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CB Insights – Global Fintech Report Q3 2019

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1 1 WHAT IS CB INSIGHTS? CB Insights is a tech market intelligence platform that analyzes millions of data points on venture capital, startups, patents, partnerships and news mentions to help you see tomorrow’s opportunities, today. CLICK HERE TO LEARN MORE TRUSTED BY THE WORLD’S LEADING COMPANIES “CB Insights is the day-in day-out tool we use at Prudential. We leverage CB Insights to guide our strategy and also the work that we do within the innovation lab.” Joe Dunleavy, Head of Innovation at Pramerica, Prudential 3 June 14 -16, 2020 Pier 27 & Pier 29 Campus San Francisco, CA REGISTER HERE 4 Contents 7 Q3’19 Financing Trends 66 Appendix Quarterly Deals & Dollars Geographic Trends Regional Trends Top Fintech Deals Q3’19 Fintech Unicorns Most Active Fintech Investors Q3’18 – Q3’19 Methodology 19 Q3’19 Fintech Sector Trends Digital Banking Wealth Management Lending Real Estate Payments Capital Markets Regtech 5 Summary of findings Q3’19 fintech funding topped $8.9B, a quarterly record when adjusting for India and China continued to battle over the title of Asia’s top fintech hub Ant Financial’s $14B investment in Q2’18: As of Q3, fintech has raised in Q3’19: China saw deals surge to 55 in the quarter, reclaiming the lead $24.6B in 2019, already surpassing 2017’s annual total. Funding grew on from India with 33 deals. India saw $674M in funding, narrowly pulling the back of 19 $100M+ rounds worth approximately $4B in Q3’19. ahead of China’s $661M. Deals rebounded slightly in Q3’19 but are likely to fall short of 2018’s Challenger banks have raised over $3B in 2019 YTD and Q3’19 saw $1.3B record as a result of a continued pullback in early-stage investing: Fintech invested — a quarterly funding high: Q3’19 saw challenger banks funding deals in Q3’19 grew 6% from Q2'19, but they have dropped in every quarter bolstered by rounds to unicorns, including NuBank’s $400M Series F, which in 2019 when compared to the same time frame last year. Early-stage was the largest reported equity investment to a challenger bank and made (seed/angel and Series A) deals fell to an 11-quarter low and funding hit a NuBank the highest-valued challenger at $10B. Startup-focused challenger 7-quarter low. banks saw competition heat up with deals to Ramp Financial, Mercury, and Stripe, which launched card issuing. The US saw deals dip to an 11-quarter low while Asia saw deals spike and nearly surpass the US in Q3’19: The US saw deals dip as a result of a pull There are 58 VC-backed fintech unicorns worth a combined $213.5B: back in early-stage deals, which also contributed to the overall drop in 2019 Q3’19 saw 6 new fintech unicorn births (Hippo, Judo, Deposit Solutions, global deals through Q3’19. Asia saw deals rebound as China reclaimed the QuintoAndar, Dave, and C2FO), and 3 more have occurred in Q4’19 as of lead from India as Asia’s top deal hub. 11/11/19 (Next Insurance, Ebanx, and Riskified). Other highly valued unicorns continued to raise late-stage capital, including NuBank, Gusto, and Southeast Asia fintech topped new annual highs: Southeast Asia set a new Stripe, among others, but none signaled an IPO was imminent. annual record with $701M raised across 87 deals through Q3’19. The top 2 deals since 2015 occurred in 2019: a $100M Series B to Singapore-based Note: This report focuses on equity rounds to VC-backed fintech companies. This report does not cover companies funded solely by angels, private equity firms, or any debt, secondary, or line of credit Deserka and a $100M Series C to Vietnam-based MoMo. transactions. All data is sourced from CB Insights. 6 7 WHAT FINTECH COVERS Payments processing, card developers, Companies selling insurance digitally or providing and subscription billing software tools data analytics and software for (re)insurers Tools to manage bills and track Sales and trading, analysis, and personal and/or credit accounts infrastructure tools for financial institutions PAYMENTS/ INSURANCE BILLING PERSONAL CAPITAL FINANCE MARKETS Audit, risk, and regulatory Investment and wealth management compliance software platforms and analytics tools WEALTH REGTECH MANAGEMENT Companies leveraging blockchain MONEY International money transfer technologies for financial services BLOCKCHAIN/ TRANSFER/ and tracking software CRYPTO REMITTANCES MORTGAGE/ LENDING REAL ESTATE Marketplace lending and alternative Mortgage lending, digitization, underwriting platforms and financing platforms 7 2019 global fintech funding topped $24.6B through Q3’19, already surpassing 2017’s total Annual global VC-backed fintech deals and financing, 2015 – Q3’19 ($B) 1,967 1,699 1,400 1,387 1,235 $17.0 $19.7 $18.8 $40.6 $24.6 2015 2016 2017 2018 20192019 YTD 8 VC-backed fintech deals picked up in Q3’19, but will likely end the year down from 2018’s record Quarterly global VC-backed fintech deals, Q3’15 – Q3’19 509 488 501 501 469 456 428 432 419 420 430 380 353 344 334 342 298 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 9 Excluding Ant Financial’s record deals, VC-backed fintech funding hit a quarterly high in Q3’19 Quarterly global VC-backed fintech financing, Q3’15 – Q3’19 ($M) $14,000 $6,534 $4,500 $2,977 $2,552 $2,725 $5,848 $4,956 $4,701 $6,214 $6,251 $7,486 $7,021 $8,708 $8,875 $6,674 $5,529 $3,329 $3,992 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Note: Q2’16 and Q2’18 spiked on the back of mega-round investments to Ant Financial including a record $14B deal in Q2’18 10 US deals dipped near 3-year low while Asia rebounded, nearly surpassing the US Global VC-backed fintech deals by continent, Q3’18 – Q3’19 191 18 184 17 17 167 166 156 United 16 15 15 South 154 145 States 14 America 134 152 Asia 123 12 11 113 113 10 11 128 10 90 8 9 Australia 98 Europe 8 7 8 8 Africa 6 5 6 4 4 2 0 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Note: Charts not to scale 11 Early-stage deals dropped due to a decline in Series A, while Series B growth boosted mid-stage deals Quarterly deal share by stage to global VC-backed fintech companies, Q3’18 – Q3’19 Other 10% 11% 10% 12% Series E+ 17% 3% 3% 4% 3% 5% 2% 2% 3% 4% Series D 3% 6% 7% 6% 8% 7% Series C 13% 14% 15% Series B 15% 20% 28% Series A 22% 26% 29% 23% Seed/Angel 34% 37% 35% 30% 31% Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Note: Early-Stage includes seed/angel and Series A, Mid-Stage includes Series B and Series C, Late-Stage includes Series D, Series E+, growth equity, and private equity 12 Early-stage deals dropped to an 11-quarter low and funding fell to a 7-quarter low Quarterly global VC-backed fintech early-stage deals (seed/angel & Series A), Q3’15 – Q3’19 ($M) 314 303 310 285 276 284 278 265 271 260 253 235 246 225 220 210 215 $1,102 $1,687 $1,037 $2,038 $1,462 $1,242 $1,551 $1,437 $1,593 $1,068 $772 $715 $813 $743 $772 $968 $855 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 13 South America and Australia saw funding surge on the back of mega-rounds to unicorns Global VC-backed fintech funding by continent, Q3’18 – Q3’19 ($M) South America $349.5 $704 $10.6 $318 Australia $217.1 $6.9 $65.5 $72 $47.6 Africa $23 $11.2 $130.6 $204.7 $82 $1,698.4 Europe $890.4 $1,662 $30.3 $1,189.9 Asia $841.4 $1,717.4 $1,793.2 $1,072.2 North America $2,633 $1,967.3 $3,184.9 $3,662.1 $3,971.5 $5,452.9 $4,332.0 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 14 Q1’19 – Q3’19 saw 59 mega-rounds totaling $11.5B as nearly every market beat 2018’s count record Global number of fintech mega-rounds ($100M+), 2015 – Q3’19 36 26 22 18 17 12 12 10 10 8 7 8 3 3 3 1 1 2 2015 2016 2017 2018 2019 North America Asia Europe South America Australia 15 GLOBALLY THERE ARE 58 FINTECH UNICORNS VALUED, IN AGGREGATE, AT $213.5 BILLION 16 58 fintech unicorns valued at $213.5B Global VC-backed fintech companies with a private market valuation of $1B+ (11/11/19) NORTH AMERICA EUROPE ASIA UNITED KINGDOM GERMANY SWEDEN UNITED STATES CHINA $3.5B valuation $1.7B $2.6B $3.5B $3.5B $5.5B $39.4B valuation $35.3B valuation $8B $7.6B $2B $1.1B $2.8B $1B $1.5B $2B $1B $1B (Q4’19) $1.4B $2.6B $1.5B $1B $1B $2.9B $1.2B $1B $1B $3B $1.7B $4B JAPAN $1B $2.7B $2B $1B (Q4’19) SOUTH KOREA $1.9B $1B $4.8B $2.2B $3.2B $1.2B $1.8B INDIA $1.6B $1.1B $1.4B $1B SOUTH AMERICA BRAZIL AUSTRALIA $3.8B $2.1B (as of Q2’15) $1B $10B AUSTRALIA $2.7B $3.5B $1.2B $10B $1B (Q4’19) $1.9B valuation $1B valuation $1.4B $1B 17 6 new fintech unicorn births in Q3’19 and 3 in Q4’19 Global VC-backed fintech companies with a private market valuation of $1B+ (11/11/19) NORTH AMERICA EUROPE ASIA UNITED KINGDOM GERMANY SWEDEN UNITED STATES CHINA $3.5B valuation $1.7B $2.6B $3.5B $3.5B $5.5B $39.4B valuation $35.3B valuation $8B $7.6B $2B $1.1B $2.8B $1B $1.5B $2B $1B $1B (Q4’19) $1.4B $2.6B $1.5B $1B $1B $2.9B $1.2B $1B $1B $3B $1.7B $4B JAPAN $1B $2.7B $2B $1B (Q4’19) SOUTH KOREA $1.9B $1B $4.8B $2.2B $3.2B $1.2B $1.8B INDIA $1.6B $1.1B $1.4B $1B SOUTH AMERICA BRAZIL AUSTRALIA $3.8B $2.1B (as of Q2’15) $1B $10B AUSTRALIA $2.7B $3.5B $1.2B $10B $1B (Q4’19) $1.9B valuation $1B valuation $1.4B $1B 18 Q3’19 Fintech Sector Trends #AhaCBI GLOBAL VC-BACKED FINTECH Q3’2019 REAL PAYMENTS LENDING ESTATE WEALTH CAPITAL MANAGEMENT MARKETS DIGITAL REGTECH BANKING MACRO SECTOR TRENDS Q3’19 20 GLOBAL VC-BACKED FINTECH Q3’2019 REAL PAYMENTS LENDING ESTATE WEALTH CAPITAL MANAGEMENT MARKETS DIGITAL REGTECH BANKING MACRO SECTOR TRENDS Q3’19 21 Challenger banks have raised over $3B in 2019 YTD.
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  • OFFERING CIRCULAR SAXO BANK A/S EUR 2,000,000,000 Senior

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    OFFERING CIRCULAR SAXO BANK A/S EUR 2,000,000,000 Senior Note and Subordinated Note Programme Under this EUR 2,000,000,000 Senior Note and Subordinated Note Programme (the “Programme”), Saxo Bank A/S (the “Issuer”) may from time to time issue notes (the “Notes”). Notes may be (i) senior notes (“Senior Notes”) or (ii) dated subordinated notes (in Danish: kapitalbeviser) (“Subordinated Notes”), as indicated in the relevant Pricing Supplement (as defined below). Notes may be denominated in any currency agreed between the Issuer and the relevant Dealer (as defined below). The maximum aggregate nominal amount of all Notes from time to time outstanding under the Programme will not at any time exceed EUR 2,000,000,000 (or its equivalent in other currencies calculated as described in the Programme Agreement described herein), subject to increase as described herein. The Notes may be issued on a continuing basis to one or more of the Dealers specified under “Overview of the Programme” and any additional Dealer appointed under the Programme from time to time by the Issuer (each a “Dealer” and together the “Dealers”), which appointment may be for a specific issue or on an ongoing basis. References in this Offering Circular to the “relevant Dealer” shall, in the case of an issue of Notes being (or intended to be) subscribed by more than one Dealer, be to all Dealers agreeing to subscribe such Notes. This offering circular (the “Offering Circular”) has not been approved as a prospectus for the purposes of the Prospectus Directive. When used in this Offering Circular, “Prospectus Directive” means Directive 2003/71/EC (as amended, including by Directive 2010/73/EU), and includes any relevant implementing measure in a relevant Member State of the EEA (as defined below).