.37B:
Q4'18 saw five new unicorns births (Plaid, Brex, Monzo, DevotedHealth, and
Toss) and two in the first month of Q1’19 (N26 and Confluent). The
cohort’s total valuation in 2018 was boosted by a record year for mega-
rounds to existing unicorns, including Gusto and Robinhood, among others.
7. 6
Contents
8 2018 Financing Trends
Annual Deals & Dollars
Regional Trends
Fintech Unicorns
9 0 Appendix:
2018 Top VC-Backed Fintech Deals
2018 Most Active Fintech Investors
2 1 2019 Trends To Watch
How we did in 2018
What to watch for in 2019
Where investors are placing bets in fintech
Which markets will see fintech emergence
How incumbents will act
8. 7
LENDING
BLOCKCHAIN/
CRYPTO
REGTECH
PERSONAL
FINANCE
PAYMENTS/
BILLING
MONEY
TRANSFER/
REMITTANCES
WEALTH
MANAGEMENT
CAPITAL
MARKETS
MORTGAGE/
REAL ESTATE
INSURANCE
2019 FINTECH
TRENDS REPORT
Marketplace lending & alternative
underwriting platforms
Payments processing, card developers,
& subscription billing software tools
Tools to manage bills and track
personal and/or credit accounts
Audit, risk, and regulatory
compliance software
Companies leveraging blockchain
technologies for financial services
Companies selling insurance digitally or providing
data analytics and software for (re)insurers
Sales & trading, analysis, and infrastructure
tools for financial institutions
Investment and wealth management
platforms and analytics tools
International money transfer
and tracking software
Mortgage lending, digitization,
and financing platforms
WHAT THIS REPORT COVERS
9. 8
First, a look at what happened in 2018…
1. Global fintech financing hit a new record
2. Early-stage fintech deal activity slowed down
3. 16 new fintech unicorns were birthed
10. 9
$8.34 $16.30 $19.29 $18.00 $39.57
885
1,153
1,254
1,480
1,707
2014 2015 2016 2017 2018
Global fintech investment tops $39B in 2018
Annual global fintech deals and financing, 2014 – 2018 ($B)
F I N T E C H D E A L S A N D F U N D I N G S O A R T O N E W R E C O R D S
12. 11
192
210
237 246
260
292
331
270
337
315 304 298
365
385
366 364
426
441 440
400
Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18
VC-backed fintech deals declined in Q4’18 but
remain above 2017 levels
Q 4 ’ 1 8 S A W A T H R E E - Q U A R T E R L O W F O R G L O B A L V C - B A C K E D F I N T E C H D E A L S
13. 12
$5,923 $9,125 $6,267 $8,673 $12,415
$1,114
$5,028
$6,842
$6,203
$8,648
$1,198
$2,009
$1,377
$2,843
$3,525
$22
$103
$69
$343
$202
$540
2014 2015 2016 2017 2018
North America is no longer powering global
fintech funding growth
Global VC-backed fintech funding by continent, 2014 – 2018, ($M) (*Ant Financial excluded)
*Ant Financials' $14B round in Q2’18 was excluded from the chart represented on this slide for illustrative purposes
Africa
376% YOY
South America
Europe
24% YOY
Asia
265%* YOY
North America
43% YOY
167% YOY
Australia
396% YOY
14. 13
Deals grew in every market except Europe in 2018
Global VC-backed fintech deals by continent, 2014 – 2018
Note: Charts not to scale
553
629 622
643
717
156
256
318
373
516
144
234 262
371
367
2014 2015 2016 2017 2018
North America Asia Europe
3
6
7
17
27
16
10
21
23 25
13
18
24
53
55
2014 2015 2016 2017 2018
Africa Australia South America
15. 14
67% 65% 64% 62% 57%
17% 19% 18% 18%
21%
8% 7% 6%
7% 6%
8% 9%
12% 13%
16%
2014 2015 2016 2017 2018
Early-stage fintech deal share falls for the 5th year
Annual deal share by stage to global VC-backed fintech companies, 2014 – 2018
Mid-Stage
Early-Stage
Late-Stage
Other
17. 16
SWEDEN
EUROPE
$5.3B
$1.6B Valuation $2.0 - $2.5B
$8B
$1.24B $1B
$1.2B
SOUTH AMERICA
$4B Valuation
BRAZIL
NORTH AMERICA
$20.3B Valuation
$3.2B
$3B
$4B$1.8B
$1.9B $10B
CHINA
INDIA
ASIA
$1.4B
$38B Valuation
$1B
$1.5B
$1B
$2B $2.1B (as of Q2’15)
$1B$1.2 - $1.6B
$1.4B $1B
$3B
39 fintech unicorns valued at $147.37B
Global VC-backed fintech companies with a private market valuation of $1B+ (1/25/19)
UNITED KINGDOM
$1.7B
$1.6B
$1.1B
$1.2B
$1.1B$1.8B
$2.7B
$1.27B
SOUTH KOREA
UNITED STATES GERMANY
$2.7B (as of Q1’19)
$1B $4.49B (as of Q1’17)
$2.5B (as of Q1’19)
18. 17
SWEDEN
EUROPE
$5.3B
$1.6B Valuation $2.0 - $2.5B
$8B
$1.24B $1B
$1.2B
SOUTH AMERICA
NORTH AMERICA
$20.3B Valuation
$3.2B
$4B$1.8B
$1.9B $10B
ASIA
$1.4B
$38B Valuation
$1.5B
$1B
$2B $2.1B (as of Q2’15)
16 fintech unicorn births in 2018
Global VC-backed fintech companies with a private market valuation of $1B+ (1/25/19)
GERMANY
$2.7B (as of Q1’19)
$1B $4.49B (as of Q1’17)
$2.5B (as of Q1’19)
UNITED STATES UNITED KINGDOM
$1.7B $1.27B
CHINA
$1.2B
SOUTH KOREA
$3B
$1B$1.2 - $1.6B
$1.4B $1B
$3B
$1.1B$1.8B
$2.7B
INDIA
$1B
$1.6B
$1.1B
$4B Valuation
BRAZIL
19. 18
5
18
8
21
25
3
11
10
12
18
7
1 1
2014 2015 2016 2017 2018
North America Asia Europe South America Australia
2018: 52 fintech mega-rounds total $24.88B
Global number of fintech mega-rounds ($100M+), 2014 – 2018
G R O W T H I N V E S T I N G I N F I N T E C H H I T A P E A K I N 2 0 1 8
20. 19
17% 21% 26% 28% 33%
83%
79%
74% 73%
67%
2014 2015 2016 2017 2018
Corp / CVC Participation Other Investors
A third of global fintech deals include a CVC
N U M B E R O F F I N T E C H I N V E S T O R S D O U B L E S I N C E 2 0 1 4
Number of investors in a fintech startup reached
a new high in 2018
2014 – 2018
Corporate and CVC participation in fintech saw a
new annual high
2014 – 2018
1,349
1,779
1,973
2,327
2,745
2014 2015 2016 2017 2018
21. 20
Traditional hubs no longer power fintech growth
F I N T E C H D E A L S S H I F T A W A Y F R O M C H I N A A N D T H E U S
Count of fintech startups raising funding hit an
annual record in 2018
2014 – 2018
745 990 1,077 1,247 1,463
2014 2015 2016 2017 2018
Deals are shifting away from core fintech hubs
2014 – 2018
73% 68% 61% 59% 61%
27%
32%
39% 41% 39%
2014 2015 2016 2017 2018
Deals in China, UK, US Deals Outside Core Markets
23. 22
B U T F I R S T … H O W D I D W E D O O N O U R 2 0 1 8 F I N T E C H T R E N D S T O W A T C H ?
2018 TREND TO WATCH KEY DEVELOPMENTS HOW WE DID
1. Fintech unbundling leads to rebundling • Rebundling had a false start in 2018, as startups
underestimated the time to market and regulations
• In 2019, the battle for millennial deposits will become more
aggressive as fintech account products hit the market
2. European fintechs will expand their
global footprint
• Digital-first banks flourished in Europe under tech
favorable regulations and funding environment
• Monzo, Revolut, and N26 became unicorns and, though
none went live, all established US operation plans for 2019
3. Banks forgo partnering in favor of
fighting fintech with fintech
• Goldman Sachs was the most active in investing
and building out fintech with retail bank Marcus
• Many incumbents made valiant attempts to build and
launch fintech competitors, but most missed on adoption
4. Wealth management will become the
hottest fintech sector in China
• Asia cracked down on alternative lenders to tighten
credit as defaults surged
• Lufax and Ant Financial raised over $15B in funding as
China’s broader fintech landscape consolidates
5. Latin America and Southeast Asia will
see strong fintech growth
• Both Latin America and South East Asia fintech
deals and funding hit annual highs in 2018
• Under pressure, Latin America may see funding cool off
while Southeast Asia is likely to continue to grow in 2019
6. More companies will look to sell
pickaxes amid cryptoasset speculation
• Cryptocurrencies were strained as regulators
globally ironed out regulation and guidance
• ICO frauds created speculation and detoured retail
investors however, equity investments rebounded
7. Capital markets fintech infrastructure
becomes a focus area for investment
• Plaid became the first infrastructure unicorn and
started 2019 by acquiring competitor Quovo
• 2019 will see more consolidation in infrastructure focused
companies under fee-compression in the industry
8. Banks deepen their partnerships with
regtech
• Marquee regulations were implemented creating
demand for regtech but adoption trailed
• Regulators promoted tech adoption and, in 2019, will look
to guide banks through integrating with core infrastructure
9. Insurance tech investment moves to
the back-end
• Mega-round investments were spread out among
full-stack insurers and intermediaries
• Consolidation in insurtech make take form in 2019 as VC
early-stage startups fail to show enough market traction
10. Amazon is primed to get more
aggressive in fintech — outside of the US
• Rumors swirled that Amazon was partnering with
JPM or Capital One to launch bank accounts
• Amazon picked up fintech investments in India, a key
growth market for the e-commerce giant
24. 23
1. The battle for deposits
2. Fintech firms up focus on regulatory compliance
3. Southeast Asia sees hotbed of fintech activity
4. The next Ant Financial & WeChat Pay
5. Unbundling the paycheck
6. New investment platforms and asset classes
7. Fintech meets real estate
8. Rise of impact fintech
9. Lack of fintech M&A by banks continues
10. No-go for fintech IPOs
2 0 1 9 T R E N D S T O W A T C H
25. 2424
The battle for deposits
# 1 F I N T E C H R E B U N D L I N G G E T S M O R E A G G R E S S I V E
26. 25
Fintech firms look for their second act
Fintech firms are becoming more aggressive in expanding their lines of business beyond their initial use case
B U Y I N G B U I L D I N G P A R T N E R I N G
+
+
Affirm debating move into savings
accounts next January 9, 2019
NuBank receives regulatory approval to
launch NuCanta bank accounts
April 2018
Revolut hires CTO to head up wealth
management and trading division
January 9, 2019
+
27. 26
S A M E G O A L , D I F F E R E N T E N T R Y P O I N T
Fintech moves from mono-line to multi-line
FIRST
BEACHHEAD
DIGITAL WALLET ROBO-ADVISOR MICRO-INVESTING BROKERAGE PERSONAL FINANCE CRYPTO
NEXT PILLAR
BANK ACCOUNTS
REAL ESTATE
COLLEGE SAVINGS
BROKERAGE
LENDING
INSTITUTIONAL
INVESTING
CRYPTOWEALTH
MANAGEMENT
BANK ACCOUNTS
CRYPTO WEALTH
MANAGEMENT
LENDING
BANK ACCOUNTS
INDEX INVESTINGMARGIN INVESTING
Fintech startups are rebundling products and services ahead of their maturing customer base
WEALTH
MANAGEMENT
BANK ACCOUNTS
28. 27
Banking-as-a-service platforms facilitate US
fintech companies to expand to bank accounts
NOTABLE PARTNERS NOTABLE PARTNERS
Green Dot uses its own bank, Green Dot Bank, and what it calls its
banking-as-a-service platform to offer mobile banking capabilities to
third party providers.
In April 2018, StoneCastle Partners and Q2 Holdings announced the
launch of Cambr, merging Q2’s digital platform CorePro and
StoneCastle’s digital deposit network of 800+ community banks and
relationships with banks of record.
29. 28
Abroad, fintech firms are looking to build their
own chartered banks
Fintech startups that want to replace the old guard of
banking are leveraging regulatory tailwinds and
applying for charters and licenses with respective
regulators.
Regulators globally have been lowering the barriers for
tech startups to enter the market as a way to break up
banking monopolies and stimulate competition.
The FCA was among the earliest to pilot limited
licenses like the “e-money license” that enabled tech
entrants like Revolut to launch a remittances business
through initially partnering with a chartered bank, that
decreased the company’s time to market. Revolut
obtained a charter in 2018 and has been applying the
same playbook to expand globally.
30. 29
The battle for distribution will start with deposits
By attaining a customer’s paycheck,
fintech challengers are able to make
money on interest, and more importantly,
set themselves up for future product
innovation. If a customer’s money
is already being deposited in an app,
introducing new products — such as
savings and investment accounts — can
be seamless.
Debit cards are often fintechs’ first cross-
over product because the service
adds another product and revenue stream.
Fintechs are also able to receive
significantly higher interchange fees than
traditional banks as a result of the Durbin
Amendment, which limits the fees stores
pay banks when customers make
purchases with debit cards.
31. 3030
# 2 R E G U L A T O R S B E C O M E M O R E E M B O L D E N E D
Fintech firms up focus on
regulatory compliance
32. 31
Emboldened regulators globally are…
2 0 1 9 R E G U L A T O R Y D R I V E R S
C R A C K I N G D O W N O N B A D
A C T O R S
As startups look to launch new products, it
will be essential for fintech challengers
(and incumbents) to continue to build
inroads with regulators to avoid
roadblocks.
C O L L A B O R A T I N G A N D
S P R E A D I N G I N N O V A T I O N
Regulators globally have been actively
promoting innovation and embracing tech to
break up local banking monopolies.
Regulatory support has lowered the barriers
for startups to enter markets.
1 2
33. 32
Regulators are upping oversight on bad actors,
issuing massive “unicorn” level fines
Fines include non-compliance with AML, KYC, and sanctions, and exclude crisis-related settlements, ($M)
Final figure pending Reported final figure
$15
$54
$135
$145
$205
$369
$534
$575
$613
$900
$1,000
$1,340
$1,600
$7,500
$8,000
UBS
BNY
JP Morgan
UBS
Deutsche Bank
Rabobank
CBA
Wells Fargo
US Bank
ING
Wells Fargo
Société Générale
Standard Chartered
Goldman Sachs
Dankse Bank
34. 33
Regulators are increasing their scrutiny of high-
profile consumer fintech challengers
VS.12:21PM
9:45AM
Within 24 hours
973,233
“Checking & Savings”
Now “Cash Management”
1 DayDecember 13, 2018
1 Week
1 Month
35. 3434
“I disagree with the statement that these funds are
protected by SIPC. Had they called us, I would have
told them what I just told you in that
I have serious concerns about this. This has
gigantic ramifications for the banking industry.”
-Stephen Harbeck
President & CEO, SIPC
A L S O W I T H I N 2 4 H O U R S
36. 35
Brazil cuts interest rates to new record low
of 6.5%
March 21, 2018 |
But regulators have also lowered barriers
R E G U L A T O R S O P E N T H E D O O R F O R F I N T E C H
37. 36
As tech startups take advantage of open banking
access, they will need in-house regulatory teams
LATIN AMERICA
CANADA
AFRICA
• OCC explores a “fintech charter”
• OCC issues conditional banking charter
UNITED STATES
• In Jan’19 the FCA reported 80 TPPs registered
• As of Sept’18 there were 17.5M monthly open API calls
• Both the EU’s revised payment services directive (PSD2) and
UK’s Open Banking went live
• Brazil’s central bank issues new banking rules
• Chile regulators follow Brazil’s lead
• The Hong Kong Monetary Authority
drafted open API frameworks
• HKMA starts issuing virtual bank
guidance and licenses
• The Department of Finance Canada
launches Advisory Committee on Open
Banking and open call for input
• Australia Securities and Investment
commission (ASIC) openly endorsed
open banking guidelines
• Open Banking put on hold in Jan’18 by
the federal government
MEXICO
• Mexico passes “Fintech Law” and requires
banks to establish open APIs
• Nigeria set up an Open Technology Foundation, a not-
for-profit industry group developing open API standards
• South Africa Reserve Bank (SARB) started researching
the establishment of a a regulatory sandbox
EUROPE
ASIA
AUSTRALIA & NEW ZEALAND
38. 3737
Southeast Asia sees hotbed of
fintech activity
# 3 S T A R T U P I N V E S T M E N T M O V E S F R O M C O M M E R C E T O F I N T E C H
39. 38
Fintech in Southeast Asia is heating up with record
year for deals and funding, up 143% YOY
$9.66 $173.39 $114.31 $199.42 $484.71
19
38
57
54
68
2014 2015 2016 2017 2018
40. 39
Southeast Asia fintech startups are attracting
bigger financings and foreign investors
Last Round: $40M Series D in Q1’19
Sector: E-commerce installment
lending
Investors: Ant Financial
Last Round: $24M Series B in Q3’18
Sector: OS services for SMBs
Investors: Sequoia Capital, East Ventures,
Convergence Ventures
Last Round: $28M Series C in Q3’18
Sector: Financial services comparison
Investors: Experian Ventures, Telstra
Ventures, Korea Investment Partners
Last Round: $100M Series C in Q1’19
Sectors: Digital wallet and payments
Investors: Warburg Pincus
Last Round: $2.4M Series A in Q1’18
Sector: Financial services comparison
Investors: B. Grimm, European Venture
Partners
Last Round: $40M Corporate Minority in Q4’18
Sectors: Digital wallet and remittances
Investors: KKR, Tencent, IFC
41. 40
Ant Financial is becoming more aggressive in
expanding its reach in Southeast Asia
THAILAND
PHILIPPINES MALAYSIA
INDONESIA
PARTNERING LOCALLY TO EXPAND MOBILE PAYMENTS LOOKING FOR STRATEGIC INVESTMENTS IN OTHER
FINANCIAL CATEGORIES
CAMBODIA
VIETNAM
46. 45
Fintech is powering the growth of MercadoLibre in
Latin America
Leading Latin American e-Commerce player MercadoLibre is expanding into QR code payments as more
payments take place off-platform. It also operates a loan business to sellers and recently announced plans
to launch an investment fund for Argentinians to invest in high-yielding, short-term-securities.
MercadoLibre’s mobile wallet business has been estimated to be valued at $2 billion.
47. 46
Line is looking to build an ecosystem resembling
Alipay/WeChat Pay in Japan
Leading messaging app Line is making a big push into fintech by pushing mobile payments into cash-heavy Japan.
Line has ambitious goals for the number of stores that accept Line Pay and has started to expand into other
financial businesses including wealth management (through a partnership with Nomura to launch an online stock
brokerage) and insurance (through an investment in startup JustInCase and a partnership with Sompo).
48. 47
Grab and Go-Jek have emerged as leading mobile
payments players in Southeast Asia
Go-Jek and Grab have emerged as the leading “super-apps” of Southeast Asia (the equivalent of aiming to provide a platform
that combines Didi, Meituan, Weiying, and Alipay among other services). In 2017, Go-Jek acquired three fintech startups and
60% of the 100M monthly transactions in Go-Jek’s ecosystem are processed through Go-Pay. In September, Go-Jek partnered
with three P2P lending startups to expand into credit. Grab has also announced several partnerships (Chubb, Credit Saison)
through its Grab Financial arm to offer financial services to its driver, agent, and merchant community.
50. 49
Household debt balances have accelerated and
total over $13 trillion
Source: FRBNY
$1.25T
$1.4T
$850B
$440B
Home Equity
Revolving
Other
51. 50
First, startups went direct to consumer to head
off debt
AUTO
HOME EQUITY &
RENOVATIONCREDIT CARDSTUDENT
Last Round: $500M Series F Feb’17
Total Funding: $2.2B
Select Investors: G Squared, Silver
Lake Partners, Institutional Venture
Partners, SoftBank Group
Last Round: $32.5M Series D Mar’17
Total Funding: $584.7M
Select Investors: First Round Capital,
Khosla Ventures, Correlation Ventures
IPO: $4.27B May’18
Total Funding: $610M
Select Investors: QED, TPG,
DST, Fifth Third Bank
IPO: $5.46B Dec’14
Total Funding: $263.3M
Select Investors: DST Global, Coatue
Management, capitalG, Canaan
Ventures, Kleiner Perkins
52. 51
Fintech firms are unbundling the paycheck to
alleviate and prevent predatory debt
DIRECT DEPOSITS
DEBT PAYOFF
PAYROLL FLEXIBILITY
PAYDAY ADVANCE
PRE-TAX SPENDING
STUDENT LOAN PAYOFF
EMERGENCY FUND
FINANCIAL LITERACY
EARNED-INCOME ADVANCE
53. 52
Startups are partnering with employers to offer
salary linked benefits
D I S R U P T I N G P A Y R O L L , S T A R T I N G W I T H P A Y D A Y
Last Funding: $125M Series C in Dec’18
Select Investors: DST Global, Andreessen Horowitz, Spark Capital,
Matrix Partners, Coatue Management, Ribbit Capital
Earnin is an app that allows employees to access earned income
ahead of a scheduled payday. Earnin partners with Starbucks,
Pizza Hut, Walmart, and other employers.
Earnin reported they work with employees across 50K companies
and that the app has been downloaded 1M times.
Last Funding: $20M Series B-II in Aug’18
Select Investors: Blenheim Chalcot, Legal & General
UK-based Salary Finance offers installment loans that deducts loan
repayments directly from an employee's salary. In December 2018
they launched a payday advance service allowing employees to
access earned income.
In Q4’18 they announced a partnership with the United Way as a
preferred solution for their network of 10K employers.
54. 53
D I S R U P T I N G P A Y R O L L , S T A R T I N G W I T H P A Y D A Y
Last Funding
$140M Series C // Jul’18
Valuation $2B
Gusto is an HRIS platform that provides HR,
benefits administration, and payroll automation
software.
Since February of 2015 the company has added
over 60K+ small businesses (~1% US SMB
population).
In June 2018, at the CB Insights’ Future of
Fintech conference, Gusto CEO and co-founder
Josh Reeves announced Flexible Pay, the
company’s digital paycheck advancement
service that allows employers to offer earned
income to employees in advance of a
traditional bi-weekly pay cycle.
2018 PARTNERSHIPS
Accounting 401(k)
Workers’ Compensation529 College Savings
55. 5454
New investment platforms and
asset classes
# 6 O P E N I N G T H E M A R K E T F O R I N V E S T O R S & D I V E R S I F I C A T I O N
56. 55
Fintech is democratizing investing
A L T E R N A T I V E A C C E S S T O
I N V E S T I N G
The first wave of investing apps lowered
the barriers for investors to access
existing markets with tech.
A C C E S S T O N E W A S S E T S
Startups are now looking to lower
barriers to enter alternative asset
classes and creating new commercially
available assets.
N E W I N V E S T I N G M O D E L S
T O T A P E X I S T I N G A S S E T S
In tandem, startups are creating next-gen
investment platforms that are focused on
creating new methodologies to access
alternative asset classes.
1 2 3
57. 56
Alternative investment apps will continue to
rise in prominence among next-gen investors
BROKERAGES MARKETPLACES
1
PLATFORMS
58. 57
New investment models will be created to open
up markets and create asset classes
CARS MUSIC MUNICIPALITIES ART
2
MARINE
Last Round:
$7M Series A Sep’18
Investors:
Social Leverage, Anthemis
Group, Upfront Ventures
Last Round:
$12.8M Series A Jan’18
Investors:
Greycroft, FJ Labs, Saturn
Partners, The Raine Group
Last Rounds:
Undisclosed
Last Round:
$3.37M Series B-II Nov’18
Investors:
Grotech Ventures,
Techstarts
Last Round:
$25M Series B May’17
Investors:
8VC, Abstract Ventures,
Sound Ventures, Fintech
Collective, Village Capital
59. 58
Startups borrowing existing biz models to open up
real estate investing to retail investors
F O R R E T A I L I N V E S T O R S
Crowdstreet is a US-based marketplace that connects
accredited investors, family offices, and institutions
with sponsored commercial real estate projects.
Crowdstreet leverages a crowdfunding model to
connect investors to co-invest with developers.
Crowdstreet’s investors have deployed $350M across
250+ properties.
Last Funding
$8M Series B (Jul’18) // US
Lendinvest is a marketplace property lender
that uses a P2P model to connect borrowers
with bridge and rent-to-let financing. Retail and
institutional investors are then able to invest in
LSE listed bonds securitized from the loans.
Lendinvest has lent $2B and helped borrowers
buy, build, and renovate 5,000+ properties.
Last Funding
Series C // London
PEER-TO-PEER CROWDFUNDING
Alphaflow automates real estate investing
by leveraging a robo-advising model to
generate passive income-producing
portfolios.
The company launched in January 2016
and has $17.32M of assets under
management
Last Funding
$1M Convertible Note// US
ROBO-INVESTING
3
60. 5959
Fintech meets real estate
# 7 F I N T E C H D E E P E N S R O O T S I N T H E R E A L E S T A T E E C O S Y S T E M
61. 60
Real estate tech is expanding rapidly
*Note: Real estate tech is a broad vertical and includes companies outside of fintech
2018 saw the tech
landscape in real
estate expand
Deals flowed across the
commercial and residential
real estate markets. Broad
investment themes included
platform-ification, digitization,
and portfolio optimization.
2019 will see these companies
look to take advantage of
consumer demand and supply
of residential properties, and
investor demand for portfolio
exposure and diversification.
64. As home values rise, fintech is moving into home
equity
HELOC
Equity sharing /
reverse mortgage
Rent-to-own
Last funding round
Total disclosed
equity funding
Select Investors
$40M Series B
(6/27/18)
F-Prime Capital and
Citi Ventures
$92.84M
waitlist
$50M Series A
(4/30/18)
$50M
Ribbit Capital, DCM Ventures,
and CreditEase Fintech Fund
$12M Series A
(5/23/18)
$12M
American Family Ventures
and General Catalyst
Unattributed
(4/18/18)
$8.65M
Andreessen Horowitz and
Ribbit Capital
$3.5M Seed VC
(9/19/18)
$4.7M
Blumberg Capital and
Montage Ventures
$1.3M Seed VC
(10/23/17)
$1.3M
IA Ventures and
MetaProp NYC
$1M Seed VC
(4/26/18)
$1.12M
Kima Ventures and
Techstars Ventures
65. 64
And abstracting away the mortgage as startups
look to make cash offers for home buyers
F L Y H O M E S R I B B O N
Seattle-based Flyhomes launched as a brokerage and provides a
program to make cash offers on behalf clients. FlyHomes is expanding
into new lines of business to deal with mortgages, title and escrow,
repairs and renovations and more.
New York-based Ribbon, which operates in the Carolinas, works with
homebuyers and their real estate agents to provide home sellers with a
guaranteed sale, and all-cash offer regardless of where buyers are in
the mortgage process.
66. 65
Rent-to-buy: Startups look to enable gradual home
equity ownership
D I V V Y H O M E S V E R B H O U S E
San Francisco-based Divvy allows renters to put down 2% of the price
of a desired property, which Divvy buys and leases back. 25% of the
monthly price goes toward home equity, with 70% going toward rent,
and 5% toward a maintenance fee.
San Francisco-based startup Verbhouse operates a lease-with-an-
option-to-purchase program in the Bay Area that lets program
participants move into homes now with the option to buy later.
67. 66
Fintech is integrating home insurance deeper into
the home buying process
Lenders using Blend Labs represent more than 25% of the total US mortgage market with $60B in mortgage applications flowing
through its software in 2017. Blend launched a home insurance agency in August 2018.
Source: Andreessen Horowitz, “Making Sense of Mortgages,” Blend Labs, CB Insights analysis
68. 67
Startups look to disrupt the $15B title insurance
market
R E A L E S T A T E M E E T S F I N T E C H
In December 2018, States Title acquired
North American Title, the eighth largest
title writer in the United States by market
share. States Title hopes to use data and
technology to predict and risk and
severity of a title defect on particular
properties.
New York-based startup Spruce is a
digital title insurance and escrow
agency. Spruce has worked with lenders
and real estate companies in 36 states
and plans to be in 48 states by the end
of 2018.
Qualia provides cloud workflow
technology to the title, escrow, and
closing process. Clients include Stewart,
First American, and Fidelity National. As
of March 2018, 5% of the national real
estate market was transacted through
Qualia.
69. 6868
Rise of impact fintech
# 8 T H E “ G R E E N ” S T A N D A R D O F I N V E S T I N G
70. 69
“Going green” is not new, but there is renewed
demand driving how ESG scales
S U S T A I N A B I L I T Y I S A
G L O B A L P R I O R I T Y
Tech companies are jumping to head off
concerns over the health of the
environment, sustainability, and
corporate governance (ESG). Upcoming
initiatives will turn up the heat on
companies to prove countries are
progressing positively.
M A R K E T S & E C O N O M Y
Tech companies are tapping into the ESG
and impact investing space which have
seen an uptick in inflows and are gaining
traction among economists and investors.
Market volatility could drive more inflows
into impact investments and position
impact fintech firms to bring
standardization to investment criteria.
D E M O G R A P H I C S H I F T S
Startups are creating next-gen wealth
management platforms for the next
generation of investors who
increasingly want investment portfolios
that align with their values. To grow
distribution and increase engagement,
fintechs with scale could look to tap
into ESG and impact investing.
1 2 3
71. 70
Impact investing and ESG are on the rise
News mentions of “impact investing” and “ESG” (environmental, social, and governance), 2014 – 2019 YTD
72. 71
Global sustainability goals will be top of mind for
policy makers, but measuring progress is subjective
Moderate
movement to goal
Moderate movement
away from goal
People killed in
road accident
Recycling rate of
municipal waste
Sustainable Transport
Adverse environmental impacts
Measured against:
United Nations 2030 Agenda For Sustainable
Development Goals (SDGs)
In 2015, the UN committed to implementing
Sustainable Development Goals (SDGs) that
outline 17 global goals each nation has
pledged to work towards by 2030.
However, each goal and underlying initiatives
are open to interpretation and carry different
weights of importance across regions.
Measuring progress towards goals is
complex, lacks accountability, and is an area
global leaders will demand transparency
from officials tasked with implementation
and governance.
74. 73Source: 2016 GSIR
Despite subjective
nature, investing in
impact funds is
growing
2018 saw ESG and impact
portfolios gain academic
recognition for their ability to
generate alpha.
Strategies that intentionally
exclude certain sectors,
companies, or practices are
gaining traction with younger
demographics.
As of 2016, global sustainable investment assets reached
$22.9T
2014 & 2016 ($T)
75. 74
With $30T from the ‘great wealth transfer,’ millennials
will expect choices that have a positive ROI & impact
Millennials are 2X more likely to make sustainable
investments than the average investor.
Source: Survey conducted by Morgan Stanley released in August 2017
86%
Are "very Interested" or "interested"
in sustainable investing
75%
Think their investments can
influence climate change
61%
Have made at least 1 sustainable
investment action in the last year
76. 75
The first layer of impact fintechs are establishing
green data credibility for financial services firms
D A T A > O P I N I O N
DATA INTEGRITYADVISORY CREDIT RISK REAL ESTATEINVESTING
Allows advisors to
conduct negative and
exclusionary screening
Auto rebalances
portfolios to align with
social impact goals
Provides scoring and
reporting for for non-
quantifiable risk events
Platform for scoring and
monitoring environmental
outputs of RE assets
AI database that tracks,
quantifies, and reports
intangible risk for equities
77. 76
The next layer of impact fintech will establish credibility
with next-gen investors, ahead of wealth transfer
BANKING INVESTING LENDING
Digital-first banks that use impact
investments to generate interest on
deposits and savings
Automated wealth management software that allocates
assets across thematic investment funds and ETFs
Investment account that allocates
assets to community development
financial institutions (CDFIs)
78. 7777
Lack of fintech M&A by banks
continues
# 9 D E S P I T E N E W C H A L L E N G E R S , B A N K S L O O K T O B U I L D R A T H E R T H A N B U Y
79. 78
European banks are
challenging back
In H1’18, competition between
high street banks and well-funded
challengers continued to heat up.
While incumbents look to boost
their digital capabilities,
challenger banks are growing
market share and their global
footprint.
As predicted, fresh off mega-
round ($100M+) investments and
unicorn designations, N26, Monzo,
and Revolut all announced plans
build out their US operations.
VS. 2 . 3 M C L I E N T S
3 M C L I E N T S
1 M C L I E N T S
Santander latest traditional player
to open digital bank
May 15, 2018 |
80. 79
RBS hatches plan to create digital challenger bank
to face off the threats from startups like Monzo
and Starling Bank
March 19, 2018 |
2018 saw banks launch a wave of digital products
82. 81
..incumbents still miss on mobile UX/UI, a key to
acquiring and engaging next-gen customers
US IOS App Store ratings (out of 5)
VS.
2018 Peak: #1 overall
83. 82
• Regulatory barriers, legacy tech
infrastructure, cultural barriers
and reluctance to carry inflated
goodwill (intangible assets)
values on balance sheets pose
challenges for incumbents
looking for fintech startups
• 20 fintechs have been acquired
by banks
• Goldman has been the most
active with their biggest
announced acquisition being of
PFM app Clarity Money in April
2018
Banks will remain trigger shy on acquisitions
2013 – 2019 (01/12/2019)
84. 8383
No-go for fintech IPOs
# 1 0 F I N T E C H I P O S F A I L T O M A T E R I A L I Z E I N 2 0 1 9
85. 84
CHINA
UNITED KINGDOM
UNITED STATES
INDIA
SWEDEN NETHERLANDS
NORTH AMERICA
EUROPE
ASIA
2018 started the year with 25 unicorns valued at $75.9B
Global VC-backed fintech companies with a private market valuation of $1B+ (01/01/2019)
$1.79B Valuation $1.3B
$1B Valuation
$1.46B
$1B
$18.5B
$7B
$1.1B Valuation $2.3B$2.5B$1B
$1.56B
$1.4B
$1B
$1.2B
$9.2B
$1B
$1.9B
$2B (as of Q2’15)
$2.7B
$4.5B
$2.4B (as of Q4’14)
$3.6B$3.5B
$1B
86. 85
CHINA
INDIA
SWEDEN
NORTH AMERICA
EUROPE
ASIA
Despite hype, only three fintech unicorns went public
Global VC-backed fintech companies with a private market valuation of $1B+ (01/01/2019)
$1.79B Valuation $1.3B
$1B Valuation
$1.46B
$1B
$18.5B
$7B
$1.1B Valuation $2.5B
$1.56B
$1.4B
$1B
$1.2B
$9.2B
$1B
$1.9B
$2B (as of Q2’15)
$2.7B
$4.5B
$2.4B (as of Q4’14)
$3.5B
$1B
GreenSky stock rises after several analysts
initiate coverage with bullish ratings
June 18, 2018 |
UNITED KINGDOM NETHERLANDS
$2.3B$1B
$3.6B
UNITED STATES
87. 86
Adyen makes record public debut in Europe
Netherlands-based payments processor Adyen saw shares jumped 98% on 1st day of trading
Mkt Cap Euro 13.44B
89. 88
Record fintech mega-rounds will likely delay IPOs
2 0 1 8 S E E S R E C O R D G L O B A L F I N T E C H M E G A - R O U N D S ( $ 1 0 0 M + )
$1B+ (2)
$500M+ (1)
$300M+ (8)
China
US
India
UK
Germany
Brazil
Hong Kong
Australia
Legend:
$200M+ (10)
$100M+ (31)
90. 89
Stripe, the global payments provider,
has been aggressively expanding its
tech stack. The company plans to use
the latest funding to expand into
Southeast Asia and India.
According to Bloomberg, Stripe sales
are roughly $1.5B annually. Stripe
supports businesses in 120 countries,
payments in 130 currencies, and
provides services ranging from fraud
prevention to accounting. Stripe
reports that 65% of UK internet users
and 80% of US users have bought
something from a Stripe-powered
business.
D E M O C R A T I Z I N G G L O B A L P A Y M E N T S A N D E N A B L I N G T H E D I G I T A L E C O N O M Y > I P O
Last Funding
$245M Series E // Sep’18
Valuation $20.3B
ENABLING DEVELOPERS
Stripe’s growing integrated technology stack
for global money movement
GLOBAL PAYMENTS &
TREASSURY NETWORK
SHIIPPING PRODUCT
2019 GOALS:
CFO transitions to chief product
officer, leaving the role vacant
December 5, 2018 |
93. 92
US fintech funding hits 5-year high as $100M
mega-rounds tops record
North America VC-backed fintech financing trends, 2014 - 2018, ($M)
$5.71 $8.81 $5.92 $8.18 $11.89
518
588 570 594
659
2014 2015 2016 2017 2018
Amount ($B) Deals
94. 93
US fintech deals cross 5-quarter low, despite annual high
US VC-backed fintech financing trends, Q4’17 – Q4’18, ($B)
US deals and
funding top a 5-year
high
Funding surged in 2018 on the
back of 25 mega-rounds worth
$5B.
Q4’18 saw 10 mega-rounds, 3
of which minted new unicorns,
Brex, Devoted Health, and
Plaid.
Other mega-rounds in the year
boosted the valuations of
established unicorns like
Stripe, Robinhood, and
Coinbase. $2.4 $2.4 $3.3 $3.0 $3.3
146
191
169
157
142
$-
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
Q4'17 Q1'18 Q2'18 Q3'18 Q4'18
Amount ($B) Deals
96. 95
Fintech funding in Asia spikes to $22.7B on the
back of $14B Ant Financial investment
Asia VC-backed fintech financing trends, 2014 - 2018, ($B)
$1.11 $5.03 $11.34 $6.20 $22.65
156
256
318
373
516
2014 2015 2016 2017 2018
Amount ($B) Deals
97. 9696
$3.53 Billion
367 DEALS
E U R O P E F I N T E C H V C - B A C K E D E Q U I T Y F U N D I N G I N 2 0 1 8 :
A C R O S S
98. 97
$1.20 $2.01 $1.38 $2.84 $3.53
144
234
262
371 367
2014 2015 2016 2017 2018
Amount ($B) Deals
Fintech deals in Europe level off, as funding hits
$3.5B in 2018
Europe VC-backed fintech financing trends, 2014 - 2018, ($B)
99. 98
$375.01 $1,047.85 $558.27 $1,457.57 $1,514.68
61
110
88
139
114
2014 2015 2016 2017 2018
Amount ($M) Deals
UK-based fintech rebounded despite pull-back in Europe
UK VC-backed fintech financing trends, 2014 – 2018, ($M)
UK fintech deals fall
18% in 2018
Brexit concerns may have
contributed to a year-over-
year decline in UK fintech
financing rounds in 2018.
Funding to UK-based fintech
companies grew slightly on
the back on significant
investments to digital-first
“challenger banks” Monzo
and Revolut. Both became
unicorns in 2018.
101. 100
Company
Deal Date //
Amount
Total Disclosed
Funding (M) Select Investors Description
May’18 // $14,000M $19,145M
($150B Valuation)
Silver Lake Partners, General Atlantic, T.
Rowe Price, Temasek Holdings, Sequoia
Capital China, Warburg Pincus, & others
China-based internet giant that provides a suite of
financial services spanning payments, insurance,
credit, wealth management, and others, through
various subsidiaries including Alipay & Yu’e Bao
Dec’18 // $1,350M $3,031M
($3.8B Valuation)
Goldman Sachs, JP Morgan, UBS An internet lending and wealth management
platform for SMB and retail consumers
Jan’18 // $650M $650M
($1B Valuation)
IDG Capital and SBI Group A spin-out from Ping An providing a platform for
financial account management for SMBs.
Jun’18 // $392M $569M
($1.2-$1.6B Valuation)
Venrock, Goldman Sachs, GSV B2B data analytics suite of modular desktop and
API applications that leverage social media to
detect events, consumer signals, and alerts
Dec’18 // $385M $1,451M CreditEase, Munich Re/HSB Ventures,
SoftBank Group
Auto lending and finance management platform
Top 11 global fintech deals in 2018
The top 3 deals to VC-backed fintech companies were all mega-rounds ($100M+) in China
102. 101
Company
Deal Date //
Amount
Total Disclosed
Funding (M) Select Investors Description
Aug’18 // $375M $1.27B
($3.2B Valuation)
Alphabet Tech-enabled health insurance carrier
May’18 // $363M $539M
($5.6B Valuation)
capitalG, DST Global, ICONIQ Capital,
Kleiner Perkins Caufield & Byers, Sequoia
Capital
B2C digital brokerage and financial services
platform that lets users invest in U.S. stocks,
ETFs, options, and cryptocurrencies
Jun’18 // $359M $536M Geo-Jade Petroleum Corporation,
Shunwei Capital Partners
Web-based investment portal that provides
various debt-backed investments products for
individual and SMB investors
Aug’18 // $300M $3.07B
($10B Valuation)
Berkshire Hathaway Mobile payments and commerce platform
Oct’18 // $300M $368.95M
($1.8B Valuation)
Andreessen Horowitz, F-Prime Capital,
Premji Invest, Uprising, Venrock
Digital health care company serving seniors,
aiming to launch Medicare Advantage plans
Oct’18 // $300M $538.67M
($8B Valuation)
Andreessen Horowitz, Polychain Capital,
Tiger Global Management, Wellington
Management
Crypto currency exchange, wallet, and platform for
retail and institutional investing and transactions
in digital currencies
Top 11 global fintech deals in 2018
6 of the top 11 deals to VC-backed fintech companies were to US-based startups
103. 102
The most active fintech VCs in 2018
By unique fintech company investments (new or follow-on)
Rank Investor Select Fintech Investments
1
2
3
4
5
104. 103
The most active fintech VCs in 2018 (continued)
By unique fintech company investments (new or follow-on)
Rank Investor Select Fintech Investments
6
7
8
9
105. 104
Methodology
CB Insights encourages you to review the methodology and definitions employed to better understand the numbers presented in this
report. If you have any questions about the definitions or methodological principles used, we encourage you to reach out to CB Insights
directly. Additionally, if you feel your firm has been under-represented, please send an email to info@cbinsights.com and we can work
together to ensure your firm’s investment data is up to date.
What is included: What is excluded:
― Equity financings into emerging fintech companies. Fundings must be put into VC-backed
companies, which are defined as companies who have received funding at any point from
venture capital firms, corporate venture groups, or super angel investors.
― Fundings of only private companies. Funding rounds raised by public companies of any
kind on any exchange (including Pink Sheets) are excluded from our numbers, even if they
received investment by a venture firm(s).
― Only includes the investment made in the quarter for tranched investments. If a company
does a second closing of its Series B round for $5M and previously had closed $2M in a
prior quarter, only the $5M is reflected in our results.
― Round numbers reflect what has closed — not what is intended. If a company indicates
the closing of $5M out of a desired raise of $15M, our numbers reflect only the amount
which has closed.
― Only verifiable fundings are included. Fundings are verified via various federal and state
regulatory filings, direct confirmation with firm or investor, or press release.
― Previous quarterly VC reports issued by CBI have exclusively included VC-backed rounds.
In this report, any rounds raised by VC-backed companies are included, with the
exceptions listed.
— No contingent funding. If a company receives a commitment for $20M subject to hitting
certain milestones but first gets $8M, only the $8M is included in our data.
— No business development / R&D arrangements, whether transferable into equity now, later, or
never. If a company signs a $300M R&D partnership with a larger corporation, this is not equity
financing, nor is it from a venture capital firm. As a result, it is not included.
— No buyouts, consolidations, and/or recapitalizations. All three of these transaction types are
commonly employed by private equity firms and are tracked by CB Insights. However, they are
excluded for the purposes of this report.
— No private placements. These investments, also known as PIPEs (Private Investment in Public
Equities), are excluded even if made by a venture capital firm(s).
— No debt / loans of any kind (except convertible notes). Venture debt or any kind of debt / loan
issued to emerging startup companies, even if included as an additional part of an equity
financing, is not included. If a company receives $3M with $2M from venture investors and
$1M in debt, only the $2M is included.
— No government funding. Grants, loans, or equity financings by the federal government, state
agencies, or public-private partnerships to emerging startup companies are not included.
106. 105
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