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1、February analysis of fintech investment2 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulse2022 was a challenging year for fintech investment globally with the Americas in particular seei

2、ng a$40 billion drop in investment compared to 2021s high.The decline in deal value doesnt tell the full story,however.Deal volume was incredibly robust this year:the second highest total next to 2021.Seed deals saw record investment,which bodes well for the long-term fintech pipeline.At a sector le

3、vel,regtech investment soared to a new high,while geographically,the Asia-Pacific region also hit a new peak if by a much narrower margin.The diversity of jurisdictions attracting significant fintech deals was also very strong.In H222 alone,24 different countries attracted$100 million+fintech deals(

4、VC,PE,M&A)ranging from traditional hubs like the US,UK,Singapore and Hong Kong(SAR)to less mature fintech hubs like South Korea,Luxemburg,Italy,Malaysia and the UAE.This diversity reflects the myriad value propositions offered by fintech around the world,from enabling innovation at financial institu

5、tions to supporting small business growth and improving financial inclusion and access to financial products.Looking across 2022 as a whole,theres no doubt that the fintech market globally saw both highs and lows.Consider some of the key trends weve seen:Surging investment in regtech as companies lo

6、ok totechnology to help them manage their increasinglycomplex regulatory compliance obligationsRapidly cooling investment in cryptocurrencies andcrypto exchanges between H122 and H222,with morechallenges expected on the horizonStrengthening partnerships between fintechs andincumbent financial instit

7、utions,including banks,insurance companies and wealth management firmsDecreasing number of large deals in H222 comparedto 2021 and H122 as investors waited for valuations tostabilize.With the word recession being used more and more,the IPO window still closed and the valuations of late-stage compani

8、es still under pressure,there could be a bumpy road ahead as we enter 2023.But there continues to be money in the fintech market globally.Fintechs that have strong value propositions and that can really show the viability and sustained profitability of their business models will likely continue to a

9、ttract attention particularly in sectors like regtech and cybersecurity.Longer term,we believe the outlook for fintech investment remains quite positive given the ongoing transformation of financial services around the world and the strengthening focus on embedding financial services into other sect

10、ors.Whether youre the CEO of a large financial institution or the founder of an emerging fintech,focusing on getting the most from every dollar you invest can help you forge a strong path forward.As you read this edition of Pulse of Fintech,ask yourself:What do we need to do to become more resilient

11、 as an organization and how can we use our strengths to create unique value for our customers,clients and investors?KPMG Fintech professionals include partners and staff in over 50 fintech hubs around the world,working closely with financial institutions,digital banks and fintech companies to help t

12、hem understand the signals of change,identify the growth opportunities and develop and execute their strategic plans.Anton Ruddenklau Global Leader of Fintech,Partner and Head of Financial Services AdvisoryKPMG in SingaporeAll currency amounts are in US$unless otherwise specified.Data provided by Pi

13、tchBook unless otherwise specified.3 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseRegional insights Americas EMEA ASPACGlobal insights Global fintech investment analysis(VC,PE,M&A)To

14、p fintech trends for H2 2022Fintech segments Payments Insurtech Regtech Blockchain/cryptocurrency Cybersecurity Wealthtech4 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseGlobal insigh

15、tsFintech segments|Regional insights5 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseThird best year of fintech investment despite large drop from 2021 highFollowing 2021s record high

16、level of total global fintech investment($238.9 billion)and deal volume(7,321),2022 saw both total investment and deal volume fall to$164.1 billion and 6,006,respectively.While low by comparison,it was the third best year for fintech investment ever and the second best year for deal volume.Fintech i

17、nvestment drops by more than 50 percent in H222 compared to H122 Global fintech investment in H222 was$44.9 billion compared to the$119.2 billion seen in the first half of the year.The more than 50%decline highlights the impact of the sharp drop-off in large deals.H122 saw eight M&A deals greater th

18、an$1 billion including the$27.9 billion acquisition of Australia-based Afterpay,two VC raises(Germany-based Trade Republic,UK-based C)and one PE deal(US-based Genesis Digital Assets)globally.H222 saw just four M&A deals over the same amount the largest being the$8.4 billion buyout of US-based Avalar

19、a.The largest VC raise of H222 was the$800 million raise by Sweden-based Klarna which took a large cut to its valuation,while the largest PE deal was a$250 million raise by US-based Avant.Fintech investment inches to new high in Asia,while declining in the Americas and EuropeOn a regional basis,the

20、Americas continued to account for the largest share of fintech investment globally,attracting$68.6 billion across 2,786 deals in 2022 of which the US accounted for$61.6 billion across 2,222 deals.Comparatively,the Asia-Pacific region saw$50.5 billion in fintech investment across 1,227 deals,while th

21、e EMEA region attracted$44.9 billion across 1,977 deals.While both the Americas and Europe saw fintech investment decline,the Asia-Pacific region slightly surpassed 2021s peak high on the back of Afterpay acquisition.Investors prioritize profitability and cash flow as macroeconomic factors erode and

22、 valuations declineAt mid-year,investment in the fintech sector globally had only just begun to feel the impact of geopolitical uncertainty,rising interest rates and inflation,the downward pressure on valuations,and IPO market drying up.In H222,fintech investment generally followed general tech inve

23、stment trends,with investors pulling back on many large and late-stage deals and taking more time to conduct deals.As the IPO market dried up almost completely,reducing the opportunity for exits considerably,fintech investors globally also enhanced their focus on the cash flow and profitability of t

24、heir existing portfolio companies.Global fintech investment falls to$164.1 billion following record 2021“While global fintech investment dropped in 2022 particularly in the second half of the year as large M&A transactions dried up it cant be characterized as a bad year by any means.Total investment

25、 was still the third highest ever,while the number of fintech deals came second only to 2021s record high.2022 was a particularly excellent year for regtech,with investment growing quite significantly year-over-year.Anton RuddenklauGlobal Fintech Leader,Partner and Head of Financial Services Advisor

26、yKPMG in Singapore”Global insightsFintech segments|Regional insights6 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseRegtech bucks downward trend,attracts record$18.6 billion in invest

27、mentThe regtech space was a bright light of fintech investment in 2022,attracting a new high of$18.6 billion in investment well above the previous record of$12.1 billion seen in 2021.Regtech attracted two of the three largest fintech deals of H222,including Vista Equity Partners buyout of Avalara($8

28、.4 billion)and the buyout of Computer Services Inc by Centerbridge Partners and Bridgeport Partners for$1.6 billion.Given the complex regulatory environment for financial services globally and the growing focus on profitability and cost-cutting,regtech investment is expected to keep growing as compa

29、nies look to technology to streamline and improve their compliance activities.Investors upping the ante on due diligence in wake of crypto sector challengesCrypto sector investments globally plunged significantly in H222 following the Terra(Luna)crash in May.Given the FTX bankruptcy in November,it i

30、s likely that investment in crypto-focused firms will remain very slow into H123 as many investors work to review and significantly enhance their due diligence and governance processes related to investments in the crypto space.There could also be a shift in investment to jurisdictions with stronger

31、 regulatory frameworks for crypto activities.Trends to watch for in H123 Regtech continuing to gain steam in the eyes of investors Increasing investment focusing on fintech solutions that align with ESG and climate change priorities and targets Seed and early-stage companies continuing to draw atten

32、tion,investment,and larger deal sizes IPO and M&A activity remaining soft well into H123 as valuations continue to face downward pressure Blockchain solutions outside of the crypto space gaining increasing attention from investors Growing focus and investment in the B2B and embedded solutions space,

33、including embedded finance,embedded payments and embedded insurance.Globally,interest in fintech remained quite robust in many regions of the world during 2022,despite the drop in deal value associated with investors pulling back from later stage deals given macroeconomic factors and concerns about

34、valuations.On the positive side,we saw surging interest in seed and early-stage deals which bodes well for the fintech ecosystem and deals pipeline long-term.While fintech investment is likely to remain soft in the first half of the year,theres little doubt that investors remain optimistic about man

35、y of the subsectors of fintech.Judd CaplainGlobal Head of Financial ServicesKPMG International“”Global insightsFintech segments|Regional insightsThe second half of 2022 was particularly challenging for the fintech sector globally amidst a combination of challenging economic conditions like high infl

36、ation and interest rates and specific market challenges like the lack of IPOs and exit opportunities,continued downward pressure on valuations and margin pressures for companies in areas like buy now,pay later.With little sign that the challenging market conditions will begin to alleviate as we head

37、 into H123,fintech investment is expected to remain relatively subdued,even compared to H222 although a number of fintech subsectors are expected to be more resilient than others.Here are our top predictions for fintech in H123:AI-driven fintech solutions will gain more attention from investors:Ther

38、e will be growing interest in AI-driven fintech solutions,particularly in areas like AI-based data analytics,real-time risk assessment,and customer engagement.Interest in non-crypto blockchain-based solutions will grow:As investors pull back to re-evaluate their approaches to making investments in c

39、rypto,other areas of blockchain innovation will see growing interest such as cross-border payments solutions,gaming and NFTs.Regulators will put more scrutiny on the crypto space:Given events of 2022,regulators around the world will likely put more scrutiny on companies and activities in the crypto

40、space.ESG-focused fintechs will see growth:With climate change a major priority for governments,businesses and consumers,interest and investment in fintech solutions aligned to ESG will likely grow considerably.Investments could be quite diverse,from financing platforms for renewable energy projects

41、 to ESG-focused regtech solutions.M&A deal sizes will be relatively smaller:With valuations expected to remain relatively unstable in H123,the likelihood of mega-M&A transactions$10 billion+in deal value will be relatively low.M&A activity in general could increase as valuations stabilize and corpor

42、ates or large fintechs with deep pockets look for the opportunity to pick up companies at good prices.B2B solutions will continue to attract solid investment:With many companies,both with the financial services sector and beyond,focusing on cutting costs and driving more customer value,B2B solutions

43、 will remain a key priority for investment.7#fintechpulse 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Global insightsFintech segments|Regional insights8 2023 Copyright owned by one or more of th

44、e KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseAfter significant bouts of volatility,dealmaking is subduedTotal global investment activity(VC,PE and M&A)in fintech20192022*Source:Pulse of Fintech H222,Global Analysis of Inves

45、tment in Fintech,KPMG International(data provided by PitchBook),*as of December 31,2022.Global venture activity in fintech20192022*Global M&A activity in fintech20192022*Global PE growth activity in fintech 20192022*$216.8$124.9$238.9$164.14,3794,4377,3216,00601,0002,0003,0004,0005,0006,0007,0008,00

46、0$0$50$100$150$200$250$3002019202020212022*Deal value($B)Deal count$167.9$74.1$105.1$73.961058398072902004006008001,0001,200$0$50$100$150$2002019202020212022*Deal value($B)Deal count$3.3$3.7$11.0$9.7119112154141050100150200$0$2$4$6$8$10$122019202020212022*Deal value($B)Deal count$45.6$47.1$122.9$80.

47、53,6503,7426,1875,13601,0002,0003,0004,0005,0006,0007,000$0$20$40$60$80$100$120$1402019202020212022*Deal value($B)Deal countGlobal insightsFintech segments|Regional insights9 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to cli

48、ents.All rights reserved.#fintechpulseVenture valuations finally decline at the growth stage,yet M&A is propped up by some acquirers deep pockets Source:Pulse of Fintech H222,Global Analysis of Investment in Fintech,KPMG International(data provided by PitchBook),*as of December 31,2022.Global median

49、 M&A size($M)in fintech20192022*Global cross-border M&A activity in fintech20192022*Global VC activity in fintech with corporate participation20192022*Global median pre-money valuations($M)by stage in fintech20192022*Global median M&A size($M)in fintech20192022*$67.8$12.3$38.6$43.7196209331275050100

50、150200250300350$0$10$20$30$40$50$60$70$802019202020212022*Deal value($B)Deal count$50.7$34.1$39.3$62.3$0$10$20$30$40$50$60$702019202020212022*$5.0$5.2$7.5$10.0$13.5$19.6$34.0$42.1$40.0$40.1$73.4$71.0$272.2$335.2$654.0$466.72019202020212022*Angel&seedEarly-stage VCLate-stage VCVenture growth$24.4$26.

51、1$62.8$39.58899501,9131,57705001,0001,5002,0002,500$0$10$20$30$40$50$60$702019202020212022*Deal value($B)Deal countGlobal insightsFintech segments|Regional insights10 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All

52、 rights reserved.#fintechpulseIt remains to be seen how much dealmaking may slide further given quarterly momentum is trending downSource:Pulse of Fintech H222,Global Analysis of Investment in Fintech,KPMG International(data provided by PitchBook),*as of December 31,2022.Total global investment acti

53、vity(VC,PE and M&A)in fintech 20192022*Global M&A activity in fintech20192022*$28.8$17.7$144.8$25.5$21.8$14.4$27.8$60.9$57.0$67.9$62.5$51.5$80.8$38.4$20.8$24.005001000150020002500$0$20$40$60$80$100$120$140$160Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022Deal value($B)Deal count$19.3$7.5$130.9$10.

54、1$7.7$3.5$15.1$47.8$30.2$33.7$25.1$16.1$45.0$10.8$5.3$12.8050100150200250300$0$20$40$60$80$100$120$140Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022Deal value($B)Deal countGlobal insightsFintech segments|Regional insights11 2023 Copyright owned by one or more of the KPMG International entities.KPM

55、G International entities provide no services to clients.All rights reserved.#fintechpulseVC activity declines,even with corporates participatingSource:Pulse of Fintech H222,Global Analysis of Investment in Fintech,KPMG International(data provided by PitchBook),*as of December 31 2022.Global venture

56、activity in fintech20192022*Global VC activity in fintech with corporate participation20192022*$8.8$9.6$12.5$14.7$13.4$9.3$12.2$12.2$25.5$30.2$34.8$32.4$30.8$24.4$14.8$10.502004006008001,0001,2001,4001,6001,8002,000$0$5$10$15$20$25$30$35$40Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022Deal value($

57、B)Deal countAngel&seedEarly-stage VCLate-stage VCVenture growth$4.2$4.2$6.2$9.8$8.0$5.1$6.7$6.3$13.1$13.6$20.2$15.9$17.4$12.1$5.7$4.40100200300400500600700$0$5$10$15$20$25Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022Deal value($B)Deal countGlobal insightsFintech segments|Regional insights12 2023

58、Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseTop 10 global fintech deals in 2022Source:Pulse of Fintech H222,Global Analysis of Investment in Fintech,KPMG International(data provided by P

59、itchBook),*as of 31 December 2022.86410391521.Afterpay$27.9B,Melbourne,Australia Payments M&A2.Avalara$8.4B,Seattle,US Regtech Public-to-private buyout3.Sia(Milan)$3.9B,Milan,Italy Payments M&A4.Bottomline Technologies$2.6B,Portsmouth,US Institutional/B2B Public-to-private buyout5.Tink$2.1B,Stockhol

60、m,Sweden Institutional/B2B M&A6.Yayoi$2.1B,Tokyo,Japan Institutional/B2B Corporate divestiture7.Interactive Investor$1.8B,Leeds,UK Wealth/investment management M&A8.Billtrust$1.7B,Lawrenceville,US Payments Public-to-private buyout9.Computer Services$1.6B,Paducah,US Institutional/B2B Public-to-privat

61、e buyout10.FNZ$1.4B,London,UK Wealth/investment management PE growth7Global insightsFintech segments|Regional insights13 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulsePayments Insurte

62、chRegtechCybersecurityWealthtechBlockchain/cryptocurrencyGlobal insights Fintech segmentsRegional insights14 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulsePayments space dominates fin

63、tech market,attracting US$53.1 billion in investment in 2022Despite a decline in investment year-over-year,payments remained the hottest fintech sector for investment globally in 2022,accounting for over$53.1 billion of total investment.The$27.9 billion acquisition of Australia-based Afterpay in H12

64、2 accounted for more than half of this total.The largest M&A deals in H222 was significantly smaller,including the buyout of US-based Computer Services Inc.$1.6 billion and the$700 million acquisition of proximity payments company International Game Technology.Key H222 highlights from the payments s

65、ector include:Robust deal volume despite declineThe payments space attracted the second highest volume of deals ever in 2022 well above all years except the outlier year that was 2021.While investment was down globally,the sheer number of deals is a strong indicator of the breadth of opportunities r

66、elated to payments and the long-term attractiveness of the space in the eyes of investors.Wealth of jurisdictions attracting$100 million+megaroundsThe geographic diversity of VC deals was particularly noteworthy in H222,with seven different jurisdictions attracting the seven largest deals,including:

67、Sweden-based Klarna($800 million),UK-based SumUp($603 million),South Korea-based Toss($405 million),Luxembourg-based Satispay($318 million),Indonesia-based Xendit($300 million),Italy-based Piteco($252 million),India-based ezetap($200 million)and US-based Evertec($196 million).Source:Pulse of Fintech

68、 H222,Global Analysis of Investment in Fintech,KPMG International(data provided by PitchBook),*as of December 31,2022.Total global investment activity(VC,PE and M&A)in payments20192022*$107.8$29.1$57.1$53.158265796773102004006008001,0001,200$0$20$40$60$80$100$1202019202020212022*Deal value($B)Deal c

69、ountGlobal insights Fintech segmentsRegional insights15 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseWhat to watch for in H123Increasing focus on developing and investing inB2B payme

70、nts solutionsPayments companies increasing the breadth andreach of their services both directly and throughdifferent partnerships and buildoutsBNPL evolving to become more of a platformfeature than a standalone offeringPayments companies and investors in the Asia-Pacific region shifting their focus

71、from newcustomer acquisition to deepening customerengagementOrganizations with strong balance sheets lookingto buy technology capabilities at lower valuations.BNPL continuing to gain momentum despite valuations challengesThe buy now,pay later space saw some challenges in H122,particularly on the val

72、uations front following the well-publicized$800 million down round raised by Sweden-based Klarna in July.With inflation high and interest rates rising,BNPL companies will likely continue to have their margins challenged.Despite the challenges faced by some standalone BNPL firms,there continued to be

73、 momentum in the space,particularly on the part of corporates looking to embed or create their own BNPL offerings.In H222,Walmart announced plans to launch a new BNPL offering in collaboration with One a fintech in which it owns a majority stake.1Growing focus on embedded paymentsInterest in embedde

74、d payments continued to grow during 2022,spanning a wide variety of sectors from retail and e-commerce to gaming and ride-hailing.Corporates showed particular interest in the space,likely as a means to extend their customer value.Given the uncertain economic climate globally which has caused deal va

75、lue across many areas to drop the fact that payments has continued to see a significant amount of deal volume says a lot.It points to just how much attention,innovation and collaboration is occurring in the payments sector and to the incredible amount of interest that investors have in a wide variet

76、y of players across the payments space globally.Courtney TrimbleGlobal Leader of Payments,Principal,Financial Services KPMG in the US“”1 https:/www.convenience.org/Media/Daily/2022/Dec/11/4-Walmart-Plan-Launch-Buy-Now-Pay-Later_Payments#:text=A%20fintech%20company%20backed%20by%20Walmart%20plans%20t

77、o,service%20could%20available%20as%20soon%20as%20next%20year.Global insights Fintech segmentsRegional insights16 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseInvestment in insurtech

78、falls to seven-year low in 2022Global investment in the insurtech sector dropped to a seven-year low of US$7.1 billion in 2022,which may reflect some investor pullback in light of the post-IPO performance challenges that several insurtechs that have gone public in recent years have experienced.Despi

79、te the slowdown overall,there were positive notes:H222 saw all three key regions(i.e.,Americas,EMEA,Asia-Pacific)attracting large deals,including the completion of the$500 million acquisition of US-based Metromile by Lemonade(first announced in H221),a$400 million VC raise by Germany-based Wefox,a$3

80、15 million VC raise by US-based Pie Insurance and a$300 million VC raise by Singapore-based Bolttech.Key H222 highlights from the insurtech space include:Investors in insurtech sitting on the fence2022 was a relatively quiet year for insurtech investment as many insurtech investors took a pause to w

81、ait out some of the uncertainty in light of challenging macroeconomic conditions,declining valuations and the performance of insurtechs in the public markets.As valuations in particular stabilize,investors will likely start to make moves again.Insurtech investors intensifying focus on profitability

82、During 2022,insurtech investors significantly enhanced their focus on profitability,focusing less on the growth of companies and more on paths to profitability.This has led some startups to re-evaluate where the value in their company is,both from a technology point of view and from an insurance poi

83、nt of view.Total global investment activity(VC,PE and M&A)in insurtech20192022*Source:Pulse of Fintech H222,Global Analysis of Investment in Fintech,KPMG International(data provided by PitchBook),*as of December 31,2022.$12.9$15.5$12.1$7.14153514853490100200300400500600$0$2$4$6$8$10$12$14$16$1820192

84、02020212022*Deal value($B)Deal countGlobal insights Fintech segmentsRegional insights17 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseIncreasing focus on insurtechs targeting the enab

85、lement spaceOver the past twelve months,there has been an increasing focus on startups focused on the enablement space providing SaaS solutions targeted towards traditional insurance industry players in order to help them improve their operations,products and services,or customer experience.Corporat

86、e taking more of a partnership approachHistorically,many corporate investors in insurtech have focused their investments based on the goal of eventually bringing new capabilities into their organizations.This trend has shifted somewhat in 2022 as some corporates began to take a more partnership-focu

87、sed approach to their investments,working more collaboratively with insurtechs such as by providing data,analytics or access to their customer base to help them develop and grow.Looking back at 2022 overall,its like it was the year of the perfect storm for the insurtech sector.The great ride that in

88、surtechs were on over the last few years with lots of available funding,investors heightened appetite and willingness to take risks started to slow down as economic headwinds and realities set in.But theres still a lot of potential in insurtech and a lot of funding will likely still go into the spac

89、e in the years to come.Insurtechs able to prove their value and show their ability to turn a profit will be well positioned to grow once the dust settles.Ram MenonGlobal Head,Insurance Deal AdvisoryKPMG International“”What to watch for in H123 Investors continuing to focus on insurtechswith clear pa

90、ths to profitability Stronger focus on insurtechs focused on enablement and SaaS solutions Insurance carriers looking at opportunistic acquisitions of insurtechs that might fit strategically within their business Investors looking at whether insurtechs that have thrived under strong market condition

91、s can also withstand a more challenging economic environment Growing number of startups in the Asia-Pacific region focusing on the technology-play as a means to scale and grow.Global insights Fintech segmentsRegional insights18 2023 Copyright owned by one or more of the KPMG International entities.K

92、PMG International entities provide no services to clients.All rights reserved.#fintechpulseRegtech bucks downward trend,soars to record US$18.6 billion in global investment in 2022In a year where most fintech verticals saw a decline in investment,regtech was a significant outlier attracting a record

93、 high$18.6 billion in total investment globally in 2022 compared to$11.8 billion in 2021.Several large buyouts in the US during H222 helped drive regtech deal value,including the$8.4 billion buyout of tax compliance automation firm Avalara by Vista Equity Partners and the$1.6 billion buyout of finan

94、cial and regulatory compliance firm Computer Services Inc.(CSI)by Centerbridge Partners and Bridgeport Partners.Key H222 highlights from the regtech sector include:Resilience of regtech investment highlights critical importance of the spaceDuring 2022,regtech investment showed incredible resilience

95、in the face of a significant amount of geopolitical uncertainties and macroeconomic challenges.This resilience likely reflects the critical importance of the space in terms of helping financial institutions manage their compliance and reporting obligations in the future.With an increasing number of

96、financial activities and transactions occurring digitally,both companies and investors recognize that embracing regtech is no longer an option for most financial institutions,but an imperative.Cost of compliance remains key driver of regtech interestThe ever-increasing cost of compliance is a major

97、challenge for financial services companies everywhere in the world,with multinational companies particularly challenged to manage their compliance across multiple jurisdictions.With no end in sight to regulatory change both globally and in individual jurisdictions,its not surprising that regtech inv

98、estment climbed for the fourth year in a row during 2022 as investors and corporates embraced regtechs able to provide simpler,cost-efficient and sustainable solutions for managing compliance requirements.Source:Pulse of Fintech H222,Global Analysis of Investment in Fintech,KPMG International(data p

99、rovided by PitchBook),*as of December 31,2022.$3.7$10.6$11.8$18.6249274380315050100150200250300350400$0$2$4$6$8$10$12$14$16$18$202019202020212022*Deal value($B)Deal countTotal global investment activity(VC,PE and M&A)in regtech20192022*Global insights Fintech segmentsRegional insights19 2023 Copyrig

100、ht owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseThe resilience of regtech investments shows the importance of the space:the constantly increasing compliance requirements and the long wave of the di

101、gital transformation are the key drivers fostering the growth of regtech also in uncertain period as it was 2022.Fabiano GobboGlobal Head of RegtechKPMG International“”Increasing pressure for real-time compliance managementMany financial institutions are under a significant amount of pressure to pro

102、vide their customers with the ability to conduct faster and instantaneous financial transactions.This has driven a complementary focus on regtechs focused on providing a seamless and real-time approach for managing compliance obligations.Regtechs critical partner in evolution of digital banking prod

103、uctsThe growth of digital banking,digital payments and crypto in different jurisdictions over the last few years has driven significant investment in regtech aimed at ensuring that such transactions are accurate,transparent,reliable and compliant.Recently,investors have shown very strong interest in

104、 companies able to provide multi-dimensional services;during 2022,US-based Cross River Bank raised$620 million in PE funding to grow its fintech-focused compliance offerings,aimed at enabling a broad range of financial services activities,including payments,marketplace lending,banking-as-a-service p

105、latforms,capital-markets,and other digital banking activities.What to watch for in H123 Increasing investment as companies grapple with ongoing regulatory changes in different jurisdictions(e.g.,Basel IV,the EU Market in Crypto-assets Regulation,the Digital Operations Resilience Act,the AI Act,the D

106、igital Services Act,ESG standards)Growing focus on the use of AI and machine learning technologies to enable AML solutions Increasing focus on developing one-stop-shop regtech solutions Regulators continuing to encourage regtechdevelopment through programs such as the Monetary Authority of Singapore

107、s NovA!AI-based technical platform for generating financial risk insights and the Hong Kong(SAR)Monetary Authoritys AMLab.Global insights Fintech segmentsRegional insights20 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clie

108、nts.All rights reserved.#fintechpulseInvestor interest in cybersecurity globally remained high in 2022,despite total investment in the space dropping from over$5 billion in 2021 to just over$2.1 billion in 2022.The lack of mega-M&A deals in the cybersecurity space largely accounted for the slide in

109、funding as the volume of deals remained steady year-over-year.VC-deals attracted the bulk of investment during 2022,including a$200 million raise by Cayman Islands-based Ethereum scaling firm Matter Labs,a$152 million raise by US-based KYC focused company Alloy and a$150 million raise by Israel-base

110、d fraud prevention firm nsKnox in H222.Key H222 highlights from the cybersecurity sector include:Data protection remains a critical priority for VC investorsData management and protection focused companies continued to attract a significant amount of attention from VC investors 2022,with a number of

111、 companies raising$100 million+funding rounds over the year,including Chainalysis($170 million),Alloy($152 million)and TokenEx($100 million).Deal sizes in the data management space have grown quite significantly in recent years and are well situated to grow further given the increasingly critical im

112、portance being placed on data protection by both regulators and companies.Increasing focus on policy-as-codeIn 2022,the lack of alignment between how different hyperscale cloud providers operate their cybersecurity controls has helped drive significant interest and investment into solutions that can

113、 help companies manage potential blind spots by embedding security controls into the secure coding pipeline.This allows data to have baked-in controls when it goes into the cloud.Source:Pulse of Fintech H222,Global Analysis of Investment in Fintech,KPMG International(data provided by PitchBook),*as

114、of December 31,2022.$1.1$2.2$5.1$2.1705968685254565860626466687072$0$1$2$3$4$5$62019202020212022*Deal value($B)Deal countTotal global investment activity(VC,PE and M&A)in fintech:cybersecurity20192022*Global insights Fintech segmentsRegional insights21 2023 Copyright owned by one or more of the KPMG

115、 International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseMachine learning,analytics and automation helping drive cybersecurity investment Continuing on a trend seen in 2021,a significant proportion of cybersecurity investment in 2022 was foc

116、used on solutions aimed at helping companies leverage automation,machine learning and smart data analytics within their security operations centers in order to speed up issue identification and response.Priorities in different regions helping drive cybersecurity investmentsWhile cybersecurity contin

117、ued to be a critical priority in most regions of the world during 2022,the hot areas for cybersecurity investment differed quite significantly between regions.In Europe,many investments in 2022 were driven by privacy considerations and GDPR;in the US,investments were driven more by automation and th

118、e pressure to enhance cyber defense and response.What to watch for in H123Were leveraging more and more third-party solutions hosted platforms,SaaS platforms,infrastructure,bespoke business applications,etcetera which means granting access to client platforms.This is a recipe for data getting access

119、ed by more parties than intended.Given concerns and regulations around privacy,we need to focus on getting a better understanding of data protection and access controls for data as it goes through different parties.This will likely be a growing focus for cybersecurity investment moving forward.Charl

120、es JaccoAmericas Cyber Security Services,Financial services Leader,PrincipalKPMG in the US“”What to watch for in H123Innovations targeted towards getting better visibility and controls around cloud and hyperscale providers Increasing focus on improving the speed of response to cybersecurity issues w

121、ith less human interventionConsolidations among risk assessment focused firms and consortiumsHyperscale providers acquiring niche cybersecurity players in order to expand scope of services.Global insights Fintech segmentsRegional insights22 2023 Copyright owned by one or more of the KPMG Internation

122、al entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseThe wealthtech sector globally attracted over$1.2 billion in total investment during 2022 a very strong year,despite the decline from 2021s investment peak of$2 billion.H222 saw the two largest we

123、althtech deals of the year,including the$323 million acquisition of UK-based Pollen Street Capital and the$300 million raise by Singapore-based crypto firm Amber.Key H222 highlights from the wealthtech space include:Expanding access to alterative investment classes Over the last year,there has been

124、a growing number of wealthtechs focusing on developing solutions able to give a broader base of investors unique access to asset classes that have typically only been used by institutional or high net worth investors,such platforms are able to cost-effectively facilitate fractional investments which

125、 traditionally had a high minimum investment.Client experience and value becoming a key priorityRecognizing that investors today have a wealth of information at their fingertips,both traditional wealth management firms and wealthtechs have been grappling with ways to enhance the value they provide t

126、o their clients and to build deeper relationships to help with retention.This has led to increasing interest and investment in solutions intended to improve the wealth management experience.For example,in 2022,UBS launched Circle One a social media platform in the Asia-Pacific region aimed at both p

127、roviding timely insights to their clients and at building valuable connections between their high-net-worth clients,UBS subject matter experts,and global thought leaders over time.2Source:Pulse of Fintech H222,Global Analysis of Investment in Fintech,KPMG International(data provided by PitchBook),*a

128、s of December 31,2022.$0.4$0.2$2.0$1.2442755480102030405060$0.0$0.5$1.0$1.5$2.0$2.52019202020212022*Deal value($B)Deal countTotal global investment activity(VC,PE and M&A)in wealthtech20192022*2 https:/ insights Fintech segmentsRegional insights23 2023 Copyright owned by one or more of the KPMG Inte

129、rnational entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseAugmenting traditional wealth managers Globally,there continues to be a big focus on the development of wealthtech solutions aimed at the B2B enablement space,including solutions aimed at i

130、mproving and enhancing the knowledge available to wealth managers and at improving productivity through the use of innovative technologies.ESG rising on the wealthtech radarIn 2022,ESG gained significant traction globally,driven in part by the energy crisis in Europe and by the increasing focus of g

131、overnments and companies on meeting their ambitious climate change targets.This fact,combined with the changing demographics of investors,has likely contributed to the increasing interest from investors in solutions able to combine wealth management with ESG principles and outcomes.While this is sti

132、ll a relatively nascent space,it is expected to grow rapidly in the coming years.With the emergence of more wealthtechplayers,the traditional private banking market is being opened up to clients(mass affluent)which did not traditionally have access to wealth advice,products and services.As ESG conti

133、nues to be at the focus,there is no doubt that wealthtech players can increase access to ESG products and help investors who are looking to do good and contribute to the future of the planet.Leon OngPartner,Financial Services AdvisoryKPMG Singapore“”What to watch for in H123Wealth managers and other

134、 fintech players working to push out unique and relevant research and insights while improving their eBanking(client channel)capabilities such as through social media,apps,and other channels to entice clients to invest with themStrengthening focus on using innovative technologies to provide highly p

135、ersonalized and targeted information and insights to clientsContinued focus on developing products that align with the needs of customers at the lower end of the wealth spectrumAs wealth shifts from one generation to the next,there will be increasing investment in wealthtechofferings that speak to t

136、he desires of investors looking to do good while still generating or maintaining their wealth both the high-net-worth investors looking to leverage their generational wealth to make a difference and young people just starting out on their wealth-creation journey.Global insights Fintech segmentsRegio

137、nal insights24 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseCrypto space comes under intense scrutiny in wake of FTX downfallSource:Pulse of Fintech H222,Global Analysis of Investmen

138、t in Fintech,KPMG International(data provided by PitchBook),*as of December 31,2022.$5.3$5.3$30.0$23.17037241,8071,53702004006008001,0001,2001,4001,6001,8002,000$0$5$10$15$20$25$30$352019202020212022*Deal value($B)Deal countTotal global investment activity(VC,PE and M&A)in blockchain and cryptocurre

139、ncy20192022*From an ecosystem perspective and by that,I mean how well the blockchain and crypto space is developing from a technical development and adoption point of view 2022 has been quite decent.El Salvador hasnt backed down from adopting Bitcoin as a currency.Brazil has recognized Bitcoin as a

140、form of payment.China has continued to roll out its CBDC while other jurisdictions have started looking at stablecoin offerings,and several regulators have continued to focus on regulation of crypto assets.These are all positive activities.Debarshi BandyopadhyayDirector,Financial ServicesKPMG Singap

141、ore“”Global insights Fintech segmentsRegional insights25 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseAfter 2021s year of explosive growth,including$30 billion in investment globally

142、,total investment in crypto and blockchain dropped to$23.1 billion in 2022 although the level of investment remained incredibly strong compared to all years prior to 2021.The bulk of investment in the space came in the first half of the year,including the$1.1 billion SPAC merger of Japan-based Coinc

143、heck and a$1.1 billion VC raise by Germany-based Trade Republic.The largest deals in H222 were relatively small by comparison,including the$300 million VC raise by Singapore-based crypto trading platform Amber,the$200 million raise by Cayman Islands-based Ethereum development firm Matter Labs and a$

144、165 million raise by US-based decentralized cryptocurrency exchange Uniswap.Key H222 highlights from the crypto and blockchain space include:Bankruptcy of FTX intensifying scrutiny of crypto companiesAfter the crash of Terra(Luna)in May,the crypto space saw a marked decline in investment as investor

145、s looked to better understand the fallout and related impacts on centralized trading platforms and other related businesses.The bankruptcy of the$32.5 billion crypto-exchange FTX in November intensified concerns.While the impact on blockchain and crypto protocols and VC investment trends will be mor

146、e readily seen in H122,its already clear that investors are strengthening their due diligence processes and conducting risk assessments of companies already in their portfolios.Regulators focusing on protecting investors and consumers2022 saw a real emergence of regulatory frameworks,guidelines and

147、proposals related to crypto regulations most with a strong focus on protecting consumers and retail investors.Given the challenges seen in the crypto space this year,some jurisdictions such as Singapore have started to position themselves as responsible crypto-hubs given their existing crypto regula

148、tory regimes.I think the non-financial sector will be a key player in 2023 when it comes to digital assets and tokenization because,unlike the financial sector which is highly regulated on what they can do,they have a free hand to choose the token business to operate.So,gaming companies,telecoms and

149、 others will likely lead the crypto space next year focused on offerings like NFTs,DAOs and the like.Kenji HokiDirector,Financial ServicesKPMG Japan“”Global insights Fintech segmentsRegional insights26 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities

150、 provide no services to clients.All rights reserved.#fintechpulseBlockchain-based solutions to real-world problems gaining more attentionAs investor interest in crypto solutions pulled back in H222,the broader blockchain space started to gain more attention and interest.This included companies using

151、 blockchain-based technologies to underpin solutions to real-world problems,such as conducing real-time payment settlement pre-validation,streamlining cross-border payments and tokenizing asses.Shifting focus from retail to business marketOne trend seen in 2022 that is expected to grow heading into

152、2023 is the shifting focus of investors from blockchain companies focused on the retail market to startups focused on providing solutions for the SME market.One area increasingly attracting attention is the provision of SME-focused decentralized finance(DeFi)solutions,including solutions focused on

153、SME loan financing or trade financing.Following on what happened with FTX,were going to see VC investors doing a lot more comprehensive due diligence on C5 platforms especially risk management framework and related-party arrangements.Theyre also going to be going through their existing portfolio com

154、panies to conduct risk assessments to identify any deficiencies or any vulnerabilities for bank-style runs.And they will also try and attain a level of control at the board level of these companies to ensure that appropriate governance procedures are undertaken and that decisions are made with suita

155、ble due process.Alexandre StachtchenkoDirector Blockchain&Crypto assetsKPMG France“”What to watch for in H123Investments focusing on broader blockchain-based solutions and companies,including,DeFi,cross-border payments,asset tokenization,and gamingGrowing focus on institutional and SME solutions as

156、opposed to retail Regulators enhancing or introducing regulations to govern crypto companies and activitiesCrypto deals taking more time as investors strengthen their due diligence processesInvestors conducting more due diligence of potential crypto deals and increasing focus on risk management and

157、controls for companies within their portfoliosInvestors and startups strengthening focus on jurisdictions with stronger crypto regulations,including Japan,Hong Kong(SAR)and SingaporeJurisdictions continuing to focus on the development and testing of stablecoins.Global insights Fintech segmentsRegion

158、al insights27 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseGlobal insights|Fintech segments Regional insights28 2023 Copyright owned by one or more of the KPMG International entities

159、.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseDespite strong deal volume,fintech investment in Americas drops to US$68.6 billion in 2022While fintech investment in the Americas dropped from$108.9 billion in 2021 to$68.6 billion in 2022,the region saw th

160、e second highest level of annual deal volume ever(2,786)after 2021(3,316 deals).Both fintech investment and deal volume dropped considerably from H122 to H222 from$41.6 billion across 1,760 deals to$26.9 billion across 1,026 deals.The largest deals of H222 included three buyouts in the US:the$8.4 bi

161、llion buyout of tax compliance company Avalara,the$1.7 buyout of B2B-focused order-to-cash solutions firm Billtrust and the$1.6 billion buyout of regtech provider Computer Services Inc.The largest deals outside of the US during H222 included a$200 million raise by Grand Caymans-based Ethereum scalin

162、g company Matter Labs,a$163.1 million raise by Canada-based blockchain technology company Blockstream and a$130 million raise renewable energy financing platform Solfcil.Key H222 highlights from the Americas include:US drives largest share of fintech funding in Americas during 2022The US continued t

163、o drive the vast majority of fintech investment in the Americas,accounting for$61.6 billion in investment across 2,222 deals during 2022,including$25.2 billion in H222.By comparison,Brazil attracted$1.8 billion across 146 deals in 2022,while Canada attracted$1.3 billion across 169 deals.Seed stage d

164、eals see record investment in 2022,driven by larger deal sizesAs the valuations of late-stage VC-backed companies saw significant downward pressure,many fintech investors in the Americas shifted their focus from late stage to seed and early-stage deals.Seed stage deals in particular attracted signif

165、icant investment this year attracting a record$4.5 billion,up from$3.4 billion in 2021.While year-over-year median deal sizes dropped from$94.5 to$52 million for late-stage deals,and from$10 million to$8.1 million for early-stage deals,seed stage deals saw the median deal size rise from$2.4 million

166、to$3 million.Continued focus on buy now,pay laterThere has been explosive growth in buy now,pay later space in the Americas particularly in the US with strong interest from both merchants and from consumers.Big corporates in the US have started to consider offering their own BNPL solutions;in H222,W

167、almart announced a collaboration with One,a fintech it has a majority investment in,to offer BNPL to its customers.As interest rates rise,BNPL companies could see their margins eroded which could put a laser focus on company business models.In H222,the US Consumer Financial Protection Bureau also ra

168、ised some concerns about BNPL offerings,issuing a report on the topic.This could lead to additional scrutiny of or regulatory action in the space heading into 2023.Global insights|Fintech segments Regional insights29 2023 Copyright owned by one or more of the KPMG International entities.KPMG Interna

169、tional entities provide no services to clients.All rights reserved.#fintechpulseCorporate investment shows resilience in Americas 2022 was the second best year on record for both CVC investment and the number of CVC deals in the fintech space in the Americas,accounting for$18.21 billion of investmen

170、t 687 deals.The US accounted for$14.9 billion of this total across 544 deals.The relative resilience of CVC investment likely reflects the drive for innovation among incumbent financial institutions and recognition that it can be quicker to buy capabilities rather than build them internally.Were see

171、ing an increasing willingness among fintech investors in the Americas to invest in seed and early-stage VC deals,and significantly less funding going into later stage deals particularly pre-IPO deals because of the lack of opportunity in the IPO markets right now.That doesnt look like its going to c

172、hange quickly as we head into 2023.With the expectation that interest rates will keep rising as we head into H122,well continue to see pressure on the valuations for later stage firms.As valuations decline,we may see strong M&A activity in the second half of 2023.Robert RuarkPrincipal,Financial Serv

173、ices Strategy and Fintech LeaderKPMG in the US“”Trends to watch for in H123Artificial intelligence focused technology firms really looking to enable banks,insurance companies and other financial institutions in areas like AI-based data analytics and underwriting risk assessment and decision-makingFi

174、ntech investors continuing to focus on seed and early-stage deals well into H122Fintechs focusing on cash management and efficiency,conducting headcount reductions that parallel activities in the broader tech sectorCorporates looking to buy fintech capabilities at good value to augment their busines

175、s M&A activity remaining slow through the first half of the year as investors look for valuations to stabilize.Global insights|Fintech segments Regional insights30 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All ri

176、ghts reserved.#fintechpulseAll in all,dealmaking remains robust;M&A shows signs of softening while PE is resilientSource:Pulse of Fintech H222,Global Analysis of Investment in Fintech,KPMG International(data provided by PitchBook),*as of December 31,2022.PE growth activity in fintech in the Americas

177、 20192022*Total investment activity(VC,PE and M&A)in fintech in the Americas 20192022*M&A activity in fintech in the Americas20192022*$118.3$81.5$108.9$68.61,8381,8473,3162,78605001,0001,5002,0002,5003,0003,500$0$20$40$60$80$100$120$1402019202020212022*Deal value($B)Deal count$97.4$55.5$35.9$23.6316

178、2764733170100200300400500$0$20$40$60$80$100$1202019202020212022*Deal value($B)Deal count$1.5$1.4$5.8$4.656467460020406080$0$1$2$3$4$5$6$72019202020212022*Deal value($B)Deal count$19.4$24.6$67.2$40.31,4661,5252,7692,40905001,0001,5002,0002,5003,000$0$20$40$60$802019202020212022*Deal value($B)Deal cou

179、ntVenture activity in fintech in the Americas 20192022*Global insights|Fintech segments Regional insights31 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseFinancing metrics have yet to

180、 slideVC activity in fintech with corporate participation in the Americas 20192022*Median M&A size($M)in fintech in the Americas 20192022*$8.6$12.9$35.1$18.231636477768702004006008001,000$0$10$20$30$402019202020212022*Deal value($B)Deal count$66.7$72.0$50.0$70.5$0$10$20$30$40$50$60$70$80201920202021

181、2022*Source:Pulse of Fintech H222,Global Analysis of Investment in Fintech,KPMG International(data provided by PitchBook),*as of December 31,2022.Median pre-money valuations($M)by stage in fintech in the Americas20192022*$7.0$7.0$10.0$12.6$26.0$30.0$60.0$62.5$73.7$72.3$138.0$140.0$500.0$780.0$1,000.

182、0$1,000.02019202020212022*Angel&seedEarly-stage VCLate-stage VCVenture growthGlobal insights|Fintech segments Regional insights32 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseM&A ent

183、ers subdued plateauSource:Pulse of Fintech H222,Global Analysis of Investment in Fintech,KPMG International(data provided by PitchBook),*as of December 31,2022.Total investment activity(VC,PE,M&A)in fintech in the Americas 20192022*M&A activity in fintech in the Americas 20192022*$17.2$8.3$83.6$9.2$

184、12.5$8.3$18.7$41.9$24.4$24.4$33.5$26.5$22.3$19.3$9.2$17.702004006008001,0001,200$0$10$20$30$40$50$60$70$80$90Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022Deal value($B)Deal count$13.0$2.7$77.3$4.4$6.1$3.3$12.2$33.9$9.3$6.5$12.0$8.1$4.4$5.4$1.5$12.3020406080100120140$0$10$20$30$40$50$60$70$80$90Q1

185、Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022Deal value($B)Deal countGlobal insights|Fintech segments Regional insights33 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseVC invested wi

186、th corporate participation holds upSource:Pulse of Fintech H222,Global Analysis of Investment in Fintech,KPMG International(data provided by PitchBook),*as of December 31 2022.Venture activity in fintech in the Americas 20192022*VC activity in fintech with corporate participation in the Americas2019

187、2022*$3.9$5.4$5.8$4.3$6.2$4.6$6.2$7.7$14.4$16.5$20.4$16.0$15.6$12.3$7.3$5.20100200300400500600700800900$0$5$10$15$20$25Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022Deal value($B)Deal countAngel&seedEarly-stage VCLate-stage VCVenture growth$2.5$2.0$2.8$1.2$2.9$2.5$3.9$3.7$8.4$8.3$11.0$7.4$8.2$6.1$

188、2.6$1.4050100150200250300$0$2$4$6$8$10$12Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022Deal value($B)Deal countGlobal insights|Fintech segments Regional insights34 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All

189、rights reserved.#fintechpulseSource:Pulse of Fintech H222,Global Analysis of Investment in Fintech,KPMG International(data provided by PitchBook),*as of 31 December 2022.1.Avalara$8.4B,Seattle,US Regtech Public-to-private buyout2.Bottomline Technologies$2.6B,Portsmouth,US Institutional/B2B Public-to

190、-private buyout3.Billtrust$1.7B,Lawrenceville,US Payments Public-to-private buyout4.Computer Services$1.6B,Paducah,US Institutional/B2B Public-to-private buyout5.Genesis Digital Assets$1.05B,New York,US Cryptocurrency PE growth6.SimpleNexus$933.6B,Lehi,US Lending M&A7.Technisys$915.4B,Miami,US Insti

191、tutional/B2B M&A8.Ramp$748.3M,New York,US Institutional/B2B Series C9.Finxact$672M,Jacksonville,US Institutional/B2B M&A10.Cross River Bank$620M,Fort Lee,US Institutional/B2B PE growth42857139Top 10 fintech deals in the Americas in 2022610Global insights|Fintech segments Regional insights35 2023 Cop

192、yright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseGlobal insights|Fintech segments Regional insights36 2023 Copyright owned by one or more of the KPMG International entities.KPMG International en

193、tities provide no services to clients.All rights reserved.#fintechpulseFintech investment in EMEA drops sharply,from US$79 billion in 2021 to$44.9 billion in 2022Fintech investment in the EMEA region significantly dropped year-over-year,from$79 billion across 2,379 deals in 2021 to$44.9 billion acro

194、ss 1,977 deals 2022.H122 was much stronger than H222,accounting for$32.8 billion in investment,including six$1 billion+deals,including the$3.9 billion buyout of Italy-based SIA,the$2.1 billion acquisition of Sweden-based Tink and the$1.8 billion acquisition of UK-based Interactive investor.By compar

195、ison,H222 saw$12 billion in investment,with the largest deals all valued under$1 billion,including the$839 million buyout of UK-based investment management platform Nucleus Financial Group,the$800 million VC raise by Sweden-based BNPL firm Klarna at a significantly lower valuation than its previous

196、funding round and the$700 million acquisition of UK-based proximity payments company International Game Technology.Key H222 highlights from the EMEA region include:Regtech investment growing quickly in EuropeInvestor interest in the regtech space grew significantly over the course of 2022.This growt

197、h is expected to continue despite global macroeconomic challenges given the constantly shifting regulatory environment,the increasing complexity of regulatory compliance and the growing number of companies looking for regtech solutions that can enable them to improve the effectiveness and cost-effic

198、iency of their compliance activities.With more fintech companies in the region also moving up the value chain and into regulated activities,there will likely be increasing demand for regtech solutions aimed at helping them adhere to regulatory requirements.Insurtech continues to attract solid invest

199、ment in EuropeThe insurtech space attracted solid investment in Europe during H222,including a$400 million raise by Germany-based Wefox and an$80 million raise by Israel-based Vesttoo.The insurance industry has been lagging the banking industry in terms of digital transformation in the EMEA region o

200、ver the past few years,but it is now starting to catch up.Over the last year,a number of incumbent insurers have been making investments in insurtechs to help them embrace digital transformation,or to help them enable platforms and ecosystem offerings.Notwithstanding the cost pressures faced by most

201、 companies at this time,we expect investment in regtech to continue to flourish,as businesses including other fintechs,seek solutions to address the ever expanding regulatory environment they face.Anna ScallyPartner,Head of Technology&Media,Fintech LeadKPMG in Ireland“”Global insights|Fintech segmen

202、ts Regional insights37 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseCrypto and blockchain deal sizes plummet in H222 though infrastructure players maintain investor interestIn H122,E

203、urope saw a number of big deals in the crypto and blockchain space,including large VC raises by UK-based B($490 million)and neobank and investment apps that had added crypto to their product offering like Germany-based Trade Republic($1.1 billion)and Denmark-based Lunar($314 million).Following the T

204、erra(Luna)crash,however,investment in the space dropped sharply.Those that were still able to collect large funding tickets had their focus on web3 and digital asset infrastructure layers and included UAE-based Fenix Games($150 million),Switzerland-based QPQ($100 million),UK-based Aztec($100 million

205、),Cyprus-based ZoidPay($75 million)and Belgium-based KeyRock($72.8 million).The fallout of the bankruptcy of FTX triggered further demand for crypto regulation,including review of the need of additional refinements to the upcoming European Markets in Crypto Assets Regulation(MiCA),which could prompt

206、 further investment selectiveness.As market valuations for many fintechs tumbled,the edge has switched from founders to investors.In parallel,we see increased regulatory attention as the fintech sector further matures.It is a time for savvy investors and fintechs to consolidate and expand in the val

207、ue chain for regulated services.Dave RemueDirector,Head of Fintech,KPMG AdvisoryKPMG in Belgium“”What to watch for in H123The EMEA region,driven by activity in Europe,taking a leadership role in developing and supporting the growth of ESG and green fintechsContinued interest and investment in embedd

208、ed finance,embedded banking and embedded insurance offeringsStronger support for the Markets in Crypto-Assets regulation(MiCA),in addition to an impetus to strengthen it further.Global insights|Fintech segments Regional insights38 2023 Copyright owned by one or more of the KPMG International entitie

209、s.KPMG International entities provide no services to clients.All rights reserved.#fintechpulsePE&VC investors pushed the year to overall resilient tallies,yet momentum is slowingSource:Pulse of Fintech H222,Global Analysis of Investment in Fintech,KPMG International(data provided by PitchBook),*as o

210、f December 31,2022.Venture activity in fintech in EMEA20192022*PE growth activity in fintech in EMEA20192022*Total investment activity(VC,PE and M&A)in fintech in EMEA20192022*M&A activity in fintech in EMEA20192022*$68.1$28.2$79.0$44.91,4871,5272,3791,97705001,0001,5002,0002,500$0$20$40$60$80$10020

211、19202020212022*Deal value($B)Deal count$59.0$16.5$45.1$16.32112123852980100200300400500$0$10$20$30$40$50$60$702019202020212022*Deal value($B)Deal count$626.1$1,181.2$2,173.9$3,553.643465358010203040506070$0$1,000$2,000$3,000$4,0002019202020212022*Deal value($M)Deal count$8.5$10.4$31.7$25.01,2331,269

212、1,9411,62105001,0001,5002,0002,500$0$10$20$30$402019202020212022*Deal value($B)Deal countGlobal insights|Fintech segments Regional insights39 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintech

213、pulseGrowth-stage VC valuations softening indicates caution is on the riseSource:Pulse of Fintech H222,Global Analysis of Investment in Fintech,KPMG International(data provided by PitchBook),*as of December 31,2022.VC activity in fintech with corporate participation in EMEA 20192022*Median pre-money

214、 valuations($M)by stage in fintech in EMEA20192022*Median M&A size($M)in fintech in EMEA 20192022*$3.8$5.0$13.7$12.12682815484610100200300400500600$0$5$10$152019202020212022*Deal value($B)Deal count$27.6$18.8$40.3$65.7$0$10$20$30$40$50$60$702019202020212022*$3.8$3.7$5.8$5.4$9.9$10.8$13.9$17.2$18.5$1

215、8.9$41.7$38.7$78.4$76.6$136.0$66.92019202020212022*Angel&seedEarly-stage VCLate-stage VCVenture growthGlobal insights|Fintech segments Regional insights40 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights rese

216、rved.#fintechpulseDealmaking continues to lose momentumSource:Pulse of Fintech H222,Global Analysis of Investment in Fintech,KPMG International(data provided by PitchBook),*as of December 31,2022.Total investment activity(VC,PE and M&A)in fintech in EMEA20192022*M&A activity in fintech in EMEA201920

217、22*$4.6$4.5$52.4$6.5$2.9$3.0$6.8$15.5$28.7$18.3$20.0$12.1$20.3$12.5$8.9$3.20100200300400500600700800$0$10$20$30$40$50$60Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022Deal value($B)Deal count$1.8$2.1$50.4$4.7$1.1$0.0$2.6$12.8$20.9$8.6$11.8$3.9$8.8$3.8$3.2$0.5020406080100120$0$10$20$30$40$50$60Q1Q2Q

218、3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022Deal value($B)Deal countGlobal insights|Fintech segments Regional insights41 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseAfter a strong ru

219、n,venture activity is declining at all stagesSource:Pulse of Fintech H222,Global Analysis of Investment in Fintech,KPMG International(data provided by PitchBook),*as of December 31,2022.Venture activity in fintech in EMEA20192022*VC activity in fintech with corporate participation in EMEA20192022*$2

220、.7$2.3$1.7$1.7$1.6$2.2$4.0$2.6$7.4$9.3$7.2$7.8$9.3$8.0$5.4$2.30100200300400500600700$0$1$2$3$4$5$6$7$8$9$10Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022Deal value($B)Deal countAngel&seedEarly-stage VCLate-stage VCVenture growth$948.8$957.7$949.7$930.3$720.1$1,206.6$1,727.4$1,370.1$3,113.5$3,079.4

221、$4,619.4$2,928.3$5,323.5$3,377.2$2,314.2$1,091.0020406080100120140160180$0$1,000$2,000$3,000$4,000$5,000$6,000Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022Deal value($M)Deal countGlobal insights|Fintech segments Regional insights42 2023 Copyright owned by one or more of the KPMG International ent

222、ities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseSource:Pulse of Fintech H222,Global Analysis of Investment in Fintech,KPMG International(data provided by PitchBook),*as of 31 December 2022.7511098231.Sia(Milan)$3.9B,Milan,Italy Payments M&A2.Tink$2.1

223、B,Stockholm,Sweden Institutional/B2B M&A3.Interactive Investor$1.8B,Leeds,UK Wealth/investment management M&A4.FNZ$1.4B,London,UK Wealth/investment management PE growth5.Trade Republic$1.15B,Berlin,Germany Capital markets Series C6.C$1B,London,UK Payments/transactions Series D7.Nucleus Financial Gro

224、up$839.9M,Edinburgh,UK Wealth/investment management Corporate divestiture8.Klarna$800M,Stockholm,Sweden Payments/transactions Late-stage VC9.Spartfin$742.2M,Dommartemont,France Institutional/B2B Corporate divestiture10.International Game Technology(Italian Payments)$700.9M,London,UK Payments/transac

225、tions M&A6Top 10 fintech deals in EMEA in 20224Global insights|Fintech segments Regional insights43 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseGlobal insights|Fintech segments Regi

226、onal insights44 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseAsia-Pacific sees record US$50.5 billion in fintech investment in 2022Fintech investment in the Asia-Pacific region rose

227、from$50.2 billion 1,604 deals in 2021 to$50.5 billion across 1,227 deals in 2022 to achieve a slight record high.Blocks$27.9 billion acquisition of Australia-based buy now,pay later company Afterpay during H122 accounted for well over half of this total highlighting the impact of large mega M&A tran

228、sactions on fintech investment totals.There were no$1 billion+M&A deals during H222,leaving fintech investment the second half of the year a fraction of that seen in the first:$5.8 billion,compared to$44.6 billion.VC investments accounted for the largest fintech deals of H222,including a$405 million

229、 raise by South Korea-based financial super-app Toss,a$300 million raise by Indonesia-based payments firm Xendit and$300 million raises two Singapore-based companies:crypto firm Amber and insurtech Bolttech.Key H222 highlights from the Asia-Pacific region include:B2B solutions gaining traction with

230、investors in Asia-PacificIn the Asia-Pacific region,there has been a growing focus over the last year on the development of B2B fintech solutions.For example,in H222,Indonesia-based digital payments platform Xendit raised$300 million in order to continue to expand its product lines and presence in S

231、outheast Asia.3China-based fintech companies look abroad for growthIn the wake of much tighter restrictions on domestic fintech activity,both fintech investment and deal volume in The Chinese Mainland dropped to their lowest levels since 2013:$770 million raised across 107 deals.The more challenging

232、 fintech environment has led a number of Chinas fintechs to look globally for growth opportunities.In 2022,for example,Ant Financial launched Alipay+Unified Payment a cross-border digital payments app that allows consumers to pay for goods at specific retailers in different countries(e.g.,South Kore

233、a,Malaysia,the Philippines)using their local currency digital wallet.4In China,we are seeing more partnerships between fintechs and traditional banking players that are focused on enabling the traditional players to expand the services they offer to new customer segments,such as low-income earners a

234、nd small businesses.These partnerships will be essential for helping banks do more inclusive finance which is a key priority heading into 2023.Andrew Huang Partner,Financial Services AuditKPMG in China“”3 https:/ https:/ insights|Fintech segments Regional insights45 2023 Copyright owned by one or mo

235、re of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseContinued focus on expanding access to fintech productsInvestors in the Asia-Pacific region continued to focus on fintechs working to improve access to a variety of finan

236、cial products for both individuals and small businesses such as microlending,SME lending and B2B payments.Wealth management geared at lower wealth segments also gained some attention,with companies like Syfe and Endowus,both in Singapore,providing unique investment opportunities to individuals not t

237、argeted by traditional wealth management companies.Digital payments remains big ticket in Southeast AsiaThe payments space continued to be the biggest ticket for fintech investors in Southeast Asia in 2022.After years of acceleration,however,payments companies in the region have starting to shift th

238、eir focus from customer acquisition to finding ways to extend their value and deepen their engagement with customers.Competition in the space remained very high in 2022,particularly in countries like Indonesia.China-based fintechs focusing on industry enablement In China,some fintechs have achieved

239、success by focusing on enabling traditional financial institutions to improve their own operations or to provide new products and services to their customers.In the inclusive finance space,for example,fintechs have partnered with big banks to provide the technology to allow them to better assess ris

240、ks related to SME loans or loans to low-income individuals.Trends to watch for in H123Jurisdictions in the Asia-Pacific region that already have strong crypto regulatory environments such as Japan,Singapore and Hong Kong(SAR)attracting interest from crypto players and investors in the wake of the me

241、ltdown of FTXBoth investors and fintechs focusing more on the development and growth of B2B fintech offerings The payments sector continuing to attract the largest deals in the regionThe post-listing performance of 360 DigiTech following its secondary listing in Hong Kong(SAR)and whether it helps im

242、proving prospects for fintech exits in the region.Global insights|Fintech segments Regional insights46 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseM&A deal value skewed by a mega-de

243、al;dealmaking subsides otherwiseSource:Pulse of Fintech H222,Global Analysis of Investment in Fintech,KPMG International(data provided by PitchBook),*as of December 31,2022.Total investment activity(VC,PE and M&A)in fintech in Asia Pacific20192022*Venture activity in fintech in Asia Pacific20192022*

244、M&A activity in fintech in Asia Pacific20192022*PE growth activity in fintech in Asia Pacific20192022*$30.4$15.2$50.2$50.51,0471,0531,6041,22705001,0001,5002,000$0$10$20$30$40$50$602019202020212022*Deal value($B)Deal count$11.6$2.2$23.3$33.98395121111020406080100120140$0$10$20$30$402019202020212022*

245、Deal value($B)Deal count$1.1$1.1$3.0$1.520202723051015202530$0.0$0.5$1.0$1.5$2.0$2.5$3.0$3.52019202020212022*Deal value($B)Deal count$17.7$12.0$23.9$15.09449381,4561,09305001,0001,5002,000$0$5$10$15$20$25$302019202020212022*Deal value($B)Deal countGlobal insights|Fintech segments Regional insights47

246、 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseValuations remain undaunted at the growth stageSource:Pulse of Fintech H222,Global Analysis of Investment in Fintech,KPMG International(

247、data provided by PitchBook),*as of December 31,2022.Source:The 2019 figure for median M&A size is based on a non-normative sample size of n=27.VC activity in fintech with corporate participation in Asia Pacific20192022*Median M&A size($M)in fintech in Asia Pacific20192022*Median venture pre-money va

248、luations($M)by stage in fintech in Asia Pacific20192022*$12.0$8.2$13.9$9.23043035844240200400600800$0$5$10$152019202020212022*Deal value($B)Deal count$43.4$15.0$13.0$26.3$0$10$20$30$40$502019202020212022*$3.5$3.1$4.7$8.0$8.6$16.0$10.9$27.8$73.4$32.9$60.1$56.2$187.2$198.5$540.3$650.02019202020212022*

249、Angel&seedEarly-stage VCLate-stage VCVenture growthGlobal insights|Fintech segments Regional insights48 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseDealmaking grinds to a haltSource

250、:Pulse of Fintech H222,Global Analysis of Investment in Fintech,KPMG International(data provided by PitchBook),*as of December 31,2022.Total investment activity(VC,PE and M&A)in fintech in Asia Pacific20192022*M&A in fintech in Asia Pacific20192022*M&A activity in fintech in Asia Pacific20192022*$7.

251、0$4.8$8.8$9.8$6.4$3.2$2.3$3.4$3.9$25.1$8.2$12.9$38.2$6.4$2.7$3.2050100150200250300350400450500$0$5$10$15$20$25$30$35$40$45Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022Deal value($B)Deal count$4.6$2.8$3.2$1.0$0.5$0.2$0.2$1.2$0.1$18.5$0.6$4.1$31.8$1.5$0.6$0.0051015202530354045$0$5$10$15$20$25$30$35

252、Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022Deal value($B)Deal countGlobal insights|Fintech segments Regional insights49 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseVC financing

253、 activity continues to slideSource:Pulse of Fintech H222,Global Analysis of Investment in Fintech,KPMG International(data provided by PitchBook),*as of December 31,2022.Venture activity in fintech in Asia Pacific20192022*VC activity in fintech with corporate participation in Asia Pacific 20192022*M&

254、A activity in fintech in Asia Pacific20192022*$2.1$1.9$5.0$8.7$5.6$2.5$2.0$1.8$3.7$4.4$7.2$8.6$5.9$4.0$2.1$3.0050100150200250300350400450$0$1$2$3$4$5$6$7$8$9$10Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022Deal value($B)Deal countAngel&seedEarly-stage VCLate-stage VCVenture growth$0.7$1.2$2.5$7.7$

255、4.4$1.4$1.1$1.3$1.6$2.2$4.5$5.6$3.8$2.7$0.8$1.9020406080100120140160180200$0$1$2$3$4$5$6$7$8$9Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022Deal value($B)Deal countGlobal insights|Fintech segments Regional insights50 2023 Copyright owned by one or more of the KPMG International entities.KPMG Inter

256、national entities provide no services to clients.All rights reserved.#fintechpulseSource:Pulse of Fintech H222,Global Analysis of Investment in Fintech,KPMG International(data provided by PitchBook),*as of 31 December 2022.1.Afterpay$27.9B,Melbourne,Australia Payments M&A2.Yayoi$2.1B,Tokyo,Japan Ins

257、titutional/B2B Corporate divestiture3.Coincheck$1.25B,Tokyo,Japan Cryptocurrency M&A4.Superhero$1.06B,Sydney,Australia Wealth/investment management M&A5.Coda Payments$690M,Sydney,Australia Payments/transactions Recapitalization/growth6.Polygon$450M,Bengaluru,India Blockchain/cryptocurrency Late-stag

258、e VC7.Toss$405M,Seoul,South Korea Payments/transactions Series G8.Xendit$300M,Jakarta,Indonesia Payments/transactions Series D9.Amber Group$300M,Singapore Cryptocurrency Series C10.Bolttech$300M,Singapore Insurtech Series B21658491073Top 10 fintech deals in Asia Pacific in 2022Global insights|Fintec

259、h segments Regional insights51 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseThe financial services industry is transforming with the emergence of innovative new products,channels and

260、 business models.This wave of change is driven primarily by evolving customer expectations,digitalization as well as continued regulatory and cost pressures.KPMG firms are passionate about supporting clients to successfully navigate this transformation,mitigating the threats and capitalizing on the

261、opportunities.KPMG Fintech professionals include partners and staff in over 50 fintech hubs around the world,working closely with financial institutions and fintech companies to help them understand the signals of change,identify the growth opportunities and to develop and execute their strategic pl

262、ans.KPMGs Global Fintech practiceVisit insights|Fintech segments|Regional insights52 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseGet in touch with us Anton RuddenklauGlobal Leader o

263、f Fintech,Partner and Head of Financial Services Advisory KPMG in SingaporeE:.sgJudd CaplainGlobal Head of Financial ServicesKPMG InternationalE:Courtney TrimbleGlobal Leader of Payments,Principal,Financial Services,KPMG in the USE:Fabiano GobboGlobal Head of Regtech,Partner,Risk Consulting,KPMG in

264、ItalyE:fgobbokpmg.it Ram MenonGlobal Head,Insurance Deal AdvisoryKPMG InternationalE:Leon OngPartner,Financial Services Advisory KPMG SingaporeE:.sgDave RemueDirector,Head of Fintech,KPMG AdvisoryKPMG in BelgiumE:Charlie JaccoAmericas Cyber Security Services,Financial services Leader,PrincipalKPMG i

265、n the USE:Andrew HuangPartner,Financial Services AuditKPMG in ChinaE:Anna ScallyPartner,Head of Technology&Media,Fintech Lead KPMG in IrelandE:anna.scallykpmg.ieAlexandre StachtchenkoDirector,Advisory,Connected Technology KPMG FranceE:astachtchenkokpmg.frDebarshi BandyopadhyayDirector,Financial Serv

266、icesKPMG SingaporeE:.sgRobert RuarkPrincipal,Financial Services Strategy and Fintech LeaderKPMG in the USE:Kenji HokiDirector,Financial Services KPMG JapanE:Kenji.HGlobal insights|Fintech segments|Regional insights53 2023 Copyright owned by one or more of the KPMG International entities.KPMG Interna

267、tional entities provide no services to clients.All rights reserved.#fintechpulse Anton Ruddenklau,Global Leader of Fintech,Partner and Head of Financial Services Advisory,KPMG in Singapore Spencer Burness,Director,Advisory Services,KPMG in the US Fabiano Gobbo,Global Head of Regtech,RiskConsulting P

268、artner,KPMG in Italy Andrew Huang,Partner Financial Services Audit,KPMG in China Charles Jacco,Americas Cyber SecurityServices,Financial Services Leader and Principal,KPMG in the US Dave Remue,Director,Head of Fintech,KPMG Advisory,KPMG in Belgium Robert Ruark,Principal,Financial ServicesStrategy an

269、d Fintech Leader,KPMG in the US Anna Scally,Partner,Head of Technology&Media,Fintech Leader,KPMG in Ireland Alexandre Stachtchenko,Director Blockchain&Crypto Assets,KPMG France Courtney Trimble,Global Leader of Payments,Principal,Financial Services,KPMG in the US Leon Ong,Partner,Financial Services

270、Advisory,KPMG Singapore Debarshi Bandyopadhyay,Director,Financial Services,KPMG Singapore Kenji Hoki,Director,Financial Services,KPMG Japan Leah Fegan,Director,Global Marketing,Financial Services Olivia Mount,Digital Marketing Manager,Global Marketing,Financial ServicesWe acknowledge the contributio

271、n of the following individuals across KPMG member firms who assisted in the development of thispublication:AcknowledgementsGlobal insights|Fintech segments|Regional insights54 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to cl

272、ients.All rights reserved.#fintechpulseThe underlying data and analysis for this report(the“Dataset”)was provided by PitchBook Data,Inc(“PitchBook”)on 12 January 2022 and utilizes their research and classification methodology for transactions as outlined on their website at https:/ Dataset used for

273、this report considers the following investment transactions types:Venture Capital(including corporate venture capital)(“VC”),private equity(“PE”)Investment and Mergers and Acquisitions(“M&A”)for the FinTech vertical within the underlying PitchBook data.Family and friends,incubator and accelerator ty

274、pe funding rounds are excluded from the Dataset.Due to the private nature of many of the transactions,the Dataset cannot be definitive,but is an estimate based on industry leading practice research methodology and information available to PitchBook at 12 January 2022.Similarly,due to ongoing updates

275、 to PitchBooks data as additional information comes to light,data extracted before or after that date may differ from the data within the Dataset.Only completed transactions regardless of type are included in the Dataset,with deal values for general M&A transactions as well as venture rounds remaini

276、ng un-estimated if this information is not available or reliably estimated.Venture capital dealsPitchBook includes equity investments into startup companies from an outside source.Investment does not necessarily have to be taken from an institutional investor.This can include investment from individ

277、ual angel investors,angel groups,seed funds,venture capital firms,corporate venture firms and corporate investors.Investments received as part of an accelerator program are not included,however,if the accelerator continues to invest in follow-on rounds,those further financings are included.Angel/see

278、d:PitchBook defines financings as angel rounds if there are no PE or VC firms involved in the company to date and it cannot determine if any PE or VC firms are participating.In addition,if there is a press release that states the round is an angel round,it is classified as such.Finally,if a news sto

279、ry or press release only mentions individuals making investments in a financing,it is also classified as angel.As for seed,when the investors and/or press release state that a round is a seed financing,or it is for less than$500,000 and is the first round as reported by a government filing,it is cla

280、ssified as such.If angels are the only investors,then a round is only marked as seed if it is explicitly stated.Early-stage VC:Rounds are generally classified as Series A or B(which PitchBook typically aggregates together as early stage)either by the series of stock issued in the financing or,if tha

281、t information is unavailable,by a series of factors including:the age of the company,prior financing history,company status,participating investors and more.Late-stage VC:Rounds are generally classified as Series C or D or later(which PitchBook typically aggregates together as late stage)either by t

282、he series of stock issued in the financing or,if that information is unavailable,by a series of factors including:the age of the company,prior financing history,company status,participating investors,and more.Corporate venture capital:Financings classified as corporate venture capital include rounds

283、 that saw both firms investing via established CVC arms or corporations making equity investments off balance sheets or whatever other non-CVC method actually employed.Corporate:Corporate rounds of funding for currently venture-backed startups that meet the criteria for other PitchBook venture finan

284、cings are included in the Pulse of Fintech as of March 2018.Private equity investmentsPitchBook includes both buyout investors,being those that specialize in purchasing mainly a controlling interest of an established company(in a leveraged buyout)and growth/expansion investors,being those that focus

285、 on investing in minority stakes in already established businesses to fund growth.Transaction types include:leveraged buyout(“LBO”);management buyout;management buy-In;add-on acquisitions aligned to existing investments;secondary buyout;public to private;privatization;corporate divestitures;and grow

286、th/expansion.MethodologyGlobal insights|Fintech segments|Regional insights55 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.#fintechpulseM&A transactionsPitchBook defines M&A as a transaction in wh

287、ich one company purchases a controlling stake in another company.Eligible transaction types include control acquisitions,leveraged buyouts(LBOs),corporate divestitures,reverse mergers,mergers of equals,spin-offs,asset divestitures and asset acquisitions.Debt restructurings or any other liquidity,sel

288、f-tender or internal reorganizations are not included.More than 50 percent of the company must be acquired in the transaction.Minority stake transactions(less than a 50-percent stake)are not included.Small business transactions are not included in this report.The fintech verticalA portmanteau of fin

289、ance and technology,the term refers to businesses who are using technology to operate outside of traditional financial services business models to change how financial services are offered.Fintech also includes firms that use technology to improve the competitive advantage of traditional financial s

290、ervices firms and the financial functions and behaviors of consumers and enterprises alike.PitchBook defines the FinTech vertical as“Companies using new technologies including the internet,blockchain,software and algorithms to offer or facilitate financial services usually offered by traditional ban

291、ks including loans,payments,wealth or investment management,as well as software providers automating financial processes or addressing core business needs of financial firms.Includes makers of ATM machines,electronic trading portals and point-of-sale software.”Within this report,we have defined a nu

292、mber of Fintech sub-verticals:1.Payments/transactions companies whose business model revolves around using technology to provide the transfer of value as a service including both B2B and B2C transfers.2.Blockchain/cryptocurrency companies whose core business is predicated on distributed ledger(block

293、chain)technology with the financial services industry AND/OR relating to any use case of cryptocurrency(e.g.Bitcoin).This vertical includes companies providing services or developing technology related to the exchange of cryptocurrency,the storage of cryptocurrency,the facilitation of payments using

294、 cryptocurrency and securing cryptocurrency ledgers via mining activities.3.Lending any non-bank who uses a technology platform to lend money often implementing alternative data and analytics OR any company whose primary business involves providing data and analytics to online lenders or investors i

295、n online loans.4.Proptech companies that are classified as both fintech AND also who are developing and leveraging technology intended to help facilitate the purchase,management,maintenance and investment into both residential and commercial real estate.This includes sub-sectors such as property man

296、agement software,IoT home devices,property listing and rental services,mortgage and lending applications,data analysis tools,virtual reality modeling software,augmented reality design applications,marketplaces,mortgage technology and crowdfunding websites.5.Insurtech companies utilizing technology t

297、o increase the speed,efficiency,accuracy and convenience of processes across the insurance value chain.This includes quote comparison websites,insurance telematics,insurance domotics(home automation),peer-to-peer insurance,corporate platforms,online brokers,cyber insurance,underwriting software,clai

298、ms software and digital sales enabling.6.Wealthtech companies or platforms whose primary business involves the offering of wealth management services using technology to increase efficiency,lower fees or provide differentiated offerings compared to the traditional business model.Also includes techno

299、logy platforms for retail investors to share ideas and insights both via quantitative and qualitative research.7.Regtech companies that provide a technology-driven service to facilitate and streamline compliance with regulations and reporting as well as protect from employee and customer fraud.Metho

300、dology(contd)Global insights|Fintech segments|Regional insightsSome or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.The information contained herein is of a general nature and is not intended to address the circumstances

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