GP. Bullhound-2019年第三季度金融科技报告（英文）-2019.12.pdf

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1、Q32019SectorUpdateFintechImportantdisclosuresappearatthebackofthisreportGPBullhoundLLPisauthorisedandregulatedbytheFinancialConductAuthorityGPBullhoundIncisamemberofFINRAEXECUTIVESUMMARYFintechperspectivesGPBullhoundisaleadingtechnologyadvisoryandinvestmentfirm,providingtransactionadviceandcapita

2、ltocategoryleaders▪Wepublishthisquarterlyfintechmarketreporttoprovidequantitativeinsightsintopublicandprivatemarketvaluationsacrossthetransactionspectrumandqualitativeinsightsintocompanybusinessmodels,technologyandcustomertrends▪BasedinourLondonoffice,ClaudioAlvarezheadsupourfintechpracticewhichh

3、ascompletedover20transactionsinvolvingbothequityanddebt▪WealsofeaturesomeoftheleadingfintechcompaniesandCEOsacrosssectorswhichwefindinterestingatthemomentgiventheemergenceofopenbanking,theimportanceofuserexperienceandtheprevalenceofinsurtech▪Severalofourrecentfintechadvisorytransactionsandinvestm

4、entsareshowcasedbelowBudgetInsightMoneseExtendaMambuLendInvestACQUIREDBYPRIVATEPLACEMENTACQUIREDBYPRIVATEPLACEMENTINVESTMENTFROMCréditMutuelArkéaPayPal,IAG,STGPartnersBessemerVentureGPBullhoundAugmentumPartnersUndisclosed$60millionUndisclosed€30millionUndisclosedConfidential21Keysectortakeaways2R

5、ecentfintechtransactiontrends3Publicmarketfintechanalyses4FintechCEOcommentary5AppendixA:fintechtradingcomparablesbycategory6AppendixB:GPBullhoundfintechcredentials&teamConfidential3Section1KeysectortakeawaysConfidential4GPBullhound’sviewsoncurrenttrendsinfintech1Thedominanceofautomationininvesti

6、ng2Tradingcommissionfeesarethecasualtyinthewarforcustomeracquisition3DigitalbanksrampuplendingtodrivemonetisationConfidential5Currenttrendsinfintech1ThedominanceofautomationininvestingQuantfundsrapidlycapturingtradingmarketshare(Chart1)US,shareofinstitutionaltradingvolumeofshares(1),%▪Threeyearsa

7、goQuantfundsbecamethelargestsourceofinstitutionaltradingvolumeintheAmericanstockmarket(seechart1).Quantfunds40accountfor36%ofinstitutionalvolumesofarthisyear,upfromjust18%in2010,accordingtotheTabbGroup.Inaddition,ofthe