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2022 Annual FinTech Almanac Summary

Core Content

The 2022 Annual FinTech Almanac provides an overview of global FinTech financing and M&A activity, highlighting a decline in deal volume and value compared to the previous year, while still showing resilience in certain sectors.

Main Points

Overall Deal Activity

• Global FinTech deal activity volume fell by 58% in 2022 compared to 2021.
• Financing and M&A activity declined every quarter since Q3 2021.
• FinTech IPO activity was minimal in 2022, with only one US FinTech IPO, AMTD Digital, which saw volatile price swings.

Financing Trends

• Private FinTech company funding dropped by 38% to $88.1 billion in 2022.
• Early-stage funding increased as investors shifted towards longer-term investments.
• Average transaction size decreased, with 53% of financing rounds under $10 million.
• Median Seed and Series A round sizes increased to $4 million and $13 million, respectively.
• Late-stage activity saw a significant drop in the number of $100 million+ financings.
• Top FinTech sectors by financing volume:
  • Banking / Lending / PropTech led with $24 billion in financing volume.
  • Crypto & Blockchain followed with $17.5 billion.
• Key financings:
  • FNZ's $1.4 billion investment.
  • Checkout.com's $1 billion Series D raise.
  • Klarna's $800 million round at an 85% discount to its previous valuation.
  • Emerging markets such as Africa, India, and Southeast Asia saw strong growth in FinTech funding.

Investor Activity

• Tiger Global and Sequoia Capital were the top traditional VC investors.
• Coinbase Ventures made the most FinTech investments in 2022.
• Strategic participation in FinTech funding reached an all-time high, with 45% of deals including corporate VC or strategic investors.

M&A Trends

• FinTech M&A volume totaled $129.6 billion, the lowest since 2017.
• Total M&A deals in 2022 reached 1,270, making it the second most active year.
• Large M&A deals were fewer, with only 29 deals valued at $1 billion or more.
• SPAC mergers totaled 21, contributing $13.6 billion to the M&A volume.
• The largest SPAC merger was Avalon Acquisition's $3.5 billion deal with The Beneficient Company.
• Thoma Bravo was the most active private equity investor, acquiring $24 billion worth of companies in the Financial Management Solutions sector.
• FMS sector led in M&A activity with $42.2 billion in total volume across 281 deals.
• Notable M&A deals:
  • ICE's $16 billion acquisition of Black Knight.
  • Thoma Bravo's $10.7 billion acquisition of Anaplan.
  • Vista Equity Partners' $8.4 billion acquisition of Avalara.
  • Global Payments' $4 billion acquisition of EVO Payments.
  • R1 RCM's $4.1 billion acquisition of Cloudmed.

Key Sectors

FT Partners classifies FinTech into 7 primary sectors:

1. Payments
2. Banking / Lending / PropTech
3. Wealth & Capital Markets Tech
4. InsurTech
5. Healthcare FinTech
6. Financial Management Solutions ("FMS")
7. Crypto & Blockchain

Data Collection and Insights

• FT Partners maintains a proprietary database of FinTech companies and transactions, compiled through primary research and years of focus.
• The database is continually updated, and previous reports may not reflect the most current data.
• The report includes detailed breakdowns of financing and M&A activity, as well as sector highlights and sub-sector analysis.

Outlook

Despite the decline in 2022, FinTech remains a vibrant sector with strong fundamentals. The year was still the second strongest in history for private company financing. Emerging markets showed substantial momentum, and with capital market stabilization, FinTech IPOs and M&A activity are expected to rebound.

Appendix Highlights

• Includes an expanded history of FinTech.
• Published transaction profiles.
• Other FT Partners research.
• Overview of FT Partners.

Summary Table

Conclusion

While 2022 was a challenging year for FinTech due to macroeconomic pressures, the sector still demonstrated resilience and growth in emerging markets. The shift in investor focus towards early-stage and longer-term investments, along with the increased strategic participation, indicate a long-term positive outlook for FinTech.