CB-Insights Fintech-Report-Q3- 2021

Early-stage deal share declines to new low in 2021 YTD

6% 9% 8% 6% 5% 9% Other, 5%
Late-stage, 13%
6% 4% 7% 9% 11%
10% Mid-stage, 23%

18% 15% 13% 15%
18%
20%

70% 72% 72% 70% 66% 62% Early-stage, 59%

2015 2016 2017 2018 2019 2020 2021
YTD

State Of Fintech | Collection Spotlights | Insurtech 151

Global: Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
7.6%
1 Coalition $205M Series E T. Rowe Price, Felicis Ventures, Index United States 7.4%
2021-09-28 $3.5B Ventures, General Atlantic, Valor 6.9%
6.5%
Equity Partners 4.8%

2 Digit Insurance $200M Series E $3.5B TVS Capital, Sequoia Capital India, India 152
2021-07-02 Faering Capital

3 At-Bay $185M Series D Lightspeed Venture Partners, Khosla United States
2021-07-27 $1.4B Ventures, Icon Ventures, Munich Re United States

Ventures, Acrew Capital

T. Rowe Price, Emergence Capital

4 Gusto $175M Series E $10.0B Partners, General Catalyst, Franklin
Envelop Risk 2021-08-10 Templeton, Dragoneer Investment

5 Analytics Group

$130M Series B N/A SoftBank Group United Kingdom
2021-09-14

State Of Fintech | Collection Spotlights | Insurtech

Global: Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
6 DealerPolicy 4.1%
7 Insurify $110M Series C $208M GS Growth, 3L, Hudson Structured United States 3.7%
2021-07-09 Capital Management United States 3.7%
Ethos 3.6%
7 Technologies Motive Partners, Hearst Ventures, 3.2%

Friday Health $100M Series B $630M MassMutual Ventures, Moneta 153
7 Plans 2021-09-01 VC, Toyota Insurance Management
10 Marshmallow
Solutions

$100M Series D $2.7B SoftBank Group United States
2021-07-21

$100M Undisclosed $0M N/A United States
2021-09-14

$85M Series B $1.3B Investec, Passion Capital, SCOR, United Kingdom
2021-09-08 Hedosophia

State Of Fintech | Collection Spotlights | Insurtech

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

Total unicorns, 28

25

18

16
15 15 15
14

12
11

8 9
7

55 5 New unicorns, 3
3 444444 4444 2
1
33
3 22

1 1 1111

0 00000 0000 0

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 154

Insurtech sees first SPAC exits in 2021 YTD

51 M&A, 43

13 17 24 26 24 3 SPAC, 4
IPO, 3
2 1 2 3 00 0
2019 2021
0 0 0 0 2020 YTD

2015 2016 2017 2018

State Of Fintech | Collection Spotlights | Insurtech 155

Insurtech M&A exits dip in Q3'21

18 18
17

14

11 M&A, 12
10
99

7

6 565 56

55 3

44 44

3 3
44 2
2 2 2 SPAC, 1
1 111
11 1 IPO, 0

00000000000000000000000 0

Q1 Q2 Q3 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 156

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

Company Deals Investor Group Country
5 VC United States
1 Khosla Ventures 3 VC United States
2 Valor Equity Partners 3 VC United States
2 Ribbit Capital 3 VC United Kingdom
2 Anthemis
3 Asset/investment management United States
2 Hudson Structured Capital
Management 3 CVC United States

2 MS&AD Ventures

State Of Fintech | Collection Spotlights | Insurtech 157

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

Company Deals Investor Group Country
2 CVC Bermuda
7 SiriusPoint 2 CVC China
7 CreditEase 2 VC United States
7 Forte Ventures 2 VC Germany
7 Target Global 2 VC United States
7 BoxGroup 2 CVC United States
7 State Farm Ventures 2 VC United States
7 Founders Fund 2 VC United States
7 Vestigo Ventures 2 CVC United States
7 Munich Re Ventures
158
State Of Fintech | Collection Spotlights | Insurtech

Capital Markets Tech

GLOBAL: Q3 2021

159

Capital markets tech funding in 2021 more than doubles 2020's year-end
total

$4.5B Funding 250
$4.0B $4.1B 200
$3.5B
$3.0B 129 164 196 205 158 190 Deals 150
$2.5B $1.1B $1.7B $1.9B 114 100
$2.0B $0.7B 2016 $0.9B $1.3B 2020
$1.5B 2015 2017 2018 2019 50
$1.0B
$0.5B 0
$0.0B

2021
YTD

State Of Fintech | Collection Spotlights | Capital Markets Tech 160

Capital markets tech funding grows 70% QoQ to top $2B in Q3'21

$2,500M 90
$2,000M
$1,500M 80
$1,000M
Funding 80
$500M $2,008M
$0M
65 70
61 60
50
52 54 53 54 40
30
47 43 48 Deals 20
36 37 $1,179M 43 10
42 42 39 0
38 39
37 37 32
27 32 30 34
$700M 26
28 $811M $954M
$55M
$577M $607M

$169M $206M $168M $229M $196M $352M $286M $285M $305M $415M $471M $440M
$215M $206M $152M
$180M $184M $269M

$169M

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 | Capital Markets Tech 161

Asia-based startups take the lead in capital markets tech funding in Q3'21

US Asia Europe LatAm Canada All Other Regions
$835M $963M

$864M

$744M

$61M$392M $373M $315M
$345M

$190M

$94M $102M $0M
$124M
$138M $20M $119M
$28M
$55M$62M $75M $0M $16M$0M$8M$0M$0M$0M
$21M$17M $33M
$0M$0M$0M$3M$0M$0M $0M$0M$5M$3M$11M

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 | Capital Markets Tech 162

Europe sees biggest bump in deal share in Q3'21

400%%% 0% 3% 0% 0% 3% 0% 02%% 220%%% 4% 2% 022%%% 2% 0% 2% 02%% 8% 2% 6% 5% 0% 0% 8% 40%% 5% 12% All Other Regions, 0%
43% 27% 30%% 37% 6% 6% 8% 40% 32% 6% 5% 21% 30%% 36% 7% 28% 30%% 6% 0% 03%% 8% 20% 12%% 6% 0% 0% Canada, 5%
27% 0% 0% 0% 2% 2% 39% 0% 0% 16% 21% 0% 28% 16% LatAm, 0%
13% 28% 25% 15% Europe, 21%
28% 21% 24% 21% 19% 25% 27%
13% Asia, 33%

8% 11% 25% 33% US, 42%
25% 12% 23%
16% 11% 17% 26% 38%
0% 32%
19% 19% 20% 35%
25% 18% 23% 20%

19% 18% 30%

65% 67%
61%
54% 51% 52% 44% 38% 45% 44% 52% 49% 38% 39% 37% 46% 44% 54% 53% 49% 42% 47% 34% 43% 41% 41%

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 | Capital Markets Tech 163

Average deal size more than triples in 2021 so far

$48M

$15M $15M
$4M
$7M $8M $9M $10M
$2M 2020
$6M $4M $5M 2021
2016 YTD
$2M $2M
164
2015 2017 2018 2019

Average Deal Median Deal

State Of Fintech | Collection Spotlights | Capital Markets Tech

Early-stage deal share drops below 50% in 2021 YTD Other, 11%
Late-stage, 15%
19% 19% 11% 12% 11% 13%
8% 7% 11% 10% 10% 14% Mid-stage, 26%

9% 12% 15% 18%
17% 14%

56% 65% 66% 63% 61% 59% Early-stage, 48%

2015 2016 2017 2018 2019 2020 2021
YTD

State Of Fintech | Collection Spotlights | Capital Markets Tech 165

Global: Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Hong Kong Funding
1 FTX United States 44.8%
2 Carta Paradigm, Sequoia 24.9%
3 FalconX
$900M Series B $18.0B Capital, Thoma Bravo, 10.5%
2021-07-20 SoftBank, Ribbit Capital,
8.0%
Insight Partners 2.5%

$500M Series G $7.4B Silver Lake 166
2021-08-13

$210M Series C Tiger United States
2021-08-10 Global Management, Lightspe
$3.8B ed Venture Partners, Accel,
Sapphire Ventures, American
Express Ventures,

Goldman Sachs

4 Form3 $160M Series C $78M Asset Management, MasterC United Kingdom
5 Aumni 2021-09-16 ard, Lloyds Banking Group, United States

83North, Barclays Bank

J.P. Morgan & Co., Invesco

$50M Series B $29M Private Capital, Mercato
2021-08-26 Partners, Pelion Venture

Partners, Citadel Securities

State Of Fintech | Collection Spotlights | Capital Markets Tech

Global: Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
1.5%
Centana Growth 1.0%
1.0%
6 Eventus Systems $30M Series B $135M Partners, Jump Capital, United States 0.8%
2021-09-08 LiveOak Venture Partners, 0.5%

DRW Venture Capital 167

7 Irwin $20M Series A N/A K1 Capital Canada
2021-09-08

DB1 Ventures, J.P. Morgan

7 Wematch $20M Series B N/A Chase & Co., Augmentum Israel
2021-09-30 Fintech, Illuminate Financial

Management

9 xQuant $17M Series B N/A Guoxin Venture Capital China
2021-09-08

10 AREX $10M Series A N/A Mosaic Ventures, Lifeline Spain
2021-07-12 Ventures, LocalGlobe

State Of Fintech | Collection Spotlights | Capital Markets Tech

3 capital markets tech unicorns born in Q3'21 bring the global herd to 9

Total unicorns, 9

6
5
44

2 New unicorns, 3

2222 2

1 111111111 11

0 0 0 0 0 00 0 0 0 0 0 0 0

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

2017 2018 2019 2020 2021

State Of Fintech | Collection Spotlights | Capital Markets Tech 168

Capital markets tech M&A leads exit activity in 2021 YTD

30 31 M&A, 22

21 22
19

8 3 2 0 1 1 IPO, 1
2016 2017 2018 2019 2020
1 2021
2015 YTD

State Of Fintech | Collection Spotlights | Capital Markets Tech 169

M&A exits rebound in Q3'21 to reach second-highest peak

15

M&A, 12

10

8 7 9 7
7 6 6 6

55 5 5 55 6
43 2 4 4
3
3 1 1
1 1 11 3
0 IPO, 0
0 000 0000 1 000000
Q1 Q2 Q3
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 00000 Q2 Q3 Q4 Q1 Q2 Q3 Q4

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

State Of Fintech | Collection Spotlights | Capital Markets Tech 170

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

Company Deals Investor Group Country
3 CVC United States
1 Coinbase Ventures 2 VC United States
2 Lightspeed Venture Partners 2 VC United States
2 Insight Partners 2 VC United States
2 Sequoia Capital 2 Asset/investment management United States
2 CMT Digital 2 Asset/investment management United States
2 Altimeter Capital

State Of Fintech | Collection Spotlights | Capital Markets Tech 171

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

Company Deals Investor Group Country
1 Asset/investment management United States
3 Canaccord Genuity 1 VC China
3 Sino Global Capital 1 Asset/investment management United States
3 Franklin Templeton 1 CVC Germany
3 DB1 Ventures 1 Angel India
3 YourNest 1 VC United States
3 B Capital Group 1 Asset/investment management United States
3 Tiger Global Management 1 VC United States
3 First Trust Capital Partners 1 VC United States
3 Flybridge Capital Partners
172
State Of Fintech | Collection Spotlights | Capital Markets Tech

SMB Fintech

GLOBAL: Q3 2021

173

SMB fintech funding more than doubles to reach $18.5B in 2021 YTD

$20.0B 307 327 343 336 Funding 400
$18.0B $8.8B $9.0B $18.5B 350
$16.0B $3.5B $5.3B 2019 2020 300
$14.0B 2017 2018 Deals
$12.0B 300
$10.0B
234 258 250
$8.0B $4.1B
$6.0B 2015 $2.7B 200
$4.0B 2016
$2.0B 150
$0.0B
100

50

0

2021
YTD

State Of Fintech | Collection Spotlights | SMB Fintech 174

SMB fintech quarterly funding slides 4% and deals dip 10% in Q3'21

$8.0B Funding 120
$7.0B
$6.0B $6.8B $6.5B
$5.0B
$4.0B 88 93 91 93 109 De1a00ls
$3.0B 83 84 80 80 86 87 86 98
$2.0B 73 83 80
$1.0B 80
$0.0B 70 69 74 72 73 $5.1B

66 64 58 61

54 60
50
$3.3B

$3.0B

$2.4B $2.1B $2.4B 40
$1.8B $1.4B 20
$1.6B $1.5B $1.7B
$1.4B
$1.2B $1.3B
$1.1B
$0.9B $1.0B
$0.7B $0.7B $0.8B $0.7B $0.7B
$0.7B
$0.4B
$0.3B

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 | SMB Fintech 175

US funding remains in the lead in Q3'21, Asia overtakes Europe

US Asia Europe LatAm Canada All Other Regions
$3.2$B3.1B

$2.4B

$1.1B$2.0B $2.1B
$2.0B

$0.8B

$1.4B $1.4B

$0.8B $0.9B $0.5B
$0.5B
$0.7B $0.2B$0.3B $0.3B $0.7B $0.4B $0.3B $0.4B
$0.1B
$0.3B $0.1B$0.1B$0.0B$0.0B$0.0B $0.2B $0.0B$0.3B $0.2B $0.2B
$0.1B $0.0B$0.0B$0.0B$0.0B$0.1B $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 | SMB Fintech 176

US leads deal share in Q3'21 despite QoQ dip

0% 4% 3% 322%%% 103%%% 3% 10% 4% 5% 7% 2% 5% 2% 7% 8% 5% 420%%% 5% 5% 31%% 8% 3% 9% 5% 6% 5% All Other Regions, 7%
10% 04%% 6% 27% 30% 2% 3% 7% 1% 3% 5% 11%% 2% 41%% 0% 4% 25% 7% 2% 6% 10%% 2% 2% 1% 4% 6% Canada, 6%
0% 3% 5% 10% 1% 4% 6% 3% 29% 5% 6% 4% 7% 7% 6% 8% 4% 6% 6% LatAm, 7%
28% 12% 19% 27% 25%
14% 24% 24% 20% 28% 34% 31% 28% 20% 36% 25% 29% 15% 29% 17% 22% 24% Europe, 20%

28% 29% 24% 23% 24% 12% Asia, 19%
17% 15% 19% 23% 22% 10% 16%
23% 15% 27% 22% 28% 16% 17%
22% 22% 20%

22% 16% 18%

48% 48% 48% 48% 43% 43% 48% 36% 41% 32% 40% 41% 43% 48% 34% 46% 45% 34% 47% 47% 42% 40% 51% 38% 45% 43% US, 40%

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 | SMB Fintech 177

Average deal size more than doubles in 2021 YTD

$68M

$21M $20M $31M $32M $18M
$4M $6M $10M
$13M $14M 2021
2020 YTD
$6M $8M
178
$4M

2015 2016 2017 2018 2019
Average Deal Median Deal

State Of Fintech | Collection Spotlights | SMB Fintech

Early-stage deal share falls to the lowest level on record

6% 4% 12% 10% 5% 9% Other, 7%
Late-stage, 21%
13% 16% 13% 13% 15% 16%
Mid-stage, 28%
22% 16% 17% 19% 23%
26%

59% 64% 58% 58% 56% Early-stage, 44%
49%

2015 2016 2017 2018 2019 2020 2021
YTD

State Of Fintech | Collection Spotlights | SMB Fintech 179

Global: Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
1 Carta 7.7%
2 BharatPe $500M Series G $7.4B Silver Lake United States 5.7%
3 Pine Labs 2021-08-13 4.8%
4 SpotOn 4.6%
4 Rapyd $370M Series E Tiger Management Corp,Insight Partners, India 4.6%
4 Ramp 2021-07-30 $2.9B Sequoia Capital, Ribbit Capital, Dragoneer 4.6%

Investment Group 180

$315M Venture Capital $3.0B Fidelity Investments, BlackRock, Neuberge India
2021-07-06 r Berman, Ishana Capital

$300M Series E Andreessen Horowitz, DST Global, Franklin
2021-09-13 $3.2B Templeton, Dragoneer Investment Group, United States

Coatue Management

$300M Series E $8.8B Target Global, Spark Capital, Fidelity United
2021-08-03 Ventures, General Catalyst, BlackRock Kingdom

$300M Series C $3.9B Founders Fund, Spark Capital, Redpoint United States
2021-08-24 Ventures, Lux Capital, Thrive Capital

State Of Fintech | Collection Spotlights | SMB Fintech

Global: Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country % of Total
Date Funding
7 Melio 3.8%
8 Clearco $250M Series D Thrive Capital, Bessemer Venture Partners, United States 3.3%
9 Coalition 2021-09-14 $4.0B Accel, Tiger Global Management, General 3.1%
10 NIUM 3.1%
10 Airwallex Catalyst 3.1%
10 Human Interest 3.1%
$215M Series C $2.0B SoftBank Group, Intuit, Bow Ventures, Park Canada
2021-07-08 West Asset Management 181

$205M Series E T. Rowe Price, Felicis Ventures, Index United States
2021-09-28 $3.5B Ventures, General Atlantic, Greenoaks

Capital Management

$200M Series D Riverwood Capital, Global Founders Capital,
2021-07-13 $1.0B Visa Ventures, Vertex Growth, Rocket Capital Singapore

Investment

$200M Series E $4.0B Lone Pine Capital, DST Global, Sequoia Australia
2021-09-20 Capital China, G Squared, Salesforce Ventures

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

Capital Management

State Of Fintech | Collection Spotlights | SMB Fintech

9 SMB fintech unicorns born in Q3'21 bring the global herd to 51

Total unicorns, 51

44

36

30
27 27 27
25
22
20

14 15 16 11 New unicorns, 9
8 9 9 9 9 9 9 10 11 10 11 12 12 6

4 11 1113114342 23
411

0 0000 0 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 | SMB Fintech 182

SMB fintech sees first SPAC exits in 2021 YTD

21 27 28 27 M&A, 23
14 14
8 5 3
2 4 00 IPO, 4
2017 0 0 0 SPAC, 2
0 0
2018 2019 2020 2021
2015 2016 YTD

State Of Fintech | Collection Spotlights | SMB Fintech 183

M&A exits fall slightly QoQ, 3 startups see IPO debut

10 10

99

7 77 M&A, 7
66
66 66 6

5 55 5 5

44 4

33 4 3 IPO, 3
3 2

2

11 12 111 1 1111

0000000000000000000000000 SPAC, 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 | SMB Fintech 184

Top 10 investors in Q3'21 by company count

Company Deals Investor Group Country
6 Asset/investment management United States
1 Tiger Global Management 5 VC United States
2 Ribbit Capital 5 Asset/investment management United States
2 Dragoneer Investment Group 5 Asset/investment management United States
2 Coatue Management 4 VC United States
5 General Catalyst 4 VC India
5 Sequoia Capital India
185
State Of Fintech | Collection Spotlights | SMB Fintech

Top 10 investors in Q3'21 by company count

Company Deals Investor Group Country
3 VC United States
7 Quona Capital 3 VC United States
7 Sequoia Capital 3 VC United States
7 Thrive Capital 3 Asset/investment management United States
7 Park West Asset Management 3 VC Sweden
7 Creandum 3 Asset/investment management United States
7 Greenoaks Capital Management 3 VC United States
7 NewView Capital 3 VC United States
7 Durable Capital Partners 3 VC United States
7 Endeavor
186
State Of Fintech | Collection Spotlights | SMB Fintech

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

Company Deals Investor Group Country
3 VC United States
7 Quona Capital 3 VC United States
7 Sequoia Capital 3 VC United States
7 Thrive Capital 3 Asset/investment management United States
7 Park West Asset Management 3 VC Sweden
7 Creandum 3 Asset/investment management United States
7 Greenoaks Capital Management 3 VC United States
7 NewView Capital 3 VC United States
7 Durable Capital Partners 3 VC United States
7 Endeavor
187
State Of Fintech | Collection Spotlights | SMB Fintech

Geographic Trends

REGIONAL TRENDS: Q3 2021

188

US Trends

REGIONAL TRENDS: Q3 2021

189

US fintech funding in 2021 YTD up 92% compared to 2020's year-end total

$50.0B 1,118 1,353 1,307 1,272 Funding 1,600
$45.0B $17.1B $20.9B $23.1B $44.3B 1,400
$40.0B $10.4B 2018 2019 1,200
$35.0B 2017 2020 Deals
$30.0B 1,349
$25.0B
$20.0B 966 997 1,000
$15.0B $10.6B
$10.0B 2015 $7.5B 800
2016
$5.0B 600
$0.0B
400

200

0

2021
YTD

State Of Fintech | US Trends 190

US fintech deals reach quarterly record as funding hits $14.6B

$16.0B Funding 500
$14.0B $14.7B $14.9B $14.6B
$12.0B
$10.0B 456 De4a50ls
375 436 457
$8.0B
$6.0B 400
$4.0B
$2.0B 353 351 327 322 357 313 334 325 300 350
$3.0B $4.6B $4.5B $5.1B $5.1B $5.3B $4.9B $4.4B $6.6B
303 283 258 300 277 303 272 300
$2.5B $1.8B $2.5B $3.0B $3.0B $5.5B $5.6B
220 250 256 240 238 236 220 $6.5B 250
$2.2B $2.9B $3.5B $2.1B $1.8B $1.5B $1.7B 200

150

100

50

$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 191

Early-stage deal share holds lead in 2021 YTD Other, 13%
Late-stage, 13%
14% 17% 14% 14% 13% 18% Mid-stage, 19%
9% 10% 11% 11% 10% 10%
14% 13% 13% 14% 17%

17%

63% 61% 61% 60% 60% 55% Early-stage, 56%

2015 2016 2017 2018 2019 2020 2021
YTD

State Of Fintech | US Trends 192

US: Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors % of Total Funding
Date
1 Chime
2 Varo Bank $750M Series G Sequoia Capital, Tiger Global Management, 5.2%
3 Carta 2021-08-13 $25.0B General Atlantic, SoftBank Group, Dragoneer 3.5%
4 DriveWealth
5 iCapital Network Investment Group

State Of Fintech | US Trends $510M Series E $2.5B Lone Pine Capital, HarbourVest Partners,
2021-09-09 Warburg Pincus, BlackRock, Berkshire Partners

$500M Series G $7.4B Silver Lake 3.5%
2021-08-13

$450M Series D $2.9B Insight Partners, Accel, Fidelity International, 3.1%
2021-08-20 Base10 Partners, Point72 Ventures 3.1%

$440M Venture Capital $4.0B Temasek, Owl Rock Capital Partners, MSD
2021-07-27 Partners, Noah Holdings, Blackstone

193

US: Top 10 equity deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors % of Total Funding
Date
Genesis Digital
6 Assets $431M Series A N/A Paradigm, Ribbit Capital, Stoneridge, Electric 3.0%
7 Chime 2021-09-21 Capital, NYDIG
8 Fireblocks
9 Ramp $355M Series G $25.0B Menlo Ventures, Crosslink Capital 2.5%
9 SpotOn 2021-09-10 2.1%
9 DataRobot 2.1%
$310M Series D Spark Capital, Sequoia Capital, Stripes Group, 2.1%
State Of Fintech | US Trends 2021-07-27 $2.0B Coatue Management, DRW Venture Capital, SCB 2.1%

10X

$300M Series C $3.9B Founders Fund, Spark Capital, Redpoint
2021-08-24 Ventures, Lux Capital, Thrive Capital

$300M Series E Andreessen Horowitz, DST Global, Franklin
2021-09-13 $3.2B Templeton, Dragoneer Investment Group, Coatue

$300M Series G Management
2021-07-27
Altimeter Capital, New Enterprise Associates,
$6.3B Tiger Global Management, T. Rowe Price, Sutter

Hill Ventures

194

US M&A activity up 30% in 2021 YTD, transactions up across all exit types

246 M&A, 270
236

207

182 189
163

5 31 7 10 2 72 92 IPO, 18
2016 2018 2019 2020 SPAC, 14
0 0
2015 2017 2021
YTD

State Of Fintech | US Trends 195

M&A exits decrease slightly QoQ, SPACs up and IPOs remain flat

94
89

M&A, 87

77 69

56 63 62 60 61

52 53 50 51 53 53 50 53 53

46 48
37
39 37
37 36

27

31112 2 5 7 2 1 11 3 1 2 2 3 4 4 6 7 IPO, 7
000000 00 3 SPAC, 5
1 1 3
00 1

00 00 0 000000

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 196

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

Company Company Count Investor Group
24 Asset/investment management
1 Tiger Global Management 22 CVC
2 Coinbase Ventures 20 VC
3 Accel 13 VC
4 Andreessen Horowitz 13 VC
4 Sequoia Capital 13 VC
4 Lightspeed Venture Partners 13 VC
4 Ribbit Capital
197
State Of Fintech | US Trends

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

Company Company Count Investor Group
10 VC
8 Insight Partners 10 Asset/investment management
8 Coatue Management 10 VC
8 Valar Ventures 10 VC
8 General Catalyst

State Of Fintech | US Trends 198

Canada Trends

REGIONAL TRENDS: Q3 2021

199

Canada fintech funding soars to $2.2B in 2021 YTD

$2,500M Funding 120
$2,171M 100
$2,000M 89 80
73 Deals
82 100
$1,285M
$1,500M 60 63 71 $179M
$1,000M $690M 2020
2017 60

40

$500M $366M $440M $469M
2018
20

$0M 0
2015
2016 2019 2021
YTD

State Of Fintech | Canada Trends 200