Q1 2020 Sector Update Fintech · 2020. 4. 29. · 6. GP Bullhound’s views on current trends in...

Q1 2020

Sector Update FintechImportant disclosures appear at the back of this report

GP Bullhound LLP is authorised and regulated by the Financial Conduct Authority

GP Bullhound Inc is a member of FINRA

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We publish this quarterly fintech market report to provide quantitative insights into public and private market valuations across the transaction spectrum and qualitative insights into company business models, technology and customer trends.

Given the unprecedented events of the COVID-19 pandemic, this quarter we dedicate one of our trends to discussing the impact on the fintech sector. Overall, we believe that companies that can demonstrate how their technologies enable the digital shift, coupled with a high level of recurring revenue, will benefit from the tailwinds created by COVID-19. In this report we also feature CEO/Founder profiles from companies in the banking-as-an-infrastructure space, as we see this sector picking up momentum, and three companies making significant inroads in emerging markets via payments and lending.

Based in our London office, Claudio Alvarez heads up our fintech practice, which has completed over 20 transactions involving both equity and debt. Several of our recent fintech advisory transactions and investments are showcased below:

GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to category leaders

Fintech perspectivesEXECUTIVE SUMMARY

MambuINVESTMENT BY

Bessemer Venture Partners

€30 million

Budget InsightACQUIRED BY

Crédit Mutuel Arkéa

Undisclosed

EcoVadisINVESTMENT BY

CVC Growth Partners

$200 million

MoneseINVESTMENT BY

Kinnevik, PayPal, IAG, Augmentum

$60 million

RevolutINVESTMENT BY

GP Bullhound Fund IV

$10 million

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Key sector takeaways

Recent fintech transaction trends

Public market fintech analyses

Fintech CEO commentary

Appendix A: Fintech trading comparables by category

Appendix B: GP Bullhound fintech credentials & team

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Contents

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Appendix C: GP Bullhound corporate overview7

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Section 1

Key sector takeaways

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GP Bullhound’s views on current trends in fintechKEY TRENDS

COVID-19: Fintech sector update1

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3

Challenger banks: renewed focus on business banking

Continued M&A activity in Open Banking

4 AI/ML fintech enablers get their chance to shine

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1

The COVID-19 crisis has had and will certainly continue to have an impact on industry and the broader economy over the next several months, and as we discuss later in this report, within the different fintech verticals the reaction has been drastic and immediate.

On a macro level, we see the COVID-19 pandemic bring to a head the importance of a digital economy and we expect the digital shift to intensify the fight between different stakeholders vying for market share in the digital wallets of individuals and companies alike. This fight amongst incumbent and challenger payment solutions will most likely lead to consolidation in the space – which was already happening pre-COVID-19 – but we think this will intensify as incumbents look to improve their capabilities with more agile technologies and some of the challenger companies struggle with significantly lower volumes.

Prior to the COVID-19 crisis we started to see a move to quality, as investors started to focus on quality of unit economics rather than growth at all cost. We expect this trend to gain momentum, especially in sub-sectors (FX, challenger banks, lending, trading) where monetisation is relatively nascent or companies that are heavily skewed to consumer spending. In our conversations with investors and companies focused on consumer fintech propositions, we have heard of significant reductions in marketing (for some marketing spend has been cut 100%), halting of geographic expansion, and slowing down of lending activities.

The companies that survive such drastic measures will most likely emerge with healthier unit economics if they are able to demonstrate user growth through organic channels and highlight their capabilities monetising users (credit, trading, better FX spreads) while managing lower levels of revenues around payment volumes, card fees and subscriptions.

While we do believe COVID-19 is a challenge for all fintech participants there will also be some sub-sectors (Banking SaaS, KYC/AML technologies, ML/AI) that benefit from the increased shift to a digital economy. We believe that companies that can demonstrate how their technologies enable the digital shift, coupled with a high level of recurring revenue, will benefit from the tailwinds created by COVID-19.

COVID-19: Fintech sector update

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1 COVID-19: Fintech sector update (continued)

ChallengerBanks

Online Payments

Banking Tech

Financial Data & Analytics

Lending

ChallengerBanks

Online lenders

Banking tech


ChallengerBanks

ChallengerBanks

Online lenders

Banking tech


ChallengerBanks

Sector Companies COVID-19 impact

Lower transaction activity + consolidation

Strong beneficiaries of digital shift+ consolidation

Beneficiaries of digital shift+ investors will prefer models with higher recurring revenues

Beneficiaries of digital shift but will experience a slowdown due to lower volumes

Concerns over SME & consumer defaults

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Source: TechCrunch, Wall Street Journal, CrunchBase, Fortune

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As challenger banks look to grow into their valuations and balance out their exposure to the consumer, we will see continued investment in product & service offerings to build out their unified platforms for consumers and businesses.

Historically we noted challenger banks focusing their efforts on core consumer propositions with the launch of various lending and savings products and re-launching of paid plans to drive improvements in ARPU and user churn as investors focus in on unit economics.

In Q1 2020, we note renewed focus in business banking with Monzo, Starling (predominantly through BCR funding) and Revolut ramping up its free and paid plans to gain market share from traditional lenders and make progress on their monetisation of customers. We believe the well-funded players will continue to make in-roads in business banking, especially those who have the lending skill and talent to navigate the COVID-19 environment.

While there are pure-play players in the business banking space (OakNorth, Qonto, Soldo, Tide, and Penta), we expect there to be limited consolidation between consumer and business challenger banks and instead see consumer-focused challenger banks continuing to develop their own propositions and teams.

Challenger banks: renewed focus on business banking

Consumer

Business

Challenger

Established

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3

The acquisition of Plaid by Visa for $5.3bn in January this year and more recently the acquisition of Strands by CRIF in March signals to us the beginning of an M&A wave in this sector as traditional market participants look to enhance their capabilities in account aggregation, PFM and faster payments.

Given the mixture of established players such as Meniga, Personetics, MX Technologies and Moven, and the likes of well-funded challengers such as Tink and TrueLayer, we believe that this may also drive M&A through consolidation as these players drive for scale, combine infrastructure with best-in-class use cases (moving upstream) and investors look to supercharge growth and/or improve profitability.

Continued M&A activity in Open Banking 4 AI/ML fintech enablers get their chance to shine

There's been a lot of hype around the benefits and impact of AI/ML software on KYC/AML processes, fraud detection, credit scoring and sentiment analysis, and we believe the COVID-19 crisis (which will accelerate the shift to the digital economy) will prove to be the chance for some players in this space to show how their data analytic capabilities allow clients to make smarter and better decisions around lending and investment, detect fraud quicker and authenticate potential customers more efficiently.

If successful, we believe that players such as Onfido, Clear Score, Aire and Hooyu could start winning significant market share from traditional players and come into 2021 as the new standard for how AI/ML can be put to work effectively.

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Section 2

Recent fintech transaction trends

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Total capital invested (LHS) Volume (RHS)

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Americas Europe Asia Other

M&A deal value by region Fundraising deal value by region

$bn, number of deals $bn, number of deals

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Americas Europe Asia Other

Global fintech transaction volume slowing downM&A AND FUNDRAISING ACTIVITY BY QUARTER

Transaction M&A deal value and volume Fundraising deal value and volume

Source: Pitchbook as of 31 March 2020Note: Data includes all “fintech” M&A & fundraising deals and IPOs as defined by Pitchbook regardless of geography or transaction size(1) Spike in the M&A value in Q3 2019 was caused by 4 extraordinarily large transactions with an aggregate value of $94bn (Worldpay/FIS ($35.5bn), First Data/Fiserv ($22bn), Total System Services/Global Payments ($21.5bn), Refinitiv/LSE ($14.8bn)) (2) Spike in fundraises value in Q2 2018 was caused by an extraordinarily large investment in Ant Financial ($14bn)

(1)

(2)

Over the past two quarters we have seen a slowdown in both M&A and funding activity as Q3 2019 started the beginning of a plateau due to (1) Asian investors being less active and (2) investors focusing on later stage businesses, hence fewer deals but at higher values.

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Continued consolidation in payments

Deal date Target Buyer Target description EV ($m) Implied EV/LTM Rev

12-Mar-20 Personal finance and employee benefits platform providing loans and savings products - -

11-Mar-20 Provider of cashless payment services in Poland 444 -

24-Feb-20 Personal financial management company to compare personalised offers for credit cards, loans, and more 7,100 7.1x

24-Feb-20 End-to-end payment processing solutions and services in Mexico 86 -

20-Feb-20 Online discount stock brokerage platform for self-directed investors 13,000 -

03-Feb-20 Provider of payment and transaction processing services 8,600 3.0x

27-Jan-20 Banking and payment services provider for credit card and transaction processing 237 1.3x

24-Jan-20 B2B international payment solutions for the travel industry 1,700 -

23-Jan-20 Provider of risk intelligence compliance screening services such as AML, KYC data 700 -

13-Jan-20 Banking as a service company empowering fintech tools via its financial services APIs 5,300 -

11-Jan-20 Digital credit platform providing consumer loans in India 185 -

09-Jan-20 Retail finance platform providing instalment credit and consumer loans 52 -

08-Jan-20 Online insurance brokerage services in Hungary 82 -

Selected M&A transactions, January – March 2020

Q1 2020 TRANSACTIONS

(1)

Source(s): Pitchbook, Capital IQ, Mergermarket(1): Announcement date

Q1 2020 saw a continued effort by strategics to consolidate the payments market with Plaid/Visa and Ingenico/Worldline being two of the largest deals. We also believe the Credit Karma / Intuit transaction may point to more deals to come in the consumer data space.

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Date TargetLeadinvestor(s) Target description

Capital raised

($m)

25-Mar-20 Bill payment credit solutions for SMEs 75

23-Mar-20Fundraising platform, connecting HNWI to investment managers

147

17-Mar-20 Business banking solutions 20

09-Mar-20 UK-based challenger bank 78

02-Mar-20 Cloud native core banking solutions 83

26-Feb-20Financial services platform for mobile network operators and banks

55

24-Feb-20QR code-based payment app for offline retailers and businesses

75

24-Feb-20 Provider of a sustainability rating platform 200

17-Feb-20 UK-based challenger bank 500

13-Feb-20 Vertical payments solutions 120

13-Feb-20 Lender that offers crypto asset-backed securities 30

Date TargetLeadinvestor(s) Target description

Capital raised

($m)

10-Feb-20 UK-based challenger bank 77

04-Feb-20 Payments infrastructure platform 35

30-Jan-20 Online insurance marketplace 100

29-Jan-20 Payment solutions platform for merchants and shoppers 200

27-Jan-20 Cloud-based platform for B2B cross-border payments 80

22-Jan-20 Flexible financing solutions for small businesses 42

20-Jan-20 Neobank for SMEsand freelancers 115

20-Jan-20 Cloud-based open banking platform 99

17-Jan-20Accounts payable and on-demand invoice management solutions

260

15-Jan-20 Peer to peer payments platform 44

14-Jan-20 NondisclosedFinancial platform to facilitate digital trade transactions

240(1)

Selected fundraisings, January – March 2020

Source(s): Pitchbook, Capital IQ, Mergermarket(1): Mix of equity and debt

Investors still looking to gain exposure to challenger banksQ1 2020 TRANSACTIONS

We saw five challenger banks raise fresh rounds of capital in Q1 2020 and we still see further appetite for models that are genuinely differentiated.

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Section 3

Public market fintech analyses

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1,1

3,7

3,9

2.9

5,4

7,9

14.4

26.9

24.4

46.1

127.0

(0,8)

(1,0)

(2,3)

(2,0)

(1.8)

(4.1)

1.1

2.7

(14.7)

0.1

0.2

0.7

2.8

2.9

3.0

3.1

5.9

12.6

22.8

25.5

48.8

112.3

Market Cap as at 01-Jan-20 Change in Market Cap Current Market Cap

The value of the GP Bullhound’s fintech index dropped by ~$24bn over Q1 2020 as a result of the difficult trading environment caused by the COVID-19 pandemic.

We expect to see further volatility during the lockdown periodGP BULLHOUND'S 2020 FINTECH INDEX BY MARKET CAPITALISATION

Source: Capital IQ as at 31 March 2020Note: PayPal, Shopify, Adyen, Square, Market Axess and BlackLine bars are not at scale for illustration purposesOpening market capitalisation as of 1 January 2020; Current market capitalisation as of 31 March 2020

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We expect to see further volatility as companies re-new year-end guidance and markets continue to adjust to a COVID-19 economy.

Source: Capital IQ as of 31 March 2020. 1 EV/Rev multiples except for online lenders which are computed as Market Cap/Rev multiples. Note: fintech Index constituents are: PayPal, Shopify, Square, Adyen, Market Axess, Xero, Envestnet, Q2, Blackline, Lending Club, Funding Circle, Ondeck, and Afterpay(1) YTD GPB fintech index EV / LTV revenues comparison

Fintech valuations are currently below the 3-year averageGP BULLHOUND FINTECH INDEX VALUATIONS

4x

6x

8x

10x

12x

14x

16x

Mar-17 Jul-17 Nov-17 Mar-18 Jul-18 Nov-18 Mar-19 Jul-19 Nov-19 Mar-20

GPB Fintech Index - TEV/LTM Revenues GPB Fintech Index - TEV/NTM Revenues

Mean: 11.8x

Mean: 10.1x

Dec ‘18: Trade war with China leads to a

market-wide sell-off

Mar ‘20: Multiples are down 22%(1) YTD due to the effects of COVID-19

As at 31 March 2020, the fintech index is trading 10.1x trailing 12 months revenues, which is 15% below the 3-year averageAs at 31 March 2020, the fintech index is trading at 9.6x next 12 months revenues, which is 5% below the 3-year average

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Difficult trading environment caused by the COVID-19 pandemic. We expect volatility in the market to continue during the lockdown period; however, this Q1 2020 snapshot also highlights how certain verticals – financial data & analytics and some online payment players – are expected to trade well throughout this period.

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100

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150

Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20

Performance 1 Month 3 Months 6 Months 1 Year

Financial Data & Analytics (14.4%) (12.5%) (5.2%) 4.8%Nasdaq (10.1%) (14.2%) (3.7%) (0.4%)Banking Technology (7.5%) (16.3%) (9.7%) (1.6%)Payments (22.1%) (19.4%) (15.4%) (4.9%)HR & Payroll (18.9%) (22.1%) (13.2%) (10.8%)

Payments(4.9%)

Source: Capital IQ as of 31 March 2020Note: Detail on companies included in Appendix

COVID has impacted all sub-sectors - some more than othersSHARE PRICE PERFORMANCE – LAST 12 MONTHS

HR & Payroll(10.8%)


4.8%

Banking Technology(1.6%)

Nasdaq(0.4%)

LTM performance

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7.2x 21.0x29.2%HR & Payroll 12.0%

Mixed bag of trading updates as COVID impacts are differentINDICATIVE TRADING VALUATION BENCHMARKS

EV/ 2020E revenue (1)

EV/2020E EBITDA (1)

2020E EBITDA margin (1) Selected companiesVerticals

2020E revenue growth (1)

7.0x 21.4x35.1%Financial Data & Analytics 7.2%

9.6x 23.6x31.6%Banking Technology

8.1x 19.1x33.9%Payments 22.4%

16.1%

Source: Capital IQ as of 31 March 2020Note: Only selected logos shown, detail on companies included in Appendix (1) Mean

Although growth guidance for FY2020 has started making its way through analyst estimates, we think there are further downgrades to filter through with a flurry of potential upgrades for “tailwind” companies benefiting from the digital shift.

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Section 4

Fintech CEO commentary

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CEO profile

Bankable is a global architect of innovative payments and digital banking solutions powering Banking-as-a-Service. Bankable enables and serves dominant financial institutions, corporates and fintech entrepreneurs to bring to market highly differentiated payment solutions supported by a very strong, immediate business case.Eric is the founder and CEO of Bankable. He previously co-founded Valtech, an IT project-based consultancy, and spearheaded its transformation into a Euronext listed multinational in eight countries, with 1,500 staff and a peak market capitalisation of $1.5+ billion, all within six years.

“Bankable designs, builds, runs and operates the Banking platform of the future. I founded Bankable to provide transparency and real-time capabilities 24/7/365 with 100% uptime reliability for the end-customers of business and retail banks.

Our priority is to build API-enabled digital banking and payment solutions for the best-of-breed fintechs and incumbents locally, regionally and globally, powering the most ambitious and urgent use cases.”

Eric MouillleronCEO & FOUNDER

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CEO profile

ZestMoney aims to provide affordable credit to millions of people who can't currently access it through traditional financial institutions. ZestMoney's proprietary risk engine makes it capable of disbursing credit to customers in every corner of the country within seconds, that too without human interference. The company currently has 15,000+ merchants across almost every vertical in both offline and online channels. Founded in 2015 by Lizzie Chapman, Priya Sharma and Ashish Anantharaman in Bengaluru, India, ZestMoney has raised $63 million in funding from a diverse suite of world-class investors, such as Ribbit Capital, Omidyar Network, Xiaomi, Naspers and, most recently, Goldman Sachs.

“At ZestMoney, we use advanced mobile technology, artificial intelligence and digital banking to make life affordable for millions of consumers, who currently have no access to credit cards or traditional finance options due to insufficient credit history.

Because ZestMoney was built keeping the specific financial challenges of the average Indian in mind, and because we push the boundaries of digital finance every day, we are able to bring affordability to countless households across the country. We stand by the words, ‘EMI for Everyone’.”

Lizzie ChapmanCEO & CO-FOUNDER

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CEO profile

MFS Africa is the largest mobile money inter-operability hub in Africa, connecting 200m mobile account users across the continent. The company connects mobile network operators across the continent to each other, and to merchants, banks, and other FI through a single API. In addition to mobile remittance services, the MFS Africa API enables merchant payment, bulk payment, bank-to-wallet transfers, and an array of other cross-border, cross-platform digital payments services.MFS Africa has recently partnered with Visa in order to bridge the gap between the mobile money ecosystem in Africa and the world of online digital payments, and integrate Visa’s real-time push payments solution Visa Direct. MFS Africa is the first non-bank principal member of the Visa network in Africa.

“Where you are should not limit what you can do. This belief motivates everything we do at MFS Africa, where every day we connect African consumers to each other, and to the global digital economy. Whether the use case is remittances, e-commerce, or SME payments, our mission is to make borders matter less when it comes to moving money.”

Dare OkoudjouCEO & FOUNDER

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CEO profile

TPAY MOBILE is MEA’s leading merchant acquirer, digital payment enabler (using mobile number only) & cross-border platform that unlocks access to 580m+ consumers in MEA. Leveraging direct carrier billing and mobile wallet/money, through one integration, merchant partners are able to unlock any mobile number linked source of funds across 24 countries. Sahar Salama is the CEO and Founder of TPAY MOBILE. Sahar received high honour MBA from Imperial College London and a BSc. in Computer Science with highest honour from the American University in Cairo. Sahar has over 25 years of managerial experience in platforms development, product development in hi-tech companies and telecommunications sectors with extensive international exposure.

Sahar SalamaCEO & FOUNDER

“At TPAY MOBILE, we created the first pan Middle East and Africa (MEA) cross border platform which can access every individual with a sim card / mobile number, allowing them to transact online using airtime, their monthly bill or mobile money balance.

The platform’s unparalleled reach spans 580m+ addressable users, most of which are underbanked, across 24 countries – this is the power of mobile and is TPAY’s unique proposition to its global merchant partners. Working with our merchant partners, we have big dreams to help unlock full access to the digital economy, across various use cases, in our region.”

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Appendix A: Fintech trading comparables by category

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S&P Global 58,982 63,093 4.6% 6.2% 4.9% 7.7% 51.4% 51.6% 52.3% 9.5x 9.1x 8.5x 18.4x 17.6x 16.3x 26.1x 24.2x 22.0x 15%

Moody's 39,594 44,044 4.5% 6.9% 4.2% 8.8% 48.4% 48.2% 49.1% 9.2x 8.8x 8.2x 19.0x 18.3x 16.8x 25.8x 23.8x 21.4x 15%

Thomson Reuters 33,485 35,672 4.0% 4.1% 29.5% 6.5% 25.4% 31.6% 32.3% 6.0x 5.8x 5.6x 23.8x 18.4x 17.2x 54.1x 35.6x 32.0x 21%

Experian 25,231 29,501 7.7% 6.0% 12.4% 8.1% 33.8% 35.3% 36.0% 5.9x 5.5x 5.2x 17.4x 15.5x 14.3x 28.1x 24.5x 23.3x 7%

IHS Markit 23,935 29,413 (2.7%) 6.3% 1.9% 10.4% 40.0% 41.9% 43.5% 6.7x 6.8x 6.4x 16.6x 16.3x 14.8x 23.2x 21.7x 19.1x 10%

MSCI 24,566 26,318 10.1% 9.5% 12.4% 11.5% 54.2% 55.3% 56.2% 16.9x 15.4x 14.0x 31.3x 27.8x 25.0x 45.3x 39.7x 34.5x 43%

Verisk Analytics 22,730 25,941 8.6% 6.3% 8.6% 8.1% 46.8% 46.9% 47.6% 10.0x 9.2x 8.6x 21.3x 19.6x 18.1x 31.9x 28.6x 25.8x 4%

Equifax 14,569 17,696 5.2% 5.8% 6.4% 9.4% 33.6% 34.0% 35.2% 5.1x 4.8x 4.5x 15.0x 14.1x 12.9x 21.4x 21.2x 18.8x (0%)

TransUnion 12,560 16,127 7.1% 7.8% 7.4% 9.5% 39.7% 39.8% 40.4% 6.1x 5.7x 5.3x 15.3x 14.3x 13.0x 24.1x 21.3x 18.9x (3%)

FactSet 9,881 10,373 3.5% 3.6% (0.5%) 5.1% 35.5% 34.1% 34.6% 7.1x 6.9x 6.7x 20.1x 20.2x 19.2x 25.9x 26.2x 24.7x 5%

Black Knight 8,593 10,169 2.0% 6.9% 3.2% 7.4% 49.5% 50.1% 50.3% 8.6x 8.5x 7.9x 17.5x 16.9x 15.7x 30.1x 28.8x 26.0x 7%

FICO 8,969 9,881 5.5% 6.0% 9.9% 14.1% 32.1% 33.4% 36.0% 8.3x 7.9x 7.5x 26.0x 23.6x 20.7x 38.8x 36.0x 30.3x 13%

Morningstar 4,982 5,302 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a n.a n.a (10%)

CoreLogic 2,413 4,125 (2.5%) (0.0%) 3.8% 0.6% 28.1% 30.0% 30.2% 2.3x 2.4x 2.4x 8.3x 8.0x 8.0x 11.0x 10.4x 10.1x (19%)

Envestnet 2,845 3,429 11.0% 10.0% 12.2% 13.0% 21.3% 21.5% 22.1% 3.8x 3.4x 3.1x 17.9x 15.9x 14.1x 25.1x 24.5x 21.7x (19%)

BlackLine 2,966 2,763 20.9% 20.0% 39.7% 47.5% 9.3% 10.8% 13.2% 9.6x 8.0x 6.6x n.m. 74.0x 50.2x 136.3x 116.0x 84.6x 14%

LiveRamp 2,218 1,471 26.3% 30.2% n.a. n.a. (16.6%) (2.9%) 4.9% 4.2x 3.3x 2.5x n.m. n.m. 51.7x n.m n.m 107.9x (40%)

Mean 7.2% 8.5% 10.4% 11.2% 33.3% 35.1% 36.5% 7.5x 7.0x 6.4x 19.1x 21.4x 20.5x 36.5x 32.2x 32.6x 6.4%Median 5.4% 6.3% 7.4% 8.8% 34.7% 34.7% 36.0% 6.9x 6.9x 6.5x 18.1x 17.6x 16.5x 26.1x 24.5x 24.0x 7.1%

Market Cap (USDm) EV (USDm) Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA P/E

Share Price Performance

Company 31/Mar/20 31/Mar/20 19/20 20/21 19/20 20/21 CY2019 CY2020 CY2021 CY2019 CY2020 CY2021 CY2019 CY2020 CY2021 CY2019 CY2020 CY2021 LTM

Source: Capital IQ as of 31 March 2020Note: EV/Revenue multiples in excess of 50.0x, EV/EBITDA multiples in excess of 100.0x and P/E multiples in excess of 150.0x are considered not-material (“NM”) and are not included in average calculation

Trading comparables – Financial Data & Analytics

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MarketAxess 12,612 12,353 19.1% 9.9% 25.1% 6.5% 55.2% 58.0% 56.2% 24.3x 20.4x 18.5x 43.9x 35.1x 33.0x 61.8x 53.9x 48.4x 35%

Jack Henry 11,910 11,908 7.8% 7.8% 6.5% 9.8% 32.6% 32.2% 32.8% 7.3x 6.8x 6.3x 22.5x 21.1x 19.3x 43.0x 40.3x 34.9x 11%

Temenos 9,449 10,472 15.5% 12.4% 20.4% 15.0% 39.3% 41.0% 42.0% 10.7x 9.3x 8.2x 27.2x 22.6x 19.6x 38.1x 33.3x 28.9x (15%)

Q2 2,860 3,197 29.2% 24.5% (1.1%) 120.6% 5.6% 4.3% 7.6% 10.1x 7.8x 6.3x n.m. n.m. 82.7x n.m n.m 139.7x (15%)

Bottomline Technologies 1,613 1,651 8.7% 9.1% 8.6% 10.2% 22.6% 22.6% 22.8% 3.8x 3.5x 3.2x 16.9x 15.6x 14.1x 28.3x 25.8x 22.3x (27%)

Mean 16.1% 12.7% 11.9% 32.4% 31.1% 31.6% 32.3% 11.2x 9.6x 8.5x 27.6x 23.6x 33.7x 42.8x 38.3x 54.8x (2.4%)Median 15.5% 9.9% 8.6% 10.2% 32.6% 32.2% 32.8% 10.1x 7.8x 6.3x 24.9x 21.9x 19.6x 40.5x 36.8x 34.9x (14.8%)


Trading comparables – Banking Technology




27

High Growth Omnichannel PaymentsPayPal 112,299 107,054 16.2% 17.3% 14.9% 19.1% 27.2% 26.9% 27.3% 6.0x 5.2x 4.4x 22.2x 19.3x 16.2x 31.1x 28.3x 23.3x (9%)Fiserv 64,508 88,135 2.6% 5.9% 10.8% 9.4% 33.7% 36.3% 37.5% 5.7x 5.5x 5.2x 16.8x 15.2x 13.8x 23.7x 19.7x 16.7x 6%Shopify 48,808 46,492 39.1% 35.8% (31.1%) 140.1% 4.3% 2.1% 3.8% 29.9x 21.5x 15.8x n.m. n.m. n.m. n.m n.m n.m 102%Adyen 25,484 23,619 36.4% 36.7% 35.3% 40.5% 57.4% 56.9% 58.5% 43.8x 32.1x 23.5x 76.4x 56.5x 40.2x 111.3x 83.7x 59.3x 9%Square 22,798 22,333 134.5% 27.6% (5.3%) 59.5% 18.5% 7.5% 9.3% 9.9x 4.2x 3.3x 53.9x 56.9x 35.7x 67.4x 80.3x 49.4x (31%)StoneCo 6,038 6,745 35.0% 34.8% 29.7% 46.3% 56.5% 54.2% 58.9% 14.0x 10.4x 7.7x 24.7x 19.1x 13.0x 29.9x 28.3x 20.0x (49%)Pageseguro 6,347 5,667 19.8% 24.5% 19.3% 29.9% 37.3% 37.2% 38.8% 5.2x 4.3x 3.5x 13.9x 11.7x 9.0x 17.2x 19.2x 15.0x (36%)

Afterpay 3,068 3,077 69.7% 52.9% 29.8% 173.8% 9.3% 7.1% 12.7% 13.5x 7.9x 5.2x n.m. n.m. 40.7x n.m n.m 148.1x (16%)

Mean 44.2% 29.4% 12.9% 64.8% 30.5% 28.5% 30.8% 16.0x 11.4x 8.6x 34.7x 29.8x 24.1x 46.8x 43.2x 47.4x (3%)Median 35.7% 31.2% 17.1% 43.4% 30.4% 31.6% 32.4% 11.7x 6.7x 5.2x 23.5x 19.2x 16.2x 30.5x 28.3x 23.3x (13%)

General Payments & ServicesGlobal Payments 43,288 51,929 41.0% 9.6% 70.6% 15.2% 37.1% 44.9% 47.2% 9.6x 6.8x 6.2x 25.8x 15.1x 13.1x 23.4x 19.9x 16.4x 4%

Wirecard 14,210 12,029 25.7% 27.3% 32.1% 29.6% 28.6% 30.1% 30.6% 4.0x 3.2x 2.5x 14.1x 10.7x 8.2x 23.8x 18.5x 14.0x (4%)

Worldline 10,741 11,667 4.6% 7.6% 8.2% 14.3% 24.8% 25.6% 27.2% 4.5x 4.3x 4.0x 18.2x 16.8x 14.7x 31.9x 29.5x 24.8x 0%

Nexi 8,180 10,976 10.0% 8.4% 21.8% 13.4% 50.2% 55.6% 58.2% 10.2x 9.3x 8.6x 20.4x 16.8x 14.8x 33.8x 29.9x 25.6x n.a.

Ingenico 6,647 8,572 0.0% 6.9% 2.7% 10.2% 17.8% 18.3% 18.9% 2.3x 2.3x 2.2x 13.1x 12.7x 11.5x 18.8x 19.5x 17.0x 50%

Cielo 2,326 4,228 (0.3%) 6.0% (17.5%) 8.7% 26.6% 22.0% 22.5% 2.0x 2.0x 1.9x 7.4x 9.0x 8.3x 5.2x 9.6x 8.8x (54%)

ACI Worldwide 2,805 4,136 18.3% 5.6% 41.2% 7.5% 24.2% 28.9% 29.3% 3.3x 2.8x 2.6x 13.6x 9.6x 8.9x 18.4x 11.6x 10.2x (27%)

Network International 2,425 2,737 8.1% 14.1% 9.3% 16.6% 48.4% 48.9% 50.0% 8.2x 7.6x 6.7x 17.0x 15.6x 13.4x 24.2x 22.2x 18.8x n.a.

EVO Payments 631 1,870 (16.5%) 13.6% (3.2%) 18.0% 27.0% 31.4% 32.6% 3.2x 3.8x 3.4x 11.8x 12.2x 10.3x 24.9x 25.6x 19.3x (48%)

Green Dot 1,340 335 (1.1%) 7.4% (26.6%) 18.0% 21.2% 15.7% 17.3% 0.3x 0.3x 0.3x 1.5x 2.0x 1.7x 9.5x 17.0x 13.2x (59%)

Mean 9.0% 10.6% 13.9% 15.1% 30.6% 32.1% 33.4% 4.8x 4.2x 3.8x 14.3x 12.0x 10.5x 21.4x 20.3x 16.8x (17%)Median 6.4% 8.0% 8.7% 14.7% 26.8% 29.5% 30.0% 3.7x 3.5x 3.0x 13.8x 12.4x 10.9x 23.6x 19.7x 16.7x (16%)

Payment NetworksVisa 346,137 356,191 1.4% 16.5% 3.0% 18.2% 68.1% 69.2% 70.2% 15.1x 14.9x 12.8x 22.2x 21.5x 18.2x 28.7x 27.5x 22.7x 2%

Mastercard 242,794 244,505 4.1% 16.7% 0.7% 20.5% 60.3% 58.2% 60.1% 14.5x 13.9x 11.9x 24.1x 23.9x 19.8x 31.4x 30.4x 24.4x 1%

Mean 2.8% 16.6% 1.8% 19.3% 64.2% 63.7% 65.2% 14.8x 14.4x 12.4x 23.1x 22.7x 19.0x 30.05 29.0x 23.6x 1.8%Median 2.8% 16.6% 1.8% 19.3% 64.2% 63.7% 65.2% 14.8x 14.4x 12.4x 23.1x 22.7x 19.0x 30.05 29.0x 23.6x 1.8%

Mean (ALL) 22.4% 18.8% 12.3% 35.4% 33.9% 33.9% 35.5% 10.3x 8.1x 6.6x 22.1x 19.1x 16.4x 30.8x 28.9x 28.8x (9%)Median (ALL) 13.1% 15.3% 10.0% 18.1% 27.9% 30.7% 31.6% 7.1x 5.3x 4.8x 17.6x 15.4x 13.4x 24.5x 23.9x 19.3x (7%)


Trading comparables – Payments




28

ADP 59,012 59,974 4.9% 8.1% 10.6% 7.5% 25.0% 26.3% 26.2% 4.1x 3.9x 3.6x 16.5x 14.9x 13.9x 24.0x 22.3x 18.9x (16%)

Intuit 59,913 58,401 9.0% 11.7% 12.1% 10.3% 35.4% 36.4% 35.9% 8.2x 7.5x 6.7x 23.2x 20.7x 18.8x 33.4x 30.2x 26.1x (13%)

Workday 30,211 29,836 19.4% 18.8% 28.5% 19.7% 20.8% 22.3% 22.5% 8.3x 6.9x 5.8x 39.7x 30.9x 25.8x 72.7x 59.7x 47.1x (32%)

Paychex 22,570 22,707 (0.9%) 3.3% (2.3%) 4.5% 40.7% 40.2% 40.6% 5.6x 5.7x 5.5x 13.8x 14.2x 13.5x 21.6x 21.9x 20.5x (22%)

SS&C 11,204 18,613 2.9% 3.4% 5.2% 5.4% 38.9% 39.8% 40.6% 4.0x 3.9x 3.8x 10.4x 9.8x 9.3x 11.8x 10.7x 9.9x (32%)

Paycom 11,645 11,573 22.8% 22.1% 21.8% 23.2% 42.4% 42.1% 42.5% 15.8x 12.8x 10.5x 37.1x 30.5x 24.7x 59.1x 48.7x 39.0x 6%

Coupa Software 9,058 9,074 28.5% 25.5% 10.0% 73.8% 12.9% 11.1% 15.3% 23.8x 18.5x 14.8x n.m. n.m. 96.3x n.m n.m n.m 55%

The Sage Group 8,034 8,524 (0.5%) 6.6% 1.8% 6.3% 24.8% 25.3% 25.3% 3.5x 3.6x 3.3x 14.3x 14.0x 13.2x 19.7x 19.9x 18.5x (16%)

Xero 5,890 5,879 19.5% 29.6% 32.7% 47.7% 19.4% 21.5% 24.5% 14.3x 12.0x 9.2x 74.0x 55.8x 37.8x n.m n.m 112.0x 39%

Paylocity 4,735 4,674 18.0% 18.4% 18.2% 23.1% 28.2% 28.3% 29.4% 9.0x 7.7x 6.5x 32.0x 27.1x 22.0x 55.5x 49.9x 39.4x (1%)

TriNet 2,589 2,764 5.6% 9.4% 4.4% 12.9% 39.3% 38.8% 40.0% 3.0x 2.8x 2.6x 7.6x 7.3x 6.4x 11.3x 10.6x 9.1x (37%)

Blucora 576 898 15.3% 7.0% 9.4% 7.7% 18.7% 17.8% 17.9% 1.2x 1.1x 1.0x 6.7x 6.1x 5.7x 6.1x 5.2x 4.7x (65%)

Mean 12.0% 13.7% 12.7% 20.2% 28.9% 29.2% 30.1% 8.4x 7.2x 6.1x 25.0x 21.0x 24.0x 31.5x 27.9x 31.4x (11.3%)Median 12.1% 10.6% 10.3% 11.6% 26.6% 27.3% 27.8% 6.9x 6.3x 5.7x 16.5x 14.9x 16.3x 22.8x 22.1x 20.5x (16.0%)


Trading comparables – HR & Payroll




29

Appendix B: GP Bullhound fintech credentials & team

30* Indicates where company has been advised by a current GP Bullhound team member as part of a team with a previous employer.

Deep experience across key fintech verticals

Digital banking / lending

Payments

INVESTMENT BY ACQUIRED BY

INVESTMENT BY

ACQUIRED BY

INVESTMENT BY*

Undisclosed

ACQUIRED BYACQUIRED BY

SECONDARY IPO

€343m

ACQUIRED BY ACQUIRED BY*

ACQUIRED BYINVESTMENT BY

ACQUIRED BY*

INVESTMENT BY

INVESTMENT BY

INVESTMENT BYINVESTMENT BY

INVESTMENT BY

ACQUIRED BYACQUIRED BY

INVESTMENT BYINVESTMENT BY ACQUIRED BY

31

Authors

Claudio AlvarezPARTNER

[email protected]

Floris BackerEXECUTIVE DIRECTOR

[email protected]

Alexis MajosANALYST

[email protected]

Maria MaciagowskaANALYST

[email protected]

Adam PageVICE PRESIDENT

[email protected]

32

Section 8

Appendix C: GP Bullhound corporate overview

33

Helping brave, brilliant leaders build the future

Confidential

34

A leading technology advisory and investment firmABOUT GP BULLHOUND

(1) League table data represents selected transaction advisors. Time period is 2016-Q4 2019. Global M&A transactions between $10m and $300m

ESSENCEBALTIC CLASSIFIEDS

GROUPFALCON.IO JELLYFISH SPOTIFY SLACK REVOLUT GLOVO

INNOGAMES DELIVERY HERO SIGNAVIO PRODIGY FINANCE TECHNOLOGYPREDICTIONS

TITANS OF TECH

SUMMIT MARBELLA

INVESTOR ALLSTARS

Mergers & Acquisitions Investments

Capital Transactions Insights & Events

We are the no. 1 global advisor (1) to leading technology companies in competitive international sale and acquisition processes. The firm has completed 420 successful M&A transactions to date, worldwide, with a total value of over $18bn.

Through our investment team, we provide investors with access to category leading technology companies. Our four closed-end funds have a total value of more than €170m and our limited partners include institutions, family offices and entrepreneurs.

We are a leading global advisor to companies and their owners on capital related transactions including venture capital, growth capital, acquisition funding, secondary block trades and initial public offerings. The firm has completed 120 rounds of financing for technology companies to date, with a total value of $2bn.

Our events and speaking activities bring together thousands of leading digital entrepreneurs and technology investors throughout the year. Our thought-leading research is read by thousands of decision-makers globally and is regularly cited in leading newspapers and publications.

UNITYFILTER

ECOVADIS NORTHERNTECH AWARDS

Confidential

3535

Our focus sectors

DIGITALMEDIA

DIGITAL SERVICES

SOFTWARE MARKETPLACES FINTECH

Confidential

35

Confidential

36

Ian CarrollDIRECTOR FINANCE

Victoria Palma EhrichsPERSONAL ASSISTANT

Julian RiedlbauerPARTNER

Elsa HuEXECUTIVE DIRECTOR

Alon KupermanEXECUTIVE DIRECTOR

Ravi GhediaDIRECTOR

Joy SioufiEXECUTIVE DIRECTOR

Iman CrisbyEXECUTIVE

DIRECTOR MARKETING

Fraenze GadeVP EVENTS

Nikolas WestphalEXECUTIVE DIRECTOR

Javed HuqDIRECTOR

Karl BlomsterwallASSOCIATE

Joe TabbererVICE PRESIDENT

Johan Roslund VICE PRESIDENT

Marvin MaerzVICE PRESIDENT

Simon MiremadiVICE PRESIDENT

Dave NishVP TECHNOLOGY

Brandon OvermyerVICE PRESIDENT

Simon NichollsPARTNER

Sven RaeymaekersPARTNER

Jon CantwellPARTNER

Joakim DalPARTNER

Alec DaffernerPARTNER

Per RomanMANAGING PARTNER

Hugh CampbellMANAGING PARTNER

Claudio AlvarezPARTNER

Robert AhldinPARTNER

Guillaume BonnetonPARTNER

Manish MadhvaniMANAGING PARTNER

Alexis Scorer EXECUTIVE DIRECTOR

Ben PradeEXECUTIVE DIRECTOR

Alessandro CasartelliEXECUTIVE DIRECTOR

Jack ChanDIRECTOR

Adam BirnbaumDIRECTOR

Oliver SchweitzerEXECUTIVE DIRECTOR

Floris Backer van Ommeren

EXECUTIVE DIRECTOR

Miguel KindelánEXECUTIVE DIRECTOR

Elena BocharovaASSOCIATE

Felix BratellVICE PRESIDENT

Gioia CerbelliASSOCIATE

Charlotte Carew-Gibbs

HR MANAGER

Evgeny YakovlevANALYST

Bev BoettcherOFFICE MANAGER

Susanna AnderssonOFFICE MANAGER

Ashleigh MacDonaldFINANCE MANAGER

Erik AndershedDATA SCIENTIST

Mathilde JakobssonEVENTS & MARKETING

Caoimhe BradleyOFFICE MANAGER

Geneshe EdelmanOFFICE MANAGER

Jade WilliamsPERSONAL ASSISTANT

Victoria MartinPERSONAL ASSISTANT

Michelle HooPERSONAL ASSISTANT

Maria LazarevaPERSONAL ASSISTANT

Joyce ByrneOFFICE MANAGER

Olivia HornsteinOFFICE MANAGER

Maria SosnaOFFICE MANAGER

Maria MartinezOFFICE MANAGER

Ed PriorASSOCIATE

Joaquin del Rio BrionesANALYST

Kevin Siagam ASSOCIATE

Jack CurranASSOCIATE

Pierce Lewis-OakesASSOCIATE

Jaime Sendagorta VICE PRESIDENT

Okan InaltayASSOCIATE

Matthew FinegoldASSOCIATE

Carolin DrewesASSOCIATE

Hampus HellermarkASSOCIATE

Luis Patiño TornosANALYST

Vincent WeiASSOCIATE

Connor SmithANALYST

Rachael Shapiro ASSOCIATE

Joel-Oskar RaisanenANALYST

Manon RodierANALYST

Bulat MardanovASSOCIATE

Alexis MajosANALYST

Pierre Van KempenANALYST

Reda Ben LarbiANALYST

Felix LutjenANALYST

Carl WessbergPARTNER

Greg SmithPARTNER

Dennis KleinANALYST

Freddie DodgeANALYST

Gaia CibrarioANALYST

Candice MostisserANALYST

Sir Martin SmithCHAIRMAN

Staffan IngebornNON-EXECUTIVE

DIRECTOR

Cecilia RomanSENIOR ADVISOR

Seth AlpertSENIOR ADVISOR

Johannes AkermarkDIRECTOR

Eric CrowleyDIRECTOR

Jaime MorenoDIRECTOR STRATEGY

Joy AbiolaVICE PRESIDENT

Praveena MuthukumarVP FINANCE

Dipam PatelVICE PRESIDENT

Adam PageVICE PRESIDENT

Maria MaciagowskaANALYST

Matthew YoungANALYST

Andrea LópezDESIGN COORDINATOR

Ana NavarretePERSONAL ASSISTANT

Confidential

37

Global marquee transactionsBaltic Classifieds Group

ACQUIRED BY

GP Bullhound EcoVadis GP Bullhound InnogamesINVESTED IN INVESTMENT BY INVESTED IN INVESTMENT BY

UNDISCLOSED REALISED(DIRECT LISTING)

$200M ACTIVE €260M VALUATION

Apax Partners Spotify CVC Growth Partners Klarna Modern Times Group

GP BullhoundINVESTED IN

Jellyfish GP Bullhound Filter 13th LabINVESTMENT BY INVESTED IN ACQUIRED BY ACQUIRED BY

Slack Fimalac Group Avito Merkle Facebook

REALISED(DIRECT LISTING)

£500M REALISED (ACQUIRED BY NASPERS)

UNDISCLOSED UNDISCLOSED

Confidential

38

Thought-leading independent technology research –connecting people in the tech industry

GP BULLHOUND INSIGHTS & EVENTS

Titans of Tech ALL CHANGE AT THE TOP

Technology Software Digital Services Fintech PREDICTIONS GLOBAL MARKET

PERSPECTIVESGLOBAL MARKET PERSPECTIVES

GLOBAL MARKET PERSPECTIVES

Summit Northern Tech Investor Conference Market updateMARBELLA AWARDS ALLSTARS RECEPTIONS WEBINARS

39

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