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TRANSCRIPT
What the FinTech?! #2
FinTech & Venture Capital
Startplatz Köln 8. Oktober 2015
Big Data, Cloud-Computing,
Smartphones, Laptops, etc.
FinTech Unternehmen
Übernahme von Marktanteile der
Banken
What is FinTech? Jeder hat so seine eigene Definition
2
FinTech: Moderne Technologie zur Bereitstellung finanzieller Dienstleistungen durch
Unternehmen, die (ursprünglich) aus dem Nichtbankenbereich stammen Überwindung der Markteintrittshürde (Banklizenz) durch alternative Methoden
Banken
FinTech
E-Commerce
Mobile-Payment
Crowd-lending
Business Intelligence
Global FinTech Universe n=1.232
What is FinTech? German Universe/Global Universe
3
3
German FinTech Startup Universe
>300 FinTech-Unternehmen in Deutschland
>1.200 FinTech-Unternehmen global erscheint sehr konservativ
n=332
20%
20%
10% 9%
7%
6%
5%
4%
4% 4%
3% 3% 3% 2%
Lending
Payments
Personal Finance
Equity Financing
Retail Investment
Small Business Tools
Banking Infrastructure
Institutional Investment
Source: Venture Scanner, Barkow Consulting Source: paymentandbanking.com, crowdfunding.de, Maik Klotz, Signed.VC, Barkow Consulting
37%
11% 8%
6% 3%
3% 3%
4% 3% 2% 2% 1% 1%
16%
Alt. Finance
Investment
Payment Solutions
Insurance
Payment P2P
Restau/Till
Bitcoin/Crypto
Other
ERP
Online-Ident
Finance Aggregation
Spenden
API/Infrastructure
Real Estate
0,6
2,3
1,5
2009 2010 2011 2012 2013 2014
Max Min
2,8
4,3
7,1
2009 2010 2011 2012 2013 2014
Ʃ 27,2
What is Venture Capital? Erhebliche Differenzen in den Statistiken für Deutschland
4
4
Ø
Source: BVK, Dow Jones VentureSource, EVCA, EY, Majunke Consulting, Pitchbook, Barkow Consulting
Deutsche Venture Capital-Investitionen in €Mrd. p.a.
Sou4ce: BVK, CB Insights, destatis, Dow Jones VentureSource, EVCA, EY, NVCA/PwC MoneyTree, Pitchbook, United Nations National Accounts Main Aggregates Database, US Census, Barkow Consulting
VC-Investitionen in Deutschland Dt. VC-Lücke > €27Mrd. Dt. VC-Investitionslücke im Vgl. zu USA in €Mrd. p.a.
Dt. VC-Investitionen 2014: Je nach Quelle zwischen EUR0,6Mrd. und EUR2,3Mrd.
82
175
331
643
308
CB Insights Techfluence Dow Jones Venture Source
PitchBook Ø
FinTech Venture Capital Deutschland: Pick a Number
5
5
FinTech Venture Capital in Germany 2014
Source: CB insights, Dow Jones VentureCource, Techfluence, Pitchbook, Barkow Consulting
FinTech Venture Capital Investitionen in €Mio. p.a.
Auch im FinTech-Segment dramatische Unterschiede in den Zahlen => Geringe Markttransparenz
0,05 0,06
0,20
0,74
1,68
0,64
2010 2011 2012 2013 2014 H12015
FinTech Venture Capital Investitionen in €Mrd. p.a.
FinTech Venture Capital Europa & Global
6
6
FinTech Venture Capital in Europe
Source: Pitchbook, Barkow Consulting
0,64
4,00
12,21
2012 2013 2014
FinTech Venture Capital Global
Source: EY/CB Insights, Barkow Consulting
FinTech Venture Capital Investitionen in US $ Mrd. p.a.
Explosion von FinTech VC seit 2012
Wachstumstrend in 2015 (noch) intakt
FinTech Venture Capital Deutschland: Unsere Money Map Zahlen
294
453
803
VC Debt M&A
FinTech Venture Capital in Germany
Source: Barkow Consulting ‚FinTech Money Map‘
7
7
All FinTech Investments in 2015
Source: Barkow Consulting ‚FinTech Money Map‘
FinTech VC auch in Deutschland mit starkem Anstieg In 2015 bislang EUR1,5Mrd. Investiert … … dominiert von M&A und Fremdkapital
FinTech Venture Capital Investments in US$m FinTech Investments in US$m
3956
161
294
2012 2013 2014 2015YTD
FinTech Venture Capital Moore‘s Law & die 2. Hälfte des Schachbretts
8
8
Der Grund für den FinTech VC Boom: Technologischer Wandel beschleunigt sich; Banken beschleunigen ihren eigenen Wandel nicht entsprechend
t0 t1 t2 t3 t4 t5 t6 t7 t8 t9 t10 t11
Growth Co Perception Hurdle
4 years
2%
51%
Source: destatis, Dowjones Venture Source, United Nations National Accounts Main Aggregates Database, University of
Camebridge/EY, US Census, Barkow Consulting
Market Share in %, CAGR 100%
The Second Half of the Chessboard
9
Barkow Consulting FinTech Money Map Introducing our 5-Star-Database
9
> 350
Investoren
> 3 Mrd. Investments
> 600 Investments
> 250 Finanzierungs
-runden
ca. 200 FinTech Cos
Unsere Money Map als ein Schritt zur Erhöhung der Markttransparenz Die wohl umfangreichste FinTech VC-Datenbank in Deutschland Vielleicht eine der grössten VC-Datenbanken in Deutschland generell
12
1110
9
Ho
ltzb
V
HTG
F
You
isN
ow
G S
tart
up
s
DvH
V.
b-t
o-v
Po
int
Nin
e
Ro
cke
t
SAP
No
10
No
10
No
12
No
13
No
13
No
15
No
15
No
17
No
17
No
19
No
19
No
19
No
22
No
22
No
22
No
22
Barkow Consulting FinTech Money Map Wer investiert?
10
10
FinTech VC: Most Active Investors in Germany (in # of portfolio companies)
Source: Barkow Consulting ‚FinTech Money Map‘
Die üblichen Verdächtigen?!
Investors by number of FinTech investments
Barkow Consulting FinTech Money Map Regionaler Split
11
11
Deutschland dominiert USA auf Position Nr. 2 Und Russland auf Nr. 5
274
2513 12 8 5 4 5 2 2 2 1 1 1 1 1 2 1 1 1
Ger
man
y
USA
Switz
erla
nd UK
Russ
ia
Fran
ce
Swed
en
Net
herl
ands
Italy
Hon
g Ko
ng
Sing
apor
e
Ukr
aine
Spai
n
Aus
tral
ia
Den
mar
k
Pola
nd
Japa
n
Ukr
aine
Bras
il
EU
Source: Barkow Consulting ‚FinTech Money Map‘
Investors in German FinTech (# of Investors by Country of Origin) Number of Investors by Country of Investor Origin
32%
34%
15%
5%
3%2%
2%2%
VC
Angel
Strategic Investor
Corporate VC
Incubator
Company Builder
Accelerator
Public VC
Family Office
Hedge Fund
Crowd
Capital Markets
Private Equity
76%
5%
5%
4%3%1%
Investor
FinTech
Media
Banks
IT
Retail
Insurance
Telco
Stock Exchange
Internet
Luxury Goods
Payments
Consulting
Barkow Consulting FinTech Money Map Sektoraler Split
12
12
Investors in German FinTech
Source: Barkow Consulting ‚FinTech Money Map‘
Finanzinvestoren dominieren (insbesondere Business Angels) Medien investieren mehr als Banken Versicherungen (fast) NO SHOW
Number of Investors by Type of Investor Number of Investors by Investor Background
Source: Barkow Consulting ‚FinTech Money Map‘
Investors in German FinTech
Deutschland hat noch FinTech-Potential Barkow Consulting FinTech Country Rating
13
13
Verpasst Deutschland (mal wieder) den Anschluss?
Isra
el
UK
USA
Swed
en
Net
her
l.
Irel
and
*
Fin
lan
d
Fran
ce
Cze
ch R
ep.
Ger
man
y
Lux.
*
Gre
ece*
Spai
n
Den
mar
k
Bel
giu
m
Source: destatis, Dowjones Venture Source, United Nations National Accounts Main Aggregates Database, University of
Camebridge/EY, US Census, Barkow Consulting
FinTech Country Rating (Ø of Alternative Finance/GDP & of FinTech VC/GDP) In % of GDP
0,6
2,3
1,5
2009 2010 2011 2012 2013 2014
Max Min
2,8
4,3
7,1
2009 2010 2011 2012 2013 2014
Ʃ 27,2
Deutschland hat noch FinTech-Potential Die dt. VC-Lücke, wie groß war die noch?
14
14
Ø
Source: BVK, Dow Jones VentureSource, EVCA, EY, Majunke Consulting, Pitchbook, Barkow Consulting
Deutsche Venture Capital-Investitionen in €Mrd. p.a.
Sou4ce: BVK, CB Insights, destatis, Dow Jones VentureSource, EVCA, EY, NVCA/PwC MoneyTree, Pitchbook, United Nations National Accounts Main Aggregates Database, US Census, Barkow Consulting
VC-Investitionen in Deutschland Dt. VC-Lücke > €27Mrd. Dt. VC-Investitionslücke im Vgl. zu USA in €Mrd. p.a.
Dt. VC-Investitionen 2014 - Große Unterschiede in der Datenbasis Dt. VC-Lücke > €27Mrd. seit 2009 Dt. VC Lücke auf Rekordniveau in 2014
2,72%0
3,39%0
2009 2010 2011 2012 2013 2014
Max Min
Deutschland hat noch FinTech-Potential US VC Investitionen 7,5x so hoch
15
15
0,22%0
0,79%0
2009 2010 2011 2012 2013 2014
Venture Capital Investitionen in %0 des BIP
Source: BVK, Dow Jones, VentureSource, EVCA, EY, Majunke Consulting, Pitchbook, destatis, Barkow Consulting
VC-Investitionen in Deutschland VC-Investitionen in den USA Venture Capital Investitionen in %0 des BIP
Source: CB Insights, Dow Jones VentureSource, NVCA/PwC MoneyTree, EY, Pitchbook, US Census, Barkow Consulting
Min Min Max Max
US VC Investitionen sind 7,5x so hoch wie in Deutschland
Deutschland hat noch FinTech-Potential FinTech VC: Deutschland vs London
16
16
FinTech VC in Deutschland und London
Source: Barkow Consulting ‚FinTech Money Map‘, CB Insights/London & partners
London allein zieht mehr FinTech VC an als ganz Deutschland Aber: Lücke in 2015 scheint kleiner zu werden
VC Investment Volumen in US$m
161
294
487
554
2014 2015 YTD
Germany London
Innovation Strategies
Reinvent Yourself
Alone
Co-operation
Found Tech Subsidiary
Alone JV / Co-
operation
Investment
M&A VC
Traditional VC
Corporate VC
Fund Accelerator
Incubator Company
Builder www.BarkowConsulting.com
Barkow Consulting Strategic Innovation Tree
Ignorance Under-
estimation Denial Surprise Frustration Copy Resignation
Investment M&A Write Off Buy Real Survivors
Buy Out Hope
No Interest Open end …
IX
Incumbents & Disruption
I II III IV V VI VII
X XI XII XIII XIV
Now let‘s
buy real
survivors!
Once
successful,
now (with us)
they struggle
…
Wrong
investments,
let‘s buy the
winners instead
…
What are you
talking about?
Never heard
of it!
This is just
a short term
fad!
Come on, we
are much too
strong, they will
never succeed
Hm, they are
not going
away …
Oops , we are
really losing
market share!
Sh…, we have
to do that too!
Sh…, we are
not getting it
done! Are we
too late?
Hm, if we
can‘t beat
them, we
invest in
them!
Waited too
long,
survivors too
expensive,
now hope
they buy us!
Tech Cos not
interested in
bricks &
mortars, legacy
systems etc. …
VIII
Source: Barkow Consulting
3
2 2
1
main incubator Commerz Ventures DSGV DSV Gruppe
Commerz
Sparkassen
Deutschen Banken auch noch mit Potential Dt. Banken investieren kaum
19
19
German Banks FinTech Investments
Source: Barkow Consulting "FinTech Money Map"
Commerzbank als absoluter Marktführer Aber auch die Sparkassen sind im Markt aktiv …
… wenn auch mit anderem Investment-Ansatz
Number of Companies
2724 24
2016
14
85
3
Amex Citi GS PayPal JP Morgan Visa MS Commerz Sparkassen
USA Germany
Deutschen Banken auch noch mit Potential Banken & FinTech Investments: D vs USA
20
20
FinTech Investments: Germany vs US
Source: Barkow Consulting "FinTech Money Map"
Deutsche Banken als Nebenakteure (blau, rechts aussen!) US Banken & Kreditkartenunternehmen extrem aktiv
Number of Companies
Deutschen Banken auch noch mit Potential FinTech Unicorns vs German Banks
21
21
49,0 45,1
16,5
9,6 8,0 6,0 5,6 5,1 5,0 4,8 4,5 3,5 2,7 2,5 2,4 2,3 2,0 2,0 1,9 1,8 1,7 1,7 1,6 1,6 1,5 1,5
Pay
Pal
DB
CB
K
Lufa
x
Zho
ng
An
Squ
are
Len
din
gClu
b
Wir
ecar
d
Stri
pe
Zillo
w
Zen
efit
s
Cre
dit
Kar
ma
Po
wa
Kla
rna
Xer
o
Aar
eal
Co
mm
on
Bo
nd
On
e97
Pro
sper
Aff
irm
*
PB
B
Biz
2C
red
it
Dat
amin
r*
Laka
la*
com
dir
ect
Ad
yen
Source: Finovate, Bloomberg, Pitchbook, Barkow Consulting
PayPal > Deutsche Bank
Valuation in US$ bn
Private German
Bank Public
German Listed Banks vs. Global FinTech Unicorns
Deutschen Banken auch noch mit Potential Top 5 vs Top 5
22
22
Top5: FinTech vs listed German Banks
Source: Finovate, Bloomberg, Barkow Consulting
78
67
Fintech 5 German Banks
FinTech Top 5 schlägt deutsche Banken Top 5 … … zumindest aktuell
In US$ bn
Auch FinTechs noch mit Potential? PayPal vs Next 8
23
23
PayPal vs Next 8 FinTech Unicorns
Source: Finovate, Bloomberg, Barkow Consulting
49 49
PayPal Next 8
PayPal ist soviel Wert wie die nächstfolgenden 8 FinTech-Unternehmen zusammen
In US$ bn
Deutschland noch mit VC-Potential Es gibt keine großen VC-Runden in Deutschland?
24
24
Source: Crunchbase, Gründerszene, deutsche startups, div., Barkow Consulting
Doch es gibt sie!
Venture Capital Funding Rounds > US$ 50 m
German Mega Rounds by Size
568
445
350
191
126 120 118 11092 88 86 85 85 75 60 50 50 50
De
live
ry H
ero
*
Ro
cke
t In
tern
et
De
live
ry H
ero
Zala
nd
o
He
llo
Fre
sh
Ho
me
24
Au
to1
De
live
ry H
ero
Kre
dit
ech
De
live
ry H
ero
We
stW
ing
He
llo
Fre
sh
De
live
ry H
ero
Blu
e Y
on
de
r
Sou
nd
Clo
uld
Sou
nd
Clo
uld
De
live
ry H
ero
Win
de
ln.d
e
13; 72%
5; 28%
Deutschland noch mit VC-Potential Megarunden auch in Deutschland mit steigender Tendenz
25
25
Anzahl der Megarunden steigt an Aber: Megarunden sind ‘Rockets Reich’ US VCs die mit Abstand häufigsten Lead-Investoren
Number of Venture Capital Funding Rounds > US$ 50 m
Rocket Internet Involved in Most Mega Rounds Number of Venture Capital Funding Rounds > US$ 50 m
German Mega Rounds Rising
Rocket Others
2
1
6
9
2012 2013 2014 2015 YTD
Source: Crunchbase, Gründerszene, deutsche startups, div., Barkow Consulting Source: Crunchbase, Gründerszene, deutsche startups, div., Barkow Consulting
92
13
Kre
dit
ech
Kre
dit
ech
Len
dic
o
Savi
ng
Glo
bal
Sum
UP
auxm
on
ey
smaw
a
Trax
pay
Pay
mill
Sum
UP
Die größten Fundingrunden in Deutschland
Source: Barkow Consulting ‚FinTech Money Map‘
Deutschland noch mit VC-Potential FinTech: Largest VC-Investments Germany/Global
26
26
1.766
90
SoFi
Squ
are
On
e97
Zen
efit
s
Lufa
x
Cr.
Kar
ma
Pro
sper
Mo
zid
o
Osc
ar
Kla
rna
Ad
yen
Co
mB
on
d
Zuo
ra
Qu
fen
qi
Stri
pe
Fin
. Fo
rce
Po
wa
Fun
d.C
ircl
e
Ho
usi
ng.
com
Jim
ub
ox
iZet
tle
Tran
sfer
Wis
e
Biggest Global FinTech VC Fundraisers
Source: Finovate, Bloomberg, Business Insider, CB Insights, Pitchbook, Barkow Consulting
Deutsche FinTech-Fundingrunden sind im internationalen Vergleich noch klein
Fundingrunden in US$ m Kulumiertes Fundinvolumen in US$ m
≠
27
Barkow Consulting FinTech Club of 20 Another 5-Star-Database
27
Only one Non US-Investor
>750 Investments
Countless Unicorns
Several US$ billions
invested
29 Investors
Barkow Consulting FinTech Club of 20 … … die 29 wichtigsten FinTech Investoren weltweit
Barkow Consulting FinTech Club of 20 An Exclusive Members List
28
28
Global FinTech VC: Big Spenders
Source: Company data, AngelList, CB Insights, Crunchbase, PYMNTS.com, Barkow Consulting 'FinTech Money Map'
In Number of FinTech Investments/portfolio companies
3833
28 28 27 27 28 26 25 24 24 24 24 23 23 22 22 22 22 22 22 21 21 21 21 20 20 20 20
Go
ogl
e V
RR
E
Firs
t R
ou
nd
a16
z
Am
ex
Gre
ylo
ck
Spar
k
Sum
mit
Y C
om
b*
SV A
nge
l
Ro
ute
66
Cit
i
Go
ldm
an
Rib
bit
Ligh
tsp
ee
d
Mas
terc
ard
Acc
el
Kh
osl
a
NEA
KP
CB
QED
Ind
ex
Be
sse
me
r
Bat
tery
Pay
Pal
Inte
l
Un
ion
Sq
Re
dp
oin
t
IDG
VC Tech Bank Payments
Google ist der Über-FinTech VC Investor
Barkow Consulting FinTech Club of 20 The Club of 20 by Sector
29
29
Investors in Global FinTech
Source: Company data, AngelList, CB Insights, Crunchbase, PYMNTS.com, Barkow Consulting 'FinTech Money Map'
Traditionelle VCs dominieren A US Members Only Club (Almost)
74%
9%
7%
10%
VC
Tech
Bank
Payments
96%
4%
US
UK
Russia
Spain
Germany
Number of FinTech Portfolio Companies in % Number of FinTech Portfolio Companies by Country of Investor Investors in Global FinTech
Source: Company data, AngelList, CB Insights, Crunchbase, PYMNTS.com, Barkow Consulting 'FinTech Money Map''
8
21
Barkow Consulting FinTech Club of 20 The Club of 20 in Germany
30
30
Investors in German FinTech
Source: Company data, AngelList, CB Insights, Crunchbase, PYMNTS.com,
Barkow Consulting 'FinTech Money Map'
Not Active
Active
8 Co20 Investoren mit deutschen Investments Dt. Investments aber <2% Anteil an Co20 FinTech Investments
2%
98%
Number of Investors by Type of Investor Number of Investments
Germany
Others
Share of German investments
Source: Company data, AngelList, CB Insights, Crunchbase, PYMNTS.com,
Barkow Consulting 'FinTech Money Map'
Barkow Consulting FinTech Club of 20 The Club of 20 in Germany
31
31
Leading FinTech VCs With German Investments
Source: Barkow Consulting 'FinTech Money Map'
Drei Co20 Investoren sogar mit zwei deutschen Investments Zwei deutsche FinTechs sogar mit zwei Co20 Investoren
2 2
1 1 1 1 1 1 1
Savi
ng
Glo
bal
auxm
on
ey
36
0T
Ch
eck2
4
Cat
awik
i
Pay
leve
n
Vaa
mo
Smp
le
Sura
nce
Bill
safe
2 2 2
1 1 1 1 1
Acc
el
Ind
ex
Ro
ute
66
NEA
Rib
bit
Sum
mit
Un
ion
Sq
Pay
Pal
Number of German Investments Number of Leadings VCs German FinTech Cos With Leading FinTech VCs
Source: Barkow Consulting 'FinTech Money Map'
Barkow Consulting FinTech Club of 20 Who Attracts Smart Money VCs?
32
32
Companies Attracting Most Co20 Investors
Source: Barkow Consulting 'FinTech Money Map'
76
54
3
Stri
pe
Fun
de
rsC
lub
iZe
ttle
rob
inh
oo
d
Up
star
t
coin
bas
e
No
7
No
7
No
7
No
7
No
7
No
7
No
7
No
14
No
14
No
14
No
14
No
14
No
14
No
14
No
14
No
14
No
14
No
14
No
14
No
14
No
14
No
14
No
14
No
14
Stripe & FundersClub mit den meisten Co20 Investoren
Boom & Bust Gartner Hype Cycle
33
33
Gartner Hype-Zyklus beschreibt den typischen Verlauf der Erwartungen an technologische Innovationen
Peak
Trough
Start
Sustainable Growth
Saturation
Boom & Bust Gartner Hype Cycle & Google Trends
34
34
Looks like the beginning of a Hype Cycle
Source: Google Trends
FinTech auf Google Trends Anzahl Suchanfragen relativ zu Gesamtsuchanfragen
Deutscher Sonderweg
Boom & Bust Gartner Hype Cycle - Dt. Sonderweg für Finanzinnovationen
35
35
Die deutsche Finanzindustrie hat allerdings ihren eigenen Hype-Zyklus
Peak
Start
R.I.P. Aktienkultur Neuer Markt Mezzanine Fonds Mittelstandsanleihen To be Continued …
Fragen Antworten
36
36
?
Kontakt:
Peter Barkow
Barkow Consulting GmbH
Rethelstr. 38
D-40237 Düsseldorf
PH: +49 (0) 211 17 17 256
www.BarkowConsulting.com
@BarkowConsult
Peter Barkow
Peter Barkow
Peter Barkow
DISCLAIMER
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described herein. This presentation may not be reproduced, summarized or disclosed, in whole or in part, without the prior written authorization of The Author, and by accepting this presentation, you hereby agree to be bound by the restrictions
contained herein.
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The economic valuations contained in this presentation are necessarily based on current market conditions, which may change significantly over a short period of time. Changes and events occurring after the date hereof may, therefore, affect the validity of the conclusions contained in this presentation and The Author assume no obligation to update and /or revise this presentation or the information and data upon which it was based.