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Fintech Sector Report FINTECH SECTOR REPORT October 2017 GCA OVERVIEW Strong sector and product expertise across FinTech and related sub-sectors San Francisco New York th One Maritime Plaza, 25th Fl. 640 Fifth Avenue, 10 Fl. San Francisco, CA 94111 New York, NY 10019 United States United States Phone: (415) 318-3600 Phone: (212) 999-7090 Sean Minnihan Peter Bang Steve Fletcher Chris Gough Managing Director Managing Director Managing Director Managing Director Head of FinTech Head of FinServices Head of Software M&A/Real Estate Tech. Phone: (212) 999 - 7077 Phone: (212) 999 - 7074 Phone: (415) 318 - 3661 Phone: (415) 318 - 3658 Mobile: (917) 364 - 6230 Mobile: (917) 783 - 4057 Mobile: (415) 518 - 6725 Mobile: (415) 385 - 9427 [email protected] [email protected] [email protected] [email protected] Rob Freiman Kegan Greene David Krueger Director Vice President Vice President FinTech FinTech FinServices Phone: (212) 999 - 7075 Phone: (415) 318 - 3648 Phone: (212) 537 - 4534 Mobile: (973) 229 - 0436 Mobile: (917) 579 - 4838 Mobile: (616) 822 - 7179 [email protected] [email protected] [email protected] 2 GCA OVERVIEW A leading independent, global investment bank GLOBAL TECH & CROSS-BORDER GROWTH 400+ 350+ INTERNET COMPANIES Global reach with 15 Leading advisor in Expert advisor for Strong expertise in Over 400 M&A Over 350 deals closed offices in 10 key Tech and Internet cross-border advising growth bankers and growth in last 3 years, of markets – but deep sectors with strong transactions – the companies and company experts in which 33% were cross local roots ensure networks in key tech majority of our deals leading corporations the U.S., in Europe border close, hands-on hubs, including Silicon involve cross-border in capital raising and and across Asia support for our clients Valley outcomes M&A San Francisco I New York I Manchester I London I Milan I Zurich I Frankfurt I Munich I Tel Aviv I Mumbai I New Delhi I Singapore I Shanghai I Osaka I Tokyo 3 GCA OVERVIEW Selected recent FinTech experience Sale of Acquisition of Series C Financing Strategic Investment Acquired by Acquired by Acquired by to We Advised the Buyer Financial Advisor Financial Advisor We Advised ControlExpert We Advised the Seller We Advised the Seller We Advised the Seller Payments Banking & Lending Tech Payments Insurance Technology Payments Payments Real Estate Tech Sale of 54% stake in Series B Financing Acquisition of Acquired by Series A Financing Acquired by Acquired by Investor Group led to by Casin Group Financial Advisor We Advised the Buyer We Advised the Seller Financial Advisor We Advised the Buyer We Advised GP Net We Advised the Seller Payments IT & BPO Services Insurance Technology Information Services Payments Payments Liquidity Venues Convertible Note Growth Investment Acquired by Acquired by Acquired by Majority sale to Acquired by Offering from We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller Information Services Insurance Technology Payments Real Estate Tech Insurance Technology Banking & Lending Tech Real Estate Tech Lead Generation Business sold its investment in Acquired by Acquired by Acquisition of Acquired by to the shareholders of We Advised the Seller We Advised the Seller We Advised the Buyer We Advised the Seller We Advised the Seller Insurance Technology Insurance Technology Insurance Technology Insurance Technology Insurance Technology 4 FINTECH DEAL DASHBOARD The FinTech market is trading at 28% over the LTM period, as compared to 19% for the S&P 500. Financing volume YTD ‘17 is at 84% of total ‘16 volume, while capital raised YTD ‘17 is at 72% of total ‘16 capital raised $25 Bn | 1,627 Deals $89 Bn | 995 Deals Industry Stock Market Performance LTM Financing Volume(1) LTM M&A Volume Select October Financing Transactions Percent Change (2) Select October M&A Transactions Date Company Selected Investors Amount Sub-Sector Subsector LTM 3 Years Date Target Buyer Value Sub-Sector 10/31/17 $115 9 1 Banking & Lending Technology 32% 56% 10/27/17 $640 11 10/24/17 $324 8 2 Benefits Administration/Payroll 26% 45% 10/26/17 $222 9 10/20/17 $144 9 3 Financial SaaS 33% 55% 10/20/17 $760 9 10/18/17 $166 3 4 Information Services 20% 41% 10/18/17 $2,500 7 10/13/17 $203 1 5 Insurance Technology 18% 57% 10/17/17 $1,000 4 10/10/17 $100 5 6 Investment Technology 33% 41% 10/2/17 $1,111 6 Quarterly Financing Activity ($Bn)(1) 7 IT & BPO Services 16% 14% Quarterly M&A Activity ($Bn) 436 8 Liquidity Venues 23% 26% 264 408 377 397 235 9 Payments 37% 56% 244 369 222 368 201 216 195 328 10 Real Estate & Mortgage Tech. 23% 35% $32 $10 $9 $9 156 $24 $23 11 Trading Technology 44% 56% 121 $17 $18 $6 $5 $14 $13 $4 $4 $3 $7 Aggregate FinTech Market 28% 44% Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Oct-17 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Oct-17 $22.9 $22.1 $16.3 $12.2 $10.8 $23.9 $12.6 $18.6 $64.4 $73.8 $123 $69.7 $97.9 $58.6 $148 $57.9 S&P 500 19% 11% Average Deal Size ($MM) Average Deal Size ($MM) Notes: Source: Pitchbook. CapIq. GCA Deal Database. 5 Market data as of 10/31/17. (1) Includes private company equity financings. (2) Represents weighted average by market cap. FINTECH PUBLIC COMPANY LANDSCAPE FinTech subsectors and key operating stats ($Bn) 1 Banking & Lending Technology 2 Benefits Administration/Payroll 3 Financial SaaS Combined Market Cap.: $160 Combined Market Cap.: $98 Combined Market Cap.: $100 17E/16A Rev. Growth: 10.5% 17E/16A Rev. Growth: 45.7% 17E/16A Rev. Growth: 17.6% 17E EBITDA Margin: 26.3% 17E EBITDA Margin: 26.7% 17E EBITDA Margin: 19.9% 4 Information Services 5 Insurance Technology 6 Investment Technology Combined Market Cap.: $318 Combined Market Cap.: $30 Combined Market Cap.: $246 17E/16A Rev. Growth: 7.4% 17E/16A Rev. Growth: 9.9% 17E/16A Rev. Growth: 13.8% 17E EBITDA Margin: 30.8% 17E EBITDA Margin: 11.4% 17E EBITDA Margin: 25.1% Notes: 6 Source: CapIq. Revenue growth and EBITDA margins shown are median values for comp group. Market data as of 11/9/17. FINTECH PUBLIC COMPANY LANDSCAPE (CONT’D) FinTech subsectors and key operating stats ($Bn) (3) 7 IT & BPO Services 8 Liquidity Venues 9 Payments Combined Market Cap.: $574 Combined Market Cap.: $233 Combined Market Cap.: $815 17E/16A Rev. Growth: 10.2% 17E/16A Rev. Growth: 9.9% 17E/16A Rev. Growth: 14.4% 17E EBITDA Margin: 16.8% 17E EBITDA Margin: 58.7% 17E EBITDA Margin: 26.7% 10 Real Estate & Mortgage Tech. 11 Trading Technology Combined Market Cap.: $201 Combined Market Cap.: $125 17E/16A Rev. Growth: 11.3% 17E/16A Rev. Growth: 12.3% 17E EBITDA Margin: 18.6% 17E EBITDA Margin: 29.4% Notes: 7 Source: CapIq. Revenue growth and EBITDA margins shown are median values for comp group. Market data as of 11/9/17. FINTECH STOCK PRICE PERFORMANCE Trading tech leads the pack on an LTM basis, while insurance tech has outperformed over the past three years LTM Share Price Performance 3 Year Share Price Performance 1) Banking & Lending 2) Benefits 3) Financial SaaS 4) Information 5) Insurance 6) Investment 7) IT & BPO Services 8) Liquidity Venues 9) Payments 10) Real Estate & 11) Trading Technology Administration/Payroll Services Technology Technology Mortgage Technology Technology Notes: 8 Source: CapIq. Market data as of 10/31/17. FINTECH PUBLIC COMPANY VALUATION Liquidity venues have outperformed the rest of the FinTech market on both an EV/ LTM revenue and EV/ NTM revenue basis Enterprise Value / LTM Revenue Enterprise Value / LTM Revenue 4.6x 4.0x 3.5x 3.8x Enterprise Value / NTM Revenue Median Revenue Growth to EV / NTM Revenue Multiple 2 5 3 611 9 10 8 4.3x 1 3.8x 3.8x 7 3.5x 4 1) Banking & Lending 2) Benefits 3) Financial SaaS 4) Information 5) Insurance 6) Investment 7) IT & BPO Services 8) Liquidity Venues 9) Payments 10) Real Estate & 11) Trading Technology Administration/Payroll Services Technology Technology Mortgage Technology Technology Notes: 9 Source: CapIq. Market data as of 10/31/17. Lines display median multiples across comp groups for given year. FINTECH PUBLIC COMPANY VALUATION (CONT’D) Financial SaaS has outperformed the rest of the FinTech market on both an EV/ LTM EBITDA and EV/ NTM EBITDA basis Enterprise Value / LTM EBITDA Enterprise Value / LTM EBITDA 17.2x 15.1x 15.4x 15.6x Enterprise Value / NTM EBITDA Median EBITDA Growth to EV / NTM EBITDA Multiple 11 5 3 15.2x 2 12.8x 13.0x 12.8x 10 6 9 1 7 4 8 1) Banking & Lending 2) Benefits 3) Financial SaaS 4) Information 5) Insurance 6) Investment 7) IT & BPO Services 8) Liquidity Venues 9) Payments 10) Real Estate & 11) Trading Technology Administration/Payroll Services Technology Technology Mortgage Technology Technology Notes: 10 Source: CapIq. Market data as of 10/31/17. Lines display median multiples across comp groups for given year. FINTECH PUBLIC COMPANY VALUATION (CONT’D) Long-term growth is not necessarily correlated with FinTech public company P/E multiples or PEG ratios 2017E P/E Multiple 2017E PEG Long-Term EPS Ratio Growth 2 Benefits Admin/Payroll 2.3 21.6% 3 Financial SaaS 2.2 17.3% 5 Insurance Technology 2.9 15.0% 1 Banking & Lending Tech 2.2 12.6% 11 Trading Technology 1.4 17.3% 10 Real Estate & Mort.
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