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Wealthtech Industry Continues to Evolve Covid-19 Notwithstanding

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Wealthtech Industry Continues to Evolve Covid-19 Notwithstanding February 2021 WealthTech Industry Continues To Evolve Covid-19 Notwithstanding Dear Clients and Friends; Marlin & Associates (M&A) is pleased to share our latest report on the Wealth Management Technology (WealthTech) sector. Like many companies within many of the FinTech sectors we cover – firms within the WealthTech space have weathered the COVID storm well, with many even thriving throughout these unprecedented times. Sector growth and prosperity typically drives investment and m&a, and WealthTech has not deviated from this pattern. As noted in the following report, both public and private market activity in the space has been strong – with below being significant factors driving such activity: • Technology – which has allowed for a wide range of powerful, easy to use mobile friendly digital engagement tools for both advisors and consumers • Millennials – who have embraced the new applications and welcomed the increased ability to participate in the management of their own money • Boomers – who, as a group, have amassed unprecedented wealth, seek financial wellness and have been more than willing to adopt new wealth management approaches in an otherwise tumultuous environment • Traditional and non-traditional brokers, banks (and “non-banks”) and others in the evolving financial service sector that have adopted new technology to make new forms of product available to a growing class of investors • VC and PE players – who have continued to fund and support leading edge Wealthtech firms – even in the face of a Global Pandemic • Wealth Industry Participants – who have recognized opportunities to use m&a as a vehicle to advance technology and broaden product lines, consolidate There’s more in the report that follows. We are available to answer questions. Stay safe, Michael Maxworthy | Partner | Marlin & Associates 570 Lexington Ave | 48th Floor | New York, NY 10022 o: +1 (212) 257-6041 | m: + 1 (516) 906-6764 [email protected] | www.marlinllc.com 1 © Copyright Marlin & Associates Holding LLC 2021 WealthTech Industry Update February 2021 © 2021 Marlin & Associates All Rights Reserved – Proprietary & Confidential Marlin & Associates Securities LLC, a wholly owned subsidiary of Marlin & Associates Holding LLC, is a broker-dealer registered with the Securities and Exchange Commission and is a FINRA/SIPC member firm (www.finra.org). Investment banking and/or securities are offered through Marlin & Associates Securities LLC. Marlin & Associates: Advisor Of Choice To Fintech, Data And Analytics Companies And Investors Worldwide ▪ Domain expert – advised on 200+ relevant transactions over 19+ years. Marlin & Associates (“M&A”) has been the domain expert in providing independent and unbiased strategic counsel and advisory services to global sellers and buyers of middle-market FinTech and Data & Analytics firms ▪ Local yet global – successfully served clients from 27 countries to date ▪ Well recognized – “Middle-Market IB of the Year,” “TMT Advisory Firm of the Year”, and “Cross-border Boutique IB of the Year”, and more than 20 “Deals-of-the-Year” Full Range of Transaction Services Industry Recognition and Awards Sector Coverage WealthTech ▪ TMT Advisory Firm of the Year Sell-side & ▪ Middle-Market IB of the Year Buy-side M&A Bank Tech Payments ▪ Cross-Border Boutique IB of the Year Data & Analytics Debt Capital Capital Debt ▪ Advisory Firm of the Year Equity & Equity Raise Capital Markets Tech Fairness Fairness Opinions Regulatory Tech ▪ FinTech Deal of the Year ▪ Corporate M&A Deal of the Year Insurance Tech Joint Ventures Digital Lending & Partnerships ▪ Middle-Market IB of the Year Enterprise Software ▪ Middle Market Tech Deal of the Year Business Intelligence 3 © Copyright Marlin & Associates Holding LLC 2021 Several WealthTech Themes Are Evolving In The Pandemic Affected World Digital Engagement Technology In WealthTech Gains Momentum Millennial Engagement Spurs Retail Market Growth Increased Demand For Financial Wellness Solutions Amongst Boomers Growth In Retail Investor Access To Alternative Products Global VC & PE Funding Into WealthTech Firms Advances Consolidation & New Product Acquisitions 4 © Copyright Marlin & Associates Holding LLC 2021 Digital Engagement Technology In WealthTech Gains Momentum As External Pressures Mount Illustrative Companies ▪ Behavioral finance (BeFi) tools have seen particularly significant momentum in client communications as they allow advisors to Provides digital wealth keep clients engaged through turbulent markets and optimize management marketing platform emotional satisfaction. In the most recent Charles Schwab BeFi Barometer survey, 55% of advisors surveyed in 2020 identified Digital Engagement behavioral finance as vital in keeping clients engaged compared Technology In to 30% in 2019 WealthTech Gains Provides marketing suite for financial advisors Momentum ▪ Continued significant momentum amongst advisor investment in CRM and digital engagement tools spurred strong m&a interest amongst strategic acquirers and financial sponsors alike with notable transactions including Seismic’s acquisition of advisor Provides sales-enablement sales-enablement tool Grapevine6 (Marlin & Associates acted behavioral profiling solutions to as sole strategic advisor to GV6) and FMG Suite’s acquisition of financial advisors twenty over ten ▪ As part of the same transaction to divest its right to acquire the PCG team, iCapital acquired factorE from Alphacore on Provides a CRM for financial September 30, 2020 advisors Relevant Transactions Date Target Acquirer / Investor Description 12/4/20 • Twenty Over Ten provides a financial advisor marketing platform for financial advisors • Grapevine6 provides digital sales engagement solutions enabling marketers to publish pre-vetted 12/1/20 content and track distribution • Advisor Software provides digital wealth management solutions including digital advice, planning, 7/29/20 proposal generation, portfolio construction, rebalancing, and asset allocation Source: Pitchbook , Marlin & Associates 5 © Copyright Marlin & Associates Holding LLC 2021 Millennial Engagement In The Retail Space Drives Growth Across B2C Wealth Management Platforms And Investments Follow Illustrative Companies ▪ Millennial's comfortability with new technologies and increased functionality drive retail investor participation Utilizes advanced investment strategies and technology to ▪ Financial sponsor investment and strategic acquisitions quickly provide online financial advisory Millennial followed wealth platform scaling with notable transactions Engagement including TCV’s $87mm investment in WealthSimple at a $1.1bn Spurs Retail valuation and BlackRock’s $57mm investment in Provides financial platform that paints clients’ full financial Market Growth Scalable.capital pictures However, all advisory solutions are not created equal. Solutions providing a digital and comprehensive client experience are thriving while traditional advisory firms Provides innovative financial continue to lose steam against the new entrants platform intended to help clients achieve financial freedom ▪ Featheringill Capital acquired InvestEdge through an LBO on October 2, 2020 for an undisclosed amount Provides online financial ▪ Bibit, an Indian robo-advisor, raised $30mm from Sequoia advisory platform designed to Capital India grow and protect wealth inexpensively and transparently Relevant Transactions Date Target Acquirer / Investor Description • Evolute offers wealth management solutions including compliance, risk management, and legal 12/13/20 services • 55ip provides automated investment solutions including investment strategy, analytics, and 12/4/20 automated tax management 10/14/20 • WealthSimple provides online investment management services in Canada Source: Pitchbook, CNBC, Bloomberg , Marlin & Associates 6 © Copyright Marlin & Associates Holding LLC 2021 Increased Demand For Financial Wellness Amongst Boomers Drives Adoption Of New Solutions Illustrative Companies ▪ Boomers – who, as a group have amassed unprecedented wealth, seek financial wellness and have been more than willing to adopt new wealth management approaches in an Holberg Financial provides financial wellness and wellness otherwise tumultuous environment coaching platforms Increased Demand For Financial ▪ Technologies enabling the pursuit of financial wellness Wellness Solutions gained traction in both m&a and financing markets as Amongst Boomers strategic acquirors and investors recognize particularly Provides financial and benefits broad horizontal and vertical applications possible with a education platforms solution provider in the financial wellness space, namely: GoSave, a digital piggy bank designed to help children with financial wellness was acquired by Strive for an Provides digital financial undisclosed amount on November 3, 2020 wellness platform Digs, a savings management app was acquired by OJO Home for an undisclosed amount on October 15, 2020 Provides independent ratings, research, and analytics. Prior Marlin & Associates client (Link) Relevant Transactions Date Target Acquirer / Investor Description • Pocketnest provides financial planning platform intended to offer a holistic financial wellness 12/15/20 Undisclosed Investors approach • Truebill provides financial wellness solutions including spending optimization, subscription 11/12/20 management, and savings optimization • FloatMe provides a financial wellness platform intended to help customers make better financial 10/27/20 decisions Source: WSJ, Forbes , Marlin & Associates
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