支付市场更新

Card-not-present (CNP) transactions are growing steadily with e-commerce growth. With the latest Federal Reserve data, CNPtransactions grew by 17.9%, while card-present transactions grew by 4.2%.(1)E-commerce worldwide is expected to grow at a CAGR of9.5% from 2024–2029.(2)Adoption of real-time payments in the U.S. and abroad is growing, especially with the launch of FedNow and the growth of Pay-By-Bank in the U.S., specifically with Zelle. The key question remains as to whether U.S. businesses and consumers will ditch ACH andcard payments (see page 13).AI is creeping into payments, especially around payments security. As companies begin to adopt Generative AI across theirtechnology stack, customer engagement, anti-fraud solutions, and payments efficiency are becoming important focus areas (see page14).Regulatory pressures on payment processing costs are increasingwith the Fed’s introduction of the Credit Card Competition Act(CCCA), which is lowering the Durbin debit cap.The momentum of payments integration into vertical software solutions continuesas software companies look to capture thereoccurring payments transactions revenue to demonstrate faster growth and build profitability (see page 18).The adoption of procure-to-pay and order-to-cash solutions is growing at a high pace. The AP/AR automation market size isprojected to grow at a CAGR of 11.2% between 2022 and 2030(3)as other corporate financial functions come into focus for thesesolutions as expansion opportunities (e.g., treasury, spend management, tax and compliance, forecasting, etc.) (see page 15).Deal appetite: PE interest in payments companies remains high given lowered valuations over the past couple of years, withM&A and financing volume still solid in 2023 at ~$10 billion and $20 billion, respectively, and LP pressure to deploy capital rising withVC dry powder at $311 billion(4)and PE dry powder at $2.6 trillion(5)(see pages 24–27).Executive Summary:Payments Market Update2High-Growth TechSpend and AdoptionCooldown in M&Aand Funding Activity(1) Federal Reserve: 2019 U.S Debit Volume Growth.(2) Statista: eCommerce – Worldwide.(3) Verified Market Research: AP/AR Automation Market Size and Forecast.(4) PitchBook. IncreasingRegulatoryScrutiny Strong InvestorAppetite(5) S&P Global Market Intelligence. We are pleased to issue our Payments Market Update forApril 2024. Deal activity in the payments sector isimproving on the back of digitization and regulatorydrivers, and as demonstrated by one of the largesttransactions in recent times announced last quarter(CapitalOne’s acquisition of Discover), we believe thesector will continue to remain attractive for strategicplayers and financial sponsors.With this update, we introduce our payments technologycoverage, discuss key sector trends and factors oftechnology adoption, and present the latest public andprivate transaction and valuation trends across thepayments technology landscape. Competition acrossmerchant services and payment processors is intensifying,but innovation continues to improve consumer andbusiness purchase and payments experience with theadoption of new tools, including AI. We expect the seculartailwinds in the payments market will continue to drivestrong interest in the sector. Public companies withinsome subsectors have seen a strong rebound in valuationsfrom the lows in 2022–2023 but remain significantly lowerthan the highs of 2021. Private company owners remainwatchful as LP pressure continues to mount and the bid-Our market update also includes the “PaymentsSponsorscape”—a snapshot of some of the top sponsorsthat have traditionally been, and continue to remain,active in the payments ecosystem.We invite you to contact us to discuss our pasttransactions, future opportunities, or the ecosystem moreAlec EllisonGlobal Head of FinTechAlec.Ellison@HL.com ask gap begins to narrow.broadly.Best Regards,Kartik SudeepPayments Sector LeadKartik.Sudeep@HL.com 01020304 HOULIHAN LOKEY PAYMENTS ADVISORY4–9MARKET OVERVIEW AND THEMES10–19PAYMENTS PUBLIC TRADINGPERFORMANCE AND M&A/FINANCING UPDATE20–29APPENDIX30–33 •No. 1 All Global M&A Advisor in 2023•Houlihan Lokey’s FinTech Team•Deep Domain Expertise and Leading Advisory Experience in Payments•How We Cover the Payments SectorSource: LSEG (formerly Refinitiv). Excludes accounting firms and brokers. Global, Market-Leading FinTech PracticeHoulihan Lokey’s dedicated FinTech Group builds on the firm’s leading technology and financial services expertise and underscores itsbelief in and commitment to the future of financial technology. Our coverage is arranged around deep end-market expertise withdedicated senior-level financial professionals across every vertical of FinTech.01•Global, specialized FinTech practice within a newly dedicated industry group.•180+total technology bankers and 65+dedicated FinTech/financial services professionals.•100+FinTech transactions signed or closed since January 2021.•Fully integratedteam across the world ba