PitchBoo-k-2024年二季度企業(yè)金融科技報告（英）-2024-WN8

EMERGINGTECHRESEARCHEnterpriseFintechReportVCtrendsandinnovationspotlightsQ2REPORTPREVIEWThefullreportisavailablethroughthePitchBookPlatform.2024ContentsVerticalupdate3InstitutionalResearchGroupAnalysisQ22024timeline6RudyYangSeniorAnalyst,EmergingTechnologyEnterprisefintechlandscapeEnterprisefintechVCecosystemmarketmapVCactivity7rudy.yang@8pbinstitutionalresearch@9DataMatthewNacionalesSeniorDataAnalystCollinAndersonDataAnalystInnovationspotlightCross-borderpaymentsSelectcompanyhighlightAirwallex2021232426PublishingReportdesignedbyChloeLadwigandDrewSandersPublishedonJuly31,2024AppendixQ22024EnterpriseFintechReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG2Q22024timelineQ2VCdealcountsummary315totaldealsApril1April17June5-6.3%QoQgrowthPublicpaymentsprocessorcompanyNuveientersanall-cashtake-privatedealwithAdventInternational,NovacapManagement,CDPQ,andPhilipFayer,valuingthecompanyat$6.3billion.ThedealvaluesNuvei’ssharesata56.3%premiumoveritsunaffectedclosingpriceof$21.76fromMarch15,2024.ExpensemanagementstartupRamp

secures$150.0millionforitsSeriesD2atapre-moneyvaluationof$7.5billion.Theroundisco-ledbyKhoslaVentures,Greylock,8VC,andSequoia?Capital.TheConsumerFinancialProtectionBureau(CFPB)establishesrequirementstobecomearecognizedopenbankingstandard-settingorganization.TheannouncementcomesastheCFPBpreparestofinalizeitsopenbankingrulesin2024,-13.7%YoYgrowthacknowledgingthatitshouldnotberesponsibleforestablishingopenbankingtechnicalstandards.-16.4%YTDgrowthQ2VCdealvaluesummary$4.6BApril5May9June26totaldealvalueBrazilian-basedBaaSstartupQITech

raisesa$50.0millionSeriesBextensionontopofthestartup’sprior$200.0millionSeriesB.Theround,ledbyGeneralAtlantic,placesthestartup’spost-moneyvaluationat$1.0billion.InstantpaymentsfintechcompanyTabaPayabandonsitsplanstoacquiretheassetsofBaaSplatformSynapse,whichfiledforChapter11bankruptcyinApril2024.ThechangeislikelyduetotheinabilitytoreconcileSynapse’smissingfunds.FintechBusinessWeeklyreportsthatbankingproviderEvolveBank&Trust

isaffectedbyacyberattackfromRussianhackinggroupLockBit.Over7.6millioncustomershavepersonaldata2

7.1%QoQgrowth5compromisedbecauseofthehack,including62.2%YoYgrowththoseoffintechpartnersAffirm,Mercury,andWise.EvolvepubliclyconfirmsthecybersecurityincidentonJuly1,2024.-48.6%YTDgrowth5:“EvolveHackCrisis:Russia-LinkedCybergangLeaksRecordsonMillions,”FintechBusinessWeekly,JasonMikula,June30,2024.6:“DataBreachNotifications,”O(jiān)fficeoftheMaineAttorneyGeneral,May29,2024.Q22024EnterpriseFintechReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG6Enterprise?ntechlandscapeAlternativelendingCapitalmarketsCFOstackCommercialfinanceFinancialservicesinfrastructurePaymentsRegtechWealthtechQ22024EnterpriseFintechReportVCactivityEnterprisefintechVCdealactivity2,214Dealvalueandcount:InQ22024,enterprisefintechcompaniessecured$4.6billioninVCfundingacross315deals.Whiledealcountwasdown6.3%QoQand13.7%YoY,dealvaluewasup27.1%YoYand2.2%QoQ,suggestingrecentroundshaveseenhigherdealsizes.EnterprisefintechstartupscontinuedtocapturethemajorityshareofVCdealvalue,makingup51.9%oftotalfintechventurecapitalinQ2.However,thisisthesmallestshareheldbyenterprisefintechcompaniessinceQ12021.2,002$37.91,5791,4781,4591,354651$16.62018$17.72019$21.72020$54.22021$25.82023$8.320222024*Dealvalue($B)DealcountKeydeals:SegmentswiththehighestdealvalueinQ2werecapitalmarkets($1.6billion),CFOstack($1.2billion),andfinancialservicesinfrastructure($672.7million).NotabledealsthatclosedinQ2includeClearStreet’s$685.0millionSeriesB,AlphaSense’s$650.0millionacquisitionfinancingtoacquirecompetitorfirmTegus,QITech’s$250.0millionSeriesB(inclusiveofa$50.0millionextension),Kapital’s$165.0millionSeriesB($40.0millionequity,$125.0milliondebt),Ramp’s$150.0millionSeriesD2,andCelcoin’s$125.0millionSeriesC.Source:PitchBook?Geography:Global?*AsofJune30,2024EnterprisefintechVCdealactivitybyquarterDealsizes:YTD,enterprisefintechcompanieshaveloggedamedianVCdealsizeof$5.0million,up11.3%from2023’smedianof$4.5million.Atthestagelevel,late-stagedealsincreased20.1%inmediandealsizeto$9.9million.Otherstagesdecreasedfromtheir2023medians,withpre-seed/seeddeclining22.8%to$2.2million,early-stageVCdeclining6.2%to$5.0million,andventuregrowthdeclining31.5%to$17.0million.$20$15$10$58006004002000$0Pre-moneyvaluations:TheYTDmedianpre-moneyvaluationforenterprisefintechcompaniesnowsitsat$24.8million,up24.2%fromthe2023median.Mediansfromalldealstageshaveincreasedcomparedwith2023.Thepre-seed/seedmedianincreased1.3%to$10.6million,theearly-stagemedianincreased62.9%to$45.6million,andthelate-stagemedianincreased18.1%to$50.0million.Notably,theventure-growthmedianincreased875.4%to$1.4billion;however,thedatasetforthisdealstageissparseandcurrentlymuchsmallerthanthoseforotherdealstages.Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q22018201920202021202220232024*Dealvalue($B)DealcountSource:PitchBook?Geography:Global?*AsofJune30,2024Q22024EnterpriseFintechReportVCACTIVITYKeyenterprisefintechearly-stageVCdealsinQ22024*Dealvalue($M)Post-moneyvaluation($M)Valuationstep-upCompanyClosedateSegmentCategoryLeadinvestor(s)KapitalClaraApril3CFOstackExpensemanagement&AP/ARautomationExpensemanagement&AP/ARautomationPaymentplatforms&POSAccounting,tax&complianceNondilutivefinancing$165.0$60.0$48.6$47.6$43.4$41.8$37.8$31.0$26.9$26.3N/ATribeCapitalN/AN/AN/AN/AApril1CFOstackN/AFlatpayAnrokApril17April11April10June6April16June25April22May23PaymentsN/ADawnCapitalCFOstack$242.6N/AIndexVentures,KhoslaVentures,SequoiaCapital5.7xGilionCommercialfinanceCapitalmarketsFinancialservicesinfrastructureCFOstackN/AN/AN/A1.9x1.5xN/A1.1xTradeAlgoFinmidAdonisPayflowsFinoutData&analyticsN/AN/APlatforms&APIs$108.0$155.0N/ABlossomCapitalPoint72VenturesBaldertonCapitalRedDotCapitalPartnersBudgeting&forecastingCFOstackAccounting,tax&complianceBudgeting&forecastingCFOstack$71.9Source:PitchBook?Geography:Global?*AsofJune30,2024Q22024EnterpriseFintechReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG14VCACTIVITYTopVCinvestorsinenterprisefintechcompaniessince2018*InvestorDealcountPre-seed/seedEarly-stageVCLate-stageVCVenturegrowthGlobalFoundersCapitalTigerGlobalManagementFJLabs14212912010910710610210093697574054325329333440341335721365255403046563817Gaingels113SomaCapital500Global19264022322AlumniVenturesAccel59QEDInvestorsIndexVentures28143855Source:PitchBook?Geography:Global?*AsofJune30,2024Q22024EnterpriseFintechReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG18SELECTCOMPANYHIGHLIGHT:AIRWALLEXKeycompanyinformationFoundedLastfinancingvaluation2015$5.6BOverviewHQlocationMelbourne,AustraliaLastfinancingN/AAirwallex

isaleadingstartupinthecross-borderpaymentssectorthatishelpingtostreamlinemoneymovementaroundtheworld.Thestartupaccomplishesthisthroughaproprietaryinfrastructurecreatedviadirectrelationshipswithbanksandpaymentsystems,whichallowsAirwallex

tobypasscorrespondentbankingandfacilitatefast—sometimesinstant—andlow-costinternationaltransactionstoover120countries.16Someofthecompany’stransactionsarefreewiththeuseofanAirwallex

globalaccountormulticurrencywallet,whileforeignexchangeconversionsareexecutedat0.5%to1.0%aboveinterbankexchangerates.17Additionally,thecompanyoffersasuiteofproductsontopofitsinfrastructure,includingmulticurrencycards,expensemanagementsoftware,softwareintegrations,andAPIsthatletcustomersintegrateintoAirwallex’snetworkandcreateembeddedfinanceofferings.Totalraised$902.0MExitPredictorThecompanyhasanannualtransactionvolumerunrateof$90billion,withroughly94%oftransactionsprocessedthroughitsproprietarynetworkandtheremaining6%usingSwift.18Airwallex

becamecashflowpositivein2023andrecognizeda68%YoYincreaseintransactionvolumesandan84%YoYincreaseinrevenues(includinginterestincomeoncustomerfunds)inQ12024.Caplight

estimatesAirwallex’svaluationtobe$4.0billionbasedoffofsecondary

IPO:92%probability

M&A:6%probability

Noexit:2%probabilitySuccess:98%probability16:“Fast,ProgrammaticInternationalandDomesticPayouts,”Airwallex,n.d.,accessedJuly10,2024.17:“FlexiblePricingBasedonYourBusinessNeeds,”Airwallex,n.d.,accessedJuly10,2024.18:“AirwallexCEOandCo-FounderJackZhang–EmpoweringBusinessestoGrowBeyondBorders,”Spotify,WhartonFinTechPodcast,January18,2024.Note:ProbabilitydataisbasedonPitchBookVCExitPredictormethodology.Q22024EnterpriseFintechReportSELECTCOMPANYHIGHLIGHT:AIRWALLEXtransactions.Basedonthisdata,weestimateAirwallex

currentlytradesataroughly6.2xTTMsalesmultiple.Enterprisevalue/TTMsalesmultiplesforpeerscurrentlystandat1.8xforPayoneer,6.4xforCorpay,2.5xforRemitly,1.9xforPayPal,16.0xforVisa,and16.5xforMastercard.?Co-founderandchieftechnologyofficer:Xijing(Jacob)Dai?Chiefrevenueofficer:KaiWu?Chiefcomplianceofficerandgeneralcounsel:JeanetteChan?Co-founderandprincipalarchitect:Ki-lokWong?Co-founderandheadofproductdesign:MaxLiLeadership?Co-founderandCEO:JackZhang?Co-founderandpresident:LucyLiuFinancinghistorySeriesASeriesA1SeriesBSeriesCSeriesDSeriesESeriesE1SeriesE2May1,2017December15,2017July3,2018March25,2019September10,2020September20,2021November18,2021October11,2022TotalraisedTotalraisedTotalraisedTotalraisedTotalraisedTotalraisedTotalraisedTotalraised$13.0M$6.0M$80.0M$100.0M$300.0M$200.0M$100.0M$100.0MPre-moneyvaluationPre-moneyvaluationPre-moneyvaluationPre-moneyvaluationPre-moneyvaluationPre-moneyvaluationPre-moneyvaluationPre-moneyvaluationN/AN/A$400.0M$900.0M$2.3BN/A$5.4B$5.4BLeadinvestorTencentHoldingsLeadinvestorSquarePegCapitalLeadinvestorsHongShan,TencentHoldingsLeadinvestorDSTGlobalLeadinvestorSquarePegCapitalLeadinvestorLonePineCapitalLeadinvestorLonePineCapitalLeadinvestorN/APitchBookData,Inc.NizarTarhuniExecutiveVicePresidentofResearchandMarketIntelligencePaulCondraHeadofEmergingTechnologyResearchAboutPitchBookAdditionalresearchEricBellomoeric.bellomo@GamingE-CommerceDerekHernandezderek.hernandez@EnterpriseSaaSIndustryandTechnologyInfrastructureSaaSResearchBrendanBurkebrendan.burke@DataAnalyticsInformationSecurityArtificialIntelligence&MachineLearningAliJavaheriali.javaheri@EmergingSpacesRobertLeIndependent,objective,andtimelymarketintelrobert.le@InsurtechAaronDeGagneaaron.degagne@MedtechCryptoAstheprivatemarketscontinuetogrowincomplexityandcompetition,it’sessentialforinvestorstounderstandtheindustries,sectors,andcompaniesdrivingtheassetclass.JohnMacDonaghDigitalHealthjohn.macdonagh@Carbon&EmissionsTechClea