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Featuring:
FTPartners|January2024
CEOInterview
CEOMONTHLY
MARKETUPDATE
&ANALYSIS
DigitalBanking/BankTech
EnterpriseBankingTech●CoreProcessors●Online/Mobile
Banking●LendingTech●CreditScoring/Data●Mortgage/
RealEstateTech●PersonalFinancialManagementPlatforms
TheOnlyGlobalInvestmentBankFocusedExclusivelyonFinTech
SteveMcLaughlin|Founder,CEO,Manag
ingPartner
Contact:
steve.mclaughlin@
|415-385-9318
?2024
DigitalBanking/BankTechMarketUpdate&Analysis
Contents
ExclusiveInterviewwithDimitrDadiomov,CEO&coFounderofModernTreasury….….…22
publicBanking/LendingTechsectoruniverse.………………2
i.price/EarningsMultiples
ii.commonstockcomparison
U.s.Banking/LendingTechIPOTracker………44
i.Detailedprofiles
ii.TransactionList
ii.GlobalspACMergerTracker
VI.FinancngTransactions……………………56
i.Detailedprofiles
ii.TransactionList
VII.keyupcomingndustryconferences……………63
2
FTPartners-FocusedExclusivelyonFinTech
FTPartnersisThrilledtoSponsorFintechMeetup2024
FINTECHMeetup
March3-6,2024
TheVenetian,LasVegas
Details&Registration
FintechMeetuphasrevolutionizedhowtheFinTechsector
connects,collaboratesanddoesbusinesstogether.The
conferencebringstogether5,000+attendeesandfacilitates45,000+meetingsthroughproprietaryeventtechnology,in
whatisthelargest-everFinTechmeetingsprogram.
JoinFTPartnersnextMarchandstaytunedforexclusive
updatesontheconferenceandco-hostedevents.
FTPartners-FocusedExclusivelyonFinTech
ProvenTrackRecordofSuccessAcrosstheBankTechSector
4
FTPartners-FocusedExclusivelyonFinTech
SignificantExperienceAdvisingLargeFinancingRounds
FTpartnershasahistoryofadvisingonsomeofthelargestfinancingtransactionsintheFinTechspace
CompanyAmountRaisedCompanyAmountRaisedSelectedProminentInvestorsinFTPartnersLedRounds
*
avidxchange$1,616,000,000
*
1,560,000,000
1,545,000,000*
Revolut
1,250,000,000
mollie
800,000,000
ospom
*
725,000,000
620,000,000
varo
510,000,000
》MARQETA
*
505,000,000
OMAMBU
483,000,000
*
*
445,000,000
)upgrade
*Totalincludesmultiplefinancingrounds
$420,000,000
400,000,000
374,000,000*
370,000,000
*
340,000,000
*
NT
333,000,000
*
300,000,000
270,000,000
267,500,000*
Alphasense
263,000,000
*
250,000,000
AccelTEMASEKVISAPIMCO
TiGERGLOBAL
ICONiQPremjiInvest二softBank
khoslaventures
LONEPINECAPITAL
BlackROCK
BBVA
THIEL
ppaypal
Redpoint
unichRE
payu
KKR
edb
COATUE
APOLLO
8VC
FTPartners-FocusedExclusivelyonFinTech
SelectedFTPartners’International/Cross-BorderExperience
FTpartners'globalpresenceoferscapabilitiesreachingfarbeyondNorthAmerica,asdemonstratedbyour
numerousinternationalclientsandsuccessfultransactionswithinternationalfirms&investors
TargetBuyer/InvestorInternationalAspect
Bhappay
onafriq
NNIUM
Revolut
二softBankTIGERGLOBAL
mollie
COATUE
TargetBuyer/InvestorInternationalAspect
TCVARENA
TIGERGLOBAL
payletter.
acHS
opayworksVISA
iyzicopayu
FTPartners–FocusedExclusivelyonFinTech
FTPartnersAdvisesPaveBankonitsSeedFinancing
OverviewofTransaction
?onDecember17,2023,paveBankemergedoutofstealthandannouncedthatitraised~$5.2million
inseedfnancingledby468capitalwithparticipationfromQuonacapital,DaedalusAngels,BR
capital,andothers
?FoundedinMarch2023andbasedinsingapore,paveBankisbuildingtheworld'sfirstprogrammable
bank,oferingcustomersmult-assetbusinessbankingproducts
-pavewillenablecustomerstoexpandbeyondconventionalbankingproducts,enablingfast
paymentsandinstantsettlement,andallowingthemtotransactinstablecoins,centralBank
Digitalcurrencies(CBDCS),andtokenizedRealworldAssets(RWAS)
?Inadditiontothecapitalraise,paveannouncedithasreceiveditsfirstdigitalcommercialbanking
licenseinthecountryofGeorgia,withplanstocontinueexpandingglobally
SignificanceofTransaction
?pavewillusethenewinvestmenttooperationalizethebank,expanditssalesandtechteams,and
accelerateproductdevelopment
?Thetransactionwillalsoprovideafoundationforpavetoexpanditslicensestonewmarketsin2024
FTPartners’Role
?FTpartnersservedasthestrategicandfinancialadvisortopaveBank
?ThistransactionhighlightsFTpartners'deepdomainexpertiseinthebankingtechanddigitalassets
spaces,aswellasitssuccessfultrackrecordgeneratinghighlyfavorableoutcomesforinnovative
FinTechclientsglobally
7
FTPartners–FocusedExclusivelyonFinTech
FTPartnersAdvisesPayzeronits$250millionSaletoWEX
OverviewofTransaction
?onoctober26,2023,WEX(NYSE:WEX)announcedthatitsignedadefinitiveagreementtoacquirepayzerfortotal
considerationofapproximately$250million
-Thedealincludesadditionalcontingentconsiderationof$11millionbasedondefnedperformancemetrics
?payzerisaful-featured,cloudbasedfeldservicemanagementplatformattheconvergenceofsaasandpayments,
helpingitscustomerssimplifyoperations,streamlinetheirsalesprocesses,andimprovecollections
-payzerhashistoricallydelivereditssolutionstosMBsintheHVAC,plumbing,androofingverticals
?WExisaglobalcommerceplatformthatsimplifesbusinesspayments,employeebenefits,fuelcards,andleet
management
?withinitsFleetsolutionssegment,WExservesover600,000customersandapproximately19millionvehicles
onitsMobilityplatforms
SignificanceofTransaction
?TheacquisitionexpandswEX'stotaladdressablemarketandadvancesthecompany'sgrowthstrategythrough
complementarysolutions,enhancedcrosssellingopportunitiesandstrongerindustryrelationships
?Additionally,theacquisitionprovidesanew,scalablesaassolutionforwEX'sapproximately150,000SMBcustomers
whooperatefeldservicecompanies
FTPartners’Role
?FTpartnersservedasthestrategicandfnancialadvisortopayzer
?FTpartnerspreviouslyadvisedpayzeronitsinJune2021
?ThistransactionhighlightsFTpartners'deepdomainexpertiseinverticalsaasandpayments
?Notably,thisisthefourthclientthatFTpartnershassoldtowEX,aswepreviouslyadvisedoptalonits$578million
combinedsalewitheNettin2020,Benaissanceonits$80millionsalein2015,andFleetoneonits$369millionsalein
2012
?ThistransactionalsohighlightsFTpartners'successfultrackrecordgeneratinghighlyfavorableoutcomesand
supportingthegrowthofitsclientsovermultipleyears,multipletransactions,andmultiplestagesofaclientlifecycle,
includingforgrowthcapitalandM&A
FinancialTechnologypartnersLP
FTPSecuritiesLLC
ispleasedtoannounceitsroleas
exclusivestrategicandfinancialadvisorto
onitssaleto
uex
fortotalconsiderationof
$250,000,000
TheonlynvestmentBank
FocusedExclusivelyonFinancialTechnology
FTPartners–FocusedExclusivelyonFinTech
FTPartnersAdvisesNymbusonits$70millionSeriesDFinancing
OverviewofTransaction
?onMay25,2023,Nymbusannouncedthecompletionofits$70millionseriesDfinancingroundfrom
newandrepeatinvestors
-ThisroundwasledbyglobalsoftwareinvestorInsightpartnersandbolsteredbyadditional
investmentsfromNymbusclientsconnectoneBankandpeoplesBank,alongsideotherFinTech
investors,TheBancFundscompanyandMendonventurepartners
?Theannouncementfollowsapreviousannouncementofstrategicinvestmentsfromcurqlcollective,a
creditunionserviceorganization(cuso)drivingFinTechinnovationforcreditunions,viaitsagship
curqlFundandResedaGroup,awhollyownedcusoofMSUFederalcreditunion(MSUFCU)a
Nymbusclient
?Nymbushasdisruptedthefnancialservicesmarketasanalternativetolegacybusinessmodels
-withNymbus,anysizefinancialinstitutioncanquicklylaunchafull-servicedigitalbankor
migratetoitsaward-winningcore
-Nymbusbuysbackdecadesoflosttimetoengageandsupporttheentiredigitalcustomer
journey
SignificanceofTransaction
?ThecapitalinfusionwillempowerNymbustoexpeditetheexpansionandadvancementofitsmodern
coresystemanddiverseproductportfolio
?Theproceedsofthisfinancingroundwillbeputtowardinvestinginscalingvariousproductsand
services,particularlyitscoretransactionprocessingengineandplatformforcommercialbanking
FTPartners’Role
?FTpartnersservedasexclusivefinancialandstrategicadvisortoNymbus·
?ThistransactionhighlightsFTpartners'deepdomainexpertiseintheBankingTechsector,andits
successfultrackrecordgeneratinghighlyfavorableoutcomesforhigh-growthFinTechcompanies
globally
source:companywebsite,
FinancialTechnologypartnersLP
FTPSecuritiesLLC
ispleasedtoannounceitsroleas
exclusivestrategicandfinancialadvisorto
MNYMBUS
onitsseriesDfinancingledby
withparticipationffom
connectoneBank
foratotalamountof
$70,000,000
TheonlyInvestmentBank
FocusedExclusivelyonFinancialTechnology
FTPartners–FocusedExclusivelyonFinTech
FTPartnersAdvisesJudoonitsSaletoFabrick
OverviewofTransaction
?onMay17,2023,JudoannouncedthatithadagreedtobeacquiredbyFabrickinapartcashpartstocktransaction
?Judo'smanagementwillcontinuetobehighlyinvolvedintheconsolidatedentity(alongwithFabrick'sexistingopen
paymentsplatform,Axerve)
?Foundedin2012,Judoisapaymentservicesprovider("psp")oferingmobileanddigitalcheckouts,fraudprevention
andadditionalservicestoimproveendto-endcustomerexperience;itservesmainlyuksMEswithgatewayonly,aswell
asgatewayandacquiringsolutions
?Fabrick,partoftheltalianprivatelyheldbankinggroupBancasella,offersanopenFinanceecosystem,whichis
comprisedofpaymentorchestration,openbanking,consultingandchallengerbankingsolutions
SignificanceofTransaction
?TheacquisitionofJudowillallowFabricktoexpanditsopenFinanceecosystem,furtheringitsmissiontofostertheco
creationofinnovativeservicesandproductsinthepaymentspace
?JudowillworkalongsideAxerve,Fabrick'sopenpaymentssubsidiary,anditwillallowtheGroupto:
-continueitspathofsuccessfulmodulargrowth,byonboardingJudo'smerchantsonitsplatformandgivingthem
accesstoabroadersuiteofservices
-FurtheritsgeographicexpansionplansconsolidateitsleadershippositioninItaly,andentertheukmarket
throughanestablishedplayer
FTPartners’Role
?FTpartnersservedasexclusivefinancialandstrategicadvisortoJudoonitssaletoFabrick,aswellasonpriorcapital
raises
?ThistransactionhighlightsFTpartners'deepexpertiseinthepaymentspace,aswellasoursuccessfultrackrecord
generatingfavorableoutcomesforleadingcompaniesinthespace
FTPartners–FocusedExclusivelyonFinTech
FTPartnersAdvisesAcornsonitsAcquisitionofGoHenry
OverviewofTransaction
?onApril3,2023,Acorns,asavingandinvestingappforeverydaypeople,announcedthatithad
acquiredGOHenryanditsEuropeanarmpixpay
?Foundedin2012intheuk,GOHenryisafnancialeducationappandprepaiddebitcardwithin-
app,gamifedmoneylessonsdesignedtoteachkidsandteenshowtobesmartwithmoneyfroma
youngage
-Today,GOHenryoperatesintheukandusandmorerecentlyFrance,spainandltalywith
itsacquisitionofFrenchFinTechpixpay
?Together,AcornsandGOHenrywillserveclosetosixmillionsubscribers
?Intheus,GOHenrywilloperateasGOHenrybyAcornswhileGOHenry&pixpaywillcontinueto
operateundertheirownbrandsintheuk&Europe
SignificanceofTransaction
?TheacquisitionmarksanaccelerationofAcorns'roadmapbyputtingtheresponsibletoolsofmoney
managementandeducationinthehandsofkids,teensandadults,globally
FTPartners’Role
?FTpartnersservedastheexclusivestrategicandfnancialadvisortoAcorns
?ThistransactionhighlightsFTpartners'deepdomainexpertiseintheconsumerFinTechspace,as
wellasitscontinuedsuccessinprovidingbuy-sideadvisorytoleadingFinTechcompanies
FTPartners–FocusedExclusivelyonFinTech
FTPartnersAdvisesAvantonits$250millionFinancingfromAresManagement
OverviewofTransaction
?onDecember7,2022,Avantannounceditsecured$250millionofcorporatedebtandredeemable
preferredequityfromAresManagementAlternativecreditfunds
?Headquarteredinchicago,Avantisacredit-firstFinTechcompanythatprovidesaccesstoinnovative
fnancialsolutions,includingpersonalloansandcreditcards,tounderservednon-primeconsumers
-since2012,Avanthasconnectedalmost3millioncustomerstodateto$8billioninloansand
over1millioncreditcards
SignificanceofTransaction
?Thisfundingcommitment,alongsideAvant'soctobersecuritizationwhichbroughtthetotalamount
ofassetbackeddebtfnancingcommitmentssecuredin2022to$1.1billion,illustratesthe
company'sabilitytosuccessfullynavigateeconomiccyclesandincreasetheresiliencyofits
fundingprofile
?Avantwillusetheproceedstofurtherfuelitscreditportfolioandnext-generationplatformenabling
astrongercompetitiveadvantage
FTPartners’Role
?FTpartnersservedastheexclusivefnancialandstrategicadvisortoAvant
?ThistransactionhighlightsFTpartners'deepdomainexpertiseintheconsumerFinTechandLending
space,aswellasitssuccessfultrackrecordgeneratinghighlyfavorableoutcomesforitsclients
source:companywebsite,
FTPartners–FocusedExclusivelyonFinTech
FTPartnersAdvisesCapitalonTaponitsFundingfromAtalaya
OverviewofTransaction
?onoctober18,2022,capitalonTapannouncedthatithasraisedf100million(~$110million)ofnewfunding
fromAtalayacapitalManagement
?capitalonTapisanall-in-onecreditcardandspendmanagementplatformactiveintheukandus,focused
specifcallyonsmallbusinesses
-Thecompany'snimbleandhighlyautomatedonboardingprocesstakesbusinessownersthrougha5-
minutecustomerjourneyfromapplicationtocreditcardaccess
-Inadditiontothecreditcard,theplatformallowsownerstoeasilymanagetheirspendaswellasthespend
oftheiremployees,integratethecardswithexistingaccountingsolutionsandearnrewardsonspend
volume
-capitalonTap'splatformhasatrackrecordofhavingservedmorethan200,000smallbusinessesand
disbursingmorethan$5billioninfunding
SignificanceofTransaction
?capitalonTaphasdemonstratedatrackrecordofrapidgrowth;thetransactionwillenablethecompanyto
profitablyaccelerategrowthandcontinuetoinvestintechnologyandnewproducts
?Atalayaisaprivatelyheldalternativeinvestmentfrm,andtheinvestmentrepresentsacontinuedcommitmentof
supportforcapitalonTap
FTPartners’Role
?FTpartnersservedastheexclusivestrategicandfinancialadvisortocapitalonTaponthistransaction
?ThetransactionhighlightsFTpartners'industry-leadingexpertiseandsuccessfultrackrecordwithinthesMB-
FinTechsolutionsspace
FTPartners–FocusedExclusivelyonFinTech
FTPartnersAdvisesKantoxonitsSaletoBNPParibas
OverviewofTransaction
?onoctober11,2022,kantoxshareholdersagreedtothesaleofkantoxtoBNpparibas("BNPP")inanall-
cashtransaction,leadingtoBNppowning100%ofkantox
?completionofthetransactionissubjecttoregulatoryapprovalsandisexpectedinthecomingmonths
?kantoxisaleadingFinTechproviderfortheautomationofcurrencyriskmanagement;itssoftwaresolution
hasmanagedtosuccessfullyre-bundlethecorporateFxworkfow,offeringaone-stop,APIdriven,plug-
and-playsolutionwhichhasemergedasauniquetechnologywithintheB2Bcrossborderpaymentssector
?ltsuniqueproposition,revenuemodelhighlydiversifedcustomerbase,footprintandstrongbank
partnershipshavedrivenrapidgrowthandpavedthewayforaclearpathtosustainableandrecurring
profitability
SignificanceofTransaction
?Byleveragingitsintegratedbusinessmodel,BNppwillbewellpositionedtoaccelerateandextendkantox's
oferingtolargecorporatesaswellassMEsandMid-capbusinesses,capitalizingonmarketknowledgeand
globalpresenceandunlockingsignifcantsynergypotential
FTPartners’Role
?FTPartnersservedasexclusivefnancialandstrategicadvisortokantoxonthistransaction,andpreviously
advisedkantoxonasuccessfulcapitalraisein2019
?ThistransactionunderscoresFTpartners'deeppaymentsdomainexpertiseandsuccessfultrackrecordof
generatingfavorableoutcomesforleadingcompaniesinthespace
FTPartners–FocusedExclusivelyonFinTech
FTPartnersAdvisesMoniepointonitsFinancingRound
OverviewofTransaction
?onAugust10,2022,Moniepoint(formerlyTeamApt)announcedafinancingroundandbroughtonboard
oneoftheworld'slargestFinTechspecialists,QEDInvestorsjoinedbyexistingbackersfromLightrock,BII
andNovastar
?TeamAptoperatesNigeria'slargestbusinesspaymentsandbankingplatform,withmorethan400,000
businessesonboardedandprocessing$100billionannualizedrun-ratetransactionvalue
?Thecompany'sall-in-onebusinessplatformaimstodigitizeAfrica'seconomybyprovidingsMBswith
businessbankingsolutionsincludingdigitalpaymentsacceptancechannels,accesstoinsurance,working
capitalandbusinessexpansionloans,andbusinessmanagementtoolssuchasexpensemanagement
(businesspaymentscards),accounting,book-keepingsolutionstomanagetheiroperations
?Moniepointhasgrownbymorethan300%annuallysincelaunchingafewyearsagoandhasambitiousplans
togrowitsbusinessinNigeriaandbeyond
SignificanceofTransaction
?TheinvestmentwillhelpMoniepointfurthergrowitscustomerbaseandexpanditsproductportfolioin
particularwithvariouscreditofferings;QED'sglobalexpertiseinbuildinginhousecreditsolutionswillboost
Moniepointsrobustcreditfunction
?ThistransactionrepresentsthefrstAfricaninvestmentbyQED,atoptierFinTechfocusedinvestorand
showcasestheattractivenessoftheAfricanFinTechmarketanditsfundamentalgrowthtrends
FTPartners’Role
?FTpartnersservedasexclusivefinancialandstrategicadvisortoMoniepointonthisfinancinground
?ThetransactionhighlightsFTpartners'trackrecordinthepaymentsspaceacrossemergingmarkets
includingAfrica
FTPartners–FocusedExclusivelyonFinTech
FTPartnersAdvisesLendableonits$275millionGrowthEquityFinancing
OverviewofTransaction
?Lendablehasraisedf210million(~$275million)ofnewcapitalledbyontarioTeachers'pensionplaninitslatest
growthequityfinancinground
?Co-foundedin2014byMartinkissingerandvictoriavanLennep,LendableisanAl-ledconsumerfinanceplatform,
headquarteredintheuk,offeringaseamlessandtransparentmulti-productexperience
-Thecompany'stechnologyplatformconnectsglobalinstitutionalinvestorswithborrowersacrossloans,
creditcardsandcarfinance
-Thecompanyappliesmachinelearningandautomationtodatasetsleadingtobetterrates,transparency
underwritingandultimatelycustomerservice
-LendablealsoplanstowidenitsofferingtoincludenewproductssuchasBNPLaswellasexpandinthe
US
?Theaddressableconsumercreditmarketacrosstheukandtheusisestimatedat~$3trillion
?Lendablehasbeenprofitablesince2017
SignificanceofTransaction
?Lendablehasanunparalleledprofilethroughitsuniquecombinationofgrowth,scaleandprofitability;the
transactionwillfurtheraccelerateLendable'sgrowth,expanditsproductofering,andsupportitsupcominglaunch
intheus
?ontarioTeachers'pensionplanisoneoftheworld'slargestinstitutionalinvestors,andtheinvestment,via
Teachers'Innovationplatform,representsitscontinuedcommitmenttosupportingcutting-edgeprivatetech
companiesledbymission-drivenentrepreneurstohelpfulfltheirvisionandshapebetterfutures
FTPartners’Role
?FTpartnersservesasexclusivefinancialadvisortoLendable
?ThetransactionhighlightsFTpartners'industry-leadingexpertiseandsuccessfultrackrecordwithinlendingand
thebroaderconsumerfinancesector
FTPartners–FocusedExclusivelyonFinTech
FTPartnersAdvisesCrossRiveronits$620millionFinancing
OverviewofTransaction
?onMarch30,2022crossRiverannouncedits$620millionseriesDfinancingroundledbyEldridgeand
AndreessenHorowitz
-crossRiverprovidesessentialinfrastructureenablingstrategicpartnerstoofferleading
embeddedpayments,cards,lendingandcryptosolutionstocustomers
-T.Roweprice,whaleROCK,Hanacoandotherinvestorsalsoparticipatedintheround
?crossRiverisaleadingtechnologyinfrastructureproviderenablingthedeliveryofinnovativefinancial
solutionstomillionsofconsumersandbusiness
-Builtonitsproprietaryrea-timebankingcore,crossRiverprovidesessentialservicestothe
fastestgrowingfintechplatforms
-crossRiveristhetechnologysupportingmanyofthelargestfintechcompaniesintheworld
suchasAfirm,coinbase,RocketLoans,stripe,upgradeandupstat
SignificanceofTransaction
?ThecapitalinfusionwillacceleratecrossRiver'stech-focusedgrowthstrategybybuildingout
embeddedfnancialsolutions,bolsteringstrategicpartnershipsandcontinuingplansforinternational
expansion
FTPartners’Role
?FTpartnersservedasexclusivestrategicandfinancialadvisortocrossRiver
?ThistransactionhighlightsFTpartners'industry-leadingexpertiseacrosstheBankingTechspaceandits
successfultrackrecordgeneratinghighlyfavorableoutcomesforFinTechcompaniesglobally
FTPartners–FocusedExclusivelyonFinTech
FTPartnersAdvisesNeononits$300millionSeriesDFinancing
OverviewofTransaction
?onFebruary14,2022,Neonpagamentos,s.A.(Neon)announcedthatithasraisedus$300million(R$1.6
billion)ofnewcapitalfromBBVA(NYSE:BBVA)initsseriesDfinancinground
?NeonisBrazil'sfirstneobankdedicatedtoservingtheunderbankedBrazilianworkingclass,offeringno-fee
digitalaccounts,creditcards,payroll/personalloans,investmentservices,andmicroentrepreneurfinancial
services
-Neonprovidesitscustomerswithabroadmenuofdigitalbankingproducts,democratizingaccessto
creditforindividualworkersandsupportingBrazil'sthrivingecosystemofmicroentrepreneurs(MEls)
-Thecompany's"Democredit"platform,aproprietaryunderwritingmodel,leveragesover20adaptiveAl
modelstoinstantlyofercredittounderbankedBrazilianworkers
?Today,NeonhandlesmorethanR$5.8billioninmonthlytransactionsandservesmorethan15million
customersthroughoutBrazi
SignificanceofTransaction
?Neonhasademonstratedtrackrecordofrapidgrowth;thetransactionwillenableNeontoinvestin
technology,marketing,newproductsandcapitaltoaccelerateNeon'sgoalofbeingthebestpartnerforthe
Brazilianworker
?BBVA'sisoneofthelargestfinancialservicesinstitutionsinLatinAmerica,andtheinvestmentrepresentsa
continuedcommitmenttofostertoptierfintechinnovationinoneofthemostpromisingemergingmarkets
FTPartners’Role
?FTpartnersservedasexclusivestrategicandfnancialadvisortoNeon
?ThetransactionhighlightsFTpartners'industry-leadingexpertiseandsuccessfultrackrecordwithinconsumer
FinTechandemergingmarkets
FTPartners–FocusedExclusivelyonFinTech
FTPartnersAdvisesTruebillonits$1.275billionSaletoRocket
OverviewofTransaction
?onDecember20,2021,Rocketcompanies(NYSE:RKT,theDetroit-basedplatformcompanyconsistingof
tech-drivenrealestate,mortgageandfnancialservicesbusinesses,announcedithasenteredintoan
agreementtoacquireTruebill,theleadingpersonalfinanceappthathelpsconsumersmanageeveryaspectof
theirfinanciallives
-RocketwillacquireTruebillforapproximately$1.275billionincash
?Foundedin2015,Truebillcurrentlyhas2.5millionmembers,andhasdoubleditsuserbaseinjustthelastyear
-Thecompanycurrentlyanalyzes$50billioninmonthlytransactionvolumeandhassavedconsumers
$100million+sinceitsfounding
?Truebill'sabilitytoleveragetechnologytoimproveitsclients'financialhealthaddstoRocket'send-to-endreal
estateandhomefnancingexperienceexpandingrealestateplatform,andquicklygrowingautomotivesales
marketplace
SignificanceofTransaction
?TheacquisitionofTruebillacceleratesRocketcompanies'visiontohelpclientsincomplexmomentsTruebill
willdeepenengagementwithclientsandhelpmillionsofconsumersimprovetheirfinanciallives
?TheacquisitionbringsmillionsofclientstotheRocketplatformandaddsmorethan$100millioninannual
recurringrevenueandsupportsaneworganicgrowthopportunityandasignifcantchanneltonurtureclients-
keepingthemengagedinRocket'SFinTechecosystembyprovidingvaluebetweenthelargefinancial
transactionsthatRocketcompaniesisknownfor
FTPartners’Role
?FTpartnersservedasexclusivefinancialandstrategicadvisortoTruebill
?ThistransactionhighlightsFTpartners'deepdomainexpertiseintheconsumerFinTechsector,andits
successfultrackrecordgeneratinghighlyfavorableoutcomesforhigh-growthFinTechcompaniesglobally
FTPartners–FocusedExclusivelyonFinTech
FTPartnersAdvisesUpgradeonitsSeriesFFinancing
OverviewofTransaction
.onNovember16,2021,upgradeannounceditraised$280millioninseriesFfinancingledbycoatue
ManagementandDSTGlobalwithparticipationfromDragoneerInvestmentGroupandexisting
investors
?Theroundvaluesthecompanyatmorethan$6billion,whichrepresentsa~2xincreaseover
theprior2021round
.upgradeisaneobankthatoffersaffordableandresponsiblecredittomainstreamconsumersthrough
cardsandpersonalloans,alongwitharewardscheckingaccountthatoffers2%cashbackrewardsto
consumersoncommoneverydayexpensesandmonthlysubscriptions
.upgradehasdeliveredover$10billioninafordablecredittomainstreamconsumersthroughcardsand
loanssinceinceptionin2017,andisontracktodeliver$8billionin2021alone
.upgradewasrecognizedasthefastestgrowingcompanyintheAmericasbytheFinancialTimesearlier
thisyear,andupgradecardwasrecentlyrecognizedbyNilsonReportasthefastestgrowingcreditcard
intheus,markingthefirsttimeaFinTechcompanyislistedamongthetop50uscreditcardissuers
SignificanceofTransaction
.Theinvestmentwillfueltherapidgrowthofupgradecard,aninnovativecreditcardthatbringsthelow
costofresponsiblecreditofinstallmentlendingtomillionsofretaillocationsintheu.s.
FTPartners’Role
.FTpartnersservedasexclusivefnancialandstrategicadvisortoupgrade
.FTpartnerspreviouslyadvisedupgradeonitsseriesDfinancingledbysantanderInnoventuresin2020
andseriesEfinancingledbykDTinAugust2021-overthistimeperiodupgrade'svaluationhas
grownover~6x
.ThistransactionhighlightsFTpartners'
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