2021年Q2金融科技報告（英）-22正式版

Q22021

Fintechsectorupdate

QualitativeinsightsintobroaderFintechtrendsandpublicandprivatevaluationsacrossthetransactionspectrum,andinterviewswithtoday’sleaderstransformingthesector.

Importantdisclosuresappearattheendofthisreport

GPBullhoundLLPisauthorisedandregulatedbytheFinancialConductAuthorityGPBullhoundIncisamemberofFINRA

GPBullhoundHongKongLimitedisauthorisedandregulatedbytheSecurities&FuturesCommission

Takeaways

THEDARKARTOF

DIGITAL

ONBOARDING

THEVIEW

Q2Fintech

perspectivesfrom MEGA-ROUND

BOOMINEUROPE

GPBullhound

Theproliferationofstolencredentialsandexponentialriseinonlinetransactionsin2020providedidealconditionsforfraudsters

WebelievethesectorwillseeconsolidationasleadingpointsolutionsscaleandraisesignificantfundingtoexpandtheirproductofferingviaM&A

Recordnumberofmega-roundsforEuropeanFintech,outpacing2020and2019cumulatedinasinglequarter,astheycatchtheattentionofleadingglobalgrowthfunds

Adyen,RevolutandKlarnahavedemonstratedtheabilityforEuropeanFintechstoscaleinternationally,clearingthepathforotherstofollow

2

Takeaways

ALEADINGTECHNOLOGYADVISORYANDINVESTMENTFIRM,PROVIDINGTRANSACTIONADVICEANDCAPITAL

GPBullhound’srecentFintechactivity

ACQUIREDBY ACQUIREDBY INVESTMENTBY INVESTMENTBY ACQUIREDBY INVESTMENTBY

Investment

Banking

INVESTMENTBY ACQUIREDBY ACQUIREDBY INVESTMENTBY INVESTMENTBY INVESTMENTBY

Investment

Management

INVESTMENTBY

INVESTMENTBY

INVESTMENTBY

INVESTMENTBY

FundI

FundIII

FundIV

FundIV

3

Takeaways

GPBULLHOUND’SSECTORTAKEAWAYS

Thedarkartofdigitalonboarding

Financialcrimeontherisewithfast-growingneedforRegTechsolutions

Thedigitaleconomyisnowfirmlyestablishedasacoredriverofglobalgrowth,acceleratedbyCOVID-19.However,asanincreasingnumberofservicesmovetodigitalplatforms,thereisanever-growingneedforidentityverificationsolutionsthatenablebusinessestoprovetheircustomeridentities,wherevertheyare.

Asmoreactivityhasmovedonline,fraudstershavebecomemoresophisticated.In2020,therewasanuptickofstolencredentialsforsaleonthedarkweb.Theproliferationofstolencredentialsandtheexponentialriseinonlinetransactionsprovidedidealconditionsforfraudsterstoblendinwithlegitimateconsumertraffic.

Thishasresultedinafast-growingneedforRegTechsolutions,withcompaniespreferringtouseasinglevendor.ArecentGartnersurveynotedthatby2022,80%oforganisationswillbeusingdocument-centricidentityproofingaspartoftheirworkflows,andthat75%ofrespondentswanttouseasinglevendorasopposedtoorchestratingmultipletools.

Withthemarketcurrentlydominatedbyfragmentedpointsolutionsrequiringexpensiveintegration,weexpectsectorconsolidationin2021asleadingplatformsscaleandraisesignificantfundingtoexpandtheirproductofferingviaM&A.

Hiveofactivityinsectoroverlast12months,whichweexpecttocontinuein2021

Digitaltransformationmeansthatbusinessesareseekinginnovativesolutionsthatenablebetter,faster,andcheaperdigitalonboardingandtransactionmonitoring.Withunderlyingtailwinds,establishedplayershavebeenabletoraisesignificantfunding.Recentexamplesinclude:

–ComplyAdvantageraising$20minanextensionofitsJuly2020SeriesC(extensionledbyGoldmanSachs)

–Veriffraising$69mfromAccelandIVP

–Feedzairaising$200mfromKKR

–Jumioraising$150mfromGreatHillPartners

Sources:Pitchbook,pressreleases,TechCrunch,Sifted,Bloomberg,andSkynews(asof8July2021)

Note:PM=post-moneyvaluation

Selectrecent

transactions

DEALDATE:MAY-21

RAISED:$20M

DEALDATE:JUN-21

EV:$850M

DEALDATE:MAR-21

PM:$1BN

RAISED:$200M

DEALDATE:MAR-21

RAISED:$150M

4

Takeaways

GPBULLHOUND’SSECTORTAKEAWAYS

BoominEuropeanmega-rounds

Selecttransactions

inQ22021

Overdoublethenumberof$200m+dealsinQ2versus2020

?Q22021sawEuropeanFintechbreakintoanewleague:15

companiesraised$200m+versus4and7in2019and2020,

Numberof200m+roundsfor

Europeanfintech

DEALDATE:JUN-21

PM:$6.5BN

respectively,a2.5xincreaseversusQ12021,showingtheincreasingmaturityoftheEuropeanFintechecosystem.

?Severalfactorsaredrivingthisuptickinmega-rounds:

?Fintechcompanieshavegrabbedthespotlightastheshifttodigital

hasbeenacceleratedbythepandemic.

?High-profileEuropeanleadershaverecentlygainedtractioninthe

USmarket:

? KlarnahasgrownitsUSconsumerbaseby118%YoYto18m,

andnowoffersitsBNPLserviceto24ofthetop100USretailers.

? Revolut,whojustannouncedanewfundraiseata$33bn

7

4

15

6

RAISED:$806M

DEALDATE:JUN-21

PM:$45.6BN

RAISED:$639M

valuation,hasseensimilargrowthintheUS,with200,000customersjoiningtheplatform.

2019 2020 Q12021 Q22021

Klarna’smega-roundof$1bnandAdyen’spublicmarketsuccessarecreatingahaloeffectonEuropeanFintech,attractingglobalinvestorattention.

Withgrowthfundshavingraisedrecordlevelsofcapital,thereisasignificantamountofdrypowderinthemarket.Insearchofcategoryleaders,US,AsianandMiddleEasternfundsareincreasinglytargetingthebestinEuropeanFintech.

Largegrowthfunds,suchasSoftbankandSequoia,aredeployingmoreandmoremoneyinEuropeandcompetingwithalternativepublic-equity-focussedinvestors,suchasTigerGlobal,creatingcompetitivetensionandawaterfalleffectacrossabroadrangeofinvestmentopportunitiesinEurope.

Thishasenableddealstobestruckinrecordtime;forexample,Wefoxraised$650minareportedlyhighlycompetitive4-weekprocess,raisingfundsfromTargetGlobal(Europe),HorizonsVentures(Asia),Mubadala(MiddleEast),andGSquared(US).

Sources:Pitchbook,pressreleases,TechCrunch,Sifted,Bloomberg,andSkynews(asof8July2021)

Note:PM=post-moneyvaluation

DEALDATE:JUN-21

PM:$3.0BN

RAISED:$650M

DEALDATE:MAY-21

PM:$5.3BN

RAISED:$900M

5

Transactiontrends

CEOcommentary

M&AANDFUNDRAISINGACTIVITYBYQUARTER

StrongM&AandfundingenvironmentinFintech

Q2sawrecordfundraisingactivityhit$36.6bn(up35%QOQ)andcontinuedM&AactivitybuildingonrecordlevelsinQ1,withtraditionalfinancialservicescompaniesacquiringestablishedfintechs.

TransactionM&Adealvalueandvolume

Fundraisingdealvalueandvolume

$bn,numberofdeals

$bn,numberofdeals

250

500

40

200

400

35

30

150

300

25

100

200

20

15

50

100

10

5

0

0

0

Q32017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019(1)

Q42019

Q12020

Q22020

Q32020

Q42020(2)

Q12021

Q22021

Q22017

Q42017

Q12018

Q22018(3)Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

Q12020

Q22020

Q32020

Q42020

Q12021

Q22021

Value(LHS)

Volume(RHS)

Totalcapitalinvested(LHS)

Volume(RHS)

2,000

1,600

1,200

800

400

0

M&Adealvaluebyregion Fundraisingdealvaluebyregion

100%

80%

60%

40%

20%

0%

100%

80%

60%

40%

20%

0%

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

Q12020

Q22020

Q32020

Q42020

Q12021

Q22021

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

Q12020

Q22020

Q32020

Q42020

Q12021

Americas

Europe

Asia

Other

Americas

Europe

Asia

Other

Sources:Pitchbook(asof30June2021)

Note:(1)SpikeinvalueinQ32019duetofourextraordinarilylargetransactionswithanaggregatevalueofc.$185bn:AntGroup/Alibaba($66bn),Worldplay/FIS($48bn),

FirstData/Fiserv($46bn),andTotalSystemsServices/GlobalPayments($24bn);(2)SpikeinvalueinQ42020duetoanextraordinarilylargetransactionof$22bn(TD

Ameritrade/CharlesSchwab&Co);and(3)SpikeinfundraisesvalueinQ22018wascausedbyanextraordinarilylargeinvestmentinAntFinancial($14bn)

Q22021

6

Transactiontrends

NOTABLEFINTECHM&A

ContinuedM&AactivitybuildingonrecordlevelsinQ12021

FlurryofM&Aactivity,withmega-dealsledbytraditionalfinancialservicescompaniesacquiringestablishedfintechs,including

Visa’s$2.2bnacquisitionofTink(openbanking),JPMorganChaseacquisitionofNutmeg(digitalwealth)andDNB’sacquisitionofSbanken(digitalbank).

Dealdate

Target

Buyer

Targetdescription

EV($m)

ImpliedEV/LTMRev

24-Jun-21

Openbankingplatformintendedtoofferdata-driven

2,175

-

financialservices

18-Jun-21

Digitalwealthmanagementplatform

990

-

15-Jun-21

Omni-channelintegratedpaymentsprocessingservices

503

-

10-Jun-21

On-demandinsuranceplatform

925

-

01-Jun-21

Financialplatformforbusinessestomanagepayments

2,500

-

andsubscriptions

24-May-21

Onlinepaymentandcreditservicesplatformdesigned

140

-

toprovideeasetoeverydaytransactions

06-May-21

Bitcoinpaymentprocessingtechnologydesignedto

250

-

offerbitcoinpurchases

05-May-21

Savingandinvestingappdesignedtoassistusersin

51

7.9x

achievingtheirfinancialgoals

05-May-21

Digitalassetmanagementplatform

1,200

-

04-May-21

Digitalclientlifecycleandregulatorycompliance

600

12.3

technologyplatformforfinancialinstitutions

04-May-21

Cloud-basedhealthcarefinancialengagement

300

-

platformforpatients

03-May-21

DigitalreturnexperiencesplatformforD2Cbrands

300

0.4x

15-Apr-21

Norway-baseddigitalbank

1,300

6.6x

06-Apr-21

Cloud-basedpaymentmanagementplatform

83

-

Sources:Pitchbook,CapitalIQ,andMergermarket(asof30June2021) 7

Transactiontrends

SELECTFINTECHFUNDRAISINGS

RecordfundraisingactivityinQ22021

Recordfundingof$36.6bn(up35%QoQ)wasdrivenbylargemega-rounds,includingNuBank($1.5bn),TradeRepublic($0.9bn),andMollie($0.8bn).

Capital

Lead

raised

Date

Target

investor(s)

Targetdescription

($m)

Cryptocurrency

24-Jun-21

investigationand

100

compliancesoftware

22-Jun-21

Paymentforintegrating

800

paymentsintoasiteorapp

10-Jun-21

BuyNowPayLaterplatform

640

08-Jun-21

Digitalaccountingtools

18

02-Jun-21

No-feedigitalcreditcard

1,510

01-Jun-21

Insurancecomparison

650

platform

27-May-21

Cashflowmanagement

100

toolforSMEs

26-May-21

Upcoming

Mobilepaymentplatform

400

26-May-21

Remittanceplatform

125

25-May-21

Digitalloanclosingplatform

150

formortgages

All-in-onebanking

24-May-21

technologyforfinancial

250

institutions

20-May-21

Financialtradingplatform

900

20-May-21

Financialcrimeriskdata

100

anddetectionplatform

Capital

Lead

raised

Date

Target

investor(s)

Targetdescription

($m)

19-May-21

Globaltradingplatformfor

250

recurringrevenuestreams

17-May-21

Onlinepaymentandloyalty

285

platform

17-May-21

Digitaltransformationfor

100

retailbankinginstitutions

06-May-21

Securityplatformtoimprove

220

insuranceclaimsprocess

05-May-21

Bitcoinexchangeplatform

250

03-May-21

Wealthmanagement

600

platform

22-Apr-21

Commission-freebrokerage

80

platform

SaaSsubscription

20-Apr-21

managementrecurring

125

billingplatform

19-Apr-21

Digital-onlybanking

445

platform

19-Apr-21

Onlinedigitalinsurance

220

15-Apr-21

Standaloneriskandfraud-

205

preventionplatform

09-Apr-21

Paymentandmanagement

500

tools

Datanetworkprogramming

07-Apr-21

platformtoconnectfintech

425

applicationswithbanks

Sources:Pitchbook,CapitalIQ,andMergermarket(asof30June2021) 8

Publiccompanyanalyses

GPBULLHOUNDFINTECHINDEXBYMARKETCAPITALISATION

PayPalandShopifydominantforcesinFintech

ThevalueofGPBullhound’sFintechindexincreasedby$122.3bninQ22021,ledbyPayPalandShopify

($bn)

284.4 58.0 342.4

137.3

44.9

182.1

103.2

7.8

111.0

67.8

6.5

74.3

22.1

3.6

25.7

(1.3) 18.9 17.6

14.1 1.1 15.2

6.3 0.2 6.5

5.6 0.2 5.8

3.9

0.2

4.1

1.6

1.2

2.8

0.8

0.7

MarketCap31March21

ChangeinMarketCapto30June21

CurrentMarketCap

Source:CapitalIQ(asof30June2021);Note:Presentedonalogarithmicscale 9

Publiccompanyanalyses

MARKETPLACES2021IPOACTIVITY

SelectFintechcompanieslistedin2021

Description:Remittanceplatform

Listingdate:04-Jul

Offeringamount:n.a.

Offeringprice:￡8.00

n.a.

Description:Lendingandwealthmanagementservices

Listingdate:01-Jun

Valuation:$7.45bn

?SPAC

(13%)

?Description:Cross-borderpayments

?Description:Moderncardissuing

?Description:Cross-borderpayment

platform

platform

processor

?Listingdate:28-Jun

?Listingdate:09-Jun

?Listingdate:03-Jun

?Valuation:$3.3bn

?Offeringamount:$1.2bn

?Offeringamount:$618m

?SPAC

(7%)

?Offeringprice:$27.00

(14%)

?Offeringprice:$21.00

+69%

?Description:Cloud-baseddigital

?Description:B2BWealthTech

?Description:Technologysolution

platform

bankingplatform

providerforsupplychainfinance

?Listingdate:23-Apr

?Listingdate:14-Apr

?Listingdate:09-Apr

?Offeringamount:€1.9bn

?Offeringamount:$180m

?Offeringamount:$1.07bn

?Offeringprice:€11.50

+16%

?Offeringprice:$30.00

(14%)

?Offeringprice:$2.35

(10%)

?Description:Integratedpayments

?Description:Digitalhealthinsurance

?Description:Digitalinsurance

?Description:Point-of-salepayment

platform

?Listingdate:03-Mar

platform

solutions

?Listingdate:31-Mar

?Offeringamount:$1.4bn

?Listingdate:10-Feb

?Listingdate:13-Jan

?Valuation:$9bn

?Offeringprice:$39.00

?Valuation:$1.25bn

?Offeringamount:$1.2bn

?SPAC

(22%)

(40%)

?SPAC

(49%)

?Offeringprice:$49.00

(26%)

BankingTechnology

Payments

FinancialData&Analytics

HR&Payroll

Other

Sharepriceperformanceasof30June

SPAC

?Name:EuropeanFinTechIPO

?Name:FinTechEvolutionAcquisition

?Name:JOFFFintechAcquisition

?Name:MarlinTechnology

?Listingdate:26-Mar

?Listingdate:02-Mar

?Listingdate:05-Feb

?Listingdate:13-Jan

?Offeringprice:€10.00

?Offeringprice:$10.00

?Offeringprice:$10.00

?Offeringprice:$10.00

?Offeringamount:€415m

?Offeringamount:$240m

?Offeringamount:$360m

?Offeringamount:$360m

?Sectors:Fintech

?Sectors:Fintech

?Sectors:Fintech

?Sectors:Tech(includingFintech)

Sources:Pitchbook,Crunchbase,andMergermarket(asof30June2021),exceptedforWise(07July2021) 10

Publiccompanyanalyses

GPBULLHOUNDFINTECHINDEXVALUATIONS

ValuationpickingpostvolatilityinMay

Inflationconcernshaveimpactedsharevaluations,butstrongunderlyingperformancestillunderpinshistoricallyhighlevels.

Asof30June2021,thefintechindexistradingat19.7xtrailing12-monthrevenues,whichis23%abovethe3-yearaverageAsof30June2021,thefintechindexistradingat18.5xnext12-monthrevenues,whichis25%abovethe3-yearaverage

30x

25x

20x

15x

10x

5x

Jun-18

Dec2018:Tradewar

withChinaleadstoa

market-widesell-off

Mean:16.0x

Mean:14.7x

Continuedvolatility-tech

Mar2020:LTMmultiples

Volatilityastechstocks

sell-offduetomarketfearsof

weredown22%1vs.3-year

suffertheirworstsell-off

risinginterestratesthatthe

averageduetotheeffects

sincethemarketturmoil

Fedcouldloseagripon

ofCOVID-19

inMarch

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

GPBFintechIndex-TEV/LTMRevenues

GPBFintechIndex-TEV/NTMRevenues

Sources:CapitalIQ(asof30June2021)

Note:EV/Revmultiplesexceptforonlinelenders,whicharecomputedasMarketCap/Revmultiples.FintechIndexconstituentsarePayPal,Shopify,11Square,Adyen,MarketAxess,Xero,Envestnet,Q2,Blackline,LendingClub,FundingCircle,Ondeck,andAfterpay

1)YTDGPBullhoundFintechIndexEV/LTVrevenuescomparison

TakeawaysPubliccompanyanalyses

SHAREPRICEPERFORMANCE–LAST12MONTHS

Recentsectorsell-offshaveimpactedshort-termperformance

LTMperformance

Nasdaq

+44.2%

Payments

+34.2%

HR&Payroll

+30.2%

FinancialData&

Analytics

+26.6%

BankingTechnology

(5.0%)

Performance

1Month

3Months

6Months

1Year

Nasdaq

5.5%

11.2%

12.7%

44.2%

Payments

3.1%

1.3%

(1.4%)

34.2%

HR&Payroll

4.7%

7.5%

0.6%

30.2%

170

FinancialData&Analytics

4.7%

12.1%

3.4%

26.6%

160

BankingTechnology

4.2%

(1.0%)

(11.3%)

(5.0%)

150

140

130

120

110

100

90

80

Jun-20

Jul-20

Aug-20

Sep-20

Oct-20

Nov-20

Dec-20

Jan-21

Feb-21

Mar-21

Apr-21

May-21

Jun-21

Source:CapitalIQ(asof30June2021) 12

Publiccompanyanalyses

GPBULLHOUNDFINTECHINDICESINDICATIVETRADINGVALUATIONBENCHMARKS

GPBullhoundFintechindicesvaluationbenchmarks

Verticals

Selectcompanies

2021Erevenue

2021EEBITDA

EV/2021E

EV/2021E

growth(1)

margin(1)

revenue(1)

EBITDA(1)

Payments

51.5%

32.1%

14.2x

26.0x

Financialdata&

Analytics

10.5%

37.1%

10.3x

24.0x

HR&

8.6%

28.8%

11.7x

28.4x

Payroll

Banking

12.6%

32.3%

11.4x

26.4x

technology

Sources:CapitalIQ(asof30June2021);Note:Onlyselectlogosshown;1)Mean 13

Takeaways

CEOcommentary

LEADINGCOMPANIESANDCEOSTRANSFORMINGTHESECTOR

RedaElMejjad,Co-founder&CEO

REDAELMEJJAD CO-FOUNDER&CEO,IZICAP

“WefoundedIzicapwiththepurposeofempoweringlocalbusinesseswithallthebenefitsofCRM&loyaltyprogrammes-butwithoutallthecomplications.WearegivingSMEstheuniqueopportunitytoturncardpaymentdataintopowerful&actionablebusinessinsights.

Izicapenablesanyinstorepaymentterminaltobecomeafuss-freeplatformtoengagecardholders.Ultimately,thecardholder’spaymentcardbecomesaloyaltycardwhentheyareshoppingattheirfavoritelocalmerchants.Nochangesneededwithinthemerchant’senvironment,noextraappforthecardholdereither.Duringthepandemic,oursolutionhasproventobemorerelevantthanever:merchantsthatremainedopenandwerealreadyusingtheIzicappayment-basedmarketingsolutionperformed22%betterthantheirunequippedcounterparts.”

Investors

Izicap’smissionistohelplocalmerchantsthrive,whilegivingthemthepowertocompeteagainstlargeretailers.IteffectivelydemocratisesCRM&digitalmarketing,makingitaccessibletolocalmerchants.ThankstoitsCard-LinkedCRM&Loyaltyplatform,Izicapprocesses1.8bnpaymenttransactionsannually,andprovideslocalmerchantswithuniqueinsightstoserve&retaintheirclientsthroughapanelofdigitalmarketingtools.Today,morethan10,000localbusinessesuseIzicap’splatformeverydaytodeveloptheirdigitalpresence,increaseconsumerstickiness,andboosttheirsales.

14

Takeaways

CEOcommentary

LEADINGCOMPANIESANDCEOSTRANSFORMINGTHESECTOR

BabsOgundeyi,Co-founder&CEO

BABSOGUNDEYI CO-FOUNDER&CEO,KUDA

“MostAfricansareoverchargedforbasicbankingservices,andthat'sevenwhentheycanaccessthoseservices.WestartedKudatogivesuchpeople,whetheronthecontinentorinthediaspora,abetteralternative.OurmissionistoofferAfricansallovertheworldfinancialservicesthatareaccessible,affordable,andrewarding.”

KudaisaUK-headquartereddigital-ledbankmakingbanking

Investors

accessible,affordable,andrewardingforallAfricans.

Foundedin2019,thebankhaswellover1mcustomersinits

launchcountry,Nigeria,whereitprovidesfreebanking

servicesandinstantcreditthroughitsappsforsmartphones

andtheweb.

15

Takeaways

Publiccomparables

PUBLICCOMPARABLESBYCATEGORY

Publiccomparables–Payments

MarketCap

SharePrice

(USDm)

EV(USDm)

RevenueGrowth

EBITDAGrowth

EBITDAMargin

EV/Revenue

EV/EBITDA

P/E

Performance

Company

30/Jun/21

30/Jun/21

20/21

21/22

20/21

21/22

CY2020

CY2021

CY2022

CY2020

CY2021

CY2022

CY2020

CY2021

CY2022

CY2020

CY2021

CY2022

LTM

Payments

HighGrowthOmnichannelPayments

PayPal

342,410

339,037

20%

21%

78%

24%

20.0%

29.7%

30.3%

15.8x

13.1x

10.8x

78.9x

44.3x

35.8x

n.m

61.6x

49.5x

67%

Shopify

182,136

175,343

51%

33%

108%

27%

8.0%

11.0%

10.5%

n.m.

39.6x

29.7x

n.m.

n.m.

n.m.

n.m

n.m

n.m

54%

Square

111,019

111,229

115%

12%

1823%

42%

0.5%

4.3%

5.5%

11.7x

5.5x

4.9x

n.m.

n.m.

89.1x

n.m

n.m

115.5x

132%

FIS

87,853

106,442

9%

8%

46%

12%

33.4%

44.8%

46.2%

8.5x

7.8x

7.2x

25.4x

17.3x

15.5x

112.8x

21.9x

18.9x

6%

Adyen

74,289

71,185

44%

37%

54%

40%

57.2%

61.4%

62.7%

n.m.

n.m.

45.5x

n.m.

n.m.

72.5x

n.m

145.6x

103.2x

59%

Fiserv

71,271

92,638

7%

8%

34%

10%

31.8%

39.9%

40.9%

6.2x

5.8x

5.4x

19.6x

14.6x

13.2x

124.7x

19.6x

16.7x

9%

Afterpay

25,653

25,392

92%

56%

392%

73%

6.3%

16.2%

18.0%

n.m.

27.3x

17.6x

n.m.

n.m.

97.5x

n.m

n.m

n.m

94%

StoneCo

20,749

19,891

248%

50%

68%

62%

100.9%

48.9%

52.6%

n.m.

19.4x

12.9x

66.8x

39.7x

24.5x

135.0x

72.5x

43.1x

73%

Pageseguro

18,398

18,187

118%

33%

47%

46%

47.0%

31.7%

34.9%

20.9x

9.6x

7.2x

44.5x

30.2x

20.7x

86.3x

52.0x

34.3x

58%

Affirm

17,854

18,345

123%

32%

n.a.

n.a.

(13.9%)

(34.9%)

(8.1%)

41.7x

18.7x

14.2x

n.m.

n.m.

n.m.

n.m

n.m

n.m

n.a.

Dlocal

15,387

15,258

81%

66%

153%

76%

29.2%

41.0%

43.4%

n.m.

n.m.

48.8x

n.m.

n.m.

n.m.

1.5x

n.m

130.1x

n.a.

Marqeta

15,075

15,212

58%

58%

n.a.

156%

(15.0%)

2.0%

3.2%

n.m.

33.2x

21.1x

n.m.

n.m.

n.m.

n.m

n.m

n.m

n.a.

Fawry

2,068

2,003

43%

39%

72%

42%

25.2%

30.4%

30.9%

25.5x

17.8x

12.8x

n.m.

58.7x

41.4x

121.0x

116.9x

86.5x

49%

Mean

77.6%

34.9%

261.6%

50.8%

25.4%

25.1%

28.5%

18.6x

18.0x

18.3x

47.0x

34.1x

45.6x

96.9x

70.0x

66.4x

60.2%

Median

57.8%

33.4%

72.4%

42.1%

25.2%

30.4%

30.9%

15.8x

17.8x

12.9x

44.5x

34.9x

35.8x

116.9x

61.6x

49.5x

58.6%

GeneralPayments&Services

GlobalPayments

55,365

63,640

3%

10%

27%

13%

38.1%

47.2%

48.6%

8.6x

8.4x

7.6x

22.5x

17.7x

15.7x

95.4x

23.4x

19.9x

11%

Worldline

26,210

31,389

84%

9%

148%

17%

19.1%

25.7%

27.4%

9.7x

5.2x

4.8x

50.7x

20.4x

17.5x

55.5x

32.3x

26.6x

2%

Nexi

13,771

17,648

(30%)

7%

45%

9%

28.1%

57.9%

59.3%

9.1x

12.9x

12.1x

32.4x

22.4x

20.5x

86.3x

39.5x

33.8x

20%

ACIWorldwide

4,388

5,401

3%

5%

50%

8%

19.4%

28.4%

29.2%

4.2x

4.1x

3.9x

21.5x

14.3x

13.3x

48.3x

19.7x

18.1x

38%

NetworkInternational

2,778

2,825

20%

17%

92%

33%

24.9%

39.9%

45.2%

9.9x

8.3x

7.0x

39.8x

20.7x

15.6x

143.5x

49.2x

29.8x

(17%)

Cielo

1,965

4,358

(0%)

8%

52%

15%

13.5%

20.6%

21.9%

2.0x

2.0x

1.9x

15.0x

9.8x

8.5x

19.6x

11.1x

10.0x

(21%)

EVOPayments

1,306

2,557

11%

11%

66%

16%

23.7%

35.5%

36.9%

5.8x

5.2x

4.7x

24.6x

14.8x

12.8x

n.m

33.8x

27.9x

22%

Mean

12.9%

9.7%

68.7%

15.7%

23.8%

36.4%

38.3%

7.0x

6.6x

6.0x

29.5x

17.2x

14.8x

74.8x

29.9x

23.7x

7.7%

Median

2.8%

9.2%

52.3%

14.9%

23.7%

35.5%

36.9%

8.6x

5.2x

4.8x

24.6x

17.7x

15.6x

70.9x

32.3x

26.6x

10.6%

PaymentNetworks

Visa

498,690

504,459

15%

18%

14%

24%

68.6%

68.4%

71.6%

23.5x

20.5x

17.3x

34.2x

29.9x

24.1x

59.3x

39.5x

31.5x

21%

Mastercard

361,822

367,551

20%

19%

21%

27%

57.1%

57.4%

61.2%

24.0x

20.0x

16.7x

42.0x

34.8x

27.3x

75.0x

46.4x

35.1x

23%

Mean

17.5%

18.9%

17.6%

25.7%

62.9%

62.9%

66.4%

23.8x

20.2x

17.0x

38.1x

32.4x

25.7x

67.2x

43.0x

33.3x

22.3%

Median

17.5%

18.9%

17.6%

25.7%

62.9%

62.9%

66.4%

23.8x

20.2x

17.0x

38.1x

32.4x

25.7x

67.2x

43.0x

33.3x

22.3%

Mean(ALL)

51.5%

25.4%

169.7%

36.7%

28.3%

32.1%

35.1%

14.2x

14.2x

14.3x

37.0x

26.0x

31.4x

83.1x

49.1x

46.1x

36.8%

Median(ALL)

31.5%

18.9%

60.3%

26.7%

25.0%

33.6%

35.9%

9.8x

11.3x

11.5x

33.3x

20.7x

20.6x

86.3x

39.5x

32.6x

23.5%

Source:CapitalIQ(asof30June2021);Note:EV/Revenuemultiplesinexcessof50.0x,EV/EBITDAmultiplesinexcessof

16

100.0xandP/Emultiplesinexcessof150.0xareconsiderednot-material(‘NM’)andarenotincludedinaveragecalculation

Takeaways

Publiccomparables

PUBLICCOMPARABLESBYCATEGORY

Publiccomparables–Financialdata&Analytics

MarketCap

SharePrice

(USDm)

EV(USDm)

RevenueGrowth

EBITDAGrowth

EBITDAMargin

EV/Revenue

EV/EBITDA

P/E

Performance

Company

30