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2021年第一季度金融科技报告(英)

# 金融科技 大小:14.70M | 页数:24 | 上架时间:2021-05-31 | 语言:英文

2021年第一季度金融科技报告(英).pdf

2021年第一季度金融科技报告(英).pdf

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类型: 行研

上传者: XR0209

撰写机构: GP.Bullhound

出版日期: 2021-05-28

摘要:

Fintech deals in Q1 surged, driven by SPACS and mega private rounds We expect levels of deal making activity to continue into H2 2021 § Deal making in Q1 continues the trend since Q3 2020 as fintech investors and acquirers take advantage of the digital shift created by COVID and strong company performance translates into premium valuations. Although the number of private funding rounds in Q1 did not dramatically rise QoQ, we did see a huge rise in average deal size: the average deal size in Q4 2020 was $42m versus $57m in Q1 20211. This jump was driven by mega rounds like Robinhood’s $3.4bn raise and the $1.3bn raised by Klarna, but there were other significant rounds like Stripe ($600m), Checkout.com ($450m), and NUBank ($400m).

§ The deal-making activity was also driven by the rise of Special Purpose Acquisition Companies (SPACs), which led five acquisitions in the quarter: eToro ($9.6bn), Hippo ($1.2bn), Metromile ($956m), Bakkt ($2.1bn), and SoFi ($8.7bn). We believe that SPACs’ interest in fintech will continue, especially in verticals that benefit from: 1) a growing cashless society and what this means for international money flows; 2) open banking; 3) imbedded finance – trading, wealth management, saving, credit, and lending; and 4) crypto.

§ Given the robust growth a lot of fintech companies are experiencing and the premium investors are placing on this growth – which is perceived to be secular – we expect demand for deals to continue well into the second half of this year.

§ We also note that while SPACs have mainly been an American phenomenon, we believe that Europe is now starting to catch up given the size of privately funded tech businesses that could be ideal targets. We believe European fintechs will start to garner more attention from SPACs, especially as European SPACs start to come to market.

‒ Just three SPACs listed in Europe last year, netting $495m. So far this year, Lakestar raised €275m in February, 468 Capital is looking to raise €300m, and European Fintech IPO Company BV (a fintech-focused SPAC) raised €415m when it floated in Amsterdam.

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