FT Partners FinTech Apr 2024
FT Partners FinTech Apr 2024
CEO MONTHLY
MARKET UPDATE
& ANALYSIS
Global FinTech Coverage
All Sectors ● All Geographies
©2024
CEO Monthly FinTech Market Update & Analysis
Contents
FT Partners – Focused Exclusively on FinTech
FT Partners Research – Restaurant Tech
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FT Partners – Focused Exclusively on FinTech
FT Partners Research – FinTech in Africa
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FT Partners – Focused Exclusively on FinTech
FT Partners Research – Women in FinTech: Perseverance & Resilience
Payments &
Digital Banking / Cryptocurrencies Wealth & Capital
Transaction
Bank Tech & Blockchain Markets Tech
Processing
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Financial
Healthcare
Alternative InsurTech Management
Payments / IT
Lending Solutions
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FT Partners – Focused Exclusively on FinTech
Exclusive FinTech Executive Interviews
Selected Billion Dollar+ Clients Selected Transactions with Multi-Billion Dollar Valuations
FT Partners – Focused Exclusively on FinTech
Significant Experience Advising Large Financing Rounds
Company Amount Raised Company Amount Raised Selected Prominent Investors in FT Partners Led Rounds
FT Partners – Focused Exclusively on FinTech
Selected FT Partners’ International / Cross-Border Experience
Target Buyer / Investor International Aspect Target Buyer / Investor International Aspect
FT Partners – Focused Exclusively on FinTech
FT Partners Advises Bilt on its $200 million Financing
Overview of Transaction
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Significance of Transaction
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FT Partners’ Role
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FT Partners – Focused Exclusively on FinTech
FT Partners Advises DailyPay on its ~$75 million Equity Financing
Overview of Transaction
Significance of Transaction
FT Partners’ Role
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FT Partners – Focused Exclusively on FinTech
FT Partners Advises Payzer on its $250 million Sale to WEX
Overview of Transaction
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Significance of Transaction
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FT Partners’ Role
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FT Partners – Focused Exclusively on FinTech
FT Partners Advises Cart.com on its Series C Financing
Overview of Transaction
Significance of Transaction
FT Partners’ Role
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FT Partners – Focused Exclusively on FinTech
FT Partners Advises Acorns on its Acquisition of GoHenry
Overview of Transaction
Significance of Transaction
FT Partners’ Role
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FT Partners – Focused Exclusively on FinTech
FT Partners Advises Lendable on its $275 million Growth Equity Financing
Overview of Transaction
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Significance of Transaction
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FT Partners’ Role
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I. Public FinTech
Sector Universe
Public FinTech Sector Universe
Median Price / Earnings Multiples by FT Sector
(1)
Common Stock Comparison
Mortgage Originators, Traditional & Online, Non-Bank Lenders
Common Stock Comparison
Global Securities Exchanges & Alternative Trading Systems / Market Makers
Common Stock Comparison
Online Brokers
Common Stock Comparison
Cryptocurrency Companies
Common Stock Comparison
Wealth / Capital Markets Tech & Trading Software
Common Stock Comparison
Data & Analytics, Risk Management & Financial Information Providers
Common Stock Comparison
InsurTech
Common Stock Comparison
Healthcare FinTech
Common Stock Comparison
Payroll / HR / Benefits & Financial Management Solutions
Common Stock Comparison
Outsourced Processing Solutions
Common Stock Comparison
Trust & Services Focused FIs & BDC / Public Investment Vehicles
Common Stock Comparison
Selected Diversified Financial Institutions
Common Stock Comparison
Pending FinTech SPAC Mergers
Common Stock Comparison
Recently Closed FinTech SPAC Mergers
II. U.S. FinTech
IPO Tracker
FT Partners’ Monthly FinTech Sector Market Analysis
U.S. FinTech IPO Tracker
Amount IPO Current Current Total Research
Filing Date IPO Date Company Raised Market Cap Sector
Price Price Return Profile
# of IPOs ($ in mm) ($ in mm)
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Capital Raised
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III. Monthly
FinTech Deal
Activity Insights
FT Partners’ Monthly FinTech Deal Activity Insights
FinTech Financing Statistics
Financing Deal Count by Sector in 2024 YTD Selected Largest Financings in 2024 YTD
$20
$22.5 $25.6
$10 $16.7 $4.5 $16.9 $4.6 $18.1
$13.7 $14.8 $2.3 $3.8 $3.8 $13.1 $2.1
$9.6 $1.3 $9.0 $12.2
$0.7 $6.5 $5.0 $6.5 $5.5 $7.8
$0
M&A Deal Count by Sector in 2024 YTD Selected M&A Deals in 2024 YTD
Amount Target
Target Buyer Target Sector
Banking / Lending Tech ($ in mm) Country
Payments / Cards / Loyalty $35,300 Payments USA
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Selected Large / Significant Recent M&A Transactions
Banking / Lending Technology
MERGERS & ACQUISITIONS
MERGERS & ACQUISITIONS
Amount
Announced Date Transaction Overview Company Selected Buyers / Investors Research Profile
($mm)
VIEW
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Selected Large / Significant Recent M&A Transactions
Wealth & Capital Markets Tech
MERGERS & ACQUISITIONS
MERGERS & ACQUISITIONS
Amount
Announced Date Transaction Overview Company Selected Buyers / Investors Research Profile
($mm)
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Selected Large / Significant Recent M&A Transactions
Crypto & Blockchain Tech
MERGERS & ACQUISITIONS
MERGERS & ACQUISITIONS
Amount
Announced Date Transaction Overview Company Selected Buyers / Investors Research Profile
($mm)
VIEW
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Selected Large / Significant Recent M&A Transactions
InsurTech
MERGERS & ACQUISITIONS
MERGERS & ACQUISITIONS
Amount
Announced Date Transaction Overview Company Selected Buyers / Investors Research Profile
($mm)
VIEW
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Selected Large / Significant Recent M&A Transactions
Healthcare Payments / IT
MERGERS & ACQUISITIONS
MERGERS & ACQUISITIONS
Amount
Announced Date Transaction Overview Company Selected Buyers / Investors Research Profile
($mm)
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Selected Large / Significant Recent M&A Transactions
Financial Management Solutions
MERGERS & ACQUISITIONS
MERGERS & ACQUISITIONS
Amount
Announced Date Transaction Overview Company Selected Buyers / Investors Research Profile
($mm)
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FinTech M&A Transactions
Highlighted Transactions During the Month
PAYMENTS
Date Acquirer / Target Value ($ mm) Comments
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FinTech M&A Transactions
Highlighted Transactions During the Month (cont.)
BANKING / LENDING TECHNOLOGY
Date Acquirer / Target Value ($ mm) Comments
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UK Mortgage
Business •
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FinTech M&A Transactions
Highlighted Transactions During the Month (cont.)
WEALTH & CAPITAL MARKETS TECH
Date Acquirer / Target Value ($ mm) Comments
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FinTech M&A Transactions
Highlighted Transactions During the Month (cont.)
INSURTECH
Date Acquirer / Target Value ($ mm) Comments
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Technology and Intellectual Property
FinTech M&A Transactions
Highlighted Transactions During the Month (cont.)
HEALTHCARE PAYMENTS / IT
Date Acquirer / Target Value ($ mm) Comments
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FinTech M&A Transactions
Monthly Transaction List
PAYMENTS
Amount
Announced Date Transaction Overview Company Selected Buyers / Investors
($mm)
HEALTHCARE PAYMENTS / IT
Amount
Announced Date Transaction Overview Company Selected Buyers / Investors
($mm)
# of FinTech
SPAC Mergers
VIEW
Global Blockchain
Acquisition Corp.
FinTech SPAC
Merger Volume
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FinTech M&A Transactions
FinTech SPAC Merger Tracker (cont.)
# of FinTech
SPAC Mergers
Corp.
II
Thunder Bridge
Capital Partners IV
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Bridgetown 2 Holdings
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FinTech M&A Transactions
Recently Cancelled FinTech SPAC Mergers
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Goldenstone Acquisition
Venture Acquisition
Corp. II
V. Financing
Transactions
Selected Large / Significant Recent Financing Transactions
Payments
PAYMENTS – FINANCINGS
MERGERS & ACQUISITIONS
Amount
Announced Date Transaction Overview Company Selected Buyers / Investors Research Profile
($mm)
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Selected Large / Significant Recent Financing Transactions
Banking / Lending Technology
BANKING / LENDINGMERGERS
TECHNOLOGY
& ACQUISITIONS
– FINANCINGS
Amount
Announced Date Transaction Overview Company Selected Buyers / Investors Research Profile
($mm)
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Selected Large / Significant Recent Financing Transactions
Wealth & Capital Markets Tech
WEALTH & CAPITALMERGERS
MARKETS&TECH
ACQUISITIONS
– FINANCINGS
Amount
Announced Date Transaction Overview Company Selected Buyers / Investors Research Profile
($mm)
VIEW
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Selected Large / Significant Recent Financing Transactions
Crypto & Blockchain
CRYPTO & BLOCKCHAIN
MERGERS
– FINANCINGS
& ACQUISITIONS
Amount
Announced Date Transaction Overview Company Selected Buyers / Investors Research Profile
($mm)
VIEW
Selected Large / Significant Recent Financing Transactions
InsurTech
INSURTECH – FINANCINGS
MERGERS & ACQUISITIONS
Amount
Announced Date Transaction Overview Company Selected Buyers / Investors Research Profile
($mm)
VIEW
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Selected Large / Significant Recent Financing Transactions
Healthcare Payments / IT
HEALTHCARE PAYMENTS
MERGERS
/ IT&– ACQUISITIONS
FINANCINGS
Amount
Announced Date Transaction Overview Company Selected Buyers / Investors Research Profile
($mm)
VIEW
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Selected Large / Significant Recent Financing Transactions
Financial Management Solutions
FINANCIAL MANAGEMENT
MERGERS
SOLUTIONS
& ACQUISITIONS
– FINANCINGS
Amount
Announced Date Transaction Overview Company Selected Buyers / Investors Research Profile
($mm)
VIEW
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FinTech Financing Transactions
Highlighted Transactions During the Month
PAYMENTS
Date Target / Investor(s) Value ($ mm) Comments
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FinTech Financing Transactions
Highlighted Transactions During the Month (cont.)
BANKING / LENDING TECHNOLOGY
Date Target / Investor(s) Value ($ mm) Comments
VIEW RESEARCH •
PROFILE
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VIEW RESEARCH
PROFILE
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FinTech Financing Transactions
Highlighted Transactions During the Month (cont.)
BANKING / LENDING TECHNOLOGY (cont.)
Date Target / Investor(s) Value ($ mm) Comments
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VIEW RESEARCH •
PROFILE •
VIEW RESEARCH •
PROFILE
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FinTech Financing Transactions
Highlighted Transactions During the Month (cont.)
WEALTH & CAPITAL MARKETS TECH
Date Target / Investor(s) Value ($ mm)
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PROFILE •
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FinTech Financing Transactions
Highlighted Transactions During the Month (cont.)
CRYPTO & BLOCKCHAIN
Date Target / Investor(s) Value ($ mm) Comments
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FinTech Financing Transactions
Highlighted Transactions During the Month (cont.)
CRYPTO & BLOCKCHAIN (cont.)
Date Target / Investor(s) Value ($ mm) Comments
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FinTech Financing Transactions
Highlighted Transactions During the Month (cont.)
INSURTECH
Date Target / Investor(s) Value ($ mm) Comments
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VIEW RESEARCH •
PROFILE
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FinTech Financing Transactions
Highlighted Transactions During the Month (cont.)
INSURTECH (cont.)
Date Acquirer / Target Value ($ mm) Comments
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HEALTHCARE PAYMENTS / IT
Date Target / Investor(s) Value ($ mm)
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FinTech Financing Transactions
Highlighted Transactions During the Month (cont.)
HEALTHCARE PAYMENTS / IT (cont.)
Date Target / Investor(s) Value ($ mm) Comments
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FinTech Financing Transactions
Highlighted Transactions During the Month (cont.)
FINANCIAL MANAGEMENT SOLUTIONS
Date Target / Investor(s) Value ($ mm) Comments
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FinTech Financing Transactions
Monthly Transaction List
PAYMENTS
Amount
Announced Date Transaction Overview Company Selected Buyers / Investors
($mm)
FinTech Financing Transactions
Monthly Transaction List
PAYMENTS (cont.)
Amount
Announced Date Transaction Overview Company Selected Buyers / Investors
($mm)
č
FinTech Financing Transactions
Monthly Transaction List (cont.)
CRYPTO & BLOCKCHAIN (cont.)
Amount
Announced Date Transaction Overview Company Selected Buyers / Investors
($mm)
FinTech Financing Transactions
Monthly Transaction List (cont.)
CRYPTO & BLOCKCHAIN (cont.)
Amount
Announced Date Transaction Overview Company Selected Buyers / Investors
($mm)
FinTech Financing Transactions
Monthly Transaction List (cont.)
CRYPTO & BLOCKCHAIN (cont.)
Amount
Announced Date Transaction Overview Company Selected Buyers / Investors
($mm)
FinTech Financing Transactions
Monthly Transaction List (cont.)
CRYPTO & BLOCKCHAIN (cont.)
Amount
Announced Date Transaction Overview Company Selected Buyers / Investors
($mm)
FinTech Financing Transactions
Monthly Transaction List (cont.)
CRYPTO & BLOCKCHAIN (cont.)
Amount
Announced Date Transaction Overview Company Selected Buyers / Investors
($mm)
INSURTECH
Amount
Announced Date Transaction Overview Company Selected Buyers / Investors
($mm)
FinTech Financing Transactions
Monthly Transaction List (cont.)
INSURTECH
Amount
Announced Date Transaction Overview Company Selected Buyers / Investors
($mm)
HEALTHCARE PAYMENTS / IT
Amount
Announced Date Transaction Overview Company Selected Buyers / Investors
($mm)
FinTech Financing Transactions
Monthly Transaction List (cont.)
HEALTHCARE PAYMENTS / IT (cont.)
Amount
Announced Date Transaction Overview Company Selected Buyers / Investors
($mm)
NFT NYC
TOKEN2049 DUBAI
MONEY20/20 ASIA
Selected FinTech Events
Key Industry Conferences & Events (cont.)
FINOVATE SPRING
CONSENSUS
HLTH 2024
VII. Overview of FT
Partners
FT Partners – Focused Exclusively on FinTech
FT Partners Real-Time FinTech Deal Statistics
FT Partners publishes FinTech financing and M&A deal statistics on a weekly and monthly basis
Weekly Monthly
FT Partners – Focused Exclusively on FinTech
Selected FT Partners’ VIP Video Conferences
Women in FinTech 2022 The State of FinTech Investing Women in FinTech – Redefining the Challenger Banks — The
in 2022 Future of FinTech State of Play
FT Partners – Focused Exclusively on FinTech
FT Partners Research – 2023 FinTech Almanac
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FT Partners – Focused Exclusively on FinTech
FT Partners Research – Innovations in Payroll and Human Capital Management
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FT Partners – Focused Exclusively on FinTech
FT Partners Research – Blockchain Accounting & Tax Solutions
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FT Partners – Focused Exclusively on FinTech
FT Partners Research – B2B Payments
B2B Payments:
The Last Major Bastion of Paper-based
Payments and Processes
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FT Partners – Focused Exclusively on FinTech
FT Partners Research – The Blockchain Economy
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FT Partners – Focused Exclusively on FinTech
FT Partners Research – Women in FinTech 2022
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FT Partners – Focused Exclusively on FinTech
FT Partners Research – Buy Now Pay Later
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A Flurry of Activity in
Restaurant Tech
Open Banking:
Rearchitecting the Financial Landscape
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FT Partners – Focused Exclusively on FinTech
FT Partners Research – FinTech Meets Alternative Investments
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FT Partners – Focused Exclusively on FinTech
FT Partners’ Client Testimonials
FT Partners – Focused Exclusively on FinTech
FT Partners’ Client Testimonials
FT Partners – Focused Exclusively on FinTech
Award-Winning Investment Bank Focused on Client Results
“We hired FT Partners back in 2009, and our Board “From the time we began having external “Wherever a board or a management team
feels that hiring FT Partners was one of the most conversations right up to the moment we has steered away from hiring FT Partners it
strategic decisions we could have made along this signed a definitive deal, FT Partners were always seems to end up in tears. Here’s to
journey. They have been tremendous partners for us, invaluable partners. They brought not only you and everything you do.”
and we are delighted with them on every level.” strategic advice but also worked tirelessly
helping execute all the way to closing. I can’t
imagine trying to navigate this process
without them.”
Michael Praeger, CEO, AvidXchange Haroon Mokhtarzada, Co-Founder and CEO Nigel Morris, Managing Partner
Bloomberg M&A Advisor Awards Silicon Valley’s Most LendIt FinTech Industry The FinTech Finance 40 The M&A Atlas Awards
FT Partners’ Steve McLaughlin Over 10 awards including Tech Popular Dealmakers Awards Steve McLaughlin ranked #1 in 2020 Large SPAC Deal of
was featured on Bloomberg Deal of the Year (2019) and Ranked #2 Tech Investment Top Investment Bank in 2017 and 2018 the Year
Investment Banking Firm of the Banker in 2016 FinTech in 2018
View the full article and watch 2020 Corporate M&A
Year (2016)
the live TV interview Deal of the Year
FT Partners – Focused Exclusively on FinTech
FT Partners’ Disclaimer
Disclaimer: These materials may not be relied upon by any person or entity for any purpose except as expressly permitted by Financial Technology Partners LP and its
subsidiaries (including but not limited to FTP Securities LLC and FinTech Partners Ltd, collectively “FT Partners”) in a written agreement with FT Partners. These materials
are based on information provided by or on behalf of a third party or from public sources. FT Partners has relied on such information being complete and accurate in all
material aspects and assumes no responsibility for independent investigation or verification. We assume any estimates or forecasts relied upon reflect the best currently
available estimates and good faith judgments of the providing party. The findings in this report may contain predictions regarding particular industries or sectors which are
subject to inherent risks and uncertainties.
These materials may not be reproduced, disseminated, quoted, or referred to, in whole or in part, without the prior written consent of FT Partners. We assume no obligation
to update or otherwise revise these materials. We take no responsibility for the use of materials by persons other than our clients. These materials should be read in
conjunction with and are subject to any other materials provided.
These materials do not constitute an offer or solicitation to purchase securities, nor do they constitute a commitment by FT Partners to arrange financing for any transaction
or to purchase any security. These materials do not constitute legal, regulatory, accounting or tax advice. We recommend the recipient seek any such advice from a third-
party qualified professional. FT Partners provides financing and strategic advisory services to a wide range of entities from which conflicting interests or duties, or a
perception thereof, may arise. This report does not represent investment advice, nor does it provide an opinion regarding the fairness of any transaction.
This research is a macro analysis of industries and sectors. It does not attempt to predict the performance of specific public securities. Any investment topic being
discussed is not a recommendation of any security in isolation.