银行金融科技并购综合分析

CONTENTSNote from the AuthorsExploring the world of bank fintech M&AChapter 1: Successes and challenges in the fintech M&A landscapeChapter 2: Unveiling fintech M&A deal detailsChapter 3: Key considerations for banks exploring fintech M&AChapter 4: Executing fintech M&AChapter 5: Key considerations for fintechsKey takeaways from the fintech M&A journey 345710121518 © Oliver WymanNOTE FROM THEAUTHORSDearreaders,The last decade saw rapid fintech growth and expansion. The dynamics of this era are nowshifting for various reasons, including the interest rate environment, regulatory change, andproduct transformation. Banks have evolved through this period as well, defying predictionsof obsolescence by building and acquiring newcapabilities.Given recent industry developments,Oliver Wymanexamined this decade of changethrough the lens of mergers and acquisitions (M&A), between banks and fintechs, combiningtransaction analysis with expert insight from startup founders, bank corporate developmentexecutives, and fintech investmentbankers.The result is a deal-driven look at bank acquisitions of fintech over the trailing 10 years.For the sake of consistency, our paper defines acquisitions as 100% control of the acquiredcompany and defines fintechs as companies offering or enabling financial services productswith a value proposition centered around non-traditional banking capabilities (for example,product, technology, processes, and culture). With these parameters in place, the findingsand number of deals may challenge conventional wisdom around bank-fintechM&A.We hope that this paper illustrates the key considerations for both banks and fintechsas they evolve through a shiftinglandscape.Thank you forreading,Jason Zaler, Guillaume Lamey, Cathy Gao, and theOliver WymanteamJasonZalerPartner,OliverWymanGuillaumeLameyPartner,OliverWyman CathyGaoPrincipal,OliverWyman © Oliver WymanEXPLORING THE WORLD OF BANK-FINTECHM&AIn 1994, Bill Gates famously said: “Banks are dinosaurs. We can bypass them.” Amidthe excitement of the first dot.com era and through the global financial crisis and riseof smartphones, thousands of fintechs emerged trying to deliver on Gates’boast.Fintech funding dramatically increased from $4 billion in 2012 to a peak of $250 billion in2021 before dipping to $50 billion1in the first half of 2023 as interest rates rose sharply andfunding dried up. By late 2023, 335 fintech unicorns valued at $1 billion or more had beencreated across categories ranging from core banking to payments to infrastructure.2Somefintechs have reached escape velocity, including PayPal, Square, Stripe, Nubank and CreditKarma. Prominent acquisitions of emerging fintechs included PayPal’s acquisition of Honeyfor $4 billion, SoFi’s acquisition of Galileo for $1.2 billion, and Block’s (Square) acquisition ofAfterpay for $28billion.While many fintechs have been hugely successful, the net effect on banks is not what Gatespredicted. Banks have proven to be extremely resilient: they have retained and expandedtheir business.3While fintechs enjoy many advantages (in innovation, product and technology talent,higher customer satisfaction, flexibility in their tech stack, and analytics) banks also enjoyimportant advantages (in cost-of-funds, distribution and operational scale, customeracquisition cost, and risk management). Fintechs have not swept banks away — quite theopposite. Instead, opportunities for meaningful partnerships and value creation betweenbanks and fintechs havegrown.Viewing their complementary business advantages, many industry observers felt that bankswould become active fintech acquirers. However, our analysis shows that this has not beenthecase:•Fewer-than-expected bank-fintech acquisitions:despite their share of the totaleconomy,4banks made less than 1% of all fintech acquisitions from 2013 through 2023.In the cohort of top 50 US and top 15 Canadian and International Banks analyzed(collectively known as"Top Banks"), only 94 fintech acquisitions were completed inthe past 10 years4(Exhibit1).•Bank-fintech deals are small:Only 13% of the 94 transactions were over $300millionin size4— a figure cited by experts as a dividing line between major and minorfintech deals — with most deals focused on tuck-in capabilities easier to integrateinto the bank and less challenging to sunset if derailed by common integration andoperatingchallenges.1StatistaValue and number of investments in fintech worldwide from 2010 to20232Fintech labsThe 350 Fintech Unicorns of the 21st Century (Year-End2023)3Oliver WymanNavigating climate risk and resilience inbanking4Fred economic dataDeposit Money Bank Assets to GDP for UnitedStates5Oliver Wymanproprietary analysis incorporating data from Pitchbook andRefinitiv 5 © Oliver Wyman•Long-term fintech acquisition success is tough:the values, incentives, and culturesare often too dissimilar between banks and fintechs. Examples range from regulatoryapproach to operating model, and can result in product shutdowns,