CB-Insights Fintech-Report-Q3- 2021

State Of
Fintech

GLOBAL | Q3 2021

Global data and analysis on dealmaking, funding,
and exits in private-market fintech companies

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2

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Bill Baxter

Director, Digital Transformation Division,
Mitsubishi UFJ Financial Group

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Fintech
Payments
Banking
Digital Lending
Wealth Tech
Insurtech
Capital Markets Tech
SMB Fintech

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6

Contents Geographic Trends 188
US Trends 189
Executive Summary 20 Canada Trends 199
21 Asia Trends 207
Global Trends 57 Europe Trends 217
Investment Trends 69 LatAm Trends 227
Unicorns & Valuations 77
Exit Trends
Investors 89
90
Collection Spotlights 104
Payments 117
Banking 131
Digital Lending 145
Wealth Tech 159
Insurtech 173
Capital Markets Tech
SMB Fintech 7

State Of Fintech

What you need to know about
fintech venture in Q3’21

$31.1B 43 $14.6B 94 63%

In global funding — Freshly minted US quarterly Mega-rounds worth Early-stage deal
the second-highest unicorns. funding.
quarter ever. $100M+. share YTD.
43 fintech unicorns were US fintech funding
Despite falling 16% born in Q3’21, bringing the grew 121% YoY to hit Q3’21 saw the second- A steady stream of new
compared to last quarter’s total to 206 — twice the $14.6B in Q3'21. The US highest quarter for fintech entrants continues to
record levels, financing Q3'20 count. This quarter accounted for nearly half mega-rounds, with 94 bolster the fintech
remains elevated. This marks the second-highest of total Q3'21 funding, deals made. innovation pipeline,
quarter’s $31.1B tally number of new unicorn despite making up just accounting for 63% of
represents the second- births, after a high in Q2'21. 39% of total deals. This is the third consecutive deal activity in Q3'21.
highest quarter on record — quarter in which mega-
and marks a 147% rounds drove the majority In 2021 YTD, 65% of
increase YoY. of global fintech funding, early-stage deal activity
accounting for 64% of happened outside of the
quarterly funding. US — the most of any
deal stage.

8

What you need to know about
fintech venture in Q3’21 (cont'd.)

144% $90M 664 132 307

Growth in median Late-stage median M&A exits in 2021 Record wealth tech Asia-based deals,
mid-stage deal size — more YTD, the highest deals in Q3. a quarterly high.
ever.
valuations. than double YoY. Wealth tech reached an Asia fintech deals reached
Fintech M&A exits have all-time high with 132 deals a record high of 307 deals
While median valuation has While median deal size grown significantly in 2021 in Q3’21, up from 131 the totaling $5.9B.
risen for companies across ticked up across all stages YTD, outpacing all of 2020 prior quarter — making it The region has seen
by 23% to reach 664. This the only vertical to see a consecutive quarterly deal
stages, the valuation in 2021 YTD, late-stage was largely driven by record quarterly record. growth since Q2'20, and
increase for mid-stage deal size saw the largest M&A activity across digital funding growth since Q3'20.
lending, which saw deals Funding, however, slid
companies is especially increase, more than jump 110% since 2020, and nearly 30% to $2.8B 9
large: $478M in 2021 YTD, doubling YoY to reach banking, which saw a 121% compared to last quarter,
a 144% increase from 2020. $90M. increase across the same largely due to a greater
time period. share of early-stage
Across the same time companies raising
period, early-stage smaller rounds.

valuations grew 78%, while
late-stage valuations grew
by 62%.

Quarterly funding reaches its second-highest level ever, up 147% YoY

$40.0B $36.8B 1,400
$35.0B
$30.0B Deals
$25.0B
$20.0B 1,209 1,185 $31.1B
$15.0B 1,155 Fun1d,i2n0g0
$10.0B Q3 2021
$31.1B
$5.0B 147%
$24.3B 995
875 884 916 increase
935 917 $26.8B 1,000
837 800
827 847 811 845

722 701 728 717 766

647

541 554 563 543 600
505 506 400
442 $13.0B $11.4B $11.8B $11.5B $11.8B $12.6B $12.6B 200

$9.3B $10.6B $9.6B $10.4B

$6.3B $7.6B $7.7B $8.8B $7.4B $8.4B
$3.9B
$4.0B $4.8B $5.6B $5.0B

$3.6B

$0.0B 0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015 2016 2017 2018 2019 2020 2021

State Of Fintech | Global Trends | Investment Trends 10

43 new unicorn births bring the herd to 206, nearly twice the Q3'20 total

206 fintech unicorns

Total UnicQo3rn2s0,22106

171

96%

138 increase YoY

115

94 98 99 105
86
77

60 66

21 23 23 23 24 26 26 28 32 32 37 39 43 48 47 New Unicorns, 43
29

15 2 5 2 6 3 6 7 12 7 13 11 9 5 1 9 12
3821112

0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015 2016 2017 2018 2019 2020 2021

State Of Fintech | Global Trends | Unicorns & Valuations 11

US fintechs raise $14.6B in Q3, a 121% increase YoY

$16.0B Funding500 $14.6B
$14.0B $14.7B $14.9B$14.6B
$12.0B Q3 2021
$10.0B De4a50ls
456 457
$8.0B 375 436
$6.0B 400
$4.0B
$2.0B 353 351 357 350 121%

327 322 334 325 300 300 increase
313 303
303 300
240 283 277 272

250 256 238 258 250
220 236 220 200
150
$6.6B $6.5B

$5.1B $5.1B $5.3B $4.9B $5.5B $5.6B

$4.6B $4.5B $4.4B

$3.5B $3.0B $3.0B $3.0B

$2.9B $2.5B $2.5B 100
50
$2.2B $2.1B $1.8B $1.7B $1.8B

$1.5B

$0.0B 0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015 2016 2017 2018 2019 2020 2021

State Of Fintech | US Trends 12

$30.0B Quarterly mega-rounds ($100M+) reach second-highest level on record120

$25.3B Deals

$25.0B 994410d0eals
$20.0B
$15.0B $17.4B FundinQg3 2021
96 $19.9B80
$18.5B

67 2620 4%
increase

$10.0B $7.4B 27 $5.7B $5.7B $6.9B 31 40
$5.0B 20
$0.0B $6.3B $5.1B $6.1B 0
10 20 $5.0B $4.9B 24 $4.9B
$4.0B $4.3B $4.7B $2.9B 24 23 22 31 29 $4.9B
12 13 21 13
$3.1B $2.6B $2.9B 23 22
11 5 11
$1.5B $1.1B $1.5B 4 $1.8B
9 7 7 $0.7B 7

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2021
2015 2016 2017 2018 2019 2020

State Of Fintech | Global Trends | Investment Trends 13

Early-stage deal share continues to drive the bulk of activity, accounting for
63% of total deals

10% 10% 11% 11% 9% 12% Other, 8%
9% 9% 11% 12% 11% 12% Late-stage, 12%
13% 12% 12% 14% 15% 15% Mid-stage, 17%

Early-stage, 63%

68% 68% 66% 64% 65% 61%

2015 2016 2017 2018 2019 2020 2021
YTD

State Of Fintech | Global Trends | Investment Trends 14

The median valuation of mid-stage companies jumps 144% to $478M

$478M $478M

2021 YTD

144%

increase

$196M

$100M $97M $106M $117M $158M

2015 2017 2019 2021
YTD

State Of Fintech | Global Trends | Unicorns & Valuations 15

Late-stage median deal size more than doubles in 2021 YTD $90M

$90M 2021 YTD

125%

increase

$40M $40M

$25M

$19M $20M $21M

2015 2017 2019 2021
YTD

State Of Fintech | Global Trends | Investment Trends 16

Record M&A activity drives global fintech exits to a new high

545 554 540 664
434
332 317 M20&21AY, 6TD64

23%

increase

22 25 33 49 28 31 IPO, 46
2 SPAC, 14
0 1 0 2018 3 4
2015 2016 2017 2019 2020 2021
YTD

State Of Fintech | Global Trends | Exit Trends 17

Wealth tech deals set a quarterly record with a 35% increase YoY

$7,000M 129 1D3e2a2012l4s1d0YeTaDls
$6,000M $5,880M
$5,000M 132
$4,000M
$3,000M 120
$2,000M
$1,000M 99 99 100 35%117
90 91 93 98 Funding 100
$2,79i9nMcrease
81 74 78
$3,987M 80

68 59 72 72 63
60 61 60 67 66

56 60
51

35

$2,073M
$1,855M
36 40

$1,333M $1,397M $1,244M$1,161M
$1,172M
$1,067M $1,073M $992M $972M
$834M
$741M $597M $714M 20
$505M $555M $454M $513M
$413M $325M $395M $481M
$288M

$0M 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015 2016 2017 2018 2019 2020 2021

State Of Fintech | Collection Spotlights | Wealth Tech 18

Asia deals reach a new high, marking 5 consecutive quarters of growth

$20.0B $18.2B D3e0a7l3s03750deals
$18.0B 277 278 2021 YTD
$16.0B 279 293 300
$14.0B 279
$12.0B
$10.0B 241 242 241 42520 %
215
$8.0B 194 218 207 216 in2c0r0ease
$6.0B 204 196 209
$4.0B
$2.0B 167

158 163
146 144
133 150
121 115 130
Funding

97 $6.1B $5.6B $5.9B 100
50
$4.5B $3.8B $4.3B $4.2B

$3.5B $3.6B $3.0B $3.6B

$2.2B $2.3B $2.5B $2.8B $2.1B $2.4B $2.2B $2.3B
$1.2B $1.6B
$1.0B $1.1B $1.2B $1.7B

$0.9B

$0.0B 0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015 2016 2017 2018 2019 2020 2021

State Of Fintech | Asia Trends 19

Global Trends

Q3 2021

20

Investment Trends

GLOBAL: Q3 2021

21

Global funding in 2021 YTD blows past 2020 totals by 96%

$100.0B 2,868 3,502 3,510 3,443 Funding 4,000
$90.0B $28.8B $52.9B $46.5B $48.4B $94.7B 3,500
$80.0B 2017 2019 3,000
$70.0B 2018 2020 Deals 2,500
$60.0B 3,549
$50.0B
$40.0B 1,994 2,307 2,000
$30.0B $21.8B $23.4B 1,500
$20.0B 2015 2016
$10.0B 1,000
$0.0B 500
0

2021
YTD

State Of Fintech | Global Trends | Investment Trends 22

Q3'21 funding slips QoQ after a record Q2'21, but is still up 147% YoY

$40.0B $36.8B 1,400
$35.0B
$30.0B Deals
$25.0B
$20.0B 1,209 1,185
$15.0B 1,155 Fun1d,2in0g0
$10.0B
$31.1B
$5.0B
$24.3B 995
875 884 916
935 917 $26.8B 1,000
837 800
827 847 811 845

722 728 766
$5.0B $8.8B
442 505 541 506 647 554 563 543 701 717 $13.0B $11.4B $11.8B $11.5B $11.8B $12.6B $12.6B 600
$3.9B $6.3B $7.6B $4.0B $4.8B $9.3B $5.6B $3.6B $7.7B $7.4B 400
$10.6B $9.6B $10.4B 200

$8.4B

$0.0B 0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015 2016 2017 2018 2019 2020 2021

State Of Fintech | Global Trends | Investment Trends 23

The US leads in Q3'21 deals and funding; Asia & Europe follow

Canada Europe Asia

$0.9B $5.5B $5.9B

33 Deals 239 Deals 307 Deals

US All Other
Regions
$14.6B
$1.5B
457 Deals 76 Deals

LatAm

$2.6B

73 Deals

State Of Fintech | Global Trends | Investment Trends 24

The US leads in funding — worth Asia, Europe, LatAm, & Canada combined

US $14.6B Asia Europe LatAm Canada All Other Regions

$14.9B
$14.7B

$6.6B$6.5B $5.9B $5.5B $2.6B
$4.4B$5.6B
$5.6B $8.7B $6.0B
$5.9B

$4.3B

$3.6B

$2.4B$2.2B$2.3B $2.8B$2.5B$2.6B$2.3B $0.9B $1.5B

$0.9B$1.0B$0.9B$1.2B $1.0B $0.6B
$0.4B $0.0B$0.0B$0.0B$0.1B$0.2B $0.2B$0.4B$0.1B$0.5B$0.5B

Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021

State Of Fintech | Global Trends | Investment Trends 25

The US continues to lead global deal share in Q3'21

3% 2% 4% 4% 3% 6% 3% 4% 5% 4% 3% 4% 4% 3% 5% 4% 6% 5% 5% 4% 5% 5% 5% 6% 5% 6% All Other Regions, 6%
4% 4% 3% 12%% 3% 2% 3% 4% 23%% 3% 3% 3% 2% 2% 3% 32%% 3% 3% 2% 2% 2% 2% 3% 3% Canada, 3%
2% 3% 2% 2% 3% 3% 3% 5% 3% 4% 5% 4% 3% 3% 2% 6% 3% 5% 4% 5% 6% LatAm, 6%
5% 6% 5% 6% Europe, 20%

20% 17% 19% 23% 21% 20% 23% 25% 29% 22% 23% 27% 22% 20% 23% 27% 24% 28% 20% 23% 24% 25% 25% 25% 25% 23% Asia, 26%

22% 24% 25% 23% 24%
26% 26% 24% 23% 29% 27% 24% 28% 31% 30% 26% 26% 23% 30% 27% 25% 27% 26% 25% 24% 24%

50% 50% 47% 47% 47% 43% 42% 41% 39% 37% 41% 39% 40% 40% 36% 39% 38% 37% 36% 37% 38% 36% 36% 38% 38% 38% US, 39%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015 2016 2017 2018 2019 2020 2021

State Of Fintech | Global Trends | Investment Trends 26

VCs still account for the largest share of deals — though asset/investment
management deal share ticks up for the 3rd consecutive quarter

23% 22% 18% 23% 20% 23% 20% 25% 21% 23% 21% 25% 22% 22% 23% 25% 20% 22% 21% 24% 22% 23% 23% 24% 21% 19% Other, 19%

5% 5% 5% 5% 6% 5% 5% 6% 5% 6% 5% 5% 4% 5% 5% 5% 5% 7% 5% 5% 6% Private equity, 6%
6% 5% 9% 7% 7% 8% 5% 6% Incubator/accelerator, 7%
4% 6% 9% 8% 6% 11% 8% 10% 5% 11% 4% 9% 7% 9% Angel, 11%
10% 9% 7% 8%
7% 9% 11% Asset/investment management, 13%
11% 10% 8% 17% 8% 13% 5% 12% 8% 10% 6% 9% 9% Corp and CVC, 15%

9% 11% 12% 11% 11% 10% 10% 9% 8% 8% 7% 7% 7% 9% 8% 10% 12%
10% 10% 7%
9% 9% 8%
7%
5% 5% 7% 5% 12% 6% 4% 6% 5% 6% 4% 7% 7% 8% 8% 8%

4%
11% 13% 13% 13% 12% 15% 14% 17% 16% 17% 16% 16% 16% 18% 17% 18% 19% 18% 17% 18% 17% 17% 15% 15% 16% 16%

35% 34% 35% 35% 31% 33% 32% 33% 31% 31% 33% 32% 32% 31% 31% 31% 29% 31% 32% 33% 29% 32% 31% 31% 31% 30% VC, 29%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015 2016 2017 2018 2019 2020 2021

State Of Fintech | Global Trends | Investment Trends 27

Average global deal size reaches $32M — a 78% increase YoY

$32M

$21M

$18M $18M

$13M $13M $13M

$2M $2M $2M $3M $4M $4M $5M
2015 2016 2019 2020
2017 2018 2021
Average Deal Median Deal YTD

State Of Fintech | Global Trends | Investment Trends 28

Median deal size is up YoY in all regions in 2021 YTD

US Asia Europe LatAm Canada All Other Regions
$8M

$5M $5M$5M $5M $5M
$4M$4M
$4M $4M $4M
$3M
$2M $3M $4M
$3M
$2M $3M$3M $3M $3M $3M

$2M $2M $2M $2M $2M $2M
$1M $2M
$1M $2M $1M $1M
$1M$1M$1M
$1M$1M $1M$1M
$1M

2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021
YTD YTD YTD YTD YTD YTD

State Of Fintech | Global Trends | Investment Trends 29

Median deal size is up YoY for all investor categories in 2021 YTD

Angel Asset/investment Corp and CVC Private equity VC Other
management $37M

$29M

$20M $22M $21M
$20M
$15M
$16M$16M $12M $15M $16M $12M
$15M
$14M $14M$10M $12M $10M
$11M $10M
$9M $9M $9M$10M $5M
$7M$6M$7M
$5M $3M
$2M$2M$3M$3M$4M
$2M$2M$2M$4M$3M$4M

2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021
YTD YTD YTD YTD YTD YTD

State Of Fintech | Global Trends | Investment Trends 30

$100M+ mega-rounds have more than doubled to 257 deals, accounting for
a record $62.5B in annual funding YTD

$70.0B Funding 300
$60.0B $62.5B 250
$50.0B 200
$40.0B Deals
$30.0B 257
$20.0B
$10.0B $31.4B 150
76
$0.0B $23.1B 113 100
2018 98 $23.6B
$9.6B $11.0B $13.7B 50
39 26 54 2019 2020
0
2015 2016 2017
2021
YTD

State Of Fintech | Global Trends | Investment Trends 31

Mega-rounds remain elevated, with Q3'21 funding up 188% YoY

$30.0B 120
$25.0B
$20.0B $25.3B Deals
$15.0B 94 100

$17.4B Funding
96 $19.9B80
$18.5B

67 60

$10.0B $6.3B $4.7B 20 $5.0B $4.9B $7.4B 27 $5.1B $5.7B $6.1B $5.7B $6.9B 31 40
$5.0B 10 21 23 22 24 $4.9B 24 23 22 31 29 $4.9B 20
$0.0B $4.0B $4.3B $2.9B 0
$1.5B $3.1B 12 $1.1B $1.5B $2.6B $04.7B $1.8B 13 13 $2.9B
9 11 7 7 5 7 11

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015 2016 2017 2018 2019 2020 2021

State Of Fintech | Global Trends | Investment Trends 32

The US leads in mega-round deals and funding in Q3'21

Canada Europe Asia

$0.6B $3.3B $3.6B

4 Deals 15 Deals 18 Deals

US

$9.3B

43 Deals

LatAm All Other
Regions
$2.0B
$1.0B
9 Deals
5 Deals

State Of Fintech | Global Trends | Investment Trends 33

Asia's mega-rounds grow for the 3rd consecutive quarter,
surpassing Europe

47 US, 43
40

17

17 16 19 Asia, 18

15 14 13 13 Europe, 15
15
5
11
910 10 10 10 89 7 7 10 11 LatAm, 9
7 56 8
102 10 67 65 All Other Regions, 5
3 5 56 4 5 5 56 4 3 43 5 5 3524 Canada, 4
1 01 10 012 23 0 210 01 10 0 3 0
3 0 2 3 2 01 2 1 213 32 3 3 2 3
0 10 0 01 0 0 0 0 10 0 1

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015 2016 2017 2018 2019 2020 2021

State Of Fintech | Global Trends | Investment Trends 34

Global mega-rounds make up 8% of total deals in Q3'21

98% 98% 98% 99% 99% 98% 99% 99% 99% 98% 97% 98% 99% 98% 97% 97% 97% 97% 97% 97% 97% 96% 97% 97% 94% 92% Non-mega-rounds, 92%

2% 2% 2% 1% 1% 2% 1% 1% 1% 2% 3% 2% 1% 2% 3% 3% 3% 3% 3% 3% 3% 4% 3% 3% 6% 8% Mega-rounds, 8%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 35

2015 2016 2017 2018 2019 2020 2021

State Of Fintech | Global Trends | Investment Trends

Global mega-rounds account for 64% of total funding in Q3'21

24%

33% 35% 31% Non-mega-rounds, 36%

51% 48% 44% 47% 53% 49% 43% 53% 56% 51% 47% 52% 45%
54%

61% 63% 61% 65% 61%
73% 68%

81%

76%

67% 65% 69% Mega-rounds, 64%

49% 52% 56% 53% 47% 51% 57% 47% 44% 49% 53% 48% 55% 36
46%

39% 32% 37% 39% 35% 39%

27%

19%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2015 2016 2017 2018 2019 2020 2021

State Of Fintech | Global Trends | Investment Trends

Global: Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
1 FTX 2.9%
2 Revolut $900M Series B Paradigm, Sequoia Capital, Hong Kong 2.6%
3 Chime 2021-07-20 $18.0B Thoma Bravo, SoftBank, 2.4%
4 Kavak 2.3%
5 Varo Bank Ribbit Capital 1.7%

$800M Series E $33.0B Tiger Global Management, United Kingdom 37
2021-07-15 SoftBank Group, Schroders

$750M Series G $25.0B Sequoia Capital, Tiger Global United States
2021-08-13 Management, General Atlantic,
SoftBank Group, Dragoneer
Investment Group

General Catalyst,

$700M Series E $8.7B Tiger Global Management, Mexico
2021-09-22 Spruce House, Founders Fund,

Ribbit Capital

Lone Pine Capital,

$510M Series E $2.5B HarbourVest Partners, United States
2021-09-09 Warburg Pincus, BlackRock,

The Rise Fund

State Of Fintech | Global Trends | Investment Trends

Global: Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
1.6%
6 Carta $500M Series G $7.4B Silver Lake United States 1.5%
2021-08-13 1.4%

7 DriveWealth $450M Series D Insight Partners, Accel, Fidelity 1.4%
2021-08-20 $2.9B International, Base10 Partners, United States 1.3%

Point72 Ventures 38

8 iCapital Network $440M Venture Capital Temasek, Owl Rock
Genesis Digital 2021-07-27 $4.0B Capital Partners, MSD Partners, United States

9 Assets Noah Holdings, Blackstone
10 Opay
$431M Series A Paradigm, Ribbit Capital, United States
2021-09-21 N/A Stoneridge, Electric Capital, Nigeria

NYDIG

SoftBank Group, Sequoia

$400M Series C $2.0B Capital China, Source Code
2021-08-23 Capital, Redpoint Ventures

China, 3W Partners

State Of Fintech | Global Trends | Investment Trends

Early-stage deals continues to lead, making up 63% of deals in 2021 YTD

10% 10% 11% 11% 9% 12% Other, 8%
9% 9% 11% 12% 11% 12% Late-stage, 12%
13% 13% 12% 13% 15% 15%
Mid-stage, 16%

68% 68% 66% 64% 65% 61% Early-stage, 63%

2015 2016 2017 2018 2019 2020 2021
YTD

State Of Fintech | Global Trends | Investment Trends 39

The US leads in deal share across stages in Q3'21

All Other Regions 7% 5% 3% 5%
Canada 3% 3% 3% 3%
4% 5%
6%
LatAm 7% 8%

Europe 18% 23% 13%

22%

Asia 28% 28%

26%

67%

US 35% 40% 39% Other
Mid-stage La te-st ag e
Ear ly-s tage
State Of Fintech | Global Trends | Investment Trends 40

Median late-stage deal size more than doubles in 2021 YTD

Early-stage Mid-stage Late-stage $90M

$35M $40M $40M

$22M $25M $21M

$18M $18M $20M $19M $20M

$17M $15M

$2M $1M $2M $2M $2M $2M $3M

2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021
YTD YTD YTD

State Of Fintech | Global Trends | Investment Trends 41

Median months between raises falls from Series A to B, ticks up B to C

Seed/angel to Series A Series A to B Series B to C Series C to D Series D to E+

19 18 19

18 18 17 17 17 17
17 17 16 16 15
16
1615 15 16 16
15 14 15 14 14 14
15
14 15 14 14 13
13

13

12

2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021
YTD YTD YTD YTD YTD

State Of Fintech | Global Trends | Investment Trends 42

Global: Top 10 seed / angel deals in Q3'21

Company Round Amount Round Select Investors Country
Date
1 Trading 212
2 Lula $19M Angel Borislav Nedialkov, Ivan Ashminov United Kingdom
3 Eden Network 2021-08-02
3 XREX
5 Royal $18M Seed VC Founders Fund, Khosla Ventures, NextView United States
5 Vyne 2021-07-08 Ventures, Bill Ackman, Flexport

$17M Seed VC Multicoin Capital, Alameda Research, DeFiance United Kingdom
2021-09-08 Capital

$17M Seed VC CDIB Capital Group, SBI Investment, Global
2021-08-22 Founders Capital, ThreeD Capital, E. Sun Venture Taiwan
Capital

$16M Seed VC Founders Fund, Atomic Management, Paradigm United States
2021-08-02

$16M Seed VC Partech Partners, Hearst Ventures, Founder United Kingdom
2021-09-23 Collective, Entree Capital, Venrex

State Of Fintech | Global Trends | Investment Trends 43

Global: Top 10 seed / angel deals in Q3'21

Company Round Amount Round Select Investors Country
Date
7 Spot
7 Lula $15M Seed VC Silverton Partners, GreatPoint Ventures, Mutual United States
9 Treinta 2021-07-28 of Omaha Bank, Montage Ventures, MS&AD
10 Karbon Card Ventures
10 TAG Innovation
$15M Seed VC Founders Fund United States
2021-09-02

$14M Seed VC Luxor Capital Group, Acacia Venture Partners, Colombia
2021-07-05 Commerce Ventures, Goodwater Capital, Soma
Capital

$12M Seed VC Y Combinator, Rainfall Ventures, Roka Works, India
2021-08-30 Ramp

$12M Seed VC Canaan Partners, Liberty City Ventures, MANTIS Pakistan
2021-09-22 Venture Capital, Addition, Banana Capital

State Of Fintech | Global Trends | Investment Trends 44

Global: Top 10 Series A deals in Q3'21

Company Round Amount Round Select Investors Country
Date
1 Genesis Digital Assets
2 Wave $431M Series A Ribbit Capital, Stoneridge, Electric United States
3 Scalapay 2021-09-21 Capital, Kingsway Capital Partners,
4 LoanPro Paradigm
4 Sunday
4 Happay $200M Series A Founders Fund, Sequoia Capital, Ribbit Senegal
2021-09-07 Capital, Stripe

$155M Series A Tiger Global Management, Ithaca Ireland
2021-09-09 Investment, Woodson Capital
Management, Fasanara Capital, Baleen
Capital

$100M Series A FTV Capital United States
2021-07-08

$100M Series A DST Global, Coatue Management United States
2021-09-22

$100M Series A Belle International, Afterpay, Langhao China
2021-08-13 Group, Lanling

State Of Fintech | Global Trends | Investment Trends 45

Global: Top 10 Series A deals in Q3'21

Company Round Amount Round Select Investors Country
Date
7 CredAvenue
8 Prime Trust $90M Series A Sequoia Capital India, Lightspeed
9 ClickLease 2021-09-29 Venture Partners, TVS Capital, Lightrock, India
10 Bilt Rewards Stride Ventures, CRED Holding
10 Klover
$64M Series A Mercato Partners, Commerce Ventures, United States
2021-07-28 Seven Peaks Ventures, Samsung NEXT,
Nationwide Ventures

$63M Series A Sandlot Partners United States
2021-08-31

$60M Series A Wells Fargo, Mastercard, Blackstone, United States
2021-09-21 Starwood Capital Group, The Related United States
Companies
$60M Series A
2021-08-12 Mercato Partners, Lightbank, Core
Innovation Capital, Starting Line

State Of Fintech | Global Trends | Investment Trends 46

Global: Top 10 Series B deals in Q3'21

Company Round Amount Round Select Investors Country
Date
1 FTX
2 Blockstream $900M Series B Paradigm, Sequoia Capital, Thoma Bravo, Hong Kong
3 Mercado Bitcoin 2021-07-20 SoftBank, Ribbit Capital
4 Blockdaemon
5 Remote $210M Series B Baillie Gifford & Co., Bitfinex Canada
2021-08-24

$200M Series B SoftBank Group Brazil
2021-07-01

$155M Series B SoftBank, Matrix Capital Management, United States
2021-09-21 Sapphire Ventures, BOLDstart Ventures, United States
Morgan Creek Digital
$150M Series B
2021-07-13 Accel, Sequoia Capital, Index Ventures,
General Catalyst, Two Sigma

State Of Fintech | Global Trends | Investment Trends 47

Global: Top 10 Series B deals in Q3'21

Company Round Amount Round Select Investors Country
Date
6 Envelop Risk Analytics
6 TaxBit $130M Series B SoftBank Group United Kingdom
8 Mercury 2021-09-14
9 Cora
10 1Password $130M Series B Insight Partners, Institutional Venture United States
10 Insurify 2021-08-04 Partners

$120M Series B CRV, Andreessen Horowitz, Sapphire United States
2021-07-03 Ventures, Coatue Management

$116M Series B Tiger Global Management, Tencent Holdings, Brazil
2021-08-24 Greenoaks Capital Management

$100M Series B Accel, Sound Ventures, Slack Fund, Skip Canada
2021-07-08 Capital

$100M Series B Motive Partners, Hearst Ventures, Viola United States
2021-09-01 Group, MassMutual Ventures, Moneta VC

State Of Fintech | Global Trends | Investment Trends 48

Global: Top 10 Series C deals in Q3'21

Company Round Amount Round Select Investors Country
Date
1 Opay
2 Ramp $400M Series C SoftBank Group, Sequoia Capital China, Redpoint Nigeria
3 Bitpanda 2021-08-23 Ventures China, 3W Partners
4 Clearco
5 FalconX $300M Series C Founders Fund, Spark Capital, Redpoint United States
6 AlphaSense 2021-08-24 Ventures, Thrive Capital, Altimeter Capital

$263M Series C Valar Ventures, Jump Capital, REDO Ventures, Austria
2021-08-17 Leadblock Partners

$215M Series C SoftBank Group, Intuit, Bow Ventures, Park West Canada
2021-07-08 Asset Management

$210M Series C Tiger Global Management, Sapphire
2021-08-10 Ventures, Lightspeed Venture Partners, Flybridge United States
Capital Partners, Accel

$180M Series C Viking Global Investors, United States
2021-09-30 Citigroup, Alliance Bernstein, Cowen

State Of Fintech | Global Trends | Investment Trends 49

Global: Top 10 Series C deals in Q3'21

Company Round Amount Round Select Investors Country
Date
7 Form3
8 Ascend Money $160M Series C Goldman Sachs Asset Management, Draper United Kingdom
8 Xendit 2021-09-16 Esprit, MasterCard, Lloyds Banking Group,
8 Pleo 83North

$150M Series C Charoen Pokphand Group, Ant Group, Bow Wave Thailand
2021-09-27 Capital

$150M Series C Tiger Global Management, Accel, Amasia, Goat Indonesia
2021-09-14 Capital

$150M Series C Thrive Capital, Seedcamp, Creandum, Stripes Denmark
2021-07-06 Group, Bain Capital

State Of Fintech | Global Trends | Investment Trends 50