零售金融科技报告

EMERGING TECH RESEARCHRetail Fintech ReportVC trends and emerging opportunitiesQ42023REPORT PREVIEWThe full report is available through the PitchBook Platform. CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2ContentsInstitutional Research Group AnalysisQ4 2023 Retail Fintech ReportRudy Yang Senior Analyst, Emerging Technologyrudy.yang@pitchbook.compbinstitutionalresearch@pitchbook.comDataMatthew Nacionales Senior Data AnalystPublishingReport designed by Jenna O’MalleyPublished on March 7, 2024Vertical update3Q4 2023 timeline5Retail fintech landscape6Retail fintech VC ecosystem market map7VC activity8Emerging opportunity19Buy now, pay later20Select company highlights27Klarna28Ta b b y31Kueski34Appendix36 CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 5Q4 2023 Retail Fintech ReportQ4 2023 timelineOct 1Nov 1Nov 30VC exitOctober 13Asia-based wealthtech firm MoneyHero debuts on the Nasdaq via SPAC Bridgetown Holdings. Shares of the company then close down 48.7% from its debut at the end of 2023. NewsOctober 19The CFPB formally proposes open bankingrulemaking in the US, invoking Section 1033 of the Dodd-Frank Act.M&ANovember 23Stock trading platform Webull acquires Mexican-based digital broker Flink to expand into Mexico’s market. NewsNovember 28Apple ends its credit card partnership with Goldman Sachs.1 The news suggests that banking-as-a-service models and launching consumer-facing products may be difficult for large banks working with Big Tech companies.Q4 VC deal count summary148total deals-10. 8%QoQ growth-32.1%YoY g row th-36.0%YTD growthQ4 VC deal value summary$2.6Btotal deal value5.0%QoQ growth-18 . 2%YoY g row th- 5 7. 5 %YTD growthNewsOctober 31Intuit announces it will shut down Mint, a personal financial management platform that it acquired in 2009 for $170.0 million. VC dealNovember 1Middle-East-based BNPL provider Ta b by secures $250.0 million in equity and $700.0 million in debt for its Series D. The round values the startup at $1.3 billion in pre-money, compared with $602.0 million from its Series C.1: “Apple Pulls Plug on Goldman Credit-Card Partnership,” The Wall Street Journal, AnnaMaria Andriotis, November 28, 2023. CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 6Q4 2023 Retail Fintech Report$X,XXX$X,XXX$X,XXX$X,XXX$X,XXXBNPL$XXX.XX$XXX,XXXRetail fintechlandscapeAlternative lendingCredit & bankingConsumer paymentsWealthtech CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 8Q4 2023 Retail Fintech ReportVC activ it yDeal value: Retail fintech VC deal value rose 5.0% QoQ to $2.6 billion in Q4 2023, though deal value remained down by 18.2% YoY. While this represents the third quarter in a row where VC deal value increased QoQ, quarterly deal value continues to sit at its lowest level since Q1 2017. For the full year, retail fintech companies secured $10.0 billion in venture capital, down 57.5% from the $23.6 billion seen in 2022. Deal count: In Q4, retail fintech companies recorded 148 VC deals. Compared with the 166 deals seen in Q3, this denotes a 36.0% QoQ decrease. On a YoY basis, deal count this quarter was down by 32.1% compared with the 218 deals seen in the prior year period. 699 deals were logged for 2023, representing a 36.0% drop from 1,093 deals in 2022. Key deals: Top deals in Q4 were primarily seen in credit & banking companies. These include Tamara’s $340.0 million Series C, KOHO’s $277.8 million Series D, and Ta b by’s $250.0 million equity and $700.0 million debt Series D. Other notable deals came from wealthtech and consumer payments; Scalable Capital raised a $227.8 million Series E; Stash closed a $40.0 million late-stage round; PaySend raised $65.0 million in a late-stage round; and Yo uTr ip secured $50.0 million for its Series B. Source: PitchBook • Geography: Global • *As of December 31, 2023Retail fintech VC deal activity$12.1$30.8$25.1$21.3$42.6$23.6$10.06777578999041,3731,0936992017201820192020202120222023*Deal value ($B)Deal countSource: PitchBook • Geography: Global • *As of December 31, 2023Retail fintech VC deal activity by quarter0100200300400$0$5$10$15$20Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42017201820192020202120222023*Deal value ($B)Deal count CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 14Q4 2023 Retail Fintech ReportKey retail fintech late-stage VC deals in Q4 2023*CompanyClose dateSegmentCategoryDeal value ($M)Post-money valuation ($M)Lead investor(s)Valuation step-upTa b byNovember 1Credit & bankingCredit & BNPL $950.0 $1,500.0STV, Sequoia Capital, Wellington Management1.9xTamaraDecember 18Credit & bankingCredit & BNPL $340.0 $1,000.0SNB Capital, Sanabil InvestmentsN /AÓramaDecember 12Credit & bankingDigital banking $65.3 N /AN /AN /APaySendNovember 29Consumer paymentsDebit & P2P $65.0 N /AN /AN /AYo uTripOctober 26Consumer paymentsWallets & super apps $50.0 N /ALightspeed Venture PartnersN /AAFEXNovember 2WealthtechBrokerage $26.5 N /AN /AN /AMoochoDecember 21Consumer paymentsLoyalty & rewards $23.0 N /AN /AN /AHomeCapitalNovember 9Alternative lendin