CB-Insights Fintech-Report-Q3- 2021

Payments exits are down QoQ across all exit types

43

37 38

33 30
26 27

25 17
21

22

15 78 M&A, 16

7
8

4

4 2 1 21 3 4 3 3 3 3 2 IPO, 3
1 SPAC, 0
12 2 1 1 1 0 0 2 1 1 0 1 1 0 2 1 2 21 2 1 1 2
0 0 Q3
0 0 0 0 Q11 0 Q1 Q2 0 0 0 Q2 0 0 Q1 0 0 0 0 0 0 Q1 Q2
Q2 Q3
Q1 Q2 Q3 Q4 Q4 Q3 Q4 Q1 Q3 Q4 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2015 2016 2017 2018 2019 2020 2021

State Of Fintech | Collection Spotlights | Payments 101

Top 10 investors in Q3'21 by company count

Company Deals Investor Group Country
6 VC United States
1 Accel 5 VC Germany
2 Global Founders Capital 5 Asset/investment management United States
2 Coatue Management 4 Asset/investment management United States
4 Dragoneer Investment Group 4 CVC United States
4 Salesforce Ventures 4 VC France
4 Partech Partners 3 VC United States
7 Lightspeed Venture Partners
102
State Of Fintech | Collection Spotlights | Payments

Top 10 investors in Q3'21 by company count

Company Deals Investor Group Country
3 VC United States
7 Ribbit Capital 3 VC United States
7 Andreessen Horowitz 3 VC United States
7 Commerce Ventures 3 VC United States
7 Sequoia Capital 3 VC United States
7 Insight Partners 3 CVC United States
7 Stripe 3 Asset/investment management United States
7 Tiger Global Management 3 VC United States
7 Activant Capital
103
State Of Fintech | Collection Spotlights | Payments

Banking

GLOBAL: Q3 2021

104

Banking funding in 2021 YTD already exceeds 2020 totals by 76%, with
annual deals on pace to reach a record high

$25.0B Deals 400
335
351 Funding
330 $20.4B 350

$20.0B 287

$5.8B 300
2018
$15.0B 241 250
$10.0B
203 $4.1B
2017
$11.6B 200

148 $10.0B

150

100

$5.0B $3.4B $2.1B 50
$0.0B 2015 2016
0

2019 2020 2021
YTD

State Of Fintech | Collection Spotlights | Banking 105

Banking startups slip from record levels last quarter, raising $7.8B across
112 deals in Q3'21

$9.0B 160
$8.0B
$8.4B Funding
$7.8B140

$7.0B 134 De1a2l0s
$6.0B 112
$5.0B 75 61 84 67 83 79 88 80 78 82 94 97 89
$4.0B $1.5B $1.2B $1.5B $1.6B $2.5B $2.5B $2.9B $2.1B $2.4B $3.3B $2.6B $3.3B $4.2B 100
$3.0B
$2.0B 34 35 41 38 42 54 58 49 65 44 67 65 80
$1.0B $0.8B $0.3B $1.6B $0.7B $0.7B $0.5B $0.4B $0.5B $1.0B $0.4B $1.0B $1.6B
$0.0B 60

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 40

20

0
Q3

2015 2016 2017 2018 2019 2020 2021

State Of Fintech | Collection Spotlights | Banking 106

US-based startups lead in global funding, followed by Europe

US Asia Europe LatAm Canada All Other Regions
$3.9B

$3.0B $2.5B $2.9B
$2.4B
$0.6B

$1.8B $1.5B
$1.5B
$0.9B$1.2B $1.1B
$0.7B
$0.4B $1.0B $0.0B$0.6B $0.1B
$0.7B $0.4B $0.5B
$0.3B $0.4B
$0.2B$0.5B $0.5B $0.4B $0.0B$0.0B$0.0B$0.0B$0.1B $0.2B

$0.2B$0.2B $0.1B$0.3B$0.1B$0.2B$0.1B$0.2B
$0.1B

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 | Collection Spotlights | Banking 107

Europe overtakes the US in banking deal share for the first quarter ever

0% 30%% 05%% 5% 20%% 20%% 230%%% 04%% 203%%% 550%%% 1% 332%%% 11%% 22%% 7% 3% 5% 13%% 1% 11%% 5% 6% 4% 4% 4% 6% All Other Regions, 5%
6% 3% 30%% 5% 4% 4% 5% 7% 4% 3% 1% 6% 5% 10% 1% 40%% 1% 2% 2% 1% Canada, 2%
0% 3% 2% 7% 5% 7% 6% 12% 6% 10% LatAm, 10%
7%
15% Europe, 32%

12% 23% 32% 21% 33% 28% 38% 29% 37% 30% 34% 23% 31% 30% 27% 28% Asia, 20%
11% 2% 8% 4% 6% 8%
40% 31% 35% 30% 35% 37% 30% US, 31%

39% 35% 29%

12% 3% 6% 11% 5% 13% 8% 13% 12%

12% 12% 10% 10%

17% 11% 15%
12%
12% 8%

68% 60% 61% 63% 63% 61% 61%

48% 53% 52% 50% 54% 39% 43% 46% 44% 50% 43% 47% 37% 36% 47% 43% 41%

46%

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 | Collection Spotlights | Banking 108

Average banking deal size reaches $68M, an 84% increase from 2020

$68M

$37M $37M

$25M $25M
$6M
$20M $19M

$12M $10M $12M 2021
YTD
$5M $8M
2015 109
$5M

2016 2017 2018 2019 2020
Average Deal Median Deal

State Of Fintech | Collection Spotlights | Banking

Late-stage deal share expands by 7 percentage points as early-stage deal
share continues to contract

7% 5% 7% 3% 5% 8% Other, 5%
11% 10% 11% 14% 14% 14% Late-stage, 21%

23% 21% 20% 21% 25% Mid-stage, 25%
26%

59% 64% 62% 62% 55% 52% Early-stage, 49%

2015 2016 2017 2018 2019 2020 2021
YTD

State Of Fintech | Collection Spotlights | Banking 110

Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
1 Revolut 10.3%
2 Chime $800M Series E $33.0B Tiger Global Management, SoftBank United Kingdom 9.7%
3 Varo Bank 2021-07-15 Group, Schroders 6.6%
4 Chime 4.6%
$750M Series G Sequoia Capital, Tiger Global United States
5 Uala 2021-08-13 $25.0B Management, General Atlantic, SoftBank 4.5%

Group, Dragoneer Investment Group 111

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

Partners

$355M Series G $25.0B Menlo Ventures, Crosslink Capital United States
2021-09-10

$350M Series D Tencent Holdings, Monashees+, Soros Argentina
2021-08-13 $2.5B Fund Management, Endeavor, Ribbit

Capital

State Of Fintech | Collection Spotlights | Banking

Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
6 DataRobot 3.9%
$300M Series G $6.3B New Enterprise Associates, Tiger Global Management, T. United
6 Ramp 2021-07-27 Rowe Price, Sutter Hill Ventures, BlackRock States 3.9%
8 ZEPZ 3.8%
9 Melio $300M Series C $3.9B Spark Capital, Founders Fund, Redpoint Ventures, Lux United 3.2%
9 Checkr 2021-08-24 Capital, Thrive Capital States 3.2%

$292M Series E $5.0B Accel, Technology Crossover Ventures, Farallon Capital United
2021-08-23 Management, LeapFrog Investments Kingdom

$250M Series D $4.0B Bessemer Venture Partners, Accel, Tiger Global United
2021-09-14 Management, General Catalyst, Thrive Capital States

$250M Series E $4.6B Khosla Ventures, Accel, T. Rowe Price, Franklin United
2021-09-01 Templeton, Bond Capital States

State Of Fintech | Collection Spotlights | Banking 112

13 unicorns born in Q3'21 bring total banking unicorns to 52

Total unicorns, 52

42
40

33

28
25 25 26 26
20

17

14

9 9 10 New unicorns, 13

4 66 8
4 4 4 4 4 4 4 4 4 4 4 56
2 3 3 3 2
2 1 1 11

0000000000 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 | Banking 113

Banking startups see consolidation, with a record 31 M&A exits YTD

M&A, 31

7 9 18 11 14 IPO, 4
SPAC, 4
2 00 3 2 3
2017 2021
0 0 0 0 YTD

2016 2018 2019 2020

State Of Fintech | Collection Spotlights | Banking 114

M&A continues to lead as the most popular exit type

13

M&A, 12

6 6

4 5 4 5 1 4 44 4
3 0
2 0 1 3 1 2 2 3 2 1 22 IPO, 2
1 0 1 Q4 2 1 00 SPAC, 1
1 Q3 00 0 0 00 1
1 Q1 00 0 0 Q2 Q3 1 Q3
Q1 Q2 Q4 Q1 Q2 Q3 2020 0
00 2017 Q2 Q3 2019 Q4 Q1 0 Q2
2018 Q4
Q1 Q2 Q1

2016 2021

State Of Fintech | Collection Spotlights | Banking 115

Top 10 investors in Q3'21 by company count

Company Deals Investor Group Country
8 Asset/investment management United States
1 Tiger Global Management 7 VC United States
2 Accel 5 Asset/investment management United States
3 Coatue Management 4 VC United States
4 Sapphire Ventures 3 VC United States
5 Endeavor 3 CVC China
5 Tencent Holdings 3 CVC United States
5 Citi Ventures 3 VC United States
5 Sequoia Capital 3 VC United States
5 Bessemer Venture Partners 3 VC United States
5 Thrive Capital 3 CVC United States
5 Stripe 3 VC United States
5 Valar Ventures
116
State Of Fintech | Collection Spotlights | Banking

Digital Lending

GLOBAL: Q3 2021

117

Digital lending funding explodes to $14.9B, up 137% in 2021 YTD

$16.0B 289 343 397 433 392 306 Funding 500
$14.0B $7.2B $4.7B $6.3B $7.3B $8.6B $6.3B $14.9B 450
$12.0B 2016 2017 2018 Deals 400
$10.0B 2015 2019 2020 350
411 300
$8.0B 250
$6.0B 2021 200
$4.0B YTD 150
$2.0B 100
$0.0B 50
0

State Of Fintech | Collection Spotlights | Digital Lending 118

Digital lending funding in Q3'21 more than halves, while deals drop by 43%
QoQ

$8,000M 163 158 180
$7,000M $7.1B 160

$6,000M 108 103 107 112 121 93 102 102 $4.7B Deals 140
$5,000M $1.9B $1.7B $1.7B $1.8B $1.4B $2.4B $3.0B $2.9B 90
$4,000M 67 78 $3.0B 71 96 88 86 73 89 97 90 98 75 76 86 69
$3,000M $1.0B $1.9B 73 $1.3B $1.0B $1.3B $1.5B $0.9B $0.9B $1.7B $1.3B $1.5B $1.0B $1.8B $2.1B $1.4B 120
$2,000M
$1,000M 100

Funding
$3.1B 80

60

40

20

$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 | Digital Lending 119

LatAm leads in digital lending funding in Q3'21, followed by the US

US $3.1B Asia Europe LatAm Canada All Other Regions
$0.9B

$1.8B $1.1B

$1.5B

$0.3B $1.3B
$1.1B
$0.9B$0.9B
$1.0B $0.8B $0.4B
$0.3B$0.8B
$0.4B $0.2B$0.4B $0.5B $0.2B $0.2B
$0.5B $0.2B $0.3B
$0.2B $0.3B$0.3B$0.2B
$0.2B$0.3B$0.3B $0.1B $0.0B $0.0B$0.0B$0.0B$0.0B$0.1B $0.0B$0.2B
$0.1B
$0.0B

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 | Collection Spotlights | Digital Lending 120

Europe sees the largest contraction in deal share in Q3'21

110%%% 4% 430%%% 1% 30%% 7% 3% 8% 7% 6% 4% 5% 40%% 5% 7% 8% 8% 4% 22%% 7% 7% 13%% 3% 7% 7% 7% All Other Regions, 11%
16% 4% 15% 04%% 7% 31%% 2% 7% 50%% 40%% 3% 1% 7% 2% 2% 3% 1% 4% 8% 0% 1% 8% 2% 1% 4% 4% Canada, 4%
3% 20% 6% 7% 20% 6% 10% 13% 4% 7% 5% 7% 7% 10% 11% 7% 7% 10% 10% LatAm, 11%
18% 16% 17% 14% 13%
15% 15% 15% 20% 22% 14% 17% 19% 20% 16% 21% 21% 26% 23% 15% 19% Europe, 14%

36% 26% 34% 24% 35% 27% 31% 34% 30% 37% 28% 23% 34% 28% 35% 33% 24% 22% 36% 30% 23% 41% 23% 26% 28% 23% Asia, 21%

45% 49% 44% 51% 36% 45% 42% 29% 42% 33% 39% 39% 43% 46% 31% 31% 40% 48% 38% 32% 37% 34% 38% 35% 35% 37% US, 38%

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 | Digital Lending 121

Digital lending average deal size up 65% so far in 2021

$43M

$30M $28M

$26M

$21M $22M

$17M

$7M $7M $8M $6M $7M

$4M $5M 2021
YTD
2015 2016 2017 2018 2019 2020
Average Deal Median Deal 122

State Of Fintech | Collection Spotlights | Digital Lending

Early-stage deal share grows by 9 percentage points in 2021 YTD

6% 6% 10% 7% 5% 9% Other, 6%
14% 9% 10% 11% 14% 15% Late-stage, 15%

20% Mid-stage, 18%
19% 18% 27% 28%

24%

61% 65% 62% 55% 54% 52% Early-stage, 61%

2015 2016 2017 2018 2019 2020 2021
YTD

State Of Fintech | Collection Spotlights | Digital Lending 123

Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
1 Kavak 22.9%
2 Clearco General Catalyst, Founders 7.0%
3 Younited Credit 5.6%
4 Scalapay $700M Series E $8.7B Fund, Tiger Global Mexico 5.1%
2021-09-22 Management, SEA Ventures,
4.1%
Ribbit Capital
3.9%
$215M Series C SoftBank Group, Intuit, Bow Canada
2021-07-08 $2.0B Ventures, Park West Asset 124

Management

$170M Series G $217M Goldman Sachs, Eurazeo, France
2021-07-08 Bpifrance, AG2R La Mondiale

Tiger Global Management,

$155M Series A $700M Ithaca Investment, Woodson Ireland
2021-09-09 Capital Management, Fasanara

Capital, Baleen Capital

5 Built $125M Series D Technology Crossover United States
2021-09-30 Ventures, Index
$1.5B Ventures, Brookfield Asset
Management, Fifth Wall
Ventures

Apis Partners, Endeavor, Middle

6 MNT-Halan $120M Series C N/A East Venture Partners, Egypt
2021-09-08 Development Partners

International, Lorax Capital

State Of Fintech | Collection Spotlights | Digital Lending

Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
7 Cora 3.8%
Series B Greenoaks Capital
8 Konfio 2021-08-24 3.6%
$116M N/A Management, Tiger Global Brazil
9 Upgrade 3.4%
10 HomeLight Management, Tencent Holdings 3.3%
10 LoanPro 3.3%
Tarsadia Capital, International 3.3%
MPOWER
10 Financing $110M Series E $1.3B Finance Corporation, QED Mexico 125
2021-09-29 Investors, SoftBank Group,

Kaszek Ventures, Lightrock

$105M Series E Koch Disruptive Technologies, United States
2021-08-11 $3.3B Black River Ventures, Ventura

Capital

$100M Series D Zeev Ventures, Menlo Ventures,
2021-09-02 $1.6B Group 11, Stereo Capital, Lydia United States

Jett

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

Tilden Park, Pennington

$100M Series D $36M Partners & Co., King Street United States
2021-07-13 Capital, Drakes Landing

Associates

State Of Fintech | Collection Spotlights | Digital Lending

3 digital lending unicorns born in Q3'21 bring the global herd to 28

28 Total unicorns, 28
27
26

23 22
22 22 22
21
20 20
17 18 16
15
12 12 12 12 12
11 11 11 11
9

54 44 5
2
33 New unicorns, 3
1 22 22
1 11 1 1

000 00 00 00

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 | Digital Lending 126

Digital lending M&A exits nearly double to 61 in 2021 YTD

M&A, 61

3 3 1 14 15 17 29 IPO, 9
10 SPAC, 4
2 0 6 6 5
0 2016 0 1 2021
0 2018 0 2020 YTD
2015 2017 2019

State Of Fintech | Collection Spotlights | Digital Lending 127

Q3'21 sees steep drop in digital lending M&As despite annual high

27
25

12

6

8 M&A, 9
76
2 2 IPO, 2
5 55 SPAC, 1
44 44 4
33 3 32 3 Q2 Q3
1 22 2
111 11 1 1 1 3311 11 1

00000000000000000000000

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

2015 2016 2017 2018 2019 2020 2021

State Of Fintech | Collection Spotlights | Digital Lending 128

Global: Top 10 investors in Q3'21 by company count

Company Deals Investor Group Country
4 Asset/investment management United States
1 Tiger Global Management 4 VC United States
1 QED Investors 3 VC United States
3 Ribbit Capital 2 VC India
4 Sequoia Capital India 2 VC United States
4 Endeavor 2 VC Germany
4 Picus Capital 2 VC United States
4 Signia Venture Partners
129
State Of Fintech | Collection Spotlights | Digital Lending

Global: Top 10 investors in Q3'21 by company count

Company Deals Investor Group Country
2 VC United States
4 Zeev Ventures 2 VC United Kingdom
4 Gauss Ventures 2 Asset/investment management United States
4 Park West Asset Management 2 VC Argentina
4 Kaszek Ventures 2 VC United States
4 Serena Ventures 2 VC United States
4 Accel 2 VC United Kingdom
4 TMT Investments 2 VC United States
4 Quona Capital
130
State Of Fintech | Collection Spotlights | Digital Lending

Wealth Tech

GLOBAL: Q3 2021

131

Wealth tech funding blows past 2020's full-year total, up 115% so far in
2021

$14.0B 181 248 286 383 313 328 Funding 450
$12.0B $2.6B $4.4B $3.8B $5.9B $12.7B 400
$10.0B 2015 $1.7B $2.9B 2018 2019 Deals 350
2016 2017 2020 300
$8.0B 380 250
$6.0B 200
$4.0B 2021 150
$2.0B YTD 100
$0.0B 50
0

State Of Fintech | Collection Spotlights | Wealth Tech 132

Wealth tech deals reach quarterly record, funding slumps 30% QoQ

$7,000M 131 Dea1ls40
$6,000M $5,880M 132
$5,000M
$4,000M 120
$3,000M
$2,000M 99 99 101 Funding 100
$1,000M 94 91 93 117 $2,804M

98

81 74 78 $3,994M
63
68 59 73 72 80
60 61 60 68 66 60

56
52

37

$1,855M $2,073M

36 $1,397M 40
20
$1,333M $1,172M $1,244M$1,161M

$1,067M $1,073M $834M $992M $987M

$505M $555M $741M $597M $481M $716M $519M
$454M
$413M $328M $288M $395M

$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 133

US dominates wealth tech funding in Q3'21

US Asia Europe LatAm Canada All Other Regions

$4.9B

$2.1B

$2.0B $0.4B

$1.7B $1.5B

$0.8B$1.0B $0.3B

$0.6B $0.5B$0.4B $0.0B $0.0B $0.0B
$0.0B$0.2B$0.1B$0.1B
$0.1B$0.3B$0.3B$0.3B$0.4B $0.0B$0.3B $0.0B$0.0B$0.0B$0.0B$0.1B$0.0B $0.0B$0.0B$0.0B$0.0B$0.0B$0.0B
$0.0B$0.0B$0.0B$0.1B

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 | Collection Spotlights | Wealth Tech 134

US and Asia see deal share gains in Q3'21, Europe drops QoQ

0% 4% 4% 0% 400%%% 5% 3% 200%%% 5% 4% 2% 04%% 3% 22%% 3% 211%%% 31%% 1% 3% 1% 6% 305%%% 6% 4% 4% 3% All Other Regions, 6%
6% 2% 24% 18% 3% 50%% 11%% 5% 3% 3% 3% 21%% 2% 4% 3% 4% 4% 20%% 3% 3% Canada, 2%
0% 04%% 4% 3% 5% 3% 4% 3% 3% 1% 3% 2% 2% 2% LatAm, 5%
1% 5% Europe, 21%
14% 13%
Asia, 25%
19% 22% 25% 34% 32% 18% 23% 28% 15% 26% 23% 26% 26% 35% 24% 28% 21% 33% 24% 30% 23% 32%
11% US, 41%

20% 20%
16% 22%

23% 15% 23% 22% 17% 27% 20% 17% 19% 19% 21% 18%
27% 24%
27% 15% 22% 25%

18% 21% 22%

69%
61% 48% 59% 56% 52% 44% 42% 43% 44% 47% 49% 54% 39% 43% 51% 44% 39% 49% 44% 47% 38% 48% 43% 43% 37%

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 135

Average deal size reaches $41M in 2021 so far, up 78% from 2020

$41M

$17M $15M $15M $23M

$2M $13M $5M
2015 2020
$8M $3M $4M $5M $4M
$2M
2017 2018 2019 2021
2016 Average Deal Median Deal YTD

State Of Fintech | Collection Spotlights | Wealth Tech 136

Early-stage deal share continues to drive activity in 2021 so far

10% 10% 9% 10% 8% 13% Other, 8%
8% 7% 12% 9% 9% 9% Late-stage, 12%
12% 11% 12% 14% 16%
Mid-stage, 16%
20%

69% 71% 67% 67% 67% Early-stage, 65%
59%

2015 2016 2017 2018 2019 2020 2021
YTD

State Of Fintech | Collection Spotlights | Wealth Tech 137

Global: Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
1 DriveWealth 16.1%
2 iCapital Network $450M Series D Accel, Insight Partners, Fidelity United States 15.7%
3 Bitpanda 2021-08-20 $2.9B International, Base10 Partners, 9.4%
4 Human Interest 7.1%
5 AlphaSense Point72 Ventures 6.4%

$440M Venture Capital $4.0B Temasek, Blackstone, UBS, Ping An United States 138
2021-07-27 Ventures, BNY Mellon

$263M Series C $4.1B Valar Ventures, Jump Capital, REDO Austria
2021-08-17 Ventures, Leadblock Partners

$200M Series D The Rise Fund, U.S. Venture United States
2021-08-04 $1.0B Partners, Uncork Capital, Crosslink

Capital

$180M Series C N/A Viking Global Investors, Citigroup, United States
2021-09-30 AllianceBernstein, Cowen

State Of Fintech | Collection Spotlights | Wealth Tech

Global: Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
6 M1 Finance 5.4%
7 TaxBit $150M Series E $1.5B SoftBank Group United States 4.6%
8 LIQID 2021-07-14 3.7%
9 CoinDCX 3.2%
10 Vestwell $130M Series B $1.5B Institutional Venture Partners, Insight United States 2.5%
2021-08-04 Partners
139
$104M Series D N/A Berliner Volksbank Ventures, LGT Germany
2021-07-15 Group Stiftung, Project A Ventures

$90M Series C B Capital Group, Jump Capital, India
2021-08-10 $1.1B Polychain Capital, Coinbase

Ventures, Block.one

$70M Series C Fin Venture Capital, Primary Venture
2021-07-20 $207M Partners, F-Prime Capital, FinTech United States

Collective, Nationwide Ventures

State Of Fintech | Collection Spotlights | Wealth Tech

7 wealth tech unicorns born in Q3'21 bring the global herd to 25

Total unicorns, 25

19

14

10 9

7 777 8 7
5
5555 6 66 New unicorns, 7

3 4

111111 22 111 2 111 2
1
1

00000 0 000 00 00 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 140

Wealth tech sees first SPAC exits in 2021 YTD

M&A, 57

27 18 41
15 15
3 3
0 1 1 11 IPO, 7
0 0 SPAC, 3
20115 0 0 3
2019 2020 2021
2016 2017 0 YTD

2018

State Of Fintech | Collection Spotlights | Wealth Tech 141

Wealth tech M&A exits reach new heights in Q3'21

M&A, 22

18 17
15 15

10

8 5

66 7 6 4
6 2

5 54 4 5 1 11
44 3
4

32 3

1 11 111 1 IPO, 2
SPAC, 1
0000000000000000000000
Q3
Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2015 2016 2017 2018 2019 2020 2021

State Of Fintech | Collection Spotlights | Wealth Tech 142

Global: Top 10 investors in Q3'21 by company count

Company Deals Investor Group Country
3 VC Germany
1 Global Founders Capital 3 VC United States
1 Accel 3 VC United States
1 Dreamers Fund 3 VC United States
1 Valar Ventures 3 VC United States
1 Tribe Capital 2 VC United States
6 General Catalyst 2 VC United States
6 Jump Capital
143
State Of Fintech | Collection Spotlights | Wealth Tech

Global: Top 10 investors in Q3'21 by company count

Company Deals Investor Group Country
2 VC United States
6 Crosslink Capital 2 VC United States
6 Sound Ventures 2 VC India
6 Gemba Capital 2 Private equity United States
6 Blackstone 2 VC United States
6 Fin Venture Capital 2 VC United Kingdom
6 Anthemis 2 Asset/investment management United States
6 Citigroup 2 VC United States
6 Liquid 2 Ventures
144
State Of Fintech | Collection Spotlights | Wealth Tech

Insurtech

GLOBAL: Q3 2021

145

Insurtech funding up 27% compared to 2020's full-year total

$12.0B 469 500
$7.5B 450
$10.0B 375 447 452 Funding 400
$4.7B 2019 $7.9B $10.0B 350
$8.0B 210 274 $2.8B 2018 Deals 300
$6.0B $3.2B $2.1B 2017 2020 250
$4.0B 413 200
$2.0B 150
2021 100
$0.0B YTD 50
0

2015 2016

State Of Fintech | Collection Spotlights | Insurtech 146

Insurtech funding drops 40% QoQ, deals slide 32% from last quarter's peak

$5.0B $4.6B 180
$4.5B 158
$4.0B 160
$3.5B 147
$3.0B 140
$2.5B 104 95 94 119 114 110 104 128 119 132 90 123 106 $2.7B 115 $2.6B
$2.0B $1.2B $0.4B $0.8B $0.9B $0.5B $1.5B $1.7B $2.1B $1.6B $1.7B $2.1B $1.4B $1.5B 108 $2.2B Funding
$1.5B $2.81B20
$1.0B 49 $1.9B 52 68 81 53 71 69 82
$0.5B $0.3B 41 $0.5B $0.4B $0.9B $0.5B $0.3B $0.3B $0.4B D1e10a08l0s

80

60

40

20

$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 | Collection Spotlights | Insurtech 147

US dominates insurtech funding in Q3'21

US Asia Europe LatAm Canada All Other Regions
$1.7B

$2.2B

$1.8B $1.7$B0.5B
$1.5B
$1.4B

$1.1B $0.4B
$1.B
$0.6B $0.7B
Q1 Q3
2020 $0.6B

$0.2B$0.2B $0.4B $0.1B$0.2B $0.4B $0.0B $0.0B $0.1B
$0.3B $0.2B
$0.0B$0.0B$0.0B$0.0B$0.0B$0.1B $0.0B$0.0B$0.0B$0.0B$0.0B$0.0B $0.0B$0.0B$0.0B$0.1B$0.0B$0.0B

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

State Of Fintech | Collection Spotlights | Insurtech 148

US sees uptick in deal share in Q3'21

2% 02%% 02%% 04%% 4% 6% 11%% 1% 5% 4% 031%% 5% 2% 7% 6% 6% 3% 331%%% 5% 4% 2% 5% 23%% 9% 13%% 5% All Other Regions, 6%
4% 15% 13% 26% 12%% 22%% 4% 7% 20%% 3% 21% 12%% 13%% 30%% 6% 3% 5% 29% 3% 2% 5% 4% 3% 20%% 3% 3% Canada, 3%
6% 19% 21% 0% 3% 32% 22% 1% 2% 2% 3% 3% 2% 7% 27% 24% 6% LatAm, 2%
22% 23% 13% 35% 24% 22% 18% 17% 23% Europe, 20%
22% 19% 19% 24% 21% 15% 19% 23% Asia, 22%

19% 14% 16% US, 46%
17%
20% 20% 22% 24% 17% 20% 22% 24%
21%
18% 28% 19% 18% 23% 22% 20% 21%

16% 25%

21%

47% 61% 62% 49% 54% 58% 52% 51% 37% 49% 61% 44% 49% 40% 50% 46% 49% 46% 52% 48% 59% 43% 44% 47% 48% 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 | Collection Spotlights | Insurtech 149

Average deal size reaches $28M, up 33% in 2021 so far

$28M

$21M $21M

$19M

$14M

$9M $10M $8M

$4M $5M 2021
YTD
$2M $2M $3M $4M
150
2015 2016 2017 2018 2019 2020
Average Deal Median Deal

State Of Fintech | Collection Spotlights | Insurtech