零售金融科技报告

EMERGING TECH RESEARCH Retail Fintech Report VC trends and emerging opportunities REPORT PREVIEWThe full report is available through the PitchBook Platform. Contents Vertical update3 Institutional Research Group Analysis Q4 2023 timeline5 Rudy YangSenior Analyst, Emerging Technologyrudy.yang@pitchbook.compbinstitutionalresearch@pitchbook.com Retail fintech landscape6 Retail fintech VC ecosystem market map 7 VC activity8 Data Matthew NacionalesSenior Data Analyst PublishingReport designed byJenna O’MalleyPublished on March 7, 2024 Select company highlights27 Klarna28 Tabby31 Kueski34 Appendix36 Q4 2023 timeline Q4 VC deal count summary 148total deals -10.8%QoQ growth -32.1%YoY growth October 13 VC exit News M&A -36.0%YTD growth Q4 VC deal value summary $2.6Btotal deal value VC deal 5.0%QoQ growth News News -18.2%YoY growth -57.5%YTD growth Retail fintechlandscape Alternative lendingCredit & bankingConsumer paymentsWealthtech VC activity Deal value:Retail fintech VC deal value rose 5.0% QoQ to $2.6 billion in Q4 2023, though dealvalue remained down by 18.2% YoY. While this represents the third quarter in a row where VC dealvalue increased QoQ, quarterly deal value continues to sit at its lowest level since Q1 2017. For thefull 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 dealsseen in Q3, this denotes a 36.0% QoQ decrease. On a YoY basis, deal count this quarter was downby 32.1% compared with the 218 deals seen in the prior year period. 699 deals were logged for2023, 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 includeTamara’s $340.0 million Series C,KOHO’s $277.8 million Series D, andTabby’s $250.0 millionequity and $700.0 million debt Series D. Other notable deals came from wealthtech and consumerpayments;Scalable Capitalraised a $227.8 million Series E;Stashclosed a $40.0 million late-stageround;PaySendraised $65.0 million in a late-stage round; andYouTripsecured $50.0 million forits Series B. to $43.5 million. In 2023, the company reduced credit losses by 32.3% YoY to $373.3 million, andsaw a credit loss rate of 0.4%. In addition, over 500,000 retailers, merchants, and e-commerceplatforms are now partnered withKlarna, including high-profile names such asAirbnb,Instacart,Lululemon,Macy’s,Nike,Sephora,SHEIN,Steve Madden,Temu,Yeti, and more. Given thecompany’s highly engaging app, debit card offerings that allow access to offline spending, androbust network of retail partners,Klarnahas continued to expand its GMV. The company saw itsGMV expand 17.2% YoY to $97.2 billion in full-year 2023, with a take rate of 2.40% (a 9 basis pointYoY improvement). Leadership •CEO & co-founder:Sebastian Siemiatkowski•CFO:Niclas Neglén•COO:Camilla Giesecke•CMO:David Sandström•CCO:Joaquín Calderón•Chief technical officer:Yaron Shaer•Chief product and design officer:David Fock•Chief information security officer:Dave Currie•Chief credit risk officer:Arvind Varadhan•Chief risk officer:Joachim Reuss Valuation Klarna’s last disclosed post-money valuation from its funding round in July 2022 was $6.7billion. This was a significant 85.3% drop from its previous post-money valuation of $45.6 billionin June 2021. As the company has furthered its preparations to go public, as evidenced by itsrecent establishment of a UK Holding company and comments from its CEO,36, 37headlines haveemerged reporting the company may be worth a $15 billion to $20 billion valuation.38, 39Klarna’sTTM full-year 2023 revenues currently sit at $2.3 billion,40earning the company an enterprisevalue (EV)/TTM sales multiple of approximately 2.9x. A $15 billion to $20 billion valuation wouldimply an EV/TTM sales multiple of 6.4x to 8.6x. This multiple range brings it more in line withits closest public peerAffirm—the company delivered 47.9% YoY revenue growth in its latestquarter but is currently not profitable—which currently earns an EV/TTM sales multiple of 7.04x. Board members •Chairman:Michael Moritz•Sebastian Siemiatkowski•Mikael Walther•Lise Kaae•Sarah Smith•Omid Kordestani•Roger W. Ferguson Jr.•Matt Miller PitchBook Data, Inc.John GabbertFounder, CEONizar TarhuniVice President, Institutional Research and EditorialPaul CondraHead of Emerging Technology Research About PitchBookIndustry and TechnologyResearch Additional research Derek Hernandezderek.hernandez@pitchbook.comEnterprise SaaSInfrastructure SaaS Eric Bellomoeric.bellomo@pitchbook.comGamingE-Commerce Brendan Burkebrendan.burke@pitchbook.comInternet of ThingsInformation SecurityArtificial Intelligence & MachineLearning Ali Javaheriali.javaheri@pitchbook.comEmerging Spaces Robert Lerobert.le@pitchbook.comInsurtechCrypto Independent, objective, and timely market intel Aaron DeGagneaaron.degagne@pit