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Fintech in the Baltics

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Fintech in the Baltics FINTECH IN THE BALTICS FinTech Discussion July 2021 INTRODUCTION GLOBAL INVESTMENT IN FINTECH Global investment in financial FinTech companies exploited the technology companies (FinTech) chaos to offer more efficient, innovative rebounded in H2 2020 after a slow start to and instant financial services compared to the year caused by the Covid-19 pandemic. traditional banks. Since then, FinTech has gathered increasing momentum. Q2 2021 was the largest funding quarter on record ($30.8 billion of global investment), beating Q1 2021’s previous record by 30% (CB Insights) driven by investments from Venture Capital Funds (VC’s) and Private Figure 1: Telegraph operations room. Equity Firms (PE). Source: Western Union The History of FinTech Total Global Investments and Deal Count in FinTech Industry FinTech found its roots in the mid- 120 108.3 1200 19th century when the transfer of money by telegrams and morse code was 100 1000 invented. Western Union can be 80 800 considered one of the pioneers of FinTech; in the 1870s they established a telegraph 60 50.6 600 network which allowed people to perform 40.3 41.6 40 33.5 30.5 400 electronic money transfers between New 24.8 21.8 19.9 19.7 21.3 York, Chicago, and Boston. 15.4 15 20 9.9 12.1 13.7 200 More recently, we saw the democratisation of the financial services 0 0 industry following the Global Financial Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Crisis (GFC) of 2008. Retail consumers and 2017 2018 2019 2020 businesses that were impacted by the crash of the global financial system lost Deal Value (in billions USD) Deal count faith in traditional banks and turned to alternative financial service providers. Figure 2: Global investment activity in FinTech industry. Source: KPMG. Pulse of FinTech H’2 2020. 1 FINTECH SEGMENTS THE MAIN FINTECH SEGMENTS Payments Lending Asset Management The Payments segment includes firms that The Lending segment includes companies Asset Management encompasses trading provide alternative payment methods, that provide lending/credit services, organisations, Robo-advice and personal including blockchain and cryptocurrency- including crowdfunding and factoring. wealth management. related transactions. Accessing financing for new Currently, with today’s low market The segment is mostly driven by the businesses, particularly in emerging interest rates, consumers are looking for simplicity of providing payment solutions markets, is a major challenge that FinTech alternative ways to make the most of their compared to other segments which financing platforms are helping to solve; money. As a result, FinTech platforms require more complex technological drastically improving the time and ease providing access to alternative investment solutions. Currently, focus has shifted with which financing can be sourced. The solutions have been gaining popularity. towards expanding product capabilities FinTech space has become the main arena The segment is shifting to providing and offering more complex solutions to where lending companies are competing. opportunities for consumers to invest in support B2B end-to-end transactions. Increased competition has, in turn, driven real asset classes, such as real estate, efficiency within the industry and made it energy and infrastructure. more attractive to businesses seeking finance. Other FinTech Segments Total Global Investments in FinTech by Segments (bn. USD) These include InsurTech, which provides 2 ultra-specialised services to customers 2.8 2020 0.3 including social insurance and P2P 14.5 19.7 insurance. PropTech companies provide 0.5 innovative crowdfunding solutions for 4.7 2019 0.4 property ownership, data-driven financing 14.3 105.9 and screening solutions. In addition, 0.4 FinTechs operating in Open Banking and 6.9 2018 0.7 Financial software areas have gained much 28.2 52.4 interest recently (especially in Europe, 0.1 since the PSD2 directive was issued in 5.2 2017 0.2 2018) but do not hold a large market share 11.2 17.7 yet. Most of these provide technological solutions such as API tools that allow third 0 20 40 60 80 100 120 parties to access consumers’ financial data Cybersecurity Blockchain/Cryptocurrency WealthTech RegTech InsurTech Payments in order to provide more efficient financial Figure 3: Global Investments in FinTech companies by segments. Source: KPMG. Pulse of FinTech services than traditional financial H’2 2020. institutions can offer. 2 FINTECH IN THE BALTICS GLOBAL FINTECH-RELEVANT RATINGS The Baltic states of Estonia, Latvia and government support mechanisms report Europe’s Hidden Entrepreneurs, Lithuania have become a hub of FinTech including favourable regulatory Estonia is Europe’s number one hotspot activity, giving rise to, among others, stars frameworks, as well as a strong talent pool for technology entrepreneurs, with Latvia like Wise (formerly TransferWise), of highly skilled IT and finance specialists, third and Lithuania seventh. Global TransferGo and Monese. The key factors and the early adoption of digital FinTech-related ratings rank the Baltic behind this success include a culture for technology into business infrastructures. countries among the top countries to start startups and innovation fostered by According to the World Economic Forum’s a business in. Another key reason why the Baltic region is Global ratings Lithuania Latvia Estonia able to produce great FinTech companies is 2.71 million 1.88 million 1.33 million the small local market. FinTech companies Population (68.2% urbanisation) (68.4% urbanisation) (69.3% urbanisation) in the Baltics are able to test their early- stage technologies and receive feedback to Global urbanisation 56.2% of population rapidly improve their products or services. 3.82 million 1.79 million 2.65 million Therefore, the time from the idea to the Mobile connections (141.2% of (135.3% of (141% of population) market is significantly shorter than in population) population) larger markets. Mobile connections 109.4% of population (globally) As demonstrated in Table 1, in the Baltic 2.22 million 1.67 million 1.21 million countries there are more devices Internet users (82% of population) (88.9% of population) (91% of population) connected to the internet than there are people. By comparison, global smartphone Internet users 4.66 billion (59.5 % of population) penetration is estimated to have reached (globally) WiFi speed rank 1 - 3 78% in 2020, according to data published 4 49 10 by Statista. People in the Baltics use Vilnius – 6th among Riga – 34th among the Tallinn – 14th among smartphones extensively and are more Global FinTech index the best cities for best cities for FinTech best cities for FinTech likely to use online FinTech services and FinTech in Europe in Europe in Europe apps. Rank of doing 11 19 18 business Ease of starting the 34 26 14 business Ease of paying taxes 18 16 12 Table 1: Statistics and Global rankings of Baltic states (2020). Sources: Datareportal; Findexable; World Bank 3 FINTECH IN THE BALTICS FINTECH IN THE BALTICS BY NUMBERS There were more than 530 FinTech Number of FinTech companies by country companies in the Baltics in 2020. Lithuania is a 250 230 leader in this field, with more than 43% of Baltic 210 215 FinTech companies headquartered there. In the 200 170 context of the EMEA area, Baltic FinTech 141 companies comprise circa 7% of overall FinTech 150 91 companies in the region (Statista). This share of 100 84 75 the market is high given the Baltic market has a 66 population of 5.9 million in 2020, approximately 50 0.02% of the population of the EMEA region. 0 The most popular FinTech segments in the 2018 2019 2020 Baltic states are Payments and Lending (in line Lithuania Latvia Estonia with the global trends) accounting for 40% of registered FinTech companies, mainly driven by a Figure 4: Number of FinTech companies by Baltic countries. Sources: Invest Lithuania; transition from traditional banking services. Swedbank Latvia; Startup Estonia, Finance Estonia. According to the Global Consumer Banking Study by EY, approximately 40% of consumers have Baltic FinTechs by segment (number of companies, 2020) decreased their dependence on traditional 94 banking services because of efficiency benefits 100 provided by FinTech companies. The Payments 80 69 segment is mostly driven by transaction speed, 64 lower fees and the flexibility to make 60 46 43 transactions at any time to any location. The 30 40 27 24 25 27 26 Lending segment’s growth is driven by the 21 21 10 number of new companies (mostly SMEs) which 20 9 seek financing and working capital but cannot 0 meet the requirements of traditional banks Payments Financial Lending Digital Banking Other (World Bank). As interest rates have been software (Blockchain & floating around zero for several years, P2P and Crypto, other lending platforms have gained pace by Lithuania Latvia Estonia cybersecurity, providing opportunities for individual lenders to investments) earn attractive returns. Figure 5: Number of Baltic FinTechs by segment. Sources: Invest Lithuania; Swedbank.lv; Startup Estonia, Finance Estonia. 4 FINTECH IN THE BALTICS RECENT FINTECH DEALS There has been an increase in companies are still relatively early stage, expanded and received international investment and M&A activity in the Baltic most investment comes from local VCs recognition and financing. The latest deals FinTech market as investors are drawn to and angel investors investing below €1m. are presented in Table 2 below. the growth potential of Baltic FinTech Nevertheless, the Baltic region has companies. As the majority of these generated several start-ups that have Company Country Bidder/Investors/ Deal type Deal value/Funds Date Comment name Financial advisor raised 4Finance Latvia Aalto Capital (Advisor) EURO bonds €150 million 2021/07 Refinancing of the bonds was made by refinancing making use of the amend & extent mechanism. Wise Estonia D1 Capital Partners, Sale of secondary $319 million 2020/07 To existing and new investors at a $5bn (Formerly Lone Pine Capital shares valuation; a 43% increase in value since TransferWise) May 2019.
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