PitchBoo-k-2024年二季度企業(yè)金融科技報告（英）-2024-WN8

EMERGINGTECHRESEARCH

EnterpriseFintech

Report

VCtrendsandinnovationspotlights

Q2

2024

REPORTPREVIEW

Thefullreportisavailablethrough

thePitchBookPlatform.

Contents

Verticalupdate3InstitutionalResearchGroup

Q22024timeline6

Analysis

Enterprisefintechlandscape7

RudyYangSeniorAnalyst,EmergingTechnology

rudy.yang@

EnterprisefintechVCecosystemmarketmap8

pbinstitutionalresearch@

VCactivity9

Data

Innovationspotlight20

MatthewNacionalesSeniorDataAnalyst

CollinAndersonDataAnalyst

Cross-borderpayments21

Selectcompanyhighlight23

Publishing

ReportdesignedbyChloeLadwigandDrewSanders

Airwallex24

PublishedonJuly31,2024

Appendix26

Q22024EnterpriseFintechReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG2

Q22024timeline

Q2VCdealcountsummary

April1

PublicpaymentsprocessorcompanyNuvei

entersanall-cashtake-privatedealwithAdvent

International,NovacapManagement,CDPQ,and

PhilipFayer,valuingthecompanyat$6.3billion.

ThedealvaluesNuvei’ssharesata56.3%premium

overitsunaffectedclosingpriceof$21.76from

March15,2024.

April17

ExpensemanagementstartupRampsecures

$150.0millionforitsSeriesD2atapre-money

valuationof$7.5billion.Theroundisco-

ledbyKhoslaVentures,Greylock,8VC,and

SequoiaCapital.

June5

TheConsumerFinancialProtectionBureau(CFPB)

establishesrequirementstobecomearecognized

openbankingstandard-settingorganization.

TheannouncementcomesastheCFPBprepares

tofinalizeitsopenbankingrulesin2024,

acknowledgingthatitshouldnotberesponsible

forestablishingopenbankingtechnicalstandards.

315

totaldeals

-6.3%

QoQgrowth

-13.7%

YoYgrowth

-16.4%

YTDgrowth

Q2VCdealvaluesummary

April5

Brazilian-basedBaaSstartupQITechraisesa$50.0

millionSeriesBextensionontopofthestartup’s

prior$200.0millionSeriesB.Theround,ledby

GeneralAtlantic,placesthestartup’spost-money

valuationat$1.0billion.

May9

InstantpaymentsfintechcompanyTabaPay

abandonsitsplanstoacquiretheassetsofBaaS

platformSynapse,whichfiledforChapter11

bankruptcyinApril2024.Thechangeislikely

duetotheinabilitytoreconcileSynapse’s

missingfunds.

June26

FintechBusinessWeeklyreportsthatbanking

providerEvolveBank&Trustisaffectedbya

cyberattackfromRussianhackinggroupLockBit.5

Over7.6millioncustomershavepersonaldata

compromisedbecauseofthehack,6including

thoseoffintechpartnersAffirm,Mercury,and

Wise.Evolvepubliclyconfirmsthecybersecurity

incidentonJuly1,2024.

$4.6B

totaldealvalue

27.1%

QoQgrowth

2.2%

YoYgrowth

5:“EvolveHackCrisis:Russia-LinkedCybergangLeaksRecordsonMillions,”FintechBusinessWeekly,JasonMikula,June30,2024.

6:“DataBreachNotifications,”O(jiān)fficeoftheMaineAttorneyGeneral,May29,2024.

-48.6%

YTDgrowth

Q22024EnterpriseFintechReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG6

Enterprise

?ntechlandscape

Alternativelending

Capitalmarkets

CFOstack

Commercialfinance

Financialservicesinfrastructure

Payments

Regtech

Wealthtech

Q22024EnterpriseFintechReport

VCactivity

EnterprisefintechVCdealactivity

Dealvalueandcount:InQ22024,enterprisefintechcompaniessecured$4.6billioninVCfunding

2,2142,002

across315deals.Whiledealcountwasdown6.3%QoQand13.7%YoY,dealvaluewasup27.1%

YoYand2.2%QoQ,suggestingrecentroundshaveseenhigherdealsizes.Enterprisefintech

1,3541,4781,579

1,459

startupscontinuedtocapturethemajorityshareofVCdealvalue,makingup51.9%oftotalfintech

651

venturecapitalinQ2.However,thisisthesmallestshareheldbyenterprisefintechcompanies

sinceQ12021.

$16.6$17.7$21.7$54.2$37.9$25.8$8.3

2018201920202021202220232024*

Keydeals:SegmentswiththehighestdealvalueinQ2werecapitalmarkets($1.6billion),CFO

Dealvalue($B)Dealcount

stack($1.2billion),andfinancialservicesinfrastructure($672.7million).Notabledealsthatclosed

inQ2includeClearStreet’s$685.0millionSeriesB,AlphaSense’s$650.0millionacquisition

Source:PitchBook?Geography:Global?*AsofJune30,2024

financingtoacquirecompetitorfirmTegus,QITech’s$250.0millionSeriesB(inclusiveofa$50.0

millionextension),Kapital’s$165.0millionSeriesB($40.0millionequity,$125.0milliondebt),

Ramp’s$150.0millionSeriesD2,andCelcoin’s$125.0millionSeriesC.

EnterprisefintechVCdealactivitybyquarter

Dealsizes:YTD,enterprisefintechcompanieshaveloggedamedianVCdealsizeof$5.0million,

up11.3%from2023’smedianof$4.5million.Atthestagelevel,late-stagedealsincreased20.1%in

$20800

mediandealsizeto$9.9million.Otherstagesdecreasedfromtheir2023medians,withpre-seed/

$15600

seeddeclining22.8%to$2.2million,early-stageVCdeclining6.2%to$5.0million,andventure

$10400

growthdeclining31.5%to$17.0million.

$5200

$00

Pre-moneyvaluations:TheYTDmedianpre-moneyvaluationforenterprisefintechcompanies

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2

nowsitsat$24.8million,up24.2%fromthe2023median.Mediansfromalldealstageshave

2018201920202021202220232024*

increasedcomparedwith2023.Thepre-seed/seedmedianincreased1.3%to$10.6million,the

Dealvalue($B)Dealcount

early-stagemedianincreased62.9%to$45.6million,andthelate-stagemedianincreased18.1%to

$50.0million.Notably,theventure-growthmedianincreased875.4%to$1.4billion;however,the

datasetforthisdealstageissparseandcurrentlymuchsmallerthanthoseforotherdealstages.

Source:PitchBook?Geography:Global?*AsofJune30,2024

Q22024EnterpriseFintechReport

VCACTIVITY

Keyenterprisefintechearly-stageVCdealsinQ22024*

CompanyClosedateSegmentCategoryDealvalue

($M)

Post-money

valuation($M)Leadinvestor(s)

Valuation

step-up

KapitalApril3CFOstackExpensemanagement&AP/ARautomation$165.0N/ATribeCapitalN/A

ClaraApril1CFOstackExpensemanagement&AP/ARautomation$60.0N/AN/AN/A

FlatpayApril17PaymentsPaymentplatforms&POS$48.6N/ADawnCapitalN/A

AnrokApril11CFOstackAccounting,tax&compliance$47.6$242.6IndexVentures,KhoslaVentures,SequoiaCapital5.7x

GilionApril10CommercialfinanceNondilutivefinancing$43.4N/AN/AN/A

TradeAlgoJune6CapitalmarketsData&analytics$41.8N/AN/AN/A

FinmidApril16FinancialservicesinfrastructurePlatforms&APIs$37.8$108.0BlossomCapital1.9x

AdonisJune25CFOstackBudgeting&forecasting$31.0$155.0Point72Ventures1.5x

PayflowsApril22CFOstackAccounting,tax&compliance$26.9N/ABaldertonCapitalN/A

FinoutMay23CFOstackBudgeting&forecasting$26.3$71.9RedDotCapitalPartners1.1x

Source:PitchBook?Geography:Global?*AsofJune30,2024

Q22024EnterpriseFintechReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG14

VCACTIVITY

TopVCinvestorsinenterprisefintechcompaniessince2018*

InvestorDealcountPre-seed/seedEarly-stageVCLate-stageVCVenturegrowth

GlobalFoundersCapital1426957133

TigerGlobalManagement1297405725

FJLabs1204054215

Gaingels10930323611

SomaCapital107465353

500Global1065629192

AlumniVentures1023833265

Accel1001734409

QEDInvestors932840223

IndexVentures851434325

Source:PitchBook?Geography:Global?*AsofJune30,2024

Q22024EnterpriseFintechReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG18

SELECTCOMPANYHIGHLIGHT:AIRWALLEX

Keycompanyinformation

Overview

Founded

2015

Lastfinancingvaluation

$5.6B

Airwallexisaleadingstartupinthecross-borderpaymentssectorthatishelpingtostreamline

moneymovementaroundtheworld.Thestartupaccomplishesthisthroughaproprietary

HQlocation

Melbourne,Australia

Lastfinancing

N/A

infrastructurecreatedviadirectrelationshipswithbanksandpaymentsystems,whichallows

Airwallextobypasscorrespondentbankingandfacilitatefast—sometimesinstant—andlow-

Totalraised

$902.0M

costinternationaltransactionstoover120countries.16Someofthecompany’stransactionsare

freewiththeuseofanAirwallexglobalaccountormulticurrencywallet,whileforeignexchange

conversionsareexecutedat0.5%to1.0%aboveinterbankexchangerates.17Additionally,the

companyoffersasuiteofproductsontopofitsinfrastructure,includingmulticurrencycards,

expensemanagementsoftware,softwareintegrations,andAPIsthatletcustomersintegrateinto

Airwallex’snetworkandcreateembeddedfinanceofferings.

ExitPredictor

Thecompanyhasanannualtransactionvolumerunrateof$90billion,withroughly94%of

transactionsprocessedthroughitsproprietarynetworkandtheremaining6%usingSwift.18

Airwallexbecamecashflowpositivein2023andrecognizeda68%YoYincreaseintransaction

IPO:92%probabilityM&A:6%probabilityNoexit:2%probability

volumesandan84%YoYincreaseinrevenues(includinginterestincomeoncustomerfunds)

inQ12024.CaplightestimatesAirwallex’svaluationtobe$4.0billionbasedoffofsecondary

Success:98%probability

16:“Fast,ProgrammaticInternationalandDomesticPayouts,”Airwallex,n.d.,accessedJuly10,2024.

17:“FlexiblePricingBasedonYourBusinessNeeds,”Airwallex,n.d.,accessedJuly10,2024.

18:“AirwallexCEOandCo-FounderJackZhang–EmpoweringBusinessestoGrowBeyondBorders,”Spotify,WhartonFinTechPodcast,January18,2024.

Note:ProbabilitydataisbasedonPitchBookVCExitPredictormethodology.

Q22024EnterpriseFintechReport

SELECTCOMPANYHIGHLIGHT:AIRWALLEX

transactions.Basedonthisdata,weestimateAirwallexcurrentlytradesataroughly6.2xTTM?Co-founderandchieftechnologyofficer:Xijing(Jacob)Dai

salesmultiple.Enterprisevalue/TTMsalesmultiplesforpeerscurrentlystandat1.8xforPayoneer,?Chiefrevenueofficer:KaiWu

6.4xforCorpay,2.5xforRemitly,1.9xforPayPal,16.0xforVisa,and16.5xforMastercard.?Chiefcomplianceofficerandgeneralcounsel:JeanetteChan

?Co-founderandprincipalarchitect:Ki-lokWong

Leadership

?Co-founderandheadofproductdesign:MaxLi

?Co-founderandCEO:JackZhang

?Co-founderandpresident:LucyLiu

Financinghistory

SeriesASeriesA1SeriesBSeriesCSeriesDSeriesESeriesE1SeriesE2

May1,2017December15,2017July3,2018March25,2019September10,2020September20,2021November18,2021October11,2022

Totalraised

$13.0M

Totalraised

$6.0M

Totalraised

$80.0M

Totalraised

$100.0M

Totalraised

$300.0M

Totalraised

$200.0M

Totalraised

$100.0M

Totalraised

$100.0M

Pre-moneyvaluation

N/A

Pre-moneyvaluation

N/A

Pre-moneyvaluation

$400.0M

Pre-moneyvaluation

$900.0M

Pre-moneyvaluation

$2.3B

Pre-moneyvaluation

N/A

Pre-moneyvaluation

$5.4B

Pre-moneyvaluation

$5.4B

Leadinvestor

TencentHoldings

Leadinvestor

SquarePegCapital

Leadinvestors

HongShan,Tencent

Holdings

Leadinvestor

DSTGlobal

Leadinvestor

SquarePegCapital

Leadinvestor

LonePineCapital

Leadinvestor

LonePineCapital

Leadinvestor

N/A

PitchBookData,Inc.

NizarTarhuniExecutiveVicePresidentofResearchandMarketIntelligence

PaulCondraHeadofEmergingTechnologyResearch

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