PitchBook-2023年三季度零售金融科技報告（英）

EMERGING

TECH

RESEARCHReta

i

lFi

ntechRepor

tVC

trendsandemergingopportunitiesQ3REPORTPREVIEWThefull

reportisavailable

throughthePitchBookPlatform.2023ContentsVertical

update3Institutional

Research

GroupQ32023timelineRetailfintechlandscapeRetailfintechVC

ecosystemmarketmapVC

activity5Analysis6RudyYang

SeniorAnalyst,EmergingTechnologyrudy.yang@7pbinstitutionalresearch@8DataEmergingopportunityCreditbuilders19202425272931MatthewNacionales

DataAnalystPublishingSelectcompanyhighlightsAltroReportdesignedby

DrewSandersand

ChloeLadwigPublishedonNovember27,

2023PetalStellarFiAppendixWe

areaddingPitchBookExit

Predictorprobabilitiesto

ourEmergingTechnologyResearchreports.PitchBook’sproprietary

VC

ExitPredictor

estimatestheprobabilitythatastartup,or

VC-backedcompany,willsuccessfullyIPO,be

acquired,or

merge.

The

toolisavailableexclusivelyto

PitchBooksubscribers.Additionally,wehavelaunchedapre-seedreport

methodology

to

moreaccuratelyandcomprehensivelycapturedealsfromtheearliestphaseofventure.Goingforwardwewillsunset“angel”asaspecifiedstageofventureinallofPitchBook’sventure-focusedreports.Q32023

RetailFintechReportCONFIDENTIAL.

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2Q3

2023

timelineQ3

VC

dealco149total

dealsJuly

20September

5TheFederalReservelaunchesitslong-awaitedFedNowService,aninstantpaymentsrailoperating24/7,

365daysayear.

FedNowmarksthefirstnewpaymentnetworkoperatedby

theFedinover50years,whichwilloperatealongsideTheClearing

House’s

Real-TimePaymentsnetworkthatlaunchedin2017.PayJoy,asmartphonefinancingplatform,closesa$360millionSeriesC(comprisedof$150millioninequityand$210inmilliondebt).Thestartup’spre-moneyvaluationwasplacedat$450.0million,representinga5.6xstep-upfromits$80.0millionpost-moneyvaluationinMay2019.-16.8%QoQgrowthJuly

27-33.2%YoY

growthUSneobankUpgrade

acquirestravel-focusedBNPLstartupUpLift

for$100.0millioninacashandstocktransaction.-40.3%YTD

growthQ3

VC

dealvJuly

24August

24September

27$2.4Btotal

dealvalueDutchneobankbunq

raises€44.5millioningrowthcapitalata€1.65billionvaluation,flatto

itslastvaluationinJune2021.Digitalmortgage

lenderBetterApple

leveragestheUK’sOpenBankingapplicationprogramminginterfaceto

allowUKuserstoseetheirbankbalancesandtransactionsinAppleWallet.IPOsviaSPAC

AuroraAcquisitionCorp.SharesofthecompanyhaveseverelyunderperformedasoftheendofQ3,indicativeofresettingvaluations.53.2%QoQgrowth-53.5%YoY

growth-66.7%YTD

growthQ32023

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52Retail

?ntechlandscape.X

X$

XBXNX

P

LXX$X,X1234AlternativelendingCredit&bankingConsumerpaymentsWealthtech$X,XXX31XX$X,XXX$X,XXX$X,X,X

X

X$

X

X

X4VC

activ

it

yRetail

fintechVC

dealactivityRetailfintechVC

dealvaluerose53.2%

QoQto

$2.4billioninQ3,thoughdealactivitywasdown53.5%

YoY.

AlongsidedeterioratingvaluationsandaslowdowninVC

fundraising,thecautiousdeploymentof

capitalhaslargelycontributedto

theslowdowninretailfintechVC.Inaddition,fintechcapitalallocationremainsweightedtoward

startupswithB2Bmodels,giventhegreatertotaladdressablemarkets,largerprofitpools,andbetteruniteconomicsgenerallyavailablewithinthevertical.InQ3,35.9%of

totalfintechventurecapitalwentto

B2Cfintechcompanies—asopposedto

B2Bfintechcompanies—comparedwith46.2%

intheprioryearperiod.Still,Q3

sawanotableQoQincreaseinthemixof

capitalinvestedinB2CfintechversusB2Bfintech.InQ2,28.6%of

venturecapitalwentto

B2Cfintechcompanies(compared

with35.9%inQ3),

suggestingthereisstillinvestorinterestinretailfintechcompanies.1,3721,087895761902678518$6.8$12.42017$30.62018$25.02019$21.42020$43.4$23.8202220212023*Dealvalue($B)DealcountSource:PitchBook

?

Geography:Global

?

*As

ofSeptember30,2023Top

dealsinQ3

wereprimarilycomprisedof

late-stagedeals.TheseincludevehiclefinancingplatformLendbuzz’s

$345.0millionlate-stageround($45.0millioninequityand$300.0millionindebt);smartphonefinancerPayJoy’s

$360.0millionSeriesC($150.0millioninequityand$210.0millionindebt);creditcardstartupPetal’s

$275.0millionlate-stagedeal($55.0millioninequityand$220.0millionindebt);andmicrolendingparentcompanyGojo

&

Company’s

$101.4millionSeriesE.

Late-stageandventure-growthdealscontinueto

makeupthebulkof

retailfintechVC

dealvalueYTD,with$2.0billionand$2.7billionof

funding,respectively.Atotalof

167

and173dealshave

beenrecordedYTD

forpre-seed/seedandearly-stageretailfintechstartups,respectively,comparedwith126

dealsseenforstartupsthatsecuredlate-stagefundingand52dealsrecordedforstartupsthatreceivedventure-growthfunding.Retail

fintechVC

dealactivityby

quarter$20$15$10$54003002001000$0Q1

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

Q32017201820192020202120222023*Dealvalue($B)DealcountSource:PitchBook

?

Geography:Global

?

*As

ofSeptember30,2023CONFIDENTIAL.

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8Q32023

RetailFintechReportVC

ACTIVITYKey

retail

fintechventure-growthdealsin

Q3

2023*Post-moneyvaluation

($M)CompanyClose

dateSegmentCategoryDeal

value

($M)Lead

investor(s)ValuaCiti

Ventures,PayJoySeptember5August3Alternative

lendingCredit&bankingAlternative

lendingAlternative

lendingAlternative

lendingWealthtechMicrolending$360.0$275.0$101.4$100.0$95.8$73.3$72.7$590.0N/A5.6xN/AN/AN/A1.1xWarburgPincusPetalCredit&BNPLMicrolendingValar

VenturesGojo

&

CompanyLoftAugust16August2N/AN/AN/AReal

estatelendingN/ARetail

&marketplace

lendingSoftBankInvestmentAdvisersZopaSeptember8September12September21July

21$1,052.5N/AInvestmenttools&platformsEdward

JonesCurveN/AN/AN/AN/A1.2x1.6xConsumerpaymentsWealthtechWallets

&superappsAlternative

investmentsReal

estatelendingCredit&BNPLN/AN/AMynd$48.0$38.0$33.1N/AInvesco

Real

EstateN/AEasyKnockBumperJuly

1Alternative

lendingCredit

andbanking$413.0$99.3September1Revo

CapitalSource:PitchBook

?

Geography:Global

?

*As

ofSeptember30,2023Q32023

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15VC

ACTIVITYTo

pVC

investors

in

retailfintechcompaniessince2017*InvestorDeal

countPre-seed/seedEarly-stage

VCLate-stage

VCVenture

growtGoodwater

Capital500

Global107101727144385362928302617152825232019205126Ribbit

CapitalPeak

XV

PartnersFJ

Labs14810161086959575555547Accel135QED

InvestorsSoma

CapitalAndreessen

HorowitzGaingels24202219309019175144Source:PitchBook

?

Geography:Global

?

*As

ofSeptember30,2023Q32023

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17SELECT

COMPANY

HIGHLIGHTS:

PETALOverviewPetal

isalate-stagestartupthatprovidescreditcardsto

consumerswithlittleornocredithistories.ThecompanycurrentlyoffersthreeVisa

creditcardsdesignedto

helpitscustomersestablishcreditanddevelopcreditscores.Petal

hasbeenableto

successfullyserveitscustomerdemographicby

developingarobustunderwritingmodelthatexaminesanindividual’sincomeandtransactionhistory.Thecompany’smodelutilizesthiscashflowdatato

createaproprietaryscore,whichitdeemsastheCashScore.Notably,Petal

commercializedCashScorein2021by

makingitavailableto

otherlendersviaanapplicationprograminginterfaceofferedthroughitsspin-offcompanyPrism

Data.Petal

monetizesthroughfeesrelatedto

interest,interchange,late

charges,andmembershipsubscriptions.Founded2016Total

raised$1.21BLastfinancingvaluation$800.0MEmployees140LastfinancingRaised$275.0MHQlocationNewYork,

NYLeadershipExitPredictorPetal

iscurrentlyledby

Co-founderandCEO

JasonRosen,whoisalsotheCEO

of

spin-offcompanyPrism

Data.RosenhaspreviouslyservedontheConsumerAdvisoryBoardof

theConsumerFinancialProtectionBureau,andasSeniorCounselforArbor(acquiredby

Axciom).

Thecompany’smanagementteamalsoincludesCFOWesley

Chen,whowastheformerVPof

Financeat

UpstartandSeniorFinanceManageratGoogle,aswellasChiefCreditOfficerKrisHuennekens,whowasthepreviousChiefCreditOfficeratBreakout

Capital

Finance

andDirectorof

BusinessAnalysisatCapital

One.IPOprobability93%M&Aprobability5%Noexitprobability2%Note:ProbabilitydataisbasedonPitchBookVC

ExitPredictormethodology.Q32023

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27PitchBook

Data,Inc.John

Gabbert

Founder,CEONizarTarhuni

VicePresident,InstitutionalResearchPaulCondraHeadofEmergingTechnologyResearchAbout

PitchBookAdditional

researchEricBellomoeric.bellomo@GamingE-CommerceDerekHernandezderek.hernandez@EnterpriseSaaIndustr

y

and

Technolog

yInfrastructureResearchBrendanBurkebrendan.burke@InternetofThingsInformationSecurityArtificialIntelligence&MachineLearningAliJavaheriali.javaheri@EmergingSpacRobertLeIndependent,objective,

andtimely

market

intelrobert.le@InsurtechAaronDeGagneaaron.degagne@MedtechCryptoAs

theprivatemarketscontinueto

growincomplexityandcompetition,it’sessentialforinvestorsto

understandtheindustries,sectorsandcompaniesdrivingtheassetclass.JohnMacDonaghDigitalHealthjohn.macdonagh@Carbon&EmisOurIndustryandTechnologyResearchprovidesdetailedanalysisofnascenttechsectorssoyoucanbetternavigatethechangingmarketsyouope