INSIDE THIS ISSUE

FinTech: Technological Disruption of the About This Report (p. 1) Equity Market’s Largest Sector About Woodside Capital Partners (p. 1) Executive Summary (p. 3) Market Trends, M&A Transactions, Private Placement 1. Introduction: FinTech Overview and Financings, and Public and Private Company Profiles Market Trends (p. 4)

• Why has FinTech Become Such a January 2018 Large Sector? (p. 5) • FinTech Disruption Sequence (p. 7) • M&A and Venture Funding Trends Kartik Gada, Executive Director (p. 10) • Select Acquisition Profiles (p. 12) [email protected] • FinTech Unicorns Worldwide (p. 13) • FinTech Subsector Details (p. 14) • Comprehensive FinTech Market About This Report Map (p. 22) This report has been produced by Woodside Capital Partners. For a • Artificial Intelligence in FinTech (p. 23) discussion on corporate development and M&A opportunities in the • Initial Coin Offerings (p. 24) FinTech sector please contact Woodside Capital Partners. 2. M&A Transactions (p. 26) 3. Private Placement Financings (p. 34) About Woodside Capital Partners 4. Public Company Profiles (p. 40) Woodside Capital Partners (WCP) is a global independent investment 5. Private Company Profiles (p. 69) bank delivering world-class strategic and financial advice to emerging 6. Initial Coin Offers (p. 167) growth companies in the technology sector. We focus on transactions 7. Select ICO Profiles (p. 174) ranging from $30 million to $300 million and know how to complete Disclaimer (p. 181) transactions whether through M&A, capital raising, private placement or strategic partnering. With a strong track record in M&A, strategic partnerships and private placements, Woodside Capital Partners has been providing worldwide services since 2001. Woodside Capital Partners has offices in Silicon Valley and , and leading domain experience in technology, media, and telecommunications. WCP Research offers institutional technology research services to institutional investors and technology industry executives. The Woodside Capital Partners team has completed transactions totaling more than $10 billion. For more information, please visit www.woodsidecap.com.

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Executive Summary

Financial Technology, or ‘FinTech’, encompasses the wide range of technological transformations underway across most components of the vast and diverse financial sector. This multitude of disruptions has given rise to many distinct subsectors within FinTech, ranging from consumer banking and remittances, to capital markets and quantitative , to regulatory compliance automation, to and .

Cumulative global venture investment in FinTech exceeds $110 Billion. 2015 saw a cyclical peak in FinTech M&A and venture funding activity, with 2016 experiencing a substantial correction. This period of digestion sets the stage for a new phase of growth in 2018 and beyond, as the early-stage companies of 2014-15 that survived the retrenchment accrue revenue and achieve exits. As part of this transition between phases of FinTech evolution, the two largest and most mature subsectors of FinTech, payments and lending, are seeing growth shift to newer subsectors. Early-stage venture funding patterns corroborate this shift in growth expectations. Technologies employed in this new stage include , Artificial Intelligence, and Big Data Analytics.

The first section of this report includes an introduction to the key concepts within the FinTech sector, transaction trends of the last few years, and in-depth descriptions of each subsector. Later sections include a listing of M&A and Private Placement transactions of the last three years, and profiles of large public acquirers and select private companies within the sector.

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1. FinTech Overview and Market Trends

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Why has FinTech Become Such a Large Sector?

The financial sector is the one private sector of the world economy that is extensively interfaced with every other sector of the economy, and transacts with every other sector (including the public sector) every day. No other private sector has such a pervasive reach and diffusion.

Figure 1: The FinTech Tsunami

The resultant importance of this sector led to heavy government involvement in terms of regulation, taxation, political utility, fiscal and monetary policy, etc. Such a degree of government involvement leads to deep entrenchment of legacy technologies, systems, and practices, resulting in opacity, overpricing, and a sclerotic philosophy regarding innovation. For example, a large portion of bank software is written in Cobol from the 1970s. This carries some advantages (writers of viruses and malware are not often well-versed in Cobol) but, carries the burden of outdated capabilities inherent to the software. Another factor is that technological disruption often catches up with sectors that are extremely overdue (often due to excess regulation or government involvement). For example, a domestic wire transfer still costs $30 (with international transfers often as high as $125), when the speed of price decline, by all accounts, should have matched the trajectory of telephony price declines. This has not happened, which is why the very overdue technological upgrades, when they do arrive, ultimately arrive with great speed and disruptive force.

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A third factor in the proliferation of FinTech is internet diffusion and maturity. Only in this decade has the number of internet users, the average bandwidth available to each, and the cumulative experience with online transactions reached a combined level of maturity that new business models such as peer-to-peer lending and crowdfunding have become viable. Remittances, a huge source of fees for legacy institutions, required internet connectivity and security in emerging markets in order to achieve scale of adoption. The revenue attributed to the FinTech sector does not have a broad consensus on where the boundary resides, for, like most disruptive sectors, subsectors that succeed are often excluded from the definitional umbrella of that sector. For example, fees earned by a payment company should qualify as FinTech but, Paypal has been around for almost two decades. estimates that $4.7 Trillion of Financial Services revenue is vulnerable to eventual FinTech displacement. From about $14 Billion in revenue today, FinTech is projected to grow at up to 50%/year for the next six years, to reach $250-$350 Billion by 2023. The following chart indicates the upper and lower end of the range of revenue estimates.

Figure 2: FinTech Revenue Worldwide ($Billions)

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FinTech Disruption Sequence :

The immense size and variety of industries within the financial sector has led to FinTech branching out into nearly a dozen subsectors, each with a variety of companies contained within. Each sector will be described in detail later in this report but, for now, we will list them here:

• Lending • Payments/Billing/Invoices • Remittances • Financial Research • Wealth Management • Crowdfunding • Blockchain for FinTech • Institutional Capital • Regulatory Compliance •

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To map the timeline of FinTech evolution, it is necessary to recognize a certain sequence of subsector transformation within FinTech, with disruptions of the more foundational financial services enabling inroads to reach deeper subsectors. The chronological emergence and relative size of each FinTech subsector flows from understanding the layers of incumbency and disruption, which is why some incumbent sectors have long been harder to reach than others.

Figure 3: Layers of Disruption in FinTech

The large subsectors of payments and banking have to experience comprehensive disruption before a foundation that can give rise to more complex areas of FinTech is established. As of 2018, disruption in banking and payments is a leading indicator of the next generation of FinTech evolution, because these sectors serve as the paths toward acclimation of consumers to the concepts of transactions and banking online. After this stage is set, deeper forays into disruption of decades-old structures can begin. Newer FinTech companies merge multiple older capabilities (such as payments with security and analytics) to generate new solution suites that displace incumbents from entirely new angles. To examine this point further, we can observe the distribution FinTech companies by revenue against disruptive potential. From the following chart, note that level of disruption is not necessarily correlated with the revenue of the particular FinTech company, since some large-revenue companies represent smaller increments of improvement relative to incumbents. Given the speed of FinTech disruption across multiple subsectors, a chart such as this one will experience visible movement even at quarterly intervals. As revenue of some of the more disruptive companies catches up, expect to see some high-valuation acquisitions.

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Figure 4: Revenue vs. Disruption

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M&A and Venture Funding Trends :

A cyclical peak in FinTech transaction activity was seen in 2015, after which a brief retrenchment for about a year set the stage for a new flurry of activity.

Figure 5: Total Global Investment in FinTech Companies (2012-2017)

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The top venture investors of 2017 are listed below. Notable absentees include Accel, which was very active in FinTech before 2016 but, has moderated their activity of late.

Figure 6: Most Active VC Investors in Global FinTech Companies 2016-17

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Select Acquisition Profiles :

Figure 7: Top FinTech M&A Deals of 2017

The above table describes how even the fifth largest FinTech acquisition in 2017 was $100M, despite the activity level in the sector. As per the layering of disruption that we discussed earlier, payments have ceased to be the largest source of M&A, with the newer subsectors climbing higher on the list of deal size. We expect 2017 to have a significantly different acquisition representation by subsector as other varieties of FinTech reach a maturity level that makes large acquisitions possible.

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FinTech Unicorns Worldwide :

The highly scalable, borderless nature of payments and lending business models combined with the high growth rate of the sector (and resulting high price/sales ratios) has generated a surge of private FinTech companies with valuations above $1 Billion. Note once again that these valuations are from after the correction that followed the 2015 peak, so a good deal of froth has been stripped out, and there is indeed some upside possible to these valuations. There are two Blockchain companies, Circle and , which have each received over $100M in venture funding and are candidates to join the unicorn list.

Figure 8: Global FinTech Unicorns by Valuation

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FinTech Subsector Description and M&A Potential :

The FinTech subsectors listed earlier are described in detail below, along with companies to watch and potential acquirers within each.

1) Lending : Lending itself has so many subcategories, from mortgages to commercial paper to peer-to-peer microloans, that it sometimes is considered to be a sector in its own right. Traditional lending has fees that have long been relatively steep (particularly on mortgages), and a compression of those fees through information technology was inevitable. For example, in the current environment of low interest rates, the bulk of the mortgage interest rate is just bank costs, a situation that was unheard of in the half-century before 2008. As credit rating scores and processing costs become more automated, mortgages and other forms of debt may see a reduction in rate premiums above the US Treasury equivalent rates in the US and LIBOR rates in the UK. A broad reduction in transaction, processing, and overhead fees in major categories of lending may increase borrowing and expand the size of the debt markets, particularly if this represents a reduction in interest rates of a third or more. Companies to Watch : FundingCircle allows individuals to make peer-to-peer small business loans, and has a valuation of $1 Billion. is a peer-to-peer lender in Europe that was one of the earliest entrants in that subsector. Prosper is the premier marketplace for peer-to-peer personal loans, and has a valuation above $2 Billion. Likely Acquirers : Any large bank is a candidate acquirer for successful lending disruptors. HIS has been an exceptionally active acquirer here, with six acquisitions in the last two years. LendingClub could make smaller acquisitions in the peer-to-peer space.

2) Payments/Billing : The payments ecosystem has been transformed on the B2C side with mobile payments, point-of-sale systems and innovations (like palm scanners), peer-to-peer payments, and credit card aggregators. On the B2B side, payment solutions for small businesses and secure online payment gateways have been streamlined through a variety of innovations in the backend and processing infrastructure. The backend infrastructure of payments is also a major component of the payments system The credit card industry, with its 3% transaction fee, charges $300 Billion on the $10 Trillion of credit and debit card transactions worldwide per year. This is due to 1970s technology still being deeply entrenched throughout the entire payments network. The long-overdue modernization of this system, and its size, has led to the payments subsector of FinTech attaining such a huge size. Far more is yet to happen, as a greater range of smaller merchants enter lower-fee payment ecosystems, particularly in emerging economies. Companies to Watch : , with a valuation of $9.2 Billion and a high ‘disruption’ score in the chart on Page 7, is addressing aspects of payments that predecessors like PayPal and Square missed. is the company behind Facebook and Uber payments, and is well-placed on in the unicorn list. Likely Acquirers : Large banks, credit card providers, and major ecommerce companies are candidate acquirers for payments companies. TSYS has been an active acquirer for some time.

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3) Remittances : The international nature remittances, in addition to the large annual volume of over $700 Billion/year, has major security and tracking implications, and hence is a fertile space for modernization. The average 7% fee on remittances aggregates to a fee volume of $50 Billion/year worldwide, which is the reason FinTech startups have been targeting this space. The combinations of origin and destination countries are over 10,000 but, the bulk of dollar volume resides in the top 100 expatriate remittance combinations (US to Mexico, Australia to , UAE to India, etc.). The remittance subsector is not merely a subset of payments, as we can see from the market map in the next section. The complexity that arises from so many different country pair combinations necessitates a level of anti-fraud and anti-money-laundering (AML) protections to an extent that this subsector has to be seen as a distinct vertical. FinTech solutions for remittances often charge less than a fourth of the transaction fees levied by traditional institutions. Given that the recipients of family remittances are often very poor, this reduction in the transaction fee is immense, and may greatly increase the volume of remittances and hence capital inflows to the poorer citizens of poorer countries. Lastly, there is the factor of ancillary upgrades through FinTech modernization of remittances. As most remittance destinations are relatively low-tech countries, the FinTech transformation on that end represents a classical leapfrogging of banking sophistication, and has forced local banks into an accelerated modernization since receipt of foreign remittances are often the majority of their inbound capital. Governments of these countries also have every incentive to facilitate the easy completion of remittance transactions, and often provide funding for banks to accelerate their modernization. As an example, banking in India is, in many ways, more technologically advanced than in the US due to this leapfrogging effect. Companies to Watch : Transferwise is a leader in remittances and specializes in large accounts, with a valuation of $1 Billion. WorldRemit, the second-place company in this subsector with a valuation of $500 million, focuses on mobile wallets which have leapfrogged traditional bank accounts in some of the poorest countries. Likely Acquirers : Western Union, which started over 150 years ago, is the leading incumbent remittance company and may be keen on acquiring new FinTech companies in this space. Paypal acquired Xoom, a leader in remittances, in 2015, and may do additional acquisitions.

4) Financial Research and Reporting : Artificial Intelligence has enabled sentiment analysis derived from algorithms applied to financial news. Natural language processing of earnings calls and CEO public appearances provides analytics into company performance that was previously inaccessible, as well as new analytics over thousands of hours of business television such as CNBC, CNNfN, and Bloomberg West. This replaces thousands of analysts devoting millions of hours of work to this task, and makes a higher quality of research available more widely. The second major area of disruption here is of an internal nature - corporate financial reporting. A wave of FinTech automation has led to production of reports far more quickly than a human analyst or accountant could manage. While some contend that this eliminates middle-class corporate jobs, it simultaneously a) makes top-flight reporting capabilities available to small companies who could never have afforded the erstwhile human professionals, and b) frees up cost that companies can use to hire elsewhere in the organization. When high quality reporting becomes attainable to smaller companies, the range of capital

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market participation and acquisition interest available to them rises. Companies to Watch : SeekingAlpha uses a crowdsourcing approach to acquire financial journalism. Dataminr and Alphasense make use of AI to measure sentiment across a wide range of numerical and text content mediums. Likely Acquirers : SS&C Technologies acquired Advent Software for $2.7 Billion, and will do further acquisitions in the near future. Bloomberg has acquired Barclay’s risk analytics business, and will have to do additional acquisitions to keep up with others in this space.

5) Wealth Management and Quantitative Finance : Many aspects of wealth management have long been behind the information age, with 1990s-era mutual funds and financial consultants levying fees that are far above what is necessary in modern times. The reduction in brokerage commissions enabled by the 1980s and 90s information technology revolution halted around 2000, and brokerages houses now earn gross margins of 97% on standard brokerage account commissions. This is even more true for options trade commissions. Enter FinTech. Access to products that combine instruments previously beyond the reach of non-accredited investors (such as futures or international equities and bonds) has greatly increased due to new customization vehicles. The other area of wealth management that is seeing a FinTech disruption is quantitative finance, where an AI algorithm can do the repetitive and rigorous work of a generic portfolio manager. This is particularly useful in the field of asset management where compensation has long been tied to portfolio size, irrespective of the skill of the manager. Everything from staid mutual fund houses to high-frequency hedge funds can use quantitative asset management algorithms as a path to lower cost and less human error. Companies to Watch : Wealthfront has long been a leader in this subsector. Personal Capital has been incorporating AI into several aspects of retail . Motif enables the construction of complex investment vehicles at the retail level. Robinhood seeks to eliminate brokerage fees from transactions. Likely Acquirers : Major mutual fund houses like Fidelity, Vanguard, and Schwab will eventually see 1990s- era mutual fund fee structures experience compression and replacement. They may have to acquire in order to stay competitive. IRESS has done a number of acquisitions in this subsector over the last two years.

6) Crowdfunding : One of the greatest new capabilities enabled by the FinTech revolution is an entirely new category of fundraising, where a large volume of small investors can invest in prospective deals on ‘crowdfunding’ platforms. Both and non-profit crowdfunding have disrupted the ecosystems of each. In venture funding, Seed and Series A funding stages have been upended with crowdfunding swiftly dislodging traditional venture firms from this early stage of . The JOBS Act of 2012 has recently passed other provisions such as Regulation A and A+, which expand the range of financing levels and investors who can participate in equity crowdfunding of startups. From the original concept of crowdfunding, the JOBS Act has enabled the Initial Coin Offering, or ICO. This huge paradigm shift in venture funding is effectively a manifestation of Metcalfe’s Law. Even the most powerful and well-connected VC is still one person, who can only help a certain number of people in a day. By contrast, a group of 100,000 ICO investors, even if predominantly middle class, has a far larger network

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and can make more referrals (of job candidates, customers, and media contacts) than any one individual, even a top venture capitalist. This ‘LinkedInization’ of an early company’s investor base is generating a new class of business development benefits that did not exist for early-stage companies before. The ICO section later in this report elaborates on this further. Companies to Watch : has long been the gold standard of crowdfunding but, it does not do non- profit fundraising. is a non-profit devoted to crowdfunding of loans. Likely Acquirers : It is possible that a major stock exchange acquires one of the established crowdfunding platforms. Intercontinental Exchange (ICE) has done a number of acquisitions already, with more to come in the future.

7) Distributed Ledgers : Blockchain, a technology born from the , may be of far greater utility than its parent product. Blockchain is a form of ‘distributed ledger’, which lends itself to more robust security of online transactions at greatly lower cost than incumbent security protocols. Each data component, or ‘block’, contains a timestamp and link to the previous block, making it extremely resistant to retroactive modification of the data. There are many industries that can benefit from Blockchain, and FinTech is one of the most imminent to gain this benefit. Blockchain has the potential to dramatically lower the high security and authentication costs associated with transactions and contract enforcement, to the tune of $20 Billion by 2022. This is particularly valuable in developing countries, where pervasive corruption and fraud inflict prohibitive costs on many forms of economic activity. are also a mechanism of distribution and decentralization that can, in some cases, bypass centralized government structures. In this regard, it is the very forefront of FinTech disruption, the scope of which is still difficult to ascertain. For this reason, this technology has been the foundation of its own subsector of FinTech. The success of cryptocurrencies like Bitcoin and Etherium has spawned the practice of startup companies issuing their own ‘coins’ that run on a blockchain and enable equity or non-equity fundraising. This report has been expanded with an entire section to chronicle the surfeit of coin offerings. Not everything about Blockchain is favorable, however. It is extremely energy-intensive, and consumes 5000 times as much energy to process a transaction relative to Visa’s network. Etherium’s Blockchain ledger is somewhat less energy intensive but, still far too inefficient to handle the billions of transactions per day that Visa or Mastercard processes. The ledger that ultimately displaces established processing networks is probably one that we have not heard about yet.

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Figure 9: The Blockchain Market Map

Companies to Watch : Ripple is an internet protocol that aims to link disparate financial systems to create an Internet of Value (IoV). Chain enables Blockchain developers to build apps more quickly through their API, so that developers do not get mired with the burden of creating Blockchain infrastructure. Filament provides IoT identification and security through Blockchain. Likely Acquirers : More than any subsector of FinTech, every large either is or soon will be a Blockchain acquirer. Only an image can do full justice to this migration, so see the following chart regarding the timeline of each institution’s entry into Blockchain.

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Figure 10: The March of Financial Services Firms into Bitcoin and Blockchain Startups (2014-2017)

8) Institutional Capital : Large institutions can make use of the majority of individual technologies within the FinTech umbrella to make their capital deployments with high efficiency and knowledge. Products used include alternative exchanges, quantitative automatons for trading, and analytical engines. The ability of institutions to trade positions across international exchanges has increased, as has the ability to transact futures and derivatives. New trading instruments are arising and achieving volume more quickly, as a result. It is estimated that AI will manage $8 trillion of assets by 2020. The removal of many aspects of management and transaction costs may add as much as 0.5% to annual returns, which lead to a higher compound growth rate and hence more . Companies to Watch : Kensho combines natural language search queries, graphical user interfaces, and secure cloud computing to create a new class of analytics tools for investment professionals. Addepar is a ‘financial operating system’ that combines assets across exchanges and currencies into one place for efficient data aggregation and client reporting. DarcMatter provides transparent access to private placement opportunities such as venture capital, , and real estate. Likely Acquirers : Large hedge funds have begun to directly acquire certain automated quant trading platforms, as have some of their platform providers. KPMG recently acquired Matchi, as an example of this sort of platform acquisition. Large but, immature equity markets like those in China may see participants leapfrog more mature markets through aggressive acquisitions in this space.

9) Regulatory Compliance : Excessive regulatory complexity has surpassed the ability of most humans to keep up with. Automation of systems to navigate this complexity has brought much-needed computational

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muscle to this challenge. In addition to overpowering regulatory complexity, FinTech for regulation (often described as ‘RegTech’) updates with new regulations automatically, relieving humans from the pressure to manually keep up. This is a subsector of FinTech that is exceptionally well suited for AI to proliferate within. FinTech also increases productivity on the other side of regulation. By increasing the ease of compliance with anti-money laundering (AML) and terrorist financing, the authorities have a resource-multiplier at their disposal and can apprehend criminals and terrorists with greater efficiency. This in turn deters many would- be wrongdoers from embarking on nefarious campaigns in the first place. Companies to Watch : ComplyAdvantage helps firms in their compliance with AML and terrorist financing regulations. Cortical.io tackles Natural Language Processing with its proprietary ‘Semantic Folding’ approach to overpower the sheer size of the regulatory code. Both of these companies are examples of AI within FinTech, which we will examine in the next section. Likely Acquirers : The diversity of acquirers in this space is very high, from compliance and certification companies to private equity firms to Cisco Systems. Hence, an acquisition timeline chart is particularly useful here. The key benefit of acquisition is to scale the solution from the country of origin to other countries. For reasons of size, larger countries will attract more innovation in this space.

Figure 11: RegTech Global M&A Activity 2016

10) Insurance : Many aspects of insurance calculations can benefit from the application of AI to the vast amounts of data that this sector generates. More data will iron out mispricings within the underwriting process and amongst various options and riders. Within auto insurance, vehicle analytics may provide insurance underwriters with far more precise data about driving habits, which might themselves improve driver behavior. Within life insurance, more precise actuarial and behavioral risk patterns can be detected. Health insurance, itself a misnomer that has been bloated to an extent that greatly conceals its original purpose, can benefit greatly from analytics derived from insurance transactions, for reasons ranging from

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cost-cutting to more accurate and real-time pricing estimators for new technologies used in treatments. A lowering of assessor, underwriter, and analyst costs reduces the overhead component of premiums and enables insurance to address markets that previously may not have been cost-effective. This savings is even more dramatic on the re-insurance side, where B2C customer facing costs are not a factor. More specialized insurance policies that are purchased by only small groups of people (such as vocal insurance for musicians and appearance insurance for fashion models) will become more economical and hence attract more subscribers. Companies to Watch : ZhongAn, with an $8 Billion valuation, has underwritten 650 million digital-only insurance policies. Oscar is a health insurance disruptor with a $2.7 Billion valuation. Lemonade provides efficient homeowners and renters insurance. Likely Acquirers : All major insurance and reinsurance companies, like Travelers, Lloyds of London, and MunichRe, are candidate acquirers. Smaller insurers can compete with larger ones’ due to the cost savings that acquired technologies may provide in lowering overhead, and thus make smaller insurance pools self- sustaining.

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Comprehensive FinTech Market Map :

Figure 12: FinTech Market Map

From this market map, we can see which sectors have large and more numerous companies participating. This further confirms the sequential model of FinTech disruption mentioned before, and provides insight into which subsectors are still in early stages of venture investing and which are closer to seeing a wave of exits.

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Artificial Intelligence in FinTech :

Of particular interest is the diffusion of Artificial Intelligence into existing subsectors of FinTech. As per the market map below, there are over 100 companies implementing AI towards a FinTech market opportunity, in at least eight different areas. Part of the reason for this arrival of AI into FinTech is the immense amount of valuable data generated through the many implementations of FinTech. Data is one of the core fuels of AI, and the presence of data in high quantity and quality will attract AI algorithms as a means to generate additional value and productivity out of that data. Trillions of financial transactions worldwide necessarily generate exabytes of data and a vast trove of patterns to mine, and that is even before mining the non-transaction data contained within the FinTech sector.

Figure 13: The AI in FinTech Market Map

In addition to previously described use cases of AI for financial report generation and AI to overpower regulatory complexity burdens, other areas that are ripe for AI-driven productivity leaps are quantitative finance, insurance, and reporting automation. Of particular interest is deep learning, which may yield solutions in quant finance and the regulatory sphere beyond what can be discovered today. Eventually, AI will be a part of every aspect of FinTech, expanding from the ~100 companies represented in this market map to over 1000. As AI itself evolves into greater usage of machine learning and eventually deep learning, the data generated by FinTech may deliver some surprising new business models. New subsectors of FinTech may emerge from these new business models.

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Initial Coin Offerings (ICOs) :

FinTech has created an asset class of its very own as a response to certain outdated aspects of traditional financing. The cartel-like nature of venture capital combined with the onerous costs and short-seller risks of being a public company in the US have created barriers between innovation and capital. To bridge this gap, the concept of the Initial Coin Offering (ICO) has emerged with startling speed.

To date, over 1500 ICOs have been conducted, and the largest among them have raised over $200M. Many were oversubscribed, and did not take all of the pledged funds (SingularityNET capped their ICO at $36M despite pledges of $361M). To put this into perspective, a venture-backed startup has to go through seed, Series A, B, C, and D over a period of at least six years, to approach a cumulative total of capital raised comparable to the larger ICOs. This compression of funding milestones into a single event is another feature that is disrupting the relationship between startups and capital.

ICOs that sell equity in the issuing company are known as Security tokens, while non-equity tokens are known as Utility tokens, which can range from outright donations to currency usable within the ecosystem of the issuer’s products.

At the time of writing, the total market capitalization of all such coins reached $800 Billion, before correcting down to $500 Billion. Daily volatility is very high.

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Figure 14: Initial Coin Offerings

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2. M&A Transactions

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Transaction EV/Revenue EV/EBITDA Date Buyers Target Value ($M) Multiples (x) Multiples (x) Business Description 01/30/2018 Canada Pension Thomson Reuters $17,000.0 NA NA Thomson Reuters's financial data and risk analytics tools offer easy access to trusted news, data and analytics that are Plan Investment (Financial and Risk filtered by relevance and displayed in a highly visual way. 01/26/2018 HPSBoard, Investment The J.G.business) Wentworth $382.0 NA NA J.G. Wentworth provides diversified financial services intended to deliver cash to consumers in need of cash in the United Partners (JGW) States. 01/17/2018 Group Paymark $132.2 1.8x NA Payark provides online payment software designed to offer secure online transactions.

01/16/2018 P2 Capital Partners, Blackhawk Network $3,500.0 1.7x 25.5x Blackhawk Network provides prepaid products and payment services. Silver Lake Holdings (HAWK) 01/17/2018 LoomisManagement KÖTTER Geld- und $16.6 0.3x NA KOTTER Geld- und Wertdienste is a provider of money transfer and processing services. Wertdienste 01/17/2018 Grab iKaaz NA NA NA iKaaz is a provider of a mobile payments platform intended to facilitate cashless transactions.

01/16/2018 Vantiv WorldPay $10,727.1 NA NA WorldPay is a developer of payment processing technology and services created to offer secure payment services.

01/11/2018 Total System Cayan $1,050.0 NA NA Cayan is a provider of payment and merchant services. Services 01/01/2018 Costas AuthentaTrade NA NA NA AuthentaTrade is an operator of a cryptocoin exchange platform based in the Republic of Seychelles.

12/29/2017 PDX Partners AMC Financial NA NA NA AMC Financial Group offers financial lending services which include providing business loans and merchant cash in advance, Group enabling clients to get assistance with low and affordable interest rates and flexible repayment options. 12/21/2017 Jack Henry and Ensenta $130.0 4.8x NA Ensenta is a provider of a cloud-based enterprise payments processing and risk mitigation software platform intended to Associates facilitate online payment anywhere and anytime. 12/20/2017 Anything Bitcoin Super NA NA NA Bitcoin Super Highway's crowdfunding services offer funding and investment services, enabling the members to acquire bitcoin Technologies Media Highway assets. 12/15/2017 GO-JEK Midtrans NA NA NA Midtrans is a developer of a payment services platform intended to provide a safe and reliable payment infrastructure.

12/15/2017 Private Buyer Amphora NA NA NA Amphora is a developer of a commodity trading software intended to assist clients in risk management services for the oil, gas, power and freight marketplace. 12/14/2017 TMX Group Trayport $737.5 7.4x NA Trayport is a developer of trading system software designed to provide tools and systems for electronic trading.

12/14/2017 Edge Mobile Plastc NA NA NA Plastc is a developer of a and payment smart card. Payments 12/07/2017 Anything Bitcoin Super NA NA NA Bitcoin Super Highway Asset Management Company provides a crowd funding platform for assisting members in acquiring Technologies Media Highway Asset bitcoin assets. 12/05/2017 Intuit TSheets.comManagement $340.0 NA NA TSheets.com develops cloud-based time tracking technology for organizations.

12/04/2017 Crossroad Ventures Neptune Dash NA NA NA Neptune Dash Nodes builds and operates masternodes, which are servers on the Dash network that perform specialized Nodes functions on the blockchain. 12/01/2017 First Data BluePay $760.0 NA NA BluePay provides technology-enabled electronic payment and processing services.

12/01/2017 Entoro Group Cypheriant NA NA NA Cypheriant is a provider of blockchain-based trading and risk management services intended to leverage blockchain technology to address various financial challenges. 12/01/2017 Entoro Group Cypheriant NA NA NA Cypheriant provides blockchain-based financial trading and risk management services.

11/30/2017 Calyx Bio-Ventures Cryptocurrency $0.2 NA NA Cryptocurrency Mining and Blockchain Data Validation Operation in Kamloops includes the business operations of Mining and cryptocurrency mining and blockchain data validation. 11/29/2017 Euronext N.V. TheBlockchain Irish Stock Data NA 4.7x 14.3x The Irish Stock Exchange owns and operates a stock exchange for trading global fixed income, funds, and Irish securities. Exchange 11/22/2017 ION Trading Ireland Dealogic NA NA NA Dealogic develops technology, content, and support used by investment banks to manage and align core operating units.

11/20/2017 Private Buyer CryptoCurrency NA NA NA CryptoCurrency is a provider of cryptocurrency services intended to work as a secure medium of exchange during transactions.

11/20/2017 OV2 Investment 1 The Ledger Group NA NA NA The Ledger Group engages in building and managing a balanced portfolio of blockchain enabled companies, tokens, and cryptocurrencies. 11/17/2017 RoketBank NA NA NA RoketBank is a developer of a mobile banking application designed to facilitate mobile payments.

11/16/2017 Global Remote 1Linx Blockchain $1.7 NA NA 1Linx Blockchain Technologies Corp owns and operates a blockchain authentication platform and provides suite of blockchain Technologies Technologies Corp security services that caters to meet the regulatory requirements of blockchain money services businesses (MSBs). 11/16/2017 Calyx Bio-Ventures Canada Blockchain $0.3 NA NA Canada Blockchain Hosting provides hosting facilities that creates the environment designed for the development of blockchain Hosting based applications including cryptocurrency technologies. 11/16/2017 Visible Alpha Alpha Exchange NA NA NA Alpha Exchange operates an online platform for capital markets community.

11/14/2017 Goldleaf Enterprise Jwaala NA NA NA Jwaala offers mobile and online banking software and solutions to credit unions via a digital banking platform. Payments 11/13/2017 DNA Brands TokenTalk.io NA NA NA TokenTalk.io is an online resource for companies that want to raise capital through an ICO.

11/10/2017 Verivox Outbank NA NA NA Outbank is a developer of a multi-banking platform designed to offer a huge variety of features that make management easier. 11/08/2017 Benow Finmo NA NA NA Finmo is a developer of a UPI-enabled mobile banking application designed to offer digital payments for offline retail merchants. 11/07/2017 Ingram Micro The Phoenix Group NA NA NA The Phoenix Group provides countertop and mobile point-of-sale (POS) technology for the U.S. and Canadian electronic payments market. 11/07/2017 USA Technologies Cantaloupe Systems $86.6 NA NA Cantaloupe Systems provides cloud-based mobile solutions for cashless vending, dynamic route scheduling, automated pre- kitting, and merchandising and inventory management. 11/03/2017 Bioptix Kairos Global $12.0 NA NA Kairos Global Technology provides cryptocurrency services intended to work as a secure medium of exchange during Technology transactions. 11/03/2017 SFC Villy $9.9 7.1x NA Villy operates a peer-to-peer (P2P) lending platform.

27

Transaction EV/Revenue EV/EBITDA Date Buyers Target Value ($M) Multiples (x) Multiples (x) Business Description 11/02/2017 360 Blockchain SV CryptoLab $1.6 NA NA SV CryptoLab engages in blockchain research and coin mining activities.

11/01/2017 Private Buyer Proxama, Digital $2.3 NA NA Proxama, Digital Payments Division comprises digital solutions business and is located in the . Payments Division 11/01/2017 Trintech Adra Software AS NA NA NA Adra Software AS develops and delivers cloud solutions for financial controls and automation.

10/27/2017 Accord Financial Accord CapX $9.0 NA NA Accord CapX provides capital to middle market companies, private equity sponsored firms, and venture capital backed firms.

10/27/2017 Synergy Commerce Payline Data NA NA NA Payline Data Services provides payment processing solutions. Services 10/26/2017 Fintrax Group Planet Payment $256.0 4.7x 18.6x Planet Payment provides international payment and transaction processing, and multi-currency processing services. Holdings 10/20/2017 First Data BluePay $760.0 NA NA BluePay provides technology-enabled payment processing for merchants and supplier.

10/19/2017 E*TRADE Trust Company of $275.0 NA NA Trust Company of America provides integrated consultative services and back office support services for registered investment America advisors. 10/17/2017 J.P. Morgan WePay $350.0 NA NA WePay is a provider of an online payment platform designed to accept and process instant payments.

10/17/2017 Arnhold and S. NewStar Financial $475.7 NA NA NewStar Financial operates as a commercial finance company. Bleichroeder 10/17/2017 JPMorgan Chase WePay NA NA NA WePay provides online payment gateways and payment solutions.

10/16/2017 Circle Internet Trigger Finance NA NA NA Trigger Finance is a developer of a mobile investment application designed to manage investment portfolios. Financial 10/13/2017 Ackroo KESM Transaction $1.9 NA NA KESM Transaction Solutions provides systems, technologies, and services for the electronic payments industry. Solutions 10/12/2017 PayPoint Rommania $2.5 NA NA Payzone Rommania provides electronic transaction processing services.

10/11/2017 FastPay Partners AnchorOps NA NA NA AnchorOps is a developer of an electronic payment software.

10/10/2017 Paynear Solutions GoSwiff $100.0 4.7x NA GoSwiff offers a mobile payment platform designed to offer an affordable way of accepting payments for businesses of all sizes. 10/10/2017 Solium Capital Capshare $13.5 NA NA Capshare is a developer of a web-based equity management platform designed to help private companies issue stock and manage all of their equity in one place. 10/06/2017 Aida Minerals 10375977 Canada $0.7 NA NA 10375977 Canada engages in development of a blockchain-enabled supply chain management platform for the legalized cannabis industry. 10/05/2017 Wafra Capital Access Point $350.0 NA NA Access Point Financial provides lending and advisory services intended for post-project hotel financing. Partners Financial 10/03/2017 Realtime Electronic PaidSuite NA NA NA PaidSuite provides electronic payments solutions to various end markets, including the accounts receivable management Payments industry. 09/27/2017 Coinshares XBT Provider AB NA NA NA XBT Provider AB designs and develops Bitcoin Tracker One, the first bitcoin-based security traded on exchange.

09/26/2017 Nexon Korbit $90.0 NA NA Korbit is an operator of a bitcoin exchange platform designed to offer bitcoin wallet and merchant processing services.

09/26/2017 NXC Korbit $80.2 208.7x NA Korbit provides online bitcoin exchange, wallet, and merchant processor services.

09/25/2017 CoinShares XBT Provider NA NA NA XBT Provider is a designer and developer of an online trading platform.

09/25/2017 Advent Nets A/S $6,716.2 5.3x 19.0x Nets A/S provides digital payment services and related technology solutions. International; 09/21/2017 EbixHellman & Paul Merchants $41.0 NA NA Paul Mechants provides international money transfer services that are fast, safe and reliable to people living abroad.

09/21/2017 Waud Capital Anovia Payments NA NA NA Anovia Payments provides electronic payments solutions to customers. Partners 09/20/2017 Ohpen FYNN Advice NA NA NA FYNN is a provider of core banking software implementation services.

09/15/2017 Pollen Street Capital MW Eaglewood NA NA NA MW Eaglewood is a provider of asset management services specializing in direct lending and peer-to-peer (P2P) investment strategies. 09/14/2017 Investoo Group SocialTradingGuru NA NA NA SocialTradingGuru is an operator of an online trading platform.

09/07/2017 BNP Paribas Asset GAMBIT Financial NA NA NA GAMBIT Financial Solutions is a developer of a robo adviser designed to provide investment advisory services. Management Solutions 09/01/2017 Fiserv Monitise $99.7 NA NA Monitise's mobile payment platforms are a global mobile money specialist enabling banks and financial institutions design, build and run innovative digital propositions safely and securely. 09/01/2017 Payment Data Singular Payments $5.0 0.5x NA Singular Payments provides electronic payment processing services. Systems 08/29/2017 Connect X Capital Transhare NA NA NA Transhare operates as a stock transfer agency and registrar. Markets 08/28/2017 Inside Secure S.A. Meontrust $6.0 NA NA Meontrust provides security solutions to banks, financial services, telecom operators, and other online services and their users. 08/24/2017 Group Merchants' Choice $470.0 1.05x 25.54x Merchants' Choice Payment Solutions provides payment processing services. Payment Solutions 08/21/2017 Fiserv Dovetail Group NA NA NA Dovetail Group develops and implements enterprise banking software.

08/21/2017 CalvinAyre.com Coingeek.com NA NA NA Coingeek.com is a website that provides bitcoin related news, tutorials, and tools.

08/21/2017 Blockchain Global BTCS NA NA NA BTCS focuses on digital assets and blockchain technologies.

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Transaction EV/Revenue EV/EBITDA Date Buyers Target Value ($M) Multiples (x) Multiples (x) Business Description 08/14/2017 Euronext FastMatch $153.0 26.38x 63.75x FastMatch develops a foreign exchange trading electronic communication network platform.

08/10/2017 SIX Payment Aduno SA NA NA NA Aduno SA owns and operates credit and debit card payment terminals. Services 08/10/2017 Lend Academy Algorithmic NA NA NA Algorithmic, doing business as LendingRobot, offers a cloud-based service that simplifies peer-to-peer lending for investors. Investments 08/08/2017 Bitcoin Crypto KaChingpay.com NA NA NA KaChingpay.com develops a smartphone-based payment and money transfer system where consumers purchase tokens for their Currency Exchange digital wallets. 08/04/2017 KeyCorp Key Merchant NA NA NA Key Merchant Services provides payments processing services. Services 08/02/2017 Atlantic Community BBN Financial $17.0 NA NA BBN Financial Corporation operates as a financial holding company which, through its subsidiary, provides lending services to Bancshares financial institutions. 08/02/2017 Payconiq Holding Digicash Payments NA NA NA Digicash Payments S.A. develops a mobile payment application. B.V. S.A. 07/31/2017 ScanSource Pos Portal $158.1 1.44x NA Pos Portal offers its resellers payment terminals, comprehensive key injection services, reseller partner branding, extensive encryption key libraries, ability to provide P2PE encryption, and redundant key injection facilities. 07/28/2017 Acana Capital Blockchain NA NA NA Blockchain Technology Group develops tools for real-time search, data analytics, and risk assessment for blockchain-based Technology Group assets, such as bitcoin and other cryptocurrency transactions. 07/21/2017 CVC Capital Paysafe $4,285.8 3.9x 15.1x Paysafe Group provides online processing of direct debit, credit card, and alternative payment services to businesses and Partners ; The individuals. 07/20/2017 IngenicoBlackstone Group Group - Bambora $1,746.8 NA NA Bambora provides card acquiring, payment processing, infrastructure, and additional services. GCS 07/18/2017 Paypal TIO Networks $238.9 3.23x 34.10x TIO Networks provides a cloud-based multi-channel bill payment processing and receivables management platform designed to process real-time customer account payments. 07/17/2017 Worldline S.A. Digital River World NA NA NA Digital River World Payment is a global payment services provider (PSP), delivering comprehensive online payment acceptance. Payments AB 07/17/2017 Mastercard Brighterion NA NA NA Brighterion develops software solutions for real-time fraud prevention, predictive intelligence, risk management, AML/KYC compliance, and homeland security intelligence. 07/06/2017 Blackfin Capital Buckaroo B.V. NA NA NA Buckaroo B.V. provides online billing and payment services to E-commerce clients. Partners SAS 07/05/2017 Vantiv $11,991.8 7.5x 19.7x Worldpay Group provides payments processing technology and solutions for merchant customers.

07/05/2017 Cm Telecom B.V. Docdata Payments NA NA NA Docdata Payments B.V. provides online payments for Web shops, retailers, brands, and startups. B.V. 07/01/2017 Advent, Bain Concardis $806.0 1.5x NA Provider of payment services intended to overcome barriers of traditional payment options. The company's payment services Capital) utilize an understanding of clients' needs and face to face retail, mail order, e-commerce and m-commerce sales channels to 06/30/2017 ServiRed, Sociedad EURO 6000 NA NA NA EUROenable 6000 companies operates to bankcarddevelop a network. competitive advantage and new growth opportunities through monetizing services and Española de Medios 06/29/2017 Mayzusde Pago, Financial S.A. OKPAY NA NA NA OKPAY provides a platform for making payments digitally. Services 06/28/2017 Vista Equity PayLease NA NA NA PayLease provides online payments, resident billing, and utility expense management tools for HOAs and property management Partners companies. 06/28/2017 La Banque Postale KissKissBankBank NA NA NA KissKissBankBank Technologies SAS operates a crowdfunding platform. S.A. Technologies SAS 06/20/2017 Vela Trading OptionsCity NA NA NA OptionsCity Software engages in the development and deployment of electronic trading software to traders making markets and Technologies Software trading on derivative markets. 06/19/2017 Envoy Group Bit Return $0.4 NA NA Bit Return engages in developing blockchain applications.

06/15/2017 LendingTree Deposits Online $33.0 NA NA Deposits Online provides financial information relating to banks, credit unions, and other related financial institutes.

06/13/2017 Finastra, Vista DH $3,599.2 2.84x 16.96x Developer of lending and payments software products created to deliver to banks worldwide. The Equity Partners company's software products uses blockchain technology, software engineering best practices enabling the world's financial 06/12/2017 Seven Stars Cloud NextGen Exchange NA NA NA NextGeninstitutions Exchange to grow Group and succeed. operates an online platform for index exchange. Group; Delaware 06/08/2017 PrivateBoard of Buyer Trade Market Results NA NA NA Market Results owns and operates an online payments platform that provides secure payment forms.

06/07/2017 Incenter Mortgage Campus Door NA NA NA Campus Door Holdings provides student loan solutions to borrowers and their families via Web-based application systems. Solutions Holdings 06/06/2017 CoreLogic Mercury Network NA NA NA Mercury Network provides a Software-as-a-Service based valuation vendor management platform to clients in the mortgage lending industry. 05/29/2017 First Data CardConnect $727.7 1.2x 26.6x CardConnect provides payment processing solutions to small and medium business merchants and enterprise customers.

05/29/2017 Private Buyer Incit'financement, NA NA NA Incit'financement, SARL operates a crowdfunding platform for small and medium-sized companies. SARL 05/22/2017 Private Buyer ACTION CROWD NA NA NA ACTION CROWD srl owns and operates an equity-based crowdfunding platform.

05/17/2017 North American Total Merchant NA NA NA Total Merchant Services provides credit card processing services for small businesses and merchants. Bancard Holdings Services 05/12/2017 EVO Payments Zenith Merchant NA NA NA Zenith Merchant Services Inc provides payment processing solutions. International Services 05/10/2017 Swedbank AB PayEx Holding AB NA NA NA PayEx Holding AB provides payment solutions for online, mobile and physical commerce, rating/billing, invoice and ledger management, debt collection, and credit management. 05/10/2017 Cinnober Financial Ancoa Software . NA NA NA Ancoa Software provides contextual surveillance and insightful analytics solutions for exchanges, regulators, and buy and sell- Technology side firms. 05/10/2017 Cayan Card Payment NA NA NA Card Payment Services provides Visa, MasterCard, American Express, and Discover credit and debit card processing services. Services 05/09/2017 KPMG Matchi Holdings NA NA NA Matchi Holdings owns and operates a portal that provides fintech matchmaking services.

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Transaction EV/Revenue EV/EBITDA Date Buyers Target Value ($M) Multiples (x) Multiples (x) Business Description 05/08/2017 AltaPay A/S IPS NA NA NA IPS provides payment acceptance services to merchants.

05/02/2017 MasterCard Vocalink $1,123.4 3.65x 636.91x Vocalink provides a central banking payments and clearing technology.

05/01/2017 FleetCor Cambridge Global $675.0 NA NA Cambridge Global Payments offers online payment solutions. Technologies Payments 04/25/2017 Vantiv Paymetric NA NA NA Paymetric develops Software-as-a-Service based integrated and processor-agnostic tokenization electronic payment acceptance and data security solutions for enterprises. 04/19/2017 Ant Financial NA NA NA Alipay Singapore operates an electronic payment service that enables the user to send and receive payments from third parties. Services 04/04/2017 Wyre Remitsy NA NA NA Remitsy provides payment solutions to businesses freelancers, agents, and remote workers in China. It offers APIs for delivering real-time payments. 03/16/2017 First Data Acculynk NA NA NA Acculynkprovides payment processing and authentication software solutions for online and mobile commerce markets.

03/16/2017 Yorkshine Holdings Infinity FinTech NA NA NA Infinity FinTech is a financial technology company that develops a global payment platform for individuals and business entities. 03/14/2017 Euronet Worldwide MoneyGram $1,013.4 1.1x 8.0x MoneyGram International provides money transfer services in the United States and internationally. The company operates through two segments, Global Funds Transfer and Financial Paper Products. 03/13/2017 hms Eliza $170.0 NA NA Eliza provides health engagement management solutions. The company offers campaign management, quality management, adherence, retention, condition management, post-hospital discharge, acquisition, ER utilization, and assessments solutions. 03/13/2017 Misys DH $3,502.0 2.8x 14.7x DH provides payments, lending, and financial solutions to banks, specialty lenders, credit unions, governments, and corporations. 03/13/2017 Payment Data Singular Payments NA NA NA Singular Payments provides payment processing services for healthcare and utilities industries. Systems 03/07/2017 Optal Invapay Payment NA NA NA Invapay Payment Solutions provides Invapay ePayments, a cloud based payment solution that automates business to business Solutions payments process. 03/01/2017 ConCardis RatePAY NA NA NA RatePAY provides online installment payments and sales on account solutions.

02/22/2017 Ingenico Group TechProcess $85.8 NA NA TechProcess Payment Services provides online and mobile payment services intended to offer anytime, anywhere payments to Payment Services all facility. 02/01/2017 SoFi ZenBanx $100.0 NA NA ZenBanx develops a multi-currency mobile banking platform designed to eliminate the complexities of multi-currency transfer and international banking. 01/30/2017 Netcetera NEXPERTS NA NA NA NEXPERTS provides mobile contactless solutions in the area of payments.

01/26/2017 Alipay (UK) MoneyGram $1,068.5 1.1x 8.5x MoneyGram International provides money transfer services in the United States and internationally. The company operates through two segments, Global Funds Transfer and Financial Paper Products. 01/16/2017 Daimler Financial PayCash Europe NA NA NA PayCash Europe operates a digital payment platform. Services 01/10/2017 KitSplit CameraLends NA NA NA CameraLends operates a peer-to-peer lending community for camera and video equipment.

01/06/2017 Cardtronics DirectCash $310.6 1.45x 10.12x DirectCash Payments engages in installing and operating ATM machines and offers ATM managed services as well as online Payments payment processing systems. 01/05/2017 Parabellum Capital Razor Risk NA NA NA Razor Risk Technologies engages in the development and integration of risk management software for the financial sector. Technologies 12/23/2016 Volkswagen PayPoint (Mobile $32.5 NA NA PayPoint plc, a specialist payments company, provides consumer payment and value added transaction services. The company Financial Services Business) offers bill and general services. 12/19/2016 SENJO GROUP Kalixa Payments $37.1 1.6x NA Kalixa Payments Group provides electronic payment services. Group 12/14/2016 Axactor Unsecured Non NA NA NA Unsecured Non Performing Loan (NPL) Portfolio In Norway comprises a portfolio of B2C loan cases. Performing Loan 12/13/2016 Istituto Centrale Bassilichi spa $244.9 NA NA Bassilichi spa offers solutions in the areas of payments, business services, and security to the B2B and merchant markets.

12/06/2016 OnGuard Credit Tools B.V. NA NA NA Credit Tools B.V. develops credit management software solutions. International 12/01/2016 XIO Group Meitav DASH $386.2 NA NA Meitav DS Investments engages in the fund management activities in Israel. The company manages investment portfolios, Investments mutual funds, and provident funds, as well as pension, education, and other purpose funds. 11/30/2016 Capital Foundry EquityNet NA NA NA EquityNetdevelops is a Web-based crowdfunding platform that enables entrepreneurs to organize, analyze, optimize, and share customized business plans with investors and business supporters. 11/28/2016 Allstate Square Trade $1,400.0 NA NA SquareTrade provides warranties and insurance coverage plans for gadgets and electronics in the United States and internationally. 11/18/2016 UTC Investment VNPT ePAY $33.8 NA NA One of 3 largest enterprises that provide electronic payment services in Vietnam.

11/15/2016 Versara Lending NA NA NA Peerform operates a peer-to-peer marketplace lending platform that helps borrowers to find and get personal loans from investors. 11/14/2016 Playtech plc CFH Group $43.4 NA NA CFH Group provides a range of products that includes a Straight Through Processing (STP) brokerage servicing the retail brokering industry with multi-asset execution, prime brokerage services, liquidity, and complementary risk management tools. 11/12/2016 Frigiolini & Fundera Srl NA NA NA Fundera Srl operates a crowdfunding platform for renewable energy companies. Partners Merchant 11/10/2016 NPC Group Moneris Solutions $425.0 NA NA Moneris Solutions provides electronic payments processing solutions to merchants.

10/26/2016 Ally Financial BlueYield $28.0 NA NA BlueYield operates as a consumer auto finance lending exchange.

10/20/2016 Uphold Bitnet Technologies NA NA NA Bitnet Technologies develops a digital commerce platform that enables merchants to accept bitcoin payments.

10/14/2016 Morningstar Pitchbook Data $180.0 7.2x NA PitchBook Data provides business information and resources to business and investment professionals.

10/06/2016 Ion Investment Reval Holdings $280.0 NA NA Reval Holdings operates as a software-as-a-service provider of integrated treasury and risk management solutions. Group

30

Transaction EV/Revenue EV/EBITDA Date Buyers Target Value ($M) Multiples (x) Multiples (x) Business Description 10/03/2016 DC Payments First Data, $42.1 NA NA Australian Retail ATM and Managed Services ATM Portfolio of First Data comprises ATM management and operation services Australasia Australian Retail business. 10/03/2016 MetaBank EPS Financial $43.6 NA NA EPS Financial provides financial transactions processing services.

09/28/2016 SourceHOV TransCentra NA NA NA TransCentra provides billing and payments software and services to treasury and finance departments.

09/26/2016 IRESS Financial Synergy $66.1 NA NA A privately-owned Australian company providing fund administration software to the superannuation and wealth management industries. 09/14/2016 Private Buyer Realtime Electronic NA NA NA Realtime Electronic Payments provides electronic transaction processing services for retail merchants. Payments 09/08/2016 Sibs - SGPS Redunicre NA NA NA Redunicre develops and commercializes solutions for acceptance of payments in stores with national and international credit cards. 09/06/2016 International Encomia NA NA NA Encomiaprovides integrated electronic lending software solutions and Web-based applications. Document Services 08/29/2016 TerraPay Pay2Global NA NA NA Terra Payment Services (UK) Limited provides online international money transfer services.

08/01/2016 Goldleaf Enterprise Bluepoint Solutions NA NA NA Bluepoint Solutions focuses on providing payment processing and document imaging solutions to credit unions. Payments 07/25/2016 Cerved Group MAJOR 1 Srl NA NA NA MAJOR 1 Srl develops and markets software solutions for management and monitoring of credit exposure to lending institutions. 07/19/2016 Solera enservio NA NA NA Enservio is a Software-as-a-Service company providing software and services to help property insurance carriers to price their policies, capture and value lost items, pay claims faster, and help policyholders to restore their lives. 07/06/2016 Heinrich Bauer Zmarta Group NA NA NA Zmarta provides personal finance services. Verlag 06/21/2016 Kuber Financial Mobilend NA NA NA Mobilend develops a mobile software as a service (SaaS) lending platform.

06/16/2016 GTCR Optimal Blue NA NA NA Optimal Blue provides cloud-based managed-content and enterprise lending services that help mortgage banks, community banks, lockdesk/administrators, investors, lenders, originators, and credit unions in navigating the complex mortgage process. 06/14/2016 Broadridge 4Sight Financial $40.0 3.3x NA 4Sight Financial Software provides software for the financial markets. Financial Solutions Software 06/03/2016 IBIH Nukkleus NA NA NA Nukkleus provides software and technology solutions for retail foreign exchange trading industry.

05/16/2016 Sancus BMS Group Sancus (Gibraltar) $32.0 NA NA Sancus (Gibraltar) provides peer-to-peer market lending services for corporate sector.

05/12/2016 C.D. Holding European Payment NA NA NA European Payment Solutions NV develops and offers solutions for enabling the acceptance of card payments. Internationale Solutions NV 05/11/2016 Stella Point Capital Intermex NA NA NA Intermex Wire Transfer provides money transfer/remittance services in the United States and Latin America. The company offers wire transfer, telewire, money order, and check processing/cashing services. 05/10/2016 Airbrite NA NA NA Airbrite develops and operates a platform for pre-orders, custom crowdfunding, and e-commerce.

05/09/2016 Upserve Pospitality NA NA NA Pospitality offers Breadcrumb, a hospitality point of sale (POS) solution that helps restaurants, bars, and cafes to manage their menus, employees, orders, and payments. 05/02/2016 Excel Corporation Payprotec Oregon NA NA NA Payprotec Oregon provides online payment processing software solutions.

05/02/2016 and Vertafore NA NA NA Vertafore offers cloud-based software and services to the insurance industry worldwide. Vista Equity 04/19/2016 Battery Ventures Goldleaf Enterprise NA NA NA Goldleaf Enterprise Payments (GEPI) provides deposit automation solutions to banks. Payments (GEPI) 04/12/2016 Electronic Payments Complete Merchant NA NA NA Complete Merchant Solutions develops payment processing ERP software solutions for merchants. Solutions 04/05/2016 Ally Financial Tradeking $275.0 NA NA TradeKing Group provides online brokerage services for stock and options in the United States. It offers online trading services in the areas of options, stocks, ETFs, mutual funds, fixed incomes, and forex funds. 03/15/2016 Armor Payments NA NA NA Armor Paymentsprovides business-to-business (B2B) payment services that enable companies to buy and sell goods and services. 02/24/2016 Realtime Electronic Sigma Payment NA NA NA Sigma Payment Solutions provides automated payment processing services, solutions, and technology to businesses. Payments Solutions 02/24/2016 Sopra Banking Cassiopae SAS NA NA NA Cassiopae SAS designs and develops finance and asset management software solutions to manage lending, leasing, real estate Software asset, and fleet management portfolios for asset finance organizations. 02/23/2016 Ackroo OnTab NA NA NA OnTab operates an e-commerce and mobile payments software platform.

02/22/2016 DRB Capital Oxford NA NA NA Oxford Group buys and settles future payments from structured settlement recipients and from lottery winners. International Group 02/10/2016 Acceleris InvestingZone NA NA NA Investing Zone develops online equity crowdfunding platform to facilitate the investment market.

02/05/2016 Broadridge Anetics NA NA NA Anetics provides technology solutions for securities lending. Financial Solutions 02/05/2016 Growthdeck Squareknot NA NA NA Squareknot owns and operates a Web-based crowdfunding platform.

01/25/2016 Opus Bank Pensco $103.7 NA NA PENSCO Trust Company is a privately owned investment manager. The firm manages retirement accounts for its clients.

01/18/2016 omNovos Minicheckout NA NA NA Minicheckout develops and markets mobile payment solutions that allow customers to make payments via their mobile devices. 01/12/2016 Invesco Jemstep NA NA NA Jemstep provides online investment guidance and management services for individual investors. It uses technology to provide ratings of mutual funds and ETFs. 12/30/2015 EVO Payments Universalpay $103.0 NA NA Universalpay Entidad de Pago S.L. provides payments processing and merchant acquiring services. Entidad de Pago S.L. 12/28/2015 Grovepoint Capital Payzone UK $52.1 NA NA Payzone UK operates a consumer payments acceptance network.

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Transaction EV/Revenue EV/EBITDA Date Buyers Target Value ($M) Multiples (x) Multiples (x) Business Description 12/15/2015 Global Payments Heartland $4,457.4 1.7x 21.9x Heartland Payment Systems provides payment processing services to small and mid-sized merchants and network services merchants in the United States. 12/08/2015 ESF Capital Business Loan NA NA NA Business Loan Network operates an online peer-to-peer (P2P) lending platform that enables investors to make secured loans Network directly to businesses. 11/23/2015 Eurazeo Fintrax $398.0 1.9x NA Fintrax Group Holdings provides payment processing services to tourists, banks, merchants, and acquirers around the world.

11/11/2015 Broadridge Output QED Financial NA NA NA QED Financial Systems provides financial data management software and services to the enterprise investment community and Solutions Systems capital markets. 11/07/2015 American Tycoon Real Estate NA NA NA Tycoon Real Estate develops and operates an online real estate crowdfunding platform. Homeowner 11/05/2015 All Web Leads Insurance Quotes $165.0 NA NA Insurance quotes operates a platform that acts as an insurance comparison shopping site for consumers, and customer acquisition platform for insurance agents and carriers. 11/05/2015 Financial Engines Mutual Fund Store $562.6 NA NA The Mutual Fund Store provides investment advisory and asset management services for clients.

11/02/2015 Visa Visa Europe $2,300.4 NA NA Visa Europe operates as a payments technology company that connects consumers, businesses, financial institutions, and governments. 10/26/2015 Early Warning clearXchange NA NA NA clearXchange operates a network created by and for financial institutions that lets customers send person-to-person payments. Services 10/26/2015 Intercontinental Interactive Data $7,820.3 7.9x 22.5x Intercontinental Exchange operates regulated exchanges, clearing houses, and listings venues for financial and commodity Exchange markets. It operates in two segments: Trading and Clearing, and Data and Listings. 10/15/2015 SpareBank Auka AS NA NA NA Auka AS operates a platform that enables financial institutions to launch their own mobile payments service to merchants and consumers. 10/15/2015 Velocity Mobile Tab Payments NA NA NA Tab Payments provides Tab, a payments app for dining.

10/15/2015 Wex Benaissance $80.7 6.1x NA Benaissance provides a Software-as-a-Service based financial management system for health benefits administration in the United States. 10/09/2015 LogMeIn Marvasol $125.0 10.3x NA Marvasol provides password management, auto form filling, random password generation, and digital wallet applications.

10/02/2015 Bankdata Murex NA NA NA Murex provides enterprise-wide, cross-asset financial technology software solutions.

09/24/2015 NRT Technology Sightline Payments, NA NA NA ATM and Cash Advance Assets of Sightline Payments comprises ATM and cash advance software solutions. ATM and Cash 09/13/2015 Vista Equity Solera $6,752.0 5.5x 15.2x Solera Holdings provides risk and asset management software and services to the automotive and property marketplace. Partners 09/03/2015 Urban FT Wipit NA NA NA Wipitprovides a mobile payment solution to make cash payments.

08/26/2015 BlackRock FutureAdvisor $150.0 NA NA The company offers personalized and data-driven recommendations to optimize clients’ 401(k) and IRA. It also provides financial projections; and personalized diversification plans for investments. 08/12/2015 Coinify Coinzone B.V. NA NA NA Coinzone B.V. offers a system for Bitcoin payments online and point-of-sale.

08/12/2015 Fidelity National FIS Data Systems $10,448.9 3.5x 16.9x FIS Data Systems offers software and technology services worldwide. Information 08/10/2015 Envestnet Yodlee $613.1 5.5x NA Yodlee operates a technology and applications platform that provides digital financial services in the cloud.

08/10/2015 Blackbaud Smart Tuition $190.0 NA NA Smart Tuition provides a student billing and payments processing platform through its SaaS school accounts receivables offering for independent private and faith based schools in the United States. 08/05/2015 Affirm LendLayer NA NA NA LendLayer operates an online social lending platform that enables users to pay for their education.

08/04/2015 Solera Autodata NA NA NA AUTODATA Nederland BV develops vehicle valuation, inventory management, and workflow software solutions for automotive dealers and leasing companies. The company was founded in 1992 and is based in Schiphol, the Netherlands. 08/03/2015 SuperPay Australia IP Payments NA NA NA IP Payments provides cloud-based accounts receivable automation, credit card data storage, tokenization, and payment solutions. 07/06/2015 gamigo mobile business NA NA NA mobile business engine develops and offers a platform for making online payments for gaming companies, charity engine organizations, public transport companies, and corporate clients via mobile phones. 07/01/2015 PayPal Xoom $1,053.9 5.0x 123.2x Xoom provides digital consumer-to-consumer online money transfers services. The company offers money transfer services over the Internet or through a mobile device on its Website at xoom.com, or through its mobile application, the Xoom App. 06/30/2015 RideScout moovel North NA NA NA moovel North America provides a mobile ticketing platform for transit systems interested in moving to open payments, open America data, and mobile fare collection with minimal infrastructure investment. 06/23/2015 Cedar Management IBS Publishing NA NA NA IBS Publishing provides market news and analysis relating to financial technology markets. Consulting 06/10/2015 Crowd Mobile Track Concepts B.V. $30.7 1.8x 3.3x Track Concepts B.V. provides mobile payments network that connects with various telecommunication companies globally, which offers electronic m-Payment transactions. 06/10/2015 GoCoin Ziftr NA NA NA Ziftr provides ziftrVERSE, a suite of integrated tools that enables consumers to shop with their favorite merchants, and conduct transactions using credit cards and cryptocurrencies. 06/10/2015 Varamiespalvelu- Eezy Osk NA NA NA Eezy Osk offers an online service for invoicing, salary payments, deduction of expenses, and bookkeeping. Group 06/02/2015 Avalara EZtax NA NA NA EZtaxprovides indirect taxation software solutions for businesses and companies.

06/02/2015 Orderbird Pepperbill NA NA NA pepperbill develops mobile payment and point of sale processing software.

05/26/2015 John Hancock Guide NA NA NA A San Francisco-based software company that enables financial advisors and institutions to help clients build assets and manage their full financial lives - utilizing artificial intelligence, behavioral finance, and seamless advisor integration. 05/07/2015 Serent Capital Mercury Network NA NA NA Mercury Network provides a Software-as-a-Service based valuation vendor management platform to clients in the mortgage lending industry. 05/06/2015 Envestnet Finance Logix $30.5 NA NA Combines the latest technologies with easy-to-use financial planning software to help advisors grow their business and enhance the services they provide to clients. 04/30/2015 PayEx Holding 4T Sverige AB NA NA NA 4T Sverige AB provides mobile payments services.

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Transaction EV/Revenue EV/EBITDA Date Buyers Target Value ($M) Multiples (x) Multiples (x) Business Description 04/23/2015 Interactive Brokers Covestor NA NA NA A pioneer in the online investing business and the first digital asset management company to offer both active and passive investment options. 04/02/2015 Playtech Trade FX $487.3 NA NA Trade FX provides international payments and currency exchange services.

03/30/2015 DH Fundtech $1,250.0 4.8x 21.0x Fundtech develops transaction banking solutions that automate payments, cash management, financial messaging, and merchant services worldwide. 03/25/2015 Global Payments Pay and Shop $119.1 NA NA Pay and Shop owns and operates an online payment gateway that provides payment processing services for corporate and business clients selling online and processing payments on behalf of retailers. 03/25/2015 Northwestern LearnVest $250.0 NA NA LearnVest owns and operates a personal finance and lifestyle Website for women. Its Website provides content, tools, support, Mutual and financial planning services that help women to tackle their . 03/24/2015 FinTech Group XCOM AG NA NA NA XCOM AG develops and delivers banking, brokerage, and business software solutions.

02/26/2015 Envestnet Upside NA NA NA Upside helps registered investment advisors beat the "robo-advisors" by leveraging technology and algorithms to advise, manage, and service clients who want next-generation investment services. 02/11/2015 Fidelity eMoney $250.0 NA NA eMoney Advisor is the only wealth-planning system for financial advisors that offers superior transparency, accessibility, security and organization for everything that affects their clients’ financial lives. 02/02/2015 SS&C Technologies Advent Software $2,585.7 6.4x 24.8x Advent Software provides software products and services worldwide.

01/15/2015 Symsoft Caleo Technologies NA NA NA Caleo Technologies AB provides software and services related to customer care, billing, and invoicing. AB 01/05/2015 Main Capital OnGuard NA NA NA OnGuard International BV develops, sells, and implements credit, collections, and complaints management software solutions. Partners International

75th Percentile $735.0 6.8x 22.5x Mean 1,184.0 11.9 18.6 Median 175.0 4.7 19.0 25th Percentile 40.3 1.8 15.1

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3. Private Placement Financings

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Capital Raised Date Investor Company ($M) Business Description 01/31/2018 Altos Ventures, Bain Bench Accounting $18.0 Bench Accounting provides an online bookkeeping service intended to automate accounting tasks for small businesses and independent Capital Ventures, contractors. 01/30/2018 TobaiNovia Capital Capital, Funraise $9.7 Funraise is a provider of nonprofit fundraising platform intended to raise funds online.

01/30/2018 Index Ventures Spendesk $9.9 Spendesk is a provider of an online expense management platform intended to manage expenses easily.

01/30/2018 ff Venture Capital, Drop Loyalty $21.0 Drop Loyalty is a developer of a rewards application designed to give cash rewards in exchange for shopping with merchant partners. New Enterprise 01/30/2018 SalesforceAssociates, Ventures Portag3 nCino $51.5 nCino operates a cloud-based banking platform designed to leverage Salesforce to deliver complete banking services.

01/26/2018 Czar Investments Pay By Group NA Pay By Group provides a digital wallet designed to facilitate online payments.

01/25/2018 500 Startups, Acorn Botkeeper $4.5 Botkeeper provides an automated bookkeeping software designed to facilitate and digitize the accounting procedures. Street Capital, 01/25/2018 OtterBridge Capital, Boys, Dolik Sutter GLMX $20.0 GLMX is a developer of a request-for-quote (RFQ) based buy-side-to-dealer trading platform designed to maximize trade life-cycle efficiency Hill Ventures, Tippet and to improve access to liquidity. 01/25/2018 HardVenture Yaka Partners Uphold $57.5 Uphold provides a digital money platform created to change the way people access money.

01/24/2018 Foundation Capital, ForUsAll $21.7 ForUsAll provides a cloud-based financial platform designed to advise small and mid-sized businesses on their 401(k) plans. Ribbit Capital 01/24/2018 Aspada, Leapfrog NeoGrowth $47.0 NeoGrowth provides small business loans designed to serve the need of businesses in India. Investments, Quona 01/23/2018 PrivateCapital Buyer tZERO $38.5 tZero provides a blockchain-based equities trading platform designed to develop and commercialize financial technology.

01/23/2018 China Minsheng $290.0 Dianrong provides a peer to peer lending platform designed to lend and borrow money online. Investment, CITIC 01/23/2018 SamsungCLSA Capital NEXT Juvo NA Juvo has developed a mobile identity scoring software designed to establish financial identities for the people who are creditworthy, yet Ventures financially excluded. 01/19/2018 WestPark Capital NYIAX $4.6 NYIAX provides a financial trading and advertising platform designed to help publishers and advertisers buy, sell and re-trade premium advertising inventory. 01/19/2018 Bain Capital defi SOLUTIONS $55.0 defi SOLUTIONS provides an innovative loan origination platform created to gives auto lenders the tools they need to compete efficiently. Ventures 01/18/2018 BAML, Citibank, Visible Alpha $38.0 Visible Alpha provides an investment data and analytics platform designed to transform the way Wall Street firms collaborate on research, Exane, Jefferies financial models and other services. 01/18/2018 AsiaGroup, Pacific Macquarie Land, Roofstock $42.0 Roofstock operates an online marketplace designed to buy & sell tenant-occupied rental property. Bain Capital 01/18/2018 DCMVentures Ventures, (Matthew Folio $63.0 Folio provides a next-generation stock trading application created to simplify asset management. Dentsu Ventures, 01/18/2018 BoostDraper VC, Nexus, CapHorn LINE, Ledger (Bitcoin $75.1 Ledger is a developer of security products for cryptocurrencies and blockchains designed to provide a trust layer between the blockchain Invest, Cathay Security) system and the physical world. 01/18/2018 EnterpriseInnovation, Ireland, Digital Solgari NA Solgari provides Compliant & Integrated Omni-Channel Cloud Communication Services designed to transform global business Focus Capital communications. 01/18/2018 DieterPartners von Entrafin NA Entrafin provides digital financial services created to finance business purchases and sales. Holtzbrinck 01/15/2018 ElephantVentures, Partners S-UBG RateHub $9.4 RateHub provides an financial comparison platform created to compare Canadian mortgage, insurance, and credit card rates.

01/12/2018 Private Buyer Mega Blockchain $7.7 Mega Blockchain provides blockchain services intended to facilitate finance, healthcare, communications, and other areas.

01/12/2018 Private Buyer WealthIntel $20.0 WealthIntel designs and develops software and sells consumer products and services in the payment, finance, banking, e-commerce and m- commerce (mobile commerce) sectors. 01/12/2018 The Rise Fund Acorns NA Acorns develops a mobile application designed to offer automatic sync of credit card information and make investments.

01/10/2018 Expansion Venture YieldStreet $12.8 YieldStreet provides an alternative investment platform created to empower financial independence for everyone. Capital, FJ Labs, 01/10/2018 HorizonsSaturn Partners Ventures, Niyo Solutions $13.2 Niyo Solutions provides a payroll management platform intended to manage tax and expenses. JS Capital 01/10/2018 FullcentManagement, Capital, Prime Black Fish $22.0 Black Fish's platform provides users with comprehensive consumer finance services such as consumer loans, installment and wealth Gobi Ventures, (Financial Software) management facilities. 01/10/2018 AnthemisJAFCO Investments Group, Goji Investments NA Goji Investments provides a peer-to-peer investment and wealth management platform created to empower direct lending. AXA Strategic 01/10/2018 AforeVentures Capital; Third Petal $13.0 Petal provides a no-fee credit card designed to make safe and affordable credit accessible to everyone. Prime Capital 01/05/2018 Y Combinator Razorpay $20.0 Razorpay offers an online payment getway designed to provide an affordable and secure way for small businesses to start accepting online payments. 01/03/2018 Altos Ventures; S3 Zlien $10.0 Zlien provides a cloud-based construction payment platform designed to help all project stakeholders to protect their finances and succeed Ventures in their jobs. 12/15/2017 Private Investor YapStone $71.2 YapStone is a provider of a web and mobile based payments platform designed to make electronic payments convenient.

12/13/2017 AP Fonden 4; Dawn iZettle $47.0 iZettle is a web and mobile based payment application designed to simplify online monetary transactions. Capital

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Capital Raised Date Investor Company ($M) Business Description 12/07/2017 Axis Private Equity; Mswipe $41.0 Mswipe Technologies is a provider of mobile point of sale (POS) payment services. B Capital Group Technologies 12/07/2017 Avala Capital; Billie $11.8 Billie is a provider of advance payment services intended to revolutionize small business financing by reducing the request time to seven Speedinvest minutes by a completely digital process. 12/06/2017 Aquiline Capital BitPay $30.0 BitPay offers a blockchain payments technology platform designed for secure bitcoin payment acceptance, savings and spending. Partners 12/05/2017 Accel; Leapfrog WorldRemit $40.0 WorldRemit is a provider of an online digital money transfer platform created to send money to friends and family living abroad, using a Investments computer and smartphone. 12/05/2017 China Broadband Payoneer $20.0 Payoneer offers an online payment platform designed to empower global commerce with an innovative cross-border payments platform. Capital Partners 11/13/2017 Arbor Ventures; TrueAccord $22.0 TrueAccord provides an automated debt-collection platform designed to fundamentally change the debt collection process. Felicis Ventures 11/09/2017 83North; Harbert Treasury $12.0 Treasury Intelligence offers a cloud-based treasury management platform designed to manage corporate payments, liquidity and bank Management Intelligence relationships. 10/23/2017 American Express AbraSolutions $16.0 Abra is a developer of an application for online money transfer that leverages block-chain technology to merge money transfer and Ventures; Ignia payments via a digital cash wallet enabling purchase and storage of digital currency directly on the smartphone. 10/19/2017 e.ventures; PayKey $10.0 PayKey provides a mobile banking application designed to offer online payment options. Fintech71 10/13/2017 Commerce Ventures; Omnyway $14.2 Omnyway provides a mobile payment technology platform intended to offer a one stop payment portal. CreditEase 10/10/2017 August Capital; Bill.com $100.0 Bill.com offers a cash flow management software helps businesses connect and do business by saving them more than 50 percent of the DCM Ventures time typically spent on financial back-office operations. 09/27/2017 Aspect Venture 1debit $18.0 1debit's online banking services automatically save users money by setting aside a pre-determined amount of money in savings after a Partners transaction and the company earns revenue from transaction fees paid by the merchant aligning company incentives with the users. 09/21/2017 Andreessen Earnin $39.0 Earnin offers a mobile application designed to give people access to their pay any time they want. Horowitz 09/19/2017 Accel; Balderton GoCardless $22.5 GoCardLess offers an online-payment platform offers direct debit services, enabling organizations to offer recurring-payment services to Capital their customers. 09/11/2017 Infinity Group, New TNG FinTech Group $115.0 TNG FinTech Group is an operator of digital wallets created to improve the lives of the unbanked people. margin capital, 08/24/2017 HorizonsNogle Ventures; Ezetap $16.0 Ezetap is a developer of a mobile payments platform that turns mobile devices such as smartphones and tablets into card reading machines Social Capital for real time bill payments and allows anyone to accept cards for payments. 08/21/2017 Ribbit Capital; SAIF Capital Float $45.6 Capital Float's online lending platform offers flexible, short-term loans that can be applied online in minutes, select desired payment terms Partners and receive funds in 3 days. 08/21/2017 AlphaCode, Prodigy Finance $240.0 Prodigy Finance operates a community funding platform designed to provide loans to students of premium business schools. Balderton Capital, 08/10/2017 AustinIndex Ventures Ventures; (UK) Vyze $13.1 Vyze is a provider of a payment service intended to provide a new, easier way of connecting consumers with the right financing options at Fathom Capital purchase. 08/02/2017 China Minsheng Dianrong $220.0 Dianrong is a provider of a peer to peer lending platform designed to lend and borrow money online. The company's one-stop financial Investment platform is fully integrated with various third-party payment systems. 07/31/2017 Alrai Capital ;CRE Flutterwave $15.3 Flutterwave is a developer of a SaaS end-to-end digital payment platform designed to modernize payment infrastructure. Venture Capital 07/26/2017 83North; Commerce Marqeta $25.0 Marqueta provides a payment platform intended to offer the world's first fully documented, open API issuer payment processor. Ventures 07/14/2017 Digital Currency Token $18.7 Token is a developer of a crypto-payment network and API ecosystem designed to create a bank-hosted payment system for the digital era. Group 07/12/2017 Breega Capital; Curve $10.0 Curve's web-based loyalty platform providing people with financial choices like old banks, digital banks, credit cards, loyalty schemes and Speedinvest more, enabling merchants to launch schemes and consumers to collect points when they spend in-store. 07/07/2017 Bessemer Venture Innoviti $18.6 Innoviti is a developer of a payment technology designed to solve real-world problems of retail merchant businesses. Partners 07/06/2017 Accel; Otium PayFit $16.1 PayFit offers an employee payroll software facilitates small businesses to manage their employee payrolls and pay slips, enabling them to get automated monthly payments to their bank accounts. 07/05/2017 Valar Ventures Qonto $11.3 Qonto's online banking platform offers digital bank accounts for sending and receiving payments.

07/04/2017 Anthemis Group; Tide $14.0 Tide offers mobile software and banking services for small businesses and entrepreneurs, it also has an automated book-keeping service Creandum built-in that categorizes transactions as they are made and allows users to upload supplier invoices. 07/04/2017 Global Founders Instarem $13.0 Provider of a platform designed to provide cross-border money-transfer services. The company's platform provides an international money Capital transfer and remittance payment platform, providing users with a fast, safe and cost-effective way to initiate instance remittances. 06/19/2017 FortRoss Ventures, Sequent $16.0 Sequent is a developer of a secure digital issuance platform and wallet platform-as-a-service designed to bring cards to mobile and make Jado Investments them useful for consumers. 06/08/2017 MasterCard; AvidXchange $300.0 AvidXchange offers an automating invoice and payment processes platform designed to provide accounts payable and on-demand invoice Temasek Holdings management services. 06/08/2017 8VC, Valor Equity Addepar $140.0 Addepar is a developer of an platform designed to make investing more data-driven, transparent and impactful. Partners 06/01/2017 Beijing Shougang Ouyeel $140.0 Ouyeel operates an online steel transaction platform created to build dynamic shared and service oriented ecosystem of the steel industry. Company, Benxi 05/25/2017 KeyBancSteel, CCB Capital TRUST, Billtrust $50.0 Billtrust offers a SaaS payment cycle management platform designed to automate every step of the invoice-to-cash process. Markets 05/16/2017 CentroCredit Bank; LevelUp $50.0 LevelUp is a developer of a next-generation mobile payment network lets consumers to order ahead and skip the line at their favorite lunch J.P. Morgan Chase spots, embedded into partner restaurant apps, providing a full-stack customer engagement network and via an open developer platform.

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Capital Raised Date Investor Company ($M) Business Description 05/16/2017 e.ventures; Verse $20.1 Verse's mobile payment application helps to pay and request money from friends using phone contacts, enabling users to transfer money to Greycroft anyone across the world via their phone instantly. 05/16/2017 CentroCredit Joint- SCVNGR $50.0 SCVNGR, doing business as LevelUp, develops a mobile payment network application. Stock 05/16/2017 Goldman Sachs Symphony $63.0 Symphony Communication Services provides a cloud-based communication service platform that allows financial institutions to Group Communication consolidate their digital communications into a single platform. 05/12/2017 Seed & Speed CASHLINK Payments NA CASHLINK Payments GmbH offers payment processing services. GmbH 05/12/2017 Private Investor MoneyOnMobile NA MoneyOnMobile provides mobile wallet services.

05/10/2017 PayU Group Kreditech Holding $119.5 Kreditech Holding SSL GmbH, a real-time scoring technology company, provides online big data scoring technology and machine-learning SSL GmbH algorithms services to make better credit decisions. 05/10/2017 Obotritia Capital Bitbond GmbH NA Bitbond GmbH operates a peer-to-peer bitcoin lending platform that connects small business borrowers and bitcoin lenders worldwide. KGaA 05/09/2017 Lakestar Advisors ARGO Trade NA ARGO Trade Solutions GmbH operates a platform that allows clients to process financial transactions online. GmbH Solutions GmbH 05/01/2017 Private Investor Stilt Operations NA Stilt Operations provides collateral free personal loans to international students and graduates.

04/25/2017 Private Investor InfoMedia Services NA InfoMedia Services owns and operates a billing platform that provides digital content to consumers.

04/25/2017 European CrossLend GmbH NA CrossLend GmbH operates an online lending platform for digital credit mediation and financing. Investment Fund 04/19/2017 Accel, DST Global, $104.2 Funding Circle operates a lending platform for small businesses. The company offers a peer-to-peer lending marketplace for business loans, Index Ventures, where people and organizations can directly lend to small businesses. 04/04/2017 212Ribbit Limited; Capital, iyzico Teknoloji $16.0 iyzico is a payment receipt system management platform that offers ePayment solutions. Amadeus Capital Ödeme ve Elektronik 03/31/2017 FirstMark Capital; Upgrade $60.0 Upgrade develops and offers a consumer credit platform that combines a marketplace lending approach with tools that help consumers Sands Capital understand and monitor their credit. 03/30/2017 Fosun International The Naga Group AG $13.4 The Naga Group AG develops applications in the areas of financial services, financial technology, and innovation incubation ventures.

03/30/2017 CASH Capital, CICC Yongqianbao $68.0 Yongianbao is a developer of a personal lending platform created to revolutionize risk control by automating the work of loan officers. ALPHA, Golden Brick 03/24/2017 PrivateCapital, Investor GX CAPITAL, Team Labs NA Team Labs designs and develops software solutions for B2B payments.

03/22/2017 China Growth Tiger Brokers $14.5 Tiger Brokers is a financial advisory firm that focuses on brokering stock market transactions. Capital; ZhenFund 03/21/2017 GGV Capital, GPI SoFi $500.0 SoFi provides social financial solutions intended to provide lending and wealth management. Capital, IVP, Korea 03/15/2017 PrivateInvestment Investor Stripe NA Stripe develops APIs and tools that enable businesses to accept and manage online payments.

03/13/2017 Incenter Mortgage cloudvirga $15.0 cloudvirga provides a cloud-based mortgage platform. Solutions 03/10/2017 Expanding Capital; Clover Health $130.0 Clover Health is a new health insurance company. GV; Refactor Capital 03/08/2017 Connecticut Dream Payments $10.0 Dream Payments provides a cloud based mobile point of sale solution for customers in Canada. Innovations 03/08/2017 Kleiner Perkins $25.0 Veem operates a platform that enables small businesses to send and receive payments in local currency worldwide. Caufield & Byers 03/04/2017 Arena Ventures, ProducePay $77.0 ProducePay is a developer of a financing platform that connects farmers, distributors and banks designed to offer cash flow when they need CoVenture, Menlo it the most. 03/02/2017 ThirdVentures, Point Ventures Network $32.5 Upstart Network develops and operates an online lending marketplace that serves as a platform for investing and offers loans.

03/02/2017 Private Investor Flurish $100.0 Flurish doing business as LendUp, provides online lending services.

03/01/2017 Private Investor Money360 NA Money360 provides an online marketplace that enables borrowers to access commercial real estate loans.

02/28/2017 Goldman Sachs Kensho $50.0 Kensho Technologies provides analytical tools for capital markets. Group Technologies 02/22/2017 Nordea Fonder AB; Cinnober Financial $20.0 Cinnober Financial Technology AB (publ) develops business-critical system solutions for exchange trading, risk management, and other Swedbank Robur Technology AB financial services worldwide. 02/21/2017 Mosaik Partners Payveris $10.0 Payveris operates a cloud-based digital payment and money transfer platform.

02/15/2017 Nexxus Capital, S.C. Transnetwork NA Transnetwork owns and operates a B2B electronic domestic and cross-border processing and payment platform that enables financial institutions to connect under one standard technology granting access to a diversified payment network. 02/14/2017 Daimler AG AutoGravity NA AutoGravity develops vehicle leasing and financing applications for smartphones.

02/09/2017 Goldman Sachs Better Mortgage $15.0 Better Mortgage develops platform to simplify mortgage lending process. Group 02/09/2017 Lakestar Advisors; CrossLend GmbH NA CrossLend GmbH operates an online lending platform for digital credit mediation and financing. CME Ventures

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Capital Raised Date Investor Company ($M) Business Description 12/21/2016 Andreessen TradeBlock $18.0 Provides data currency tools and research services for digital currency markets in the United States and internationally. Horowitz 12/15/2016 Victory Park Capital Zibby $103.0 Zibby, a Cognical company, is the nonprime payment option for online shoppers. Zibby helps retailers capture price sensitive customers. Advisors 12/14/2016 AS 4finance; BillFront $35.0 BillFront is a technology-enabled finance provider dedicated to global digital media companies. FinLeap; NIBC Bank 12/13/2016 China Merchants 36Kr $14.4 36Kr owns and operates a tech blog focusing on internet startup which releases the recent news and analysis about internet startup and Venture Capital technology. 12/12/2016 Stanford University; Neighbor.ly $25.0 Neighborly modernizes access to , the multi-trillion dollar market that funds vital public projects like schools, parks, Bee Partners libraries, roads, and next-generation public projects such as neighborhood microgrids. 12/08/2016 Icon Ventures; Thanx $17.1 Thanx makes customer loyalty effortless for both merchants and consumers. Javelin Venture 12/07/2016 Deloitte Consulting SETL Development NA SETL Development operates a financial grade blockchain technology platform for settlement and payments.

12/05/2016 Breyer Capital; StashInvest $25.0 StashInvest, doing business as Stash Invest, develops an application that allows consumers to choose investments based on their interests, Entree Capital beliefs, and goals. 11/30/2016 DST Global; Tiger Nubank $80.0 Nubank provides financial services in Brazil. Nubank is the leading digital finance company in Brazil. Global Management 11/29/2016 83 North; Citi Bluevine Capital $49.0 BlueVine allows small businesses to get paid immediately on their outstanding invoices. Ventures 11/28/2016 Fosun Capital; Quant Group $73.0 QuantGroup is a financial big data company. GUOSEN H&S 11/23/2016 Edison Partners; Moneylion $22.5 Moneylion owns and operates a data driven online consumer lending platform. Broadhaven Capital 11/22/2016 Foundation Capital; LendingHome $100.0 LendingHome offers a flexible, simple, fast, transparent, and reliable way for borrowers to get a mortgage. FJ Labs 11/22/2016 Sequoia Capital; Stripe $150.0 Stripe develops APIs and tools that enable businesses to accept and manage online payments. General Catalyst 11/22/2016 Private Investor Euklid s.r.l. NA Euklid s.r.l. develops blockchain and bitcoin trading platform.

11/18/2016 WisdomTree AdvisorEngine $20.0 AdvisorEngine is a next-generation wealth management platform for investment advisors to help grow their business. Investments 11/17/2016 Aleph Venture Lemonade $33.1 Lemonade offers homeowners and renters insurance powered by artificial intelligence and behavioral economics. Capital 11/15/2016 Fifth Third Capital; AvidXchange $28.0 AvidXchange provides accounts payable and on-demand invoice management solutions. Pivot Investment 11/07/2016 Medici Ventures SettleMint BVBA NA SettleMint BVBA develops a modular middleware solution that connects businesses to the blockchain space.

11/01/2016 Goldman Sachs Droit Financial $16.0 Droit Financial Technologies provides pre-trade front office and post-trade compliance solutions for OTC derivative trading processes. Group Technologies 10/27/2016 Andreessen Quantopian $25.6 Quantopian inspires talented people to write investment algos. Select authors may license their algos to us and get paid for performance. Horowitz 10/26/2016 Harvest Fund 51credit $394.0 51credit provides credit card management solutions. Management 10/24/2016 Comcast Ventures; Lendio $20.0 Lendio operates an online marketplace that allows business owners to find small business loans. North Hill Ventures 10/24/2016 GX CAPITAL, Yongqianbao $23.2 Yongianbao is a developer of a personal lending platform created to revolutionize risk control by automating the work of loan officers. Morningside Group, 10/21/2016 BainSinovation Capital Roofstock $20.0 Roofstock is an online marketplace that invests in leased single-family rental homes in a transparent, low-friction method. Ventures 10/20/2016 Providence Equity PaySimple $115.0 PaySimple develops cloud-based receivables automation technology for small businesses. Partners 10/18/2016 Private Investor IbanFirst $11.0 IbanFirst provides the financial services platform for SMEs.

10/11/2016 Global Founders Sonovate $17.3 Sonovate is contract finance tailored exclusively for the recruitment industry and provides both the funding and back-office support needed Capital to run a successful, efficient contract business. 10/11/2016 Klister Credit; FundThrough $18.4 FundThrough owns and operates an online lending platform that provides financing to entrepreneurs and small businesses through lines of Hedgewood credit. 10/11/2016 Hamilton Lane Boston Illiquid NA Boston Illiquid Securities Offering Network provides software for analyzing, benchmarking, and monitoring private market data and funds. Securities 10/10/2016 Singapore Exchange Asian Gateway $98.6 Asian Gateway Investments operates an online security trading platform. Investments 10/07/2016 Epimoney Flexiloans $15.0 Flexiloans Technologies operates a technology based financing platform that provides small business owners and consumers with access to Technologies loans from its affiliate NBFCs. 10/06/2016 DNS Capital; The Financeit Canada $16.6 Financeit offers a platform that allows businesses to offer consumer financing to their customers from various devices in Canada. Pritzker Org. 10/04/2016 Acton Capital iwoca $57.0 iwoca provides short-term finance to SMEs based in the U.K., Poland, Spain, and Germany. Partners GmbH 10/03/2016 JMI Equity; Bullpen $30.0 Classy develops and operates an online and mobile fundraising platform for nonprofit organizations and social enterprises worldwide. Capital

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Capital Raised Date Investor Company ($M) Business Description 10/02/2016 Technology Payoneer $180.0 Payoneer operates a cross-border payments platform that connects businesses, professionals, countries, and currencies worldwide. Crossover Ventures 10/01/2016 DRW Holdings; Droit Financial $16.0 Droit was founded in 2012 by a team of veteran derivative traders, quants, ecommerce specialists and technologists with front-line Goldman Sachs Technologies experience and expertise with products, markets, regulations and systems. 09/27/2016 Plug and Play Tech Rainvow NA Rainvow builds and maintains a contract on the Ethereum blockchain platform for parametric insurance for underwriters. Center 09/20/2016 Accel Partners; OpenGamma $13.3 OpenGamma provides real-time market risk management technology for financial institutions. Euclid 08/09/2016 PrivateOpportunities Investor Curex Group $10.0 Curex Group Holdings develops financial technology solutions to link institutional foreign exchange to global capital markets. Holdings 07/15/2016 Private Investor SETL Development NA SETL Development operates a financial grade blockchain technology platform for settlement and payments.

07/09/2016 TLG Capital; TLG Homestrings NA Homestrings, doing business as Movement Capital, operates a crowdfunding investment platform for emerging markets. Credit 05/31/2016 CreditEaseOpportunities Wealth Prosper NA develops a peer-to-peer online credit marketplace in the United States. Management Marketplace 05/12/2016 Private Investor Securrency NA Securrency develops financial technology platform for digital currency.

04/12/2016 Lightspeed Venture Affirm $100.0 Affirm offers installment loans to consumers at the point of sale. Partners 03/29/2016 Bessemer Venture Betterment $100.0 Betterment is a goal-based online investment company, delivering personalized financial advice paired with low fees and customer Partners experience. 03/25/2016 Bessemer Venture Bright Health $81.5 Bright Health provides tech-enabled consumer insurance plans for individuals across the country. Partners 03/18/2016 Pessoais S.A. Guiabolso Finanças $17.3 Guiabolso is Brazil's leading personal finance platform, with over 2.5M users of #1 Finance app and consumer credit marketplace International Pessoais S.A. 03/18/2016 Private Investor Red Crow Crowd NA Red Crow Crowd operates an online investment portal specializing in crowdfunding, matching accredited and non-accredited investors to investments. 02/23/2016 CMFG Life Insurance SpringboardAuto.co NA SpringboardAuto.com operates an online auto loan platform. Company m 02/22/2016 Fidelity Investments Oscar Insurance $400.0 Oscar is a health insurance company that employs technology, design, and data to humanize health care.

02/17/2016 FTV Capital FTV Capital $76.0 StoneEagle provides website and software solutions for the automotive dealership industry.

02/16/2016 First Round Capital; MetroMile $103.1 Metromile is a pay-per-mile car insurance company that saves low-mileage drivers a ton of money. Index Ventures 02/04/2016 Plug and Play Tech Block Notary NA Block Notary combines omnipresence of mobile devices, video format, and immutability of the blockchain to help to reduce costs and risks. Center 02/04/2016 Plug and Play Tech Skuchain NA Skuchain develops blockchain based products for B2B trade and supply chain finance. Center 01/28/2016 Amino Capital; Skuchain NA Skuchain develops blockchain based products for B2B trade and supply chain finance. Digital Currency 12/24/2015 Club Italia Euklid s.r.l. NA Euklid s.r.l. develops blockchain and bitcoin trading platform. Investimenti 2 SPA 12/23/2015 Bessemer Venture Toast $30.0 Toast helps users to send money and make international payment through its app. Partners; GV 12/15/2015 32 floor iEstate GmbH NA iEstate GmbH operates an online crowdfunding website for real estate investors.

11/11/2015 Canaan Partners; CircleUp Network $30.0 CircleUp Network operates a crowdfunding platform that acts an online marketplace to connect consumer and retail brand entrepreneurs to Maveron accredited investors. 09/08/2015 Private Investor Lantern Credit $10.0 Lantern Credit operates an online platform that focuses on the consumer credit market.

08/31/2015 RRE Ventures; Fiserv Chain $30.0 Chain develops an enterprise blockchain platform that enables institutions to design, deploy, and operate financial networks that can power assets in various markets. 07/31/2015 Alchemist Freeport Mobile NA Freeport Mobile owns and operates an online blockchain platform that provides a digital wallet through which users can send, spend, and Accelerator access money in real-time. 07/16/2015 JUST EAT plc; Time Flypay $13.3 Flypay is an app platform to transform the restaurant experience. Out Group 06/05/2015 Private Investor Curex Group $12.0 Curex Group Holdings develops financial technology solutions to link institutional foreign exchange to global capital markets. Holdings 05/26/2015 Learn Capital NA Experiment operates as an online crowdfunding site that focuses on science.

04/07/2015 United Services Prosper $165.0 Prosper Marketplace develops a peer-to-peer online credit marketplace in the United States. Automobile Marketplace 03/10/2015 Private Investor Private Wealth NA Private Wealth Systems is a system that provides a consolidated investment reporting platform. Systems

39

4. Public Company Profiles and Other

Likely Acquirers

40

Accenture ...... 42 Visa ...... 67

Alipay ...... 43 Vista Equity Partners ...... 68

Allstate ...... 44

Ally Financial ...... 45

Bottomline Technologies ...... 46

Broadridge Financial Solutions ...... 47

Digital Asset Holdings ...... 48

Envestnet ...... 49

E*Trade ...... 50

Euronet Worldwide ...... 51

Fidelity National Information Services ...... 52

Fleetcor ...... 53

Global Payments ...... 54

Goldman Sachs Group ...... 55

Alphabet ...... 56

HIS Markit ...... 57

Intercontinental Exchange (ICE) ...... 58

Intuit ...... 59

IRESS ...... 60

Lending Club ...... 61

MasterCard ...... 62

PayPal ...... 63

SS&C Software ...... 64

Total Systems Services (TSYS) ...... 65

Verifone ...... 66 41

Accenture

Business Description FinTech Initiatives ▪ Accenture is a global management consulting, technology services ▪ Accenture has launched the FinTech Innovation Lab, an annual 12 and outsourcing company, with approximately 204,000 people week accelerator program that brings together early stage financial serving clients in more than 120 countries technology companies and the world's leading financial institutions ▪ The company’s financial services segment offers services that help ▪ The program offers the opportunity for the participating start-ups to clients enhance cost efficiency, grow their customer base, manage work with potential future customers, validate propositions, gain risk, and transform their operations; and serves clients in banking, valuable insights into the financial services industry and develop capital markets, and insurance industries strong relationships with senior industry executives ▪ Its Communications, Media & Technology segment provides ▪ Pre-requisites: Entrepreneurs developing potentially game-changing professional services that help clients accelerate and deliver digital technologies for financial services, particularly in the areas of big transformation, and enhance business results through industry- data and analytics, mobile and wireless, payments, risk specific solutions; and serves clients in communications, electronics, management, security, compliance, and social media and high technology, media, and entertainment industries collaboration technologies

Financials Management

Market Cap: $77,969 ▪ CEO: Pierre Nanterme Cash & Equivalents: $3,239 ▪ Chief Strategy Officer: Omar Abbosh Debt: $27 ▪ Chief Technology & Innovation Officer: Paul Daugherty Enterprise Value: $75,406 ▪ CFO: David P. Rowland LTM Revenue: $33,385 LTM EBITDA: $5,656

EV/LTM Revenue: 2.2x EV/LTM EBITDA: 13.2x

All dollar denominations within the Financials data section are displayed in millions. All Financials recorded are as of 6/2/2017. Source: Capital IQ, The Company website (Recent News), Techcrunch, Business Insider. 42

AliPay

Business Description FinTech Initiatives ▪ Alipay (www.alipay.com) provides secure, trustworthy and ▪ Ant Financial is the Alibaba spin-off that operates Alipay. AliPay convenient online and mobile payment services. Alipay currently inked a deal with payment processor firm First Data that will allow collaborates with over 200 financial institutions and provides its service to be used at point-of-sale with more than four million payment solutions for nearly 10 million small and micro businesses retail partners in the U.S. The deal is the first of its kind for Alipay in the U.S ▪ As of December 2013, Alipay reached 300 million real-name registered users. According to iResearch, Alipay is the largest third- ▪ Alipay claims 450 million users worldwide. China accounts for the party online in China by total payment majority of these users but, the service has a growing footprint in volume. Alipay is a business within Ant Financial Services Group and Southeast Asia and is particularly popular in markets that are visited provides payment services for Alibaba Group’s marketplaces through by Chinese tourists contractual arrangements

Financials Representative M&A Precedent Transaction Activity

Market Cap: $0 Cash & Equivalents: $0 Date Target Target Description Debt: $0 Apr-17 Secure money transfer application

Enterprise Value: $0 OnCard Aug-11 Payments Payment services for airlines, hotels, etc. LTM Revenue: $0 (China) LTM EBITDA: $0 Management EV/LTM Revenue: 0.0x EV/LTM EBITDA: 0.0x ▪ CEO: Eric Jing ▪ CTO: Cheng Li ▪ CSO: Cheng Long ▪ Executive Chair:: Lucy Peng

All dollar denominations within the Financials data section are displayed in millions. All Financials recorded are as of 6/2/2017. Source: Capital IQ, The Company website (Recent News), Techcrunch, Business Insider. 43

Allstate Corp.

Business Description FinTech Initiatives ▪ The Allstate Corporation is the largest publicly held personal lines ▪ Allstate has shifted into tech insurance through gaining control over property and casualty insurer in America, serving more than 16 warranty protection services. Allstate aims to broaden its range of million households nationwide insurance policies from home to auto, and now consumer electronic devices ▪ Allstate Protection's property/casualty businesses -- which cover about 16 million households -- account for more than 85% of the ▪ Allstate has also formed an innovation lab to promote collaboration entire company's total premiums with fintech firms, consolidating its overall insurance market power

▪ Most of the segment's sales come from traditional auto and ▪ Implementing financial technology into Allstate’s pipeline serves to homeowners policies. In addition to traditional property/casualty reflect Allstate’s customer-focused strategy while also expanding policies, Allstate sells specialty products including coverage for their product protection portfolio motorcycle and boat owners, renters and landlords, and mobile home dwellers. It also provides roadside assistance, as well as auto protection and service coverage sold through dealerships. Commercial products are geared towards smallbusiness owners

Financials Representative M&A Precedent Transaction Activity

Market Cap: $31,593 Cash & Equivalents: $442 Date Target Target Description Debt: $6,345 Nov-16 Provides warranties for iPhones & electronics Enterprise Value: $39,242 LTM Revenue: $36,063 Management LTM EBITDA: $3,456 ▪ CEO: Tom Wilson EV/LTM Revenue: 1.1x ▪ CFO: Steven Shebik EV/LTM EBITDA: 9.4x ▪ CIO: John Dugenske ▪ EVP: Harriet Harty

All dollar denominations within the Financials data section are displayed in millions. All Financials recorded are as of 6/2/2017. Source: Capital IQ, The Company website (Recent News), Techcrunch, Business Insider. 44

Ally Financial

Business Description FinTech Initiatives ▪ Ally Financial is an automotive financial services company powered by ▪ Ally seeks to expand its product mix by delving into opportunities that a top direct banking franchise. Ally's automotive services business integrate financial and technological services to its customer base offers a full suite of financing products and services, including new and used vehicle inventory and consumer financing, leasing, inventory ▪ Originally a peer and enterprise-facing financing firm, Ally’s strategy insurance, commercial loans and vehicle remarketing services includes acquiring trading and brokerage firms suchas TradeKing. TradeKing is an online tool used by individuals to monitor and ▪ Ally Bank, the company's direct banking subsidiary, offers an array of manage brokerage accounts while also serving as an open-ended deposit products, including certificates of deposit, savings accounts, research tool money market accounts, IRA deposit products and interest checking ▪ Ally Financial also looks to drive FinTech Innovation forward via Ally ▪ Ally's Commercial Finance unit provides financing to middle-market Ventures, the company’s Corporate Investment arm. In consort with companies across a broad range of industries the “FinTech Innovation Lab,” “Plug and Play,” and “Queen City FinTech,” Ally Ventures looks to invest in companies that push the envelope as it relates to the digital financial services landscape Financials Representative M&A Precedent Transaction Activity Market Cap: $8,683 Date Target Target Description Cash & Equivalents: $4,302 Debt: $59,513 Oct-16 Connects consumers with auto finance providers Enterprise Value: $0 Apr-16 Online broker for self directed investors LTM Revenue: $11 LTM EBITDA: NA Management EV/LTM Revenue: 0.0x ▪ CEO: Jeffrey Brown EV/LTM EBITDA: 0.0x ▪ CFO: Christopher Halmy ▪ CIO: Michael Baresich ▪ CAO: David DeBrunner

All dollar denominations within the Financials data section are displayed in millions. All Financials recorded are as of 6/2/2017. Source: Capital IQ, The Company website (Recent News), Techcrunch, Business Insider. 45

Bottomline Technologies

Business Description FinTech Initiatives ▪ Bottomline Technologies markets and provides electronic payment, ▪ Cyber Fraud and Risk Management Solutions: Ensures regulatory invoice, and document automation solutions to corporations, compliance and stop fraudulent activity and data theft with financial institutions, and banks worldwide protection against cyber-attacks, insider threats, web and mobile fraud, payment fraud, and money laundering ▪ The Company’s solutions are used to streamline, automate, and manage processes and transactions involving global payments, ▪ Financial Document Automation Solutions: AP Invoice Processing, invoice receipt and approval, collections, cash management, Collaborative Document Processing and Archive, Paymode-X document management, reporting, and document archive Payment Network ▪ Digital Banking 3.0: A strategic solution suite that includes a ▪ The company offers payment and document automation solutions, powerful customer engagement platform, market-leading payments which produce various domestic and international payment and cash management services, analytics, sales and marketing, and instructions along with consolidated bank reporting of cash activity, risk management tools including ACH, EDI, Fedwire transfer, BACSTEL-IP and SWIFT messaging, and paper checks in various currencies ▪ Financial Messaging: Allows customers to securely communicate, reconcile, and manage the data in financial transactions within and between banks, both locally and internationally

Financials Representative M&A Precedent Transaction Activity Market Cap: $1,051 Date Target Target Description Cash & Equivalents: $124 Apr-14 Platform providing account and lending services Debt: $180 Enterprise Value: $1,090 Jan-13 Fraud detection and prevention solutions LTM Revenue: $338 LTM EBITDA: $31 Management EV/LTM Revenue: 3.2x ▪ CEO & President: Rob Eberle EV/LTM EBITDA: 37.3x ▪ CFO: Rick Booth ▪ Managing Director, Digital Banking: Norm DeLuca ▪ EVP, Strategy & Corporate Development: David Sweet

All dollar denominations within the Financials data section are displayed in millions. All Financials recorded are as of 6/2/2017. Source: Capital IQ, The Company website (Recent News), Techcrunch, Business Insider. 46

Broadridge Financial Solutions

Business Description FinTech Initiatives ▪ Broadridge Financial Solutions is the leading provider of investor ▪ Global Post Trade Management: delivers operational advantages to communications and technology-driven solutions for wealth global trade processing and management, from trade capture management, asset management and capital markets firms. They through clearance and settlement, reconciliation, asset servicing, help drive operational excellence to manage risk, accelerate growth books and records, and regulatory reporting and deliver real business value ▪ Proxy & Regulatory Communications: supports your business in ▪ The combination of people, technology and insights makes meeting current and future regulatory requirements, helping to Broadridge an industry leader and the preferred partner for financial maximize transparency, mitigate risk, and reduce costs institutions and corporate issuers worldwide. Because of their unique vantage point, working with institutions and regulators ▪ Securities Processing: built upon best-practice standards and across the financial services landscape, the industry increasingly support the full trade lifecycle, from trade execution through looks to Broadridge to identify key industry trends, best practices confirmation, settlement, and accounting and insights ▪ Investment Management Solutions: multi-asset class solutions help ▪ Looking ahead, The Company will deliver unique value to their simplify the management of complex instruments and strategies, clients by helping them address three disruptive trends: digitization improve operational efficiencies, and help lower the costs of of communications; mutualization of capabilities; and, rapidly managing multi-prime hedge funds evolving data and analytics (Big Data) Financials Representative M&A Precedent Transaction Activity Market Cap: $9,130 Date Target Target Description Cash & Equivalents: $270 Mar-17 Post-trade control solutions Debt: $1,267 Enterprise Value: $10,127 Nov-16 Compensation mgmt. and compliance solutions LTM Revenue: $3,451 Jun-16 Software for the financial markets LTM EBITDA: $635 EV/LTM Revenue: 2.7x Management EV/LTM EBITDA: 15.5x ▪ CEO: Richard Daly ▪ COO: Timothy Gokey ▪ Managing Director, Technology : John Hogan

All dollar denominations within the Financials data section are displayed in millions. ▪ CVP, Corporate Strategy: Vijay Mayadas All Financials recorded are as of 6/2/2017. Source: Capital IQ, The Company website (Recent News), Techcrunch, Business Insider. 47

Digital Asset Holdings

Business Description FinTech Initiatives ▪ Digital Asset is a software company that develops distributed ledger ▪ DAH is currently engineering a distributed ledger for the Australian technology solutions for the financial services industry. The Securities Exchange Company employs the blockchain technology to facilitate settlements between digital and traditional currencies. Its software ▪ The rollout of the distributed ledger is scheduled for later this year, maps business logic and legal processes into cryptographic signature when the ASX will decide whether to replace CHESS, the exchange’s flows as well as commits transactions to private or public distributed clearing house registry system, with blockchain technology ledgers and traditional databases, depending on the requirements ▪ The distributed ledger is designed to accommodate competition in ▪ Digital Asset Holdings offers its software to various market segments the market for clearing and settlement, and will allow new such as loans, securities, derivatives, and foreign exchange. The innovations such as automated corporate company maintains strategic partnerships with Accenture, Broadridge, and PwC ▪ This initiative serves to demonstrate the demand and potential for disruptive blockchain platforms and their impact on the ▪ The Company was founded in 2014 and is based in New York, New clearing and settlement spaces York with additional offices in San Francisco, Tel Aviv, Budapest, and London

Financials Representative M&A Precedent Transaction Activity

Market Cap: $0 Date Target Target Description Cash & Equivalents: $0 Apr-16 Modelling language for rights and obligations Debt: $0 Enterprise Value: $0 Oct-15 Blockchain-as-a-service to develop applications LTM Revenue: $0 Jun-15 Bitcoin application startup LTM EBITDA: $0

EV/LTM Revenue: 0.0x Jun-15 Permissioned ledgers, no native cryptocurrency EV/LTM EBITDA: 0.0x Management ▪ CEO: Blythe Masters ▪ CTO: Shaul Kfir ▪ Chief Business Development Officer: Chris Church All dollar denominations within the Financials data section are displayed in millions. All Financials recorded are as of 6/2/2017. ▪ CFO: Carol Mathis Source: Capital IQ, The Company website (Recent News), Techcrunch, Business Insider. 48

Envestnet

Business Description FinTech Initiatives ▪ Envestnet is a leading independent provider of technology-enabled, ▪ Envestnet has focused efforts on developing and reinforcing its Web-based investment solutions and services to financialadvisors analytics suite through Yodlee. The firm aims to deploy a product mix of financial planning software that pools information from 15,000 ▪ Envestnet’s investment solutions and services allow financial financial institutions advisors to be more efficient and effective in the activities critical to their businesses by facilitating client interactions, supporting and ▪ This suite would allow Envestnet to gain access to a given customer’s enhancing portfolio management and analysis, and enabling reliable spending habits, widening the range of its services from just account support and administration investment advisory services

▪ Envestnet’s centrally-hosted technology platform provides financial ▪ The new client portal reflects the intersection of finTech and artificially advisors with the flexibility to choose freely among a wide range of intelligent systems fueled by data built to create more customizable investment solutions, services, investment managers and custodians solutions for customers to identify those that are most appropriate for their clients

Financials Representative M&A Precedent Transaction Activity

Market Cap: $1,602 Date Target Target Description Cash & Equivalents: $39 Oct-16 Analytics, sales solutions, education for advisors Debt: $285 Enterprise Value: $1,848 Aug-15 Account aggregation services software LTM Revenue: $578 May-15 Financial planning software for Financial Services LTM EBITDA: $42 EV/LTM Revenue: 3.1x Feb-15 Algorithms for next-gen investment services EV/LTM EBITDA: 37.3x Management ▪ CEO: Judson Bergman ▪ Vice Chairman: Anil Arora ▪ CFO: Peter D’Arrigo ▪ CTO: Scott Grinis

All dollar denominations within the Financials data section are displayed in millions. All Financials recorded are as of 6/2/2017. Source: Capital IQ, The Company website (Recent News), Techcrunch, Business Insider. 49

E*Trade

Business Description FinTech Initiatives ▪ E*Trade Financial Corporation is a financial services company and an ▪ E*Trade has recently begun a new initiative called the adaptive online brokerage industry. The Company offers solutions for portfolio, a hybrid robo-adviser that blends automated investment individual investors and stock plan participants guidance with access to human investment advisors

▪ The Company offers its customers to take control of its financial ▪ The Adaptive Portfolio takes in information regarding a client’s risk futures by providing the products, tools, services and advice they tolerance, income and financial objectives and creates a semi- need to meet their near and long term investing goals. The Company automated portfolio of passive ETFs as well as giving the client the provides these services to customers both online and through their opportunity to employ an active investment strategy network of customer service representatives and Financial Consultants - over the phone and in person at 30 Company branches across the United States

▪ E*Trade operates a bank with the primary purpose of maximizing the value of deposits generated though its brokerage business

Financials Representative M&A Precedent Transaction Activity

Market Cap: $9,508 Date Target Target Description Cash & Equivalents: $998 Debt: $2,612 Jul-16 Online stock/option brokerage company Enterprise Value: $0 Jan-10 Social investment service LTM Revenue: $442 LTM EBITDA: NA

EV/LTM Revenue: 0.0x Management EV/LTM EBITDA: 0.0x ▪ CEO: Carl Roessner ▪ CTO: Michael Foley ▪ CFO: Michael Pizzi ▪ CBO: Michael Curcio

All dollar denominations within the Financials data section are displayed in millions. All Financials recorded are as of 6/2/2017. Source: Capital IQ, The Company website (Recent News), Techcrunch, Business Insider. 50

Euronet Worldwide

Business Description FinTech Initiatives ▪ Euronet Worldwide is a US provider of electronic payment services. ▪ Check Processing/Guarantee: Allows retailers to accept checks and It offers automated teller machine (ATM), point of sale (POS) process them with guaranteed payment. All checks are processed services, credit/debit card services, and other electronic financial through an electronic check terminal, which compares the check services against the negative check file. If there is no match, the check is accepted for electronic deposit ▪ The electronic funds transfer processing segment provides outsourcing and network services to financial institutions and ▪ Transport & Ticketing: A payment solution across the retailer mobile phone companies. This segment provided these services network for a range of transport applications including collection of using a network of ATMs and POS terminals in Europe, Asia, payments for road tolls, congestion charge and parking. In addition and the Middle-East the transport payment solution covers public transport ticketing and the ability to add value to transport smart cards and issue paper ▪ The money transfer segment provides global money transfer and tickets at the point of sale bill payment services primarily in North America, the Caribbean, Europe, and Asia-Pacific

Financials Representative M&A Precedent Transaction Activity

Market Cap: $4,630 Date Target Target Description Cash & Equivalents: $764 Apr-17 Provides money transfer services Debt: $605 Enterprise Value: $4,472 Oct-16 Operates cash machines across Europe LTM Revenue: $1,959 Mar-14 Provides foreign exchange services LTM EBITDA: $330 Sep-10 Payment processing for cash transactions EV/LTM Revenue: 2.2x EV/LTM EBITDA: 13.5x Management ▪ CEO: Michael Brown ▪ CFO: Rick Weller ▪ EVP ePay Software: Kevin Caponecchi

All dollar denominations within the Financials data section are displayed in millions. ▪ EVP: Juan Bianchi All Financials recorded are as of 6/2/2017. Source: Capital IQ, The Company website (Recent News), Techcrunch, Business Insider. 51

Fidelity National Information Services

Business Description FinTech Initiatives • FIS is the world's largest global provider dedicated to financial ▪ FIS launched a network of early-stage fintech companies with direct technology solutions. FIS empowers the financial world with applicability to the financial services ecosystem served by FIS. The software, services, consulting and outsourcing solutions focused on FIS HiPo (short for “high potential”) Network is a collection of firms retail and institutional banking, payments, asset and wealth that have demonstrated substantial promise in the development of management, risk and compliance, trade enablement, transaction new tools and technologies. processing and record-keeping ▪ FIS and PayPal have partnered to increase customer engagement • FIS serves more than 20,000 clients in over 130 countries, and our and drive incremental digital spend with FIS’ banking partners technology powers billions of transactions annually that move over $9 trillion around the globe.

Financials Representative M&A Precedent Transaction Activity

Market Cap: $28,651 Date Target Target Description Cash & Equivalents: $705 Oct-14 provides payment processing solutions for banks Debt: $9,505 Apr-14 provides credit automation software Enterprise Value: $37,563 LTM Revenue: $9,241 Mar-13 mobile banking and mobile payments services LTM EBITDA: $2,270 Management EV/LTM Revenue: 4.0x EV/LTM EBITDA: 15.8x ▪ CEO: Gary Norcross ▪ CFO: James Woodall ▪ COO, Banking and Payments: Anthony Jabbour ▪ CRO: Greg Montana

All dollar denominations within the Financials data section are displayed in millions. All Financials recorded are as of 6/2/2017. Source: Capital IQ, The Company website (Recent News), Techcrunch, Business Insider. 52

Fleetcor

Business Description FinTech Initiatives ▪ Fleetcor serves over 500,000 commercial accounts with millions of ▪ Fleetcor and First Data announced a joint-venture of their gift card cardholders across the United States, Canada, Mexico, Europe, businesses. This will allow the companies to seek improvements in Africa and Asia R&D, digital capabilities, and enhanced fraud protection / analytics via incremental data access ▪ Fleetcor manages relationships with more than 800 partners, ranging in size from major oil companies to small petroleum ▪ Ashley Thekkekara has been named head of the Fleetcor’s newly marketers with a single fueling location. The Company provides created North America local fuel card business effective July 1, services ranging from transaction processing to full program 2017. This new position is being established to realign the North management. Platforms, programs and infrastructure are both America fuel card business into three market facing components - adaptable and scalable, allowing Fleetcor to fulfill the requirements local fuel cards, partners, and trucking of a broad range of partners

Financials Representative M&A Precedent Transaction Activity

Market Cap: $13,686 Date Target Target Description Cash & Equivalents: $547 Debt: $3,868 May-17 Provides cross-border payment services Enterprise Value: $17,008 Aug-16 Issues fuel cards and other mobility services LTM Revenue: $1,832 LTM EBITDA: $935 Nov-14 B2B electronic payment solutions EV/LTM Revenue: 8.8x EV/LTM EBITDA: 18.0x Management ▪ CEO: Ronald Clarke ▪ CFO: Eric Dey ▪ President North America Fuel Cards: Todd House

All dollar denominations within the Financials data section are displayed in millions. All Financials recorded are as of 6/2/2017. Source: Capital IQ, The Company website (Recent News), Techcrunch, Business Insider. 53

Global Payments

Business Description FinTech Initiatives ▪ Global Payments is a leading worldwide provider of payment ▪ Global Payments announces full support of Android Pay in Canada, technology services that delivers innovative solutions driven by UK, Taiwan, and . Merchants in these countries now have customer needs globally the ability to accept Android Pay™, which will enable more payment choices for Android mobile users in-store, in-app and on the web ▪ The Company’s technologies, partnerships and employee expertise enable them to provide a broad range of products and services that ▪ Global Payments partners with Hyundai Motor UK to offer the allow customers to accept all payment types across a variety of industry-first online car buying platform, Click to Buy. This platform distribution channels in many markets around the world changes the way customers buy new cars by providing them with more choice. The ecommerce solution provides an enhanced ▪ Global Payments is a member of the S&P 500 with merchants and customer experience and allows the customers to complete the partners in 30 countries throughout North America, Europe, the entire car buying experience from their own home Asia-Pacific region and Brazil

Financials Representative M&A Precedent Transaction Activity

Market Cap: $14,088 Date Target Target Description Cash & Equivalents: $1,262 Apr-16 Online payment gateway for credit cards Debt: $4,679 Enterprise Value: $17,650 Dec-15 Credit card processing with top data security LTM Revenue: $3,776 Mar-15 European online mobile payments service LTM EBITDA: $989

EV/LTM Revenue: 4.3x Jan-14 B2B payment solutions (small and medium) EV/LTM EBITDA: 16.1x Management ▪ CEO: Jeffrey Sloan ▪ CFO: Cameron Bready ▪ President: David Mangum

All dollar denominations within the Financials data section are displayed in millions. ▪ CIO: Dr. Guido Sacchi All Financials recorded are as of 6/2/2017. Source: Capital IQ, The Company website (Recent News), Techcrunch, Business Insider. 54

Goldman Sachs Group

Business Description FinTech Initiatives • The Goldman Sachs Group is an American multinational finance ▪ Goldman Sachs launched Marcus by Goldman Sachs in late 2016, company that engages in global investment banking, investment which is an online platform offering unsecured personal loans to management, securities, and other financial services including asset consumers. management, advice, prime brokerage, and securities underwriting services. It also sponsors private ▪ Marcus provides consumers with a transparent and simple approach equity funds, is a market maker, and is a primary dealer in to consolidate their high-interest credit card debt. At Marcus.com, the United States Treasury security market. Goldman Sachs also credit-worthy borrowers can apply for fixed-rate, no-fee personal owns GS Bank USA, a direct bank loans of up to $30,000 for periods of two to six years

Financials Representative M&A Precedent Transaction Activity Market Cap: $87,308 Date Target Target Description Cash & Equivalents: $123,035 Debt: $395,607 Mar-16 IRA planning software for SMBs Enterprise Value: $0 Nov-15 Open, modular trading platform LTM Revenue: $28,021 LTM EBITDA: NA Apr-14 Financial services new issuance systems EV/LTM Revenue: 0.0x EV/LTM EBITDA: 0.0x Management ▪ CEO: ▪ COO: David Solomon ▪ President: ▪ Vice Chairman: Richard Gnodde

All dollar denominations within the Financials data section are displayed in millions. All Financials recorded are as of 6/2/2017. Source: Capital IQ, The Company website (Recent News), Techcrunch, Business Insider. 55

Google/Alphabet

Business Description FinTech Initiatives ▪ Alphabet provides online advertising services. The Company also ▪ Android Pay - a digital wallet platform developed by Google to offers performance and brand advertising services power in-app and tap-to-pay purchases on mobile devices, enabling users to make payments with Android phones, tablets or watches. ▪ Alphabet operates through Google and Other ‘Bets segments. The Android Pay uses near field communication (NFC) to transmit card Google segment includes principal Internet products, such as Search, information facilitating funds transfer to the retailer Ads, Commerce, Maps, YouTube, Apps, Cloud, Android, Chrome, and Google Play, as well as technical infrastructure and newer efforts, ▪ Google Ventures has an interesting array of FinTech startups in its such as Virtual Reality portfolio that focus on authentication, security, banking APIs, cryptocurrency, lending, payments and more ▪ Other ‘Bets segments include businesses, such as Access/Google Fiber, Calico, Nest, Verily, GV, Google Capital, X, and other initiatives

Financials Management Market Cap: $681,949 ▪ CEO of Alphabet: Larry Page Cash & Equivalents: $18,132 ▪ President of Alphabet: Sergey Brin Debt: $3,937 ▪ CEO of Google: Sundar Pichai Enterprise Value: $593,447 ▪ CFO of Google: Ruth Porat LTM Revenue: $90,272 LTM EBITDA: $29,860

EV/LTM Revenue: 6.3x EV/LTM EBITDA: 19.0x

All dollar denominations within the Financials data section are displayed in millions. All Financials recorded are as of 6/2/2017. Source: Capital IQ, The Company website (Recent News), Techcrunch, Business Insider. 56

IHS Markit

Business Description FinTech Initiatives ▪ IHS Markit is a provider of critical information and analytics for the ▪ Information division provides indices, pricing data, reference data major industries, financial markets and governments and analytical tools for a wide range of asset classes and markets. The products and services The Company provides allows customers ▪ IHS Markit has more than 50,000 key business and government to price instruments, value portfolios and manage risk. They also aid customers, including 85 percent of the Fortune Global 500 and the compliance with regulatory requirements world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth ▪ Processing division provides processing solutions for OTC derivatives, FX, and syndicated loans documentation. The services enable financial institutions to streamline workflow, connect to counterparties more effectively and comply with regulatory requirements

▪ Solutions division provides customized technology platforms and managed services that help customers capture and analyze information, manage risk and meet regulatory requirements

Financials Representative M&A Precedent Transaction Activity

Market Cap: $19,224 Date Target Target Description Cash & Equivalents: $155 Mar-16 Provides pricing processing solutions Debt: $3,729 Enterprise Value: $22,856 Management LTM Revenue: $2,735 LTM EBITDA: $764 ▪ CEO: Jerre Stead

EV/LTM Revenue: 7.5x ▪ EVP, CFO: Todd Hyatt EV/LTM EBITDA: 26.4x ▪ EVP, CTO: Randy Harvey ▪ EVP, General Counsel: Sari Granat

All dollar denominations within the Financials data section are displayed in millions. All Financials recorded are as of 6/2/2017. Source: Capital IQ, The Company website (Recent News), Techcrunch, Business Insider. 57

Intercontinental Exchange

Business Description FinTech Initiatives ▪ Intercontinental Exchange is an operator of regulated exchanges and Intercontinental Exchange Offerings: clearing houses serving the risk management needs of global ▪ Pricing & Analytics -High quality, independent evaluations, reference markets for agricultural, credit, currency, emissions, energy and data, index services equity index products. It operates marketplaces for trading and clearing a range of securities and derivatives contracts across various ▪ Desktops & Tools - Technology for accessing global markets asset classes, including interest rates, equities, equity derivatives, credit derivatives, bonds, currency, and commodities ▪ Proprietary Exchange Data - Data from ICE and NYSE Markets

▪ The company is known for providing trade processing, trade ▪ Connectivity & Feeds - Colocation, consolidated feed, and SFTI execution, listing services, clearing, post-trade processing, and market data services. IntercontinentalExchange is engaged in Accelerator Initiative: operating seventeen regulated exchanges and marketplaces ▪ The InterContinental Exchange is gearing up to support FinTech Startups, the initiative will be spearheaded by ICE Senior Executive ▪ Intercontinental Exchange provides its services for financial Zohar Hod institutions, corporations, manufacturers, utilities, commodity producers and refiners, institutional and individual investors, and governmental institutions Financials Representative M&A Precedent Transaction Activity Market Cap: $35,713 Date Target Target Description Cash & Equivalents: $360 Debt: $6,248 Feb-17 Global extranet and wireless services business Enterprise Value: $41,468 Jun-16 Home loan tracking solutions LTM Revenue: $4,322 Nov-15 Tech platform for electronic and hybrid trade LTM EBITDA: $2,754 EV/LTM Revenue: 9.2x Oct-15 data and fixed income analytics EV/LTM EBITDA: 15.0x Management ▪ Chairman and CEO: Jeffrey Sprecher ▪ CFO: Scott Hill

All dollar denominations within the Financials data section are displayed in millions. ▪ Chief Strategy Officer: David Goone All Financials recorded are as of 6/2/2017. Source: Capital IQ, The Company website (Recent News), Techcrunch, Business Insider. ▪ President, NYSE Group: Thomas Farley 58

Intuit

Business Description FinTech Initiatives ▪ Intuit offers business and financial management solutions for SMBs, ▪ Intuit announced a new collaboration with G Suite by Google Cloud financial institutions, consumers and accounting professionals that delivers personalized experiences for QuickBooks Online users. The result: less time spent on back-office work, greater confidence in ▪ The company’s product portfolio includes TurboTax, a software the data and more detailed insights solution that offers free tax filing, efile taxes, and income tax returns; Quicken; QuickBooks; Mint.com, and more. The company ▪ TurboTax®, the nation’s leading preparer of federal tax returns from also offers end-to-end solutions for online tax preparation, Intuit, is launching a new, integrated marketing campaign developed download products, mobile tax prep, mortgage interest and to empower the Latino community to take charge of their finances, property tax, corporations tax, military tax, and more starting with their taxes

▪ JPMorgan Chase and Intuit have signed an agreement to give customers greater control of their financial information to help them make better financial decisions, the companies announced today. This agreement sets the bar for how banks and technology companies can work together to serve their shared customers. The companies will use technology that will allow customers to authorize Chase to electronically share financial data securely with Intuit’s financial management applications, such as Mint, TurboTax Online and QuickBooks Online Financials Representative M&A Precedent Transaction Activity Market Cap: $36,590 Date Target Target Description Cash & Equivalents: $1,350 Mar-15 Leading integrated workforce mgmt. system Debt: $500 Enterprise Value: $35,497 Feb-15 Data security for public and private clouds

LTM Revenue: $4,852 Jan-15 Cloud based accounting services LTM EBITDA: $1,411 EV/LTM Revenue: 7.0x Management EV/LTM EBITDA: 22.5x ▪ CEO: Brad Smith ▪ EVP and CFO: R. Neil Williams ▪ EVP, CTO: H. Tayloe Stansbury All dollar denominations within the Financials data section are displayed in millions. All Financials recorded are as of 6/2/2017. ▪ EVP, CMO & Chief Sales Officer: Lucas Watson Source: Capital IQ, The Company website (Recent News), Techcrunch, Business Insider. 59

IRESS

Business Description FinTech Initiatives ▪ IRESS Limited provides information, trading, compliance, order ▪ IRESS hosted it third annual Global Hackathon in May 2017. The aim management, portfolio and wealth management, and lending of the hackathon is to generate creative solutions that solve real systems and related tools problems for clients, or for our people, and for teams to work together to bring them to life ▪ It offers CommPay, a revenue management solution for advisor firms; IRESS Digital, a solution for market data, trading, and charting ▪ IRESS software products sit right at the heart of financial services, tools; IRESS Execution Management System, a customizable multi- connecting the entire industry end to end. Visible cost and time broker order execution and allocation management solution for buy- savings, alongside local implementation and service continue to side participants; and IRESS Order System, a solution for institutional support business and retail brokers ▪ The firm also provides IRESS Portfolio System, a solution for portfolio management, compliance, and reporting on one platform for institutional and retail portfolio managers; IRESS Pro, a global market information platform for institutional and retail brokers, investment managers, and advisers; private wealth management tools; SmartHub, a managed open trade messaging network that connects buying and selling side participants; and XPLAN, an integrated financial planning software for wealth management and financial planning professionals Financials Representative M&A Precedent Transaction Activity Market Cap: $1,511 Date Target Target Description Cash & Equivalents: $17 Sep-16 Registry and fund administration software Debt: $132 Enterprise Value: $1,626 Sep-16 Provider of financial data feeds and analysis tools LTM Revenue: $287 Sep-15 Wealth and investment management solution LTM EBITDA: $74 EV/LTM Revenue: 5.6x Management EV/LTM EBITDA: 21.2x ▪ CEO: Andrew Walsh ▪ CTO: Andrew Todd

All dollar denominations within the Financials data section are displayed in millions. ▪ Global Executive, Product: Aaron Knowles All Financials recorded are as of 6/2/2017. Source: Capital IQ, The Company website (Recent News), Techcrunch, Business Insider. ▪ CFO: John Harris 60

Lending Club

Business Description FinTech Initiatives ▪ LendingClub operates as an online marketplace that connects ▪ Lending Club provides a platform for individual investors to deposit borrowers and investors in the United States as much or as little money as they like at attractive rates of return and for borrowers to take out loans of whatever size they desire at ▪ Its marketplace facilitates various types of loan products for lower rates than high street banks are generally able to offer. consumers and small businesses, including unsecured personal loans, super prime consumer loans, unsecured education and ▪ The huge cost advantage they have over traditional competitors is patient finance loans, and unsecured small business loans passed onto borrowers and lenders via preferential rates which, along with the attractiveness of their consumer-focused peer-to- ▪ Lending Club also offers investors an opportunity to invest in a range peer ethos, has seen them grow to the point where they have been of loans based on term and credit characteristics. It serves investors, able to offer $21 billion of credit in 2016 to date such as retail investors, high-net-worth individuals and family offices, banks and finance companies, insurance companies, hedge funds, foundations, pension plans, and university endowments

Financials Representative M&A Precedent Transaction Activity Market Cap: $2,262 Date Target Target Description Cash & Equivalents: $534 Apr-14 Marketplace for individuals looking for loans Debt: $0 Enterprise Value: $0 Management LTM Revenue: $503 LTM EBITDA: NA ▪ CEO: Scott Sanborn ▪ CFO: Tom Casey EV/LTM Revenue: 0.0x ▪ CTO: Richard Southwick EV/LTM EBITDA: 0.0x ▪ COO (Strategy and Corp Dev): Sameer Gulati

All dollar denominations within the Financials data section are displayed in millions. All Financials recorded are as of 6/2/2017. Source: Capital IQ, The Company website (Recent News), Techcrunch, Business Insider. 61

MasterCard

Business Description FinTech Initiatives ▪ MasterCard provides payment processing products and solutions, ▪ Mastercard has started its Start Path Global program – the and related consulting services. It serves consumers and businesses company’s global initiative to support innovative later-stage startups in the United States and internationally who are reshaping the future of commerce. The program is open to startups who are rethinking banking and payments and have raised a ▪ The company offers credit, debit, prepaid, personal, commercial, significant seed or Series A round of investment chip, and contactless cards; loyalty and reward solutions; and cardholder benefits and services. It also provides payment ▪ Mastercard Identity Check is a new way of securing online processing solutions; and payment security and fraud management transactions. It offers numerous preventative measures to solutions to monitor, detect, and fight fraud through the transaction fraudulent card activity such as biometric cards, facial recognition lifecycle. In addition, it offers payment-focused consulting, and iris detection for online purchases information, and outsourcing services to financial institutions and merchants; and franchising activities

Financials Representative M&A Precedent Transaction Activity

Market Cap: $134,199 Date Target Target Description Cash & Equivalents: $6,006 Jul-16 Payments infrastructure solutions Debt: $5,216 Enterprise Value: $131,782 Apr-15 Analytics for legal and compliance via the cloud LTM Revenue: $10,776 Feb-14 Enterprise-grade mobile wallets LTM EBITDA: $6,251 EV/LTM Revenue: 11.9x Management EV/LTM EBITDA: 20.5x ▪ CEO: Ajay Banga ▪ CFO: Martina Hund-Mejean ▪ President, Global Products and Solutions : Gary Flood All dollar denominations within the Financials data section are displayed in millions. ▪ President, International Markets: Ann Cairns All Financials recorded are as of 6/2/2017. Source: Capital IQ, The Company website (Recent News), Techcrunch, Business Insider. 62

PayPal

Business Description FinTech Initiatives ▪ PayPal is a technology platform and digital payments company that ▪ PayPal’s mission is to work with lawmakers to open markets and enables digital and mobile payments on behalf of consumers and remove barriers for consumers and merchants; establish PayPal as a merchants. The Company's combined payment solutions, including knowledge resource and thought-leader in the payments arena; and its PayPal, PayPal Credit, , , Xoom and Paydiant protect PayPal and the communities we serve from undue products, compose its Payments Platform regulatory and legislative burdens

▪ It is a safer, easier way to pay and get paid online. It allows anyone ▪ Small Merchant Advocacy Delegation - a group of PayPal merchants to pay through multiple mediums, such as credit card, bank account, from all over the world, advocating for the interests of small Internet enabled companies buyer credit, or account balances ▪ It is currently a global leader in online payment solutions with more ▪ In August 2016, PayPal launched the Innovation Lab in Singapore, than 153 million accounts worldwide. Available in 190 markets and the first ever collaboration between Paypal and the Singapore 18 currencies around the world, PayPal aims to enable global FinTech ecosystem ecommerce by making payments possible across different locations

Financials Representative M&A Precedent Transaction Activity

Market Cap: $64,291 Date Target Target Description Cash & Equivalents: $5,415 Feb-17 Payment transactions (online and mobile) Debt: $0 Enterprise Value: $55,363 Mar-15 operates as a predictive cyber security company LTM Revenue: $10,842 LTM EBITDA: $2,102 Mar-15 Predictive malware detection

EV/LTM Revenue: 4.9x Management EV/LTM EBITDA: 25.5x ▪ CEO: Daniel Schulman ▪ EVP, CFO: John Rainey ▪ EVP, COO: Bill Ready ▪ EVP, CSO: Johnathon Auerbach

All dollar denominations within the Financials data section are displayed in millions. All Financials recorded are as of 6/2/2017. Source: Capital IQ, The Company website (Recent News), Techcrunch, Business Insider. 63

SS&C Software

Business Description FinTech Initiatives ▪ SS&C software products and services that allow financial service ▪ SS&C announced the official release of Vision FI. This revolutionary providers to automate complex business processes and manage product advances the Varden eReportal platform providing SS&C’s their information processing requirements customers a comprehensive, end-to-end solution for designing, producing, and distributing both online and printed client ▪ The Company’s products and services allow clients to automate and communications integrate front-office functions, such as trading and modeling, middle-office functions, such as portfolio management and ▪ SS&C Technologies announced that it has partnered with Aon reporting, and back-office functions, such as accounting, Insurance Managers to launch a joint platform that will simplify performance measurement, reconciliation, reporting, processing, insurance-linked securities valuation. The platform will combine fund and clearing administration with insurance management and independent ILS valuation services. Aon Global Risk Consulting will provide the ILS ▪ SS&C’s portfolio includes over 90 products and software-enabled valuation services, while SS&C will administer funds services, and its solutions span across the globe to over 11,000 clients, principally institutional asset and wealth management, alternative investment management, financial advisory and financial institutions vertical markets

Financials Representative M&A Precedent Transaction Activity

Market Cap: $7,887 Date Target Target Description Cash & Equivalents: $109 Dec-16 Middle and back office solutions Debt: $2,445 Enterprise Value: $10,223 Oct-16 Provides CRM and document control solutions LTM Revenue: $1,481 LTM EBITDA: $514 Apr-16 Adaptive Learning software for EEG devices EV/LTM Revenue: 6.5x Management EV/LTM EBITDA: 18.4x ▪ CEO: William Stone ▪ SVP, CFO: Patrick Pedonti ▪ President, COO: Normand Boulanger ▪ SVP, General Manager: Thomas McMackin All dollar denominations within the Financials data section are displayed in millions. All Financials recorded are as of 6/2/2017. Source: Capital IQ, The Company website (Recent News), Techcrunch, Business Insider. 64

TSYS

Business Description FinTech Initiatives ▪ Total System Services is a payment solutions provider that provides ▪ TSYS enabled tokenization across all of its North American payment processing services, merchant services and related commercial card platforms. It is the first commercial processor to payment services to financial and non-financial institutions allow its Visa and Mastercard corporate, purchasing and small business card clients to offer their cardholders the ability to pay with ▪ Its segments include North America Services, Merchant Services, a mobile device NetSpend and International Services ▪ TSYS launched a new commercial payment solution that will ▪ The Company’s provides general purpose reloadable (GPR) prepaid streamline B2B virtual payments and further enhance the ePayables and payroll cards, and alternative financial service solutions to the process flow. TSYS Virtual Payment PreceptSM is an innovative new underbanked and other consumers solution that reduces risk, improves operational efficiency and greatly increases control over accounts payable and accounts ▪ The Company's Merchant Services segment provides third party receivable payments and reconciliation processing services to merchant acquirers and Independent Sales Organizations (ISOs) and financial institutions

▪ Total System Services NetSpend segment is engaged in the provision and sale of prepaid access devices, such as its GPR prepaid debit cards

Financials Representative M&A Precedent Transaction Activity

Market Cap: $10,900 Date Target Target Description Cash & Equivalents: $465 Jan-16 Secure transaction processing services Debt: $3,262 Enterprise Value: $13,712 Feb-13 Provides GPR prepaid debit and payroll cards LTM Revenue: $4,170 Nov-12 Provides payment security solutions LTM EBITDA: $854 EV/LTM Revenue: 3.0x Management EV/LTM EBITDA: 14.6x ▪ CEO: Troy Woods ▪ SVP, CFO: Paul Todd ▪ President, COO: Pamela Joseph All dollar denominations within the Financials data section are displayed in millions. ▪ SVP, CIO: Patricia Watson All Financials recorded are as of 6/2/2017. Source: Capital IQ, The Company website (Recent News), Techcrunch, Business Insider. 65

Verifone

Business Description FinTech Initiatives ▪ Verifone is an American multinational corporation that provides ▪ Verifone is partnering with MasterCard to expedite the consumer technology for electronic payment transactions and value-added checkout. By implementing Mastercard’s M/ChipFast technology services at the point-of-sale ▪ M/Chip Fast prioritizes the elements of a transaction that are most ▪ Verifone sells merchant-operated, consumer-facing and self-service critical to security in order to speed chip checkout times payment systems to the financial, retail, hospitality, petroleum, government and healthcare industries ▪ This collaboration serves as a reinforcement for emerging technologies in the EMV space, otherwise known as “smart cards” ▪ The company’s system solutions consist of POS electronic payment which store financial information on integrated circuits in the form devices that run its own operating systems, security and encryption of a chip on credit and debit cards software, and certified payment software, and that are designed for both consumer-facing and unattended environments

Financials Representative M&A Precedent Transaction Activity Market Cap: $2,097 Date Target Target Description Cash & Equivalents: $147 Jan-16 Single exchange for a handful of devices Debt: $904 Enterprise Value: $2,892 Nov-15 Payment acceptance services LTM Revenue: $1,992 Feb-15 Mobile payment software for retailers LTM EBITDA: $254

EV/LTM Revenue: 1.5x Management EV/LTM EBITDA: 13.1x ▪ CEO: Paul Galant ▪ CFO: Marc Rothman ▪ CSO: Vincent D’Agostino ▪ EVP: Glen Robson

All dollar denominations within the Financials data section are displayed in millions. All Financials recorded are as of 6/2/2017. Source: Capital IQ, The Company website (Recent News), Techcrunch, Business Insider. 66

Visa

Business Description FinTech Initiatives ▪ Visa is an American multinational financial services firm that ▪ Visa has recently launched the “European Everywhere” Initiative, a facilitates electronic funds transfers throughout the world, most fintech startup challenge that invites startups from 19 European commonly throughVisa-branded credit cards and debit cards markets to submit ideas focused on improving payments in local and travel industries ▪ Visa does not issue cards, extend credit or set rates and fees for consumers; rather, Visa provides financialinstitutionswith ▪ Successful applicants are invited to create and develop their plans Visa-branded payment products that they then use to offer credit, alongside Visa while also gaining access to Visa APIs through the Visa debit, prepaid and cash-access programs to their customers Developer Platform

Financials Representative M&A Precedent Transaction Activity Market Cap: $221,690 Date Target Target Description Cash & Equivalents: $6,427 Dec-16 Digital authentication software Debt: $15,888 Enterprise Value: $235,253 Feb-15 eCommerce payment platform LTM Revenue: $18,812 Jun-11 Mobile financial solutions for banks LTM EBITDA: $11,012

EV/LTM Revenue: 14.0x Management EV/LTM EBITDA: 20.3x ▪ CEO: Alfred Kelly Jr. ▪ CFO: Vasant Prabhu ▪ EVP of Technology: Rajat Taneja ▪ CRO: Ellen Richey

All dollar denominations within the Financials data section are displayed in millions. All Financials recorded are as of 6/2/2017. Source: Capital IQ, The Company website (Recent News), Techcrunch, Business Insider. 67

Vista Equity Partners

Business Description FinTech Initiatives • Vista Equity Partners is a leading private equity firm focused on ▪ Vista Equity Partners (VEP) and our private equity strategy offer a investing in software and technology-enabled businesses with combination of financial and intellectual capital to bring lasting value approximately $20 billion in cumulative capital commitments, Vista and sustainable growth to our companies. seeks to partner with world-class management teams looking to reach their full potential ▪ We set companies up for success by offering proven best practices and unique insights from a community of executives who • Vista has created a software business model and have developed understand the opportunities and challenges within the industry. specific operational improvements (the "Vista SOPs") to create value, and Vista combines this operational capability and ▪ This approach equips our companies with the resources they need understanding with a unique, long-term perspective. This to achieve their vision for their businesses. Our sole focus on the combination encourages optimal business decisions, enables the software industry means that we are unrivaled in terms of pursuit of operational excellence, and drives maximum value experience and know-how. creation for all shareholders ▪ We ensure that a company can maximize the expertise of our • Vista Equity Partners is a low volume, high value-add firm that makes network to achieve operational excellence, sustainable growth, and only a limited number of investments per year. Vista's investment financial returns process continually identifies specific companies that can be acquired and transformed through the implementation of the Vista SOPs into predictable, high cash flow businesses

Financials Representative M&A Precedent Transaction Activity

Market Cap: $0 Date Target Target Description

Cash & Equivalents: $0 Dec-16 Lending/payments solutions for financial services Debt: $0 Enterprise Value: $0 Sep-15 Provides Cloud financial software solutions

LTM Revenue: $0 LTM EBITDA: $0 Management

EV/LTM Revenue: 0.0x ▪ CEO: Robert Smith EV/LTM EBITDA: 0.0x ▪ CTO: Fareed Adib ▪ COO: David Breach ▪ Principal: Alan Cline All dollar denominations within the Financials data section are displayed in millions. All Financials recorded are as of 6/2/2017. Source: Capital IQ, The Company website (Recent News), Techcrunch, Business Insider. 68

5. Private Company Profiles

69

Selected Private Companies

51Credit ...... 74 Biz2Credit ...... 84

51XinYongka ...... 74 Blockchain ...... 85

Advice Robo ...... 75 Blockstream ...... 85

Addepar ...... 75 BlueVine...... 86

Adyen ...... 76 Borrowell ...... 86

Affirm ...... 76 Bud ...... 87

AimBrain...... 77 Cadre...... 87

Airwallex ...... 77 Capital Float ...... 88

Algebraix ...... 78 Celoxica ...... 88

Alkamai Technology ...... 78 Chain Core ...... 89

AlphaSense...... 79 Circle Internet Financial ...... 89

Applied Data Finance ...... 79 CircleUp Network ...... 90

AutoGravity ...... 80 Clark Germany ...... 90 auxmoney ...... 80 Clover Health ...... 91

Avant ...... 81 Coinbase ...... 91

AvidXchange ...... 81 CommonBond ...... 92

Banqer ...... 82 CompareAsiaGroup ...... 92

Braintree ...... 82 Compass ...... 93

Betterment ...... 83 ComplyAdvantage ...... 93

BitPay ...... 83 Cortical.io ...... 94

BitFury Group ...... 84 CoverGenius ...... 94

CoverWallet ...... 95

70

Credibly ...... 95 GrassRoots Bima ...... 107

Credit Karma ...... 96 Greensky ...... 108

Credit Sesame ...... 96 Greenway Health ...... 108

Cuvva ...... 97 GuiaBolso ...... 109

Dataminr ...... 97 Gusto ...... 109

Dealstruck ...... 98 Hangzhou Tongbanjie Network ...... 110

Dianrong...... 98 iBanFirst ...... 110

Digital Asset ...... 99 ID Finance ...... 111

Dividend Solar ...... 99 IdentityMind Global ...... 111

Earn.com ...... 100 Ignia ...... 112

Easynvest ...... 100 Incisive Media ...... 112

Eloancn ...... 101 IndieGogo ...... 113 eProdigy Financial ...... 101 Internet Pipeline ...... 113

FastPay Partners ...... 102 InterNex Capital ...... 114

Filament ...... 102 InvestCloud ...... 114

Firstp2p ...... 103 iwoca ...... 115

Flutterwave ...... 103 iyzico ...... 115

Focus Financial Partners ...... 104 iZettle ...... 116

Frontclear ...... 104 Kabbage ...... 116

Fu passers ...... 105 Kensho ...... 117

Fundation ...... 105 Kickstarter ...... 117

Funding Circle ...... 106 ...... 118

Fundry Capital ...... 106 Kreditech ...... 118

Future Finance ...... 107 KredX ...... 119 71

Kueski ...... 119 NerdWallet...... 131

Lakala ...... 120 North America Bancard ...... 132

Landbay Partners ...... 120 Nubank ...... 132

Lemonade ...... 121 One97 ...... 133

Lendify...... 121 Online Resources ...... 133

LendingHome ...... 122 OpenDoor ...... 134

LendingKart ...... 122 Options IT ...... 134

LendInvest ...... 123 Opus Global ...... 135

Lendix ...... 123 Oscar ...... 135

LendUp ...... 124 OurCrowd ...... 136

Leveris ...... 124 PayFit ...... 136

Liquidnet Holdings ...... 125 Payoneer ...... 137

Lydia ...... 125 PaySimple ...... 137

Macrovue ...... 126 Personal Capital ...... 138

Meili Jinrong ...... 126 Plynk ...... 138

MetroMile ...... 127 Pockit ...... 139

MoneyExpert ...... 127 ProducePay ...... 139

MoneyLion ...... 128 Prospa ...... 140

MoneyMe ...... 128 Prosper ...... 140

Moneytree ...... 129 Quant Group ...... 141

Motif ...... 129 Qonto ...... 141

Mozido ...... 130 R3 ...... 142

Nanopay ...... 130 Raisin ...... 142

NeoGrowth ...... 131 RealtyShares ...... 143 72

Revolut ...... 143 TransferWise ...... 155

Riby ...... 144 Trumid Financial ...... 156

Ripple ...... 144 Trusona ...... 156

Robinhood ...... 145 Tundaiwang ...... 157

Rong360 ...... 145 Upgrade ...... 157

Satispay ...... 146 Upstart Network ...... 158

Science ...... 146 VATBox ...... 158

Seeking Alpha ...... 147 Vestmark ...... 159

Sensibill ...... 147 Viva Republica ...... 159

Shenzhen Jinfuzi Network Tech ...... 148 Wave ...... 160

SigFig ...... 148 Wealthfront ...... 160

Signifyd ...... 149 WealthSimple ...... 161

SoFi ...... 149 Wecash ...... 161 solarisBank ...... 150 WeLab ...... 162

SourceMedia ...... 150 WorldRemit ...... 162

Spotcap ...... 151 Xapo ...... 163

Stripe ...... 151 Xiaoying Financial ...... 163

Sunlight Financial ...... 152 YapStone ...... 164

Symphony ...... 152 Younited Credit ...... 164

Taulia ...... 153 Zenefits ...... 165

ThetaRay ...... 153 ZestFinance ...... 165

Token ...... 154 ZhongAn...... 166

TNG FinTech Group ...... 154 Zibby ...... 166

TradingScreen ...... 155 73

51credit.com

Company Overview u51 offers a platform which provides detailed information on credit cards issued by local banks and allows users to search and compare terms and promotions while providing loans and other financial services to consumers.

Address: East Street, No. 40, Website: www.u51.com Yuanjia International Founded: 2005 Room 303 Block A, Beijing, Total Capital Raised: $469.0Dongcheng M 100027 Investors: eGarden Ventures, Guoxin Hongsheng Venture Capital, Harvest Global Investments, HgCapital, Intime Retail (Group), JD.com, Meridian Capital China, SAIF Partners, Shenzhen Qianhe Capital Management Selected Senior Management Professional Professional Title Zhiyun Tu Ph.D Founder, Co-CEO and Chairman Sun Haitao Co-CEO Chang Shanshan COO Xu Wen CTO

51XinYongka

Company Overview U51.com is a credit card and online financial services mobile app that helps users manage their credit card bills, invest in wealth management products, apply for online loans and provide other personal credit-based services.

Address: 12/F, Block G, Website: www.u51.com Xixi Valley International, Founded: 2012 No. 80, Zixia Street, Xihu

Total Capital Raised: $459.0 M Investors: GGV Capital, Harvest Capital, JD.com, Meridan Capital China, Shunwei Capital, Tiantu Capital

Selected Senior Management Professional Professional Title Sun Haito Founder and CEO Jerry Zhou CTO

74

Advice Robo

Company Overview Advice Robo's predictive services are provided through robot advisors that apply big behavioral data, psychographics, artificial intelligence and machine learning to reveal additional information to create rich insights for better decision-making, enabling customers to receive advanced scoring and predictive analytics to find out their creditworthiness for lending and insurance.

Address: Level 39, One Canada Website: www.advicerobo.com Square Founded: 2013 Canary Wharf London E14 5DY England Total Capital Raised: NA Investors: Level39

Selected Senior Management Professional Professional Title Diederick Van Thiel Ph.D Co-Founder and CEO Rosali Steenkamer Co-Founder and COO Rosali Steenkamer CCO

Addepar

Company Overview Addepar is a financial operating system designed to bring common sense and ethical, data-driven investing to our financial world.

Address: 303 Bryant Street, Website: www.addepar.com Mountain View, CA 94043 Founded: 2009

Total Capital Raised: $206.9 M Investors: American Pacific Ventures, ff Venture Capital, Greenoaks Capital, Valor Equity Partners

Selected Senior Management Professional Professional Title Joe Lonsdale Co-Founder and Chairman Eric Poirier CEO Nancy Hilker CFO Matt Doermann VP, Engineering

75

Adyen

Company Overview Adyen's platform connects directly to Visa, Mastercard, and all key payment methods globally, enabling businesses to accept payments and optimize growth across online, in-app, and in store.

Address: 274 Brannan Street, Website: www.adyen.com Suite 600, Founded: 2006 San Francisco, CA 94107

Total Capital Raised: $266.0 M Investors: Felicis Ventures, General Atlantic, ICONIQ Capital, Index Ventures, Temasek Holdings

Selected Senior Management Professional Professional Title Pieter van der Does Co-Founder, President, and CEO Arnout Schuijff Co-Founder and CTO Ingo Uytdehaage CFO

Affirm

Company Overview Affirm, a financial technology services company, offers installment loans to consumers at the point of sale.

Address: 633 Folsom Street, Website: www.affirm.com San Francisco, CA 94107 Founded: 2012

Total Capital Raised: $727.6 M Investors: Andreessen Horowitz, Spark Capital, Founders Fund, Lightspeed Venture Partners, Khosla Ventures

Selected Senior Management Professional Professional Title Max Levchin Founder and CEO Libor Michalek CTO Jeremy Solomon Head of Finance and Capital Markets

76

AimBrain

Company Overview AimBrain develops a mobile biometric authentication platform designed to accurately authenticate customers.

Address: Level 39, One Canada Website: www.algebraixdata.com Square Founded: 2009 Canary Wharf London E14 5AB England Total Capital Raised: $5.7 M Investors: BGF Ventures, CyLon, Entrepreneur First, Episode 1 Ventures, FinTech Innovation Lab

Selected Senior Management Professional Professional Title Andrius Sutas Co-Founder & CEO Alesis Novik Ph.D Co-Founder & CTO Peter Reynolds Chief Commercial Officer

Airwallex

Company Overview Airwallex provides cross-border payments and foreign exchange platform designed to make and receive international payments. The company's payments platform, enables invoice clients, pay suppliers and institutions to issue and pay invoices in their preferred currency at the mid-market foreign exchange rate.

Address: Level 7/15 Website: www.algebraixdata.com William Street Founded: 2009 Melbourne, Victoria 3000 Australia Total Capital Raised: $22.0 M Investors: Gobi Ventures, Huashan Capital One, MasterCard, Sequoia Capital, Square Peg Capital

Selected Senior Management Professional Professional Title Jack Zhang Co-Founder & CEO Lucy Liu Co-Founder & COO Jacob Dai Co-Founder & CTO Ki-Lok Wong Co-Founder & Principal Architect

77

Algebraix Data

Company Overview Algebraix Data develops data management software enabled by blockchain and ALX cryptocurrency that is designed to help individuals own and monetize their personal data.

Address: 9601 Amberglen Website: www.algebraixdata.com Boulevard Founded: 2009 Austin, TX 78729

Total Capital Raised: $66.5 M Investors: NA

Selected Senior Management Professional Professional Title Charles Silver CEO and Chairman Andy Shah CTO Wes Holler VP, Engineering

Alkami Technology

Company Overview Alkami Technology provides online and mobile banking solutions for credit unions and banks.

Address: 5601 Granite Parkway Website: www.alkami.com Suite 120 Founded: 2009 Plano, TX 75024

Total Capital Raised: $95.6 M Investors: S3 Ventures, Wild Basin Investments

Selected Senior Management Professional Professional Title Michael Hansen CEO, President and Board Member David Becker CFO Stephen Bohanon Co-Founder, Chief Strategy and Sales Officer

78

AlphaSense

Company Overview AlphaSense uses a blend of advanced linguistic search and natural language processing algorithms to enable research professionals to search, navigate, analyze filings, and research news and other disclosures for critical data points.

Address: One Sansome Street, Suite Website: www.alpha-sense.com 3500 Founded: 2010 San Francisco, CA 94104

Total Capital Raised: $36.9 M Investors: First Fellow Partners, Quantum Strategic Partners, Triangle Peak Partners, Tribeca Venture Partners

Selected Senior Management Professional Professional Title Jack Kokko Founder and CEO Raj Neervannan Founder and CTO Eero Jyske VP, Engineering

Applied Data Finance

Company Overview Applied Data Finance provides consumer financial services intended for lending money.

Address: 60 East 42nd Street, 30th Website: www.applieddatafinance.com Floor Suite 3030 Founded: 2014 New York, NY 10165

Total Capital Raised: $87.3 M Investors: Fenway Summer Ventures, Redpoint Capital Group, Victory Park Capital

Selected Senior Management Professional Professional Title Krishna Gopinathan Co-Founder, Co-CEO & Chairman Glen Freter CFO Daniel Chelew COO Craig Nies CTO

79

AutoGravity

Company Overview AutoGravity develops a smartphone-based vehicle leasing and financing application created to offer comparison for vehicle shopping and auto financing.

Address: 49 Discovery Website: www.autogravity.com Suite 150 Founded: 2015 Irvine, CA 92618

Total Capital Raised: $80.0 M Investors: DA Investments Company, Daimler, VW Credit

Selected Senior Management Professional Professional Title Andreas Hinrichs Co-Founder and CEO Serge Vartanov Co-Founder and CMO Lukas Wickart CFO Martin Prescher Ph.D CTO auxmoney

Company Overview auxmoney provides online marketplace for peer-to-peer lending created to offer a means of exchange between people.

Address: Königsallee 60F Website: www.auxmoney.com 40212 Düsseldorf Founded: 2007 Germany

Total Capital Raised: $224.5 M Investors: Aegon, Crosslantic Capital, Foundation Capital, Index Ventures (UK), Partech Ventures, SAB Capital

Selected Senior Management Professional Professional Title Raffael Johnen Co-Founder, CEO & Managing Director Manuel Nothelfer COO Maik Ernst CTO

80

Avant

Company Overview Avant operates an online marketplace that provides users with access to personal loans to consolidate debt, pay unexpected medical expenses, and for family vacations.

Address: 222 N. LaSalle Street, Website: www.avant.com Suite 1700 Founded: 2012 Chicago, IL 60601

Total Capital Raised: $1,356.9 M Investors: August Capital, DFJ Growth, General Atlantic, RRE Ventures, Tiger Global Management

Selected Senior Management Professional Professional Title Al Goldstein Co-Founder and CEO John Sun Co-Founder and UK Managing Director Paul Zhang Co-Founder and Chief Architect Suk Shah CFO

AvidXchange

Company Overview AvidXchange provides accounts payable and on-demand invoice management solutions.

Address: 1111 Metropolitan Ave, Website: www.avidxchange.com Suite 650 Founded: 2000 Charlotte, NC 28204

Total Capital Raised: $243.0 M Investors: Fifth Third Capital, , Square 1 Bank

Selected Senior Management Professional Professional Title Michael Praeger Founder and CEO Chris Tinsley CTO Joel Wilhite CFO Jay Plueger SVP of Strategic Initiatives and Corporate Development

81

Banqer

Company Overview Banqer provides a financial education platform intended to increase knowledge of students with money.

Address: Christchurch City Website: www.banqer.co New Zealand Founded: 2014

Total Capital Raised: $0.01 M Investors: Webstock

Selected Senior Management Professional Professional Title Kendall Flutey Co-Founder & CEO Marc McHardy Co-Founder & Design Lead Ben Wigley Co-Founder & Development Lead

Braintree

Company Overview Braintree helps businesses of all sizes accept, process, and split payments to help maximize business opportunities and revenue growth.

Address: 123 Townsend Street, Website: www.braintreepayments.com 6th Floor, Founded: 2007 San Francisco, CA 94107

Total Capital Raised: $69.0 M Investors: Accel Partners, Greycroft Partners, New Enterprise Associates, RRE Ventures

Selected Senior Management Professional Professional Title Bill Ready CEO John Macilwaine CTO Amitabh Jhawar COO

82

Betterment

Company Overview Betterment is a goal-based online investment company, delivering personalized financial advice paired with low fees and customer experience.

Address: 61 West 23rd Street, Website: www.betterment.com 4th Floor, Founded: 2008 New York, NY, 10010

Total Capital Raised: $275.0 M Investors: Citi Ventures, Menlo Ventures, Francisco Partners, Kinnevik AB

Selected Senior Management Professional Professional Title Jon Stein Co-Founder and CEO Eli Broverman Co-Founder and President Dustin Lucien COO Mike Reust VP of Engineering

BitPay

Company Overview BitPay is a payment processor for the peer-to-peer digital currency, Bitcoin.

Address: Spaces Zuidas Website: www.bitfury.com Barbara Strozzilaan 201 Founded: 2011 1083 HN Amsterdam Netherlands Total Capital Raised: $60.0 M Investors: Binary Financial, Blockchain Capital, DRW Venture Capital, Georgian Co-Investment Fund, iTech Capital, Social Discovery Ventures Selected Senior Management Professional Professional Title Valery Vavilov Co-Founder, Board Member of Directors and CEO Valery Nebesny Co-Founder and CTO Niko Punin Head, Product Development

83

BitFury Group

Company Overview BitFury provides a Blockchain infrastructure designed to allow companies to successfully digitize their assets and safely transact them over the internet.

Address: Spaces Zuidas Website: www.bitfury.com Barbara Strozzilaan 201 Founded: 2012 1083 HN Amsterdam Netherlands Total Capital Raised: $90.0 M Investors: Binary Financial, Blockchain Capital, DRW Venture Capital, Georgian Co-Investment Fund, iTech Capital, Social Discovery Ventures Selected Senior Management Professional Professional Title Valery Vavilov Co-Founder, Board Member of Directors and CEO Valery Nebesny Co-Founder and CTO Niko Punin Head, Product Development

Biz2Credit

Company Overview Biz2Credit has developed an online business platform connecting small and medium-sized businesses with lenders, service providers and complementary business tools.

Address: 18th Floor, 333, 7th Website: www.biz2credit.com Avenue Founded: 2007 New York, NY 10001

Total Capital Raised: $250.2 M Investors: Nexus Venture Partners

Selected Senior Management Professional Professional Title Rohit Arora Co-Founder & CEO Ramit Arora Co-Founder & President Ravi Chamria CTO

84

Blockchain

Company Overview Blockchain is a web-based bitcoin platform that makes using bitcoin safe, easy, and secure for all consumers and businesses worldwide.

Address: Luxembourg Website: www.blockchain.com Founded: 2011

Total Capital Raised: $30.0 M Investors: Lightspeed Venture Partners, Mosaic Ventures, Wicklow Capital

Selected Senior Management Professional Professional Title Nicolas Cary Co-Founder Ben Reeves Co-Founder Peter Smith CEO and Co-Founder

Blockstream

Company Overview Blockstream's software and hardware products offer interoperable blockchain technologies (sidechains) and apply innovative uses of cryptography for commercial privacy within blockchain infrastructures.

Address: 240 Stockton Street Website: www.blockstream.com San Francisco, CA 94108 Founded: 2014

Total Capital Raised: $77.3 M Investors: AME Cloud Ventures, AXA Strategic Ventures, Blockchain Capital, Data Collective, Horizons Ventures, Khosla Ventures, Mosaic Ventures, Real Ventures Selected Senior Management Professional Professional Title Ph.D Co-Founder and CEO Erik Svenson Co-Founder and COO Gregory Maxwell Co-Founder and CTO

85

BlueVine

Company Overview BlueVine allows small businesses to get paid immediately on their outstanding invoices.

Address: 401 Warren Street Website: www.bluevine.com Floor 3 Founded: 2013 Redwood City, CA 94063

Total Capital Raised: $318.0 M Investors: 83North, Fortress Investment Group, Lightspeed Venture Partners, Menlo Ventures

Selected Senior Management Professional Professional Title Yacov Lifshitz Co-Founder, Board Member and CEO Nir Klar Co-Founder, Board Member and CTO Eric Sager Chief Revenue Officer Ana Sirbu Vice President, Finance and Strategy

Borrowell

Company Overview Borrowell develops an online lending platform designed to offer personal loans and free credit scores.

Address: 160 John Street Website: www.borrowell.com Suite 200 Founded: 2014 Toronto, Ontario M5V 2E5 Total Capital Raised: £1.5Canada M Investors: Equitable Group, Freycinet Ventures, Hedgewood, Oakwest Corporation, Portag3 Ventures, Power Financial, Ryerson Futures, White Star Capital Selected Senior Management Professional Professional Title Andrew Graham Co-Founder & CEO Eva Wong Co-Founder & COO Salim Naran Co-Founder & CTO Scott Laitinen Co-Founder & Chief Risk Officer

86

Bud

Company Overview Bud's banking platform offers a single interface where users can find and understand modular financial products from fintech and traditional banks, enabling users to find the right products for their use case.

Address: 160 Brick Lane Website: www.thisisbud.com Unit D Founded: 2015 London E1 6RU England Total Capital Raised: $2.3 M Investors: Banco de Sabadell, FinTech Innovation Lab, Force Over Mass Capital, Investec Ventures, TechHub

Selected Senior Management Professional Professional Title Edward Maslaveckas Co-Founder and CEO George Dunning Co-Founder and CTO

Cadre

Company Overview Cadre is an online marketplace that connects investors and operators of real estate. It allows investors to sell their interest on the secondary marketplace thereby introducing liquidity into an antiquated industry.

Address: 110 Wall Street, Website: www.cadre.com New York, NY 10005 Founded: 2014

Total Capital Raised: $133.4 M Investors: Founders Fund, General Catalyst, Khosla Ventures, Lakestar, Sherpa Capital, Thrive Capital

Selected Senior Management Professional Professional Title Ryan Williams Co-Founder and CEO Marcos Alvardo Head of Acquisitions and Business Operations Andrew Borovsky Head of Product Jean Sini CTO

87

Capital Float

Company Overview Capital Float's online lending platform offers flexible, short-term loans that can be applied online in minutes. Users can select desired payment terms and receive funds in 3 days.

Address: Gokaldas Platinum New Website: www.capitalfloat.com no. 3 (Old no. 211), Upper Founded: 2013 Palace Orchards Bellary Road, Sadashiva Total Capital Raised: $88.5MNagar, Karnataka Investors: Aspada, Creation Investments Capital Management, Ribbit Capital, SAIF Partners, Sequoia Capital India, Warburg Pincus Selected Senior Management Professional Professional Title Gaurav Hinduja Co-Founder and Managing Director Sashank Rishyasringa Co-Founder and Managing Director Rohan Angrish CTO Rajesh Viswanathan CFO

Celoxica

Company Overview Celoxica provides ultra-low latency market data access and order execution solutions for the advanced trading community.

Address: 20 Craven Terrace Website: www.celoxica.com London W2 3QH Founded: 1996 England

Total Capital Raised: $64.3 M Investors: Beringea, Oxford University Innovation

Selected Senior Management Professional Professional Title Jean Bouhelier Executive Chairman and CEO Gilles Herfeld CTO Lee Staines Board Member, President and Global Head of Business Development & Sales

88

Chain Core

Company Overview Chain is a blockchain technology company that partners with financial firms to build and deploy blockchain networks which transform markets. It enables institutions to design, deploy, and operate blockchain networks.

Address: 292 Ivy Street, Website: www.chain.com San Francisco, CA 94102 Founded: 2014

Total Capital Raised: $30.0 M Investors: Betaworks, Blockchain Capital, BoxGroup, Digital Currency Group, Khosla Ventures

Selected Senior Management Professional Professional Title Adam Ludwin Co-Founder and CEO Ryan Smith Co-Founder and CTO Nadia Ali VP of Finance Tom Jessop President

Circle Internet Financial

Company Overview Circle Internet Financial provides an application for end-users, businesses and charities aimed at enabling the storage, security and use of digital money and in-person payments.

Address: 332 Congress Street Website: www.circle.com 4th Floor Founded: 2013 Boston, MA 02210

Total Capital Raised: $136.0 M Investors: Accel, Breyer Capital, General Catalyst Partners, Goldman Sachs, IDG Capital, Wanxiang Group

Selected Senior Management Professional Professional Title Jeremy Allaire Co-Founder, Chairman and CEO Sean Neville Co-Founder, Board Member & President of Product and Operations Peter Farland VP, Engineering

89

CircleUp Network

Company Overview CircleUp is an investment marketplace for innovative, early-stage consumer product and retail businesses.

Address: 30 Maiden Lane, Floor 6 Website: www..com San Francisco, CA 94108 Founded: 2012

Total Capital Raised: $53.0 M Investors: Canaan Partners, Rose Park Advisors, Union Square Ventures

Selected Senior Management Professional Professional Title Ryan Caldbeck Co-Founder and CEO Rory Eakin Co-Founder and COO Erik Vandekieft VP of Engineering Asher Hochberg Head of Corporate Development

Clark Germany

Company Overview Clark Germany develops a digital insurance platform designed to make the complex world of insurance easy, comprehensible and transparent to users.

Address: Vilbeler Str. 29 Website: www.clark.de 60313 Frankfurt Founded: 2015 Germany

Total Capital Raised: $14.8 M Investors: Axel Springer, Barikuta Partners, Crosslantic Capital, FinLeap, German Media Pool, HitFox Group, Kulczyk Investments, Portag3 Ventures, TA Ventures, Tenderloin Ventures, Yabeo Capital Selected Senior Management Professional Professional Title Christopher Oster Co-Founder & CEO Marco Adelt Ph.D Co-Founder, COO & Managing Director Steffen Glomb Co-Founder & CTO Chris Lodde Co-Founder & CMO

90

Clover Health

Company Overview Clover Health is reinventing the health insurance model by integrating technology into every aspect of its members’ healthcare.

Address: 22 4th Street, Website: www.cloverhealth.com San Francisco CA 94103 Founded: 2014

Total Capital Raised: $425.0 M Investors: First Round, Greenoaks Capital, Nexus Venture Partners, Sequoia Capital

Selected Senior Management Professional Professional Title Vivek Garipalli Co-Founder and CEO Kris Gale Co-Founder and CTO Joshua Kopelman Co-Founder and Partner

Coinbase

Company Overview Coinbase's digital currency platform for bitcoin helps merchants and consumers to transact with bitcoin currency, enabling them to instantly exchange the digital currency.

Address: 548 Market Street Website: www.coinbase.com Suite 23008 Founded: 2012 San Francisco, CA 94104

Total Capital Raised: $250.6 M Investors: Andreessen Horowitz, Battery Ventures, DFJ Growth, Draper Associates, Greylock Partners, Ridge Ventures

Selected Senior Management Professional Professional Title Brian Armstrong Co-Founder and CEO Adam White Vice President and GM Asiff Hirji President and COO Hector David CTO

91

CommonBond

Company Overview CommonBond is an online lending platform that connects borrowers and investors to make education finance better.

Address: 524 Broadway, 6th Floor Website: www..com New York, NY 10012 Founded: 2011

Total Capital Raised: $78.6 M Investors: August Capital, Neuberger Berman Group, Social Capital, Tribeca Venture Partners

Selected Senior Management Professional Professional Title David Klein Co-Founder and CEO Jay Coleman CFO Dean McRobbie CTO Robb Granado COO

CompareAsiaGroup

Company Overview CompareAsiaGroup's financial comparison platform offers independent comparison tools for insurance, credit cards, personal loans and other financial products, enabling consumers to make choices about personal finance and money saving.

Address: 21/F, 88 Hing Fat Street Website: www.compareasiagroup.com Tin Hau Founded: 2012 Hong Kong

Total Capital Raised: $96.0 M Investors: Alibaba Entrepreneurs Fund, ACE & Company, Goldman Sachs, H&Q Asia Pacific, Pacific Century Group Ventures, PineBridge Investments, Stem Capital Partners Selected Senior Management Professional Professional Title Sam Allen CEO Shaun Kraft CFO Gerald Eder Co-Founder

92

Compass

Company Overview Compass is a tech-driven real estate platform that puts technology at the fingertips of its agents and clients to streamline and transform the process of finding a home.

Address: 90 Fifth Ave., 3rd Floor, Website: www.compass.com New York, NY 10011 Founded: 2012

Total Capital Raised: $763.0 M Investors: Founders Fund, Goldman Sachs, SoftBank, Thrive Capital, Wellington Management

Selected Senior Management Professional Professional Title Robert Reffkin Co-Founder and CEO Ori Allon Co-Founder and Executive Chairman Craig Anderson CFO Liming Zhao Ph.D CTO

ComplyAdvantage

Company Overview ComplyAdvantage products provides a repository of real-time insight to help protect businesses from financial crime, and the creation of new technology tools to empower compliance professionals to work more efficiently.

Address: 18th Floor, 85 Broad St, Website: www.complyadvantage.com New York, NY 10004 Founded: 2014

Total Capital Raised: $8.2 M Investors: Balderton Capital

Selected Senior Management Professional Professional Title Charles Delingpole CEO Luke Mawby Head of Technology

93

Cortical.io

Company Overview Cortical.io offers Natural Language Understanding (NLU) solutions based on Semantic Folding, a theory which opens a fundamentally new perspective to handling Big Text Data.

Address: Mariahilfer Strasse 4 Website: www.cortical.io 1070 Vienna, Austria Founded: 2011

Total Capital Raised: $6.1 M Investors: Numenta, Open Field Capital, Reventon B.V., Zirngast

Selected Senior Management Professional Professional Title Daniel Schreiber Co-Founder Francisco Webber Co-Founder and General Manager Erik Graf Head of Research Hans-Peter Riecken VP Sales & Business Development

CoverGenius

Company Overview CoverGenius offers an insurance distribution platform designed to sells insurance for car rentals.

Address: Level 2, 50 Bridge Street Website: www.covergenius.biz Sydney, New South Wales Founded: 2012 Australia

Total Capital Raised: $1.6 M Investors: elevate61

Selected Senior Management Professional Professional Title Christopher Bayley Co-Founder and CEO Angus McDonald Co-Founder and Head of Partnerships Justin Diddams CFO Scott Barnett Ph.D CTO

94

CoverWallet

Company Overview CoverWallet provides an online enterprise insurance management platform intended to speed up the insurance-buying process with data analytics.

Address: 100 Avenue of the Website: www.coverwallet.com Americas Founded: 2015 3rd Floor New York, NY 10013 Total Capital Raised: $31.3 M Investors: Founder Collective, Foundation Capital, Highland Capital Partners, Index Ventures, Starr Companies, Two Sigma Ventures, Union Square Ventures Selected Senior Management Professional Professional Title Inaki Berenguer Ph.D Co-Founder & CEO Rashmi Melgiri Co-Founder & COO James Ermilio JD President, Insurance

Credibly

Company Overview Credibly offers a platform that leverages data science and analytics to deliver a range of short- and long-term capital to satisfy the SMB credit spectrum in the U.S.

Address: 1250 Kirts Boulevard Website: www.credibly.com Suite 100 Founded: 2010 Troy, MI 48084

Total Capital Raised: $70.0 M Investors: Flexpoint Ford

Selected Senior Management Professional Professional Title Edan King Co-Founder and Co-CEO Ryan Rosett Co-Founder and Co-CEO Chris Roe CTO Jim Murray CFO

95

Credit Karma

Company Overview Credit Karma is a personal finance company that's focused on helping everyone make financial progress.

Address: 760 Market St, Website: www.creditkarma.com San Francisco, CA 94102 Founded: 2007

Total Capital Raised: $370.3 M Investors: CapitalG, QED Investors, Ribbit Capital, Susquehanna Growth Equity

Selected Senior Management Professional Professional Title Ken Lin Founder and CEO Ryan Graciano CTO Joseph Kauffman CFO

Credit Sesame

Company Overview Credit Sesame provides a credit and loan management platform intended to change the way consumers apply for and manage their credit.

Address: 607 West Dana Street Website: www.creditsesame.com Mountain View, CA 94041 Founded: 2010

Total Capital Raised: $77.5 M Investors: Camp One Ventures, Globespan Capital Partners, IA Capital Group, Inventus Capital Partners, Menlo Ventures, SF Capital, Syncora Alternative Investments Selected Senior Management Professional Professional Title Adrian Nazari Co-Founder, President and CEO Jesse Levey COO Pejman Makhfi CTO

96

Cuvva

Company Overview Cuvva provides car insurance that gets one covered on a car for only as long as one needs it.

Address: C/o Swiss Re Website: www.cuvva.com 1 Pancras Square Founded: 2014 London N1C 4AG England Total Capital Raised: $2.6 M Investors: Augementors, Local Globe, Seedcamp, Techstars Ventures, Tekton Ventures

Selected Senior Management Professional Professional Title Freddy Macnamara Co-Founder, Board Member & Chief Executive Officer James Billingham Co-Founder & CTO Loren Gould Head of Growth

Dataminr

Company Overview Dataminr develops modular desktop and API products that provides custom signal creation, integration of data sets and back- testing services. Dataminr services both buy-side and sell-side financial firms, as well as municipal and federal clients.

Address: 6 East 32nd Street, Website: www.dataminr.com Floor 2, Founded: 2009 New York, NY 10016

Total Capital Raised: $570.0 M Investors: Andreas Wuerfel, Fidelity Investments, IVP (Institutional Venture Partners), Venrock

Selected Senior Management Professional Professional Title Ted Bailey Founder and CEO Jeff Kinsey CTO Julio Pekarovic CFO Peter Bailey CSO

97

Dealstruck

Company Overview Dealstruck is a provider of an online lending service to small and medium sized businesses.

Address: 1901 Camino Vida Roble Website: www.dealstruck.com Suite 120 Founded: 2012 Carlsbad, CA 92008

Total Capital Raised: $170.9 M Investors: Blackbird Ventures, Community Investment Management, Peterson Ventures

Selected Senior Management Professional Professional Title Ethan Senturia Co-Founder and CEO Russell McLoughlin Co-Founder and CTO Robert Riedl President Jim Burke CFO

Dianrong

Company Overview Dianrong is a provider of a peer to peer lending platform designed to lend and borrow money online.

Address: 2/F, Number 457 Jumen Website: www.dianrong.com Road Founded: 2012 Bridge 8 Phase IV , 200023 China

Total Capital Raised: $449.0 M Investors: Bohai Financial Investment Holding Company, China Fintech Fund, Data Collective

Selected Senior Management Professional Professional Title Long Loh CEO Yawen Cui CFO Ling Kong CTO

98

Digital Asset

Company Overview Digital Asset is a developer of distributed ledger technology intended to build distributed, encrypted straight through processing tools.

Address: 96 Spring Street Website: www.digitalasset.com 7th & 8th Floors Founded: 2014 New York, NY 10012

Total Capital Raised: $107.2 M Investors: ABN AMRO Bank, Accenture, ASX, BNP Paribas, Broadridge Financial Solutions, , CME Ventures

Selected Senior Management Professional Professional Title Blythe Masters Co-Founder and CEO Yuval Rooz COO and Co-CFO Carol Mathis Co-CFO

Dividend Solar

Company Overview Dividend Solar is a developer of an online lending platform for investment in residential solar projects. The company helps in connecting homeowners, solar plant installers and investors allowing investors to choose from a diversified portfolio of homeowner loans supported by income-generating assets with performance guarantees.

Address: 1517 North Point Street Website: www.dividendsolar.com Suite 555 Founded: 2013 San Francisco, CA 94123 United States

Total Capital Raised: $218.5 M Investors: LL Funds

Selected Senior Management Professional Professional Title Eric White Co-Founder and CEO Stephen Michella Co-Founder and CEO Christopher Lambert CFO Adam Joffe CTO and COO

99

Earn.com

Company Overview Earn.com provides an application platform intended to offer digital currency services. The company's application platform provides decentralized digital currency and offers full stack software and hardware for bitcoin micro-payments.

Address: 436 Bryant Street Website: www.earn.com San Francisco, CA 94107 Founded: 2013 United States

Total Capital Raised: $116.1 M Investors: Data Collective, Geodesic Capital, Khosla Ventures, Pantera, Qualcomm Ventures, RRE Ventures

Selected Senior Management Professional Professional Title Balaji Srinivasan Ph.D Co-Founder and CEO Lily Liu CFO John Granata COO

Easynvest - Title Corretora de Valores

Company Overview Easynvest provides an online and mobile technology platform designed to make investments smart, simple and easy.

Address: Av. Dr. Cardoso de Melo Website: www.easynvest.com.br 1608, Vila Olímpia Founded: 1968 Sao Paulo Brazil

Total Capital Raised: $64.0 M Investors: Advent International

Selected Senior Management Professional Professional Title Marcio Martins Cardoso Managing Director

100

Eloancn

Company Overview Eloacn operates an online peer to peer lending platform. The company is an online lending platform where members can borrow and lend money among themselves.

Address: Haidian District Website: www.eloancn.com information Jia Founded: 2007 28th Building Block A, Section 308 real Beijing, 100085 China Total Capital Raised: $146.6 M Investors: Legend Holdings

Selected Senior Management Professional Professional Title Wang Sicong Founder and CEO eProdigy Financial

Company Overview eProdigy Financial is a provider of alternative finance. The company offers merchant cash advance space, small business loans, a front and back end software solution, automated underwriting and ACH processing.

Address: 11 Broadway Website: e-prodigy.com Suite 814 Founded: 2010 New York, NY 10004 United States

Total Capital Raised: $80.0 M Investors:

Selected Senior Management Professional Professional Title David Rubin Founder and CEO

101

FastPay Partners

Company Overview FastPay Partners provides an accounts receivable platform for digital media businesses. The company helps digital publishers, ad- tech businesses and creative developers to manage payment cycles and revenues.

Address: 8201 Beverly Boulevard Website: www.gofastpay.com Suite 600 Founded: 2009 Los Angeles, CA 90048 United States

Total Capital Raised: $80.0 M Investors: Citi Ventures, Oak HC/FT, SF Capital Group, Capital Finance

Selected Senior Management Professional Professional Title Jed Simon Founder and CEO Francesco Fabbrocino CTO

Filament

Company Overview Filament integrated hardware and software solution that enables self-forming wireless mesh networks over long-range radio. The startup looking to bring the blockchain to tomorrow's Internet of Things (IoT).

Address: 100 North Arlington Ave. Website: www.filament.com Suite 105 Founded: 2013 Reno, NV 89504

Total Capital Raised: $22.3 M Investors: AngelList, Bullpen Capital, CME Ventures, Intel Capital, JetBlue Technology Ventures,Pantera Capital

Selected Senior Management Professional Professional Title Allison Clift-Jennings CEO Peter Saint-Andre CTO Bud Raymor Head of Finance Jeremie Miller Chief Scientist

102

Firstp2p

Company Overview Firstp2p provides an online lending information platform that connects individual investors with small and medium businesses that do not qualify for bank financing. It also provides car loans, mortgages and financial leasing.

Address: Mauritskade 63 Website: www.firstp2p.cn 1092 AD Amsterdam Founded: 2013 Netherlands

Total Capital Raised: $111.0 M Investors: CCB International Asset Management, ChinaEquity Group, Chong Sing Holdings FinTech Group

Selected Senior Management Professional Professional Title Chee-Yong Tan CEO Zhonghua Chen Co-CFO Zhou Xin Co-CFO

Flutterwave

Company Overview Flutterwave provides a payment service for global merchants, payment service providers, and Pan African banks.

Address: 1323 Columbus Avenue Website: www.flutterwave.com San Francisco, CA 94133 Founded: 2016

Total Capital Raised: $15.3 Investors: Greycroft, Omidyar Network, Social Capital, Y Combinator

Selected Senior Management Professional Professional Title Iyinoluwa Aboyeji Co-Founder & CEO

103

Focus Financial Partners

Company Overview Focus Financial Partners is an operator of financial markets development company intended for catalyzing stable and inclusive inter bank markets in emerging and frontier markets.

Address: Mauritskade 63 Website: www.focusfinancialpartners.com 1092 AD Amsterdam Founded: 2006 Netherlands

Total Capital Raised: $219.7 M Investors: Kohlberg Kravis Roberts, Stone Point Capital

Selected Senior Management Professional Professional Title Philip Buyskes CEO Erik van Dijk CFO and CRO

Frontclear

Company Overview Frontclear is an operator of financial markets development company intended for catalyzing stable and inclusive inter bank markets in emerging and frontier markets.

Address: Mauritskade 63 Website: www.frontclear.com 1092 AD Amsterdam Founded: 2015 Netherlands

Total Capital Raised: $219.7 M Investors: Cardano Development, Department for International Development

Selected Senior Management Professional Professional Title Philip Buyskes CEO Erik van Dijk CFO and CRO

104

Fu passers-International

Company Overview Fu passers-International is an operator of an online stock trading platform designed to provide information on trade stocks. The company's online stock trading platform provides a one-stop service to trade Chinese, Hong Kong and American stocks on PC, Mac iOS and Android devices, providing investors with all the necessary information required to trade in the stock market.

Address: 11 / F, Bank Tower Website: hk.futu5.com 14-20 Bonham Strand Founded: 2010 Street Sheung Wan Hong Kong

Total Capital Raised: $215.5 M Investors: Matrix Partners China, Sequoia Capital China,

Selected Senior Management Professional Professional Title Li Hua CEO

Fundation

Company Overview Fundation is an operator of an online lending platform for small businesses designed to provide working capital and to the small business community.

Address: 71 Queen Victoria St, Website: www.fundation.com London EC4V 4AY Founded: 2011

Total Capital Raised: $413.2 M Investors: Garrison Investment Group, Kayon Partners, SenaHill Partners, Solel Investment Group, The Leo Group

Selected Senior Management Professional Professional Title Sam Graziano Co-Founder and CEO Barry Feierstein COO

105

Funding Circle

Company Overview Funding Circle is an online marketplace for business loans that connects businesses borrowing with investors.

Address: 71 Queen Victoria St, Website: www.fundingcircle.com London EC4V 4AY Founded: 2010

Total Capital Raised: $413.2 M Investors: Accel Partners, BlackRock, British Business Bank, DST Global, Index Ventures, Union Square Ventures

Selected Senior Management Professional Professional Title Sam Hodges U.S. Managing Director and Co-founder Samir Desai CEO Sachin Patel Chief Capital Officer Lisa Jacobs CSO

Fundry Capital

Company Overview Fundry Capital is an operator of an investment firm created to deliver the strongest portfolio of financial technology brands. The company's focus lies in providing working capital to small businesses throughout the United States using technology to make faster decisions but retaining the human element to ensure thorough underwriting.

Address: 1, Evertrust Plaza Website: www.fundrycapital.com 14th Floor Founded: 2015 Jersey City, NJ 07302 United States

Total Capital Raised: $75.0 M Investors: EG Capital Advisors, Finsight Ventures

Selected Senior Management Professional Professional Title Isaac Stern Co-Founder and CEO Moshe Mandelbaum CFO Robin Spence COO Santhosh Kumar CTO

106

Future Finance

Company Overview Future FInance loan facilities include student education loans that can be used to pay for tuition fees and living expenses for undergraduate and postgraduate studies, enabling students to find a new way to fund their university education.

Address: 6th Floor, College House Website: www.futurefinance.com 2/3 Townsend Street Founded: 2013 Dublin 2 Ireland Total Capital Raised: $317.2 M Investors: 1/0 Capital, Colchis Capital Management, DW Partners. Fenway Summer Ventures, Invus Financial Advisors. KCK Group, Ridge Road Capital Partners, S-Cubed Capital, The Blackstone Group Selected Senior Management Professional Professional Title Brian Norton Co-Founder, CEO & Board Member Eric Olson Head of Strategy and Operations Jason Mikula Director of Digital Marketing

GrassRoots Bima

Company Overview GrassRoots Bima is an insurtech company established to meet the insurance needs of the mass market through innovative inclusive insurance.

Address: Mageso Chambers, 2nd Website: www.grmicroinsurance.com Floor Founded: 2016 Moi Avenue,Nairobi Nairobi Kenya Total Capital Raised: NA Investors: NA

Selected Senior Management Professional Professional Title Winnie Badiah Co-Founder & CEO Martin Wambugu Kiumi Co-Founder & CTO Sylvia Mungai Business Development Officer

107

Greensky

Company Overview GreenSky offers fast and paperless experience offering credit to their customers with a fast and paperless solution.

Address: 5565 Glenridge Website: www.greenskycredit.com Connector Founded: 2006 Atlanta, GA 30342 United States Total Capital Raised: $610.0 M Investors: DST Global, Fifth Third Bancorp, QED Investors, TPG (formerly Texas Pacific Group)

Selected Senior Management Professional Professional Title David Zalik CEO Robert Partlow CFO Marty Smith CIO John Cullerton EVP, Product and Strategy

Greenway Health

Company Overview Greenway Health provides end-to-end clinical and financial technology application software. The company's end-to-end clinical and financial technology application software provides electronic health records and practice management systems, processes millions of transactions and e-prescriptions monthly, and serves several specialties.

Address: 100 Greenway Boulevard Website: www.greenwayhealth.com Carrollton, GA 30117 Founded: 2012 United States

Total Capital Raised: $570.0 M Investors: Vista Equity Partners

Selected Senior Management Professional Professional Title Scott Zimmerman CEO Joseph Hill CFO Gregory Schulenburg COO

108

GuiaBolso

Company Overview GuiaBolso is an operator of an online financial control and advisory platform intended to transform relationship with money. The company's online financial control and advisory platform focuses on providing financial advisory services to reduce indebtedness of consumers, providing them with financial products with low rates.

Address: Av. Brig. Faria Lima Website: www.guiabolso.com.br 1779 - Jd. Paulistano Founded: 2012 Sao Paulo, 01452 Brazil

Total Capital Raised: $138.8 M Investors: Carlos Eduardo Curioni, e.Bricks Digital, Endeavor Global, International Finance Corporation

Selected Senior Management Professional Professional Title Thiago Alvarez Co-Founder and CEO Inajá Azevedo Co-Founder and CTO

Gusto

Company Overview Gusto is a comprehensive HR, payroll, and benefits service enabling businesses to set up and run payroll from any web-enabled device.

Address: 500 Third St, Website: www.gusto.com Suite 405 Founded: 2011 San Francisco, CA 94107

Total Capital Raised: $176.1 M Investors: CapitalG, Designer Fund, General Catalyst, GV, Kleiner Perkins Caufield Byers

Selected Senior Management Professional Professional Title Joshua Reeves CEO Edward Kim Co-Founder and CTO

109

Hangzhou Tongbanjie Network Technology Co.

Company Overview Hangzhou Tongbanjie is a developer of a financial trading platform. The company provides funds and insurance products and currently cooperates with several professional institutions including Fund123 and Guohua Life.

Address: 398 Tianmu Road, Shang- Website: www.tongbanjie.com kun Building, Room 401 Founded: 2010 Xihu District Hangzhou China

Total Capital Raised: $60.0 M Investors: China Growth Capital, IDG Capital, Legend Capital

Selected Senior Management Professional Professional Title Jun He Founder and CEO Xing Fan Ph.D COO Zhemin Shan CSO Zhu Jianzhong CTO iBanFirst

Company Overview iBanFirst provides a web-based application for international cash management. The company's application offers cross-border payment technologies, international payment account structure and regulation by the National Bank of Belgium.

Address: Avenue Louise, 350 Website: www.ibanfirst.com 1050 Brussels Founded: 2012 Belgium

Total Capital Raised: $11.0 M Investors: Xavier Niel

Selected Senior Management Professional Professional Title Pierre-Antoine Dusoulier Founder and CEO Laurent Maluski CTO Patrick Mollard CFO & COO

110

ID Finance

Company Overview ID Finance is a provider of credit scoring and digital finance services designed to bring financial innovations into emerging markets.

Address: C/Tuset, 10, 5-2 Website: www.idfinance.com 08006 Barcelona Founded: 2011 Spain

Total Capital Raised: $62.0 M Investors: Emery Capital

Selected Senior Management Professional Professional Title Boris Batine Ph.D Co-Founder and CEO Alexander Dunaev Co-Founder and COO David del Pozo CFO Pavel Shareiko CTO

IdentityMind Global

Company Overview IdentityMind offers a digital identity-based SaaS Platform for online risk management and compliance automation.

Address: 645 High Street, Website: www.identitymindglobal.com Palo Alto, CA 94301 Founded: 2013

Total Capital Raised: $12.6 M Investors: Benhamou Global Ventures, Cybernaut Venture Capital, MoneyTime Ventures, Mozido

Selected Senior Management Professional Professional Title Garrett Gafke CEO Kieran Sherlock CTO Paul McClure Head of Finance

111

Ignia

Company Overview Ignia is an operator of a venture capital firm that partners with entrepreneurs of the emerging middle class. The company invests in businesses in all stages, led by experienced entrepreneurs who are building capital-efficient B2C companies focused on service the Mexican market, especially the healthcare, fintech, software, marketplaces and education sectors.

Address: Avenue Ricardo Margain Website: www.ignia.mx 575 Founded: 2007 Parque Corporativo Santa Engracia San Pedro Garza Garcia, 66267 Mexico

Total Capital Raised: Investors: Blue Lotus, Multilateral Investment Fund, Omidyar Network, Soros Economic Development Fund

Selected Senior Management Professional Professional Title Álvaro Rodríguez Arregui Co-Founder and Managing Partner Otto Graff Navarro CFO

Incisive Media

Company Overview Incisive Media is an operator of a B2B information and events business intended to deliver news, opinion and business insights to customers globally.

Address: Haymarket House Website: www.incisivemedia.com 28-29 Haymarket Founded: 1994 London SW1Y 4RX England

Total Capital Raised: $276.0 M Investors: Ares Capital, Thoma Bravo

Selected Senior Management Professional Professional Title Jonathon Whiteley Managing Director and Co-CEO Timothy Weller Co-Founder and Co-CEO Eric Lundberg CFO

112

IndieGogo

Company Overview Indiegogo is a global crowdfunding platform empowering people around the world to fund projects that matter to them.

Address: 965 Mission St, Website: www.indiegogo.com San Francisco, CA 94103 Founded: 2008

Total Capital Raised: NA Investors: Compound, ff Venture Capital, Insight Venture Partners, Khosla Ventures

Selected Senior Management Professional Professional Title Danae Ringelmann Founder and Chief Development Officer David Mandelbrot CEO Marcus Lo CFO

Internet Pipeline

Company Overview Internet Pipeline provides a cloud based software platform designed for sales distribution through its on-demand service. The company's sales distribution software automates and streamlines marketing, selling and processing activities assisting insurance and financial services industry to adapt to reduce the time, cost and error rate of processing insurance applications.

Address: 222 Valley Creek Website: www.ipipeline.com Boulevard Founded: 1995 Suite 300 Exton, PA 19341 United States

Total Capital Raised: $143.6 M Investors: Ares Capital, Thoma Bravo

Selected Senior Management Professional Professional Title Timothy Wallace CEO Larry Berran CFO Brian Seidman CTO Michael Persiano Ph.D CMO

113

InterNex Capital

Company Overview InterNex Capital is a provider of an asset-based digital lending platform for small businesses and corporate enterprises. The company offers asset-based line of revolving credit facilities, including working capital and growth capital financing ranging from $250,000 to $5 million via its web-based platform.

Address: 8800 Wilshire Boulevard Website: www.internexcapital.com Suite 200 Founded: 2015 Beverly Hills, CA 90211 United States

Total Capital Raised: $78.7 M Investors: Avnatar Capital, Red Orange Global, SenaHill Partners

Selected Senior Management Professional Professional Title John Wise Co-Founder and CEO Colin Close President John Stuart CMO

InvestCloud

Company Overview InvestCloud is a provider of an investment platform. The company provides a cloud-based technology platform which specializes in SaaS and BPaaS services for financial sectors like Wealth Management, Family Offices and Hedge Fund.

Address: 8800 Wilshire Boulevard Website: www.investcloud.com Suite 200 Founded: 2010 Beverly Hills, CA 90211 United States

Total Capital Raised: $78.7 M Investors: Altos Ventures, FTV Capital, JPMorgan Chase & Company, Kern Whelan Capital, Polar Capital

Selected Senior Management Professional Professional Title John Wise Co-Founder and CEO Colin Close President John Stuart CMO

114

iwoca

Company Overview iwoca provides short-term finance to SMEs based in the U.K., Poland, Spain, and Germany.

Address: Elsley Court, Website: www.iwoca.co.uk 20-22 Great Titchfield St, Founded: 2011 Fitzrovia, London W1W 8BE Total Capital Raised: $58.5 M Investors: Action Capital Partners, Redline Capital, CommerzVentures, Talis Capital, Prime Ventures

Selected Senior Management Professional Professional Title Christoph Rieche Co-Founder and CEO James Dear Co-Founder and CTO iyzico

Company Overview iyzico provides payment system management platform with different payment options and other features like recurring payment, bin control, one click payment, installment payment and bank transfers for e-commerce companies.

Address: Nidakul Göztepe Business Website: www.iyzico.com Center Merdivenköy M. Founded: 2012 Bora S. No: 1 Floor: 19 ISTANBUL Kadikoy 34372 Total Capital Raised: $24.0 M Investors: 212 Limited, Amadeus Capital Partners, Beenos Partners, Endeavor Global, International Finance Corporation, Pachicle Invest, Speedinvest, Vostok Emerging Finance Selected Senior Management Professional Professional Title Barbaros Özbuğutu Co-Founder, Vice Chairman & CEO Tahsin Isin Co-Founder, Board Member & CCO İlkay Düzgün CFO Orkun Saitoğlu Chief Strategy Officer and COO

115

iZettle

Company Overview iZettle's mobile payment application is a one-stop shop that offers a card-reader that plugs into mobile devices and registers to tools for collecting payments, enabling small companies to take payments, to ease and register day-to-day management, sales and to get funding.

Address: Regeringsgatan 59 Website: www.izettle.com 111 56 Stockholm Founded: 2010 Sweden

Total Capital Raised: $363.7 M Investors: 83North, American Express Ventures, AP Fonden 4, Banco Santander, Dawn Capital, Greylock Partners, Index Ventures, Intel Capital, MasterCard, MCI Capital, Northzone Ventures, Zobito, Zouk Capital Selected Senior Management Professional Professional Title Jacob De Geer Co-Founder and CEO Magnus Nilsson Co-Founder and COO Adam Von Corswant CTO Maria Hedengren CFO

Kabbage

Company Overview Kabbage's fully automated technology and data platform powers lending directly and for its partners.

Address: 925B Peachtree Street, Website: www.kabbage.com Suite 1688, Founded: 2009 Atlanta, GA 30309

Total Capital Raised: $989.5 M Investors: BlueRun Ventures, Guggenheim Securities, Reverence Capital Partners

Selected Senior Management Professional Professional Title Rob Frohwein Founder and CEO Robert Sharpe COO Kevin Phillips Head of Corporate Development

116

Kensho

Company Overview Kensho combines natural language search queries, graphical user interfaces, and secure cloud computing to create a new class of analytics tools for investment professionals.

Address: 17 Dunster Street Website: www.kensho.com Cambridge, MA 02138 Founded: 2013

Total Capital Raised: $67.0 M Investors: Accel Partners, Merrill Lynch, Breyer Capital, Goldman Sachs, GV

Selected Senior Management Professional Professional Title Daniel Nadler Founder Matt Taylor CTO Adam Broun COO

Kickstarter

Company Overview Kickstarter is a crowdfunding platform for creative projects such as movies, music, art, theater, games, comics, design, and photography.

Address: 58 Kent Street, Website: www.kickstarter.com Brooklyn, NY 11222 Founded: 2009

Total Capital Raised: NA Investors:

Selected Senior Management Professional Professional Title Yancey Strickler Co-Founder and CEO Charles Adler Co-Founder Kewhyun Kelly-Yuoh CFO

117

Klarna

Company Overview Klarna provides e-commerce payment solutions for merchants and shoppers.

Address: Sveagagen 46, Website: www.klarna.com SE-111 34, Founded: 2005 Stockholm, Sweden

Total Capital Raised: $296.4 M Investors: Atomico, DST Global, General Atlantic, IVP (Institutional Venture Partners), Sequoia Capital

Selected Senior Management Professional Professional Title Jim Lofgren CEO Philippe Vimard CTO Maurice Twomey CFO Nick Patel CFO

Kreditech

Company Overview Kreditech uses machine-learning technologies to provide access to better credit for the underbanked.

Address: Ludwig-Erhard-Straße 1, Website: www.kreditech.com 20459 Hamburg, Founded: 2012 Germany

Total Capital Raised: $314.4 M Investors: Amadeus Capital Partners, Blumberg Capital, Global Founders Capital, Point Nine Capital

Selected Senior Management Professional Professional Title Alexander Graubner-Müller Co-Founder and CEO Rene Griemens CFO Oliver Prill COO

118

KredX

Company Overview Kredx is India's first online invoice discounting platform

Address: Bellandur Village, Outer Website: www.kredx.com Ring Road, Bellandur, Founded: 2014 Bangalore

Total Capital Raised: $6.2 M Investors: Prime Venture Partners, Sequoia Capital India

Selected Senior Management Professional Professional Title Manish Kumar Co-Founder & CEO Anurag Jain Co-Founder & COO Puneet Agarwal Co-Founder & CTO Devang Mundhra VP, Engineering

Kueski

Company Overview Kueski's online micro-lending platform uses big data and advanced analytics to approve and deliver loans, enabling clients from Mexico and Latin America, to cover their short-term cash needs without any effort, and all of this can be done from the comfort of their home or office.

Address: Ontario 1090, Italia Website: www.kueski.com Providencia Founded: 2012 Guadalajara, Jalisco 44648 Mexico Total Capital Raised: $50.6 M Investors: Angel Ventures, Auria Capital, CrunchFund, Core Ventures Group, Guadalajara Network, Richmond Global Ventures, Rise Capital, Variv Capital, Victory Park Capital Selected Senior Management Professional Professional Title Adalberto Ochoa Co-Founder and CEO Leonardo Guzman Co-Founder Betsabe Martinez-Botaitis Vice President of Operations and Finance Edgar Castillo Vice President of Risk & Analytics

119

Lakala

Company Overview Lakala is a subsidiary of Lenovo Holding and the largest off-line e-Payment service company in China.

Address: 6 Danling St, Haidian Qu, Website: www.lakala.com Beijing Shi, China, Founded: 2005 100080

Total Capital Raised: $312.4 M Investors: China Continent Insurance, Fortune Venture Investment, Hotung Venture Capital, Legend Capital

Selected Senior Management Professional Professional Title Taoran Sun Co-Founder and President Yangiqng Zhu Vice President

Landbay Partners

Company Overview Landbay Partners is a provider of a peer-to-peer lending platform designed to bring investors and borrowers closer together. The company's peer-to-peer lending platform is a buy-to-let mortgage lender through which retail investors, institutions and local governments invests in the UK's private rented sector through the funding of residential buy-to-let mortgages and bringing together an alternative property investment for everyone.

Address: 9 11 Grosvenor Gardens Website: www.landbay.co.uk 3rd Floor Founded: 2013 London SW1W 0BD England

Total Capital Raised: $385.6 M Investors: Cowboy Ventures, First Round, Foundation Capital, Ribbit Capital

Selected Senior Management Professional Professional Title John Goodall Co-Founder and CEO Julian Cork COO

120

Lemonade

Company Overview Lemonade offers homeowners and renters insurance powered by artificial intelligence and behavioral economics.

Address: 85 Broad Street, Website: www.lemonade.com New York, NY 10004 Founded: 2015

Total Capital Raised: $60.0 M Investors: Aleph, Allianz, GV, Sequoia Capital, Thrive Capital

Selected Senior Management Professional Professional Title Daniel Schreiber Co-Founder and CEO Shai Wininger Co Founder and Chief Lemonade Maker Ty Sagalow Chief Insurance Officer Maya Cohen Prosor VP Business Development

Lendify

Company Overview Lendify provides the largest Peer-to-Peer Lending platform in Sweden. The Company operates a marketplace online credit platform that enables people to borrow money and lend money from each other – without the involvement of banks.

Address: Östermalmstorg 1 Website: www.lendify.se 114 42 Stockholm Founded: 2014 Sweden

Total Capital Raised: $50.8 M Investors: Back in Black, Inbox Capital

Selected Senior Management Professional Professional Title John-Christian Eriksson Co-Founder & CEO Nicholas Sundén-Cullberg Co-Founder , Chief Investment Officer & COO Jose Cartro Co-Founder & CTO Vincent Kolb Chief Credit Officer

121

LendingHome

Company Overview LendingHome offers a flexible, simple, fast, transparent, and reliable way for borrowers to get a mortgage.

Address: 1 California Street, Website: www.lendinghome.com San Francisco, CA 94111 Founded: 2013

Total Capital Raised: $165.9 M Investors: Cowboy Ventures, First Round, Foundation Capital, Ribbit Capital

Selected Senior Management Professional Professional Title Matt Humphrey Co-Founder and CEO James Herbert Co-Founder and President Robert Stiles CFO Adil Ajmal CTO

LendingKart

Company Overview LendingKart is an operator of an online lending platform designed to provide working capital finance for small and medium enterprises. The company's online lending platform utilizes technology tools based on big data analysis which facilitates lenders to evaluate borrower's credit worthiness and provides other related services.

Address: 301-302 Primate, Website: www.lendingkart.com Opposite Mother Milk Founded: 2014 Palace Near Judges Bunglow Cross Roads, Bodakdev Ahmedabad, Gujarat

Total Capital Raised: $72.9 M Investors: Bertelsmann India Investments, Darrin Capital, India Quotient, Mayfield Fund, Rhythm Ventures

Selected Senior Management Professional Professional Title Harshvardhan Lunia Co-Founder and CEO Piyush Kabra CFO Mukesh Singh CTO

122

LendInvest

Company Overview LendInvest provides an online lending platform for property. The company matches investors looking for competitive returns with property entrepreneurs seeking finance to buy, build or refurbish properties around the UK.

Address: Two Fitzroy Place Website: www.lendinvest.com 8 Mortimer Street Founded: 2012 London W1T 3JJ England

Total Capital Raised: $151.8 M Investors: Atomico, Beijing Kunlun Technology Company

Selected Senior Management Professional Professional Title Christian Faes Co-Founder and CEO Derek Mochan CFO

Lendix

Company Overview Lendix provides an online crowd-lending platform designed to help users invest their savings. The company's online crowd-lending platform helps French small to medium enterprises to borrow directly from lenders, enabling them to finance their own project.

Address: 94 rue de la Victoire Website: www.lendix.com 75009 Paris Founded: 2014 France

Total Capital Raised: $25.7 M Investors: CNP Assurances, Decaux Brothers Investments, Matmut, Partech Ventures, Sycomore Asset Management, Weber Investissements, Asset Management Selected Senior Management Professional Professional Title Olivier Goy Founder, President & CEO Patrick Nonneville COO & Board Member Emmanuel Seviran CFO Benjamin Netter CTO

123

LendUp

Company Overview LendUp is a provider of online lending services intended to redefine financial services for the emerging middle class. The company's online lending services provide technology-enabled loans and credit cards to the people with low credit scores and volatile incomes repayable on installment basis, enabling individuals to better their financial health at lower costs.

Address: 237 Kearny Street Website: www.lendup.com Suite 372 Founded: 2012 San Francisco, CA 94108 United States

Total Capital Raised: $366.6 M Investors: AFSquare, Bronze Investments, Data Collective, Founder's Co-Op, GV, Initialized Capital Management

Selected Senior Management Professional Professional Title Sasha Orloff Co-Founder and CEO Jacob Rosenberg Co-Founder and CTO

Leveris

Company Overview Leveris delivers a full-stack, standalone, core bank and lending platforms for traditional banks, challenger banks and consumer brands.

Address: Leinster Website: www.leveris.com Dublin 6 Founded: 2014 Ireland

Total Capital Raised: $16.8 M Investors: NA

Selected Senior Management Professional Professional Title Conor Fennelly Founder and CEO Oliver Herrmann CFO Petr Pillar CIO Norbert Bruell Head, Strategy

124

Liquidnet Holdings

Company Overview Liquidnet Holdings provides a block trading service intended to connect asset managers with liquidity. The company's block trading service, is an alternative trading system that services buy-side institutions in the mutual fund and hedge fund industries as well as allows money management firms to execute block trades directly and anonymously across international markets.

Address: 498 Seventh Avenue Website: www.liquidnet.com 15th Floor Founded: 1999 New York, NY 10018 United States

Total Capital Raised: $321.1 M Investors: Maverick Capital, TH Lee Putnam Ventures

Selected Senior Management Professional Professional Title Seth Merrin Founder and CEO William Maw CFO Patrick Strobel CTO

Lydia

Company Overview Lydia provides a social payments platform that enables users to exchange money through a mobile wallet system.

Address: 137 Rue d'Aboukir Website: www.lydia-app.com 75002 Paris Founded: 2013 France

Total Capital Raised: $31.1 M Investors: Belcube, DuVal Family Association, New Alpha Asset Management, Oddo BHF, Siparex Group, XAnge Private Equity Selected Senior Management Professional Professional Title Cyril Chiche Co-Founder, President, Chairman & Chief Executive Officer Antoine Porte Co-Founder & CTO Edgar Chaput CMO

125

Macrovue

Company Overview Macrovue offers a cloud-based platform which helps investors to invest in global themes and convert their ideas to investments.

Address: Level 2, 50 Bridge Street Website: www.macrovue.com.au Sydney Founded: 2014 Sydney, New South Wales 2000 Australia

Total Capital Raised: $1.8 M Investors: AMP New Ventures, H2 Ventures, Inception Asset Management

Selected Senior Management Professional Professional Title Sid Sahgal Ph.D Co-Founder, CEO, Managing Director & Board Member Devanjan Sinha Co-Founder & Executive Director Tony Lynch CFO & COO

Meili Jinrong

Company Overview Meili Jinrong is an operator of a peer-to-peer online lending platform. The company focuses on providing consumer credit to middle income workers with funding from savers who want to earn higher returns on their savings.

Address: Beijing Website: www.meilijinrongs.com China Founded: 2015

Total Capital Raised: $65.0 M Investors: Bertelsmann Asia Investments, GX CAPITAL, JD Finance, Morningside Group, Wacai

Selected Senior Management Professional Professional Title Liu Yannan Founder and CEO

126

MetroMile

Company Overview Metromile is a pay-per-mile car insurance company that saves low-mileage drivers a ton of money. Metromile is revolutionizing car insurance through technology with its pay-per-mile insurance model.

Address: 690 Folsom Street Website: www.metromile.com Suite 200, Founded: 2011 San Francisco, CA 94107

Total Capital Raised: $205.5 M Investors: Acequia Capital (Acecap), China Pacific Insurance, Felicis Ventures, NEA, SV Angel

Selected Senior Management Professional Professional Title Dan Preston CEO Jose Mercado CTO Joe Selsavage CFO

MoneyExpert

Company Overview MoneyExpert is a provider of financial products and services. The company operates price comparison websites and helps people to find the best finance deals.

Address: Huxley House Website: www.moneyexpert.com Weyside Park, Catteshall Founded: 2003 Lane Godalming GU7 1XE England

Total Capital Raised: $675.5 M Investors: Eurocall, Technology Crossover Ventures

Selected Senior Management Professional Professional Title Nigel Warr CEO Tomas Wagner CTO

127

MoneyLion

Company Overview MoneyLion provides a mobile personal finance platform designed to empower consumers to take control of their financial lives. The company's platform provides products for borrowing, saving, and investing, as well as a built-in system of rewards, points, and incentives, and uses advanced analytics and machine learning-based technology to gain a complete view of its users' personal finances, enabling uniquely personalized advice and underwriting, and encouraging better financial behavior and outcomes.

Address: P.O. Box 1547 Website: www.moneylion.com Sandy, UT 84091 Founded: 2013 United States

Total Capital Raised: $675.5 M Investors: Atalaya Capital Management, Broadhaven Capital Partners, Citizen.VC, Clocktower Technology Ventures

Selected Senior Management Professional Professional Title Diwakar Choubey Co-Founder and CEO Cheemun Foong Co-Founder and CTO Tim Hong CMO

MoneyMe

Company Overview MoneyMe is a provider of a lending platform. The company's online financial platform offers short-term, medium or personal loan to its consumers by using its proprietary algorithms to decide on the variable loan rates which enables its customers to afford and repay their debts easily.

Address: 901 Market Street Website: www.moneyme.com.au Suite 600 Founded: 2013 San Francisco, CA 94103 United States

Total Capital Raised: $92.5 M Investors:

Selected Senior Management Professional Professional Title Clayton Howes Co-Founder and CEO

128

Moneytree

Company Overview Moneytree offers an asset management application designed to aggregate and control all financial data in a single place.

Address: 3-27-15 Jingumae Website: www.moneytree.jp Shibuya-ku Founded: 2012 Tokyo, 150-0001 Japan Total Capital Raised: $10.5 M Investors: Baillie Gifford, DG Incubation, Fukuoka Financial Group, MasterCard, Mizuho Capital, Mitsubishi UFJ Capital, Paypal, Salesforce Ventures, Senshu Ikeda Capital, SBI Investment Selected Senior Management Professional Professional Title Paul Chapman Co-Founder and CEO Ross Sharrott Co-Founder and CTO Mark Makdad Co-Founder

Motif

Company Overview Motif allows individuals and investment advisors to invest in stock and bond portfolios built around everyday ideas and economic trends.

Address: P.O. Box 3548, Website: www.motifinvesting.com Rancho Cordova, CA Founded: 2010 95741

Total Capital Raised: $126.5 M Investors: Balderton Capital, Foundation Capital, Goldman Sachs, Ignition Partners, Norwest Venture Partners

Selected Senior Management Professional Professional Title Hardeep Walia Founder and CEO Paul Schmidt CFO and SVP Strategic Partnerships Michael Harris CTO

129

Mozido

Company Overview Mozido is a provider of an integrated platform intended to provide cloud-based mobile payment and marketing services.

Address: Two Barton Skyway Website: www.mozido.com 1601 South Mopac Founded: 2008 Expressway, Suite 200, Austin, TX 78746 Total Capital Raised: $307.1 M Investors: MasterCard, Tiger Management Corporation, TommorrowVentures, Wellington Management

Selected Senior Management Professional Professional Title Todd Bradley CEO Scott Ellyson EVP and CFO Pat Downing EVP and CTO

NanoPay

Company Overview NanoPay's online payment management software powers multi-currency payment services with instantaneous settlement, enabling banks, payment service providers and businesses to securely store and transfer digital value between parties instantly and without intermediaries. Address: 171 East Liberty Street Website: www.nanopay.net Suite 340 Founded: 2012 Toronto, Ontario M6K 3P6

Total Capital Raised: $10.4 M Investors: Alchemist Accelerator, AlphaNorth Asset Management, APAGM services, Goldman Sachs, Jernac Capital Management, Rohatton Selected Senior Management Professional Professional Title Laurence Cooke Co-Founder, Board Member & CEO Hilton McGough Co-Founder Tracy Molino Chief Compliance Officer & General Counsel Kent Rawlings Chief Commercial Officer

130

NeoGrowth

Company Overview NeoGrowth's small business loans are of short term working capital type with inventory loans against future credit and debit card sales, enabling small merchants to avail the credit facility at a hassle free way.

Address: 503, Tower 2B, One India Website: www.neogrowth.in Bulls Centre Founded: 2010 841 S.B. Marg Mumbai, Maharashtra 400013 Total Capital Raised: $49.8 M Investors: Accion, Aspada, IIFL Wealth Management, IFMR Investments, Khosla Impact, Omidyar Network, Quona Capital Selected Senior Management Professional Professional Title Piyush Khaitan Co-Founder, Board Member & Managing Director Dhruv Khaitan Co-Founder & Chairman B. Ravi Kumar CFO Raju Shetty CTO

NerdWallet

Company Overview NerdWallet provides an online personal finance platform designed to offer clarity about financial decisions.

Address: 901 Market Street Website: www.nerdwallet.com Suite 600 Founded: 2009 San Francisco, CA 94103 United States

Total Capital Raised: $69.0 M Investors: Bam Ventures, Camelot Financial Capital Management, Core Innovation Capital, iGlobe Partners, IVP

Selected Senior Management Professional Professional Title Tim Chen CEO Tapan Bhat CPO

131

North American Bancard

Company Overview North American Bancard is a provider of merchant payment processing services. The company offers credit card processing, check acceptance, fleet card acceptance, wireless payments, gift card acceptance, loyalty programs, online payments, mail/phone payments, business cash advances, ATM services and credit, debit, EBT and check conversion services.

Address: 250 Stephenson Highway Website: www.nabancard.com Troy, MI 48083 Founded: 1992 United States

Total Capital Raised: $715.0 M Investors:

Selected Senior Management Professional Professional Title Marc Gardner Founder and CEO Kirk Haggarty CFO Gordon Rimac CTO

Nubank

Company Overview Nubank is a provider of financial technology services in Brazil. The company provides digital financial services, including a no-fee credit card that can be used and managed through a mobile application.

Address: Rua Capote Valente, 39, Website: www.nubank.com 05409-000 São Paulo, Founded: 2013 Brazil

Total Capital Raised: $178.6 M Investors: Sequoia Capital, DST Global, Goldman Sachs, Founders Fund, Tiger Global Management

Selected Senior Management Professional Professional Title David Velez Co-Founder and CEO Edward Wible CTO

132

One97

Company Overview One97 Communications is the leading mobile Internet company from India specializing in mobie marketing and payments.

Address: B 121, Sector 5 Website: www.one97.com Noida, 201301 Founded: 2000 India

Total Capital Raised: $2.3 B Investors: Alibaba Capital Partners, Intel Capital, K2 Global, Mountain Capital, Sapphire Venture, SoftBank

Selected Senior Management Professional Professional Title Vijay Sharma Co-Founder and CEO

Online Resources

Company Overview Online Resources provides internet financial services. The company provides outsourced, web-and phone-based financial technology services to financial institutions, billers and credit service providers.

Address: 4795 Meadow Wood Website: www.orcc.com Lane Founded: 1989 Chantilly, VA 20151 United States

Total Capital Raised: $285.9 M Investors: Tennenbaum Capital Partners, Sirrom Capital, Dominion Ventures, Apex Venture Partners

Selected Senior Management Professional Professional Title Joseph Cowan President and CEO Jeffrey Kissling CTO Janie West CMO Eric Labiak CSO

133

OpenDoor

Company Overview Opendoor is an online home-selling service aimed at streamlining the sales process down to a few days.

Address: 116 New Montgomery, Website: www.opendoor.com Suite 820 Founded: 2014 San Francisco, CA 94105

Total Capital Raised: $319.9 M Investors: Acess Technology Ventures, Caffeinated Capital, CrunchFund, Felicis Ventures, Fifth Wall, GGV Capital

Selected Senior Management Professional Professional Title Keith Rabois Co-Founder Eric Wu Co-Founder, President, and CEO Ian Wong Co-Founder Sri Batchu Head of Corporate Finance

Options IT

Company Overview Options IT provides cloud-enabled managed services intended to serve global capital markets. The company's cloud-enabled managed services are delivered globally with a particular focus on financial technology it blends security, compliance and engineering practice with the latest advances in cloud and mobile technology.

Address: 850 Third Avenue Website: www.options-it.com 9th floor Founded: 1993 New York, NY 10022 United States

Total Capital Raised: $100.0 M Investors: Bregal Sagemount

Selected Senior Management Professional Professional Title Nigel Kneafsey Founder and CEO Jon Lambert CFO John Bryant CTO Danny Moore COO

134

Opus Global

Company Overview Opus Global provides investment services for technology companies. The company is focused on acquiring promising businesses across certain segments of the financial technology industry and seek to execute a transformative strategy of value creation.

Address: 1 Circle Star Way, Website: www.opus.com Suite 189, Founded: 2013 San Carlos, CA 94070

Total Capital Raised: Investors: GTCR, Individual Investor

Selected Senior Management Professional Professional Title Emanuele Conti CEO and Director Janet Coddington CFO Michael Angle CTO and Information Officer Collin Roche Managing Director

Oscar

Company Overview Oscar is a health insurance company that employs technology, design, and data to humanize health care.

Address: 295 Lafayette Street Website: www.hioscar.com New York, NY 10012 Founded: 2012

Total Capital Raised: $727.5 M Investors: Breyer Capital, CapitalG, Formation 8, Founders Fund, Red Swan Ventures, Thrive Capital

Selected Senior Management Professional Professional Title Mario Schlosser Co-Founder and CEO Joshua Kushner Co-Founder Dave Henderson President, Insurance

135

OurCrowd

Company Overview OurCrowd is a global crowd investing platform for accredited investors. The Company sources deals, performs due diligence, and opens investments to its members, leading every investment with its own money.

Address: 28 Derech Hebron Website: www..com P.O. Box 8004 Founded: 2012 Jerusalem 9108001 Israel Total Capital Raised: $36.9 M Investors: Alta Berkeley Venture Partners, Israel Seed Partners, United Overseas Bank

Selected Senior Management Professional Professional Title Jonathan Medved Founder & CEO Andrew Kaye President & Chief Institutional Officer Anthony DeChellis President Robert Citron CFO

PayFit

Company Overview Payfit allows small and medium enterprises to easily and quickly pay their employees.

Address: 45 avenue des ternes Website: www.payfit.com 75017 Paris Founded: 2015 France

Total Capital Raised: $22.2 M Investors: Accel, Kima Ventures, Otium, TheFamily

Selected Senior Management Professional Professional Title Firmin Zocchetto Co-Founder & CEO Ghislain de Fontenay Co-Founder & CTO Florian Fournier Co-Founder

136

Payoneer

Company Overview Payoneer empowers global commerce by connecting businesses, professionals, countries and currencies with its cross-border payment platform.

Address: 1841 Broadway, Website: www.payoneer.com Room 520, Founded: 2005 New York, NY 10023

Total Capital Raised: $270.0 M Investors: Crossbar Capital, Greylock Partners, Carmel Ventures, Crossbar Capital, Susquehanna Growth Equity

Selected Senior Management Professional Professional Title Scott Galit CEO Yuval Tal Founder and President Michael Levine CFO Karen Levy COO

PaySimple

Company Overview PaySimple provides a SaaS-based online payment solution that offers integrated invoicing and payment acceptance in one system.

Address: 1515 Wynkoop Street, Website: www.paysimple.com Suite 250, Founded: 2006 Denver, CO 80202

Total Capital Raised: $145.2 M Investors: Susquehanna Growth Equity, Providence Strategic Growth

Selected Senior Management Professional Professional Title Eric Remer Co-Founder and CEO Chris Alaimo CTO Matt Feierstein President and COO Allen Wolff Co-Founder

137

Personal Capital

Company Overview Personal Capital is an online investment advisory platform that provides its clients with electronically facilitated wealth management services, objective advice, and strategies.

Address: 1 Circle Star Way, Website: www.personalcapital.com Suite 189, Founded: 2009 San Carlos, CA 94070

Total Capital Raised: $250.0 M Investors: BBVA Ventures, Corsair Capital, Crosslink Capital, IGM Financial, IVP, Venrock

Selected Senior Management Professional Professional Title William Harris Chairman Jay Shah CEO Michael Armsby CFO Fritz Robbins CTO and Information Officer

Plynk

Company Overview Plynk The Money Messenger is Europe's leading social payments app.

Address: 5 Avoca Park Website: www.plynk.me Blackrock Founded: 2015 Dublin Ireland

Total Capital Raised: $28.9 M Investors: Bank of Ireland, Delta Partners, Enterprise Ireland, Irish Venture Capital Association, NDRC, Swiss Privée

Selected Senior Management Professional Professional Title Charles Dowd Co-Founder & CEO Clive Foley Co-Founder & CTO Prasad Panchangam Country Head - India

138

Pockit

Company Overview Pockit provides a mobile banking application designed to offer current account functionality.

Address: Cavendish House Website: www.pockit.com 18 Cavendish Square Founded: 2011 London W1G 0PJ England

Total Capital Raised: $15.4 M Investors: Belcube, Concentric Team, Public.io

Selected Senior Management Professional Professional Title Virraj Jatania Co-Founder & CEO Danny Jatania Co-Founder Sameer Vartak CTO Ben Sanders COO

ProducePay

Company Overview ProducePay is a developer of a financing platform that connects farmers, distributors and banks designed to offer cash flow when they need it the most.

Address: 110 East 9th Street Website: www.producepay.com California Market Center, Founded: 2014 Floor 10, Suite C1029 Los Angeles, CA 90079 United States

Total Capital Raised: $79.5 M Investors: 500 Startups, Arena Ventures, CoVenture, Dorm Room Fund, eLab Accelerator, Menlo Ventures

Selected Senior Management Professional Professional Title Pablo Schwarzbeck Founder & CEO Kevin Burkhardt CTO Ben Dusastre CFO & Head of Business Development

139

Prospa

Company Overview Prospa Prospa is an Australian owned and operated online lending service provider for small businesses within the region. Using a smart proprietary technology platform and a simple online application process, Prospa gives small business owners a fast and easy way to access finance.

Address: Yurong Street Website: www.prosper.com Sydney, New South Wales Founded: 2011 2000 Australia Total Capital Raised: $96.6 M Investors: AirTree Ventures, Entrée Capital, Ironbridge Capital, Square Peg Capital, The Carlyle Group

Selected Senior Management Professional Professional Title Beau Bertoli Co-Founder and Joint CEO Greg Moshal Co-Founder and Joint CEO Ed Bigazzi CFO Richard Miller CTO

Prosper

Company Overview Prosper is the first marketplace lender in the US, Prosper Marketplace has evolved into a personal finance company that offers products and services beyond personal loans to help people get on top of their finances.

Address: 221 Main Street, Website: www.prosper.com Suite 300, Founded: 2005 San Francisco, CA 94105

Total Capital Raised: $410.9 M Investors: Accel Partners, Benchmark Capital, Breyer Capital, Crosslink Capital, Draper Fisher Jurvetson, IVP

Selected Senior Management Professional Professional Title David Kimball CEO Usama Ashraf CFO Nasos Topakas CTO

140

Quant Group

Company Overview QuantGroup is a financial big data company that provides online financial services including credit-based consumption and IOUs.

Address: Haidian District, Website: www.quantgroup.cn West Duling Street, Founded: 2014 Beijing Zhongguancun

Total Capital Raised: $72.2 M Investors: Banyan Capital, Fosun Kinzon Capital, Star VC, Zhixin Capital

Selected Senior Management Professional Professional Title Zhou Hao Co-Founder and CEO Wang-Ni Co-Founder Luo Xiaoxian CSO Du Pei CFO

Qonto

Company Overview Qonto provides an online banking platform that offers digital bank accounts for sending and receiving payments, enabling businesses to transfer funds through a mobile application.

Address: 42 Rue Etienne Marcel Website: www.qonto.eu 75002 Paris Founded: 2016 France

Total Capital Raised: $13.0 M Investors: Alven Capital Partners, Bpifrance, Valar Ventures, Via.Io

Selected Senior Management Professional Professional Title Alexandre Prot Co-Founder & CEO Steve Anavi Co-Founder & President

141

R3

Company Overview R3 is a developer of commercial applications of distributed ledger technology for the financial services industry. The company leads a consortium with over 80 banks, clearing houses, exchanges, market infrastructure providers, asset managers, central banks, conduct regulators, trade associations, professional services firms and technology companies.

Address: 1370 Broadway Website: www.r3.com Suite 1050 Founded: 2013 New York, NY 10018 United States

Total Capital Raised: $150.0 M Investors: Bangkok Bank PCL, Bank Bradesco, Bank of America Merrill Lynch, Bank of Nova Scotia, Barclays

Selected Senior Management Professional Professional Title David Rutter Co-Founder and CEO Paul Harris CFO Richard Brown CTO

Raisin

Company Overview Raisin operates a financial marketplace intended to help savers to access the best deposit rates across Europe.

Address: P.O. Box 130151 Website: www.raisin.com 13601 Berlin Founded: 2013 Germany

Total Capital Raised: $67.3 M Investors: Avala Capital, Binomial Ventures, btov Partners, Cavalry Ventures, DN Capital, Index Ventures, Paypal, Raffay, Thrive Capital Selected Senior Management Professional Professional Title Tamaz Georgadze Ph.D Co-Founder, Managing Director and CEO Henry Russell CFO Richard Bastin CTO

142

RealtyShares

Company Overview RealtyShares provides an online platform designed to simplify real estate investments. The company's online platform connects borrowers and sponsors to debt and equity capital from accredited and institutional investors, across an array of financing products.

Address: 525 Market Street Website: www.realtyshares.com Suite 2800 Founded: 2013 San Francisco, CA 94105 United States

Total Capital Raised: $105.6 M Investors: 500 Startups, Bow Capital, Cross Creek Advisors, Danhua Capital, Focus Opportunity Fund

Selected Senior Management Professional Professional Title Navjot Athwal JD Co-Founder and CEO Gene Linetsky CTO

Revolut

Company Overview Revolut provides mobile foreign exchange services designed to help in global money transfer. The company's banking application compares live exchange rates for multiple currencies and makes transfers directly to other's bank accounts, enabling consumers to send, spend and exchange money instantly with intuitive ease.

Address: One Canada Square Website: www.revolut.com Level 39 Founded: 2014 London E14 5AB England

Total Capital Raised: $102.5 M Investors: Balderton Capital, Index Ventures (UK), Level39, NJF Capital, Point Nine Capital, Ribbit Capital, Seedcamp

Selected Senior Management Professional Professional Title Nikolay Storonsky Co-Founder and CEO Vladyslav Yatsenko Co-Founder and CTO

143

Riby

Company Overview Riby provides a financial management platform designed to manage financial records for closed groups of individuals and automate the process of peers lending peers within a group or company.

Address: 70 Olonode Street Website: www.riby.me Alago-meji Yaba Founded: 2013 Lagos Nigeria

Total Capital Raised: NA Investors: Garden Institute of Business and Entreprenureship, GreenHouse Capital

Selected Senior Management Professional Professional Title Abolore Salami Co-Founder

Ripple

Company Overview Ripple offers a global real-time payment system that enables banks and financial institutions around the world to directly transact with each other without the need for a central correspondent.

Address: 300 Montgomery Street, Website: www.ripple.com 12th Floor, Founded: 2012 San Francisco, CA 94104

Total Capital Raised: $93.6 M Investors: Abstract Ventures, Andreessen Horowitz, GV, IDG Capital Partners, Lightspeed Venture Partners

Selected Senior Management Professional Professional Title Brad Garlinghouse CEO Stefan Thomas CTO Cameron Kinloch VP of Finance

144

Robinhood

Company Overview Robinhood is a stock brokerage that allows customers to buy and sell U.S. listed stocks and ETFs with zero commission.

Address: 3200 Ash Street, Website: www.robinhood.com Palo Alto, CA 94306 Founded: 2012

Total Capital Raised: $176.0 M Investors: Andreessen Horowitz, DST Global, New Enterprise Associates, Index Ventures, GV

Selected Senior Management Professional Professional Title Vladimir Tenev Co-Founder Baiju Bhatt Co-Founder Nathan Rodland COO

Rong360

Company Overview Rong 360 is a Chinese provider of customized financing and loan services. The company enables users to search and compare loan products from various banks and lending agencies.

Address: 113 Zhichun Silver Website: www.rong360.com Network Center, Founded: 2011 Tower B 717, Beijing, Beijing 100086 Total Capital Raised: $258.0 M Investors: Lightspeed Venture Partners, Pavilion Capital, Sailing Capital, Sequoia Capital, YF Capital

Selected Senior Management Professional Professional Title Daqing Ye Founder and CEO

145

Satispay

Company Overview Satispay is a provider of an application for redesigning payment networks. The company's payment network can be used for micro payments, peer to peer money transfer, in-store and online purchases and nonprofit donations through a cross-platform mobile application.

Address: Corso Sempione 68 Website: www.satispay.com 20154 Milan Founded: 2013 Italy

Total Capital Raised: $33.0 M Investors: Banca Etica, Banca Sella Holding, Boost Heroes, FocusFuturo, Shark Bites, Smartclub, U-Start

Selected Senior Management Professional Professional Title Albert Dalmasso Co-Founder, CEO & Board Member Dario Brignone Co Founder, CTO & Board Member Samuele Pinta Co-Founder, COO & Board Member Giandomenico Genta Board Member & President

Science

Company Overview Science is a start-up incubator platform with side funds. The company provides capital, expertise and strategic advice to the companies in which it invests.

Address: 1447 2nd Street Website: www.science-inc.com Suite 200 Founded: 2011 Santa Monica, CA 90401 United States

Total Capital Raised: $9.0 M Investors: Baroda Ventures, Blue Bright Ventures, Coffin Capital & Ventures, Crosscut Ventures, Freelands Ventures

Selected Senior Management Professional Professional Title Michael Jones Co-Founder and CEO Tom Dare Co-Founder and CFO Gregory Gilman JD Co-Founder and General Counsel

146

Seeking Alpha

Company Overview Seeking Alpha is a provider of a platform offering crowd-sourced content for stock market opinions and financial analysis.

Address: 52 Vanderbilt Avenue Website: www.seekingalpha.com New York, NY 10001 Founded: 2004

Total Capital Raised: $7.0 M Investors: Accel, Benchmark Capital, DAG Ventures, Walking Ventures,

Selected Senior Management Professional Professional Title Eli Hoffman CEO and Editor-in-Chief Asi Segal CTO

Sensibill

Company Overview Sensibill is a provider of a receipt management platform intended to provide digital receipt data service to the banks.

Address: 379 Adelaide Street West Website: www.getsensibill.com 2nd Floor Founded: 2013 Toronto, Ontario M5V 1S5 Canada Total Capital Raised: $19.3 M Investors: 6 Squared Capital, Impression Ventures, Information Venture Partners, MasterCard Start Path Accelerator, Mistral Venture Partners, Ontario Centres of Excellence, Ryerson Futures Selected Senior Management Professional Professional Title Corey Gross JD Co-Founder & CEO Jamie Alexander Co-Founder & CTO Jason Burke CFO Izabella Gabowicz COO

147

Shenzhen Jinfuzi Network Technology

Company Overview Shenzhen provides wealth management products like mutual funds, trust and asset management products. The company via its website and mobile application provides an online investment platform that allows users to invest in a variety of financial products and helps investors to select the investment portfolio that suits their return-risk preference.

Address: 18th Floor, East Website: www.jinfuzi.com Technology Building, Founded: 2012 Keyuan Road Nanshan District, Shenzhen, Nanshan 518000 China

Total Capital Raised: $60.0 M Investors: Decent Capital, Renren, Sequoia Capital

Selected Senior Management Professional Professional Title Zhang Kaixing CEO He Kunpeng COO Jiang Mingyu CTO

SigFig

Company Overview SigFig provides investment services and wealth management platform. The company's platform enables users to track and analyze their investments, including IRA, trading and advisor-managed accounts. Previously, the company operated as Wikinvest that provided basic investment and financial information.

Address: 225 Valencia Street Website: www.sigfig.com San Francisco, CA 94103 Founded: 2007

Total Capital Raised: $67.1 M Investors: Bain Capital Ventures, DCM Ventures, New York Life Enterprises, Nyca Partners, Santander InnoVentures

Selected Senior Management Professional Professional Title Michael Sha Co-Founder and CEO Roger Fong CTO Terry Banet CIO

148

Signifyd

Company Overview Signifyd provides a standalone risk and guaranteed fraud-prevention platform designed to make commerce safer.

Address: 2540 North First Street Website: www.signifyd.com 3rd Floor Founded: 2011 San Jose, CA 95131

Total Capital Raised: $106.2 M Investors: American Express Ventures, Andreessen Horowitz, Bain Capital Ventures, Data Collective, IA Ventures, Menlo Ventures, NAV.VC, QED Investors, Resolute Ventures Selected Senior Management Professional Professional Title Rajesh Ramanand Co-Founder & CEO Michael Liberty Co-Founder & COO Johannes Fischli Head, Business Operations

SoFi

Company Overview SoFi is a provider of social financial solutions intended to provide lending and wealth management.

Address: One Letterman Drive Website: www..com Building A, Suite 4700 Founded: 2011 San Francisco, CA 94129 United States

Total Capital Raised: $1.9 B Investors: Baseline Ventures, DCM Ventures, Discovery Capital, IVP, QED Investors, RSC Capital

Selected Senior Management Professional Professional Title Tom Hutton Executive Chairman Interim CEO Steven Freiberg Vice Chairman and Interim CFO Joanne Bradford CMO

149

solarisBank

Company Overview solarisBank AG is a banking platform with a full banking license, allowing companies to offer their own financial products.

Address: Anna-Louisa-Karsch Website: www.solarisbank.de Straße 2 Founded: 2015 10178 Berlin Germany

Total Capital Raised: $28.0 M Investors: Arvato, FinLeap, Hegus, HitFox Group, SBI Holdings, UniCredit, Yabeo Capital

Selected Senior Management Professional Professional Title Roland Folz CEO & Board Member Alexander Engel CFO Andreas Bittner Co-Founder, COO & Board Member Marko Wenthin Co-Founder, Chief Commercial Officer & Board Member

SourceMedia

Company Overview SourceMedia is a provider of digital marketing services. The company provides business-to-business digital marketing services and subscription related information to senior level professionals in the financial, technology and healthcare sectors.

Address: One State Street Plaza Website: www.sourcemedia.com 27th Floor Founded: 2004 New York, NY 10004

Total Capital Raised: $145.0 M Investors: Observer Capital

Selected Senior Management Professional Professional Title Douglas Manoni CEO Michael Caruso CFO Matthew Yorke CMO

150

Spotcap

Company Overview Spotcap provides an online lending platform intended to provide flexible and accessible business finance to small and medium- sized businesses. The company's online credit platform uses proprietary credit algorithm which provides deep insight into the financial condition of a business, enabling efficient provision of finance to its customers.

Address: Stralauer Allee 4 Website: www.spotcap.com 10245 Berlin Founded: 2014 Germany

Total Capital Raised: $113.4 M Investors: Access Industries, Finstar Financial Group, Holtzbrinck Ventures, Kreos Capital, Rocket Internet

Selected Senior Management Professional Professional Title Jens Woloszczak Co-Founder and CEO Christian Müller CFO Piyush Purang CTO

Stripe

Company Overview Stripe provides a set of unified APIs and tools that instantly enable businesses to accept and manage online payments.

Address: 3180 18th Street San Website: www.stripe.com Francisco, CA 94110 Founded: 2010

Total Capital Raised: $440.0 M Investors: Allen & Company, American Express Ventures, Andreesen Horowitz, Capital G, Khosla Ventures

Selected Senior Management Professional Professional Title Patrick Collinson Co-Founder and CEO John Collinson Co-Founder and President Will Gaybrick CFO Claire Johnson COO

151

Sunlight Financial

Company Overview Sunlight Financial provides loans for residential solar systems created to finance the installation of residential solar systems.

Address: 400 Frank West Burr Website: www.sunlightfinancial.com Boulevard Founded: 2014 Suite 37 Teaneck, NJ 07666 United States

Total Capital Raised: $630.0 M Investors: Hudson Clean Energy Partners, Route 66 Ventures, Silicon Valley Bank

Selected Senior Management Professional Professional Title Matthew Potere CEO Michael Ruehlman Co-Founder and President Barry Edinburg JD CFO

Symphony Communications

Company Overview Symphony's secure, cloud-based communications platform that connects markets and individuals, Symphony promotes collaboration and increases workflow productivity while maintaining organizational compliance.

Address: 1117 S California Ave, Website: www.symphony.com Palo Alto, CA 94304 Founded: 2014

Total Capital Raised: $229.0 M Investors: Citigroup, , , UBS, Goldman Sachs, Jefferies,

Selected Senior Management Professional Professional Title David Gurle Founder and CEO Mark Harmon CTO Eran Barak Head of Business Operations

152

Taulia

Company Overview Taulia provides a SaaS financial supply chain platform designed help companies strengthen supplier relationships.

Address: 201 Mission Street Website: www.taulia.com 9th Floor Founded: 2009 San Francisco, CA 94105

Total Capital Raised: $156.7 M Investors: Anchorage Capital Group, DAG Ventures, Duff Ackerman & Goodrich, EDBI, Harbor Pacific Capital, Propel Venture Partners, QuestMark Partners, Zouk Capital Selected Senior Management Professional Professional Title Cedric Bru CEO, President & Board Member David Adams Co-Founder & Chief Customer Officer John Varughese CFO Brady Cale VP, Engineering

ThetaRay

Company Overview ThetaRay is a provider of a big data analysis platform for cybersecurity and risk detection.

Address: 8 Hanagar Street Website: www.thetaray.com 1st Floor Founded: 2012 Hod HaSharon 4501309 Israel Total Capital Raised: $25.0M Investors: Alibaba Group Holding, Bank Hapoalim, Citi Innovation Lab, General Electric, Jerusalem Venture Partners, Poalim Ventures, PWC Accelerator Selected Senior Management Professional Professional Title Ronald Coifman Co-Founder & Advisor Amir Averbuch Ph.D Co-Founder, CSO & Board Member Mark Gazit CEO & Board Member Shiri Septon-Etchin CFO & Deputy CEO

153

Token

Company Overview Token is a developer of a crypto-payment network and API ecosystem designed to create a bank-hosted payment system for the digital era.

Address: 845 Market Street Website: www.token.io Suite 450 Founded: 2015 San Francisco, CA

Total Capital Raised: $20.5M Investors: Digital Currency Group, EQT Ventures, Octopus Ventures, Orange Fab, OP Financial Group, Plug & Play Ventures, Startupbootcamp Selected Senior Management Professional Professional Title Steve Kirsch Co-Founder & CEO Mårten Nelson Co-Founder & VP, Marketing Yobie Benjamin Co-Founder & CTO Emeritus Todd Clyde COO

TNG FinTech Group

Company Overview TNG FinTech Group is an operator of digital wallets created to improve the lives of the unbanked people. The company's digital wallets provide financial services through its e-wallet platform featuring such functions as electronic payment, person-to-person (P2) money transfer, global remittance, global cash withdrawal, and so on.

Address: 9/F, Olympia Plaza, 255 Website: www.tngfintech.com King's Road Founded: 2013 North Point Hong Kong Hong Kong

Total Capital Raised: $115.0 M Investors: Infinity Group, New Margin Capital, Nogle

Selected Senior Management Professional Professional Title Alex Kong Co-Founder and CEO Cecily Mak CFO Takis Wong COO and Co-Founder

154

TradingScreen

Company Overview TradingScreen is a provider of a cloud based software platform intended for stock trading. The company's software platform uses innovative technologies to support global order routing of cash equity products, futures and options, foreign exchange and fixed income instruments, enabling to connect buy side institutions and sell side firms, improving market access, reducing connectivity costs, fully automating workflows and increasing trading efficiency.

Address: 215 Park Avenue South Website: www.tradingscreen.com Suite 1300 Founded: 1999 New York, NY 10003 United States

Total Capital Raised: $127.0 M Investors: Banc of America Strategic Investments, Continental Investors, Net Partners

Selected Senior Management Professional Professional Title Pierre Schroeder CEO Kevin Held CFO Chris Kingsbury CTO Joseph Ahearn COO and Co-Founder

TransferWise

Company Overview TransferWise is a provider of money transferring services designed to send money abroad.

Address: 186-188 City Road Floor Website: www.transferwise.com 2nd London EC1V 2NT Founded: 2011 England

Total Capital Raised: $116.3 M Investors: ACE & Company, Andreessen Horowitz, Index Ventures, SV Angel, Valar Ventures

Selected Senior Management Professional Professional Title Kristo Käärmann Exectutive Founder Taavet Hinrikus Co-Founder, CEO

155

Trumid Financial

Company Overview Trumid Financial is a provider of an electronic credit trading platform created to unlock liquidity for institutional clients. The company's electronic credit trading platform, Trumid Market Center, enables bond and CDS holders to transact directly and anonymously with other buy-side and sell-side participants allowing market participants to collectively determine pricing in a transparent way and to execute transaction at the market-vetted price.

Address: 5 Bryant Park Website: www.trumid.com 8th Floor Founded: 2014 New York, NY 10018 United States

Total Capital Raised: $82.3 M Investors: CreditEase, DB1 Ventures, Red Bear Angels, SenaHill Partners, Soros Fund Management

Selected Senior Management Professional Professional Title Ronald Mateo Founder & CEO Michael Sobel President Daniel Siracuse CFO Anthony Schiavo CTO

Trusona

Company Overview Trusona is a provider of identity authentication technology intended to reduce the threat of account theft.

Address: 8767 East Via De Ventura Website: www.trusona.com Suite 275 Founded: 2015 Scottsdale, AZ

Total Capital Raised: $18.0M Investors: Kleiner Perkins Caufield & Byers, Ventures, Seven Peaks Ventures

Selected Senior Management Professional Professional Title Ori Eisen Founder, CEO & Chairman Tim McCrae EVP & CFO Karen Dayan CMO John Bates VP, Business Development

156

Tuandaiwang

Company Overview Tuandaiwang is an operator of a P2P lending platform that provides users higher investment return rates than traditional saving rates.

Address: 102A, Huicheng Building Website: www.tdw.cn Hongfu Road, Xincheng Founded: 2012 Road Dongguan, Nancheng District China

Total Capital Raised: $261.4 M Investors: Beijing Yisheng Innovation Technology, Minsheng Investment Group

Selected Senior Management Professional Professional Title Lin Zhang President and Co-Founder

Upgrade

Company Overview Upgrade is an online lending platform that combines personal loans with free credit monitoring, helping customers secure more affordable credit.

Address: 425 California Street, Website: www.upgrade.com Suite 600, Founded: 2016 San Francisco, CA 94104

Total Capital Raised: $60.0 M Investors: CreditEase, FirstMark Capital, Ribbit Capital, SVB, Union Square Ventures, Vy Capital

Selected Senior Management Professional Professional Title Renaud Laplanche Co-Founder and CEO Jeff Bogan Co-Founder and CFO

157

Upstart Network

Company Overview Upstart Network is an operator of an online lending marketplace intended to provide personal loans. The company's online lending marketplace offers 3-year and 5-year fixed loans based on signals of customer's potential, including schools attended, area of study, academic performance and work history.

Address: P.O. Box 1503 Website: www.upstart.com San Carlos, CA 94070 Founded: 2012 United States

Total Capital Raised: $76.1 M Investors: Blue Ivy Ventures, Collaborative Fund, Correlation Ventures, CrunchFund, First Round Capital

Selected Senior Management Professional Professional Title David Girouard Co-Founder and CEO Sanjay Datta CFO Jonathan Eng CTO Michael Osborn CMO

VATBox

Company Overview VATBox is a provider of business-to-business (B2B) VAT recovery software designed to simplify the laborious VAT recovery process through intelligent knowledge-based automation.

Address: 6 Sapir Street Website: www.vatbox.com Pituach Founded: 2012 Herzliya 4685210 Israel Total Capital Raised: $44.0M Investors: Citi Innovation Lab, MasterCard Start Path Accelerator, Target Global, Viola Private Equity

Selected Senior Management Professional Professional Title Isaac Saft Co-Founder, Board Member & CEO Noam Guzman Co-Founder, Board Member & President Yoram Hordan COO Roy Shelton Board Member & Advisor

158

Vestmark

Company Overview Vestmark is a provider of software as a service(SaaS) based wealth management and investment advisory platform. The company's software as a service (SaaS) based wealth management and investment advisory platform provides an integrated cloud-based technology platform, containing modules for advisory trading, proposal generation and client reporting.

Address: 100 Quannapowitt Website: www.vestmark.com Parkway Founded: 2001 Suite 205 Wakefield, MA 01880 United States

Total Capital Raised: $68.2 M Investors: Blue Chip Venture, Green D Ventures, Summit Partners, Vestigo Ventures

Selected Senior Management Professional Professional Title John Lunny CEO Rob Klapprodt President Tiffany Freitas CFO Heeren Pathak CTO

Viva Republica

Company Overview Viva Republica provides a financial services mobile application designed to simplify payments in Korea. The company's financial platform offers a peer-to-peer mobile money transfer application that enables users to transfer money from their own bank accounts into the recipient's account.

Address: 146, Taehaeranro Website: www.toss.im Seoul, Gangnam-gu 135- Founded: 2011 545 South Korea

Total Capital Raised: $76.9 M Investors: Altos Ventures, Bessemer Venture Partners, Goodwater Capital, Industrial Bank of Korea, KTB Network

Selected Senior Management Professional Professional Title Seunggeon Lee Ph.D Co-Founder and CEO Hyungseok Lee Co-Chief Technology Officer Taeyang Lee Co-Founder and Project Manager Hojin Song VP of Strategy

159

Wave

Company Overview Wave is a developer of an online financial software for small businesses designed to change the way small businesses make money, spend money and track money.

Address: 235 Carlaw Avenue Website: www.waveapps.com Suite 501 Founded: 2009 Toronto, Ontario M4M 2S1 Total Capital Raised: $92.3MCanada Investors: BDC Capital, Charles River Ventures, Exhibition Capital, HarbourVest Partners, Huff Capital, OurCrowd, OMERS Ventures, Portag3 Ventures, Royal Bank of Canada, Social Capital Selected Senior Management Professional Professional Title Kirk Simpson Co-Founder, CEO & Board Member James Lochrie Co-Founder Paul Marshall COO Peter Carrescia SVP, Strategy & Corporate Development

Wealthfront

Company Overview Wealthfront is an automated investment service firm that builds and manages personalized, globally-diversified investment portfolios.

Address: 900 Middlefield Road Website: www.wealthfront.com Redwood City, CA 94063 Founded: 2011

Total Capital Raised: $129.9 M Investors: DAG Ventures, Greylock Partners, Index Ventures, Ribbit Capital, Spark Capital

Selected Senior Management Professional Professional Title Andrew Rachleff President and CEO Daniel Carroll Founder and CSO Ashely Johnson CFO Burton Malkiel CIO

160

WealthSimple

Company Overview WealthSimple provides long-term investment management services designed to make portfolio investments.

Address: 860 Richmond Street Website: www.wealthfront.com West 3rd Floor Founded: 2014 Toronto, Ontario M6J 1C9 Canada Total Capital Raised: $77.6 M Investors: Canadian Technology Accelerator, Impression Ventures, OneEleven, Portag3 Ventures, Power Corporation of Canada, Power Financial Selected Senior Management Professional Professional Title Michael Katchen Co-Founder, Board Member and CEO Brett Huneycutt Co-Founder, Board Member and COO Rudy Adler Co-Founder and CPO Karney Li VP, Engineering

Wecash

Company Overview Wecash is a developer of a credit assessment platform created to provide credit evaluation services to consumers and businesses in China. The company's credit assessment platform leverages data mining and machine learning algorithms allowing users to submit their information via its mobile app and receive a credit assessment within three minutes.

Address: Chaoyang 13th Website: www.wecash.net nongzhanguan richen Founded: 2014 International Center, 801 Beijing, 100125 China

Total Capital Raised: $106.6 M Investors: China Merchants Group, Dongfang Hongdao Asset Management, FinTech Innovation Lab

Selected Senior Management Professional Professional Title George Zhengchun Zhi CEO and Founder Purui Wang CTO

161

WeLab

Company Overview WeLab's mobile lending services effectively analyzes unstructured mobile big data within seconds to make credit decisions for individual borrowers, lowers borrowing costs, enabling customers to apply for loans at a low interest rate.

Address: Room 301-6, 3rd Floor, Website: www.welab.co OfficePlus Sheung Wan Founded: 2014 93-103 Wing Lok Street, Sheung Wan Hong Kong, Sheung Wan Hong Kong

Total Capital Raised: $260.0 M Investors: Alibaba Entrepreneurs Fund, China Construction Bank, Guangdong Technology Financial Group, ICONIQ Capital, ING Bank, IFC, Khazanah Nasional, Sequoia Capital, TOM Group Selected Senior Management Professional Professional Title Simon Loong Co-Founder & CEO Kelly Wong Co-Founder & COO Jenny Lee Head of Growth Tat Lee Head, Product & Risk

WorldRemit

Company Overview WorldRemit is a money transfer service that helps migrants send money to their loved ones.

Address: 600 17th Street, Website: www.worldremit.com Suite 200S, Founded: 2010 Denver, CO 80202

Total Capital Raised: $147.6 M Investors: Accel Partners, BDC Capital, Scope Capital Advisory, TCV

Selected Senior Management Professional Professional Title Ismail Ahmed Founder and CEO Catherine Wines Co-Founder and Executive Director Ian Cole CFO

162

Xapo

Company Overview Xapo provides a peer to peer payment system and digital currency to its clients. It also provides customers with access to a digital wallet and digital vault for their bitcoin accounts.

Address: Zurich Website: www.xiaoyingjinrong.com Switzerland Founded: 2014

Total Capital Raised: $40.0 M Investors: AME Cloud Ventures, BitFury Capital, Blockchain Capital, Digital Currency Group, DST Global, Greylock Partners, Index Ventures, Pantera, Ribbit Capital, Winklevoss Capital Management Selected Senior Management Professional Professional Title Co-Founder & Co-CEO Wenceslao Casares Co-Founder & Co-CEO Federico Murrone Co-Founder & COO Ted Rogers JD President

Xiaoying Financial

Company Overview Xiaoying Financial is an online lending platform. The company's loan intermediary platform offers government project financing, commodity pledged loans and small micro-business loans, enabling individuals and enterprises to get convenient access to the channel and get the loan to increase their wealth.

Address: 7/F, San Cai Group, No.6, Website: www.xiaoyingjinrong.com Fengcheng Second Road Founded: 2014 Weiyang District Xi'an, Shaanxi, China

Total Capital Raised: $205.1 M Investors: Bo Nian Kang Health Management Group, Chow Tai Fook, SCUD Group Limited, Suzhou

Selected Senior Management Professional Professional Title Yang Heng CEO Li Wenbo Director of Operations

163

Yapstone

Company Overview YapStone is a global provider of online and mobile payment solutions for global marketplaces and large vertical markets. YapStone powers payments for HomeAway®, VRBO®, and thousands of apartment rental and vacation rental companies.

Address: 2121 N. California Blvd, Website: www.yapstone.com Suite 400, Founded: 1999 Walnut Creek, CA 94596

Total Capital Raised: $55.4 M Investors: Accel Partners, Bregal Sagemount, Meritech Capital Partners, Villante Capital Partners

Selected Senior Management Professional Professional Title Tom Villante Chariman, CEO & Founder Matt Golis Founder & Co-Chairman David Weiss President Sanjay Saraf CTO

Younited Credit

Company Overview Younited Credit provides an online peer-to peer lending platform designed to facilitate financial transactions between individual lenders and borrowers. The company's online financial platform facilitates transactions and loans without the intermediation of any financial institutions, enabling borrowers to get hassle free loans and credit directly from individual lenders at a much cheaper interest rate.

Address: 24 rue Drouot Website: www.younited-credit.com CS 90600 Founded: 2009 75009 Paris France

Total Capital Raised: $105.6 M Investors: AG2R La Mondiale, Bpifrance, Crédit Mutuel Arkéa, Credit Mutuel Ocean, Eurazeo

Selected Senior Management Professional Professional Title Geoffroy Guigou Co-Founder and Managing Director Xavier Pierart CFO Jean Lecomte Director of Operations

164

Zenefits

Company Overview Zenefits is the leading all-in-one Digital HR platform for small and medium businesses. Zenefits delivers the most complete, all- mobile HR experience by tightly integrating its own powerful applications with dozens of best-of-breed providers.

Address: 303 2nd Street, Website: www.zenefits.com Suite 401 (North Tower), Founded: 2013 San Francisco, CA 94107

Total Capital Raised: $583.6 M Investors: Andreesen Horowitz, Comcast Ventures, EPIC Ventures, Fidelity Investments, Founders Fund

Selected Senior Management Professional Professional Title Jay Fulcher CEO Laks Srini CTO Jeff Carr COO Abhijeet Dwivedi CSO

Zest Finance

Company Overview Zest Finance is a provider of a financial machine learning platform designed to improve credit underwriting. The company's financial machine learning platform uses big data to reduce risk in credit underwriting, enabling clients to make proper credit decisions.

Address: 1377 N Serrano Ave, Los Website: www.zestfinance.com Angeles, CA 90027 Founded: 2009

Total Capital Raised: $292.0 M Investors: Baidu, Clarium Capital Management, Eastward Capital Partners, Flybridge Capital Partners

Selected Senior Management Professional Professional Title Douglas Merrill Ph.D CEO Michael Armstrong President Mike Rasic CFO

165

ZhongAn

Company Overview Zhong An Online is a Chinese property insurance company that sells all its products online along with handling claims. The company offers e-commerce, mobile payment, and financing guarantee for businesses and users.

Address: Yuanmingyuan Rd 169, Website: www.zhongan.com Building 4-5F, Founded: 2013 Shanghai, China

Total Capital Raised: $934.0 M Investors: CDH Investments, CICC, Morgan Stanley

Selected Senior Management Professional Professional Title Jack Ma Founder Ma Mingzhe Founder Pony Ma Founder

Zibby

Company Overview Zibby is a consumer leasing platform for online, brick and mortar and omnichannel retailers.

Address: 151 West 25th Street, Website: www.zibby.com Floor 9, Founded: 2014 New York, NY 10001

Total Capital Raised: $199.5 M Investors: Blumberg Capital, CURO Financial Technologies, Tribeca Venture Partners, Victory Park Capital

Selected Senior Management Professional Professional Title Brandon Wright Founder and CEO Tony Lauro President and CFO

166

6. Initial Coin Offerings

167

Capital Raised Date Company ($M) Business Description Jul 2017 07/01/2017 - 07/13/2017 Tezos $208.0 Tezos is a new decentralized blockchain that governs itself by establishing a true digital commonwealth.

Jun 2018 06/26/2017 - 06/25/2018 EOSJO $200.0 EOS is a scalable software infrastructure fo rdecentralized applications to be built and tested in a public environment.

Sep 2017 08/10/2017 - 09/07/2017 Filecoin $200.0 Filecoin is a data storage network and electronic currency based on Bitcoin.

Dec 2017 12/12/2017 - 12/25/2017 Sirin Labs $158.0 Sirin Labs is a high-end smartphone manufacturer.

Jun 2017 06/12/2017 - 06/12/2017 The Bancor Protocol $153.0 The Bancor Protocol provides a protocol for the creation of Smart Tokens, a new standard for cryptocurrencies convertible directly through their smart contracts. Jun 2017 06/12/2017 - 06/12/2017 BANCOR $153.0 A protocol for the creation of Smart Tokens, a new standard for cryptocurrencies convertible directly through their smart contracts. Oct 2017 10/15/2017 - 10/27/2017 Polkadot $144.0 Polkadot is a heterogeneous multi‑chain technology.

Nov 2017 11/06/2017 - 11/08/2017 QASH $108.0 QASH provides a liquidity trading platform.

Sep 2017 09/12/2017 - 09/27/2017 Kin $99.0 Kin helps you manage new hire onboarding, employee data, time-off tracking, and employee reviews & objectives.

Nov 2017 10/03/2017 - 11/05/2017 COMSA $96.0 COSMA provides a solution that includes a creation of multi-language whitepaper, pre-configured token sale dashboard.

Jun 2017 06/20/2017 - 06/20/2017 Status $95.0 Open source mobile client for Etherium based decentralzied applications.

Jun 2017 06/24/2017 - 06/24/2017 TenX $83.0 TenX makes any cryptocurrency spendable anytime and anywhere.

Dec 2017 11/28/2017 - 12/28/2017 BankEx $71.0 BANKEX develops a crowdsource Proof-of-Asset protocol of liquidity and an ecosystem built around it. The protocol facilitates digitization, tokenization and exchange of real assets. Nov 2017 11/15/2017 - 11/29/2017 WAX $68.0 WAX is a decentralized platform that enables anyone to operate a fully functioning virtual marketplace with zero investment in security, infrastructure, or payment processing. Developed by the founders of OPSkins, the world’s leading marketplace for Dec 2017 12/15/2017 - 12/16/2017 Nebulas $60.0 Nebulusonline video offers game a decentralized assets, WAX search is designed framework. to serve the 400+ million online players who already collect, buy and s

Jan 2018 01/07/2018 - 01/07/2018 Neuromation $60.0 Neuromation is a data platform for deep learning applications.

Jan 2018 01/07/2018 - 01/07/2018 Neuromation $60.0 Neuromation is a data platform for deep learning applications.

Jan 2018 01/09/2018 - 01/09/2018 Olympus Labs $58.5 Olympus Labs is an ecosystem of financial products, services, and applications.

Aug 2017 07/01/2017 - 08/22/1017 SALT $54.0 SALT provides blockchain backed loans.

May 2017 04/25/2017 - 05/25/2017 MobileGo $53.0 A cryptocurrency aiming to bring smart contract technologies to the world of mobile gaming.

May 2017 04/25/2017 - 05/25/2017 MobileGo $53.0 A cryptocurrency aiming to bring smart contract technologies to the world of mobile gaming.

Dec 2017 11/16/2017 - 12/01/2017 Blockstack $52.0 Blockstack’s technology is available in beta today and offers a hosted platform for financial institutions to develop blockchain- based applications using application programming interfaces (APIs) and software development kits (SDKs). Dec 2017 11/20/2017 - 12/15/2017 Naga Group $50.0 The NAGA Group AG operates ventures in three distinct categories: Financial Services, Financial Technology, and Innovation Incubation. Sep 2017 08/05/2017 - 09/25/2017 Centra $50.0 Centra provides a debit card for digital currencies.

Jan 2018 12/07/2017 - 01/10/2018 Swissborg $50.0 Swissborg is a provider of private banking with smart contracts.

Jan 2018 1/22/2018-1/22/2018 Odyssey $50.0 ODYSSEY’s mission is to build the next-generation decentralized sharing economy & Peer to Peer Ecosystem. ODYSSEY aims to reduce overall operating cost, increase marketplace efficiency and boost ROI of product & service providers in the Global Sep 2017 09/16/2017 - 09/17/2017 Kyber Network $49.0 KyberNetworksharing economy is a & new peer system to peer which ecosystem. allows the exchange and conversion of digital assets. They provide rich payment APIs and a new contract wallet that allow anyone to seamlessly receive payments from any token. Jan 2018 10/31/2017 - 01/06/2018 Crypterium $47.0 Crypterium is a banking solution for users' cryptobanking needs.

Dec 2017 11/30/2017 - 12/30/2017 Zen Protocol $47.0 Zen Protocol Development offers a decentralized financial platform backed by a breakthrough protocol for creating, issuing and trading digital assets. Jan 2018 10/31/2017-1/06/2018 Crypterium $47.0 Crypterium is a cyptobank.

Dec 2017 12/04/2017 - 12/25/2017 INS Ecosystem $46.0 INS Ecosystem offers a scalable blockchain-based platform that enables consumers to buy groceries directly from manufacturers at lower prices, with convenience. Nov 2017 10/30/2017 - 11/11/2017 Gridplus $46.0 Gridplus is a commercial electricity retailer in deregulated markets

Sep 2017 09/11/2017 - 09/11/2017 Enigma Catalyst $45.0 Enigma is an open data technology company that focuses on analyzing public and private data for enterprises. Its data packages are categorized according to oil and gas, reference, company, and healthcare data. Sep 2017 09/20/2017 - 09/20/2017 ICON $43.0 ICON is creating a blockchain ecosystem that has already begun to hyperconnect the world.

Jun 2017 05/25/2017 - 06/18/2017 SONM $42.0 SONM is a universal fog supercomputer – ethereum-based network for globally distributed computing power.

Oct 2017 09/12/2017 - 10/11/2017 DomRaider $42.0 DomRaider is launching its token, the DRT, to finance its growth and to propel its blockchain auctions onto a worldwide sphere 168

Capital Raised Date Company ($M) Business Description Jan 2018 11/30/2017 - 1/01/2018 Bloom $41.4 Bloom is an end-to-end protocol for identity attestation, risk assessment and credit scoring, entirely on the blockchain.

Dec 2017 11/01/2017 - 12/30/2017 Finom $40.0 Finom makes the world of finance available to everyone for unbridled economic evolution.

Oct 2017 09/14/2017 - 10/20/2017 Electroneum $40.0 Electronuem provides a mobile cryptocurrency.

Jan 2018 1/18/2018-1/18/2018 Mobius $39.0 Mobius is a dApp store and payments and platform.

Nov 2017 10/7/2017 - 11/30/2017 Crypto20 $38.0 CRYPTO20 is an autonomous crypto-only index fund that tracks the top 20 cryptocurrencies in the same way the S&P500 tracks the top 500 US company stocks. Nov 2017 10/24/2017 - 11/05/2017 Ripio $37.0 Ripio, formerly known as Bitpagos, is a financial payments company that provides electronic payment solutions for businesses in Latin America. Dec 2017 12/19/2017 - 12/22/2017 SingularityNET $36.0 SingularityNET is a decentralized marketplace for AI algorithms.SingularityNET is the first and only platform that allows AIs to cooperate and coordinate at scale. May 2017 05/31/2017 - 05/31/2017 Basic Attention Token $36.0 Basic Attention Token radically improves the efficiency of digital advertising by creating a new token that can be exchanged between publishers, advertisers, and users. Aug 2017 08/31/2017 - 08/31/2017 Monetha $36.0 Monetha is a financial services company that decentralizes Trust and Reputation Systemon the Ethereum blockchain.

Oct 2017 10/10/2017 - 10/11/2017 AirSwap $36.0 Swap is a protocol for trading tokens on Ethereum. They've taken a decentralized, peer-to-peer approach to simplify trading and maximize liquidity. May 2017 05/31/2017 - 05/31/2017 Basic Attention Token $36.0 Basic Attention Token offers a digital advertising solution.

May 2017 05/31/2017 - 05/31/2017 Basic Attention Token $35.0 The Basic Attention Token is the new token for the digital advertising industry. It pays publishers for their content and users for their attention, while providing advertisers with more in return for their ads. Jun 2017 05/25/2017 - 06/18/2017 SONM $35.0 SONM is a universal fog supercomputer – ethereum-based network for globally distributed computing power.

Oct 2017 10/01/2017 - 10/29/2017 Ether Party $35.0 Etherparty is about simple tools for the next generation of Blockchain-connected economies powered by Smart Contract automation. No programming required. Jan 2018 1/20/2018-1/20/2018 Pundi X $35.0 Pundi X is a Point of Sale (POS) solution for cryptocurrencies.

Jun 2017 06/21/2017 - 06/22/2017 Civic $33.0 Civic's blockchain based ecosystem gives businesses and individuals the tools to control and protect identities.

Aug 2017 08/02/2017 - 08/03/2017 Stox $33.0 Stox.com, Inc. provides financial data to consumers, public companies, and brokers to understand the return from their investments. Oct 2017 10/13/2017 - 10/16/2017 Request Network $33.0 Requests Network provides a payment requests platform.

Jun 2017 06/21/2017 - 06/22/2017 Civic $33.0 Civic's blockchain based ecosystem gives businesses and individuals the tools to control and protect identities.

Dec 2017 11/07/2017 - 12/07/2017 Storm $32.0 A digital platform to connect micro merchants with stock suppliers & banks.

Dec 2017 12/15/2017 - 12/15/2017 Bread $32.0 Bread provides a loyalty and rewards program.

Oct 2017 09/22/2017 - 10/23/2017 Unikoingold $32.0 UnikoinGold is a decentralized esports betting and utility token powered by the Ethereum blockchain

Oct 2017 10/10/2017 - 10/22/2017 Ambrosus $32.0 Ambrosus offers the world’s first publicly verifiable and community-driven ecosystem to assure the quality, safety and origins of food. Nov 2017 11/21/2017 - 11/22/2017 CyberMiles $32.0 CyberMiles ("CM") is the blockchain technology being developed by 5xlab, a blockchain development laboratory. 5xlab is working closely with 5miles, a leading c2c marketplace operator with more than 12 million users in the US Sep 2017 09/19/2017 - 09/19/2017 ChainLink $32.0 ChainLink allows smart contracts secure access to external data, off-chain payments, and other API capabilities.

Nov 2017 10/18/2017 - 11/01/2017 Raiden Network $32.0 Raiden Network offers an off-chain solution on the Etherium blockchain.

Jul 2017 05/31/2017 - 07/05/2017 Polybius $32.0 Polybius Bank Regulated Bank for the Blockchain Generation.

Jan 2018 12/07/2017-1/04/2018 Trade io $31.2 Trade.io is a P2P cryptocurrency trading platform.

Nov 2017 11/07/2017 - 11/19/2017 Quantstamp $31.0 Quantstamp offers a security-audit protocol for smart contracts.

May 2017 05/19/2017 - 05/26/2017 Storj $30.0 Storj is based on blockchain technology and peer-to-peer protocols to provide the most secure, private, and encrypted cloud storage. Dec 2017 10/28/2017 - 12/08/2017 Universa $30.0 Universa is a Blockchain Protocol for apps/enterprises that is 1000x faster than Bitcoin/Ether while being much cheaper.

Sep 2017 09/12/2017 - 09/13/2017 Blackmoon Crypto $30.0 Blackmoon Crypto creates and maintains framework for tokenized funds to deliver investment opportunities in both the real world and crypto economies. Oct 2017 09/14/2017 - 10/13/2017 Streamr $30.0 Streamr makes it easy for companies and developers to deploy scalable real-time messaging and analytics. Situation rooms, data-driven automation, and powering external applications with real-time data become simple tasks instead of long and Sep 2017 08/28/2017 - 09/19/2017 Bankera $30.0 Bankeracostly projects. is building a digital bank to last for the blockchain era.

Jan 2018 1/15/2018-1/23/2018 Restart Energy $30.0 Restart Energy is a trading platform.

Jan 2018 1/08/2018-1/08/2018 Shipchain $30.0 Shipchain is a freight management and supply chain system. 169

Capital Raised Date Company ($M) Business Description Jul 2017 05/31/2017 - 07/05/2017 Polybius $29.0 Polybius Bank Polybius Bank Regulated Bank for the Blockchain Generation.

Jun 2017 05/18/2017 - 06/18/2017 Monaco Technology GmbH $27.0 Monaco Technology GmbH has a mission of putting Cryptocurrency in Every WalletTM as the pioneering payments and cryptocurrency platform (Monaco Visa card and mobile app) allowing users to buy, exchange, and spend fiat and Oct 2017 10/08/2017 - 10/09/2017 Paypie $27.0 Paypiecryptocurrencies, offers a decentralized such as bitcoin accounting and ethereum, platform at and perfect risk interbankscoring analytics. exchange rates.

Aug 2017 07/24/2017 - 08/31/2017 Everex $26.0 Everex provides a remittances and microfinance application.

Oct 2017 09/08/2017 - 10/06/2017 Power Ledger $26.0 Power Ledger has developed a series of world-leading blockchain energy applications, such as its P2P energy trading application. Jun 2017 06/22/2017 - 06/22/2017 Funfair $26.0 Funfair offers a platform for casino games.

Nov 2017 11/29/17 - 11/29/17 Bitclave $25.5 Bitclave is a decentralized search engine offering the next generation of search data privacy.

Oct 2017 10/04/17 - 10/31/17 Eidoo $25.2 Eidoo is a fast and easy multicurrency wallet and a hybrid exchange.

May 2017 05/17/2017 - 05/17/2017 Aragon $25.0 Aragon lets you manage entire organizations using the blockchain.

July 2017 07/27/2017 - 07/28/2017 Tierion $25.0 Tierion turns the blockchain into a global platform for verifying any data, file, or process.

May 2017 05/17/2017 - 05/17/2017 Aragon $25.0 Aragon is a dcentralized management platform, offering basic company management features such as governance, paroll, accounting, cap table management, fundraising, and more. Jun 2017 06/24/2017 - 06/25/2017 Omise GO $25.0 OmiseGO is a public Ethereum-based financial technology for use in mainstream digital wallets, that enables real-time, peer-to- peer value exchange and payment services agnostically across jurisdictions and organizational silos, and across both fiat Aug 2017 08/17/2017 - 08/17/2017 Decentraland $25.0 Decentralandmoney and decentralized is a virtual realitycurrencies. platform powered by the Ethereum blockchain. Users can create, experience, and monetize content and applications. Jun 2017 05/29/2017 - 06/09/2017 Aeternity - Phase 2 $25.0 The aeternity blockchain offers scalable smart contracts interfacing with real world data.

Dec 2017 12/01/2017 - 12/29/2017 BitDegree $24.0 BitDegree is the world's first blockchain-powered online education platform with token scholarships & tech talent acquisition.

Aug 2017 08/09/2017 - 08/16/2017 0X $24.0 0x is a decentralized token exchange/trading protocol.

Dec 2017 12/07/2017 - 12/17/2017 SophiaTX $23.0 Designed as an evolutionary Blockchain Platform and Marketplace, SophiaTX integrates leading enterprise applications and solutions, covering major ERP, CRM, and SCM systems, into a collaborative environment across multiple industries. Oct 2017 08/21/2017 - 10/31/2017 Enjin Coin $23.0 Enjin Coin is a customizable cryptocurrency and virtual goods platform for gaming.

Jun 2017 05/29/2017 - 06/09/2017 Aeternity $22.0 Aeternity is a scalable blockchain platform that enables high-speed transacting, purely-functional smart contracts.

Jan 2018 10/20/2017 - 01/20/2018 Pindify $22.0 Pindify is an online platform that enables artists to publish, distribute, and monetize their content.

Jul 2017 07/15/2017 - 07/17/2017 Pillar $22.0 Pillar is an open-source cryptowallet that will act as a personal data locker and replace accounts with atomic ownership.

Jan 2018 12/27/2017-1/03/2018 Zilliqa $22.0 Zilliqa is a high throughput blockchain platform.

Jan 2018 1/13/2018-1/13/2018 Selfkey $21.8 Selfkey is a digital identity system.

Sep 2017 08/29/2017 - 09/16/2017 KicklCO $21.6 KickICO is a fundraising platform powered by blockchain.

Oct 2017 10/19/2017 - 10/24/2017 Block V $21.5 BlockV provides a development platform and community to create and distribute vAtoms: virtual objects that are unique, verifiable and tradable, and that can exist across different environments (AR, VR, mobile phones, TV, tablets, etc.) Oct 2017 09/06/2017 - 10/06/2017 Finshi Capital $21.4 FinShi Capital is the first venture fund formed on blockchain technology.

Nov 2017 11/02/2017 - 11/20/2017 UTRUST $21.4 UTRUST is a payment platform for buyers and sellers aimed at being the PayPal of cryptocurrency.

Nov 2017 11/14/2017 - 11/30/2017 Simple Token $21.0 Simple Token is a SAAS that gives users the tools to manage, customize, and analyze their own token economy.

Jan 2018 1/05/2018-1/13/2018 LaLa World $20.9 LaLa World is a ecosystem for migrants and their unbanked families.

Dec 2017 12/22/2017 - 12/22/2017 QLINK $20.5 QLINK offers a decentralized global wi-fi sharing network.

Jul 2017 06/02/2017 - 07/31/2017 Giga Watt $20.2 Giga Watt is a full-service mining solution provider.

Sep 2017 09/06/2017 - 09/06/2017 Aventus $20.1 Aventus is a B2B ticketing software infrastructure that uses the blockchain and artificial intelligence to solve some of the biggest problems in ticket sale and resale. Dec 2017 11/27/2017 - 12/22/2017 Hdac $20.0 Hdac provides IoT contract and M2M transaction platform.

Jan 2018 1/04/2018-1/04/2018 THETA $20.0 THETA is a decentralized video streaming platform.

Jan 2018 1/14/2018-1/14/2018 Trinity $20.0 Trinity is a offchain scaling theme for Neo.

Jan 2018 1/11/2018-1/18/2018 Axpire $20.0 Axpire is a fund administration services platform. 170

171

Capital Raised Date Company ($M) Business Description Jan 2018 1/05/2018-1/10/2018 Block Array $14.4 Block Array is a supply chain management platform.

Sep 2017 08/09/2017 - 09/15/2017 ICOBox $14.3 ICOBox offers a ICO claunch platform and ICO investment fund.

May 2017 05/30/2017 - 05/30/2017 Mysterium Network $14.1 Mysterium Network offers a decentralized VPN service.

May 2017 05/30/2017 - 05/30/2017 Mysterium Network $14.0 Mysterium Network acts as a marketplace, its Open Source software allows anyone to join the network both as a provider – selling unused network traffic or as a customer – buying VPN service from other Mysterium Network providers. Jul 2017 06/28/2017 - 07/09/2017 Nimiq $14.0 Nimiq is the world's first Browser-based Blockchain. It makes participating in its Ecosystem as simple as accessing the Internet itself and with that launches Blockchain technology into the mainstream. Jan 2018 12/14/2017-1/13/2018 adbank $14.0 adbank is a advertising platform.

Sep 2017 08/07/2017 - 09/17/2017 Substratum $13.8 Substratum is developing an open-source foundation for the decentralized web.

Nov 2017 11/17/2017 - 11/17/2017 Oracles Network $13.7 POA Network is the first Ethereum-based public network with Proof of Authority consensus, reached by independent validators.

Sep 2017 09/01/2017 - 09/22/2017 Modum $13.5 Modum.io combines IoT sensors with blockchain technology, providing data integrity for transactions involving physical products. Jan 2018 1/17/2018-1/17/2018 Matrix $13.4 Matrix is a public intelligent blockchain platform.

Oct 2017 09/13/2017 - 10/22/2017 Cobinhood $13.4 Cobinhood is a "Zero Trading Fees" with vision to maximize traders' profits.

Nov 2017 10/02/2017 - 11/02/207 Dragonchain $13.2 Dragonchain is a platform that attempts to simplify integration of real business applications on a blockchain.

May 2017 05/02/2017 - 05/02/2017 TokenCard $13.0 First debit card powered by smart contracts incorporating the VISA payments network

Oct 2017 10/08/2017 - 10/08/2017 Red Pulse $13.0 Red Pulse will introduce a NEO token, RPX, that will power a brand new content production, distribution, and consumption platform focused initially on China's capital markets. May 2017 05/02/2017 - 05/02/2017 Tokencard $12.7 Tokencard manages digital currencies and assets.

Apr 2017 04/24/2017 - 04/24/2017 Gnosis $12.5 Gnosis is a permissionless and decentralized platform built on Ethereum, Gnosis is the easiest way to aggregate relevant information from both human and AI agents into one number. Nov 2017 10/09/2017 - 11/22/2017 Science Blockchain $12.3 Science Blockchain is creating a new incubator to partner with leading entrepreneurs to build a portfolio of blockchain and cryptocurrency related businesses that are positioned for long term success. Jun 2017 05/10/2017 - 06/20/2017 Boscoin $12.2 BOScoin is a cryptocurrency that utilizes the blockchain and numerous new technologies to solve persistent issues in decentralized systems. Aug 2017 08/19/2017 - 08/19/2017 Lampix $12.2 Lampix is creating a new blockchain that will hold data-sets of real world objects. It is a futuristic system that involves casting light onto a surface to turn anything into a smart surface. Apr 2017 04/19/2017 - 04/19/2017 iEx.ec $12.2 iExec is a decentralized marketplace for cloud resources. An innovative market network where everyone can monetize their applications, servers and data-sets. Jul 2017 07/05/2017 - 07/05/2017 Santiment $12.1 Santiment is building a platform for crypto-financial market data and content. Users are enabled to monitor crypto-markets in real-time, access a transparent database and look at objective datafeeds. Jul 2017 06/29/2017 - 07/26/2017 Dao.Casino $12.0 DAO.Casino is an open ecosystem for gambling games that don’t rely on a trusted third party.

Apr 2017 04/24/2017 - 04/24/2017 Gnosis $12.0 Gnosis is built on Ethereum, a next generation blockchain protocol enabling advanced smart contracts. Ethereum is censorship resistant, globally available, and provides transparent guarantees about future operations of the platform. With Ethereum, we Apr 2017 04/19/2017 - 04/19/2017 IEX.EC $12.0 iEx.eccan eliminate is inventing middlemen the internet and counterpartyof the future byrisk. developing the first Blockchain-based, fully distributed cloud computing platform. It's White Paper offers a detailed description of iEx.ec’s vision, the market, development roadmap and the upcoming Jul 2017 06/12/2017 - 07/12/2017 ABTcoin $12.0 Featuringtoken launch. most up-to-date technologies ATB Coin is set to become the world's most agile, cost-efficient and user-friendly cryptocurrency. Sep 2017 09/05/2017 - 09/05/2017 Viberate $12.0 Viberate is a crowdsourced live music ecosystem and a blockchain-based marketplace, where musicians are matched with booking agencies and event organizers. Jan 2018 12/07/2017 - 01/04/2018 Trade io $11.8 Trade.io is aiming be the biggest trading liquidity pool comprised of Trade Token holders for the benefit of Trade Token holders.

Jun 2017 06/30/2017 - 06/30/2017 Adex $11.8 AdEx is a blockchain-based ad exchange aiming at disrupting the existing online advertising landscape and address its significant problems: advertising fraud, privacy and consent to receiving sponsored messages, etc. Oct 2017 10/01/2017 - 10/31/2017 GreenMed $11.7 GreenMed lets legal marijuana dispensaries accept debit or credit card payments via the use of cutting edge electronic payment processing technology in conjunction with the Ethereum blockchain. Nov 2017 07/28/2017 - 11/30/2017 WaBi $11.5 WaBi is the World's first crypto coin that engages consumers to combat counterfeits.

Jul 2017 06/29/2017 - 07/26/2017 DAO Casino $11.5 DAO.Casino is a Blockchain protocol for gambling.

Jul 2017 06/12/2017 - 07/12/2017 ATB Coin $11.2 ATB Coin is a one-of-a-kind blockchain-based cryptocurrency designed to deliver blazing fast, secure and near-zero cost payments to anyone in the world. Sep 2017 08/31/2017 - 09/30/2017 Real $11.2 Real is a Crypto-Crowdfunding Ecosystem that allows investors to buy equity of hand-selected Real Estate projects which are expected to give between a 12-20% return. Dec 2017 11/06/2017 - 12/05/2017 Cashaa $11.1 Cashaa is an innovative banking platform that will allow anyone, with or without a traditional bank account, to exchange and transfer fiat money and cryptocurrencies. May 2017 04/25/2017 - 05/26/2017 Veritaseum $11.0 Veritaseum enables software-driven P2P capital markets without brokerages, banks or traditional exchanges.

Aug 2017 07/26/2017 - 08/28/2017 Bitbounce $10.9 BitBounce is an e-mail platform in which users you don't know have to pay a cryptocurrency fee to send you an e-mail. 172

Capital Raised Date Company ($M) Business Description Jun 2017 06/08/2017 - 06/24/2017 Populous $10.8 Populous is a global invoice trading platform built on Blockchain's distributed ledger technology.

Jun 2017 06/01/2017 - 06/22/2017 Wagerr $10.8 Wagerr uses distributed blockchain technology to execute betting contracts. It escrows stakes, verifies results, and pays out winners. Sep 2016 08/25/2016 - 09/26/2016 Iconomi $10.7 The ICONOMI Digital Assets Management Platform is a new and unique technical service that allows anyone from beginners to blockchain experts to invest in and manage digital assets. Nov 2017 10/18/2017 - 11/18/2017 Micromoney $10.7 MicroMoney is a global blockchain-based lending services provider for the millions of unbanked people.

Nov 2017 11/01/2017 - 11/30/2017 Playkey $10.5 Playkey is a decentralized cloud gaming platform that allows users to stream games in full HD and 60 FPS from an Nvidia Powered GPU Server. Nov 2017 10/25/2017 - 11/24/2017 Mercury Protocol $10.5 Mercury Protocol is an open-source project for communication platforms to utilize decentralized blockchain technology at minimal cost. Apr 2017 04/10/2017 - 04/10/2017 Blockchain Capital Fund III$10.0 Blockchain Capital is a pioneer and the premier venture capital firm investing in Blockchain enabled technology.

Jul 2017 07/03/2017 - 07/03/2017 Rialto $10.0 Rialto is a platform for cryptocurrency arbitrage, market making, and prediction trading.

Apr 2017 04/10/2017 - 04/10/2017 Blockchain Capital Fund $10.0 Blockchain Capital is a venture capital firm investing in Blockchain enabled technology.

Jun 2017 06/26/2017 - 06/26/2017 AdToken $10.0 adToken is the token of adChain, an open protocol on Ethereum that allows for the building of decentralized and ad-centric applications for the $175 billion digital advertising ecosystem. Aug 2017 08/08/2017 - 08/09/2017 Poet $10.0 Poet is a shared, universal ledger designed to track ownership and attribution for the world's digital creative assets.

Aug 2017 08/07/2017 - 08/30/2017 XPlay $10.0 XPlay is an A.I.-driven global extreme entertainment platform for content producers, advertisers, merchants and other trades in the entertainment industry. Oct 2017 09/28/2017 - 10/13/2017 doc ai $10.0 doc.ai is a conversational platform for on-demand, quantified biology.

Jan 2018 10/03/2017 - 01/30/2018 Lydian $10.0 Lydian is the first artificial intelligence big data marketing cloud for Blockchain.

Jan 2018 10/03/2017 - 1/30/2018 Lydian $10.0 Lydian is a marketng platform.

Jan 2018 10/29/2017-1/03/2018 Lamden $10.0 Lamden is a suite of developer tools to create blockchains and dApps.

Jan 2018 1/18/2018-1/18/2018 Devery $10.0 Devery is a open-source, product verification protocol.

173

7. Select ICO Profiles

174

Selected ICO Profiles

Basic Attention Token ...... 176

Centra ...... 176

Civic ...... 176

CRYPTO20 ...... 177

Gridplus ...... 177

Power Ledger ...... 177

Riplo ...... 178

SALT ...... 178

SingularityNet ...... 178

TenX ...... 179

TokenDesk ...... 179

Uptoken...... 179

UQUID ...... 180

175

Basic Attention Token

Company Overview Basic Attention Token is a utility token based on the Ethereum technology that can also be used as a unit of account between advertisers, publishers, and users in a new, blockchain-based digital advertising and services platform.

Address: Floor 2, 512 2nd St Website: www.basicattentiontoken.org San Francisco, CA 94107 Founded: 2017

Selected Senior Management Professional Professional Title Brendan Eich Founder Brian Bondy Co-Founder

Centra

Company Overview Centra Tech offers blockchain products such as a Wallet to store digital assets, a Prepaid Card to spend the digital assets, and three soon to be released products and services, which include a Marketplace to buy goods with the digital assets, a cryptocurrency Exchange Platform to buy, sell and trade digital assets, and a open-source hyper speed DPoS Blockchain.

Address: 555 Washington Ave Suite 240, Website: www.centra.tech Miami Beach, FL 33139 Founded: 2017

Selected Senior Management Professional Professional Title David Brill CEO Robert Farkas CAO Steven Sykes CTO

Civic

Company Overview Civic's identity verification and protection tools give both businesses and individuals the power to control and protect their identities through the blockchain.

Address: 555 Washington Ave Suite 240, Website: www.civic.com Miami Beach, FL 33139 Founded: 2017

Selected Senior Management Professional Professional Title Vinny Lingham CEO Jonathan Smith CTO

176

CRYPTO20

Company Overview CRYPTO20 is an autonomous crypto-only index fund that tracks the top 20 cryptocurrencies in the same way the S&P500 tracks the top 500 U.S. company stocks.

Address: Cayman Islands Website: www.crypto20.com Founded: 2017

Selected Senior Management Professional Professional Title Daniel Schwartzkopff Business Development

Gridplus

Company Overview Gridplus is a commercial electricity retailer in deregulated markets

Address: Austin, Texas Website: www.gridplus.io Founded: 2017

Selected Senior Management Professional Professional Title Mark DAgostino Co-Founder and CEO Alex Miller Co-Founder and CTO

Power Ledger

Company Overview Power Ledger has developed a series of world-leading blockchain energy applications, such as its P2P energy trading application.

Address: L6 218, St Georges Terrace, Website: www.powerledger.io Perth WA 6000 Founded: 2017

Selected Senior Management Professional Professional Title Dave Martin Co-founder and Managing Director Jemma Green Co-founder and Chairman

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Ripio

Company Overview Ripio, formerly known as Bitpagos, is a financial payments company that provides electronic payment solutions for businesses in Latin America.

Address: San Francisco, CA Website: www.ripio.com Founded: 2013

Selected Senior Management Professional Professional Title Sebastian Serrano Founder/CEO Luciana Gruszeczka Founder/COO

SALT

Company Overview SALT provides blockchain backed loans.

Address: Denver, Colorado Website: saltlending.com Founded: 2016

Selected Senior Management Professional Professional Title Shawn Owen CEO Phillip Cowan CTO

SingularityNet

Company Overview SingularityNet offers a marketplace for buying and selling AI solutions.

Address: Zurich, Switzerland Website: singularitynet.io Founded: 2017

Selected Senior Management Professional Professional Title Dr. Ben Goertzel CEO, Chief Scientist Cassio Pennachin CTO Dr. David Hanson Robotics Lead

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TenX

Company Overview TenX makes any cryptocurrency spendable anytime and anywhere through a physical card and app for managing transactions.

Address: Singapore Website: www.tenx.tech Founded: 2015

Selected Senior Management Professional Professional Title Julian Hosp President Toby Hoenisch CEO Michael Sperk CTO

TokenDesk

Company Overview TokenDesk is an ICO Investment Platform.

Address: Website: tokendesk.io Founded: 2017

Selected Senior Management Professional Professional Title Gintaras Tamosiunas Co-founder and CEO Tadas Rimdzius Co-founder

Uptoken

Company Overview Uptoken is building a global crypto ATM network.

Address: Website: uptoken.org Founded: 2017

Selected Senior Management Professional Professional Title Neil Bergquist Co-Founder and CEO Steven Olson CFO

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UQUID

Company Overview UQUID is a cryptocurrency payment platform that is an all-in-one solution for earning, saving, and spending 90 different cryptocurrencies.

Address: United Kingdom, Europe Website: www.uquid.com Founded: 2017

Selected Senior Management Professional Professional Title Tran Hung CEO Dang Hung CTO

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Disclaimer:

The following industry report has been prepared by the Investment Banking Department of Woodside Capital Partners International. This report is an overview and analysis of industry and consolidation trends and is not intended to provide investment recommendations on any specific industry or company. All information supplied or obtained from this report is for informational purposes only and should not be considered investment advice or guidance, an offer of or a solicitation of an offer to buy or sell a security, or a recommendation or an endorsement by Woodside Capital Partners International, LLC, or its affiliates, Woodside Capital Securities, LLC, and Woodside Capital Partners UK, LLP, of any security. Other than disclosures relating to Woodside Capital Securities, LLC the information herein is based on sources we believe to be reliable but, is not guaranteed by us and does not purport to be a complete statement or summary of the available data. Any opinions expressed herein are statements of our judgment on this date and are subject to change without notice. Periodic updates may be provided on companies/industries based on company specific developments or announcements, market conditions or any other publicly available information.

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Third Party Disclosures:

Any analyst opinions, ratings, and public company reports included in this report are provided by third-parties unaffiliated with Woodside Capital Securities, LLC, Woodside Capital Partners International, LLC and Woodside Capital Partners UK, LLP. Woodside Capital Securities, LLC, Woodside Capital Partners International, LLC and Woodside Capital Partners UK, LLP makes no guarantee that information supplied is accurate, complete, updated or timely, and does not provide any warranties regarding results obtained from its use.

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