CB-Insights-金融科技2021年第三季度报告的状态（英）-2021-236页_4mb

State of Fintech Summary - Q3 2021

Core Content

This document provides a comprehensive overview of the state of fintech venture activity in Q3 2021, including funding, dealmaking, and exit trends globally and regionally. It highlights key developments in various fintech verticals and the role of different investor types.

Main Points

Global Funding Trends

• Global Funding: Reached its second-highest level in history, totaling $31.1B, a 147% increase YoY.
• Mega-rounds: 94 deals in Q3'21, marking the second-highest quarter for such rounds. These mega-rounds accounted for 64% of total funding, up from previous quarters.
• Late-stage deals: Median deal size more than doubled YoY to $90M, while early-stage deals accounted for 63% of all deal activity in Q3'21.
• Unicorns: 43 new fintech unicorns were born in Q3'21, bringing the total to 206, which is twice the number from Q3'20.

US Fintech Trends

• US Funding: Reached $14.6B, a 121% increase YoY.
• US Deal Share: Despite making up only 39% of total deals, the US accounted for nearly half of the total Q3'21 funding.
• Mega-rounds in the US: The US led in both mega-round deals and funding, with 94 deals and a total of $14.6B.
• Median Valuation: Mid-stage companies saw a 144% increase in median valuation to $478M.

Asia Fintech Trends

• Asia Deals: Reached a record 307 deals totaling $5.9B, marking 5 consecutive quarters of growth since Q2'20.
• Asia Mega-rounds: Grew for the third consecutive quarter, surpassing Europe in deal volume.
• Asia Funding Growth: The region saw consecutive quarterly deal growth since Q2'20 and funding growth since Q3'20.

Europe Fintech Trends

• Europe Funding: Recorded a 121% increase in M&A deals compared to 2020, contributing to the global rise in fintech exits.
• Europe Deals: While not as high as the US and Asia, Europe still saw a significant increase in deal activity.

Latin America (LatAm) and Canada

• LatAm Funding: Showed a 110% increase in M&A deals since 2020.
• Canada Funding: Also experienced a notable increase in M&A activity.

Investor Trends

• VCs: Still account for the largest share of deals at 29%, though other investor categories have shown growth.
• Asset/Investment Management: Increased its share to 13% for the third consecutive quarter.
• Median Deal Size: Across all investor categories, the average deal size increased significantly, with late-stage deals seeing the largest jump.

Key Verticals and Deal Highlights

Payments

• Global Payments: A major vertical in fintech, with several high-profile deals, including FTX and Revolut.

Banking

• Banking Activity: Significant M&A activity, with Varo Bank and Chime leading in series E deals.

Digital Lending

• Digital Lending: Experienced a 110% increase in M&A deals since 2020, contributing to the overall rise in fintech exits.

Wealth Tech

• Wealth Tech Deals: Set a quarterly record with 132 deals, though funding dropped by 30% compared to the previous quarter.

Insurtech

• Insurtech: Notable activity with companies like 1Password and Insurify.

Capital Markets Tech

• Capital Markets Tech: Saw a 188% increase in Q3'21 funding, indicating strong investor interest.

SMB Fintech

• SMB Fintech: 115+ companies are building the fintech stack for small and medium businesses, showing continued innovation in this space.

Top Deals in Q3 2021

Series A Deals

• Genesis Digital Assets: $431M
• Wave: $200M
• Scalapay: $155M
• LoanPro: $100M
• Sunday: $100M
• Happay: $100M

Series B Deals

• FTX: $900M
• Blockstream: $210M
• Mercado Bitcoin: $200M
• Blockdaemon: $155M
• Remote: $150M
• Envelop Risk Analytics: $130M
• TaxBit: $130M
• Mercury: $120M
• Cora: $116M
• 1Password: $100M

Series C Deals

• Opay: $400M
• Ramp: $300M
• Bitpanda: $263M
• Clearco: $215M
• FalconX: $210M
• AlphaSense: $180M
• Form3: $160M
• Ascend Money: $150M
• Xendit: $150M
• Pleo: $150M

Series D Deals

• DriveWealth: $450M
• Uala: $350M
• Fireblocks: $310M
• Papaya Global: $250M
• Melio: $250M
• Lunar: $249M
• Solarisbank: $224M
• Divvy Homes: $200M
• NIUM: $200M
• Human Interest: $200M

Series E+ Deals

• Revolut: $800M
• Chime: $750M
• Kavak: $700M
• Varo Bank: $510M
• Carta: $500M
• BharatPe: $370M
• DataRobot: $300M
• SpotOn: $300M
• Rapyd: $300M
• Other notable companies: Trading 212, Lula, Eden Network, XREX, Royal, Vyne, Karbon Card, CredAvenue, Prime Trust, ClickLease, FalconX, Ascend Money, Xendit, Pleo, DriveWealth, Uala, Fireblocks, Papaya Global, Melio, Lunar, Solarisbank, Divvy Homes, NIUM, Human Interest, BharatPe, DataRobot, SpotOn, Rapyd, and others.

Summary Table

Conclusion

Q3 2021 saw a record-breaking level of fintech investment, with global funding reaching $31.1B, the second-highest quarter ever. The US remained the leading region in terms of both deal share and funding, while Asia and Europe also showed significant growth. Early-stage deals continued to drive innovation, and mega-rounds accounted for a record share of total funding. The fintech ecosystem continues to expand and evolve, with notable activity in payments, banking, digital lending, and wealth tech.