CB-Insights Fintech-Report-Q3- 2021

Global: Top 10 Series D deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country
Date
1 DriveWealth
2 Uala $450M Series D Accel, Insight Partners, Fidelity United States
3 Fireblocks 2021-08-20 $2.9B International, Base10 Partners,

Point72 Ventures

SoftBank Latin America

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

Capital

$310M Series D Spark Capital, Sequoia Capital,
2021-07-27 $2.0B Stripes Group, Coatue

Management

4 Papaya Global $250M Series D Insight Partners, Bessemer United States
2021-09-13 Venture Partners, Scale Venture
$3.7B Partners, Tiger Global
Management, Institutional
Venture Partners

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

Management, General Catalyst

State Of Fintech | Global Trends | Investment Trends 51

Global: Top 10 Series D deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country
Date
6 Lunar
7 Solarisbank $249M Series D Heartland, Tencent Holdings, Denmark
8 Divvy Homes 2021-07-12 $1.0B Kinnevik, Fuel Ventures, IDC
8 NIUM
Ventures

$224M Series D Decisive, Vulcan Capital, HV Germany
2021-07-13 $1.7B Capital, Yabeo Capital, Pathway

Capital Management

$200M Series D Tiger Global Management, GGV United States
2021-08-13 $2.0B Capital, Andreessen Horowitz,

GIC, Moore Capital Management

Riverwood Capital, Global

$200M Series D $1.0B Founders Capital, Atinum Singapore
2021-07-13 Investment, Beacon Venture

Capital, Visa Ventures

The Rise Fund, U.S. Venture

8 Human Interest $200M Series D $1.0B Partners, Uncork Capital, United States
2021-08-04 Crosslink Capital, Glynn Capital

Management

State Of Fintech | Global Trends | Investment Trends 52

Global: Top 10 Series E+ deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country
Date
1 Revolut
$800M Series E $33.0B Tiger Global Management, SoftBank United Kingdom
2 Chime 2021-07-15 Group, Schroders

Sequoia Capital, Tiger Global

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

Investment Group

3 Kavak $700M Series E General Catalyst, Founders Fund, Mexico
2021-09-22 $8.7B Tiger Global Management, SEA

Ventures, SoftBank Group

4 Varo Bank $510M Series E Lone Pine Capital, HarbourVest United States
5 Carta 2021-09-09 $2.5B Partners, Warburg Pincus,

BlackRock, Berkshire Partners

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

State Of Fintech | Global Trends | Investment Trends 53

Global: Top 10 Series E+ deals in Q3'21

Company Round Amount Round Latest Valuation Select Investors Country
Date
6 BharatPe
7 Chime Tiger Management Corp, Insight
8 DataRobot
$370M Series E $2.9B Partners, Sequoia Capital, Ribbit India
2021-07-30 Capital, Dragoneer Investment

Group

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

Altimeter Capital, New Enterprise

$300M Series G $6.3B Associates, Tiger Global United States
2021-07-27 Management, T. Rowe Price, Sutter

Hill Ventures

Andreessen Horowitz, DST Global,

8 SpotOn $300M Series E $3.2B Franklin Templeton, Dragoneer United States
2021-09-13 Investment Group, Coatue

Management

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

BlackRock

State Of Fintech | Global Trends | Investment Trends 54

Global: Top 10 companies that raised funding in Q3'21 by Mosaic score

Company Mosaic Score Round Amount Round Latest Valuation Country
970 Date $4.0B Australia
1 Airwallex 950
2 Revolut 950 $200M Series E $33.0B United Kingdom
2 Blockstream 950 2021-09-20 $3.2B Canada
2 SpotOn 940 $3.2B United States
5 Bitpanda 940 $800M Series E $4.1B Austria
5 Gusto 940 2021-07-15
5 Checkr $10.0B United States
$210M Series B $4.6B United States
2021-08-24

$300M Series E
2021-09-13

$263M Series C
2021-08-17

$175M Series E
2021-08-10

$250M Series E
2021-09-01

State Of Fintech | Global Trends | Investment Trends 55

Global: Top 10 companies that raised funding in Q3'21 by Mosaic score

Company Mosaic Score Round Amount Round Latest Valuation Country
940 Date $1.0B Indonesia
5 Xendit 930
9 Chime 930 $150M Series C $25.0B United States
9 CashFree 930 2021-09-14 N/A India
9 Betterment 930
9 Varo Bank 930 $355M Series G $1.3B United States
9 Clearco 2021-09-10 $2.5B United States
$2.0B Canada
$1M Undisclosed
2021-09-16

$60M Series F
2021-09-29

$510M Series E
2021-09-09

$215M Series C
2021-07-08

State Of Fintech | Global Trends | Investment Trends 56

Unicorns & Valuations

GLOBAL: Q3 2021

57

Unicorn births jump 378% YoY in Q3'21 as total fintech unicorns reach 206

Total unicorns, 206

171

138

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 58

The US accounts for nearly half of fintech unicorn births in Q3'21

Canada Europe Asia

3 New 6 New 8 New

5 Total 36 Total 41 Total unicorns
unicorns unicorns

US

21 New

107 Total unicorns

LatAm All Other
Regions
3 New
2 New
13 Total
unicorns 4 Total

unicorns

State Of Fintech | Global Trends | Unicorns & Valuations 59

The US maintains its lead in unicorn births, which it has held since Q3'20

26 US, 21
18

8 Asia, 8
76 9 Europe, 6

3 4 35 Canada, 3
1 11 LatAm, 3
1 3 22 All Other Regions, 2
11
00 00 0 00 00 0

Q1 Q2 Q3 Q4 Q1 Q2 Q3

2020 2021

State Of Fintech | Global Trends | Unicorns & Valuations 60

The US still leads in total unicorns as Europe nearly catches up to Asia

91 US, 107

73

60

54

46 50 52 52

39 36 Asia, 41
29 30 31 Europe, 36
26 27
8
30
20 23 21 20 21 22 23 17 LatAm, 13
4 192 18 19 14 16 17 17 Canada, 5
15 15 17 17 110 14 10 13 310 411 5 17 23
2 11 11 181 191 8 120 012 11 18 All Other Regions, 4
1 10 11 11 11 181 1110 1101 11 5 5 120 202 56 9 9 10
00 65 75 57 0471 104 104 041 5 10 10 10 101 11 10 20 20 22
00 00 00 01

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 61

Average time from first funding to unicorn status remains flat at 4 years, 4
months in 2021 YTD

65 63 Average months, 52
65 58 Median months, 47

62
50 52 52

53

46 46 44

2015 2016 2017 2018 2019 2020 2021
YTD

State Of Fintech | Global Trends | Unicorns & Valuations 62

Global: Top 10 unicorn births in Q3'21 by valuation

Company Latest Valuation Country
$18.0B Hong Kong
1 FTX $5.0B United Kingdom
2 ZEPZ $4.0B United States
3 iCapital Network $3.8B United States
4 FalconX $3.2B Canada
5 Blockstream $2.9B United States
6 DriveWealth $2.9B India
6 BharatPe
63
State Of Fintech | Global Trends | Unicorns & Valuations

Global: Top 10 unicorn births in Q3'21 by valuation

Company Latest Valuation Country
$2.5B United States
8 Varo Bank $2.5B Argentina
8 Uala $2.0B Nigeria
10 Opay $2.0B United States
10 Fireblocks $2.0B United States
10 Divvy Homes $2.0B Canada
10 1Password
64
State Of Fintech | Global Trends | Unicorns & Valuations

Global: Top 10 unicorns in Q3'21 by valuation

Company Latest Valuation Country
$95.0B United States
1 Stripe $45.6B Sweden
2 Klarna $33.0B United Kingdom
3 Revolut $30.0B Brazil
4 Nubank $25.0B United States
5 Chime $18.0B Hong Kong
6 FTX $16.0B India
7 One97 Communications $15.0B United Kingdom
8 Checkout.com $14.3B Singapore
9 Grab $13.5B United States
10 Plaid
65
State Of Fintech | Global Trends | Unicorns & Valuations

Median company valuations increase across all stages, with mid-stage
valuations jumping 144% YoY

Early-stage Mid-stage Late-stage $1,500M

$926M

$594M

$478M

$264M $288M $247M

$158M $196M $180M
$106M $117M
$14M $18M $16M $22M $24M $23M $41M $100M $97M

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

State Of Fintech | Global Trends | Unicorns & Valuations 66

Global: Top 10 companies in Q3'21 by positive change in valuation

Company Change in Valuation Latest Valuation Previous Valuation Country
$27.5B $33.0B $5.5B United Kingdom
1 Revolut $12.6B $17.5B $4.9B United States
2 Toast $6.3B $8.8B $2.5B United Kingdom
3 Rapyd $6.2B $10.0B $3.8B United States
4 Gusto $4.7B $8.7B $4.0B Mexico
5 Kavak

State Of Fintech | Global Trends | Unicorns & Valuations 67

Global: Top 10 companies in Q3'21 by positive change in valuation

Company Change in Valuation Latest Valuation Previous Valuation Country
$4.4B $7.4B $3.0B United States
6 Carta $4.1B $5.0B
7 ZEPZ $3.1B $3.8B $900M United Kingdom
8 FalconX $2.8B $4.7B $675M United States
9 BillDesk $2.7B $3.7B
10 Papaya Global $2.7B $4.0B $1.9B India
10 Melio $1.0B United States
$1.3B United States

State Of Fintech | Global Trends | Unicorns & Valuations 68

Exit Trends

GLOBAL: Q3 2021

69

Global exits reach new heights, driven by record levels across exit types

M&A, 664

545 554 540
434
332 317

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 70

SPAC activity ticks up as M&A and IPO exits dip slightly QoQ

229 M&A, 225
210

180

131 152 120 142 146 144 138 126 134 125

117 112 101
110

86 94 91 95

61 80 81 79 77

10 4 5 3 8 8 6 2 5 6 20 11 17 10 10 2 5 1 7 6 71 4 10 10 21 IPO, 15
1 1 11 2 10 6 3 SPAC, 5
0 0 0 0 0 0 0 0 0 0
0 Q1 Q1 01 0 00 0 1
Q2 Q3 Q4 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Q01 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 | Exit Trends 71

Q3'21 share of exits by region holds fairly steady QoQ

3% 4% 4% 4% 5% 213%%% 6% 2% 4% 0% 6% 5% 3% 4% 4% 7% 4% 6% 5% 8% 3% 5% 5% 4% 3% 4% All Other Regions, 6%
13%% 11% 22%% 6% 41%% 6% 4% 7% 4% 5% 7% 6% 4% 4% 7% 5% 4% Canada, 3%
6% 10% 3% 3% 3% 6% 3% 1% 5% 4% 5% 5% 5% 5% LatAm, 9%
2% 2% 4% 5% 6% 5% 3% 5% 3% 6% 8% 9% 5% 9%
Europe, 31%
3% 4%
Asia, 11%
22% 22% 22% 34% 24% 26% 33% 32% 33% 34% 36% 26% 33% 27% 27% 35% 35% 32% 29% 27% 37% 31% 32% 32% 31%
8% 33% US, 40%

8% 14%

9% 10%

13% 13% 15% 9% 11% 11% 20% 12% 24% 12% 12% 8% 10%

14% 15% 9% 17% 10% 11%
16% 10%

59% 53% 55% 43% 45% 60% 41% 47% 47% 46% 37% 39% 42% 50% 39% 34% 42% 42% 43% 47% 36% 38% 41% 38% 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 | Global Trends | Exit Trends 72

Median exit valuations for SPACs and IPOs both triple YoY

$3,241M
$3,000M

$1,013M $893M $1,034M $987M

$603M $677M $585M

$413M $350M $0M
2017
$0M $135M
2015
2016 2018 2019 2020 2021
YTD
IPO SPAC
73
State Of Fintech | Global Trends | Exit Trends

Global: Top 10 M&A exits in Q3'21 by valuation

Company Valuation Exit Type Acquirer Country
$4.7B M&A PayU India
1 BillDesk $2.7B M&A PayPal Japan
2 Paidy Visa United Kingdom
3 CurrencyCloud $963M M&A MSCI United States
4 Real Capital Analytics $950M M&A AIA Group Malaysia
5 Touch 'n Go $700M M&A Bill.com United States
6 Invoice2go $625M M&A Lloyds Banking Group United Kingdom
7 Embark Group $543M M&A Global Payments United States
8 MineralTree $500M M&A Procore United States
8 Levelset $500M M&A Northern Data Netherlands
10 Bitfield $468M M&A

State Of Fintech | Global Trends | Exit Trends 74

Global: Top 10 IPO exits in Q3'21 by valuation

Company Valuation Exit Type Country
$17.5B IPO United States
1 Toast $6.9B IPO United States
2 Remitly $4.2B IPO United States
3 EngageSmart $4.0B IPO United States
4 Blend $3.3B IPO Israel
5 Riskified $3.2B IPO United States
6 Robinhood $1.8B IPO United States
7 ForgeRock $522M IPO Brazil
8 TC $353M IPO United Kingdom
9 LendInvest $22M IPO Israel
10 WAY2VAT
75
State Of Fintech | Global Trends | Exit Trends

Global: Top SPAC exits in Q3'21 by valuation

Company Valuation Exit Type Select Investors Country

1 Alight Solutions $7.3B SPAC Foley Trasimene Acquisition United States
2 OfferPad
2 Doma $3.0B SPAC Supernova Partners Acquisition Company United States
4 Sunlight Financial
$3.0B SPAC Capitol Investment V United States
State Of Fintech | Global Trends | Exit Trends
$1.3B SPAC Spartan Acquisition II United States

76

Investors

GLOBAL: Q3 2021

77

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

Company Company Count Investor Group Country
24 Asset/investment management United States
1 Tiger Global Management 22 CVC United States
2 Coinbase Ventures 21 VC Germany
3 Global Founders Capital 20 Other Japan
4 SoftBank Group 19 VC United States
5 Accel 13 VC United States
6 Sequoia Capital 13 VC United States
6 Andreessen Horowitz 13 VC United States
6 Ribbit Capital 13 VC United States
6 Lightspeed Venture Partners 12 VC India
10 Sequoia Capital India
78
State Of Fintech | Global Trends | Investors

Global: Top 10 investors YTD by median Mosaic score of companies

Company Median Mosaic Country Median Money Median Momentum Score Median Market Median Management Score
Score Score Score
1 Baillie Gifford & Co.
940 United Kingdom 950 950 950 575

2 Fidelity Investments 890 United States 970 890 850 620

3 T. Rowe Price 885 United States 975 920 840 795

4 Franklin Templeton 880 United States 970 920 840 680

4 Eldridge 880 United States 940 800 850 560
880 United States
Wellington 875 United States 950 805 860 530
4 Management 875 United States
975 870 860 590
Dragoneer
7 Investment Group 975 845 840 640

Durable Capital
7 Partners

State Of Fintech | Global Trends | Investors 79

Global: Top 10 investors YTD by median Mosaic score of companies

Company Median Mosaic Country Median Money Median Momentum Score Median Market Median Management Score
Score Score Score
9 Greyhound Capital
Technology 865 United Kingdom 970 780 855 580

9 Crossover Ventures 865 United States 960 770 860 585

State Of Fintech | Global Trends | Investors 80

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

Company Company Count Investor Group Country
21 VC Germany
1 Global Founders Capital 20 VC United States
2 Accel 13 VC United States
3 Ribbit Capital 13 VC United States
3 Andreessen Horowitz 13 VC United States
3 Sequoia Capital 13 VC United States
3 Lightspeed Venture Partners 12 VC India
7 Sequoia Capital India
81
State Of Fintech | Global Trends | Investors

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

Company Company Count Investor Group Country
10 VC United States
8 Insight Partners 10 VC United States
8 Valar Ventures 10 VC United States
8 General Catalyst

State Of Fintech | Global Trends | Investors 82

Global: Top 10 VCs YTD by median Mosaic score of companies

Company Median Mosaic Country Median Money Median Momentum Score Median Market Median Management Score
Score Score Score

1 Durable Capital 875 United States 975 845 840 640
Partners 865 United States

Technology 960 770 860 585
2 Crossover Ventures

2 Greyhound Capital 865 United Kingdom 970 780 855 580

4 Sapphire Ventures 860 United States 955 835 845 570
New Enterprise 860 United States
855 United States 980 860 840 530
4 Associates 855 United States
6 General Atlantic 960 780 860 650

Institutional Venture 960 750 840 620
6 Partners

State Of Fintech | Global Trends | Investors 83

Global: Top 10 VCs YTD by median Mosaic score of companies

Company Median Mosaic Country Median Money Median Momentum Score Median Market Median Management Score
Score Score Score 460
8 Stripes Group
8 Ribbit Capital 850 United States 955 760 850

Bessemer Venture 850 United States 960 820 860 625
10 Partners
845 United States 960 715 845 595

State Of Fintech | Global Trends | Investors 84

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

Company Company Count Investor Group Country
22 CVC United States
1 Coinbase Ventures 6 CVC United States
2 Salesforce Ventures 4 CVC United States
3 MassMutual Ventures 4 CVC United States
3 Citi Ventures 4 CVC United States
3 American Express Ventures 3 CVC Japan
6 SBI Investment 3 CVC Thailand
6 SCB 10X 3 CVC Switzerland
6 SIX FinTech Ventures 3 CVC United States
6 Point72 Ventures 3 CVC Germany
6 CommerzVentures 3 CVC United States
6 Hearst Ventures
85
State Of Fintech | Global Trends | Investors

Global: Top 10 CVCs YTD by median Mosaic score of companies

Company Median Mosaic Country Median Management Score Median Money Median Momentum Median Market
Score Score
1 capitalG Score Score
2 PayPal Ventures
3 Citi Ventures 840 United States 605 910 840 840
4 SCB 10X
5 CommerzVentures 815 United States 580 950 750 835
5 SVB Capital
5 GS Growth 810 United States 570 920 830 850

800 Thailand 570 855 730 850

790 Germany 510 860 630 860

790 United States 650 940 670 860

790 United States 620 950 880 850

State Of Fintech | Global Trends | Investors 86

Global: Top 10 CVCs YTD by median Mosaic score of companies

Company Median Mosaic Country Median Management Score Median Money Median Momentum Median Market
Score Score
8 Prosus Ventures Score Score
8 Salesforce Ventures
8 Nationwide Ventures 780 Netherlands 460 910 655 850

780 United States 560 910 780 840

780 United States 530 895 655 845

State Of Fintech | Global Trends | Investors 87

Global: Top 10 investor pairs by number of shared companies in 2021 YTD

Investor 1 Investor 1 Country Investor 2 Investor 2 Country 2021 Shared Portfolio
Companies
1 AU21 China Moonwhale Ventures Singapore 11
AU21 China 10
2 GBV Capital Hong Kong AU21 China 10
Moonwhale Ventures Singapore 7
2 X21 United States Coinbase Ventures United States 7
AU21 China 7
4 X21 United States Sequoia Capital United States 6
Tiger Global Management United States 6
4 ParaFi Capital United States Insight Partners United States 6
NGC Ventures Singapore 6
4 Blocksync Ventures United States QED Investors United States 6
Spark Digital Capital United States 6
6 Accel United States Moonwhale Ventures Singapore 6
Moonwhale Ventures Singapore 6
6 Accel United States DST Global Hong Kong 6

6 Tiger Global Management United States 88

6 AU21 China

6 Kaszek Ventures Argentina

6 AU21 China

6 GBV Capital Hong Kong

6 Blocksync Ventures United States

6 Tiger Global Management United States

State Of Fintech | Global Trends | Investors

Collection Spotlights

Q3 2021

89

Payments

GLOBAL: Q3 2021

90

Payments funding in 2021 YTD is already up 80% compared to 2020

$30.0B 600
500
$25.0B $24.1B 522 481 Funding 400
446 $14.0B $13.0B $23.4B 300
$20.0B 340 396 2019 2020
$15.0B $9.3B 2018 Deals
2017 446

272

$10.0B $8.9B 200
$5.0B
$4.9B 100

$0.0B 0

2015 2016 2021
YTD

State Of Fintech | Collection Spotlights | Payments 91

Quarterly payments funding drops 42% QoQ despite an uptick in deal count

$20.0B 180
$18.0B
$16.0B $17.4B 161 Deals
$14.0B 148
$12.0B 150 150 160
$10.0B
146
$8.0B
$6.0B 134 140
$4.0B
$2.0B 121 124 103 106 121 106
$0.0B
110 110 111 104 Funding 120
105
$6.1B
93 93 $10.5B 100
89 88

77 82 76
72
66 80
60
57 $6.8B

$5.5B

$4.4B $4.0B 40
20
$2.9B $3.5B $3.2B $3.5B $3.1B $3.0B $3.4B $3.3B

$2.5B $2.3B $2.3B $2.4B

$0.7B $1.2B $1.1B $1.4B $1.0B $1.2B
$0.5B
$0.6B

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 | Payments 92

US-based payments startups lead in global funding in Q3'21

US $2.3B Asia Europe LatAm Canada All Other Regions

$3.9B

$2.6B $2.3B$2.2B $0.2B

$1.4B$1.6B$1.8B $1.3B $2.4B
$1.1B
$1.4B

$1.8B

$1.2B $1.3B $0.6B

$0.8B $0.7B $0.9B $0.2B $0.1B
$0.6B $0.7B

$0.4B $0.5B $0.0B $0.5B $0.5B
$0.3B
$0.1B $0.0B $0.0B
$0.0B$0.0B$0.0B$0.0B$0.0B $0.2B$0.1B$0.1B$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 | Payments 93

Asia deal share rises 4 percentage points QoQ, though the US still leads

2% 3% 1% 9% 6% 6% 4% 1% 4% 5% 4% 5% 12%% 6% 8% 6% 7% 4% 5% 4% 9% 5% 9% 7% 8% 5% All Other Regions, 7%
5% 4% 4% 5% 40%% 1% 6% 2% 3% 2% 32%% 8% 32%% 20%% 41%% 2% 21%% 3% 3% 03%% 41%% 0% 1% 31%% 3% Canada, 3%
0% 5% 4% 5% 4% 4% 4% 5% LatAm, 6%
4% 3% 5% 6% 7% 8% 8% 9% Europe, 17%

19% 15% 2% 17% 17% 18% Asia, 27%
27%
22% 22% 22% 28% 19% 23% 31% 25% 22%

29% 24% 31% 26% 23% 23% 23% 24% 20% 21%

26%

25% 26% 26% 21% 29% 24% 25% 15% 20% 28% 31% 19% 29% 25% 27% 27% 27% 25% 32% 24% 28% 30% 31% 20% 33% 23%

49% 47% 42% 36% 44% 43% 34% 48% 38% 32% 37% 44% 43% 45% 40% 44% 37% 37% 30% 38% 35% 35% 35% 39% 33% 40% 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 | Collection Spotlights | Payments 94

Average deal size reaches $62M in 2021 YTD, nearly double 2020

$66M

$62M

$36M $33M

$32M $29M

$22M

$5M $8M $7M $7M $13M
2020
$4M $4M 2017 2018 2019 2021
2015 2016 Average deal Median deal YTD

State Of Fintech | Collection Spotlights | Payments 95

Early-stage deal share declines to its lowest point in years, at 46%

8% 7% 9% 7% 8% 10% Other, 7%
13% 15% 18% 17% 19% 15% Late-stage, 20%

21% 19% 16% 21% 21% 20% Mid-stage, 27%

58% 59% 58% 54% 51% 56% Early-stage, 46%

2015 2016 2017 2018 2019 2020 2021
YTD

State Of Fintech | Collection Spotlights | Payments 96

8 new payments unicorns born in Q3'21 bring the total to 58

55 Total Unicorns, 58
48

39
36
34 34

30

26
24

20
18

15 13 New Unicorns, 8
12 13 13 10
9 9 9 8 9 9 9 9 9 10 10
33
21 1 1 3212325254

00 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 | Payments 97

Top 10 equity deals in Q3'21

Company Round Amount Round Latest Select Investors Country % of Total
Date Valuation Funding
1 BharatPe 6.1%
2 Pine Labs $370M Series E $2.9B Tiger Management Corp, Insight Partners, Sequoia India 5.2%
3 SpotOn 2021-07-30 Capital, Ribbit Capital, Dragoneer Investment Group 4.9%
3 Rapyd 4.9%
3 Ramp $315M Venture Capital $3.0B Fidelity Investments, BlackRock, Neuberger Berman, India 4.9%
6 ZEPZ 2021-07-06 Ishana Capital 4.8%
7 Melio 4.1%
$300M Series E Andreessen Horowitz, DST Global, Wellington United States
7 Papaya Global 2021-09-13 $3.2B Management, Franklin Templeton, Dragoneer 4.1%

Investment Group 98

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

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

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

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

$250M Series D Insight Partners, Bessemer Venture Partners, Scale United States
2021-09-13 $3.7B Venture Partners, Tiger Global Management,

Institutional Venture Partners

State Of Fintech | Collection Spotlights | Payments

Top 10 equity deals in Q3'21

Company Round Amount Round Latest Select Investors Country % of Total
Date Valuation Singapore Funding
9 NIUM Australia 3.3%
9 Airwallex $200M Series D Riverwood Capital, Global Founders
9 Wave 2021-07-13 $1.0B Capital, Atinum Investment, Beacon 3.3%

Venture Capital, Visa Ventures 3.3%

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

$200M Series A $1.7B Ribbit Capital, Founders Fund, Sequoia Capital, Senegal
2021-09-07 Partech Partners, Stripe

State Of Fintech | Collection Spotlights | Payments 99

M&A deals continue to be the most common exit, though IPOs have already
doubled in 2021 YTD compared to 2020

115
99

70 M&A, 73

9 10 25 51 8 6 IPO, 13
203150 3 2018 1
3 0 SPAC, 3
20116 0 2019 2020
2021
2017 YTD

State Of Fintech | Collection Spotlights | Payments 100