GP Bullhound：2020年第三季度金融科技报告（36页）.pdf

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1、Q3 2020 Sector Update Fintech Important disclosures appear at the back of this report GP Bullhound LLP is authorised and regulated by the Financial Conduct Authority GP Bullhound Inc is a member of FINRA 3 Key sector takeaways Recent fintech transaction trends Public market fintech analyses Fintech

2、CEO and (ii) BNPL offers a better customer experience with potentially lower fees. This shift in preference was first exemplified when Visas credit card volumes fell sharply in May YoY, while debit card usage grew by 12%. While consumer benefits is the main reason for the change, we expect retailers

3、 to enhance this as platforms like Klarna, Afterpay for example, digital mobile payments platforms such as TPAY Mobile, focussed on the MENA region, are becoming the de-facto merchant payments platform in the region given their unique scale and coverage across key payment methods as well as subscrip

4、tion management within prepaid ecosystem. Notable activity this quarter includes General Atlantic investing $200m in dLocal, Network International acquiring DPO Group for $288m, and TPAY acquiring Payguru. Source: Capital IQ, MergerMarket, Pitchbook, Statista - as of 30 September 2020 Notes: (1) Sta

5、tista SEP-20 PRIVATE PLACEMENT $200M JUN-20 M fundraising levels in 2020 YTD remain robust vs. the prior year. 11 M current market capitalisation as of 30 September 2020 (0.4) (0.1) 0.0 Current Market Cap 15 GP BULLHOUND FINTECH INDEX VALUATIONS Despite a recent correction, fintech valuations remain

6、 strong 4x 6x 8x 10 x 12x 14x 16x 18x 20 x 22x Sep-17Dec-17Mar-18Jun-18Sep-18Dec-18Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20 GPB Fintech Index - TEV/LTM RevenuesGPB Fintech Index - TEV/NTM Revenues Dec 2018: Trade war with China leads to a market-wide sell-off Mar 2020: LTM multiples were down 22%(