THE SHIFT IN EMBEDDED LENDING FROM B2C TO B2B WILL CREATE NEW WINNERS. HERE ARE THE CONTENDERS.

Embedded lending is gaining popularity as a win-win solution for customers, businesses, and lenders. Embedded lending is an emerging trend that involves integration of lending services into non-financial platforms, such as e-commerce, software, or social media. It enables businesses to access credit at the point of need, without having to go through a separate application process or deal with a traditional lender. At the same time, it also benefits platform providers who can increase customer loyalty, retention, and revenue by offering value-added services. The inflection point in the adoption of embedded lending came during COVID as consumers and businesses were unable to access traditional lenders and needed financing assistance. Embedded lending can leverage data from various sources, such as transaction history, customer behavior, or social media, to provide tailored and personalized lending solutions, and is a win-win solution for all stakeholders. Customers can access credit whenever they need it, at competitive rates without having to worry about finding and evaluating lenders, and complex application processes. Lenders stand to benefit as they can expand their customer base, save on customer acquisition costs, and provide better and streamlined customer onboarding experience. Finally, businesses with customers (B2C/ B2B) can offer this solution to their existing customers, thereby augmenting their revenue streams and capturing better insights about the financial profile of their customers. Driven by these advantages, these solutions have become immensely popular and many embedded lending players have emerged. While early starters, such as Klarna, Adyen (AMS: ADYEN) and Affirm (AFRM) took a head start, big-tech and fintech players such as Apple (AAPL), Amazon (AMZN), PayPal (PYPL), and Block (SQ), soon joined in with their solutions in the embedded lending space. The global embedded lending market is expected to grow from $5.5 billion in 2022 to $32.5 billion by 2032, growing at a CAGR of 19.4%, according to Future Market Insights.

Chart 1: Market Map of B2B Embedded Lending Players and Growth of Embedded Lending Market ($ billion)

Source: Intro-act, Dealroom, Future Market Insights

Our research indicates that the embedded lending market is experiencing a value migration from B2C to B2B solutions, implying that winners of the future could be different from the existing leaders. Driven by the e-commerce boom during COVID, B2C embedded lending companies that offered BNPL services, such as Affirm (AFRM), Klarna, Adyen (AMS:ADYEN), and AfterPay started commanding rich valuations due to rising demand. However, this market currently faces multiple headwinds. Regulators such as the FCA in the U.K. and some U.S. states such as California and New York have come up with bills to regulate BNPL providers and protect consumer interests. At the same time, rising inflation and interest rates are impacting consumer spending, and increasing competition from big-tech and fintech players. As a result, investor interest in BNPL-focused companies has faded, both in public as well as private names, as evident in the poor performance of Affirm and Klarna below. Another major player AfterPay succumbed to this pressure and was acquired by Block (SQ) in January 2022. In the latest financial results declared by SQ, it has been forced to wind down BNPL offering in European markets such as Spain, France, and Italy due to poor response and returns on investment. We believe that companies that remain heavily dependent on BNPL such as Klarna, Adyen, and Affirm, will continue to struggle. However, big-tech players such as Apple and Amazon and diversified fintech players such as PayPal Block will have limited negative impact.

Chart 2: Valuations of Affirm and Klarna Have Taken a Beating

Source: Intro-act, Google Finance, Dealroom

We believe that embedded lending solution providers that address the inefficiencies of B2B finance market will likely emerge as winners in the short-to-medium term.We believe Block (SQ), Nubank, (NU) and Venmo (PYPL) are the key Neobanks that investors should monitor In recent months, we have seen BNPL companies focus on the B2B market through new products and partnerships, and several niche players are also emerging to address the various B2B use cases such as invoice financing, sales financing, trade finance and working capital loans. This is because the traditional B2B finance is slow, expensive, and inaccessible to a large cross-section of small businesses. Embedded lending is able to gather multi-dimensional information about a business, and offer the most appropriate lending options to them, while minimizing risk and making the process seamless for the business. We, therefore, believe that the following companies stand to gain from this trend. 

n  One such name is Pipe: Pipe is a platform that offers embedded lending solutions for SaaS companies. Pipe converts recurring revenue streams into upfront capital, without taking equity or charging interest. Pipe can be integrated with various SaaS platforms, such as Stripe, HubSpot, or Salesforce. According to Tracxn, the company has raised $316 million so far, and was last valued at $2 billion in March 2021. The company closed its latest funding round in the form of $7.1 million conventional debt in September 2022.

n  Other names that can benefit from this value migration toward B2B lending are Fundbox that provides small business loans in the form of revolving lines of credit; Brex that offers a global corporate card and expense management solution for businesses; and Hokodo that offers a B2B BNPL solution that enables merchants to offer credit terms to their business customers, trade credit insurance and digital invoicing services.

Chart 3: Pipe Investors

Source: Intro-act, Pipe Website

INDUSTRY TRENDS

Fintech funding falls back in 2023. Global fintech funding experienced a significant decline of 60.8% in the second quarter of 2023 compared to the same period in 2022, according to research by FT Partners. The total funding recorded during the quarter was $10.5 billion, down from $26.8 billion in the previous year. This marks the lowest level of fintech funding since the second quarter of 2020, reflecting the impact of the global pandemic. Despite a boost from Stripe's $6.5 billion funding round, the figures for both Q1 and Q2 of 2023 remained low, with Q2 being 6% lower than the previous quarter. Read More (Alt Fi)

Chart 4: Global Fintech Funding (Private Financing and IPOs) Declines by 61% in Q2 2023

Source: Intro-act, FT Partners

HSBC, TSB and Nationwide upbraided by CMA over transaction history reporting. The UK's Competition and Markets Authority (CMA) has criticized HSBC, Nationwide, and TSB for "significant failures" in providing transaction history reports to customers switching banks. Under the Retail Banking Order, banks must provide full payments transaction histories to SMEs and retail customers when they switch accounts. HSBC was singled out for failing to send payment transaction histories to around 12,200 former business account holders, while TSB and Nationwide also faced reprimands for similar failures affecting thousands of customers. Read More (FinExtra)

UK Insurtech reaches $21 Billion Enterprise Value, says McKinsey. The UK's insurtech sector has achieved a significant milestone with a total enterprise value of around $21 billion, according to McKinsey & Company. Although trailing behind the US and China, the UK's insurtech sector stands out with 280 operational firms, the highest per capita among major economies. London, in particular, has emerged as a global hub, boasting five insurtech unicorns, equal to the rest of Europe combined. The sector's growth has contributed to job creation, employing approximately 14,000 people and indirectly supporting 23,000 jobs. Read More (Insure Tech Insights)

Cloud, SaaS, and ESG: Trends causing a shift in wealth management. At the Temenos Community Forum 2023, Alexandre Duret, Senior Product Director of Wealth Management at Temenos, discussed the emerging "super trends" in the wealth management industry. These trends include the adoption of cloud, Software-as-a-Service (SaaS), and Environmental, Social, and Governance (ESG) practices. Major banks worldwide are embracing the cloud, and ESG has become a focal point for financial institutions. While digital assets are currently less important, they may regain popularity in the future. Read More (FinExtra)

The US Federal Reserve launches new instant payments system FedNow. The Federal Reserve has launched FedNow, an instant payment system that processes transactions between banks, credit unions, and their customers, allowing for real-time payments at any time. The system will run alongside existing payment services like Fedwire and FedACH. FedNow aims to enhance fund accessibility and cash flow management for businesses and customers, enabling individuals to receive paychecks instantly and use them on the same day. Currently adopted by 35 banks and credit unions, including the US Department of the Treasury's Bureau of the Fiscal Service, the system is expected to be adopted by more financial institutions over time, expanding instant payment capabilities for customers. Read More (Fintech Futures)

Thai SEC bans the use of customer crypto assets for lending and investment. Thailand's Securities and Exchange Commission (SEC) has introduced new rules for digital asset service providers to enhance investor protection. The guidelines require these providers to display a warning message about the risks associated with cryptocurrency trading before customers can use their services. Customers must also give consent and acknowledge the risks. Additionally, the regulations prohibit service providers from using customers' funds for lending or investment purposes. The move comes in the wake of the crypto lending crisis and aims to safeguard investors in the digital asset space. Read More (Coin Telegraph)

CFIT announces Open Finance Coalition partners. The Centre for Finance, Innovation and Technology (CFIT) has announced the first Open Finance Coalition partners, with regulatory support from the FCA, to promote Open Finance in the UK. The coalition includes major players like Amazon Web Services, HSBC, Mastercard, and Revolut. CFIT aims to enable financial technology growth in the UK and position it as a leader in financial innovation. The Open Finance Coalition seeks to showcase the benefits of leveraging financial data for SMEs and consumers, improving financial outcomes. The coalition will work on identifying and unlocking access to data sources to enhance financial services for UK businesses and individuals. Read More (Paypers)

Chart 5: The Initial Organizations Committing to the Open Finance Coalition

Source: Intro-act, CFIT

FI Innovation Rankings: Top 5 most innovative financial institutions. Bank Automation News and banking data and analytics platform FI Navigator have released the latest ranking of the top five most innovative financial institutions. The dataset ranks the top 25 financial institutions across four asset tiers — $500 million to $1 billion, $1 billion to $10 billion, $10 billion to $100 billion and FIs over $100 billion — based on FI Navigator’s “innovation score,” which analyzes more than 100 products, services and channels across U.S. financial institutions.JPMorgan Chase and TD Bank emerged as the top two banks. Read More (Bank Automation News)

Wealth managers face “existential challenges” as global AUM fell to $115 trillion in 2022. The global assets under management (AUM) experienced a significant decline of 10% in 2022, falling from $127.5 trillion in 2021 to $115.1 trillion, according to PwC's 2023 Global Asset and Wealth Management Survey. This decline has been attributed to factors such as inflation, market volatility, and rising interest rates post-Covid, leading to investor concerns. PwC's survey suggests that 16% of asset and wealth managers may be acquired or fail over the next five years due to these challenges. Around 73% of surveyed asset managers are considering strategic consolidation with another firm to mitigate risks and gain market share. Additionally, over 90% are exploring technology, including AI, big data, and blockchain, to enhance investment performance. Despite the current challenges, PwC predicts that global AUM will rebound to $147.3 trillion by 2027. Read More (Alt Fi)

China’s digital yuan hits $250 billion in transactions. China's central bank governor, Yi Gang, revealed that the digital yuan has seen significant adoption with $250 billion transferred via the digital currency since its pilot start 18 months ago. The digital yuan's rollout began in January 2022 and has witnessed approximately 120 million wallets used for around 950 million transactions, averaging about $260 per transaction. However, adoption remains relatively low compared to China's large population. Efforts to encourage cross-border applications have been made, including trials in Hong Kong and initiatives to pay wages to public sector employees using the digital yuan. The total circulation of the digital yuan by June 2023 amounted to $2.3 billion. Read More (Crypto News)

BIS: 18% of central banks consider retail CBDC in 3 years. The results of the 2022 BIS survey on central bank digital currencies (CBDCs) reveal that 93% of central banks are actively exploring CBDCs, with more progress seen in retail experiments. The survey suggests that emerging markets are leading the race in CBDC development, while advanced economies lag behind. Retail CBDCs are more advanced than wholesale ones, with 18% of central banks expecting to issue a retail CBDC in the next three years. The study also found that CBDCs are seen as a potential solution to improve cross-border payments. Additionally, 80% of central banks believe CBDCs should coexist with fast payment systems. Read More (Ledger Insights)

Chart 6: Expected Growth in the Number of Live CBDCs*

Source: Intro-act, Auer et al (2020); 2022 BIS central bank survey on CBDCs and crypto. * The number of CBDCs already issued is based on Auer et al (2020). The estimated number of CBDCs in 2025 and 2028 is determined based on the number of central banks indicating that the issuance of a retail or wholesale CBDC was very likely.

Bank account switching: Incumbents dominate as neobanks toppled from top spot. The Current Account Switch Service in the UK experienced a 50% increase in the number of people switching bank accounts in the twelve months leading up to June 2023, totaling nearly 1.3 million switches. However, for the first time since at least 2019, all of the top five most switched-to banks were incumbents, with no challenger banks making the cut. NatWest led the list for net switching gains between January and March 2023, followed by HSBC, Lloyds Bank, RBS, and Santander. Despite this trend, digital challenger banks like Monzo and Starling continue to grow rapidly in customer numbers. Read More (Alt Fi)

The AltFi Fintech Index returns 43.4% in 2023 after June jump. The AltFi Fintech Index has reported a strong performance in 2023, with a return of 43.4% year-to-date after a 10% jump in June. This makes the index one of the best-performing indices, mutual funds, or ETFs for the year. The index consists of around 60 listed fintech companies, primarily pure-play fintechs that have gone public in the last five years. In June, 76% of the index's constituents made a positive return, with nearly half of the stocks achieving double-digit returns and five seeing returns of over 40%. The strong performance is attributed to excitement around AI and tech, along with favorable economic data and market sentiment. Read More (Alt Fi)

Nine of the UK’s biggest banks are adopting AI tools to tackle scams. Mastercard is selling an AI-powered tool, "Consumer Fraud Risk," to detect fraud transactions in the UK. The solution, now live with nine major British banks, uses large-scale payment data to predict and prevent payment scams in real-time, helping banks protect customers from authorized push payment fraud. Fraud is now the most common crime in the UK, with one in 15 people falling victim. In 2022, people in the UK lost £1.2 billion to fraud, and APP fraud accounts for 40% of UK bank fraud losses. Mastercard's AI solution aims to save UK banks around £100 million annually. Read More (Techwire Asia)

CBDCs to have “transformative” impact on payments, say fintechs. Several UK fintech firms, including Monzo, Revolut, and Monese, have expressed their support for the introduction of a central bank digital currency (CBDC) by the Bank of England, stating that it would have a "transformative" impact on payments and the banking ecosystem. However, these fintech firms have disagreed with the Bank of England's proposal to cap individual holdings of the CBDC at a temporary limit of £10,000 to £20,000. Instead, they recommend a cap of £5,000 to avoid potential panic and deposit flight. Read More (Alt Fi)

REGUATORY UPDATES

FCA chief warns banks of AI risks and Big Tech threat. The FCA Chief has warned banks of AI risks and the threat of 'deep fake' fraud. He highlighted the benefits of AI in finance but cautioned about risks in financial markets and biased datasets. The FCA will hold bosses accountable for AI bots' decisions. Big Tech firms' role as gatekeepers of data and data-sharing asymmetry with financial services are also concerns. The FCA is considering risks Big Tech may pose in operational resilience and manipulating consumer biases. They are working on setting standards for third-party providers, especially cloud services, to mitigate potential systemic impacts. Read More (FinExtra)

Fintechs demand end to hidden bank fees in international payments. Fifteen major London fintech companies, including Wise, Revolut, and Monzo, are demanding an urgent review of legislation regarding hidden bank fees for international payments. In an open letter to the Chancellor, they claim that consumers and SMEs in the UK lost £5.6 billion in mostly hidden foreign exchange fees in 2022. The letter calls for upfront disclosure of total currency conversion costs, a clear definition of "currency conversion charge," and the use of aggregated mid-market rates approved by the FCA. Read More (FinExtra)

Bank of America fined for junk fees and fake accounts. Bank of America has been ordered to pay $150 million in penalties for unethical practices, including opening credit cards without customer consent and double-dipping fees. The violations affected hundreds of thousands of customers and date back to 2012. The Consumer Financial Protection Bureau (CFPB) and Office of the Comptroller of the Currency (OCC) will receive the penalties, and the bank is expected to refund customers over $80 million. The CFPB stated that Bank of America wrongfully enrolled customers in credit card accounts without authorization, charged unjustified fees, and harmed customers' credit profiles. Read More (BBC)

FSB publishes global regulatory framework for cryptoassets. The Financial Stability Board (FSB) has published a regulatory framework for cryptoasset activities, a year after calling for international crypto industry regulation. The framework consists of two sets of recommendations for the regulation, supervision, and oversight of cryptoasset activities and global stablecoin arrangements. The FSB has strengthened recommendations in areas like safeguarding client assets, addressing conflicts of interest, and enhancing cross-border cooperation. The framework does not cover Central Bank Digital Currencies (CBDCs) and acknowledges that it doesn't address all specific risk categories related to cryptoassets. The FSB plans to collaborate with standard-setting bodies and monitor implementation status at jurisdictional levels. Read More (Fintech Futures)

The Law Commission of England and Wales publishes recommendations for digital asset law reforms. The Law Commission of England and Wales has provided recommendations to guide the UK's regulatory response to digital assets. The report suggests creating a distinct third category of personal property for digital assets, with common law as the appropriate vehicle to determine which objects fall under it. The report proposes the establishment of an industry-specific panel to advise courts on complex legal issues related to digital assets. Additionally, it recommends developing a bespoke legal framework for collateral arrangements involving crypto-tokens and assets. Read More (Fintech Futures)

UK Treasury rebuffs calls for crypto to be regulated as gambling. The UK Treasury has rejected proposals from a parliamentary committee to regulate consumer trading in unbacked cryptocurrencies like Bitcoin and Ether as gambling. The committee had argued that such trading closely resembles gambling due to its lack of intrinsic value, high volatility, and absence of discernible social good. However, the Treasury disagreed, stating that regulating crypto trading as gambling would risk misalignment with international standards and create overlapping mandates between financial regulators and the Gambling Commission. Read More (FinExtra)

Treasury poised to shelve crackdown on 'buy now pay later' sector. The UK government is reportedly leaning towards delaying plans to regulate the "buy now pay later" (BNPL) industry and bring it under the supervision of the Financial Conduct Authority (FCA). Treasury officials have been warned by the industry that some major players may leave the UK market if subjected to strict regulation. While a final decision has not been made, the government is said to be leaning towards shelving the proposals. Read More (Sky News)

Stablecoin Bill progresses despite acrimonious Congressional session. The U.S. House Financial Services Committee voted in favor of the Stablecoin Bill during a markup session, despite objections from Democrats. The Bill is subject to a full House vote and ongoing bipartisan negotiations, followed by consideration in the Senate and by the President. Conflicts arose over the extent of state powers and limited involvement of the Federal Reserve. Republicans supported granting state regulators significant authority, while Democrats sought a stronger federal role. Read More (Ledger Insights)

UK’s Financial Watchdog warns of rising insurance premiums and increased rejection of claims. The Financial Conduct Authority (FCA) has raised concerns about the soaring insurance premiums burdening drivers and homeowners, exacerbating the cost of living crisis. In a review of 11 insurance firms, the FCA found a 16% increase in car insurance premiums and an upward trajectory for home insurance premiums over the past year. Certain groups, including women, younger individuals, and ethnic minorities, were disproportionately affected. Read More (Insure Tech Insights)

EARNINGS

Robinhood posts first-ever profit amid crypto tumble and user drop-off. Robinhood Markets has reported its first-ever profitable quarter since going public in July 2021. However, the company's shares dropped around 5% in after-hours trading due to other news in its second-quarter 2023 earnings report. The report revealed that Robinhood's crypto-based revenues decreased to $31 million in the quarter, and the company lost a million monthly active users, dropping to 10.8 million from 14 million in the same quarter last year. Despite the drop in active users, total accounts grew by 70,000 compared to the previous quarter and by 310,000 year over year. The company also noted that crypto trading on its platform was down 18% quarter over quarter. Read More (Pymnts)

Chart 7: Expected Growth in the Number of Live CBDCs*

Source: Intro-act, Robinhood. (1) Q2, and Q3 2021 included losses of $528 million and $25 million for changes in fair value of our convertible notes and warrant liability due to mark-to-market adjustments. Q3 2021 also included $1,245 million in share-based compensation of which $1,008 million was recognized upon our IPO. (2) Q1 2023 included $485 million charge related to the 2021 Founders Award Cancellation.

Jack Dorsey's Block reports $5.5 billion in Q2 revenue—almost half of it from bitcoin. Block Inc. posted a gross profit of $1.87 billion in Q2 2023, a 27% rise from the previous year. Bitcoin made up $2.4 billion of its $5.5 billion net revenue. It reported a 34% growth in Bitcoin revenue year-over-year. This means the total amount of cryptocurrency it sold to customers. Its Cash App business generated $1.16 billion in Bitcoin revenue, a 39% jump from the same period in 2022. The firm said the revenue would have been even higher if the Bitcoin price had not fallen. The firm said the increase in Bitcoin revenue and gross profit was due to more Bitcoin sales to customers, but also lower average market price of Bitcoin than the year before. The firm did not have any losses on its Bitcoin holdings, which were valued at $245 million as of June 30, 2023. Read More (Decrypt)

PayPal Q2 Earnings Disappoint – Hope lies in AI. The market was not impressed by Paypal’s earnings call for Q2 2023, as the stock price fell after the company reported lower than expected operating margins. The adjusted operating margin for the quarter was 21.4%, slightly below the forecast of 22%. The operating cash flow and the free cash flow both declined significantly compared to the same period last year, reaching -$0.2 billion and -$0.4 billion respectively. The company blamed this on a $1.2 billion negative impact from its European BNPL business, which it planned to divest in the latter half of this year. The net revenues were slightly higher than 2022, at $7,287 million, surpassing the estimates. The total payment volume was $376.5 billion, but the growth rate was low. Read More (FinTech Nexus)

Chart 8: PayPal’s Growth Loses Steam As Pent-up Demand Fades

Source: Intro-act, FinTech Nexus, Company Statements, Reuters Graphics. Note: All figures in % of year-on-year FX-neutral growth

UK challenger Atom Bank records first ever annual operating profit. UK digital challenger bank Atom Bank has achieved its first-ever annual operating profit of £4 million in the last financial year. The bank operates exclusively through a mobile app format. While Atom Bank's total operating costs increased by £8 million to £59 million, its revenue growth and net interest income both rose by 62%, offsetting the costs. The bank's customer count grew from around 123,000 to 224,000 during the financial year. Atom Bank attributes its success to its efficient business model and its ability to expose the operational costs and inefficiencies of legacy banks. Read More (Fintech Futures)

CAPITAL MARKETS

CAB Payments raises up to £335m in London listing. CAB Payments, a British B2B cross-border payments company, raised approximately £335 million through its listing on the London Stock Exchange. The company placed shares at £3.35, resulting in an initial market capitalization of around £851 million. However, the share price closed at £3.03 by the end of the trading day. CAB Payments specializes in providing cross-border payment and foreign exchange services for businesses operating in emerging markets. The successful IPO is seen as a positive development for the London Stock Exchange, which has experienced a lack of new listings Read More (FinExtra)

Visa joins Series C extension round in Thunes. Cross-border payments company Thunes has expanded its Series C funding round to $72 million, including an additional $12 million in equity financing from investors such as Visa, EDBI, and Endeavour Catalyst. This follows Thunes' earlier $60 million funding injection from Marshall Wace, Bessemer Venture Partners, and 01Fintech. Thunes has been actively expanding its reach, partnering with companies like Tencent, integrating with Visa Direct, and entering the Saudi Arabian market through Enjaz Payment Services. The company, based in Singapore, supports payments in numerous currencies, serving clients such as Uber, Deliveroo, Grab, PayPal, and Revolut. Read More (FinExtra)

Insurtech Tractable Secures US$65 Million in a Series E Funding Round led by SoftBank Vision Fund 2. London-based insurtech company Tractable has secured $65 million in a Series E funding round led by SoftBank Vision Fund 2, with participation from existing investors Insight Partners and Georgian. Tractable employs artificial intelligence (AI) for visual claims assessments in the insurance industry, using smartphone-captured photos to determine damage and provide recommendations. The funding will be used for research and development to enhance the user experience and expand the application of their AI technology. Read More (Insure Tech Insights)

Swiss fintech TP24 raises £345M debt funding to offer flexible business credit to UK SMEs. Swiss fintech TP24 has secured £345 million in debt funding from UK parties Barclays and M&G Investments. Of this amount, £240 million will be used to provide flexible revolving business credit to small and medium-sized enterprises (SMEs) in the UK and the Netherlands. TP24's innovative lending solutions are tailored, affordable, and convenient for SMEs, offering financing based on their outstanding invoices without taking over their debtor base. Read More (Tech Funding News)

UK-based LendInvest closes £500M for its online marketplace for property finance. LendInvest, a prominent UK mortgage platform, has secured a £500 million investment from Chetwood Financial Limited to support future mortgage originations. The funding will drive the expansion of LendInvest's Buy-to-Let business for professional landlords and its newly introduced Residential Mortgage range, which aims to serve customers underserved by traditional mortgage providers. This investment reinforces LendInvest's strong position in the mortgage market, with support from various global financial institutions including Barclays, BNP Paribas, Citi, HSBC, JP Morgan, Lloyds, National Australia Bank, and Wells Fargo. Read More (Tech Funding News)

Despite market downturn, Dutch challenger bank bunq secures nearly €100M at €1.65B valuation. Dutch challenger bank bunq has secured an additional €44.5 million in growth capital, bringing the total capital injected into the fintech this year to nearly €100 million. Despite the market downturn, current investors including founder Ali Niknam, Pollen Street Capital, and Raymond Kasiman participated in the funding round, valuing bunq at €1.65 billion. This investment will enable bunq to accelerate its international expansion and continue its growth trajectory. In July 2021, bunq raised $228 million in one of the largest Series A rounds for a European fintech, led by Pollen Street Capital, which valued the neobank at approximately $1.9 billion. Read More (Tech Funding News)

German embedded insurtech platform Hepster raises €10m. German insurtech platform Hepster has secured €10 million in a Series B funding round, aiming to expand to new markets and move towards profitability. Hepster offers an API-driven platform that allows companies to integrate tailored insurance offerings into their customer journeys. The company is currently operational in Germany, Austria, and France, covering various insurance types including mobility, electronics, travel, and more. The funding round was a mix of debt and equity and included participation from both existing and new investors. Hepster has onboarded over 2,500 partners and 250,000 customers since 2017, offering more than 500 customized insurance products. Read More (Alt Fi)

M&A

Turkish fintech Papara acquires Spanish neobank Rebellion Pay. Turkish fintech Papara has acquired the Spanish neobank Rebellion Pay, a move seen as a significant step in its European expansion strategy. The acquisition will involve Papara absorbing Rebellion Pay's team, hiring additional talent, and rebranding the acquired neobank. Rebellion Pay, based in Madrid, provides mobile banking services to customers in Spain, offering features like personal IBANs, fee-free transfers, Mastercard debit cards, cashback, and P2P payments. With this acquisition, Papara aims to compete on a global scale and views Spain as the first milestone in its broader growth plans. Read More (Fintech Futures)

Wealthtech GBST strengthens cloud portfolio with Advice Intelligence acquisition. Wealthtech company GBST has acquired Advice Intelligence, a cloud-based financial management software company from Australia, in a move to offer digital and hybrid advice solutions to the wealth market. Advice Intelligence provides a platform that includes independent customer relationship management (CRM), client engagement features, goals-based advice, and real-time applications for financial advisors and clients. This acquisition bolsters GBST's cloud-based Software-as-a-Service (SaaS) wealth management solutions portfolio, complementing its previous acquisition of WealthConnect. GBST aims to bridge the gap between advice providers and the mass market, catering to the growing demand for digitized advice. The founder of Advice Intelligence, Jacqui Henderson, and her team will join GBST as part of the deal. Read More (Fintech Futures)

London fintech Monzo preparing merger deal with Nordic rival Lunar. London-based fintech Monzo is reportedly in discussions to merge with its Nordic rival, Lunar. Monzo is looking to accelerate its European expansion and is considering a bid to merge with Lunar, a digital bank based in Denmark with users across Denmark, Sweden, and Norway. Lunar hit a valuation of $2.2 billion after a funding round last year, while Monzo's valuation reached $4.5 billion in 2021. Monzo is also reportedly considering other acquisitions in Europe as part of its expansion strategy. This move comes as Monzo aims to continue its growth and strengthen its presence in the European fintech market. Read More (Evening Standard)

FINTECH ADOPTION

Engage teams up with 10 UK credit unions for faster payments to clients. Engage, a community banking platform, has partnered with ten Credit Unions in the UK to offer its Faster Payments service, benefiting nearly 100,000 members. This service enables Credit Unions to send money to their members in near real-time, eliminating the typical three-day wait for BACS or CHAPS payments. Credit Unions like Knowsley Credit Union, Chesterfield & North East Derbyshire Credit Union, and Kingdom Community Bank are already using Engage's Bulk FPS service, which allows seamless and cost-effective money transfers, providing faster access to funds for members. Read More (IBS Intelligence)

Apple Tap to Pay rolls out in UK with Revolut and Tyl. Apple has launched its Tap to Pay technology in the UK, allowing small businesses to accept Apple Pay and contactless card payments using their iPhones without a separate card reader. The feature utilizes the NFC chip in the latest iPhones, turning them into payment terminals. It is currently available for businesses using Revolut or NatWest's Tyl as their payment processor, with more platforms coming soon. The feature works with most credit and debit cards and is expected to revolutionize the checkout experience for various businesses, from retail shops to freelancers and food stands. Tap to Pay will also roll out to Apple Store locations in the UK soon. Read More (Payments Cards and Mobile)

Chart 9: Apple Tap to Pay Rolls-out in the U.K.

Source: Intro-act, Payments Cards and Mobile

Swiss National Bank confirms wholesale CBDC pilot. The Swiss National Bank (SNB) is launching a wholesale central bank digital currency (CBDC) pilot in collaboration with SIX digital exchange, Switzerland's main stock exchange. SNB Chairman Thomas Jordan stated that the pilot will involve real transactions with market participants, not just an experiment, and will run for a limited time. The SNB has been exploring wholesale CBDC integration and previously participated in Project Helvetia, testing the settlement of tokenized assets in central bank money. While interested in wholesale CBDCs due to their potential for facilitating interbank payments, the SNB remains cautious about retail CBDCs, citing risks to the financial system and control challenges Read More (Fintech Futures)

Canadian Tire Bank Expands Relationship with Temenos and Moves to Temenos Banking Cloud. Canadian Tire Bank (CTB), the financial arm of Canadian Tire Corporation, has chosen to adopt Temenos Banking Cloud to accelerate its core modernization. Having selected the Temenos platform in 2022 to replace its legacy core systems, CTB is now extending the relationship with Temenos and moving to a Software-as-a-Service (SaaS) model. This shift will enable the bank to deploy banking services more easily and introduce new products faster, providing customers with seamless and personalized experiences. Read More (Temenos)

BofE taps Nuggets for digital pound privacy layer. The Bank of England has partnered with payments platform Nuggets to develop a privacy and identity layer for a potential future digital pound. Nuggets previously collaborated with the central bank on Project Rosalind, exploring ways to connect central bank and private sector infrastructures for retail central bank digital currency (CBDC) payments. Now, the focus is on creating a secure system that ensures transaction privacy, prevents tracking and correlation of transactions, and addresses fraud and money laundering. The Bank of England has not made a final decision on introducing a digital pound but is actively exploring the possibility with a dedicated team of up to 30 people. Read More (FinExtra)

RTGS.global partners with MDO Humo and Credo Bank. RTGS.global, a Financial Market Infrastructure (FMI) for cross-border settlements, has partnered with MDO Humo in Tajikistan and Credo Bank in Georgia to simplify cross-border payments. The collaboration will run pilot agreements with the banks, aiming to enhance cross-border settlement processes and realize liquidity benefits. RTGS.global's solution has garnered interest in emerging markets across Central Asia, Asia, the Middle East, and Africa. The company has also formed a global Banks Working Group with multinational banks to advance cross-border payments and improve the global banking ecosystem. RTGS.global's settlement service enables real-time cross-border payments and liquidity management, facilitating instant and risk-free settlement of trades. Read More (The Paypers)

Figure expands reach of HELOC products through four new partnerships. Figure Technologies Inc., a blockchain-powered financial services company, has partnered with four top 20 independent mortgage banks - CMG Financial, CrossCountry Mortgage, Fairway Independent Mortgage, and The Loan Store - to offer Home Equity Lines of Credit (HELOC) to more consumers. The collaborations allow Figure to provide branded HELOC products to these banks' customers, offering a digital application process with approval in as little as five minutes. Figure's HELOC is now available in 45 states and Washington, D.C. The company has reached $6 billion in HELOC originations, making it the largest non-bank HELOC lender, and recently closed its first-rated securitization. Read More (PR Newswire)

Chart 10: Figure HELOC vs. Cash-Out Refinance

Source: Intro-act, Figure Technologies

Starling Bank selects Napier’s intelligence compliance platform. London-based Napier, an intelligent compliance technology company, has been chosen as the preferred Anti-Money Laundering (AML) and counter-terrorism financing (AML/CTF) platform by Starling Bank, a leading British digital challenger bank. Napier's Transaction Screening solution from the Napier Continuum platform impressed Starling with its standout technology, flexible deployment, and diagnostic strength, ensuring it can keep up with Starling's rapid growth. The platform's no-code configuration and easy integration via APIs facilitated a swift deployment in just six weeks. Read More (Business Wire)

Earnest and Nova Credit partner to offer student loans for International students. Earnest, a student loan refinancing site, has partnered with Nova Credit to introduce International Private Student Loans. The tool allows eligible international students to access flexible loan options, competitive interest rates, and customized repayment terms. Leveraging Nova Credit's Credit Passport solution, borrowers can share their credit history from their home country, eliminating the need for a cosigner. Currently available to students from India, Mexico, Canada, and South Korea pursuing specific programs in select schools, the loans cover various education-related expenses. Read More (Finovate)

DBS launches e-CNY merchant collection solution for mainland businesses to receive CBDC payments, completes first client transaction. DBS, one of the first foreign banks in China, has launched an e-CNY merchant collection solution, allowing corporate clients to accept payments in China's central bank digital currency (CBDC). The solution provides seamless and efficient payment collection, especially in underserved regions with limited internet connectivity. Clients can receive consolidated merchant reports through DBS IDEAL, the bank's digital platform. The e-CNY's usage has grown steadily since its pilot launch in 2020, with over 13.6 billion e-CNY in circulation. DBS aims to innovate in digital payments and currency solutions, focusing on frictionless 24/7 payments and exploring cross-border CBDC payments. Read More (DBS Bank)

Car IQ partners Visa to enable in-vehicle payments. Car IQ and Visa have teamed up to enable vehicles to conduct transactions with merchants and banks within the Visa network. Through the Car IQ Pay vehicle wallet, consumers can pay for various services, including fuel, tolls, parking, insurance, and repairs. The partnership aims to capture a significant portion of the connected vehicle payment market, projected to reach $600 billion by 2030. Car IQ's Know Your Machine technology ensures secure authentication of a machine's identity for transactions. While the initial focus is on vehicles, the platform can easily extend to support payments from other IoT devices. Read More (Fintech Futures)

Mascoma Bank implements OnView deposit suite with VSoft partnership. Mascoma Bank, an independent financial institution with over $2.6 billion in assets and 29 locations, has chosen VSoft Corporation's OnView Deposit product suite. The suite includes Teller Deposit, Branch Deposit, and ATM Deposit solutions. By leveraging these solutions, Mascoma Bank aims to enhance customer experiences and improve operational efficiencies. OnView Teller Deposit reduces manual errors and automates check processing, saving time and costs. OnView Branch and ATM Deposit solutions automate the validation and balancing of check deposits and payments, streamlining back-office processing and image exchange. Mascoma Bank looks forward to a productive partnership with VSoft. Read More (Vsoft News)

The Republic of Palau Joins Forces with Ripple for Pilot of US Dollar-Backed Stablecoin on XRP Ledger. Ripple Labs is collaborating with the Republic of Palau to launch Palau Stablecoin (PSC), backed by the U.S. Dollar. The Phase One pilot of the project has begun, with government employees participating and using PSC at selected local merchants in Palau. The Palau Ministry of Finance can securely mint, distribute, and process PSC redemptions, while retailers can receive and verify payments made with the stablecoin. Ripple is providing resources for Palau to manage and customize the stablecoin's life cycle, and users can track PSC transactions on the XRP Ledger in real-time through the XRPL explorer XRPScan. Read More (Crypto News Flash)

GAT Investment Bank taps currencycloud for new app launch. GAT Investment Bank has partnered with Currencycloud to launch the GAT Money global banking app, providing access to competitive foreign exchange rates and a cross-border collections and payments network supporting 35 currencies and local payouts to over 180 countries. By integrating with Currencycloud's multi-currency virtual accounts, GAT can offer its globally-focused client base enhanced collection capabilities beyond major currencies like USD, EUR, CAD, and GBP. This collaboration allows GAT to offer cost-effective and near-instant cross-border transaction solutions, benefiting importer and exporter clients. Read More (Fintech InShorts)

The Philippines’ UnionBank taps NCR to manage its ATMs. UnionBank of the Philippines has adopted NCR Corporation's ATM-as-a-Service solution to enhance its self-service banking operations. The bank has transferred the management and operation of its 400 ATMs to NCR, aiming to improve availability and capabilities for its 10 million-plus retail banking customers. NCR's end-to-end ATM service covers cash, transaction, and software management, compliance, cybersecurity, and back-office coverage. Read More (Fintech Futures)

Vietnam’s OCB developing digital banking solution for customers. Orient Commercial Joint Stock Bank (OCB) is partnering with Backbase to modernize its omnichannel digital banking platform, OCB OMNI, and enhance personalization for customers. The bank aims to fully digitize customer journeys and touchpoints, offering services through mobile applications and computer platforms. The platform's user base has grown significantly, and transaction volume has increased. Backbase's Engagement Banking Platform (EBP) will be utilized for a six-month go-live timeline and full control over customization. Read More (IT News Asia)

COMPANY NEWS

Ripple scores partial win in SEC lawsuit. In a significant victory for the cryptocurrency industry, a US judge has ruled that Ripple did not violate federal securities law by selling its XRP token on public exchanges and through algorithms. However, the win was partial, as the judge determined that institutional sales of XRP did violate securities law. The news led to a 75% surge in XRP's price, and Ripple CEO Brad Garlinghouse stated that the ruling is a significant achievement not only for Ripple but for the broader US industry. Crypto exchange Coinbase also announced the reintroduction of XRP to its platform, causing its share price to rise by 20%. Read More (FinExtra)

JP Morgan confirms Germany expansion for Chase neobank. JP Morgan's digital bank, Chase, is set to expand its presence beyond the UK into Germany and other European countries. The bank's CEO, Jamie Dimon, confirmed the expansion plans, stating that they have ambitious intentions for their introduction to Germany and other European markets. The launch of Chase in the UK has been successful, attracting over 1.6 million customers in less than two years and receiving positive recognition through awards and customer appreciation. While the exact timing of the German launch is yet to be determined, the bank's European head, Kuba Fast, indicated that Chase is building its European hub in Berlin. Read More (Alt Fi)

Alipay and WeChat Pay add links to Visa and Mastercard. Visitors to China can now link their Visa, Mastercard, Diners Club, and Discover accounts to the popular mobile payment applications Alipay and WeChat Pay. This move by Ant Group and Tencent allows overseas users to make payments at tens of millions of merchants in China. Alipay and WeChat Pay collectively own a 91% market share in digital payment services in China. Both companies started allowing foreign credit card usage at select merchants in 2019 and have been expanding these options as pandemic-era restrictions were lifted. The partnerships aim to provide convenience to foreigners navigating China's cashless payment ecosystem, which sees $434 trillion worth of transactions annually. Read More (Fintech News)

Swift pilots instant payments across currency zones. Swift, along with major international banks like BBVA, Santander, and CaixaBank, has successfully conducted the first pilot for processing instant cross-currency payments in a real-world environment. The pilot involved Spanish payment processor Iberpay's real-time instant transfer platform being integrated with Swift's GPI tracker, allowing for end-to-end payment status visibility and improved transaction transparency. Payments from different currency areas, including Australia, New Zealand, Brazil, and the UK, were settled and credited within seconds using the Swift GPI Instant service. The initiative aims to enhance customer experience, offer new use cases, and compete with emerging players in the payment sector. Read More (FinExtra)

Revolut lost $20 million to criminals exploiting payment loophole. Criminals exploited a payment processing flaw in Revolut's system, leading to the theft of over $20 million from the financial app in 2022. The issue arose from inconsistencies between Revolut's US and European systems, causing incorrect refunds using the company's funds when transactions were declined. Organized criminal groups exploited this by prompting individuals to make costly purchases that would subsequently be declined, allowing them to withdraw refunded amounts from ATMs. The flaw was identified by a partner bank in late 2021 and rectified in Spring 2022. Approximately $23 million was withdrawn, with some funds recovered through pursuing cash withdrawers. Read More (FinExtra)

Revolut arrives in New Zealand. Revolut has introduced its financial super app in New Zealand after a successful 12-month testing period, during which over 26,000 individuals signed up for the waitlist. New Zealand users can benefit from instant and fee-free foreign currency exchange, peer-to-peer payments, bill splitting, and transactions in over 200 currencies at competitive exchange rates without hidden fees. Revolut aims to tap into a market where nearly 40% of consumers lack trust in traditional banks, aiming to offer an alternative solution. Read More (FinExtra)

Amazon set to roll out palm payment processing across all US Whole Foods stores. Amazon is planning to expand its palm payment technology, Amazon One, across all Whole Foods Market stores in the United States by the end of the year. Amazon One, introduced by Amazon Web Services in 2020, enables contactless payments, identification, loyalty programs, and access control by scanning the unique vein patterns in a user's hand. The technology has already been deployed in over 400 locations across the US and will be integrated into all Whole Foods stores nationally. Read More (Fintech Futures)

Sam Altman's Worldcoin project launches. Sam Altman's Worldcoin project has launched in various cities worldwide. The initiative aims to create a global identity and financial network by distributing free crypto tokens to individuals who undergo iris scans. Altman, along with co-founders Alex Blania and Max Novendstern, highlights the lack of legal, digitally-verifiable identities for about 4.4 billion people, hindering their access to essential services. Worldcoin seeks to provide universal access to the global economy and enable global democratic processes. The Worldcoin token is given to individuals as a form of universal basic income, proving their uniqueness through iris scans. The project recently secured $115 million in funding and has expanded its efforts with the release of the World ID SDK. Read More (FinExtra)

JP Morgan CEO confirms German expansion for Chase digital bank. JP Morgan Chase CEO Jamie Dimon has confirmed that the company's online bank, Chase, is set to expand into Germany and other parts of Europe. The digital bank Chase made its European debut in the UK in September 2021, with plans to extend its presence to other countries. Dimon expressed the company's "ambitious plans" for entering the German market and other European countries. While previous reports indicated a potential launch in late 2024 or early 2025, Dimon did not provide a specific date for the expansion into Germany. Read More (Fintech Futures)

 

 

FINTECH ADOPTION HIGHLIGHTS

S. No.	Company	Segment	Theme	Link
1	DBS	Blockchain	CBDC	DBS launches e-CNY merchant collection solution for mainland businesses to receive CBDC payments, completes first client transaction
2	Apple	Payments	Contact-less Payments	Apple Tap to Pay rolls out in UK with Revolut and Tyl
3	Figure Technologies	Lending	Digital Mortgage	Figure Expands Reach of HELOC Products Through Four New Partnerships
4	Starling Bank	FinTech	AI in Finance	Starling Bank Selects Napier’s Intelligence Compliance Platform
5	Earnest	Lending	Embedded Finance	Earnest and Nova Credit Partner to Offer Student Loans for International Students
6	Car IQ	Payments	Payments	Car IQ partners Visa to enable in-vehicle payments
7	Engage	Payments	Real-time Payments	Engage teams up with 10 UK credit unions for faster payments to clients
8	Mascoma Bank	Banking	Bank Automation	Mascoma Bank implements OnView deposit suite with VSoft partnership
9	Swiss Bank	Banking	CBDC	Swiss National Bank confirms wholesale CBDC pilot
10	Canadian Tire Bank	Banking	Banking as a Service	Canadian Tire Bank Expands Relationship with Temenos and Moves to Temenos Banking Cloud
11	GAT Investment Bank	Payments	Virtual Banking	GAT Investment bank taps Currencycloud for new app launch
12	RTGS.global	Payments	CBDC	RTGS.global partners with MDO Humo and Credo Bank
13	Nine UK Banks	FinTech	AI in Finance	Nine of the UK’s biggest banks are adopting AI tools to tackle scams
14	Republic of Palau	Blockchain	Stablecoins	The Republic of Palau Joins Forces with Ripple for Pilot of US Dollar-Backed Stablecoin on XRP Ledger
15	Philippines’ UnionBank	Banking	Bank Automation	The Philippines’ UnionBank taps NCR to manage its ATMs
16	OCB	Banking	Virtual Banking	Vietnam’s OCB developing digital banking solution for customers
17	Bank of England	Blockchain	CBDC	BofE taps Nuggets for digital pound privacy layer
18	Blueleaf	WealthTech and Capital Markets	Digital Wealth Management	FusionIQ integrates with wealth management platform Blueleaf
19	Ila Bank	Banking	Real-time Payments	ila Bank taps Arab Financial Services for prepaid card offering

 

 

Source: Intro-act, Multiple Web Sources

Chart 11: FinTech Deal Activity Volume Bounces Slightly After Six Consecutive Quarters of Decline

Source: Intro-act, FT Partners

M&A Activity

Target	Target Industry	Target Country	Acquirer	Deal Size ($m)	Announcement Date
Ratio Elektronik GmbH	Computer Processing Hardware	Germany	Madic Group	-		04-07-2023
PT Pemuda Inovasi Teknologi	Packaged Software	Indonesia	Take App Pte Ltd.	-		05-07-2023
Ikonic Srl	Miscellaneous Commercial Services	Italy	NHN Corp.	10.90		05-07-2023
Rakuten Securities Australia Pty Ltd.	Investment Banks/Brokers	Australia	AT Global Markets (UK) Ltd.	-		05-07-2023
Rblde Unconventional SL	Financial Conglomerates	Spain	Papara Elektronik Para AS	-		05-07-2023
TrustFlow Digital Solutions, Inc.	Information Technology Services	United States	Docufree Corp.	-		05-07-2023
Digital Trusted Identity Services, LLC	Data Processing Services	United States	HireRight Holdings Corp.	-		06-07-2023
Conning Holdings Corp.	Investment Managers	United States	Generali Insurance Asset Management SpA SGR	-		06-07-2023
Heritage NOLA Bancorp, Inc.	Regional Banks	United States	MC Bancshares, Inc. (Louisiana)	25.41		06-07-2023
Conning Holdings Ltd.	Investment Managers	United Kingdom	Generali Investments Holding S.P.A.	-		06-07-2023
Worldpay, Inc.	Packaged Software	United States	GTCR LLC	12,700.00		06-07-2023
Zenka	Internet Software/Services	Kenya	Sun Finance Treasury Ltd.	-		07-07-2023
Campaign Agent Pty Ltd.	Information Technology Services	Australia	REA Group Ltd.	-		11-07-2023
Banksmart Solutions LLC	Miscellaneous Commercial Services	United States	Cornerstone Advisors, Inc. (Arizona)	-		12-07-2023
MrMeal Production Ltd	Advertising/Marketing Services	Hong Kong	RC365 Holding Plc	0.26		13-07-2023
Rent Dynamics	Packaged Software	United States	Entrata, Inc.	-		13-07-2023
IOU Financial, Inc.	Finance/ Rental/ Leasing	Canada	Neuberger Berman Investment Advisers LLC; Palos Management, Inc.; Fintech Ventures; Iou Financial, Inc. /Pvt Grp/	9.53		14-07-2023
Capcito Finance AB	Packaged Software	Sweden	Fortnox AB	8.55		14-07-2023
Standard Chartered Plc /Business Banking Tanzania/	Regional Banks	United Kingdom	Access Bank Plc	-		14-07-2023
Sanad Cash, Inc.	Information Technology Services	Saudi Arabia	Hyperpay, Inc.	-		16-07-2023
Tillco Holdings LLC	Data Processing Services	United States	Nav Technologies, Inc.	-		17-07-2023
MedXoom, Inc.	Packaged Software	United States	Stone Point Capital LLC; Allied Benefit Systems, LLC	-		18-07-2023
ArcMed Solutions Pvt Ltd.	Miscellaneous Commercial Services	India	Ventra Health, Inc.	-		18-07-2023
Danske Bank AS /Norwegian Personal Customer And Private Bankin	Regional Banks	Norway	Nordea Bank Abp	-		19-07-2023
Sinqia SA	Information Technology Services	Brazil	EVERTEC, Inc.	553.93		20-07-2023
Roxe Holdings, Inc.	Packaged Software	United States	Fresh2 Technology, Inc.	22.28		21-07-2023
Elec ENR SAS	Engineering & Construction	France	Solutions 30 SE	-		25-07-2023
Writer Safeguard Pvt Ltd.	Regional Banks	India	Hitachi Payment Services Pvt Ltd.	-		26-07-2023
Kakao Pay Insurance Co. Ltd.	Insurance Brokers/Services	South Korea	kakaopay Corp.	31.38		27-07-2023
Equiant Financial Services LLC	Packaged Software	United States	Concord Servicing Corp.	-		28-07-2023
SpeedIn, Inc.	Air Freight/Couriers	United States	Roxe Holdings, Inc.	-		28-07-2023

Source: Intro-act, FactSet

PE/ VC Funding Activity

Company	Funding Round	Fund raised ($m)	Investors
Bequest Finance	Series A	2.75	Mark Cuban, Nyca Partners LLC
Camden Town Technologies Pvt Ltd.	Series D	7.00	Omidyar Network India Advisors Pvt Ltd., Quona Capital Management Ltd., Fair Finance Commons LLC
Fifty Fintech Pvt Ltd.	Seed Round	0.53	KeyNote Ventures LLC, Rajesh Sawhney, MBA, Kumar Manish, Arun Venkatachalam, Dinesh Chandra Agarwal, Sumit Khadria, KRS Jamwal, 100x.vc, Aniket Bhalchandra Nikumb
Dexy Co.	Private Sh	-	Dpixel Srl
Vestinda	Private Sh	-	Dpixel Srl
MmenuJapan Co. , Ltd.	Series A	-	Shibata Industry Co., Ltd.
The Currency Cloud BV	Series A	3.27	Guillaume P. Amblard, Jérôme Camblain, Dovesco NV, Yann Samuelides, Blast SAS, Loic Mennel
numarics AG	Seed Round2	11.08	UBS Next Generation Internet Index, Seed X Liechtenstein AG, FiveT Fintech, Wingman AG
Knight Fintech Research Pvt Ltd.	Series A	3.20	Commerce Ventures Management LLC, Z Nation Labs, Randev Ventures
Clair, Inc. (New York)	Series B	25.00	Upfront Ventures Management LLC, Thrive Capital Management, LLC, Kairos Venture Investments LLC
Moove Africa BV	Series B	8.00	Absa Group Ltd.
U Fintech Hub, Inc.	Series A	4.00	Forest Partners Ltd.
Knight Fintech Research Pvt Ltd.	Series A	3.20	3one4capital Advisors LLP
Magic Square Int Ltd.	Series A	-	Emurgo Ventures
Gr4vy, Inc.	Series B	-	W23 Pty Ltd.
Trax Group, Inc.	Private Sh	-	Triumph Financial, Inc., Triumphpay
OfColor LLC	Series A2	-	Financial Finesse Ventures
Solaris SE	Series F	41.76	Banco Bilbao Vizcaya Argentaria SA, SBI Investment Co., Ltd., HV Capital Manager GmbH, Lakestar Advisors GmbH, yabeo Capital GmbH, FinLeap GmbH, Decisive Capital Management SA
73 Strings SAS	Series A	10.00	FIL Investment Management Ltd, Blackstone Innovations Investments, Broadhaven Ventures
OneStack Solutions Pvt Ltd.	Seed Round2	2.00	Sunil Kulkarni, Growx Venture Management Pvt Ltd., Venture Catalysts Pvt Ltd., Stride Ventures
TTMFS Singapore Pte Ltd.	Series C4	12.00	Visa, Inc., EDB Investments Pte Ltd.
Risc0, Inc.	Series A	40.00	Galaxy Digital Capital Management LP, Bain Capital Ventures LP, Blockchain Capital LLC, Rockaway Capital SE, Shanghai Fenbushi Investment Management Co. Ltd., Aglaé Ventures SAS, Maven 11 Capital BV, IOSG Ventures, A100x LLC, Alchemy Ventures, Figment Capital, Delphi Ventures, Tribute Labs, Inc., IOBC Capital, Zero Dao LLC
FedML, Inc.	Seed Round2	11.50	University of Southern California, LDVP Management LLC, Wisemont Capital Management Co., LLC, Robot Ventures Management LLC, Primeset, Camford Capital, Aimtop Ventures, Finality Capital Partners LLC, Modular Capital Investments LLC, Sparkle Ventures /Lu/, Road Capital Management
Tradeplus24 AG	Series B	51.55	M&G Investments (Real Estate)
Findustrial GmbH	Private Sh	-	PS Team GmbH
Collectly, Inc.	Series A3	29.00	Y Combinator LLC, Sapphire Ventures LLC, Burst Capital LLC, Cabra VC, Wayfinder Ventures Management LLC, Davidovs Venture Collective
Squadtrip Corp.	Series A	1.50	Forum Ventures, Atento Capital LLC
Gimo JSC	Series A2	12.00	George Kent (Malaysia) Bhd., Genting Ventures, TKG TAEKWANG JINHEOUNG VINA COMPANY LIMITED, Alteriq Capital
bunq BV	Private Sh	49.31	Pollen Street Capital Ltd., Ali Niknam, Raymond Kasiman
Netfintech Srl	Private Sh	-	Banca Valsabbina SCpA
MindBridge Analytics, Inc.	Private Sh	60.00	PSG Equity LLC
Immediate Solutions, Inc.	Private Sh	16.00	Cynthia Johnson, BankSouth Holding Co. (Georgia), Bryan Statham, Castlecreek Launchpad
Trustmi Networks Ltd.	Series A2	17.00	Zeev Ventures LLC, Cyberstarts VC
Fitted Usa Inc.	Series A	8.50	Handshake Ventures LLC, Capital Eleven LLC
Sunrate Solutions Ltd.	Series D2	-	SoftBank Ventures Asia, Inc., Peak XV Partners, Prosperity7 Ventures
HashPort, Inc.	Series C3	8.50	Sumitomo Mitsui Financial Group, Inc., Yusaku Maezawa, The University of Tokyo Edge Capital Co. Ltd.

 

Source: Intro-act, FactSet

Chart 12: Fintech Institutional Owners League (Current)

Rank Institution Name Invested in Fintechs ($) Q/Q Change ($) # Fintech Positions % of Instit Ownership 1 The Vanguard Group, Inc.  132,187,262,724  (105,658,167,613) 218 9.4% 2 BlackRock Fund Advisors  77,929,970,238  (60,932,275,351) 218 5.5% 3 SSgA Funds Management, Inc.  47,710,689,481  (52,445,812,779) 228 3.4% 4 Geode Capital Management LLC  26,897,411,854  (23,064,114,506) 223 1.9% 5 Fidelity Management & Research Co. LLC  25,761,400,927  (24,500,441,904) 187 1.8% 6 Massachusetts Financial Services Co.  25,000,896,817  (13,284,851,985) 61 1.8% 7 Capital Research & Mgt Co. (World Investors)  22,998,032,729  (11,097,830,758) 53 1.6% 8 T. Rowe Price (Inv Mgt)  20,312,535,992  (38,726,742,996) 146 1.4% 9 Capital Research & Management Co. (International Investors)  17,129,837,086  (12,879,479,919) 41 1.2% 10 TD Asset Management, Inc.  15,365,358,896  (10,625,181,213) 96 1.1% 11 JPMorgan Investment Management, Inc.  14,220,659,225  (11,240,655,672) 179 1.0% 12 BlackRock Advisors (UK) Ltd.  13,839,460,554  (8,251,252,678) 181 1.0% 13 T. Rowe Price Investment Management, Inc.  13,059,709,464  (1,117,921,244) 34 0.9% 14 BlackRock Inv Mgt (UK) Ltd.  13,033,071,367  (12,535,218,973) 165 0.9% 15 Wellington Management Co. LLP  12,582,535,569  (24,857,063,977) 102 0.9% 16 Berkshire Hathaway (Inv Mgt)  12,186,014,058  (24,616,173,103) 6 0.9% 17 Northern Trust Investments  11,599,469,304  (12,372,715,569) 212 0.8% 18 Legal & General Inv Mgt Ltd.  9,205,833,192  (5,473,319,857) 184 0.7% 19 Charles Schwab Inv Mgt, Inc.  9,204,496,905  (7,432,444,505) 207 0.7% 20 Capital Research & Management Co. (Global Investors)  9,138,016,236  (8,724,178,695) 42 0.6% 21 Dimensional Fund Advisors LP  8,858,078,811  (4,666,956,448) 183 0.6% 22 Baillie Gifford & Co.  8,826,318,420  (6,998,015,173) 68 0.6% 23 Artisan Partners LP  8,657,199,084  (1,438,494,366) 45 0.6% 24 AllianceBernstein LP  8,592,495,038  (10,260,220,168) 168 0.6% 25 Dodge & Cox  7,741,573,474  (11,196,941,632) 8 0.5%   Others  841,275,045,727  (691,174,710,152)  66,300 59.5%   TOTAL  1,413,313,373,172  1,195,571,181,236)  69,555 100%

Source: Intro-act, 13F Filings

 

Chart 13: Top 25 Fintech Buyers (Q/Q)

Rank Institution Name Invested in Fintechs ($) Q/Q Change ($) # Fintech Positions % of Instit Ownership 1 Lindsell Train Ltd.  4,071,784,289  1,316,435,161 9 0.3% 2 Societe Generale Gestion SA  1,163,808,840  613,643,281 12 0.1% 3 PineStone Asset Mgt Inc.  667,195,438  550,098,090 5 0.0% 4 Caledonia (Private) Inv Pty Ltd.  1,666,489,485  420,070,863 2 0.1% 5 West Yorkshire Pension Fund  619,447,830  335,766,856 26 0.0% 6 Canoe Financial LP  311,752,904  311,752,904 6 0.0% 7 AF Advisors, Inc.  256,372,933  256,372,933 1 0.0% 8 MFS International (UK) Ltd.  4,169,245,670  209,349,993 33 0.3% 9 Alphinity Inv Mgt Pty Ltd.  191,288,609  178,012,252 1 0.0% 10 Senator Investment Group LP  301,686,495  168,465,395 6 0.0% 11 Platinum Investment Mgt Ltd.  299,496,248  160,863,037 5 0.0% 12 Senvest Management LLC  150,558,237  150,558,237 2 0.0% 13 Pentwater Capital Management LP  267,191,920  142,615,570 6 0.0% 14 Independent Franchise Partners  2,585,852,522  140,937,232 5 0.2% 15 Empower Advisory Group LLC  138,039,606  138,039,606 14 0.0% 16 Mackenzie Financial Corp.  4,542,095,547  126,158,890 90 0.3% 17 Greenhaven Associates, Inc.  473,767,259  124,631,630 2 0.0% 18 Aegon Asset Mgt UK PLC  992,349,314  115,764,610 20 0.1% 19 New York Life Inv Mgt LLC  116,668,249  113,521,173 21 0.0% 20 Evenlode Investment Mgt Ltd.  978,960,282  113,513,630 13 0.1% 21 Mirae Asset Investment Managers (India) Pvt Ltd.  1,116,815,099  103,733,247 4 0.1% 22 MFS International Singapore Pte.  1,387,322,910  103,142,140 12 0.1% 23 Cavanal Hill Inv Mgt, Inc.  99,766,347  99,648,766 12 0.0% 24 Driehaus Capital Mgt LLC  267,935,458  94,370,125 17 0.0% 25 ArrowMark Colorado Holdings LLC  663,310,252  92,503,900 16 0.0%

Source: Intro-act, 13F Filings

 

 

Chart 14: Top 25 Fintech Sellers (Q/Q)

Rank Institution Name Invested in Fintechs ($) Q/Q Change ($) # Fintech Positions % of Instit Ownership 1 The Vanguard Group, Inc.  132,187,262,724 (105,658,167,613) 218 9.3% 2 BlackRock Fund Advisors  77,929,970,238  (60,932,275,351) 218 5.5% 3 SSgA Funds Management, Inc.  47,710,689,481  (52,445,812,779) 228 3.4% 4 T. Rowe Price (Inv Management)  20,312,535,992  (38,726,742,996) 146 1.4% 5 Norges Bank Investment Mgt  252,237,827  (38,329,422,090) 7 0.0% 6 Wellington Management Co. LLP  12,582,535,569  (24,857,063,977) 102 0.9% 7 Berkshire Hathaway (Inv Mgt)  12,186,014,058  (24,616,173,103) 6 0.9% 8 Fidelity Management & Research  25,761,400,927  (24,500,441,904) 187 1.8% 9 Geode Capital Management LLC  26,897,411,854  (23,064,114,506) 223 1.9% 10 Massachusetts Financial Services  25,000,896,817  (13,284,851,985) 61 1.8% 11 Capital Research & Management Co. (International Investors)  17,129,837,086  (12,879,479,919) 41 1.2% 12 BlackRock Inv Mgt (UK) Ltd.  13,033,071,367  (12,535,218,973) 165 0.9% 13 Northern Trust Investments,  11,599,469,304  (12,372,715,569) 212 0.8% 14 JPMorgan Inv Mgt, Inc.  14,220,659,225  (11,240,655,672) 179 1.0% 15 Dodge & Cox  7,741,573,474  (11,196,941,632) 8 0.5% 16 Capital Research & Management Co. (World Investors)  22,998,032,729  (11,097,830,758) 53 1.6% 17 TD Asset Management, Inc.  15,365,358,896  (10,625,181,213) 96 1.1% 18 AllianceBernstein LP  8,592,495,038  (10,260,220,168) 168 0.6% 19 Managed Account Advisors LLC  5,688,812,589  (9,047,058,023) 85 0.4% 20 Capital Research & Management Co. (Global Investors)  9,138,016,236  (8,724,178,695) 42 0.6% 21 BlackRock Advisors (UK) Ltd.  13,839,460,554  (8,251,252,678) 181 1.0% 22 Morgan Stanley Smith Barney LLC  2,866,202,643  (7,788,438,542) 163 0.2% 23 Fisher Asset Management LLC  2,667,764,459  (7,539,288,960) 39 0.2% 24 Charles Schwab Inv Mgt, Inc.  9,204,496,905  (7,432,444,505) 207 0.7% 25 Baillie Gifford & Co.  8,826,318,420  (6,998,015,173) 68 0.6%

Source: Intro-act, 13F Filings

 

 

ARK Fintech Innovation ETF (ARKF)

Closing Price ($)	CUSIP	Expense Ratio	Inception
24.2	00214Q708	0.75	04/02/2019

 

AUM ($ million)	Shares Outstanding (#)	Fund Flows (1M, $)	Fund Flows (YTD, $)
1047.3	4,50,50,000	14954450.0	(9732200.0)

 

Fund Description

ARKF is an actively managed fund of stocks related to financial technology innovation. The Fund is an actively managed exchange-traded fund (ETF) that will invest under normal circumstances primarily (at least 80% of its assets) in domestic and foreign equity securities of companies that are engaged in the Funds investment theme of financial technology (Fintech) innovation. A company is deemed to be engaged in the theme of Fintech innovation if (i) it derives a significant portion of its revenue or market value from the theme of Fintech innovation, or (ii) it has stated its primary business to be in products and services focused on the theme of Fintech innovation. The Adviser defines Fintech innovation as the introduction of a technologically enabled new product or service that potentially changes the way the financial sector works.  In selecting companies that the Adviser believes are engaged in the theme of Fintech innovation (Fintech Innovation Companies), the Adviser seeks to identify, using its own internal research and analysis, companies capitalizing on disruptive innovation.

ETF Returns Annualized (As of 7/31/2023)

1 Year	3 Year	5 Year	Since Inception
34.92%	-12.49%	-	4.67%

ETF Returns Cumulative (As of 7/31/2023)

1 Month	3 Month	YTD	Since Inception
15.61%	36.93%	68.90%	22.75%

Top 10 Holdings (updated as of 7/31/23)

CUSIP	Company	% of Fund	Market Value
19260Q107	COINBASE	12.5%	13,04,75,991.60
82509L107	SHOPIFY	10.0%	10,42,90,830.28
852234103	BLOCK	9.4%	9,80,95,514.52
26142V105	DRAFTKINGS	7.2%	7,55,91,563.32
90364P105	UIPATH	5.4%	5,62,60,798.02
770700102	ROBINHOOD	5.3%	5,53,26,311.28
90138F102	TWILIO	5.0%	5,24,70,008.56
M5216V106	GLOBAL E ONLINE	4.5%	4,72,01,123.22
N3501V104	ADYEN	3.8%	3,98,12,080.89
77543R102	ROKU	3.7%	3,91,43,440.20

Source: Intro-act, FactSet

For more information on ARKF visit: https://ark-funds.com/funds/arkf/

Global X FinTech ETF (FINX)

Closing Price ($)	CUSIP	Expense Ratio	Inception
24.7	37954Y814	0.68	12/09/2016

 

AUM ($ million)	Shares Outstanding (#)	Fund Flows (1M, $)	Fund Flows (YTD, $)
441.79	17,840,000	4188419.5	(66193796.7)

 

Fund Description

FINX tracks a market-cap-weighted index of companies in developed markets that derive significant revenues from providing financial technology products and services. The Fund invests at least 80% of its total assets in the securities of the Underlying Index. The Fund's 80% investment policy is non-fundamental and requires 60 days prior written notice to shareholders before it can be changed. The Fund may lend securities representing up to one-third of the value of the Funds total assets (including the value of the collateral received).   The Underlying Index is designed to provide exposure to exchange-listed companies in developed markets that provide financial technology products and services, including companies involved in mobile payments, peer-to-peer (P2P) and marketplace lending, financial analytics software and alternative currencies (collectively, FinTech Companies), as defined by Indxx, LLC, the provider of the Underlying Index (Index Provider).

ETF Returns Annualized (As of 7/31/2023)

1 Year	3 Year	5 Year	Since Inception
1.92%	-9.92%	-0.02%	8.41%

ETF Returns Cumulative (As of 7/31/2023)

YTD	1 Month	3 Months	Since Inception
29.53%	12.14%	19.14%	74.32%

Top 10 Holdings (updated as of 7/31/23)

CUSIP	Company	% of Fund	Market Value
N3501V104	ADYEN	6.7%	2,86,30,115.99
461202103	INTUIT	6.6%	2,83,61,566.24
337738108	FISERV	5.5%	2,36,86,104.96
852234103	BLOCK	5.2%	2,22,69,755.28
70450Y103	PAYPAL	5.2%	2,21,44,359.42
19260Q107	COINBASE	4.9%	2,08,68,521.00
31620M106	FIDELITY	4.8%	2,07,06,722.05
37940X102	GLOBAL PAYMENTS	3.8%	1,63,54,515.77
090043100	BILL HOLDINGS	3.8%	1,62,78,113.64
78467J100	SS&C	3.8%	1,60,92,746.00

 

Source: Intro-act, FactSet

For more information on FINX visit: https://www.globalxetfs.com/funds/finx/

 

Chart 15: Top 10 M/M Fintech Gainers (July 2023)

Source: Intro-act, FactSet

Chart 16: Top 10 M/M Fintech Losers (July 2023)

Source: Intro-act, FactSet

Chart 17: Top 10 YTD Fintech Gainers

Source: Intro-act, FactSet. YTD Data Through end of July 2023.

Chart 18: Top 10 YTD FinTech Losers

Source: Intro-act, FactSet. YTD Data Through end of July 2023.

 

Chart 19: YTD Stock Price Returns by Segment

Source: Intro-act, FactSet. YTD Data Through end of July 2023.

Chart 20: Fintech Industry Growth and Valuation by Segment

Source: Intro-act, FactSet. Data Through end of July 2023.

 

Chart 21: Price-to-Book Multiple by Segment

Source: Intro-act, FactSet. Data Through end of July 2023.

 

Chart 22: Quarterly FinTech M&A Financing Source: Intro-act, FT Partners   Chart 23: Quarterly Fintech Funding

Source: Intro-act, FT Partners

Chart 24: Geographic Distribution of Fintech Private Financing by Value

Source: Intro-act, FT Partners

Chart 25: Geographic Distribution of Fintech Private Financing by Deal Volume

Source: Intro-act, FT Partners

 

Chart 26: Average Funding Round Size ($ million)

Source: Intro-act, FT Partners

 

Chart 27: New FinTech Unicorns Announced (Last Six Quarters)

Source: Intro-act, FT Partners

 

Chart 28: Private FinTech Financing Activity in United States

Source: Intro-act, CB Insights

Chart 29: Quarterly Private FinTech Financing Trend – Payments ($ billion)

Source: Intro-act, FT Partners

 

 

Chart 30: Quarterly Private FinTech Financing Trend – Banking/ Lending Tech ($ billion)

Source: Intro-act, FT Partners

 

Chart 31: Quarterly Private FinTech Financing Trend – Wealth and Capital Markets Tech ($ billion)

Source: Intro-act, FT Partners

 

Chart 32: Quarterly Private FinTech Financing Trend – InsurTech ($ billion)

Source: Intro-act, FT Partners

 

Chart 33: Quarterly Private FinTech Financing Trend – Crypto and Blockchain ($ billion)

Source: Intro-act, FT Partners

 

Chart 34: Quarterly Private FinTech Financing Trend – Financial Management Solutions ($ billion)

Source: Intro-act, FT Partners

 

Chart 35: Quarterly Private FinTech Financing Trend – Healthcare FinTech ($ billion)

Source: Intro-act, FT Partners

 

 

Chart 36: Select Sector and Sub-Sector Financing Activity Highlights Q2 2023

Source: Intro-act, FT Partners

 

 

Chart 37: Fintech SPACs (Searching)

S. No SPAC Name Ticker Trust Value      ($ Mn) IPO Date Completion Date 1 Thunder Bridge Capital Partners III TBCP 414 2/4/21 8/10/23 2 FinServ Acquisition Corp. II FSRX 300 2/17/21 8/22/23 3 Fusion Acquisition Corp. II FSNB 500 2/25/21 3/2/23 4 Portage Fintech Acquisition Corp. PFTA 259 7/20/21 7/20/23 5 Williams Rowland Acquisition Corp. WRAC 230 7/26/21 7/29/23 6 World Quantum Growth Acquisition WQGA 204 8/11/21 8/11/23 7 Concord Acquisition Corp II CNDA 280 8/31/21 8/31/23 8 WinVest Acquisition Corp. WINV 115 9/14/21 6/17/23 9 Concord Acquisition Corp III CNDB 345 11/3/21 11/3/23 10 Finnovate Acquisition Corp. FNVT 173 11/3/21 5/8/23 11 FTAC Zeus Acquisition Corp. ZING 403 11/18/21 8/18/23 12 Globalink Investment Inc. GLLI 115 12/6/2021   9/9/23 13 AIB Acquisition Corp AIB 86 1/18/22 10/21/23 14 SHUAA Partners Acquisition Corp I SHUA 109 3/2/22 12/2/23 15 Global Blockchain Acquisition Corp. GBBK 173 5/9/22 2/9/24

Source: Intro-act, Boardroom Alpha

 

Chart 38: Fintech SPACs (Business Combination Agreement Announced)

S. No SPAC Name Ticker Target Company EV ($ Mn) Expected Closing 1 ADIT Edtech Acquisition Corp. ADEX Griid   3,300 1Q22 2 StoneBridge Acquisition Corp. APAC DigiAsia Bios 500 2Q23 3 Arisz Acquisition Corp. ARIZ BitFuFu 1,500 - 4 Blockchain Coinvestors Acquisition Corp. I BCSA Qenta Inc. 622 - 5 Broad Capital Acquisition Corp BRAC Openmarkets Group 90 2Q23 6 Brilliant Acquisition Corporation BRLI Nukkleus, Inc. 140 - 7 Bridgetown Holdings Ltd BTWN MoneyHero 342 3Q23/4Q23 8 Capitalworks Emerging Markets Acquisition Corp CMCA Lexasure Financial Group - - 9 Canna-Global Acquisition Corp CNGL New Quantum Holdings Pty Ltd. 800 4Q23 10 Fintech Ecosystem Development Corp. FEXD Rana and Afinoz 198 - 11 InFinT Acquisition Corporation IFIN Seamless Group 400 1Q23 12 InterPrivate III Financial Partners Inc. IPVF Aspiration Partners 1,943 - 13 Kingswood Acquisition Corp KWAC Wentworth Management Services LLC 208 - 14 LIV Capital Acquisition Corp. II LIVB Covalto 547 1Q23 15 Everest Consolidator Acquisition Corp MNTN -     16 Metal Sky Acquisition Corp MSSA Future Dao Group 350 - 17 Prime Impact Acquisition I PIAI Cheche Technology 841 3Q23 18 Prime Number Acquisition I Corp. PNAC Noco-Noco Pte. Ltd. - 4Q23 19 Goal Acquisitions Corp. PUCK Digital Virgo 513 1Q23 20 Quantum FinTech Acquisition Corp QFTA AtlasClear - 2/3Q23 21 Thunder Bridge Capital Partners IV THCP Coincheck 1,250 - 22 Vahanna Tech Edge Acquisition I Corp. VHNA Roadzen, Inc. 965 2Q23 23 Worldwide Webb Acquisition Corp. WWAC Aeries Technology 196 -

Source: Intro-act, Boardroom Alpha

 

 

Chart 39: Fintech SPACs (Closed Deals Since January 2022)

S. No SPAC Name Ticker (Old) DE-SPAC Ticker Closing Date 1 VPC Impact Acquisition Holdings III, Inc. VPCC Dave Inc. DAVE 5-Jan-22 2 Motive Capital Corp MOTV Forge Global, Inc. FRGE 22-Mar-22 3 TradeUP Global Corporation TUGC SAI Tech SAI 29-Apr-22 4 EJF Acquisition Corp EJFA Pagaya PGY 22-Jun-22 5 Delwinds Insurance Acquisition Corporation DWIN FOXO Technologies Inc. FOXO 16-Sep-22 6 Northern Lights Acquisition Corp. NLIT Safe Harbor Financial SHFS 29-Sep-22 7 AGBA Acquisition Limited AGBA TAG Holdings Limited AGBA 14-Nov-22 8 Cartesian Growth Corporation GLBL The Tiedemann and Alvarium Groups ALTI 3-Jan-23 9 CENAQ Energy Corp. CENQ Bluescape Energy Partners LLC VGAS 15-Feb-23 10 Blue Safari Group Acquisition Corp BSGA Bitdeer BTDR 13-Apr-23 11 Avalon Acquisition Inc. AVAC The Beneficient Company Group, L.P. BENF 7-Jun-23 12 East Resources Acquisition Company ERES Abacus Life ABL 3-Jul-23

Source: Intro-act, Boardroom Alpha

 

 

Chart 40: Top-10 Cryptocurrencies by Market Cap

Source: Intro-act, Coin MarketCap. Data as of 7/31/23.

 

 

 

 

 

 

S. No.	Event	Place	Dates
1	Vencent Fintech Summit	Arkansas, USA	14-Aug to 15-Aug-23
2	Blockchain Futurist Conference	Toronto, Canada	15-Aug to 16-Aug-23
3	Digital Transformation in Banking (APAC)	Singapore	25-Aug to 25-Aug-23
4	6th Cryptocurrency Research Conference 2023	Monaco	28-Aug to 29-Aug-23
5	Global FinTech Fest	India	5-Sep to 7-Sep-23
6	Artificial Intelligence In Financial Services 2023	London, UK	6-Sep to 7-Sep-23
7	Permissionless 2023	Texas, USA	11-Sep to 13-Sep-23
8	FinovateFall	New York, USA	11-Sep to 13-Sep-23
9	TradeTech FX EU 2023	Paris, France	12-Sep to 14-Sep-24
10	Fintech South	Atlanta, USA	12-Sep to 13-Sep-23
11	SIBOS 2023	Toronto, Canada	18-Sep to 21-Sep-23
12	Techcrunch Disrupt (w/Fintech Track)	California, USA	19-Sep to 21-Sep-23
13	BattleFin Discovery Day London 2023	London, UK	26-Sep to 27-Sep-23
14	Digital Transformation in Banking (Europe)	Amsterdam, Netherlands	29-Sep to 29-Sep-23
15	Lend 360	Atlanta, USA	2-Oct to 4-Oct-23
16	The14th NextGen Payments & RegTech Forum	Athens, Greece	5-Oct to 6-Oct-23
17	InvestOps 2023	London, UK	16-Oct to 18-Oct-23
18	FintechSurge	Dubai, UAE	16-Oct to 20-Oct-23
19	Money 20/20	Las Vegas, USA	22-Oct to 25-Oct-23
20	Hong Kong Fintech Week	Hong Kong	30-Oct to 5-Nov-23
21	Annual Quant Insights Conference	United States	1-Nov to 2-Nov-23
22	The 16th NextGen Payments & RegTech Forum	Limassol, Cyprus	2-Nov to 3-Nov-23
23	FinTech LIVE London 2023	London, UK	8-Nov to 9-Nov-23
24	Quantminds International 2023 London	London, UK	13-Nov to 16-Nov-23
25	Fintech Talents Festival	London	15-Nov to 16-Nov-23
26	BattleFin Discovery Day Singapore 2023	Singapore	13-Nov to 14-Nov-24
27	Singapore Fintech Festival	Singapore	15-Nov to 17-Nov-23
28	Credit & Collections Technology Think Tank	Manchester, UK	23-Nov to 23-Nov-23
29	FTT Embedded Finance & Super Apps North America	California, USA	6-Dec to 7-Dec-23
30	Fintech Connect	London	6-Dec to 7-Dec-23

Source: Intro-act

 

			Share Price	Mkt Cap (Mns)	Ent Val (Mns)	Price Performance			Sales			EBITDA			Book Value
		8/1/2023				% to   High	% to       Low	% YTD	LTM	NTM	EV/Sales	LTM	NTM	EV/ EBITDA	Book/ Share	P/ Book
Peer Set
Blockchain			2,130	45,220	50,664			58%	5,510	6,687	7.6 x	(713)	1,630	31	211.45	10.1 x
1	Coinbase	COIN	98.61	18,428	21,208	18%	-68%	179%	2,800	2,737	7.7 x	(107)	347	61.1 x	24.20	4.1 x
2	Texas Pacific Land	TPL	1,506.30	11,587	10,989	82%	-16%	-36%	666	614	17.9 x	-	512	21.5 x	107.76	14.0 x
3	MicroStrategy	MSTR	437.88	4,814	7,820	8%	-70%	209%	506	503	15.5 x	-	97	81.0 x	34.20	12.8 x
4	Riot Platforms	RIOT	18.52	3,242	2,955	12%	-82%	446%	253	411	7.2 x	(74)	120	24.6 x	6.54	2.8 x
5	Marathon Digital	MARA	17.37	2,952	3,373	14%	-82%	408%	117	531	6.4 x	(496)	209	16.1 x	3.26	5.3 x
6	Cipher Mining	CIFR	3.80	946	953	39%	-90%	579%	25	163	5.9 x	-	101	9.4 x	1.38	2.7 x
7	Galaxy Digital	GLXY-CA	4.92	512	512	50%	-50%	72%	23	141	3.6 x	-	-	-	3.90	1.3 x
8	Cleanspark	CLSK	6.01	677	685	26%	-71%	195%	128	303	2.3 x	20	85	8.1 x	4.89	1.2 x
9	Iris Energy	IREN	6.66	366	352	21%	-85%	452%	59	179	2.0 x	(11)	47	7.5 x	5.09	1.3 x
10	Core Scientific	CORZQ	0.95	358	326	265%	-96%	1165%	633	759	0.4 x	81	122	2.7 x	(1.08)	-0.9 x
11	TeraWulf	WULF	2.92	619	726	38%	-82%	339%	26	103	7.0 x	-	51	14.1 x	0.74	4.0 x
12	Bit Digital	BTBT	4.43	366	318	8%	-88%	638%	32	60	5.3 x	-	3	103.0 x	0.95	4.7 x
13	Bakkt Holdings	BKKT	1.65	148	196	130%	-35%	39%	55	82	2.4 x	(120)	(83)	-	1.08	1.5 x
14	BitMine Immersion Technologies	BMNR	0.70	35		356%	-100%	0%	-	-	-	-	-	-		-
15	Moxian (BVI)	MOXC	1.07	38		102%	-60%	137%	-	-	-	-	-	-		-
16	Stronghold Digital Mining	SDIG	8.87	47	109	327%	-60%	139%	95	102	1.1 x	(3)	18	6.1 x	20.03	0.4 x
17	Future FinTech Group	FTFT	1.38	20	2	114%	-25%	-26%	-	-	-	-	-	-	4.46	0.3 x
18	Xtra Energy	XTPT	0.11	22		91%	-60%	-22%	-	-	-	-	-	-		-
19	SAI.TECH Global	SAI	1.75	23	29	499%	-43%	-13%	-	-	-	-	-	-	1.67	1.0 x
20	Greenidge Generation	GREE	6.01	20	110	714%	-74%	118%	92	-	-	(2)	-	-	(7.63)	-0.8 x

 

 

			Share Price	Mkt Cap (Mns)	Ent Val (Mns)	Price Performance			Sales			EBITDA			Book Value
						% to   High	% to       Low	% YTD	LTM	NTM	EV/Sales	LTM	NTM	EV/ EBITDA	Book/ Share	P/ Book
Payments			6,631	1,815,260	2,107,746			18%	349,849	369,801	5.7 x	86,525	96,413	21.9 x	1,081.40	6.1 x
21	Visa Inc	V	237.73	381,982	485,159	3%	-27%	14%	31,831	35,186	13.8 x	22,329	24,939	19.5 x	18.26	13.0 x
22	Mastercard	MA	394.28	368,592	379,935	3%	-30%	13%	23,590	26,804	14.2 x	14,242	16,661	22.8 x	5.84	67.6 x
23	American Express	AXP	168.88	124,373	129,723	8%	-23%	14%	57,067	63,511	2.0 x	-	-	-	36.28	4.7 x
24	Intuit	INTU	511.70	143,307	146,235	0%	-31%	31%	14,070	15,591	9.4 x	5,676	6,481	22.6 x	62.77	8.2 x
25	PayPal	PYPL	75.82	84,593	85,094	36%	-22%	6%	28,075	30,173	2.8 x	7,056	7,812	10.9 x	17.70	4.3 x
26	Fiserv	FISV	126.21	76,939	100,065	4%	-27%	25%	17,419	18,707	5.3 x	7,696	8,355	12.0 x	49.09	2.6 x
27	Shopify	SHOP	67.58	81,059	82,968	6%	-65%	95%	5,904	6,998	11.9 x	28	627	132.4 x	6.61	10.2 x
28	Adyen	ADYEN-NL	1,863.09	57,776	56,150	5%	-38%	35%	-	-	-	-	-	-	84.93	21.9 x
29	Paychex	PAYX	125.47	45,238	44,479	11%	-17%	9%	5,007	5,319	8.4 x	2,212	2,390	18.6 x	9.69	12.9 x
30	Workday	WDAY	237.13	48,849	58,804	1%	-46%	42%	6,465	7,495	7.8 x	1,664	2,014	29.2 x	22.77	10.4 x
31	Capital One	COF	117.02	44,636	91,082	5%	-28%	26%	35,760	36,709	2.5 x	-	-	-	143.03	0.8 x
32	Fidelity (FIS)	FIS	60.38	35,771	53,919	74%	-20%	-11%	14,547	14,641	3.7 x	6,138	6,179	8.7 x	45.77	1.3 x
33	Global Payments	GPN	110.25	28,880	45,733	24%	-16%	11%	8,188	8,808	5.2 x	4,012	4,385	10.4 x	84.36	1.3 x
34	Discover Financial Services	DFS	105.55	26,382	39,070	16%	-17%	8%	14,842	15,991	2.4 x	-	-	-	51.21	2.1 x
35	Paycom Software	PAYC	368.76	22,233	21,757	9%	-29%	19%	1,473	1,809	12.0 x	630	761	28.6 x	23.06	16.0 x
36	FLEETCOR Technologies	FLT	248.91	18,378	22,906	6%	-35%	36%	3,539	3,914	5.9 x	1,837	2,086	11.0 x	39.04	6.4 x
37	Edenred	EDEN-FR	65.14	16,258	15,588	5%	-33%	20%	2,275	-	-	-	-	-	(2.90)	-22.4 x
38	Synchrony Financial	SYF	34.54	14,444	16,703	18%	-23%	5%	12,501	13,731	1.2 x	-	-	-	30.25	1.1 x
39	Worldline	WLN-FR	39.72	11,236	14,827	25%	-14%	2%	4,899	-	-	-	-	-	36.27	1.1 x
40	Jack Henry & Associates	JKHY	167.57	12,212	12,605	27%	-17%	-5%	2,026	2,156	5.8 x	638	704	17.9 x	21.11	7.9 x
41	Paylocity Holding	PCTY	226.85	12,662	12,500	22%	-29%	17%	1,095	1,345	9.3 x	334	430	29.1 x	13.77	16.5 x
42	Nexi	NEXI-IT	8.68	11,393	19,113	19%	-16%	10%	3,549	-	-	1,796	-	-	10.17	0.9 x
43	Sage Group	SGE-GB	12.05	12,353	13,154	1%	-39%	35%	-	-	-	-	-	-	1.63	7.4 x
44	WEX	WEX	189.35	8,133	6,595	8%	-34%	16%	2,468	2,578	2.6 x	1,047	1,167	5.7 x	41.23	4.6 x
45	Wise	WISE-GB	10.00	10,248	7,597	0%	-48%	48%	1,039	1,297	5.9 x	-	-	-	0.72	14.0 x
46	GMO Payment Gateway	3769-JP	76.26	5,838	5,089	25%	-13%	-7%	419	486	10.5 x	-	-	-	7.29	10.5 x
47	Toast	TOST	22.07	8,026	10,808	22%	-34%	23%	3,015	4,001	2.7 x	(87)	34	318.3 x	2.08	10.6 x
48	Euronet Worldwide	EEFT	87.87	4,361	4,446	38%	-19%	-7%	3,523	3,806	1.2 x	597	662	6.7 x	25.64	3.4 x
49	One 97 Communications (PayTM)	543396-in	9.66	6,126	5,466	16%	-44%	51%	977	1,308	4.2 x	(51)	83	66.0 x	2.55	3.8 x
50	Paycor HCM	PYCR	26.86	4,742	4,681	30%	-24%	10%	524	622	7.5 x	152	185	25.4 x	7.28	3.7 x
51	Western Union	WU	12.18	4,562	5,756	43%	-17%	-12%	4,388	4,218	1.4 x	1,034	1,023	5.6 x	1.67	7.3 x
52	BlackLine	BL	58.08	3,513	3,856	34%	-16%	-14%	542	612	6.3 x	81	98	39.4 x	1.93	30.0 x
53	Shift4 Payments	FOUR	68.99	3,951	5,181	11%	-51%	23%	779	991	5.2 x	335	453	11.4 x	6.66	10.4 x
54	NCR Corporation	NCR	26.88	3,774	9,123	32%	-33%	15%	7,869	8,069	1.1 x	1,401	1,527	6.0 x	10.63	2.5 x
55	EngageSmart	ESMT	18.96	3,161	2,871	19%	-21%	8%	325	404	7.1 x	56	74	38.5 x	4.89	3.9 x
56	Flywire	FLYW	34.14	3,717	3,454	0%	-50%	40%	302	395	8.7 x	20	38	90.1 x	4.43	7.7 x
57	Remitly Global	RELY	19.28	3,431	3,199	6%	-54%	69%	721	948	3.4 x	4	17	183.4 x	2.79	6.9 x
58	Nuvei	NVEI-CA	34.17	2,140	5,948	28%	-31%	35%	885	1,329	4.5 x	356	505	11.8 x	14.43	2.4 x
59	StoneCo	STNE	14.49	4,075	4,254	1%	-44%	53%	1,967	2,586	1.6 x	970	1,362	3.1 x	8.40	1.7 x
60	Cielo	CIEL3-BR	0.99	2,696	5,512	23%	-20%	0%	2,144	2,584	2.1 x	906	1,089	5.1 x	0.86	1.2 x
61	Dlocal	DLO	15.17	2,459	3,984	122%	-40%	-3%	469	685	5.8 x	163	221	18.0 x	1.35	11.2 x
62	Lightspeed Commerce	LSPD	17.58	2,661	1,885	44%	-29%	23%	731	891	2.1 x	(34)	1	3,176.6 x	16.52	1.1 x
63	EVERTEC	EVTC	39.33	2,560	2,792	7%	-23%	21%	634	678	4.1 x	262	292	9.6 x	8.24	4.8 x
64	Payoneer Global	PAYO	5.32	1,914	1,391	51%	-24%	-3%	683	850	1.6 x	77	150	9.3 x	1.61	3.3 x
65	Marqeta	MQ	5.58	2,711	1,561	102%	-38%	-9%	799	948	1.6 x	(36)	5	339.2 x	2.65	2.1 x
66	EverCommerce	EVCM	11.68	2,195	2,684	15%	-50%	57%	638	709	3.8 x	128	144	18.7 x	4.57	2.6 x
67	PagSeguro Digital	PAGS	11.36	2,315	5,362	72%	-34%	30%	3,028	3,550	1.5 x	591	734	7.3 x	7.42	1.5 x
68	Phreesia	PHR	31.72	1,705	1,570	26%	-31%	-2%	301	376	4.2 x	(76)	(52)	-	4.92	6.4 x
69	Network International	NETW-GB	4.97	2,649	2,807	2%	-54%	39%	-	-	-	-	-	-	1.21	4.1 x
70	AvidXchange	AVDX	12.41	2,498	2,214	1%	-44%	25%	332	386	5.7 x	(9)	10	214.6 x	3.24	3.8 x
71	Everi Holdings	EVRI	14.84	1,321	2,018	42%	-9%	3%	807	854	2.4 x	377	399	5.1 x	2.88	5.2 x
72	Global Blue Group	GB	4.99	947	1,568	52%	-30%	8%	-	-	-	-	-	-	0.00	2342.7 x
73	Paysafe	PSFE	12.03	737	3,157	139%	-22%	-13%	1,516	1,621	1.9 x	414	464	6.8 x	14.22	0.8 x
74	Alpha Group	Alph-gb	28.95	1,254	1,105	2%	-41%	30%	-	-	-	-	-	-	4.21	6.9 x
75	MoneyGram	MGI				-	-	-	1,337	-	-	-	-	-	(1.47)	-
76	GB Group	GBG-GB	3.23	816	946	134%	-16%	-15%	-	-	-	-	-	-	3.50	0.9 x
77	Green Dot	GDOT	19.55	1,017	284	48%	-23%	24%	1,441	1,423	0.2 x	231	182	1.6 x	16.55	1.2 x
78	Olo	OLO	7.86	821	870	79%	-27%	26%	195	223	3.9 x	14	22	40.3 x	4.22	1.9 x
79	Deluxe Corporation	DLX	18.99	825	2,403	35%	-28%	12%	2,227	2,191	1.1 x	419	401	6.0 x	13.71	1.4 x
80	BigCommerce	BIGC	10.81	806	872	102%	-37%	24%	285	317	2.7 x	(41)	(3)	-	0.46	23.4 x
81	Nayax	NYAX-IL	22.09	728	686	37%	-27%	17%	192	251	2.7 x	-	11	65.2 x	3.02	7.3 x
82	Fawry	FWRY-EG	0.18	602	451	26%	-24%	-14%	-	-	-	-	-	-	0.02	8.3 x
83	i3 Verticals	IIIV	25.01	580	1,067	23%	-26%	3%	346	395	2.7 x	90	107	10.0 x	9.59	2.6 x
84	Repay Holdings	RPAY	8.35	774	1,157	75%	-48%	4%	286	287	4.0 x	126	129	8.9 x	9.82	0.8 x
85	Riskified	RSKD	4.83	501	391	39%	-29%	5%	271	312	1.3 x	(28)	(11)	-	2.86	1.7 x
86	Expensify	EXFY	8.06	552	605	215%	-30%	-9%	169	172	3.5 x	41	42	14.5 x	1.24	6.5 x
87	Tyro Payments	TYR-AU	0.93	483	472	34%	-42%	-3%	-	-	-	-	-	-	0.21	4.4 x
88	Cantaloupe	CTLP	7.71	559	558	7%	-64%	77%	238	267	2.1 x	11	29	19.5 x	2.20	3.5 x
89	PayPoint	PAY-GB	6.59	478	504	18%	-29%	7%	-	-	-	-	-	-	1.96	3.4 x
90	NewtekOne	NEWT	17.80	438	1,214	30%	-40%	10%	113	232	5.2 x	-	-	-	8.08	2.2 x
91	Priority Technology	PRTH	4.50	344	1,152	37%	-34%	-14%	695	776	1.5 x	143	171	6.8 x	(1.50)	-3.0 x
92	Zip Co Ltd.	ZIP-AU	0.32	264	2,132	275%	-17%	-7%	576	-	-	-	-	-	0.26	1.2 x
93	OFX Group	OFX-AU	1.39	347	90	44%	-34%	-14%	-	-	-	-	-	-	0.39	3.5 x
94	PaySign	PAYS	1.92	100	13	108%	-3%	-26%	40	47	0.3 x	5	7	1.8 x	0.31	6.2 x
95	Paymentus Holdings	PAY	11.29	226	1,260	62%	-40%	41%	529	630	2.0 x	32	41	30.8 x	3.24	3.5 x
96	Valid Solucoes	VLID3-BR	3.19	261	356	3%	-52%	87%	-	-	-	-	-	-	3.32	1.0 x
97	CompoSecure	CMPO	7.42	137	1,079	6%	-43%	51%	390	434	2.5 x	138	153	7.0 x	(48.30)	-0.2 x
98	EML Payments	EML-AU	0.55	207	(1,343)	52%	-53%	29%	-	-	-	-	-	-	0.56	1.0 x
99	Sezzle	SZL-AU	13.80	75	73	186%	-26%	30%	133	-	-	-	-	-	0.07	211.7 x
100	Diebold Nixdorf	DBD	0.08	6	2,410	6927%	-99%	-95%	3,475	3,935	0.6 x	314	462	5.2 x	(18.66)	0.0 x
101	Splitit Payments	SPT-AU	0.05	27	69	286%	-10%	-54%	-	-	-	-	-	-	0.05	1.0 x
102	Bill.com	BILL	125.34	13,320	12,473	43%	-46%	15%	963	1,238	10.1 x	65	163	76.6 x	38.47	3.3 x

 

 

 

				Mkt Cap (Mns)	Ent Val (Mns)	Price Performance			Sales			EBITDA			Book Value
			Share Price			% to   High	% to       Low	% YTD	LTM	NTM	EV/Sales	LTM	NTM	EV/ EBITDA	Book/ Share	P/ Book
Lending and Mortgage Tech			1,040	124,207	179,757			30%	53,252	44,257	4.1 x	1,397	4,670	38.5 x	348.87	3.0 x
104	Compass Group	CPG-GB	26.08	45,166	49,052	8%	-26%	13%	-	-	-	-	-	-	4.04	6.4 x
105	Black Knight	BKI	70.32	11,023	13,492	2%	-24%	14%	1,547	1,531	8.8 x	726	702	19.2 x	17.37	4.0 x
106	Zillow Group	Z	54.16	9,241	11,168	2%	-52%	68%	2,396	1,950	5.7 x	471	397	28.1 x	19.32	2.8 x
107	First American Financial	FAF	63.38	6,534	5,959	2%	-31%	21%	6,602	6,395	0.9 x	613	984	6.1 x	46.24	1.4 x
108	Temenos	TEMN-CH	86.24	6,472	6,928	5%	-42%	64%	956	1,034	6.7 x	417	470	14.7 x	8.35	10.3 x
109	ACI Worldwide	ACIW	23.19	2,512	3,503	27%	-15%	1%	1,388	1,464	2.4 x	331	408	8.6 x	10.78	2.2 x
110	nCino	NCNO	32.35	3,631	3,612	23%	-39%	22%	428	495	7.3 x	19	65	55.4 x	9.14	3.5 x
111	AppFolio	APPF	180.59	3,779	6,287	8%	-48%	73%	532	672	9.4 x	31	86	73.3 x	6.34	28.5 x
112	Affirm Holdings	AFRM	19.39	4,573	9,129	111%	-56%	101%	1,506	1,813	5.0 x	(89)	32	281.1 x	8.52	2.3 x
113	Altus Group	AIF-CA	33.45	1,516	1,785	36%	-12%	-16%	572	601	3.0 x	109	110	16.2 x	10.09	3.3 x
114	PEXA Group	PXA-AU	9.01	1,598	1,779	22%	-15%	11%	-	-	-	-	-	-	4.76	1.9 x
115	Enova International	ENVA	55.09	1,696	3,760	6%	-48%	44%	1,925	2,213	1.7 x	483	559	6.7 x	40.47	1.4 x
116	Q2 Holdings	QTWO	35.47	2,064	2,339	41%	-47%	32%	585	640	3.7 x	45	72	32.3 x	7.54	4.7 x
117	MeridianLink	MLNK	22.34	1,802	2,121	2%	-44%	63%	292	317	6.7 x	102	118	17.9 x	7.14	3.1 x
118	Upstart Holdings	UPST	68.69	5,679	6,327	0%	-83%	420%	635	648	9.8 x	(56)	58	108.9 x	7.59	9.0 x
119	Stewart Information Services	STC	47.13	1,284	1,709	18%	-24%	10%	2,442	2,400	0.7 x	183	221	7.7 x	49.82	0.9 x
120	Rocket Companies	RKT	10.93	1,388	19,759	4%	-45%	56%	3,834	4,268	4.6 x	(573)	197	100.1 x	4.58	2.4 x
121	Opendoor Technologies	OPEN	5.11	3,315	4,544	25%	-82%	341%	13,536	6,238	0.7 x	(685)	(335)	-	1.60	3.2 x
122	Redfin Corporation	RDFN	14.98	1,660	2,598	18%	-79%	253%	2,013	1,060	2.5 x	(210)	18	143.9 x	0.19	80.1 x
123	Open Lending Corporation	LPRO	11.29	1,362	1,297	6%	-53%	67%	168	153	8.5 x	93	79	16.4 x	1.70	6.6 x
124	Dye & Durham	DND-CA	15.04	836	1,755	15%	-44%	24%	342	356	4.9 x	188	204	8.6 x	7.21	2.1 x
125	LendingClub	LC	8.39	902	(620)	88%	-25%	-5%	1,046	890	-0.7 x	-	92	-6.7 x	11.09	0.8 x
126	Pagaya Technologies	PGY	2.66	1,411	2,063	1197%	-79%	115%	732	849	2.4 x	(7)	34	60.5 x	0.75	3.6 x
127	Alfa Financial Software	ALFA-GB	2.01	593	577	29%	-29%	1%	-	-	-	-	-	-	0.18	11.1 x
128	Mortgage Advice Bureau	MAB1-GB	8.03	459	470	57%	-38%	26%	-	-	-	-	-	-	1.51	5.3 x
129	Mitek Systems	MITK	10.21	456	519	17%	-16%	5%	155	174	3.0 x	42	53	9.7 x	3.81	2.7 x
130	Atlanticus Holdings	ATLC	40.70	589	2,072	7%	-47%	55%	1,077	1,180	1.8 x	-	-	-	23.84	1.7 x
131	LendingTree	TREE	24.40	317	875	103%	-34%	14%	823	676	1.3 x	68	77	11.4 x	18.64	1.3 x
132	Real Matters	REAL-CA	5.28	384	346	1%	-47%	71%	46	52	6.7 x	(4)	6	58.1 x	1.53	3.5 x
133	Funding Circle	FCH-GB	0.63	226	(16)	38%	-45%	-3%	-	-	-	-	-	-	1.06	0.6 x
134	Vacasa	VCSA	0.74	177	31	669%	-22%	-41%	1,198	1,086	0.0 x	(17)	24	1.3 x	1.65	0.4 x
135	Blend Labs	BLND	1.32	308	289	189%	-60%	-8%	201	175	1.6 x	(145)	(85)	-	0.29	4.5 x
136	Payfare	PAY-CA	4.89	233	53	13%	-41%	54%	113	157	0.3 x	6	20	2.7 x	0.88	5.5 x
137	LendInvest	LINV-GB	0.60	84	1,463	209%	-9%	-38%	-	-	-	-	-	-	0.70	0.9 x
138	loanDepot	LDI	2.35	180	4,149	29%	-47%	42%	960	1,107	3.7 x	(365)	3	1,274.5 x	2.35	1.0 x
139	Doma Holdings	DOMA	8.27	110	210	216%	-49%	-27%	0	-	-	(112)	-	-	3.47	2.4 x
140	Offerpad Solutions	OPAD	11.84	304	4,588	195%	-52%	-89%	3,188	1,553	3.0 x	(199)	(76)	-	5.79	2.0 x
141	Porch Group	PRCH	1.36	133	343	193%	-42%	-28%	298	343	1.0 x	(63)	(27)	-	0.47	2.9 x
142	CURO Group Holdings	CURO	1.60	66	2,570	406%	-38%	-55%	945	887	2.9 x	-	-	-	(5.59)	-0.3 x
143	Katapult Holdings	KPLT	17.72	71	110	144%	-44%	-26%	205	238	0.5 x	(12)	(4)	-	1.00	17.6 x
144	OppFi	OPFI	2.08	32	667	78%	-18%	1%	473	533	1.3 x	63	104	6.4 x	0.01	158.8 x
145	Sunlight Financial Holdings	SUNL	0.51	44	92	827%	-51%	-60%	91	110	0.8 x	(56)	3	31.2 x	2.61	0.2 x

 

 

                          

 

			Share Price	Mkt Cap (Mns)	Ent Val (Mns)	Price Performance			Sales			EBITDA			Book Value
						% to   High	% to       Low	% YTD	LTM	NTM	EV/Sales	LTM	NTM	EV/ EBITDA	Book/ Share	P/ Book
Capital Markets and Wealth Tech			2,939	654,325	624,655			5%	104,249	108,526	5.8 x	38,083	36,833	17.0 x	824.44	3.6 x
146	Charles Schwab	SCHW	66.10	116,940	123,539	31%	-32%	-21%	20,769	19,995	6.2 x	11,540	10,702	11.5 x	15.36	4.3 x
147	CME Group	CME	198.96	71,569	73,832	5%	-16%	18%	5,237	5,464	13.5 x	3,569	3,679	20.1 x	76.29	2.6 x
148	Intercontinental Exchange	ICE	114.80	64,273	74,459	3%	-23%	12%	7,289	7,726	9.6 x	4,754	5,105	14.6 x	41.44	2.8 x
149	Hong Kong Exchanges & Clearing	388-HK	41.55	52,673	19,136	18%	-36%	-4%	2,411	2,832	6.8 x	1,791	-	-	4.91	8.5 x
150	London Stock Exchange	LSEG-GB	108.88	54,392	63,994	4%	-27%	27%	8,382	10,406	6.1 x	-	-	-	65.04	1.7 x
151	Deutsche Boerse	DB1-DE	192.17	36,513	38,614	7%	-21%	15%	5,032	5,412	7.1 x	2,949	-	-	49.59	3.9 x
152	Nasdaq	NDAQ	50.49	24,779	29,969	37%	-4%	-18%	3,635	3,873	7.7 x	1,956	2,136	14.0 x	12.59	4.0 x
153	Broadridge Financial	BR	167.92	19,811	23,806	9%	-22%	25%	5,945	6,337	3.8 x	1,364	1,471	16.2 x	16.98	9.9 x
154	LPL Financial	LPLA	229.36	17,814	18,504	18%	-22%	6%	9,383	10,571	1.8 x	-	2,197	8.4 x	27.09	8.5 x
155	MarketAxess	MKTX	269.22	10,144	9,775	48%	-19%	-3%	733	816	12.0 x	396	453	21.6 x	30.92	8.7 x
156	Cboe Global Markets	CBOE	139.68	14,747	14,717	3%	-18%	11%	1,795	1,914	7.7 x	1,156	1,179	12.5 x	33.52	4.2 x
157	SS&C Technologies	SSNC	58.25	14,511	21,049	11%	-22%	12%	5,388	5,632	3.7 x	1,998	2,214	9.5 x	24.42	2.4 x
158	B3 SA	BOLSY	9.41	18,250	16,672	2%	-37%	33%	1,756	1,922	8.7 x	1,304	1,350	12.4 x	2.11	4.5 x
159	Tradeweb Markets	TW	81.79	9,377	16,466	2%	-37%	26%	1,220	1,379	11.9 x	632	650	25.3 x	24.49	3.3 x
160	Computershare	CPU-AU	16.93	10,223	11,799	13%	-20%	-5%	-	-	-	-	-	-	3.37	5.0 x
161	Interactive Brokers	IBKR	87.33	9,111	(51,367)	3%	-37%	21%	3,822	4,478	-11.5 x	-	-	-	29.14	3.0 x
162	Japan Exchange Group	8697-JP	17.49	9,247	7,993	5%	-26%	24%	1,000	-	-	-	-	-	4.10	4.3 x
163	Euronext	ENX-FR	76.35	8,178	10,271	13%	-23%	4%	1,526	1,682	6.1 x	883	994	10.3 x	39.11	2.0 x
164	SEI Investments	SEIC	62.99	8,337	7,556	3%	-26%	8%	1,886	1,980	3.8 x	489	592	12.8 x	15.30	4.1 x
165	Singapore Exchange	S68-SG	7.31	7,829	7,577	1%	-22%	10%	-	-	-	-	-	-	1.03	7.1 x
166	Robinhood Markets	HOOD	12.86	9,973	8,607	3%	-41%	58%	1,500	1,945	4.4 x	81	540	15.9 x	7.83	1.6 x
167	TMX Group	X-CA	22.26	6,203	6,768	4%	-19%	11%	854	948	7.1 x	474	528	12.8 x	11.12	2.0 x
168	XP Inc	XP	27.01	12,095	23,449	2%	-62%	76%	2,630	3,140	7.5 x	817	1,123	20.9 x	6.36	4.2 x
169	Allfunds Group	ALLFG-NL	6.53	4,112	1,604	54%	-13%	-6%	-	-	-	-	-	-	4.05	1.6 x
170	IG Group	IGG-GB	9.11	3,690	2,864	14%	-12%	-3%	-	-	-	-	-	-	6.26	1.5 x
171	Focus Financial	FOCS	52.33	3,455	6,550	1%	-42%	40%	2,164	2,442	2.7 x	535	613	10.7 x	15.72	3.3 x
172	Envestnet	ENV	61.98	3,372	4,370	12%	-33%	0%	1,217	1,321	3.3 x	220	272	16.0 x	13.34	4.6 x
173	SimCorp	SIM-DK	107.63	4,359	4,240	2%	-50%	61%	617	-	-	161	-	-	9.85	10.9 x
174	Swissquote Group	SQN-CH	227.72	3,491	(2,303)	4%	-57%	62%	-	-	-	-	-	-	55.44	4.1 x
175	AssetMark Financial	AMK	29.90	2,210	2,185	10%	-44%	30%	485	567	3.9 x	214	260	8.4 x	15.52	1.9 x
176	StoneX Group	SNEX	92.01	1,909	6,725	16%	-19%	-3%	2,471	1,608	4.2 x	-	-	-	60.32	1.5 x
177	Plus500	PLUS-GB	19.38	1,590	659	24%	-11%	-11%	-	-	-	-	-	-	8.80	2.2 x
178	Virtu Financial	VIRT	18.56	1,746	2,895	39%	-12%	-10%	1,250	1,307	2.2 x	566	579	5.0 x	13.56	1.4 x
179	TP ICAP	TCAP-GB	2.05	1,613	1,312	18%	-30%	-1%	-	-	-	-	-	-	3.49	0.6 x
180	AJ Bell	AJB-GB	4.22	1,738	1,628	17%	-35%	-2%	-	-	-	-	-	-	0.45	9.3 x
181	BGC Partners	BGCP	4.76	1,602	2,680	16%	-34%	26%	1,822	1,951	1.4 x	-	-	-	1.88	2.5 x
182	Matsui Securities	8628-JP	5.60	1,453	2,357	10%	-8%	-5%	242	-	-	-	-	-	1.98	2.8 x
183	Flow Traders	FLOW-NL	21.82	1,015	3,752	35%	-22%	2%	413	-	-	148	-	-	14.77	1.5 x
184	JTC	JTC-GB	9.26	1,478	1,609	11%	-25%	5%	-	-	-	-	-	-	3.48	2.7 x
185	IRESS	IRE-AU	7.04	1,315	1,562	18%	-22%	11%	-	-	-	-	-	-	1.59	4.4 x
186	Monex Group	8698-JP	3.75	968	(5,025)	9%	-21%	19%	593	-	-	-	-	-	2.73	1.4 x
187	Clearwater Analytics	CWAN	17.23	1,334	3,303	16%	-29%	-8%	317	380	8.7 x	85	102	32.3 x	1.46	11.8 x
188	Enfusion	ENFN	10.85	815	798	54%	-32%	14%	157	200	4.0 x	23	38	21.1 x	0.86	12.6 x
189	OTC Markets	OTCM	58.40	658	643	11%	-10%	3%	105	111	5.8 x	-	45	14.2 x	2.66	22.0 x
190	CMC Markets	CMCX-GB	1.80	503	298	88%	-7%	-33%	-	-	-	-	-	-	1.70	1.1 x
191	FD Technologies	FDP-GB	23.03	647	671	24%	-41%	41%	-	-	-	-	-	-	9.10	2.5 x
192	Tel Aviv Stock Exchange	TASE-IL	5.35	498	445	33%	-20%	-10%	-	108	4.1 x	-	42	10.6 x	1.88	2.9 x
193	Warsaw Stock Exchange	GPW-PL	9.52	399	313	8%	-34%	18%	90	-	-	36	-	-	5.58	1.7 x
194	Forge Global Holdings	FRGE	2.91	506	348	223%	-62%	68%	65	81	4.3 x	(53)	(32)	-	1.76	1.7 x
195	PensionBee Group	PBEE-GB	0.94	210	185	47%	-42%	45%	-	-	-	-	-	-	0.13	7.0 x
196	Linedata Services	LIN-FR	63.07	313	424	8%	-48%	28%	-	-	-	-	-	-	21.79	2.9 x
197	Gresham Technologies	GHT-GB	1.77	148	144	27%	-15%	-17%	-	-	-	-	-	-	0.77	2.3 x
198	Bravura Solutions	BVS-AU	0.34	132	135	195%	-42%	-30%	-	-	-	-	-	-	0.30	1.1 x
199	Mogo	MOGO-CA	0.75	56	100	91%	-43%	36%	51	-	-	(4)	-	-	1.05	0.7 x

 

 

				Mkt Cap (Mns)	Ent Val (Mns)	Price Performance			Sales			EBITDA			Book Value
			Share Price			% to   High	% to       Low	% YTD	LTM	NTM	EV/Sales	LTM	NTM	EV/ EBITDA	Book/ Share	P/ Book
Insurtech			2,357	374,011	417,126			14%	88,146	92,334	4.5 x	21,144	24,563	17.0 x	512.66	4.6 x
200	Marsh & McLennan	MMC	188.42	93,071	95,144	3%	-21%	14%	21,592	23,212	4.1 x	6,017	6,628	14.4 x	24.21	7.8 x
201	Aon	AON	318.50	64,613	75,763	9%	-16%	6%	12,874	13,718	5.5 x	4,136	4,539	16.7 x	0.32	995.7 x
202	Roper Technologies	ROP	493.05	52,555	58,037	2%	-28%	14%	5,782	6,270	9.3 x	2,358	2,558	22.7 x	153.23	3.2 x
203	Arthur J. Gallagher	AJG	214.80	46,020	51,679	3%	-22%	14%	9,087	10,527	4.9 x	2,729	3,267	15.8 x	48.24	4.5 x
204	Verisk Analytics	VRSK	228.94	33,148	36,005	4%	-29%	30%	2,774	2,681	13.4 x	1,436	1,450	24.8 x	0.47	483.8 x
205	Willis Towers Watson	WTW	211.33	22,152	26,819	23%	-7%	-14%	9,078	9,538	2.8 x	2,322	2,447	11.0 x	93.37	2.3 x
206	Brown & Brown	BRO	70.45	19,981	21,755	4%	-25%	24%	3,992	4,351	5.0 x	1,323	1,441	15.1 x	17.89	3.9 x
207	Guidewire Software	GWRE	84.82	6,908	6,651	1%	-39%	36%	880	960	6.9 x	(24)	65	102.4 x	14.63	5.8 x
208	CCC Intelligent Solutions	CCCS	11.02	6,924	7,473	3%	-26%	27%	801	865	8.6 x	311	344	21.7 x	3.31	3.3 x
209	HealthEquity	HQY	67.94	5,807	6,523	17%	-28%	10%	901	1,012	6.4 x	301	353	18.5 x	22.45	3.0 x
210	Alight	ALIT	9.78	4,863	8,054	4%	-28%	17%	3,238	3,546	2.3 x	671	769	10.5 x	9.10	1.1 x
211	PB Fintech	543390-IN	9.16	4,122	3,430	4%	-52%	71%	313	-	-	(50)	-	-	1.49	6.1 x
212	CorVel	CRVL	204.56	3,519	3,481	8%	-34%	41%	-	-	-	-	-	-	11.78	17.4 x
213	Duck Creek	DCT				-	-	-	-	-	-	-	-	-	5.50	-
214	Sapiens International	SPNS	26.94	1,486	1,395	3%	-40%	46%	482	520	2.7 x	92	102	13.6 x	7.58	3.6 x
215	Oscar Health	OSCR	7.52	1,378	(167)	32%	-73%	206%	5,115	5,690	0.0 x	(374)	(60)	-	4.26	1.8 x
216	Goosehead Insurance	GSHD	66.87	1,598	1,685	14%	-56%	95%	242	300	5.6 x	56	69	24.4 x	1.24	53.9 x
217	Lemonade	LMND	23.25	1,616	1,394	42%	-56%	70%	308	412	3.4 x	(219)	(198)	-	11.83	2.0 x
218	MultiPlan	MPLN	2.15	1,404	5,775	147%	-72%	87%	1,018	-	-	700	628	9.2 x	2.82	0.8 x
219	Ebix	EBIX	30.96	957	1,520	6%	-62%	55%	1,007	837	1.8 x	150	162	9.4 x	20.51	1.5 x
220	Crawford & Company	CRD.A	9.61	278	782	16%	-47%	73%	1,223	1,320	0.6 x	106	-	-	2.94	3.3 x
221	Hippo Holdings	HIPO	17.20	400	212	58%	-34%	26%	135	247	0.9 x	(208)	(121)	-	23.08	0.7 x
222	EverQuote	EVER	7.08	194	210	166%	-26%	-52%	403	339	0.6 x	9	1	144.5 x	3.39	2.1 x
223	SelectQuote	SLQT	1.89	315	952	56%	-73%	181%	920	1,125	0.8 x	19	80	11.9 x	2.35	0.8 x
224	eHealth	EHTH	7.56	209	384	40%	-65%	56%	374	425	0.9 x	(30)	(2)	-	22.70	0.3 x
225	Clover Corporation	CLV-AU	0.68	114	117	50%	-5%	-19%	-	-	-	-	-	-	0.26	2.6 x
226	GoHealth	GOCO	18.52	167	998	23%	-73%	77%	544	794	1.3 x	(112)	120	8.3 x	29.34	0.6 x
227	Bright Health	BHG	12.64	101	1,166	1229%	-40%	-76%	4,517	3,092	0.4 x	(421)	9	122.7 x	(42.76)	-0.3 x
228	Root	ROOT	10.89	101	(123)	140%	-70%	143%	548	554	-0.2 x	(154)	(90)	-	17.16	0.6 x
229	FOXO Technologies	FOXO	0.20	10	11	5397%	-35%	-47%	-	-	-	-	-	-	(0.00)	-183 x

                          

 

 

				Mkt Cap (Mns)	Ent Val (Mns)	Price Performance			Sales			EBITDA			Book Value
			Share Price			% to   High	% to       Low	% YTD	LTM	NTM	EV/Sales	LTM	NTM	EV/ EBITDA	Book/ Share	P/ Book
Digital Banking			113	61,151	64,426			56%	10,047	12,124	5.3 x	547	1,990	32.4 x	91.43	1.2 x
230	Nu Holdings	NU	7.96	28,679	30,912	4%	-57%	94%	5,550	6,889	4.5 x	245	1,445	21.4 x	1.10	7.2 x
231	KakaoBank	323410-KR	23.14	11,034	7,731	11%	-52%	20%	755	919	8.4 x	-	-	-	9.27	2.5 x
232	SoFi Technologies	SOFI	11.45	10,773	14,364	2%	-63%	148%	1,812	2,277	6.3 x	267	429	33.5 x	5.54	2.1 x
233	Nordnet	SAVE-SE	14.87	3,716	3,790	23%	-37%	3%	378	449	8.4 x	-	-	-	1.86	8.0 x
234	PT Bank Jago	ARTO-ID	0.19	2,727	2,653	286%	-32%	-18%	103	-	-	-	-	-	0.04	4.9 x
235	Moneysupermarket.com	MONY-GB	3.53	1,895	1,956	4%	-46%	53%	-	-	-	-	-	-	0.48	7.3 x
236	Alkami Technology	ALKT	16.88	1,568	1,482	5%	-37%	16%	219	274	5.4 x	(17)	0	5,765.8 x	3.53	4.8 x
237	NerdWallet	NRDS	11.21	505	771	94%	-27%	17%	579	562	1.4 x	79	85	9.1 x	4.72	2.4 x
238	MoneyLion	ML	14.36	141	421	470%	-48%	-23%	351	423	1.0 x	(31)	17	24.9 x	10.85	1.3 x
239	Dave	DAVE	6.23	65	58	388%	-28%	-33%	228	261	0.2 x	-	-	-	8.43	0.7 x
240	Silvergate Capital Corp	SI	0.38	12	262	28350%	-95%	-98%	-	-	-	-	-	-	42.05	0.0 x
241	BM Technologies	BMTX	3.01	36	25	185%	-14%	-42%	72	70	0.4 x	4	14	1.7 x	3.54	0.9 x

 

 

 

				Mkt Cap (Mns)	Ent Val (Mns)	Price Performance			Sales			EBITDA			Book Value
			Share Price			% to   High	% to       Low	% YTD	LTM	NTM	EV/Sales	LTM	NTM	EV/ EBITDA	Book/ Share	P/ Book
Traditional Banking			492	899,702	1,634,727			14%	205,049	223,040	7.3 x	0	0	#DIV/0!	537.26	0.9 x
242	HSBC Holdings	HSBC	41.78	164,894	145,326	1%	-41%	34%	0	-	-	-	-	-	47.57	0.9 x
243	Citigroup	C	47.66	92,782	651,503	14%	-16%	5%	77,397	78,615	8.3 x	-	-	-	97.87	0.5 x
244	ICICI Bank	532174-IN	12.10	84,682	92,306	2%	-19%	12%	0	-	-	-	-	-	3.94	3.1 x
245	DBS Group	D05-SG	25.91	67,039	97,268	6%	-14%	3%	13,095	14,638	6.6 x	-	-	-	15.65	1.7 x
246	National Australia Bank	NAB-AU	19.26	60,463	165,303	18%	-13%	-5%	-	-	-	-	-	-	13.06	1.5 x
247	ING Groep	INGA-NL	14.64	52,996	120,072	1%	-44%	21%	20,490	24,439	4.9 x	-	-	-	15.58	0.9 x
248	Oversea-Chinese Banking Corporation	O39-SG	10.02	45,224	66,544	0%	-20%	11%	9,071	9,921	6.7 x	-	-	-	8.45	1.2 x
249	Banco Bilbao Vizcaya Argentaria	BBVA	7.94	47,366	115,487	3%	-46%	34%	0	-	-	-	-	-	8.61	0.9 x
250	Nordea Bank	NRDBY	11.39	40,769	223,707	13%	-26%	7%	-	-	-	-	-	-	8.65	1.3 x
251	NatWest Group	NWG-GB	3.14	28,103	(72,205)	22%	-26%	-1%	0	-	-	-	-	-	4.40	0.7 x
252	KBC Group	KBC-BE	75.41	31,461	48,430	3%	-40%	18%	10,072	12,232	4.0 x	-	-	-	56.60	1.3 x
253	Barclays	BARC-GB	1.99	31,006	(248,019)	18%	-27%	5%	31,507	33,884	-7.3 x	-	-	-	4.41	0.5 x
254	DNB Bank	DNB-NO	20.67	31,885	90,907	1%	-25%	5%	7,186	8,094	11.2 x	-	-	-	14.75	1.4 x
255	Standard Chartered	STAN-GB	9.62	26,834	73,203	1%	-39%	29%	17,006	18,599	3.9 x	-	-	-	15.12	0.6 x
256	Deutsche Bank	DBK-DE	11.11	22,675	(1,437)	21%	-36%	-1%	0	-	-	-	-	-	33.47	0.3 x
257	ABN AMRO Bank	ABN-NL	17.05	15,299	62,165	7%	-51%	24%	8,440	9,658	6.4 x	-	-	-	25.21	0.7 x
258	Erste Group Bank	EBS-AT	37.91	16,292	57,412	5%	-44%	25%	0	-	-	-	-	-	48.42	0.8 x
259	Commerzbank	CBK-DE	11.99	15,016	(75,776)	7%	-49%	27%	9,749	11,618	-6.5 x	-	-	-	24.15	0.5 x
260	Santander Bank Polska	SPL-PL	99.48	10,166	12,332	6%	-62%	68%	0	-	-	-	-	-	76.05	1.3 x
261	National Bank of Greece	ETE-GR	6.90	6,313	5,073	4%	-59%	73%	0	-	-	-	-	-	8.04	0.9 x
262	Union Bank of the Philippines	UBP-PH	1.35	3,182	4,976	34%	-9%	-10%	1,036	1,343	3.7 x	-	-	-	1.33	1.0 x
263	Federal Bank Ltd	500469-IN	1.64	3,849	5,186	7%	-20%	-2%	0	-	-	-	-	-	1.17	1.4 x
264	Bank of Cyprus	BOCH-GB	3.15	1,407	(5,034)	12%	-68%	74%	0	-	-	-	-	-	4.76	0.7 x

 

 

 

                    

 

				Mkt Cap (Mns)	Ent Val (Mns)	Price Performance			Sales			EBITDA			Book Value
			Share Price			% to   High	% to       Low	% YTD	LTM	NTM	EV/Sales	LTM	NTM	EV/ EBITDA	Book/ Share	P/ Book
Information Services			3,456	516,982	571,409			20%	41,731	42,926	13.3 x	16,004	18,535	30.8 x	276.26	12.5 x
265	S&P Global	SPGI	394.51	125,533	139,735	9%	-29%	18%	12,059	12,812	10.9 x	5,510	6,141	22.8 x	111.46	3.5 x
266	Thomson Reuters	TRI-CA	135.23	61,395	64,347	2%	-28%	19%	6,691	6,951	9.3 x	2,406	2,725	23.6 x	26.62	5.1 x
267	RELX	REL-GB	33.71	63,819	72,109	2%	-31%	23%	-	-	-	-	-	-	2.20	15.3 x
268	Moody's	MCO	352.75	64,730	70,235	3%	-35%	27%	5,529	6,270	11.2 x	2,287	2,904	24.2 x	17.14	20.6 x
269	MSCI	MSCI	548.08	43,347	47,214	4%	-30%	18%	2,350	2,606	18.1 x	1,401	1,580	29.9 x	(15.09)	-36.3 x
270	Wolters Kluwer	WKL-NL	125.91	32,424	33,737	8%	-26%	25%	-	-	-	-	-	-	10.13	12.4 x
271	Experian	EXPN-GB	38.72	35,619	39,273	3%	-28%	15%	-	-	-	-	-	-	4.43	8.7 x
272	Equifax	EFX	204.08	25,045	30,570	18%	-28%	5%	5,062	5,584	5.5 x	1,578	1,933	15.8 x	34.16	6.0 x
273	Fair Isaac	FICO	837.97	20,943	22,777	3%	-53%	40%	1,423	1,568	14.5 x	708	831	27.4 x	(30.81)	-27.2 x
274	FactSet Research Systems	FDS	435.04	16,595	17,981	9%	-13%	8%	2,049	2,191	8.2 x	766	830	21.7 x	43.68	10.0 x
275	TransUnion	TRU	79.69	15,404	20,654	6%	-37%	40%	3,749	4,017	5.1 x	1,323	1,498	13.8 x	22.56	3.5 x
276	Morningstar	MORN	230.48	9,831	10,803	13%	-29%	6%	1,928	-	-	-	-	-	28.97	8.0 x
277	LiveRamp	RAMP	28.54	1,901	1,451	3%	-46%	22%	597	615	2.4 x	65	101	14.3 x	13.90	2.1 x
278	Cardlytics	CDLX	11.67	396	522	56%	-78%	102%	295	311	1.7 x	(41)	(7)	-	6.90	1.7 x