GP Bullhound：2022年第三季度金融科技報(bào)告

QualitativeinsightsintobroaderFintechtrendsandpublicandprivatevaluationsacrossthetransactionspectrum,andinterviewswithtoday’sleaderstransformingthesector.yimportantdisclosuresappearatthebackofthisreportGPBullhoundCorporateFinanceLtdandGPBullhoundAssetManagementLimitedareauthorisedandregulatedbytheFinancialConductAuthorityGPBullhoundIncisamemberofFINRAGPBullhoundLuxembourgSàrlisauthorisedasanAIFMinLuxembourgbytheCommissiondeSurveillanceduSecteurFinancierTakeawaysTakeawaysTHEV工EWSNOWGRECOGNISEDASLEADINGINTECHECOSYSTEMTHENEXTSTEPINWEBADOPTIONLIESWITHSIMPLIFIEDCRYPTO-WALLETARDINGOURALTHE?Indiaisnowhometo4,200+fintechsand20+fintechunicorns,establishingitselfasaleadingfintecheconomyglobally.Keyverticalsincludepayments,lendingandneo-banking?PositiveregulatoryreformandincreaseddigitalpenetrationhasencouragedinnovationandadoptionoffintechacrossIndia.Thishasattractedinterestfromleadinginstitutionalinvestors,withthelikesofSequoiaCapitalopeningofficesinthecountry?Cryptowalletsarethebridgebetweenconsumersandblockchaintechnology,naturallysolidifyingtheimportanceofwalletsintheadoptionofWeb3andcryptocurrency?September2022hadtwomillionactivewalletsinteractingwithblockchaintechnologiesonaverageperday,yetwithoverfivebillionpeoplehavingaccesstotheinternetglobally,theopportunitytobethemarket-leadingwalletiswideopen?As93%ofallbankingfraudattacksoccuronline,strongauthenticationandfinancialcrimepreventiontechnologieshavebecomeakeyfocusareaforonlinebankingproviders?Behaviouralbiometricstechnologiesmeasureuniquepatternsinhumanactivityandcomparethemtopastactionstodetectanomaliesandblockbadactors2INVESTMENTBYINVESTMENTBYINVESTMENTBYINVESTMENTBYINVESTMENTBYINVESTMENTBYINVESTMENTBYementTakeawaysALEADINGTECHNOLOGYADVISORYANDINVESTMENTFIRM,PROVIDINGTRANSACTIONADVICEANDCAPITALundsrecentFintechactivityACQUIREDACQUIREDBYACQUIREDBYACQUIREDBYACQUIREDBYACQUIREDBYACQUIREDBYACQUIREDBYINVESTMENTBYINVESTMENTBYINVESTMENTBYINVESTMENTBYINVESTMENTBYINVESTMENTBYINVESTMENTBYINVESTMENTINVESTMENTBY3DEALDATE:JUL-22RAISED:$100MDEALDATE:JUL-22RAISED:$100MDEALDATE:JUN-22RAISED:$50MDEALDATE:AUG-22RAISED:$21MTakeawaysGPBULLHOUND’SSECTORTAKEAWAYSIndia:afast-growing&emergingfintechecosystemSelectnewsAvastlyunderservedmarketandattractiveregulatoryframeworkmakesIndiaripeforfintechdisruption?Indiaishometo4,200+fintechcompaniesandhasraised$23.6bninVCfundingsince2014.In2021alone,fundingraisedbyfintechsgrewbyxto0bn.By2030,theIndianfintechindustryisforecasttoreach$200bninrevenueswiththegrowthenabledbyshiftingregulatoryculturalandmacro-economicdynamics?AlargelyunderservedmarketacrossmultiplefinancialproductscontinuestobetheprimarycatalystforgrowthandnnovationTransitioningfromacashbasedeconomytoadigitaleconomyunlocksseverallargeopportunitieswithinfintechlisationpavesthewayformanyfintechsolutionsincludingpaymentsbankinglendingandwealthgementBCGestimatesIndiasdigitalpaymentsindustrywilltripletotnbycontributingtoofallpaymentactionsinthecountry?Apro-fintechregulatoryframeworkhasencouragedinnovationandaccesstothemarket.Innovationhubs,startupincubatorsandregulatorysandboxesaresomeofthemanyinitiativestheReserveBankofIndiaRBI)isimplementingtoacceleratethepenetrationoffinancialservicesAdditionally,thegovernmentisincreasinglyadoptingfintech/regtechsolutionstoaugmentthedeliveryofnewregulationchthemesinIndia?Payments,lendingandneo-bankinghavehistoricallyrepresentedthelionsshareofIndianfintechfunding,generating69%oftotalfundingraisedin21.Indiaisslowlybeingrecognisedasapreeminentfintechhubandishometo20+fintechunicorns?AsdigitalpaymentsbecomeincreasinglyubiquitousintheIndianeconomy,therehasbeenashiftinpaymentstowardembeddedfinanceIntegratingpaymentsandlendingintotheecommercejourneyhastakenoffinIndia,givingrisetoseveralBuyNowPayLaterBNPLprovidersfocusedonbothBBandBCCompaniesinthespaceincludeSlice,Actyv.ai,ni?Theneo-bankinglandscapeinIndiaissignificantandcanbesegmentedbycustomerfocusandbusinessmodel.GiventhediversityofdemographicsinIndianeobanksdifferentiatethemselvesbytargetingspecificaudienceslikemillennials,teenagersSMEsandtheruralpopulation.Intermsofbusinessmodels,Indianneo-bankstypicallyadopteitheracredit-led,savingsledorembeddedbankingsolution,withallthreemodelsfocusedonofferingacustomer-centricplatform?Thewealthtechopportunityislikelytoreach$237bnby2030,yetonly2%oftheIndianpopulationparticipatedintheIndianblicequitymarketsinHigherdisposableincomesandanawarenessofalternativemethodsofwealthcreationpoisewealthtechforgrowth.Notablethemesintheverticalincludetheemergenceofwhite-labelsoftwareforfinancialadvisors,ersandalternativeassetclassenablersDEALDATE:JUN-22RAISED:$140M4Sources:EY,ChirataeVentures,BCG4LAUNCHWEB3SELF-CUSTODYWALLETBETALAUNCHWEB3SELF-CUSTODYWALLETBETATO10,000IOSUSERSRAISING$100MFOLLOWINGJUN-21TakeawaysGPBULLHOUND’SSECTORTAKEAWAYSWalletsholdthekeytoacceleratedcryptoadoptionSelectnewsDEALDATE:SEP-22RAISED:$20MchnicalcryptobarriersDEALDATE:SEP-22RAISED:$20MDecrypting‘cryptowallets’?AcryptocurrencywalletinitssimplestformisadeviceorprogramthatallowsyoutotransferandstorecryptocurrencyanddigitalassetsWalletsallowforthesendingandreceivingofcryptotransactionsbykeepingapieceofdataintheformofaprivatekeyorseedwhichallowsforthesigningoftransactionsCryptoisntheldinawalletascoinssitonablockchain,insteadwalletsactasthefacilitatorofcommunicationwithaspecificprotocoltointeractwiththebalanceofcryptothatisheldonblockchain?Walletsexistinmultipleforms,namelyhardwareandsoftwarewallets.Hardwarewalletsstorekeysoffline,usuallyinUSBform,andaregaininginpopularityduetohigherlevelsofsecuritySoftwarewalletstakeformofweb-based,desktopandmobilewallets,offeringamuchsimplerUXandexperienceDEALDATE:AUG-22RAISED:$23MAsimplifieduserexperienceholdsthegoldentickettoWeb3successwalletisthefirststeptoenteringthecryptocurrencyecosystemWiththecomplexnatureofthetechnologythatunderpinscryptocurrenciesandthesurroundingdecentralisedfinancesphere,higherlevelsofadoptionrelyonuser-friendlyexperiencesimplifiedUX?ProminenceofthetechnologyisduetothewiderangeofusecasesforcryptocurrencywalletsacrossbothWeb2.5andWeb3.ThemajorityofWeb3applicationsrequireawalletofsomesort,whileinmostcasesanindividualneedsaseparatewalletfordigitalassetsthatsitondifferentblockchainslikeBitcoinandEthereumwhichrequireseparatewallets?Decentralisedapplicationsintheirmajorityrequireacryptowalletaspartoftheexperienceinordertoaccess,trade,andeWalletsactasuniqueidentificationandformthemethodforloggingintogamestradingingameitemssuchasgprogressInnovationstosimplifytheonboardingprocessandaccessthetechnologyhavebegun,withwalletsacceptingmultiplelockchainsWebtraditionalsignupfeaturesemailsocialmediausernameandmobiledesktopappsallcontributingtoasimplifiedprocessHoweversuccessinWebwilldependonwhocanlowerthetechnologicalbarriertoentrythemost?Withoverfivebillionpeopleusingorhavingaccesstotheinternetin2022andtheblockchainecosystemhostingonlytworeisaphenomenalopportunityforthebestin-classcryptowalletstosecurealargeandstickycustomerbaseasWeb3andcryptocurrencymoveoutofinfancy$380MSERIESCSources:Coinbase,C,Binance,DappRadar51)Auniqueactivewalletisauniqueaddressthatinteractswithadecentralisedapplicationorsmartcontract,givingthe5bestproxyforlevelsofadoptioninWeb3TakeawaysGPBULLHOUND’SSECTORTAKEAWAYSiometricstheTakeawaysGPBULLHOUND’SSECTORTAKEAWAYSiometricsthefutureoffraudMillionsofonlinebankingusersarealreadyverifyingtheiridentityusingaselfie,theirvoicesorfingertipsttacksoccuronlinestrongauthenticationandfinancialcrimepreventiontechnologieshavebecomeparamountforfinancialservicesplayersprovidingonlinebankingRecentyearshaveseentheadventofbothbiometricsaswellasmultifactorauthenticationMFAtechnologiestothemasseswheremillionsofonlinebankingusersareadyverifyingtheiridentityusingaselfietheirvoicesorfingertips?Thereareseveraladvantagestousingbiometricidentificationinconsumer-facingindustriesmoreexposedtofinancialcrimeriskssuchasdigitalbankingTwokeyoneswouldbeitseaseofuseanditseffectivenessinpreventingfraud:?Contrarytorememberingcodesorpasswords,notaskssuchasplacingourfingeronareader,takingapicture,oreventhephoneareparticularlychallengingforcustomers?Becausenoindividualshaveidenticalfingerprints,faces,orvoices,thismethodofidentificationismoresecure.Additionally,loyingthismethodcustomersarelesslikelytobecomeavictimofcrimeslikephishingwhichisadeceptivemethodemployedbycybercriminalstosendemailsaskingforpersonalinformation;?However,ascyberattacksgetmorecomplex,behaviouralbiometricsarebecomingamorecommonauthenticationmethoditionaltechniquesaresometimesinsufficientinblockinghostileactors?Behaviouralbiometricstechnologiesmeasureuniquepatternsinhumanactivityandcomparethemtopastactions.Whenacustomersbehaviourdeviatesfromtheexpectedprofilefurtherlevelsofauthenticationarerequired,whichmayincludeafingerprintscanaselfieorotheractions.Behaviouralbiometricsystemscanauthenticatecontinually,incontrasttoconventionalauthenticationtechniquesthatonlyfunctionwhenapersonsinputiscapturedsuchasbytouchingasensor?Thebehaviouralbiometricssoftwaresolutionsmarketisgainingtractionandissupportedbystrongdemandsentiment:?91%ofUKbusinessesstatedthattheyhaveahighlevelofconfidenceinbehaviouralbiometricswhenitcomestodetectingagainstfraud?82%ofUKcustomerstrustbehaviouralbiometricsinthefighttopreventfraud,and55%ofUKcustomerssaythattheuseofbehaviouralbiometricswouldenhancetheiropinionandtrustinabusiness2DEALDATE:AUG-22EV:$2,800MDEALDATE:SEP-22RAISED:$52MDEALDATE:SEP-22RAISED:$52MANNOUNCEDTHELAUNCHOFEXPERIANFRAUDSCORESources:(1)Feedzai;(2)ExperianelectnewsCEOcommentaryctiontrendsM&AANDFUNDRAISINGACTIVITYBYQUARTERtechactivityremainsmutedinQasmacroertaintyprevailsTransactionM&Adealvalueandvolumedealvalueandvolume00ValueLHS Volume(RHS)M&Adealvaluebyregion%AmericasEuropeAsiaOther03,0000Totalcapitalinvested(LHS)Volume(RHS)gdealvaluebyregion%ricasAsiaricasSource:Pitchbook(asof30September2022);Note:(1)SpikeinvalueinQ32019duetofourextraordinarilylargetransactionswithanaggregatevalueofc.$185bn:AntGroup/Alibaba($66bn),Worldpay/FIS($48bn),FirstData/Fiserv($46bn),andTotalSystemsServices/GlobalPayments($24bn);(2)SpikeinvalueinQ42020duetoanextraordinarilylargetransactionof$22bn(TDAmeritrade/CharlesSchwab&Co);(3)UnusualdealvalueinOceaniaduetoSquare’sacquisitionofAfterpay($28.5bn);(4)SpikeinfundraisesvalueinQ22018wascausedbyanextraordinarilylargeinvestmentinAntFinancial($14bn)*ctiontrends*ctiontrendsNOTABLEFINTECHM&ASofteningpublicmarketvaluationsand“drypowder”drivingincreasedpublic-to-privatetransactionsthisquarterTargetescriptionEVLTMRevProvideroftaxautomationsoftwareProvideroftaxautomationsoftware8,40010.6x*01-Aug-22Integratedmerchantacquirerandpaymentprocessor3,9676.6x03-Aug-22Providerofidentityverificationservices2,80025-Jul-22Provideroffinancialwellbeing,digitalbanking,insurance,creditcardsandbrokeragesolutions1,700n.a.28-Sep-22ProviderofB2Baccountsreceivableautomationandintegratedpayments1,70010.5x22-Aug-22End-to-endprovideroffintechandregtechsolutions1,6004.7x01-Aug-22Providerofmobile-firstpaymentandBaaSsolutions1,000n.a.25-Aug-22Convertscashintocryptocurrencyandofferswiderfinancialservicese.g.paymentsandinvestments755n.a.11-Aug-22Cloud-basedproviderofshareplanmanagementsoftware676n.a.22-Aug-22Providerofcredit,bankingandfinancialanalyticsforSMEs547n.a.28-Jul-22Providerofcarinsurance500n.a.08-Aug-22Providerofabusinesspaymentplatform480n.a.04-Aug-22Provideroffinancialinclusivityfortheunbankedandmigrantworkers400n.a.03-Aug-22Vertically-integratedproviderofcryptocurrencymininginfrastructure310n.a.18-Aug-22ProviderofPOS,on-deliveryandofflinepaymentssolutionsn.a.11-Jul-22ProviderofcreditsolutionsforconsumersandSMBsn.a.12-Aug-22Providerofsmallbusinesslendingsolutionsandbankdepositproducts98n.a.16-Aug-22Providerofmoneytransfersolutionsformigrantworkers80n.a.Sources:Pitchbook,CapitalIQ,Mergermarket,Companypressrelease*Denotespublic-to-privatetransactions8TargetLeadinvestor(s)tdescription11-Jul-22Buy-NowPay-LaterplatformTargetLeadinvestor(s)tdescription11-Jul-22Buy-NowPay-Laterplatform80012-Jul-22Providerofdigitalinsurancesolutions40028-Sep-22Mobilepaymentsplatform32015-Sep-22Creditcardissuanceplatform316122-Sep-22Compensationinsuranceplatform31512-Aug-22Digitalwalletprovider25029-Aug-22NFTproductionplatform20025-Jul-22Digitalwalletprovider17-Aug-22Paymentsfortruckingplatform5125-Sep-22Providerofdigitalinsurancesolutions15-Aug-22SaaSplatformhelpingfoundersaccesscapital5130-Sep-22Providerofblockchain-enabledproducts21-Jul-22Creditcardlendingplatform2106-Jul-22Embeddedinvoicefundingplatform1891ctiontrendsFINTECHFUNDRAISINGSCategoryleaderscontinuedtoraisecapital,despitedifficultfundraisingenvironmentTargetLeadinvestor(s)etdescription30-Aug-22Digitallendingplatform14-Sep-22Paymentsplatformforbusinessesandenterprises0122-Aug-22Buy-NowPay-Laterplatform11-Aug-22Realestatetechnologyplatform9104-Aug-22SaaSproviderofdigitalgovernmentservices9019-Jul-22Web3securityplatform9002-Sep-22B2Bembeddedfinanceplatform6322-Sep-22Dataandworkflowcollaborationformarkets6001-Sep-22Fraudpreventionplatform5220-Sep-22Financialfraudplatform5210-Aug-22Incomeandemploymentverificationplatform5019-Sep-22Fundraisingplatformfornon-profit5014-Sep-22DigitalassetmanagerforESGinvestmentportfolios5019-Sep-22Neo-bankingplatform35Sources:Pitchbook,CapitalIQ,MergermarketNote:1)MixofDebtandEquityalysesalysesGPBULLHOUNDFINTECHINDEXBYMARKETCAPITALISATIONhttoqualityaspaymentsleadgrowthinmarketcapThevalueofGPBullhoundsFintechindexincreasedbybn(3%),withWisedeliveringthelargestgrowthinmarketcapGPBullhoundFintechindexbymarketcapitalisation($bn)99.532.839.520.6(0.3)(0.5)3.9(0.5)2.5)1.8(0.4)1.0(0.0)ntMarketCapMarketCapatSeptember022ChangeinMarketCapto30ntMarketCapSource:CapitalIQ(asof30September2022);Note:PresentedonalogarithmicasuryyieldctationsduetoionhaveasuryyieldctationsduetoionhaveputntechaluationsinUkrainexacerbatesweakconomiceuedvolatilitytechsell-offduetomarketfearsofrisinginterestratesthattheouldloseagriponVolatilityastechstockssuffertheirworstsell-offsincethemarketturmoilinMarch0alysesGPBULLHOUNDFINTECHINDEXVALUATIONSInvestorsarelesskeenonpayingpremiumsgiventheweakeconomicoutlookcausingvaluationreratingsacrossfintechAsof30September2022,theFintechindexistradingat5.9xtrailing12-monthrevenues,whichis62.0%belowthe2-yearaverageAsof30September2022,theFintechindexistradingat5.8xnext12-monthrevenues,whichis60.2%%belowthe2-yearaveragechnologystocksinuedtofallgivenvulnerabilitytohigherinterestratesandslowcgrowthMeanMean5xSep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22GPBFintechIndexTEVLTMRevenuesGPBFintechIndex-TEV/NTMRevenuesSource:CapitalIQ(asof30September2022);Note:EV/Revmultiplesexceptforonlinelenders,whicharecomputedasMarketCap/Revmultiples.FintechIndexconstituentsareAdyen,Affirm,Blackline,Block,Dlocal,Envestnet,FundingCircle,LendingClub,MarketAxess,Marqeta,Nubank,Payoneer,PayPal,Paysafe,Q3e-banking,Shopify,Wise,XeroBankingTechnologyFinancialData&AnalyticsBankingTechnologyFinancialData&Analytics4.8%0Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22alysesSHAREPRICEPERFORMANCE–LASTTWOYEARSaymentshasbeenthebestperformingfintechverticalinQ2022,givenitsdiversifiedbusinessandrevenuemodelL3MPerformance((8.7%)140 Nasdaq(4.1%)((5.5%)HR&PayrollPerformance1Month3Months6Months1Year2YearsBankingTechnology(11.5%)(8.7%)(30.6%)(44.4%)(47.3%)1.0%)1.0%)FinancialData&Analytics(9.5%)(5.5%)(21.7%)(28.8%)(13.0%)4.8%4.8%PPayments10.7%Source:CapitalIQ(asof30SeptemberalysesGPBULLHOUNDFINTECHINDICESINDICATIVETRADINGVALUATIONBENCHMARKSBullhoundFintechindicesvaluationbenchmarksticalsPPaymentsFinancialData&AnalyticsHR&PayrollBankingTechnologyOnlineLenderslectcompaniesErevenuegrowthEEBITDAargin0.6%revenue(1)5.7x3.9xTDASource:CapitalIQ(asof30September2022)Note:Onlyselectlogosshown;(1)MeancommentarycommentarycommentaryLEADINGCOMPANIESANDCEOSTRANSFORMINGTHESECTORTimChong,HarryJell,ThesoJivajirajah,Co-FoundersTIMC.,HARRYJ.,THESOJ.CO-FOUNDERS,YONDER“Fortoolong,consumershavebeenstuckwitharchaiccreditcards–discriminatorycreditscoring,unusablerewards,andaproductexperiencefromthe1980s.Yonderischangingthatbybuildinganelegantlydesignedmoderncreditcardthat’sakeytothecity.Wehaverebuiltthecreditcardfromthegroundup,withcutting-edgeunderwriting,leveragingcashflowdata,whichisbuiltonmoderntechstacktocreateabeautifullifestylecreditcardexperience.Ourmemberslovetheabilitytospendfrictionlessly,managetheirmoneydigitally,anddiscovercuratedrestaurants,bars,andexperiencesacrossthecity.We’vegarneredenviabledailyuserengagementandcontinuetoinvestincreatingamorepersonalisedexperiencethattrulyfeelslikefinancialmembershipofthefuture.”InvestorsYonderisamoderncreditcard,designedforexpatriatesInvestorsprofessionalslivingabroad.Itchallengestraditionalcreditcardissuersbyofferingmemberadvantagesandlocalexperiencestosuittheyoungerconsumer’slifestyleandneeds.WithoutFXfees,italsooffersitscustomersavarietyofrewardsandtravelinsurance.Throughout2023,thecompanyplanstointroduce50+newpartnershipsandexpandtomajorcitiesintheUKandEmentarycommentaryLEADINGCOMPANIESANDCEOSTRANSFORMINGTHESECTORerCEOCO-FOUNDER&CEO,FOURTHLINE“ManyofEurope’smostprominentfinanceandfintechplayersrelyonFourthlinetoovercometheirKYCandcompliancehurdlesacrossdifferentjurisdictions.WhatsetsFourthlineapartisthatwehavebuiltaproprietaryend-to-endKYCplatformspecificallyforfinancialinstitutionsthateliminatestheneedformultiplepointsolutionsandlargein-houseteams;andthatwenotonlyfocusontheinitialKYCatonboarding,butofferasuiteofcontinuousKYCproductstocoveridentitychallengesacrossthelifecycleofacustomer.Tobesuccessfulinthefightagainstfinancialcrime,youneedtohavethehighestpaceofinnovationandmonitortrendsonacrossborderandcross-partnerlevel,whichiswhatwe’redoingatFourthlineallday,everyday.”FourthlinehelpsFourthlinehelpsregulatedenterprisessolvedigitalidentitychallengesthroughtechnologyandexpertguidance.Itsend-to-endKYCandcomplianceplatformcoversbothKYCatonboardingandthroughoutthecustomerlifecycle.Fourthlineworkswithsomeofthefastest-growingregulatedEuropeanenterprises,includingfintechslikeN26,Solarisbank,andTradeRepublic,andtraditionalfinancialinstitutionslikeinsurancefirminsurancefirmNationale-NmentarycommentarycommentaryLEADINGCOMPANIESANDCEOSTRANSFORMINGTHESECTORrCEOCO-FOUNDER&CEO,CREZCO“Smallandmedium-sizedenterpriseB2BpaymentshavebeenneglectedversusB2BenterprisesolutionsorB2Cproducts,likePayPalandStripe.Historicallythismadesense.SMEsarenottechnologicallyinclined,theunit-economicswerebad,andtheexistingpaymentstackwasill-suited.TheintroductionofOpenBankingandaccount-to-accountpaymentschangedthis.OurAPI,whichplugsintoaccountingsoftwarecompanieslikeXero,Sage,IntuitandZoho,hasbroughtaccount-to-accountpaymentstotheSMEmarket.WithCrezco,SMEsreceivepaymentsinreal-timeandmakebulkpaymentstoover100differentcountriesgloballyinoneclick.Thisallhappensaccount-to-account,withouttheneedofpaymentwalletsorvirtualIBANs.Finally,paymentinnovationisn’tjustabouttheuserexperience,butalsoaboutsendingmoneyfurther,faster,cheaper,andsafer.”CrezcoisCrezcoisanaccount-to-accountpaymentsproductforSMEreceivablesandpayables.Theintroductionofaccount-to-accountpaymentsintheEUprovidedatechnologicalopportunitytoenterthemarketwithafasterandcheapersolutiontoincumbentproductsrelyingonVisaandMastercard.Over90%ofCrezco’spaymentsaredeliveredthroughanembeddedsolutionwithinaccountingproductssuchasSage,Xero,IntuitandZmentarycommentarycommentaryLEADINGCOMPANIESANDCEOSTRANSFORMINGTHESECTORJensR?hrborn,Founder&CEOJENSR?HRBORNFOUNDER&CEO,BANXWARE“Complianceregulationandcapitalrequirementsmakeitharderfordeposit-takinglenderstoofferviableloanproductstoSMEs.Additionally,manualinteractionandacumbersomeloanapplicationprocessdrivedigital-savvycompaniestonon-banklenders.WhentheseSMEslookforloans,theyturntotheireverydaypartnerssuchassaleschannels,paymentserviceproviders,andshoporcashiersystemprovidersfirst.Theseplatformsalreadyhavethecustomerrelationshipandthecompany’strust–whichtheycanmakeevenstickierwithafinancingproduct.Banxwareenablestheseplatformstoofferloanproductstotheirbusinesscustomers.WithBanxware’stechnology,paymentsproviders,marketplacesandotherplatformscanoffermerchantcashadvancesandotherloanproductsfullyembedded,givingtheirbusinesscustomersfastandeasyaccesstocapital.Banxwarealsoprovidesthefundingfortheseloans.”WithBanxwareWithBanxware’stechnology,platformscanofferwhitelabellendingproductstotheirsellers.Platformscanoffermerchantcashadvancesandotherloanproductsfullyembeddedintheirplatformenvironment,givingtheirsellersfastandeasyaccesstocapital.Banxwareoffersanend-to-endsolutionfromonboarding,AML,KYC,toloandecisioning,loanfundsandloanmanagement.rablesrablesICCOMPARABLESBYCATEGORYMarketCapSharePricemEVUSDmRevenueGrowthEBITDAGrowthEBITDAMarginEVRevenueEVEBITDAPEPerformancementsHighGrowthOmnichannelPaymentsPayPal99,538101,61310%14%26%19%20.6%23.5%24.6%4.0x3.6x3.2x19.5x15.5x13.0x18.7x21.9x17.9x(67%)59,846,1674%30%%33.9%42.5%43.2%4.9x4.7x4.4x45,,730%%28.4%44.3%45.0%4.5x4.3x4.0x.6x8.9x9.6x(38%)39,54939,54934,24636%34%31%37%.5%.4%.8%25.8x56.2x42.8x31.2x48.6x48.6x34,250Sh34,25028,48724%4%)0.5%x5.2x4.2x35.7xn.m.n.m.42.5xn.mn.mn.m32,76333,12448%4.4%5.5%99.3x42.6x28.7x33.0x.9x35.8x35.8x20,57620,57628,797548%44%44.2xx4.7xn.mn.m8,637T8,6375056%32%2.5%)5%)6%)4.4x2.8xn.m.n.m.n.m.n.mn.mn.mn.m42Wi425028%38%28%23.2%21.5%.8x33.0x.9x.9x70705,633%52%87%55%34.2%37.0%37.7%8.8x.4x23.2x80.8x48.2x30.9x30.9x5,4235,4238,01130%3.5%)6%)5.3xn.m.n.m.n.m.n.mn.mn.mn.m4,338PagSegur4,3384,36821%22%27%42.4%3.4xx3,908Ma3,9082,25740%29%0.6%)4%)4.4x2.4xn.m.n.m.n.m.n.mn.mn.mn.m2,976StoneC2,9763,092246%204%32%53.2%46.7%51.9%x3.7x2.8x.8x37.4x2,0962,09625%20%32%5.7%%3.4x2.7x2.3xn.m.48.2x36.4xn.m.5xn.mn.m3,55223%22.2%27.3%28.6%2.4x2.4x2.3x8.8x36.8x9.9x(82%)Fawry60946437%40%50%44%27.8%30.5%31.5%5.5x4.0x2.9x.2x26.4x31.3x22.9x22.9xMeanMedian81.5%36.0%25.7%24.4%.1%40.6%29.3%30.0%22.2%23.4%23.2%23.8%4.9x5.8x4.0x4.5x.2x2.6x23.3x8.5x3.0x40.5x4.4x27.7x20.8x%)27.7x20.8xGeneralPayments&ServicesGlobalPayments29,94740,8698%40.4%48.5%4.8x5.0x4.6x.5xWorldline%25.5%4.5x3.9x3.5x24.8xNexiNexi8%49.2%x5.6x5.2x30.5x2,6872,6873,8202%34.8%34.8%.8x4.8xx136%ACIWorldwide2,3843,4214%%43%8%20.5%28.3%29.3%2.5x2.4x2.3x8.5x9.4x(32%)NetworkInternational1,8852,06625%83%23%27.6%40.3%42.3%5.9x4.7x