CENTRAL BANK DIGITAL CURRENCIES: THE ACCEPTABLE DIGITAL CURRENCIES

Blockchain and Cryptocurrencies enable digital money 2.0, which goes beyond cash and electronic forms of money in terms of new use cases. Digital money and electronic money are often used interchangeably to represent non-physical forms of money. However, there are some core differences in the structure, technology, and governance of these two forms of money. Electronic money can be narrowly defined as an electronic store of monetary value issued by a regulated e-money institution and stored on a device. On the other hand, digital money can be tokenized, it can be stored in a centralized database or blockchain, and most importantly, its value can depend either on a fiat currency or can be linked to a cryptocurrency, which means it can change according to the supply and demand of the cryptocurrency.  Therefore, digital money has the following benefits over electronic money:

n  24x365 settlement: Blockchains and other distributed ledger technology (DLT) networks are ‘always on’ while the traditional banking system is not, which means the value of digital money linked to cryptocurrencies can change anytime depending on demand and supply of that cryptocurrency, facilitating easy liquidity in these markets.

n  Programmability of blockchains results in ‘Smart Contracts’ that can be powerful means to embed finance in digital ecosystems and automate financial transactions in real-time.

n  Atomic Settlement: Token exchange can remove settlement risk between counterparties.

Chart 1: Digital Money vs. Electronic Money (E-Money)

Source: Intro-act, Citi Research

After decades of status quo, central banks are looking to embrace digitization of currencies. According to a BIS survey, ~90% of central banks around the globe are pursuing central bank digital currency projects (CBDC) that are at various stages of maturity. In countries such as the U.S. and South Africa, these projects are in exploratory phase, whereas in the EU and China, these projects are in developmental stage. Some countries such as Nigeria and Bahamas have already operationalized digital currencies. However, most projects are at a nascent stage with little progress in market development and technical design. According to McKinsey, CBDC deployment can take 3-5 years, and the four trends that are driving central bank interest in CBDCs are as follows:

n  The fall of cash as a payment method across the globe. What was a gradual decline through the past decade took a sharp dip during the pandemic. Between 2014 and 2021, cash usage declined rapidly in Europe by roughly one-third. This trend threatens the dependence of economies on central banks and therefore, banks are looking to reassess their role in the monetary system.

n  Growing interest in privately issued digital assets, which are emerging as alternative sources of monetary value in many sovereign economies. The significant rise in trading, transacting, and holding of digital assets over the last few years signal an increasing affinity of individuals, corporations, and institutions toward digital assets.

n  Perceived diminishing innovation quotient of central banks. The emergence of digital assets has seen many interesting, popular, and efficient use cases emerge, over the past few years, whereas traditional central banks have done little to drive innovation-driven efficiency in the monetary ecosystems.

n  Central banks want to enforce better governance. Despite a strong innovation quotient of private digital assets, this market has been marred by issues of distrust and fraud emanating from the absence of, inadequate, or incoherent regulatory framework. As appointed guardians of systemic stability, central banks expect that establishing a CBDC can lead to better local governance of an increasingly globalized payment system.

Chart 2: The Status of CBDC Adoption

Source: Intro-act, CBDCTracker.org

CBDC adoption will weaken the control of existing financial services incumbents and will create room for new technology-driven players to emerge. While most CBDC projects are still in nascent stage but once they are adopted, the role of traditional banks could change significantly. Currently, banks are the interface between central banks and consumers, as they offer banking services to consumers and had complete dominance in the era where cash was the primary means of accessing financial services, because they had the infrastructure to handle cash. With the emergence of electronic money, central banks around the world introduced new market participants in the forms of Neobanks, Digibanks, and digital and mobile wallet providers. This was because electronic money was consumer friendly and traditional banks were simply unable to scale their digital infrastructure and come out with innovative products that would have allowed them to maintain their dominance. This is where technology companies that had huge consumer bases and better technological capability to create user-friendly products, were able to enter the markets to compete with banks. Some examples here include Alibaba’s Ant Financial, Google Pay, PhonePe, Paytm, Venmo and ApplePay. Now, with the emergence of digital money 2.0, which is forcing central banks to consider CBDCs, the role of traditional banks could come under more pressure, as new technology companies that are able to provide digital currency infrastructure will play an even more important role. While central banks will still regulate and manage CBDCs, intermediary entities would be required to handle basic checks for KYC, AML, and overall transactions, which are currently managed by traditional banks. Therefore, traditional banks must develop technical expertise and scale to continue to offer such services or lose this market to technology-first companies.

 

INDUSTRY TRENDS

Asian fintech rises above global investment dip. Fintech companies suffered a difficult period, globally, last year, as soaring inflation and rising in­terest rates prompted inves­tors to pull back from the sector. Large parts of the industry struggled to raise funds and valuations were slashed. Swedish buy now, pay later provider Klarna was a case in point: the group’s valuation was cut to $6.7bn in a 2022 funding round, down 85 per cent from $46bn the previous year. Overall, global investment into fintech halved to $75.2bn, according to analytics firm CB Insights. But Asia fintechs bucked this trend: investment reached a record high of $50.5bn last year, data from consultancy group KPMG shows. And, while the collapse last month of US-based specialist lender Silicon Valley Bank has further darkened global investor sentiment, the outlook for fintech — in Asia-Pacific, at least — is bright. Read More (Financial Times)

Avaloq, Broadridge, FIS, Temenos, TCS BaNCS, and Infosys Finnacle emerge as top wealth management products in PEAK Matrix Assessment 2023. The wealth management industry has massively changed in the past few years due to the democratization of wealth management services, generational wealth transfer, the rise of unconventional asset classes, and increased demand for hyper-personalized services. Next-generation investors are increasingly demanding that innovative products such as cryptocurrency and ESG-compliant sustainable investments be included in their portfolios. Robo-advisors are also offering personalized advisory services at affordable prices. Technology intervention is driving a shift in wealth management services, with the digital advisory model enabling innovative customer interaction. Read More (Everest Group)

Chart 3: Everest Group Wealth Management Products PEAK Matrix Assessment 2022

Source: Intro-act, Everest Group

Ether is rallying ahead of major upgrade that will let holders more easily access their tokens. Ether has spiked this week to a nine-month high, ahead of a major network upgrade that some crypto enthusiasts say will make the digital currency a more profitable long-term investment. The world’s second-biggest cryptocurrency is up about 6% over the past three days, surpassing $1,900, while bitcoin is roughly flat over that stretch. Beginning 12 April, an upgrade to the blockchain, dubbed “Shapella,” will allow owners of ether to withdraw their assets. Up to this point, investors would have to use centralized exchanges like Coinbase or decentralized finance (DeFi) protocols like Lido, to essentially exchange their locked-up ether for a token of equivalent value. Read More (CNBC)

Fintech funding remains strong in India despite global funding pullback. Despite a global pullback in fintech funding and regulatory headwinds, investments in India remained strong in 2022, driven by large deals in lending and fintech infrastructure-focused players as well as a dynamic early-stage funding landscape in emerging segments, including insurtech, embedded lending and wealthtech, a new report by management consulting firm Bain and Company says. The India Venture Capital Report 2023, released on March 15, 2023, looks at the state of startup funding in the country, delving into trends observed in 2022 and key predictions for the year to come. According to the report, fintech funding in India in 2022 remained at pace with the year prior, declining by a slight 10% last year to reach US$4.5 billion. Read More (FinTech News Singapore)

Chart 4: Annual VC investments in India (fintech-focused, US$B)

Source: Intro-act, Bain and Company, FinTech News Singapore

FTI Consulting U.S. loan market survey points to most cautionary outlook in five years. FTI Consulting has released the findings of its 2023 U.S. Loan Market Survey, which offers insight into bank and non-bank lenders’ perspectives on the U.S. loan industry and highlights expectations for leveraged credit market conditions in 2023. This year’s survey responses reflect the most cautionary outlook seen in the five years that FTI Consulting has conducted the survey. According to the results, 71% of respondents believe that the probability of a U.S. recession in 2023 or 2024 is material (54%) or likely (17%), with only 11% believing that real U.S. GDP growth in 2023 will exceed 2.0%. “What we have seen over the course of the last couple of years is a gloomier outlook for the U.S. economy,” said Dave Katz, a Senior Managing Director in the Senior Lender Advisory practice. Read More (FinTech Futures)

It's crunch time for open banking in the UK. As the proverb goes, ‘patience is a virtue’, and that’s something many of us are having to keep in mind this week as we await the Joint Regulatory Oversight Committee’s (JROC) report on the future of open banking in the UK. Fortunately, the Coalition for a Digital Economy (Coadec) has given us all something to sink our teeth into after releasing ‘The Great Open Banking Crossroads’. It’s a new report that shares both an up-to-date analysis of the UK’s Open Banking ecosystem and Coadec’s vision for the future, including a call on HM Treasury to design a new Open Finance scheme.  It’s undeniable that Open Banking has had a positive impact on financial innovation, with the technology powering new business models, reducing fraud, lowering costs, and increasing productivity… I could easily go on. That said, it’s still great to have the report confirm just how much of a significant impact it has had on the broader economy. It estimates that Open Banking has led to the creation of over 4,800 jobs and holds a value of at least £4.1 billion. Read More (Finextra)

India targeting one million CBDC users in three months, prioritizing offline transfers.  India's retail central bank digital currency (CBDC-R) architects are aiming to scale the user base of the digital rupee to one million users and have prioritized solving the challenge of creating an offline version, two people familiar with the matter told CoinDesk. Although RBI officials publicly stated in March, they were aiming for 500,000 users by July, they are privately looking to double that amount. "Given India’s population as the world’s largest, we expect to reach the milestone of one million users easily,” one person said, adding that the tentative timeline for reaching one million users is three months. Read More (CoinDesk)

2023 State of Crypto Report: Introducing the State of Crypto Index. Emerging technologies evolve in cycles; in crypto, this includes periods of high activity, followed by so-called crypto winters. In the period marked by our now-annual State of Crypto report, it would be easy for a casual observer to overlook the rapid progress the crypto industry is making. Major infrastructure improvements like The Merge – a momentous achievement in decentralized and open source development – simply don"t make headlines as often as high-profile bankruptcies, busts, and flameouts. The 2023 report aims to address the imbalance between the noise of fleeting price movements – and the data that tracks the signals that matter, including the durable progress of web3 technology. Overall, the report reflects a healthier industry than market prices may indicate, and a steady cycle of development, product launches, and ongoing innovation. Read More (a16zcrypto)

Chart 5: Blockchain Transaction Exploded as Scaling Technologies Reduced Transaction Fees

Source: Intro-act, a16zcrypto, Nansen Query. Tracked blockchains include Ethereum, Polygon, Solana, Avalanche, Fantom, Celo, Optimism, and Arbitrum

Competition heats up between Apple and FIs over BNPL. Apple is rolling out its own buy now, pay later (BNPL) option in an effort to make a place for itself in the payment installment arena, according to Washington Post. Apple’s BNPL option will allow consumers to finance a purchase up to $1000 in four installments over six weeks, with no interest or fees. It will be phased into general use over the next couple of months. Apple has been competing with traditional financial institutions for some time now, particularly in regards to digital wallets. Digital wallets are more popular than ever, with device-specific wallets such as Apple Pay and Google Pay competing with operating system-agnostic wallets, such as PayPal’s Venmo. Traditional banks have also been eyeing the space. Just earlier this year, Wells Fargo, Bank of America, and JPMorgan Chase—in addition to four other financial institutions behind Zelle—said they were teaming up to launch a digital wallet. Read More (Payments Journal)

Vast majority of brokers are using affordability platforms. Nearly nine in 10 brokers, or 87%, say they now use an affordability system for at least two thirds of their cases, resulting in more brokers working with a larger number of lenders. According to research by Mortgage Broker Tools (MBT), the figure represents a significant increase on the 70% of brokers who said they used an affordability system for at least two thirds of their cases this time last year. Read More (Mortgage Introducer)

Are enough FTSE 100 firms publishing credible decarbonisation plans? A recent study by EY has found that 95% of companies in the FTSE 100 committing to net zero by 2050 have not published ‘credible’ decarbonisation plans. According to ESG Today, the UK initially committed to introduce mandatory disclosure of transition plans from financial institutions and listed firms during the COP26 conference in 2021, with an expectation for reporting to start in 2023. In the company’s study of the net zero transition material published publicly by FTSE 100 businesses as of the end of January 2023. However, only 5% of these firms have disclosed plans that meet the draft TPT Framework guidance and started putting the plans into action. Read More (FinTech Global)

LSEG teams with digital trading platform to offer bitcoin futures and options. London Stock Exchange Group (LSEG.L) has teamed up with Global Futures and Options (GFO-X) to offer Britain's first regulated trading and clearing in bitcoin index futures and options derivatives. Britain, which aims to become a global hub for crypto technology, launched a public consultation earlier this year on future rules for cryptoassets, which are currently unregulated. GFO-X, which is licensed by the UK's Financial Conduct Authority, is a start-up platform aimed at global institutional investors who want to trade digital asset derivatives.nLSEG's Paris-based LCH SA clearing unit will introduce a new, segregated clearing service, DigitalAssetClear, for cash-settled dollar-denominated digital assets traded on GFO-X. Read More (Reuters)

Asian fintechs surge under investor focus. Economic headwinds have been having an impact across the investment space. Global venture capital (VC) investment has fallen, with S&P finding investment volumes had dropped 64.7% year-on-year to February 2023, sliding from $48.22bn a year earlier to just $17bn. As interest rates rise and returns decrease, investors are becoming more selective on where they put their funds. Yet, some spaces are still capturing interest. Asia’s fintech space continues to enjoy significant funding as investors look to tap this expanding market. In its Pulse of Fintech H2 2022 report, KPMG outlined how fintech investments in Singapore alone during 2022 reached a three-year high, with a total of $4.1bn across 250 deals. Across the whole region, a record $50.5bn in fintech investment was recorded across 1227 deals. Read More (The Banker)

Citi expects $4 trillion in value of tokenized assets by 2030. Citi has released a comprehensive 161-page report outlining a highly promising future for asset tokenization and the token economy. In the report Money, Tokens, and Games: Blockchain’s Next Billion Users and Trillions in Value, Citi states that: “We believe we are approaching an inflection point, where the promised potential of blockchain will be realized and be measured in billions of users and trillions of dollars in value.” And further, Citi sees tokenization as the main driver in the blockchain space to finally accelerate the entire industry to a critical point of mass adoption: “Tokenization of financial and real-world assets could be the killer use case driving blockchain breakthrough with tokenization expected to grow by a factor of 80x in private markets and reach up to almost $4 trillion in value by 2030.” Read More (The Tokenizer)

Chart 6: Tokenization Total Addressable Market ($ trillions)

Source: Intro-act, Citigroup, The Tokenizer

ChatGPT can forecast stock price movement with better accuracy than humans: Study. Artificial Intelligence (AI) is transforming various industries, and the finance sector is not left out. A recent study conducted by researchers at the University of Florida shows that ChatGPT, a large language model, can accurately forecast stock market returns using sentiment analysis of news headlines. The study, titled "Return Predictability and Large Language Models," found that ChatGPT outperformed traditional sentiment analysis methods provided by leading vendors. The researchers leveraged ChatGPT's sentiment analysis capabilities to analyze news headlines and predict whether they were good, bad, or irrelevant news for firms' stock prices. They then computed a numerical score and documented a positive correlation between these "ChatGPT scores" and subsequent daily stock market returns. Read More (Business Today)

Cloud-based payments are the future, and banks need to get with the program. In corporate banking, adapting to change is crucial. The rapidly evolving demands from corporate clients mean banks must be on the leading edge of change and identify potential success factors to move in the right direction or risk being left behind. While the technology, such as cloud-enabled platform banking or software-as-a-service (SaaS) solutions enable banks to meet their objectives, it’s imperative—above all else—that they’re meeting customer demand. In a report titled “Cloud Payments and Payments as a Service are Taking Hold,” Steve Murphy, Director of Commercial Payments at Javelin Strategy & Research, discusses some of the key benefits of cloud-based payment solutions and payments as a service models. Read More (Payments Journal)

Business leaders are resorting to BNPL for cashflow. Almost half of business leaders in Europe have resorted to buy now pay later (BNPL) services to smooth cash flow amid difficult economic conditions, new research has suggested. In a survey from fintech company Marqeta, it was found that 43% of business leaders had used BNPL services in the last three months as cash flow remains an issue. BNPL is a form of payment that essentially acts as a loan, wherein the provider will cover the cost of a purchase and the user will pay the fee over a series of instalments. Marqeta’s survey found that over half (53%) of SMEs surveyed had between £10,000 and £75,000 owed to them by customers every month, with 36% of respondents saying that money was needed to remain solvent. Read More (UK Tech News)

Grocery shoppers who try BNPL do not stick with it. Some consumers may try buying groceries with buy now, pay later (BNPL), but PYMNTS research shows it doesn’t stick. BNPL is increasingly becoming an option for food purchases. Major grocers are getting onboard, with Kroger offering Afterpay, Walmart accepting payments via Affirm, and leading third-party delivery aggregator Instacart providing the option to pay with Klarna. Yet, it seems consumers are not satisfied with their BNPL grocery experiences, and those who do try it abandon the payment method fairly quickly. A PYMNTS study of more than 2,400 U.S. consumers who have purchased groceries at least once in the past month revealed that very few shoppers — even those who are struggling to pay their bills each month — are willing to pay for their groceries in installments. Read More (Pymnts)

Embedded finance turns checkout into a better customer experience for brands. In response to widespread demand for convenience, nonfinancial companies are using banking-as-a-service (BaaS) to seamlessly integrate financial products into traditionally nonfinancial platforms and experiences. Known as embedded finance, this integration of financial services has become immensely popular: In 2021, businesses and consumers spent $2.6 trillion in transactions through embedded financial services in the U.S., according to a Bain & Company report. Examples of embedded finance are everywhere. Uber is a typical example, enabling users to hail and pay for rides via the same app. Another prominent use is in auto lending, with 70% of auto loans, for example, acquired at dealerships during purchase. Read More (Pymnts)

REGUATORY UPDATES

Coinbase could move away from U.S. if no regulatory clarity: CEO Brian Armstrong. Coinbase CEO Brian Armstrong indicated that the crypto exchange would consider moving away from the U.S. if the regulatory environment for the industry does not become clearer. "Anything is on the table, including relocating or whatever is necessary" he said after former U.K. Chancellor George Osbourne asked whether he could see Coinbase leaving the U.S. at Fintech Week in London. "I think the U.S. has the potential to be an important market for crypto, but right now we are not seeing that regulatory clarity that we need," he said. Read More (CoinDesk)

Klarna and Zilch sound the alarm on planned BNPL rules as key consultation closes. Klarna and Zilch have sounded the alarm over the scope of planned buy-now pay-later (BNPL) rules as ministers close a key consultation before bringing the sector into regulation later this year. The government has been sounding out the industry for its input on proposed rules after first laying out plans to clampdown on firms like Klarna, Clearpay and Laybuy last year. Among the measures set to come into force are firmer credit checks on borrowers and expanding the remit of the City’s complaints watchdog, the Financial Ombudsman Service, to allow shoppers to dispute claims. Read More (City AM)

Credit lines via UPI, a boost for MSMEs, BNPL firms. RBI’s proposal to allow UPI transactions via pre-sanctioned credit lines is being seen as a positive move for BNPL and MSMEs by broadening access to credit and credit-based transactions. The linking of loan accounts to UPI will bypass the need for physical infrastructure and allow inclusion of borrowers who don’t have access to cards. This is what most BNPL players currently do, albeit on their platforms. ‘’This will enable the linking of UPI to credit lines that are approved by banks for payment transactions of both secured and unsecured lending products like personal and working capital loans,” Mihir Gandhi, Partner - Payments Transformation, PwC India, said. Read More (The Hindu Business Line)

ACCC flags tougher enforcement on ‘open banking’. The competition regulator stands ready to take tougher enforcement action against banks if the quality of customer data being fed into the consumer data right is not improved. Open banking, as the consumer data right is known in the banking sector, is a government competition policy designed to give customers more control of data generated from their banking activity. It allows customers to port data around to different providers, in a regulated framework, to get better prices and services. Read More (Financial Review)

Central Bank of UAE launches CBDC implementation strategy. The Central Bank of the UAE has launched its Central Bank Digital Currency (CBDC) Implementation Strategy in collaboration with R3, G42 Cloud and Clifford Chance. For Phase 1, R3 and G42 Cloud have been selected as the technology and infrastructure providers of the initiative respectively, while Clifford Chance will provide critical legal oversight for the strategy. The strategy, which represents one of nine initiatives in the CBUAE’s Financial Infrastructure Transformation (FIT) Programme, sets out a roadmap for applying CBDC across a range of domestic and cross-border use-cases in the region. Read More (The Paypers)

Australian regulator cancels Binance’s license at exchange’s own request. Binance’s Australian derivatives license was canceled at the crypto exchange’s own request, the Australian Securities & Investments Commission said, after the regulator had begun a “targeted review of Binance” in February. Beginning April 14, Binance’s derivatives clients in Australia will not be able to open or increase their existing trading positions. By April 21, Binance will be required to close out any remaining trading positions, the regulator said. Read More (CNBC)

U.S. SEC warns advisers they need to know crypto before recommending to clients. The U.S. Securities and Exchange Commission (SEC) is advising brokers and investment advisers they need to use heightened scrutiny when it comes to making crypto recommendations to ensure the risky products are in the best interests of their clients, the agency said in a new bulletin. The staff bulletin – outlining the duties the advisers have to customers – specifically mentioned crypto, continuing the agency’s recent focus on the sector after having largely ignored digital assets in its rules and guidance until last year. Read More (CoinDesk)

EU Parliament approves crypto licensing, funds transfer rules. Lawmakers in the European Union voted 517-38 in favor of a new crypto licensing regime, Markets in Crypto-Assets (MiCA), with 18 absentions, making it the first major jurisdiction in the world to introduce a comprehensive crypto law. The European Parliament also voted 529-29 in favor of a separate law known as the Transfer of Funds regulation, which requires crypto operators to identify their customers in a bid to halt money laundering, with 14 abstentions. Read More (CoinDesk)

EU Parliament report warns of the risks of a digital euro. The European Parliament published a briefing ahead of a vote on whether to proceed with the technical implementation phase of a digital euro. While the report is broadly supportive of the preparatory work carried out by the European Central Bank (ECB), it is not a proponent of a digital euro itself. It casts doubts on the eventual launch of a central bank digital currency (CBDC), arguing that “when in doubt, [one should] abstain (but be prepared).” The paper assesses the state of preparation for the possible launch of a digital euro, focusing on familiar aspects such as market impact, implications for banks, and privacy. Read More (Ledger Insights)

EARNINGS

Visa's payments business helps profit exceed Wall Street estimates. Visa Inc reported a better-than-expected second-quarter profit and bet on sustained growth at its payments business, as consumers brace for a milder recession than was once feared. Card companies escaped the economic downturn of last year unscathed on the back of a strong dollar and a rebound in travel, particularly in China, with executives having downplayed the turmoil in the economy for several quarters. "Consumer payments remains a massive opportunity for Visa," Chief Executive Officer Ryan McInerney said on a post-earnings call. Read More (Business Today)

Mastercard Q1 earnings exceed expectations on strong key metrics. Mastercard Inc reported Q1 2023 net revenues of $5.75 billion, up 11% Y/Y and 14% on neutral currency basis, beating the consensus of $5.64 billion. Payment network net revenue rose 7% Y/Y (+10% on a currency-neutral basis), led by growth in gross dollar volume (+15% Y/Y), cross-border volume (+35% Y/Y) and switched transactions (+12% Y/Y). Value-added services and solutions net revenue rose 19% Y/Y (+21% Y/Y on a currency-neutral basis), driven by continued strong growth in cyber and intelligence solutions and high demand for data analytics, consulting and marketing services. Read More (Yahoo Finance)

ClearBank nearly triples YoY income to £58m in 2022. ClearBank Ltd., enabler of bank accounts, real-time clearing, and Embedded Banking for financial institutions, has presented the results from its 2022 Annual Report revealing the bank nearly tripled income to £58m in 2022 (+173% YoY) after reaching monthly UK profitability. Despite sector turbulence and a challenging macroeconomic landscape, 2022 saw ClearBank’s unique combination of fully licensed banking services with a next-generation technology platform fuel accelerated growth for one of the UK’s newest banks. Income was driven primarily by an increase in both net transaction (+43% YoY) and fixed platform fees (+23% YoY) as the bank increased its customer base by 22%, along with growing balances held at the Bank of England in a rising interest rate environment. ClearBank anticipates continuing UK profitability through 2023 as it plans expansion into Europe in H2. Read More (Finextra)

CAPITAL MARKETS

DMI Finance raises $400 million from Japan’s MUFG Bank. Non-banking finance company (NBFC) DMI Finance has raised $400 million in an equity round led by MUFG Bank of Japan. The fundraise, which involved primary and secondary transactions, saw participation from existing investor Sumitomo Mitsui Trust Bank, DMI Finance said. Speaking to FE, Shivashish Chatterjee, co-founder and joint managing director at DMI Finance, said the end use of the new funds is to continue expanding existing business. Read More (Financial Express)

Chart 7: Growth Drivers for DMI Finance’s Digital Lending Solution

Source: Intro-act, DMI Finance

Blockchain interoperability firm LayerZero Labs valued at $3B after $120M funding round. LayerZero Labs, which builds technology to help blockchain protocols communicate with one another has raised $120 million in a funding round led by ​​a16z crypto, a section of the venture capital firm Andreesen Horowitz. Now with a war chest of approximately $250 million, the blockchain interoperability firm is currently valued at $3 billion. More than 30 investors participated in the round, including Christie’s, Circle Ventures, OpenSea Ventures, Samsung Next, Sequoia Capital, OKX Ventures, and BOND. Read More (Yahoo Finance)

Indonesian fintech DigiAsia Bios looks abroad after SPAC merger. Indonesian financial technology startup DigiAsia Bios is gearing up to expand to other Southeast Asian countries with similar demographics and regulations, including Vietnam, Cambodia and the Philippines, after its combination with a special purpose acquisition company (SPAC) and Nasdaq listing this year, a senior executive said. In an interaction with DealStreetAsia, DigiAsia founder Alexander Rusli said the business-to-business (B2B) company plans to complete its combination with StoneBridge Acquisition Corporation, a publicly traded special purpose acquisition company, this April and raise around $200 million. The money will allow DigiAsia to grow inorganically. Read More (Nikkei Asia)

Fintech startup Clear Street raises $270M at a $2B valuation. Clear Street, which says it is building “modern infrastructure” for capital markets, has raised $270 million in the second tranche of a Series B funding round at a $2 billion valuation. Growth equity firm Prysm Capital led the financing, which brings the round total to $435 million. New York-based Clear Street raised the first tranche of the round in May of 2022 at a $1.7 billion valuation. Prysm led that first tranche as well, which was the company’s first round of funding raised from outside investors. Until last year, Clear Street had been operating with only capital provided from its co-founders. Read More (Tech Crunch)

4 Charts show startup M&A deal-making is not moving in the direction we expected. Predictions were rife coming into 2023 that we would see a flood of M&A deals for venture-backed startups as funding and IPOs dried up and cash-strapped companies looked for a way out. That hasn’t exactly happened. In fact, startup M&A deal-making continues to dip, Crunchbase data shows. In fintech, M&A deal count dipped from 319 in 2021 to 289 in 2022. M&A deal count in Q1 2023 continued to fall, tumbling 37% year over year to 51. We did see some notable fintech M&A deals last quarter, including Marqeta’s $275 million purchase of Power, but the overall trendline shows deal-making on the decline. Read More (Crunchbase)

Chart 8: M&A Deals Globally Involving VC-Backed Fintech Startups

Source: Intro-act, Crunchbase

Insurance broker Howden secures $1.1bn in debt and equity. Insurance broker Howden Group Holdings has raised over $1.1bn in debt and equity, which it intends to use towards M&A initiatives. Founded in 1994, Howden Group Holdings comprises Howden Broking and underwriting business DUAL. Howden Group Holdings’ businesses operate in 50 countries across Europe, Africa, Asia, the Middle East, Latin America, the USA, Australia and New Zealand, employing 14,500 people and handling $30bn of premium on behalf of clients. Read More (FinTech Global)

Pagaya receives $75 million from longstanding investor Oak HC/FT to accelerate m&a strategy. Pagaya Technologies LTD., a global technology company delivering artificial intelligence infrastructure for the financial ecosystem, has announced that its longtime investor, Oak HC/FT, is investing $75 million in Pagaya in the form of a convertible perpetual preferred security. The preferred converts at $1.25, which reflects a premium of approximately 36% to Pagaya's closing price on April 19, 2023. The investment further strengthens Pagaya’s positioning to pursue strategic investments, primarily acquisitions, in the current market, driving value alongside its already strong organic growth profile. Read More (Yahoo Finance)

M&A

Acorns acquires UK’s GoHenry, a fintech focused on 6- to 18-year-olds. U.S.-based savings and investing startup Acorns has acquired London-based GoHenry, a startup focused on providing money management and financial education services to 6- to18-year-olds in an all-equity deal, the two companies announced. The combined valuation of the company, as well as further financial terms, were not disclosed. When Acorns last raised funding, $300 million in March 2022, it was valued at $2 billion; GoHenry has not disclosed its valuation but was believed to be valued at between $250 million and $500 million in October 2022, when it raised $55 million. Read More (Tech Crunch)

India’s PhonePe calls off acquisition of BNPL firm ZestMoney. Indian payments giant PhonePe has reportedly called off its proposed acquisition of buy now, pay later (BNPL) firm ZestMoney, according to The Economic Times. The Walmart-backed payments app had opened talks to acquire ZestMoney for around $200 million to $300 million in November last year. However, The Economic Times reports the firm has now decided to walk away from the deal after carrying out its due diligence checks, with sources suggesting concerns over ZestMoney’s business model and debt liability. Read More (FinTech Futures)

SoFi acquires Wyndham Capital Mortgage in all-cash deal. US fintech SoFi Technologies has acquired Wyndham Capital Mortgage, a fintech mortgage lender, in an all-cash transaction. The acquisition includes both “talent and technology” and is designed to help SoFi scale while boosting sales and operational efficiencies, as well as expand its mortgage product offering. The deal will also allow SoFi to reduce its reliance on third-party partners and processes. The terms of the transaction were not disclosed. SoFi says the transaction is not expected to be material to the company’s 2023 financial outlook, but is expected to add value within six months. Read More (FinTech Futures)

Korean fintech Kakao Pay to acquire majority stake in US brokerage firm Siebert. Kakao Pay, the online payment service of South Korean messaging and internet giant Kakao, announced that it has acquired a stake in Siebert Financial, a brokerage firm based in New York. Kakao spent $17 million on this transaction and the company now owns a 19.9% stake in Siebert. This is just the first step as Kakao Pay plans to acquire an additional 31.1% stake in Siebert depending on shareholder and regulatory approval. If it goes through, Kakao Pay would become the largest shareholder of Siebert, owning a 51% stake in total. Read More (Tech Crunch)

FINTECH ADOPTION

JPMorgan Chase boss Dimon hails 'groundbreaking' AI. JPMorgan Chase has more than 300 AI use cases in production, CEO Jamie Dimon has revealed, calling the technology "extraordinary and groundbreaking". In his annual letter to shareholders, Dimon says that the "importance of implementing new technologies simply cannot be overstated". Arguably the most important of these new technologies is AI, which is already being used by the banking giant for risk, prospecting, marketing, customer experience and fraud prevention, while also running throughout payments processing and money movement systems. Read More (Finextra)

Bank of England finds new use cases for DLT in synchronised setttlement. The Bank of England and the Bank for International Settlements have successfully completed a DLT-based pilot to assess the use of synchronous settlement in central bank money. The 'Project Meridian' prototype demonstrates how to orchestrate synchronised settlement in central bank money using housing transactions as an exploratory use case. In this instance, transactions settle using central bank money in an RTGS system. Funds are transferred from a buyer to a seller only if a corresponding asset on another ledger - a real estate registry in the project's use case - moves at the same time in the opposite direction, reducing transaction costs and risks and increasing efficiency. Read More (Finextra)

Bluestone Mortgages rolls out digital platform. Specialist lender Bluestone Mortgages has launched its new digital platform, Bluesky, which allows brokers to submit a complex case within minutes, making the application process more efficient and eliminating the need to rekey data. Following a six-week pilot to Bluestone’s key Sapphire Partners, Bluesky is available to the whole market, aiming to provide brokers with a number of benefits, helping them get credit decisions faster by utilising automation and Open Banking. Read More (Mortgage Introducer)

Virgin Money is launching a digital wealth platform through a partnership with abrdn. Virgin Money has launched a digital wealth management platform for retail investors through a joint venture partnership with abrdn. Using technology from FNZ and abrdn's expertise in investments, the direct-to-consumer (D2C) platform provides both first time and experienced investors with online and mobile access to a range of three investment funds to choose from, within an ISA or GIA. The three funds invest in different asset types according to a user's risk profile with a focus on companies with good Environmental, Social and Governance (ESG) credentials. Read More (Finextra)

Amazon Pay, Citi roll out instalment option. Banking group Citi has announced that its elligible credit card members can now pay over-time with Citi Flex Pay when using Amazon Pay. The option will be available at checkout at thousands of participating online retail sites including Jomashop, Litter-Robot by Whisker, and Fragrance.net. According to Fintech Finance, this is the first time Citi credit card members can use Citi Flex Pay through a digital wallet. This new payment option is designed to make the Amazon Pay checkout experience more convenient. Read More (The Paypers)

Chart 9: How to use Citi Flex Pay with Amazon Pay

Source: Intro-act, Amazon Pay

Societe Generale's crypto division introduces Euro stablecoin on Ethereum. Societe Generale's (GLE) crypto division, SG Forge, has introduced a stablecoin pegged to the euro (EUR) on Ethereum, saying it is the first such asset deployed on a public blockchain. EUR CoinVertible (EURCV) will be offered to institutional clients as a means of bridging the gap between traditional capital markets and digital assets, the Paris-based bank's unit said on its website. SG Forge said it is addressing increasing demand from clients for a robust settlement asset for on-chain transactions, as well as a means for on-chain liquidity funding and refinancing. Read More (CoinDesk)

ANZ completes CBDC pilot for tokenized carbon credits. ANZ bank has confirmed that it completed one of its projects as part of Australia’s central bank digital currency (CBDC) trials. The use case involved using the ANZ A$DC stablecoin to settle tokenized carbon credit transactions. The bank is participating in four of the 15 use cases in the Australian CBDC pilot, which is being run by the Digital Finance CRC (DFCRC). While the stablecoin was used for transaction settlement on a public permissionless blockchain, the pilot CBDC was used as the reserve asset backing the stablecoin. Outside of the CBDC experiment, ANZ previously announced its first stablecoin issuance on Ethereum a year ago. Read More (Ledger Insights)

Chubb collaborates with insurtech start-up Qikio. Major property and casualty (P&C) insurer Chubb has teamed up with insurtech start-up Qikio. The deal will see Qikio offer contents insurance – underwritten by Chubb – on its website. The new offering was developed with customers' experience in mind and includes instalment payment options, a simplified digital claims lodgement experience, and Chubb's dedicated customer service. Peter Kelaher, country president for Australia and New Zealand at Chubb, said the deal “represents Chubb's first digital collaboration with an insurtech in Australia.” Read More (Insurance Business)

Bloomberg unveils a gpt finance-focused AI model. Bloomberg has released BloombergGPT, a new large language model (LLM) that has been trained on enormous amounts of financial data and can help with a range of natural language processing (NLP) activities for the financial sector. BlooombergGPT is a cutting-edge AI that can evaluate financial data quickly to help with risk assessments, gauge financial sentiment, and possibly even automate accounting and auditing activities. According to a statement from Bloomberg, an AI that is specifically trained with financial information is necessary due to the complexity and distinctive vocabulary of the financial business. The Bloomberg Terminal, a computer software platform used by investors and financial professionals to access real-time market data, breaking news, financial research, and advanced analytics, will be accessible to BloombergGPT. Read More (InfoQ)

COMPANY NEWS

Apple launches high-yield savings account with Goldman in payments push. Apple is launching high-yield savings accounts for Apple Card holders in partnership with Goldman Sachs, marking the tech company's latest foray into payments. The accounts offer an annual percentage yield of 4.15%, which Apple says is 10 times the national average, citing company data. The yield comes in slightly higher than a savings account with Marcus by Goldman Sachs and on the low-end of a top savings account list compiled by Bankrate. The launch means more competition for big banks as depositors drain billions of dollars amid rising interest rates and bank failures last month. Apple and Goldman Sachs note in their deposit agreement customers deposits are FDIC insured. However, customers will not be allowed to hold more than $250,000 in their accounts. Read More (Yahoo Finance)

Chart 10: Apple Card users can now access a high-yield Savings account from Goldman Sachs.

Source: Intro-act, Apple, Yahoo Finance

Revolut and Atom Bank investor slashes fintech valuations. Funding rounds normally provide the most common data point, with a multi-investor agreed price tag for a unit of ownership. But some investors are required to ‘mark down’ their portfolio investments on a regular basis. This has dealt a $15bn knock to Revolut’s lofty $33bn implied by its last round of funding in 2021. Schroders Capital Global Innovation trust, a UK-listed investment trust with a £10m stake in Revolut has marked its holding down by 46 per cent to £5.4m. Atom Bank, which is the fund’s second largest holding after Oxford Nanopore, has been marked down 31 per cent. The Durham based lender last raised funds in 2022 at a £460m valuation. Read More (Alt Fi)

Rocket Mortgage launches a credit card to help you save for or pay off a home. Saving up for a down payment and closing costs is a major hurdle on the path to homeownership. The new credit card from mortgage lender Rocket Companies aims to help homebuyers eliminate it. The Rocket Visa Signature Card earns 5X points on everything you buy and allows cardholders to redeem rewards on closing costs and down payments with Rocket Mortgage, as well as homeowners who have mortgages serviced by Rocket Mortgage — to pay down their home loans. Read More (CNBC)

Dutch neobank Bunq applies for US banking licence. Bunq has applied for a US banking licence with the Federal Deposit Insurance Corporation (FDIC). The Dutch neobank is one of the largest in the EU, having hit €2bn in user deposits last month after rounding off 2022 with its first quarterly profit of €2.3bn. Founded by CEO Ali Niknam in 2012, Bunq has been serving European users for almost a decade and now hopes to bring its “transparent, value-based subscription model” to European and American digital nomads in the US. “In a world of banking giants, bunq was created to support people in their pursuit for individual freedom,” Niknam said. Read More (AltFi)

Visa partners with PayPal, Venmo and others to power interoperable digital payments. Visa is partnering with a host of financial service and payment companies for a new interoperable peer-to-peer (P2P) payment offering, one that allows people to transfer money to friends even if they use a different payment service. While digital payments have inarguably transformed the world of commerce, the sheer number of payment apps out there has hindered people’s ability to send money to other people without a little friction. If they’re both using PayPal, things work well. But if they’re not, then they either have to do a bank transfer or juggle multiple different P2P payment apps. Read More (Tech Crunch)

Chart 11: Visa+ Service from Visa

Source: Intro-act, Visa, Tech Crunch

Monzo joins forces with Plaid to open access for US customers. Monzo customers in the US will now be able to connect their accounts to more than 8000 fintech apps through Plaid’s network. With the integration, customers can link their Monzo accounts to big US finance apps like Venmo and Robinhood. The digital bank entered the US last February after abandoning its attempt to secure a bank licence in 2021. While it operates as a regulated bank in the UK, it partnered with Sutton Bank in Ohio to provide its US accounts, which holds users’ deposits and protects their money. With the Plaid integration, Monzo customers will be able to securely view and transfer funds from their Monzo accounts to other financial institutions from within the app, as well as access a wide range of fintechs on Plaid’s network. Read More (Alt Fi)

Goldman Sachs considers sale of fintech unit GreenSky, pulling back from retail business. Goldman Sachs Group Inc is exploring the sale of its Greensky fintech business, its latest move to scale down its retail ambitions. Greensky, which facilitates home improvement loans to consumers, was acquired by Goldman in September 2021 in a $2.24 billion stock deal, which closed a year ago. At the time, Goldman said it expected "significant growth" from combining GreenSky's products with those offered by its Marcus digital bank. However, now Goldman has shifted gears. GreenSky is a "good business" that is performing well, Goldman CEO David Solomon told analysts after the company reported first quarter earnings that sank 19%. "Given our current strategic priorities, however, we may not be the best long-term holder of this business," he said, referring to Goldman's decision to step back from the consumer business. Read More (Reuters)

Citi collaborates with Vodafone to support emissions reductions through supply chain finance. Citi, in collaboration with Vodafone Group Plc, announces the addition of environmental criteria to Vodafone’s Supply Chain Finance Programme. Eligible suppliers to Vodafone will now be able to access preferential SCF rates from Citi by disclosing environmental data and demonstrating improvements to their performance. Eligible Vodafone suppliers will be able to access preferential financing rates from Citi based on multiple factors. These include an independent supplier categorisation and roadmap framework, which was jointly developed by Vodafone and CDP, a global not-for-profit organisation that runs a global environmental disclosure system. It is hoped that this new programme will encourage suppliers to reduce their carbon footprint and ultimately contribute towards Vodafone meeting its Scope 3 emissions targets. Read More (ESG News)

Circle unveils new method for moving USDC between blockchains. USDC issuer Circle Internet Financial has released a new method to move the major stablecoin between blockchains that it says is faster, safer and cheaper than the “bridges” that are widely used in decentralized finance. Called the “Cross-Chain Transfer Protocol,” or CCTP, the technology will be used initially for USDC transfers between the Ethereum and Avalanche blockchains, with more chains coming in the second half of 2023. DeFi apps can integrate relevant smart contracts to make it easy for users to move their stablecoins. Read More (CoinDesk)

UK payments startup Ryft wins FCA licence. Ryft, a UK startup hoping to emulate the success of Stripe, has received an FCA licence following its £1.2 million seed raise in September. Ryft's platform processes marketplace payments and then automatically diverts funds to merchants and sub-merchants the next working day. The API-based package handles everything from accepting online payments, verifying and onboarding merchants, to splitting up the payments however a business wants. Read More (Finextra)

FINTECH ADOPTION HIGHLIGHTS

S. No.	Company	Segment	Theme	Link
1	Bloomberg	Information Services	AI in Finance	Bloomberg Unveils a GPT Finance-Focused AI Model
2	ING	Banking	Open Banking	Dutch heavyweight ING taps Salt Edge for SME open banking solutions
3	BNP Paribas	Banking	Open Banking	BNP Paribas and Worldline to reduce SEPA Direct Debit fraud
4	Bluestone Mortgages	Lending and Mortgage	Digital Mortgage	Bluestone Mortgages rolls out digital platform
5	Pacific West Bank	Banking	Banking as a Service	BaaS provider Unit enters strategic partnership with Pacific West Bank
6	Allianz Trade	Payments	BNPL	Allianz Trade and Bueno.money Partner on B2B BNPL
7	Societe Generale	Payments	B2B Payments	Societe Generale taps Lemonway for B2B marketplace payment services
8	US Bank	Payments	Real-time Payments	US Bank partners Kyriba for real-time business payments solution
9	Lloyds Banking Group	Banking	Trade Finance	Lloyds Bank partners Enigio to boost trade finance digitization
10	Liberty Bank	Banking	Open Banking	Liberty Bank launches on Alkami’s digital banking platform
11	Virgin Money	WealthTech and Capital Markets	Digital Wealth Management	Virgin Money is launching a digital wealth platform through a partnership with abrdn
12	Papa Johns	Blockchain	Metaverse	Papa Johns is launching its first NFT in the metaverse in partnership with OneRare
13	Mqube	WealthTech and Capital Markets	Digital Mortgage	MQube partners with software firm Thought Machine
14	Citi	Payments	Digital Wallets	Amazon Pay, Citi roll out instalment option
15	Societe Generale	Blockchain	Stablecoins	Societe Generale's Crypto Division Introduces Euro Stablecoin on Ethereum
16	Bank of England	Blockchain	DLT Settlement	Bank of England finds new use cases for DLT in synchronized settlement
17	Lloyds Banking Group	Payments	B2B Payments	Lloyds Bank launches PayMe for instant B2B payouts
18	JPMorgan Chase	Banking	AI in Finance	JPMorgan Chase boss Dimon hails 'groundbreaking' AI
19	ANZ	Blockchain	CBDC	ANZ completes CBDC pilot for tokenized carbon credits
20	Chubb	InsurTech	Digital Insurance	Chubb collaborates with insurtech start-up Qikio
21	South State Bank	Banking	Banking as a Service	SouthState Bank partners with Volante Technologies

 

Source: Intro-act, Multiple Web Sources

Chart 12: The US is losing its lead in Web 3.0

Source: Intro-act, Electric Capital, Similar Web, a16zcrypto

IPO Activity

Company	Stock Exchange	Offer Date	Gross Proceeds ($m)
Fadel Partners, Inc.	London Alternative	4/3/2023	35.76

Source: Intro-act, FactSet

M&A Activity

Target	Target Industry	Target Country	Acquirer	Deal Size ($m)	Announcement Date
Unnax Payment Systems SL	Packaged Software	Spain	PSG Equity LLC; Budget Insight SAS	-	4/3/2023
Pracedo Ltd.	Information Technology Services	United Kingdom	Collabera Technologies Pvt Ltd.	-	4/3/2023
Coinsquare Ltd.	Regional Banks	Canada	Wonderfi Technologies, Inc.	31.89	4/3/2023
BTA BANK JSC (Ukraine)	Major Banks	Ukraine	Bta Bank JSC /Tchelidze/	-	4/3/2023
Hypur, Inc.	Regional Banks	United States	POSaBIT Systems Corp.	7.67	4/3/2023
CoinSmart Financial, Inc.	Other Metals/Minerals	Canada	Wonderfi Technologies, Inc.	15.86	4/3/2023
Incorpore Ltd.	Other Consumer Services	United Kingdom	ePassi Payments Oy	-	4/4/2023
Cressy Commercial Real Estate	Real Estate Development	United States	Mno-Bmadsen	-	4/4/2023
SpotMe, Inc.	Internet Software/Services	United States	Swiss Post Ltd.	-	4/4/2023
Ascendent Insights Education Co. Ltd.	Packaged Software	China (People's Republic)	Powerbridge Technologies Co., Ltd.	-	4/4/2023
Sony Life Financial Advisers Pte. Ltd.	Investment Managers	Singapore	OnePlatform International Property Ltd.	1.89	4/5/2023
Segmento LLC	Advertising/Marketing Services	Russian Federation	Stream LLC	-	4/5/2023
Med Frigo, G. Poulias-S. Brakatselos SA	Air Freight/Couriers	Greece	Elikonos 2 SCA SICAR; Bearonem Ltd.; EOS Hellenic Renaissance Fund; Med Frigo G Poulias S Brakatselos SA / Private Group/	-	4/6/2023
Seven Card Service Co. Ltd.	Finance/Rental/Leasing	Japan	Seven Bank Ltd.	244	4/6/2023
Parler LLC	Internet Software/Services	United States	Starboard	-	4/7/2023
Sciant AD	Information Technology Services	Bulgaria	Sirma Group Holding JSC	-	4/10/2023
Scribendi, Inc.	Internet Software/Services	Canada	Edanz, Inc.	-	4/10/2023
Appy Perks, Inc.	Packaged Software	United States	Xalles Financial Services, Inc.	-	4/10/2023
VKGS LLC /Certain Assets/	Wholesale Distributors	United States	Everi Holdings, Inc.	59.00	4/11/2023
Mekong Leisure Travel JSC	Other Consumer Services	Vietnam	PT Tunas Sukses Mandiri	-	4/13/2023
Network International Holdings Plc	Regional Banks	United Arab Emirates	CVC Advisers Ltd.; Francisco Partners Management LP; Network International Holdings Plc /Private Group/	2,570	4/13/2023
Aguaytia Energy del Peru SRL	Electric Utilities	Peru	De Jong Capital LLC	-	4/14/2023
Expobank AD	Regional Banks	Serbia	Adriatic Bank AD Podgorica	-	4/14/2023
Kingfood	Packaged Software	Ireland	OrderYOYO A/S	1.87	4/17/2023
Metaverse Group Ltd. (Argentina)	Information Technology Services	Argentina	Tokens.com Corp.	561.34	4/18/2023
Patient Healthcare Solutions, Inc.	Miscellaneous Commercial Services	United States	Xalles Financial Services, Inc.	-	4/18/2023
INTEG SA	Packaged Software	Argentina	Edenred SE	-	4/20/2023
Postlethwaite & Netterville	Miscellaneous Commercial Services	United States	EisnerAmper LLP	-	4/20/2023
MLU BV	Other Transportation	Netherland	Yandex NV	702.50	4/21/2023
Park Place Payments LLC	Packaged Software	United States	Logiq, Inc.	178,804	4/21/2023
Network International Holdings Plc	Regional Banks	United Arab Emirates	Brookfield Asset Management Ltd.	2,654	4/21/2023
Dariel Software Pty Ltd.	Information Technology Services	South Africa	Capital Appreciation Ltd.	7.25	4/24/2023
OpSec Security Group Ltd.	Information Technology Services	United Kingdom	Investcorp Europe Acquisition Corp. I	393.23	4/26/2023

 

Source: Intro-act, FactSet

PE/ VC Funding Activity

Company	Funding Round	Fund raised ($m)	Investors	Date
Avanti Finance Ltd.	Series B	24.00	Coöperatieve Rabobank UA, Stichting Oikocredit (Private Equity), NRJN Trust, IDH Farmfit Fund B.V.	4/3/2023
DMI Finance Pvt Ltd.	Private Sh	400.00	Mitsubishi UFJ Financial Group, Inc., Sumitomo Mitsui Trust Holdings, Inc.	4/3/2023
Ecosapiens	Seed Round2	3.50	Alumni Ventures Group LLC, Menlo Ventures Management LP, Slow Ventures LLC, Boost VC Management co LLC, Brayton Williams, Collab Currency Management LLC, Gmoney LLC, Shan Aggrawal, Ryan Carson, Alex Witt	4/4/2023
LayerZero Labs Ltd.	Series B	120.00	Sequoia Capital, AH Capital Management LLC, Circle Ventures, Samsung Next LLC, Bond Capital Management LP, Opensea Ventures, Christies Ventures	4/4/2023
BuildAP, Inc.	Series A	2.50	California Coast Venture Forum, MPNYC Management LLC, Entrada Ventures, Gaingels LLC, Doug Hirsch, Scott Wolfe	4/5/2023
Pico Networks, Inc.	Series A	10.00	Bullpen Capital Management LLC, Bloomberg Beta Management LLC, Precursor Ventures Management LLC, King River Capital Management Pty Ltd.	4/5/2023
HeartFlow, Inc.	Series F2	215.00	Baillie Gifford & Co., USVP Management Co. LLC, Capricorn Investment Group LLC (Private Equity), HealthCor Partners Management LP, Bain Capital Life Sciences LP, Janus Henderson Group Plc, Wellington Management Co. LLP (Private Equity), Hayfin Capital Management, Martis Capital Management LLC	4/6/2023
Soft Space Sdn. Bhd.	Series B	31.50	transcosmos, Inc., JCB Co., Ltd., Southern Capital Group Pte Ltd., KB Investment Co., Ltd., RHL Ventures Sdn. Bhd.	4/6/2023
Gabzo SAS	Series A	8.73	Point Nine Management GmbH, Nicolas Dessaigne, PhD, Jean-Christophe Taunay-Bucalo, Rodolphe Ardant, Axeleo Capital SAS, Phiture GmbH, Foundamental Management GmbH	4/11/2023
Sei labs	Series A	30.00	Flow Traders Ltd., Multicoin Capital Management LLC, Distributed Global, Hypersphere Ventures LLC, Bixin Ventures, Asymmetric Capital LLC, Jump Crypto	4/11/2023
Xclaim, Inc.	Series A	7.00	Josh Jones	4/11/2023
Altruist Corp.	Series D	112.00	Insight Venture Management LLC, Adams Street Partners LLC, Bill McNabb, III, MBA, Ron Carson, Jr., Marty Bicknell	4/12/2023
Crypto Techfin SL	Seed Round	0.55	Arendell Ventures SL	4/12/2023
PhonePe Pvt Ltd.	Private Sh	100.00	General Atlantic LLC	4/12/2023
Built Technologies, Inc.	Private Sh	-	Citigroup, Inc.	4/13/2023
Noon Hakbah Co for Information Technology Ltd	Seed Round3	2.00	Global Ventures, Aditum Investment Management Ltd.	4/13/2023
Payhere Co., Ltd.	Series B	15.26	SoftBank Ventures Asia, Inc., Smilegate Investment Co. Ltd., Goodwater Capital LLC, Hashed Co. Ltd.	4/13/2023
Epic Sciences, Inc.	Series G	24.00	Domain Associates LLC, Arsenal Capital Management LP, Blue Ox Healthcare Partners LLC, Deerfield Management Co. LP (Private Equity), Labcorp Venture Fund	4/14/2023
Factris NL1 BV	Private Sh	54.58	Aegon NV	4/17/2023
Olleyy Teknoloji AS	Series A	2.00	Alesta Elektronik Teknoloji Yatirim AS	4/17/2023
Unitplus Innoinvest GmbH	Series A	-	Claus-G. Budelmann, Martin Zielke, MBA, Exxeta AG, Benedikt Franke, Brigitte Zypries, Philipp Berger, Material LLC, Patrick Henning, Katrin Stark	4/17/2023
Bitstack SAS	Series B	2.19	Y Combinator LLC, Goodwater Capital LLC, Soma Capital Management LLC, Foundersx LLC, Founders Future SAS, Sharpstone Capital, Lightning Ventures	4/18/2023
Evergrow, Inc.	Seed Round2	7.00	First Round Capital, Congruent Management LLC, XYZ Venture Capital LLC, Garuda Ventures	4/18/2023
HashPort, Inc.	Series C2	8.96	Sumitomo Mitsui Financial Group, Inc., Shizuoka Capital Co., Ltd., SBI Investment Co., Ltd., Yusaku Maezawa, The University of Tokyo Edge Capital Co. Ltd., Venture Lab Investment KK	4/18/2023
Homery Digital SL	Series B	0.82	Centro para el Desarrollo Tecnológico Ind /PRIVATE EQUITY/, Institut Català de Finances Capital SGEIC SA, Antai Venture Builder SL, Castiventures SL	4/18/2023
Rally Commerce, Inc.	Series A2	12.00	Alumni Ventures Group LLC, Commerce Ventures Management LLC, March Capital Venture Management Services LLC, Felix Capital Partners LLP, Afore Capital Management LLC, Kraken Ventures	4/18/2023
vArmour Inc.	Private Sh	-	Nightdragon Security	4/18/2023
hacomono, Inc.	Series C	28.60	GMO VenturePartners, Inc., Rakuten Ventures /SG/, BEENEXT Capital Management Pte. Ltd., Signifiant, Inc., Coral Capital Inc, Cygames Capital, Inc.	4/19/2023
Moongroup SAS	Series C	40.55	Partech Partners SAS, Orange Digital Investment SA, Blackfin Capital Partners SAS, RAISE Investissement SAS, Portage Ventures, Aglaé Ventures SAS	4/19/2023
Fluree, Inc.	Series A3	10.00	Revolution Ventures, Augment Ventures, SineWave Ventures LLC, Good Growth Capital Management LLC, Nanban Ventures LLC, Wave Financial Group LLC /Venture Capital, EVE Atlas, LLC	4/20/2023
Liquid Web LLC	Private Sh	-	OEP Capital Advisors LP	4/20/2023
MetaGravity Ltd.	Seed Round	9.50	Market One Capital, K5 Global LP, Sino Global Capital, Agrippa Capital, MoonPay USA LLC, Gravity Fund, Mulana Capital, Cogitent Ventures, Perridon Holdings Pvt Ltd.	4/20/2023
Mobiletoong Co. Ltd.	Series C2	-	Atinum Investment Co., Ltd. (Private Equity)	4/20/2023
Nayms Ltd.	Series C	-	Keyrock Partners LP, New Form Capital, Tokentus Investment AG, Udhc	4/20/2023
Rand Protocol SL	Seed Round3	3.29	Inveready Asset Management SGEIC SA, Telefonica Open Innovation SL, Primal Capital Yugen Sekinin Jigyo Kumiai, JME Venture Capital SGEIC SA, StratMinds VC, LLC	4/21/2023
D.light Design, Inc.	Private Sh	1.90	Swedfund International AB	4/24/2023
Snapcommerce Technologies, Inc.	Series C	85.00	Lion Capital LLP, iNovia Capital, Inc., Sang Hyun Shim, CFA, Harley Finkelstein, MBA, Christopher Best, Telstra Ventures Pty  Ltd, Neha Narkhede, Michael Lee, Deb Liu, Stephen Curry, Full In Partners Management LLC, Acrew Capital Management Corp., Hyphen Capital, Inc., Proctor Josh	4/24/2023
Dflow, Inc.	Seed Round2	5.50	Stéphane Gosselin, MBA, Circle Ventures, cumberland.vc GmbH, Multicoin Capital Management LLC, Coinbase Ventures, Wintermute Trading Ltd., Spartan Capital (HK) Ltd., Evgeny Yurtaev, Framework Ventures management LLC, Zee Prime Capital, Maghnus Mareneck, Stepan Simkin, Jog Jayendra, Somani Neel	4/25/2023
Summer PBC	Series A3	6.00	General Catalyst LLC, Avidbank Holdings, Inc., The New York City Investment Fund Manager, Inc., Greycroft LLC, QED Investors LLC, Story Ventures Management LLC, Fair Finance Commons LLC, Gaingels LLC, Calm Ventures	4/25/2023
X-Margin, Inc.	Series B	6.00	GSR Ventures Advisors LLC, S&P Global Ventures, Inc., Coinbase Ventures, CMT Digital Management LLC (Private Equity), Pirata Capital Management LLC, Spartan Capital (HK) Ltd., Hashkey Capital Ltd, Amber Global Ltd., Paradigm Connect, Inc., KuCoin Ventures, WAGMI Ventures, Breed VC	4/25/2023
CF Tech SA de CV	Series B3	60.00	General Catalyst LLC, GGV Capital, Endeavor Global, Inc., DST Global (Mgmt), Monashees Gestão de Investimentos Ltda., Citi Ventures, Inc., Commerce Ventures Management LLC, Coatue Management LLC (Private Equity), Picus Capital GmbH, Acrew Capital Management Corp., Alter Global, Ethos Ventures, Citius/Russia/, Goanna Capital, Bayhouse Capital, Fluent Ventures	4/26/2023
Schvey, Inc.	Series C	20.00	Wells Fargo & Co., Deutsche Bank AG, HSBC Holdings Plc, JPMorgan Chase & Co., UBS Group AG, Intel Capital Corp., Goldman Sachs Capital Partners, Citigroup Private Equity LP, Laurion Capital Management LP, Y Combinator LLC, Thomson Reuters Corp., AH Capital Management LLC, Impresa Management LLC, Fintech Collective, Inc., Nyca Partners LLC, Digital Currency Group, Inc., Coatue Management LLC (Private Equity), EJF Capital /Private Equity/, Franklin Venture Partners LLC	4/26/2023
TheGuarantors Agency	Private Sh	35.00	Canadian Imperial Bank of Commerce	4/26/2023
Busybees Logistics Solutions Pvt Ltd.	Series H	40.00	Khazanah Nasional Bhd. (Private Equity)	4/28/2023

 

Source: Intro-act, FactSet

 

Chart 13: Fintech Institutional Owners League (Current)

Rank Institution Name Invested in Fintechs ($) Q/Q Change ($) # Fintech Positions % of Instit Ownership 1 The Vanguard Group, Inc.  237,835,473,325  23,069,380,665 241 9.1% 2 BlackRock Fund Advisors  138,873,862,964  15,200,086,933 237 5.3% 3 SSgA Funds Management, Inc.  100,151,325,532  7,492,597,309 251 3.8% 4 T. Rowe Price (Inv Management)  59,011,659,393  5,374,689,971 168 2.2% 5 Fidelity Management & Research  50,201,790,764  5,284,424,341 210 1.9% 6 Geode Capital Management LLC  49,957,857,464  4,583,990,887 246 1.9% 7 Norges Bank Inv Management  38,581,659,917  35,475,781,360 180 1.5% 8 Massachusetts Financial Services  38,285,621,804  1,523,929,024 79 1.5% 9 Wellington Management Co. LLP  37,460,916,629  2,748,429,033 118 1.4% 10 Berkshire Hathaway (Inv Mgt)  36,802,187,161  3,633,712,620 9 1.4% 11 Capital Research & Mgt (World Investors)  34,095,863,487  150,734,406 67 1.3% 12 Capital Research & Mgt Co. (International Investors)  30,009,317,005  2,267,924,499 53 1.1% 13 TD Asset Management, Inc.  25,990,881,990  3,342,909,120 116 1.0% 14 BlackRock Inv Mgt (UK) Ltd.  25,572,235,307  1,037,546,914 203 1.0% 15 JPMorgan Inv Mgt, Inc.  25,469,459,900  3,605,355,236 188 1.0% 16 Northern Trust Inv, Inc.(Inv Mgt)  23,968,020,972  1,815,674,009 238 0.9% 17 BlackRock Advisors (UK) Ltd.  22,087,405,743  2,621,859,734 207 0.8% 18 Dodge & Cox  18,938,515,106  1,514,305,681 13 0.7% 19 AllianceBernstein LP  18,851,216,156  2,709,882,910 193 0.7% 20 Capital Research & Mgt (Global Investors)  17,862,194,931  2,349,033,561 52 0.7% 21 Charles Schwab Inv Mgt, Inc.  16,622,821,598  1,754,674,251 228 0.6% 22 Baillie Gifford & Co.  15,827,711,420  1,309,377,369 80 0.6% 23 Managed Account Advisors LLC  14,735,870,612  769,307,699 100 0.6% 24 Legal & General Inv Mgt Ltd.  14,570,693,095  395,401,980 208 0.6% 25 T. Rowe Price Inv Mgt, Inc.  14,177,630,708  1,775,345,199 40 0.5%   Others 1,520,295,648,445 122,547,916,848 96,011 57.9%   TOTAL 2,626,237,841,428 254,354,271,559 99,736 100%

Source: Intro-act, 13F Filings

 

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

Rank Institution Name Invested in Fintechs ($) Q/Q Change ($) # Fintech Positions % of Instit Ownership 1 Norges Bank Investment Management  38,581,659,917  35,475,781,360 180 1.5% 2 The Vanguard Group, Inc.  237,835,473,325  23,069,380,665 241 9.1% 3 BlackRock Fund Advisors  138,873,862,964  15,200,086,933 237 5.3% 4 SSgA Funds Management, Inc.  100,151,325,532  7,492,597,309 251 3.8% 5 T. Rowe Price (Inv Mgt)  59,011,659,393  5,374,689,971 168 2.2% 6 Fidelity Management & Research  50,201,790,764  5,284,424,341 210 1.9% 7 Geode Capital Management LLC  49,957,857,464  4,583,990,887 246 1.9% 8 Berkshire Hathaway (Inv Mgt)  36,802,187,161  3,633,712,620 9 1.4% 9 JPMorgan Inv Management, Inc.  25,469,459,900  3,605,355,236 188 1.0% 10 TD Asset Management, Inc.  25,990,881,990  3,342,909,120 116 1.0% 11 Wellington Management Co. LLP  37,460,916,629  2,748,429,033 118 1.4% 12 AllianceBernstein LP  18,851,216,156  2,709,882,910 193 0.7% 13 BlackRock Advisors (UK) Ltd.  22,087,405,743  2,621,859,734 207 0.8% 14 Capital Research & Management Co. (Global Investors)  17,862,194,931  2,349,033,561 52 0.7% 15 Capital Research & Management Co. (International Investors)  30,009,317,005  2,267,924,499 53 1.1% 16 Boston Management & Research  2,045,193,571  2,037,253,864 61 0.1% 17 Northern Trust (Inv Mgt)  23,968,020,972  1,815,674,009 238 0.9% 18 T. Rowe Price Inv Mgt, Inc.  14,177,630,708  1,775,345,199 40 0.5% 19 Charles Schwab Inv Mgt, Inc.  16,622,821,598  1,754,674,251 228 0.6% 20 Harris Associates LP  10,071,971,267  1,745,011,349 34 0.4% 21 HSBC Global Asset Mgt (UK) Ltd.  5,893,794,194  1,697,841,776 161 0.2% 22 Storebrand Asset Management AS  1,695,402,444  1,658,609,883 101 0.1% 23 TCI Fund Management Ltd.  9,785,082,216  1,561,163,764 3 0.4% 24 Amundi Asset Management US  9,914,027,304  1,550,067,733 92 0.4% 25 Massachusetts Financial Services  38,285,621,804  1,523,929,024 79 1.5%

Source: Intro-act, 13F Filings

 

 

Chart 15: Top 25 Fintech Sellers (Q/Q)

Rank Institution Name Invested in Fintechs ($) Q/Q Change ($) # Fintech Positions % of Instit Ownership 1 Eaton Vance Management  1,337,609,050  (3,009,520,922) 86 0.1% 2 Goldman Sachs (Private Banking)  3,721,908,926  (2,107,793,691) 161 0.1% 3 Union Investment Privatfonds  2,743,687,673  (1,694,221,100) 10 0.1% 4 Artisan Partners LP  10,076,196,980  (1,546,684,724) 56 0.4% 5 Fundsmith LLP  1,810,428,132  (1,415,705,479) 5 0.1% 6 Nicholas Hoffman & Co. LLC  11,975,854  (1,375,679,996) 11 0.0% 7 AustralianSuper Pty Ltd.  1,483,689,867  (1,238,621,910) 16 0.1% 8 Goldman Sachs Asset Mgt BV  19,670,595  (998,022,737) 6 0.0% 9 Ignis Investment Services Ltd.  858,213,519  (733,795,414) 12 0.0% 10 Magellan Asset Management Ltd.  2,364,271,452  (687,704,310) 15 0.1% 11 Canada Pension Plan Inv Board  2,441,952,206  (646,753,429) 63 0.1% 12 Comprehensive Financial Management LLC (California)  2,133,054,209  (639,550,701) 5 0.1% 13 Lone Pine Capital LLC  2,270,034,675  (624,777,545) 7 0.1% 14 Steadfast Capital Management LP  201,885,479  (588,896,284) 3 0.0% 15 Edgewood Management LLC  5,539,855,092  (536,723,951) 5 0.2% 16 Coatue Management LLC  405,517,643  (520,707,606) 6 0.0% 17 Mawer Investment Management  7,647,921,933  (517,649,621) 32 0.3% 18 The Caisse de depot et placement du Quebec  2,680,823,467  (505,014,260) 54 0.1% 19 Societe Generale Gestion SA  548,766,849  (487,794,982) 13 0.0% 20 Skye Global Management LP  314,303,057  (471,831,122) 6 0.0% 21 Select Equity Group LP  4,223,671,743  (432,895,509) 28 0.2% 22 Jane Street Capital LLC  1,159,252,538  (406,867,150) 145 0.0% 23 Temasek Holdings Pte Ltd. (Investment Management)  4,007,804,886  (395,323,572) 18 0.2% 24 Tiger Global Management LLC  1,246,079,669  (377,859,046) 13 0.0% 25 ValueAct Capital Management LP  1,480,450,720  (356,395,755) 1 0.1%

Source: Intro-act, 13F Filings

 

 

ARK Fintech Innovation ETF (ARKF)

Closing Price ($)	CUSIP	Expense Ratio	Inception
17.63	00214Q708	0.75	04/02/2019

 

AUM ($ million)	Shares Outstanding (#)	Fund Flows (1M, $)	Fund Flows (YTD, $)
785.45	43,850,000	(12,364,800)	(38,588,650)

 

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 (As of 4/28/2023)

MTD	1M	QTD	3M
0.0%	1.2%	-6.2%	-5.5%

 

YTD	1Y	3Y	Since Inception
23.3%	-20.5%	-8.9%	-4.5%

Top 10 Holdings (updated as of 4/28/23)

CUSIP	Company	% of Fund	Market Value
82509L107	SHOPIFY	11.5%	90229791.60
852234103	BLOCK	9.1%	71328615.19
19260Q107	COINBASE	8.8%	69040271.85
26142V105	DRAFTKINGS	6.8%	53538399.60
58733R102	MERCADOLIBRE	6.0%	47145768.45
90364P105	UIPATH	5.2%	40550371.84
90138F102	TWILIO	4.9%	38361107.60
770700102	ROBINHOOD	4.6%	35952452.40
N3501V104	ADYEN	4.4%	34584897.64
M5216V106	GLOBAL E ONLINE	4.2%	32677701.92

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
20.86	37954Y814	0.68	12/09/2016

 

AUM ($ million)	Shares Outstanding (#)	Fund Flows (1M, $)	Fund Flows (YTD, $)
401.07	19,191,172.28	(1,455,529)	(38,150,376)

 

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 (As of 4/28/2023)

MTD	1M	QTD	3M
0.0%	5.8%	0.0%	-6.6%

 

YTD	1Y	3Y	Since Inception
8.7%	-24.9%	-7.0%	46.2%

Top 10 Holdings (updated as of 4/28/23)

CUSIP	Company	% of Fund	Market Value
N3501V104	ADYEN	6.8%	27,159,764.58
461202103	INTUIT	6.7%	26,903,370.00
337738108	FISERV	6.3%	25,307,660.32
70450Y103	PAYPAL	6.2%	24,881,716.00
31620M106	FIDELITY NATIONAL INFO SERVICES	5.6%	22,296,747.36
852234103	BLOCK	4.7%	18,897,726.51
37940X102	GLOBAL PAYMENTS	4.6%	18,539,780.61
78467J100	SS&C TECHNOLOGIES HOLDINGS	4.5%	18,000,757.30
426281101	JACK HENRY & ASSOCIATES	4.0%	16,031,657.66
T6S18J104	NEXI	3.6%	14,608,762.91

Source: Intro-act, FactSet

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

 

 

Chart 16: Top 10 M/M Fintech Gainers (April 2023)

Source: Intro-act, FactSet

Chart 17: Top 10 M/M Fintech Losers (April 2023)

Source: Intro-act, FactSet

Chart 18: Top 10 YTD Fintech Gainers

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

Chart 19: Top 10 YTD FinTech Losers

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

 

Chart 20: YTD Stock Price Returns by Segment

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

Chart 21: Fintech Industry Growth and Valuation by Segment

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

 

Chart 22: Price-to-Book Multiple by Segment

Source: Intro-act, FactSet.

 

Chart 23: Quarterly Fintech Funding

Source: Intro-act, CB Insights

Chart 24: Geographic Spread of FinTech Deals (Q4 22)

Source: Intro-act, CB Insights

Chart 25: Quarterly Geographic Spread of FinTech Deals Last Five Years

Source: Intro-act, CB Insights

 

Chart 26: Quarterly Distribution of Type of Investors (Last Five Years)

Source: Intro-act, CB Insights

 

Chart 27: Quarterly Funding Trend – Payments

Source: Intro-act, CB Insights

 

Chart 28: Quarterly Funding Trend – Banking

Source: Intro-act, CB Insights

 

 

 

Chart 29: Quarterly Funding Trend – Digital Lending

Source: Intro-act, CB Insights

 

Chart 30: Quarterly Funding Trend – WealthTech

Source: Intro-act, CB Insights

 

Chart 31: Quarterly Funding Trend – InsurTech

Source: Intro-act, CB Insights

 

Chart 32: Quarterly Funding Trend – Capital Markets Tech

Source: Intro-act, CB Insights

 

Chart 33: Fintech SPACs (Searching)

S. No SPAC Name Ticker Trust Value      ($ Mn) IPO Date Completion Date 1 Kairos Acquisition Corp KAIR 276 1/5/21 - 2 Thunder Bridge Capital Partners III TBCP 414 2/4/21 8/10/23 3 FinServ Acquisition Corp. II FSRX 300 2/17/21 8/22/23 4 Fusion Acquisition Corp. II FSNB 500 2/25/21 3/2/23 5 Portage Fintech Acquisition Corp. PFTA 259 7/20/21 7/20/23 6 Williams Rowland Acquisition Corp. WRAC 230 7/26/21 7/29/23 7 World Quantum Growth Acquisition WQGA 204 8/11/21 8/11/23 8 Concord Acquisition Corp II CNDA 280 8/31/21 8/31/23 9 WinVest Acquisition Corp. WINV 115 9/14/21 6/17/23 10 ExcelFin Acquisition Corp. XFIN 230 10/20/21 7/20/23 11 Anthemis Digital Acquisitions I Corp ADAL 230 10/27/21 5/1/23 12 Concord Acquisition Corp III CNDB 345 11/3/21 11/3/23 13 Finnovate Acquisition Corp. FNVT 173 11/3/21 5/8/23 14 Green Visor Financial Technology Acquisition Corp I GVCI 200 11/9/21 5/9/23 15 FTAC Zeus Acquisition Corp. ZING 403 11/18/21 8/18/23 16 Everest Consolidator Acquisition Corp MNTN 173 11/23/21 8/23/23 17 Globalink Investment Inc. GLLI 115 12/6/2021   9/9/23 18 Motive Capital Corp II MTVC 341 12/6/21 12/6/23 19 AIB Acquisition Corp AIB 86 1/18/22 10/21/23 20 SHUAA Partners Acquisition Corp I SHUA 109 3/2/22 12/2/23 21 Aura Fat Projects Acquisition Corp AFAR 115 4/12/22 1/12/24 22 Chenghe Acquisition Co. CHEA 115 4/27/22 4/27/24 23 Global Blockchain Acquisition Corp. GBBK 173 5/9/22 2/9/24 24 Prime Number Acquisition I Corp. PNAC 65 5/12/22 11/12/23

Source: Intro-act, Boardroom Alpha

Chart 34: 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 Avalon Acquisition Inc. AVAC The Beneficient Company 3,500 1H23 5 Blockchain Coinvestors Acquisition Corp. I BCSA Qenta Inc. 622 - 6 Broad Capital Acquisition Corp BRAC Openmarkets Group 90 2Q23 7 Brilliant Acquisition Corporation BRLI Nukkleus, Inc. 140 - 8 Blue Safari Group Acquisition Corp BSGA Bitdeer 4,000 - 9 Dune Acquisition Corporation DUNE TradeZero 556 - 10 East Resources Acquisition Company ERES Abacus Life 618 - 11 Fintech Ecosystem Development Corp. FEXD Rana and Afinoz 198 - 12 GSR II Meteora Acquisition Corp. GSRM Bitcoin Depot 755 1Q23 13 InFinT Acquisition Corporation IFIN Seamless Group 400 1Q23 14 InterPrivate III Financial Partners Inc. IPVF Aspiration Partners 1,943 - 15 Kingswood Acquisition Corp KWAC Wentworth Management Services LLC 208 - 16 LIV Capital Acquisition Corp. II LIVB Covalto 547 1Q23 17 Metal Sky Acquisition Corp MSSA Future Dao Group 350 - 18 Prime Impact Acquisition I PIAI Cheche Technology 841 3Q23 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 35: 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

Source: Intro-act, Boardroom Alpha

 

 

Chart 36: Top-10 Cryptocurrencies by Market Cap

Source: Intro-act, Coin MarketCap. Data as of 4/28/23.

 

 

 

 

 

 

S. No.	Event	Place	Dates
1	American Mortgage Conference	South Carolina, USA	1-May to 3-May-23
2	Digtal Insurance Summit	Texas, USA	1-May to 3-May-23
3	American Banker Payment Forum	California, USA	1-May to 3-May-23
4	FinTech Americas' Miami 2023	Miami, USA	4-May to 5-May-23
5	Experience FinXTech 2023	Florida, USA	8-May to 10-May-23
6	FinTech World Forum	London, UK	9-May to 10-May-23
7	Experience FinXTech	Florida, USA	9-May to 10-May-23
8	Collection and Recovery Solutions 2023	Las Vegas, USA	10-May to 12-May-23
9	The Battle of the Quants	New York, USA	10-May to 10-May-23
10	FINTECH NEXUS USA 2023	New York City, USA	10-May to 11-May-23
11	U.S. Fintech Symposium	Florida, USA	16-May to 18-May-23
12	ftt Embeded Finance and Super- Apps Europe 2023	London, UK	16-May to 16-May-23
13	The 2023 U.S. Fintech Symposium	Florida, USA	16-May to 18-May-23
14	ePay Summit	London, UK	17-May to 17-May-23
15	Blockchain Expo, North America	California, USA	17-May to 18-May-23
16	FinovateSpring 2023	California, USA	22-May to 25-May-23
17	Seamless Middle East 2023	Dubai, UAE	23-May to 24-May-23
18	London Blockchain Conference	London, UK	31-May to 2-Jun-23
19	Digin 2023	California, USA	5-Jun to 7-Jun-23
20	Money 20/20	Amsterdam, Netherlands	6-Jun to 8-Jun-23
21	InsurTech Insights	New York, USA	7-Jun to 8-Jun-23
22	Digital Banking	Florida, USA	12-Jun to 14-Jun-23
23	Fintech Talents North America	New York, USA	20-Jun to 20-Jun-23
24	The Central Bank Payment Conference	Cape Twon, South Africa	26-Jun to 28-Jun-23
25	FinTech Connect North America	New York, USA	27-Jun to 27-Jun-23
26	Ai4 2023	Las Vegas, USA	7-Aug to 9-Aug-23
27	Artificial Intelligence In Financial Services 2023	London, UK	6-Sep to 7-Sep-23
28	FinovateFall	New York, USA	11-Sep to 13-Sep-23
29	Credit & Collections Technology Think Tank	Manchester, UK	23-Nov to 23-Nov-23
30	FTT Embedded Finance & Super Apps North America	California, USA	6-Dec to 7-Dec-23

 

			Share Price	Mkt Cap (Mns)	Ent Val (Mns)	Price Performance				Sales			EBITDA			Book Value
		3/20/2023				% to   High	High $	% to       Low	% YTD	LTM	NTM	EV/Sales	LTM	NTM	EV/ EBITDA	Book/ Share	P/ Book
Peer Set
Blockchain				33,859	39,338				20%	6,323	6,706	5.9 x	(700)	1,113	35		1.5 x
1	Coinbase	COIN	75.14	13,794	15,552	77%	132.81	-58%	112%	3,194	2,854	5.4 x	(371)	96	162.3 x	23.63	3.2 x
2	Texas Pacific Land	TPL	1,680.28	12,946	12,416	63%	2739.00	-26%	-28%	667	639	19.4 x	-	547	22.7 x	100.43	16.7 x
3	MicroStrategy	MSTR	263.96	2,530	5,454	55%	410.00	-50%	86%	499	504	10.8 x	-	-	-	(33.17)	-8.0 x
4	Riot Platforms	RIOT	8.55	1,428	1,117	69%	14.43	-62%	152%	259	379	2.9 x	(70)	96	11.6 x	6.86	1.2 x
5	Marathon Digital	MARA	7.85	1,313	1,692	141%	18.88	-60%	130%	118	416	4.1 x	(475)	162	10.4 x	2.65	3.0 x
6	Cipher Mining	CIFR	2.13	530	530	56%	3.32	-82%	280%	-	140	3.8 x	-	78	6.8 x	1.39	1.5 x
7	Galaxy Digital	GLXY-CA	3.33	347	339	265%	12.17	-27%	17%	419	292	1.2 x	-	-	-	2.86	1.2 x
8	Cleanspark	CLSK	2.59	202	205	200%	7.77	-33%	27%	127	272	0.8 x	29	63	3.2 x	5.95	0.4 x
9	Iris Energy	IREN	3.02	166	231	239%	10.25	-66%	151%	59	131	1.8 x	(1)	30	7.7 x	5.09	0.6 x
10	Core Scientific	CORZQ	0.35	131	1,156	1774%	6.56	-88%	367%	658	664	1.7 x	178	81	14.3 x	0.20	1.7 x
11	TeraWulf	WULF	0.64	116	223	591%	4.41	-16%	-6%	15	103	2.2 x	-	22	10.0 x	0.75	0.9 x
12	Bit Digital	BTBT	1.30	107	59	77%	2.30	-59%	117%	32	55	1.1 x	-	(0)	-	1.81	0.7 x
13	Bakkt Holdings	BKKT	1.36	104	131	207%	4.17	-21%	14%	55	72	1.8 x	-	(87)	-	1.19	1.1 x
14	BitMine Immersion	BMNR	0.70	34		327%	2.99	-100%	-1%	-	-	-	-	-	-		-
15	Moxian (BVI)	MOXC	0.90	32		140%	2.16	-52%	99%	-	-	-	-	-	-		-
16	Stronghold Digital	SDIG	0.56	19	97	642%	4.18	-29%	18%	106	98	1.0 x	5	9	11.2 x	2.62	0.2 x
17	Future FinTech	FTFT	1.19	17	(24)	219%	3.80	-13%	-36%	-	-	-	-	-	-	22.86	0.1 x
18	Xtra Energy	XTPT	0.09	17		146%	0.21	-65%	-39%	-	-	-	-	-	-		-
19	SAI.TECH Global	SAI	1.20	16	4	847%	11.36	-17%	-42%	-	-	-	-	-	-	1.67	0.7 x
20	Greenidge	GREE	0.43	9	157	1510%	6.95	-49%	3%	114	85	1.8 x	5	16	9.7 x	(1.02)	-0.4 x

 

 

			Share Price	Mkt Cap (Mns)	Ent Val (Mns)	Price Performance				Sales			EBITDA			Book Value
						% to   High	High $	% to       Low	% YTD	LTM	NTM	EV/Sales	LTM	NTM	EV/ EBITDA	Book/ Share	P/ Book
Payments				1,590,221	1,884,780				3%	337,129	365,568	5.2 x	83,553	94,420	20.0 x		5.2 x
21	Visa Inc	V	218.15	355,116	452,796	8%	235.57	-20%	5%	30,983	34,244	13.2 x	21,753	24,230	18.7 x	17.89	12.2 x
22	Mastercard	MA	349.32	330,360	340,825	12%	390.00	-21%	1%	22,818	25,991	13.1 x	13,701	16,073	21.2 x	5.62	62.1 x
23	American Express	AXP	158.74	118,133	128,269	16%	183.89	-18%	8%	55,408	62,706	2.0 x	-	-	-	34.98	4.5 x
24	Intuit	INTU	411.84	115,540	120,467	19%	490.83	-18%	6%	13,684	14,840	8.1 x	5,168	6,022	20.0 x	56.44	7.3 x
25	PayPal	PYPL	73.21	82,828	83,854	41%	103.03	-9%	3%	27,518	29,330	2.9 x	6,835	7,670	10.9 x	17.85	4.1 x
26	Fiserv	FISV	110.81	69,603	91,938	10%	122.39	-21%	12%	17,147	18,285	5.0 x	7,438	8,064	11.4 x	48.59	2.3 x
27	Shopify	SHOP	43.88	52,532	52,296	25%	54.67	-46%	26%	5,600	6,655	7.9 x	76	59	880.4 x	6.46	6.8 x
28	Adyen	ADYEN-NL	1,503.80	46,597	44,971	30%	1958.40	-23%	9%	-	-	-	-	-	-	84.57	17.8 x
29	Paychex	PAYX	109.70	39,543	39,102	27%	139.47	-4%	-5%	4,922	5,216	7.5 x	2,159	2,320	16.9 x	9.43	11.6 x
30	Workday	WDAY	190.64	38,891	47,133	14%	217.45	-32%	14%	6,216	7,199	6.5 x	1,579	2,027	23.3 x	21.57	8.8 x
31	Capital One	COF	90.24	34,389	78,990	49%	134.46	-4%	-3%	34,980	37,418	2.1 x	-	-	-	143.07	0.6 x
32	Fidelity (FIS)	FIS	51.55	30,514	53,038	107%	106.65	-6%	-24%	14,547	14,630	3.6 x	6,138	6,194	8.6 x	40.68	1.3 x
33	Global Payments	GPN	99.83	26,271	39,081	44%	143.91	-8%	1%	8,092	8,603	4.5 x	3,925	4,267	9.2 x	84.78	1.2 x
34	Discover Financial	DFS	93.82	24,575	44,709	29%	121.17	-7%	-1%	14,188	15,886	2.8 x	-	-	-	51.67	1.8 x
35	Paycom Software	PAYC	270.37	16,309	15,315	49%	402.78	-5%	-13%	1,375	1,700	9.0 x	580	704	21.8 x	20.44	13.2 x
36	FLEETCOR	FLT	199.08	14,631	19,461	30%	259.49	-19%	8%	3,427	3,808	5.1 x	1,772	2,038	9.5 x	34.65	5.7 x
37	Edenred	EDEN-FR	55.60	13,878	11,711	17%	65.29	-22%	3%	-	-	-	-	-	-	(3.13)	-17.7 x
38	Synchrony Financial	SYF	28.45	12,189	17,098	44%	40.89	-5%	-13%	12,080	13,451	1.3 x	-	-	-	29.08	1.0 x
39	Worldline	WLN-FR	40.61	11,429	15,041	22%	49.53	-18%	4%	4,696	-	-	-	-	-	36.18	1.1 x
40	Jack Henry & Associates	JKHY	152.01	11,095	11,392	40%	212.62	-8%	-13%	1,995	2,120	5.4 x	629	688	16.6 x	20.70	7.3 x
41	Nexi	NEXI-IT	7.60	9,970	17,521	40%	10.67	-4%	-3%	3,382	3,730	4.7 x	1,676	1,938	9.0 x	10.19	0.7 x
42	Paylocity Holding	PCTY	177.53	9,901	9,854	56%	276.88	-14%	-9%	1,001	1,284	7.7 x	289	401	24.6 x	12.15	14.6 x
43	Sage Group	SGE-GB	8.97	9,191	9,990	15%	10.30	-20%	0%	-	-	-	-	-	-	1.70	5.3 x
44	Bill.com	BILL-US	73.50	7,819	6,921	158%	189.97	-7%	-33%	857	1,113	6.2 x	39	108	64.2 x	38.41	1.9 x
45	WEX	WEX	171.99	7,418	6,983	19%	204.06	-27%	6%	2,445	2,497	2.8 x	1,052	1,136	6.1 x	39.03	4.4 x
46	Wise	WISE-GB	6.61	6,774	3,917	26%	8.31	-48%	-2%	-	-	-	-	-	-	0.55	12.0 x
47	GMO Payment Gateway	3769-JP	87.37	6,689	5,978	9%	95.59	-31%	7%	397	480	12.5 x	-	-	-	7.49	11.7 x
48	Toast	TOST	16.67	5,951	7,792	56%	26.04	-29%	-7%	2,731	3,647	2.1 x	(115)	(17)	-	2.10	7.9 x
49	Euronet Worldwide	EEFT	107.16	5,339	5,450	25%	133.70	-33%	14%	3,359	3,721	1.5 x	565	662	8.2 x	24.98	4.3 x
50	PayTM	543396-in	6.77	4,289	3,547	57%	10.60	-21%	3%	894	1,166	3.0 x	(151)	-	-	2.55	2.7 x
51	Paycor HCM	PYCR	23.51	4,148	4,113	49%	34.95	-14%	-4%	485	591	7.0 x	131	167	24.6 x	7.21	3.3 x
52	Western Union	WU	11.06	4,133	5,582	74%	19.26	-9%	-20%	4,476	4,089	1.4 x	1,082	991	5.6 x	1.28	8.6 x
53	BlackLine	BL	63.76	3,829	4,177	24%	79.23	-24%	-5%	523	591	7.1 x	63	75	55.7 x	1.86	34.2 x
54	Shift4 Payments	FOUR	66.94	3,681	4,941	14%	76.40	-56%	20%	728	940	5.3 x	290	426	11.6 x	6.09	11.0 x
55	EngageSmart	ESMT	18.54	3,081	2,799	22%	22.65	-19%	5%	304	382	7.3 x	49	68	41.3 x	4.85	3.8 x
56	NCR Corporation	NCR	21.84	3,042	8,885	72%	37.62	-17%	-7%	7,844	7,917	1.1 x	1,370	1,492	6.0 x	10.72	2.0 x
57	Flywire	FLYW	27.62	2,987	2,672	17%	32.43	-47%	13%	267	360	7.4 x	15	31	86.5 x	4.41	6.3 x
58	Remitly Global	RELY	16.08	2,801	2,494	13%	18.18	-59%	41%	654	882	2.8 x	(14)	8	324.3 x	2.77	5.8 x
59	Nuvei	NVEI-CA	40.96	2,605	5,485	50%	61.48	-42%	61%	843	1,245	4.4 x	351	468	11.7 x	14.13	2.9 x
60	Cielo	CIEL3-BR	0.94	2,563	5,381	30%	1.22	-38%	-5%	2,116	2,491	2.2 x	900	1,028	5.2 x	0.80	1.2 x
61	StoneCo	STNE	8.93	2,511	2,913	41%	12.63	-24%	-5%	1,855	2,338	1.2 x	840	979	3.0 x	7.81	1.1 x
62	Dlocal	DLO	15.06	2,441	3,920	123%	33.63	-40%	-3%	419	612	6.4 x	149	195	20.1 x	1.05	14.3 x
63	Lightspeed Commerce	LSPD	14.64	2,201	1,393	94%	28.35	-14%	2%	693	850	1.6 x	(49)	(2)	-	16.85	0.9 x
64	EVERTEC	EVTC	33.53	2,179	2,409	23%	41.10	-10%	4%	628	659	3.7 x	261	278	8.7 x	7.80	4.3 x
65	Payoneer Global	PAYO	6.03	2,137	1,612	33%	8.04	-45%	10%	628	804	2.0 x	48	125	12.9 x	1.55	3.9 x
66	Marqeta	MQ	3.99	1,930	540	202%	12.06	-13%	-35%	748	912	0.6 x	(42)	(37)	-	2.72	1.5 x
67	EverCommerce	EVCM	9.96	1,887	2,347	36%	13.51	-41%	34%	621	687	3.4 x	119	137	17.1 x	4.74	2.1 x
68	Phreesia	PHR	34.05	1,817	1,613	17%	40.00	-61%	5%	281	355	4.5 x	(92)	(62)	-	5.41	6.3 x
69	Network International	NETW-GB	3.17	1,712	1,903	57%	4.98	-34%	-10%	-	-	-	-	-	-	1.17	2.7 x
70	EVO Payments	EVOP	33.90	1,642	3,466	0%	34.01	-38%	0%	-	-	-	-	-	-	(19.33)	-1.8 x
71	PagSeguro Digital	PAGS	7.80	1,590	4,257	150%	19.49	-4%	-11%	2,983	3,373	1.3 x	579	707	6.0 x	6.92	1.1 x
72	Everi Holdings	EVRI	16.82	1,488	2,185	26%	21.11	-20%	17%	783	831	2.6 x	374	390	5.6 x	2.47	6.8 x
73	AvidXchange	AVDX	7.39	1,474	1,163	60%	11.86	-21%	-26%	316	364	3.2 x	(15)	2	677.1 x	3.30	2.2 x
74	Global Blue Group	GB	5.88	1,183	1,680	29%	7.60	-41%	35%	-	-	-	-	-	-	(0.01)	-
75	MoneyGram	MGI	10.66	1,030	1,689	3%	10.96	-14%	-2%	1,310	1,392	1.2 x	217	237	7.1 x	(1.47)	-7.3 x
76	Paysafe	PSFE	16.65	1,012	1,664	130%	38.28	-32%	20%	1,496	1,593	1.0 x	410	457	3.6 x	11.38	1.5 x
77	GB Group	GBG-GB	3.90	984	1,146	94%	7.57	-12%	3%	-	-	-	-	-	-	4.36	0.9 x
78	Alpha Group	Alph-gb	21.82	921	772	29%	28.10	-21%	-5%	-	-	-	-	-	-	4.09	5.3 x
79	Green Dot	GDOT	16.11	833	56	88%	30.29	-7%	2%	1,424	1,409	0.0 x	239	187	0.3 x	15.12	1.1 x
80	Olo	OLO	7.49	778	788	88%	14.08	-23%	20%	185	214	3.7 x	14	19	41.5 x	4.29	1.7 x
81	Deluxe Corporation	DLX	15.15	655	2,018	91%	28.97	-6%	-11%	2,238	2,182	0.9 x	418	396	5.1 x	13.98	1.1 x
82	BigCommerce	BIGC	8.43	625	668	159%	21.80	-14%	-4%	279	307	2.2 x	(50)	(17)	-	0.62	13.6 x
83	Nayax	NYAX-IL	17.09	563	511	77%	30.27	-23%	-10%	173	235	2.2 x	-	3	176.6 x	3.47	4.9 x
84	i3 Verticals	IIIV	23.75	549	1,026	30%	30.84	-22%	-2%	330	378	2.7 x	85	103	10.0 x	9.37	2.5 x
85	Repay Holdings	RPAY	6.02	544	962	143%	14.64	-27%	-25%	279	282	3.4 x	125	126	7.6 x	10.13	0.6 x
86	Riskified	RSKD	5.22	533	452	29%	6.73	-34%	13%	261	301	1.5 x	(36)	(24)	-	2.90	1.8 x
87	Fawry	FWRY-EG	0.16	516	401	73%	0.27	-11%	-26%	-	-	-	-	-	-	0.02	7.1 x
88	Expensify	EXFY	7.51	513	564	238%	25.39	-7%	-15%	169	185	3.0 x	43	48	11.7 x	1.18	6.4 x
89	Tyro Payments	TYR-AU	0.95	495	484	30%	1.24	-57%	-1%	-	-	-	-	-	-	0.21	4.5 x
90	PayPoint	PAY-GB	5.64	409	416	38%	7.79	-3%	-8%	-	-	-	-	-	-	1.59	3.6 x
91	Cantaloupe	CTLP	5.42	393	410	27%	6.90	-49%	25%	227	262	1.6 x	4	26	16.0 x	2.09	2.6 x
92	OFX Group	OFX-AU	1.24	308	57	62%	2.01	-25%	-23%	-	-	-	-	-	-	0.35	3.5 x
93	NewtekOne	NEWT	12.03	296	718	121%	26.57	-9%	-26%	86	217	3.3 x	-	-	-	15.25	0.8 x
94	Priority Technology	PRTH	3.35	264	1,073	84%	6.16	-11%	-36%	664	746	1.4 x	136	161	6.7 x	(1.37)	-2.4 x
95	Zip Co Ltd.	ZIP-AU	0.32	248	2,115	273%	1.20	-7%	-7%	576	-	-	-	-	-	0.26	1.2 x
96	PaySign	PAYS	3.54	185	99	13%	3.99	-68%	37%	38	46	2.2 x	6	7	14.8 x	0.31	11.4 x
97	Paymentus Holdings	PAY	7.63	150	803	139%	18.25	-12%	-6%	497	589	1.4 x	29	38	21.4 x	3.22	2.4 x
98	Valid Solucoes	VLID3-BR	1.79	146	241	34%	2.39	-15%	5%	-	-	-	-	-	-	3.05	0.6 x
99	CompoSecure	CMPO	7.05	125	1,070	13%	7.94	-40%	44%	378	417	2.6 x	136	151	7.1 x	(54.25)	-0.1 x
100	EML Payments	EML-AU	0.28	105	(1,444)	319%	1.18	-8%	-34%	-	-	-	-	-	-	0.57	0.5 x
101	Diebold Nixdorf	DBD	1.05	84	2,484	402%	5.27	-33%	-26%	3,451	3,820	0.7 x	260	455	5.5 x	(17.46)	-0.1 x
102	Sezzle	SZL-AU	0.37	77	72	179%	1.04	-67%	31%	133	-	-	-	-	-	0.04	8.9 x
103	Splitit Payments	SPT-AU	0.10	52	94	152%	0.25	-25%	-10%	-	-	-	-	-	-	0.05	2.0 x

 

			Share Price	Mkt Cap (Mns)	Ent Val (Mns)	Price Performance				Sales			EBITDA			Book Value
			Share Price			% to   High	High $	% to       Low	% YTD	LTM	NTM	EV/Sales	LTM	NTM	EV/ EBITDA	Book/ Share	P/ Book
Lending and Mortgage Tech				96,419	148,463				3%	63,040	46,547	3.2 x	2,769	3,493	42.5 x		3.0 x
104	Compass Group	CPG-GB	23.91	41,754	45,597	10%	26.36	-19%	4%	-	-	-	-	-	-	4.13	5.8 x
105	Black Knight	BKI	55.30	8,623	11,340	44%	79.78	-3%	-11%	1,552	1,539	7.4 x	735	716	15.8 x	16.50	3.4 x
106	Zillow Group	Z	40.64	6,934	8,024	21%	49.32	-36%	26%	6,184	1,836	4.4 x	587	369	21.7 x	19.13	2.1 x
107	First American	FAF	53.84	5,553	6,270	20%	64.66	-19%	3%	7,017	6,409	1.0 x	567	956	6.6 x	46.05	1.2 x
108	Temenos	TEMN-CH	62.96	4,719	5,270	71%	107.86	-21%	20%	955	1,017	5.2 x	420	427	12.3 x	8.18	7.7 x
109	ACI Worldwide	ACIW	26.15	2,827	3,859	13%	29.56	-25%	14%	1,422	1,448	2.7 x	373	386	10.0 x	11.04	2.4 x
110	nCino	NCNO	22.40	2,487	2,471	78%	39.83	-13%	-16%	408	480	5.2 x	4	55	45.0 x	9.19	2.4 x
111	AppFolio	APPF	117.98	2,436	4,060	26%	148.17	-32%	12%	503	605	6.7 x	24	40	100.7 x	6.78	17.4 x
112	Affirm Holdings	AFRM	9.29	2,173	5,812	341%	40.97	-7%	-4%	1,480	1,664	3.5 x	(51)	(4)	-	8.59	1.1 x
113	Altus Group	AIF-CA	42.42	1,893	2,142	7%	45.35	-25%	6%	561	577	3.7 x	103	104	20.6 x	9.88	4.3 x
114	PEXA Group	PXA-AU	8.06	1,429	1,610	59%	12.79	-7%	-1%	-	-	-	-	-	-	4.79	1.7 x
115	Enova International	ENVA	42.16	1,330	3,452	32%	55.54	-39%	10%	1,834	2,039	1.7 x	459	507	6.8 x	36.24	1.2 x
116	Q2 Holdings	QTWO	22.47	1,297	1,593	146%	55.29	-16%	-16%	566	635	2.5 x	37	63	25.5 x	7.26	3.1 x
117	MeridianLink	MLNK	15.78	1,273	1,616	19%	18.84	-21%	15%	288	307	5.3 x	111	112	14.5 x	7.18	2.2 x
118	Upstart Holdings	UPST	14.17	1,153	1,706	566%	94.43	-15%	7%	842	543	3.1 x	37	(60)	-	8.28	1.7 x
119	Rocket Companies	RKT	8.39	1,048	18,494	36%	11.38	-29%	20%	5,839	3,988	4.6 x	(37)	47	394.4 x	4.67	1.8 x
120	Stewart Information	STC	37.93	1,031	1,384	55%	58.84	-5%	-11%	2,743	2,413	0.6 x	241	205	6.8 x	49.64	0.8 x
121	Opendoor Technologies	OPEN	1.45	932	4,389	466%	8.21	-37%	25%	15,567	8,745	0.5 x	(168)	(701)	-	1.70	0.9 x
122	Redfin Corporation	RDFN	7.97	875	1,898	63%	13.03	-61%	88%	2,284	1,146	1.7 x	(192)	(30)	-	0.58	13.7 x
123	Open Lending	LPRO	6.76	836	779	127%	15.37	-21%	0%	180	144	5.4 x	106	70	11.1 x	1.72	3.9 x
124	Dye & Durham	DND-CA	13.33	740	1,610	44%	19.21	-36%	10%	360	332	4.9 x	198	190	8.5 x	7.45	1.8 x
125	LendingClub	LC	6.66	710	(207)	162%	17.48	-2%	-24%	1,143	937	-0.2 x	-	69	-3.0 x	11.08	0.6 x
126	Pagaya Technologies	PGY	1.00	506	772	3350%	34.50	-43%	-23%	-	798	1.0 x	-	17	44.8 x	0.81	1.2 x
127	Alfa Financial Software	ALFA-GB	1.58	468	455	49%	2.35	-9%	-20%	-	-	-	-	-	-	0.18	9.0 x
128	Mortgage Advice Bureau	MAB1-GB	7.84	447	459	90%	14.94	-36%	23%	-	-	-	-	-	-	1.47	5.3 x
129	Mitek Systems	MITK	8.82	394	455	49%	13.10	-6%	-9%	-	-	-	-	-	-	3.99	2.2 x
130	Atlanticus Holdings	ATLC	22.80	329	1,853	109%	47.59	-5%	-13%	1,046	1,221	1.5 x	-	-	-	22.58	1.0 x
131	LendingTree	TREE	25.69	329	943	236%	86.31	-32%	20%	985	946	1.0 x	85	88	10.7 x	16.23	1.6 x
132	Real Matters	REAL-CA	3.39	246	207	43%	4.86	-18%	10%	52	48	4.3 x	(6)	0	464.2 x	1.54	2.2 x
133	Funding Circle	FCH-GB	0.65	236	(15)	54%	1.00	-48%	1%	-	-	-	-	-	-	1.04	0.6 x
134	Vacasa	VCSA	0.90	213	236	771%	7.85	-23%	-28%	1,188	1,071	0.2 x	(27)	(1)	-	1.75	0.5 x
135	Blend Labs	BLND	0.87	202	128	467%	4.93	-33%	-40%	235	163	0.8 x	(153)	(112)	-	0.51	1.7 x
136	Payfare	PAY-CA	4.04	188	37	46%	5.89	-29%	24%	101	144	0.3 x	3	19	2.0 x	0.79	5.1 x
137	LendInvest	LINV-GB	1.15	159	1,497	118%	2.50	-47%	17%	-	-	-	-	-	-	0.54	2.1 x
138	loanDepot	LDI	1.76	132	4,303	86%	3.28	-29%	7%	1,256	894	4.8 x	(411)	(9)	-	2.56	0.7 x
139	Doma Holdings	DOMA	0.39	127	228	463%	2.17	-12%	-15%	440	328	0.7 x	(135)	(6)	-	0.25	1.6 x
140	Offerpad Solutions	OPAD	0.53	123	(7)	1013%	5.90	-29%	-30%	3,952	2,014	0.0 x	(104)	(98)	-	0.49	1.1 x
141	Porch Group	PRCH	1.13	110	292	335%	4.92	-20%	-40%	273	337	0.9 x	(48)	(35)	-	0.81	1.4 x
142	CURO Group	CURO	1.42	58	2,562	748%	12.04	-5%	-60%	1,026	916	2.8 x	-	-	-	(1.34)	-1.1 x
143	Katapult Holdings	KPLT	0.46	45	82	319%	1.93	-13%	-52%	210	233	0.4 x	(17)	(10)	-	0.07	6.4 x
144	OppFi	OPFI	1.83	27	674	107%	3.78	-7%	-15%	453	510	1.3 x	54	89	7.6 x	(0.00)	-
145	Sunlight Financial	SUNL	0.30	25	134	1511%	4.89	-18%	-76%	95	123	1.1 x	(27)	29	4.6 x	3.47	0.1 x

 

 

 

 

 

 

                                                      

 

			Share Price	Mkt Cap (Mns)	Ent Val (Mns)	Price Performance				Sales			EBITDA			Book Value
						% to   High	High $	% to       Low	% YTD	LTM	NTM	EV/Sales	LTM	NTM	EV/ EBITDA	Book/ Share	P/ Book
Capital Markets and Wealth Tech				585,392	509,198				-7%	102,865	103,007	4.9 x	38,004	34,978	14.6 x		4.0 x
146	Charles Schwab	SCHW	56.11	100,518	78,264	54%	86.63	-20%	-33%	21,206	19,635	4.0 x	11,993	9,755	8.0 x	14.93	3.8 x
147	CME Group	CME	184.78	66,470	67,450	23%	228.12	-10%	10%	5,114	5,277	12.8 x	3,463	3,508	19.2 x	74.89	2.5 x
148	Intercontinental Exchange	ICE	98.04	54,790	65,352	22%	119.60	-10%	-5%	7,292	7,573	8.6 x	4,736	5,057	12.9 x	40.62	2.4 x
149	Hong Kong Exchanges	388-HK	41.75	52,927	17,751	23%	51.52	-36%	-3%	2,411	2,892	6.1 x	1,791	-	-	4.91	8.5 x
150	London Stock Exchange	LSEG-GB	92.12	46,290	55,885	19%	109.97	-14%	8%	8,382	10,271	5.4 x	-	-	-	63.25	1.5 x
151	Deutsche Boerse	DB1-DE	187.52	35,629	20,384	9%	204.97	-19%	13%	4,711	-	-	2,730	-	-	51.93	3.6 x
152	Nasdaq	NDAQ	52.92	25,878	31,409	31%	69.22	-12%	-14%	3,603	3,752	8.4 x	1,960	2,026	15.5 x	12.51	4.2 x
153	LPL Financial	LPLA	205.64	16,178	16,102	32%	271.56	-20%	-5%	8,953	10,159	1.6 x	-	2,215	7.3 x	27.99	7.3 x
154	Broadridge Financial	BR	136.22	16,032	20,114	35%	183.33	-4%	2%	5,833	6,219	3.2 x	1,347	1,444	13.9 x	15.18	9.0 x
155	MarketAxess	MKTX	386.59	14,539	14,155	3%	399.78	-44%	38%	735	825	17.2 x	408	463	30.6 x	29.77	13.0 x
156	SS&C Technologies	SSNC	54.50	13,664	19,717	27%	69.44	-17%	5%	5,355	5,603	3.5 x	1,970	2,203	8.9 x	24.08	2.3 x
157	Cboe Global Markets	CBOE	125.65	13,287	14,705	12%	140.56	-17%	0%	1,742	1,895	7.8 x	1,131	1,186	12.4 x	32.71	3.8 x
158	B3 SA	BOLSY	6.38	12,973	11,777	46%	9.33	-12%	-6%	1,754	1,823	6.5 x	1,299	1,257	9.4 x	1.99	3.2 x
159	Tradeweb Markets	TW	75.04	8,346	14,947	7%	79.98	-31%	12%	1,207	1,342	11.1 x	625	697	21.4 x	24.01	3.1 x
160	Computershare	CPU-AU	13.77	8,313	9,889	39%	19.10	-2%	-22%	-	-	-	-	-	-	3.39	4.1 x
161	Interactive Brokers	IBKR	78.63	8,087	(48,118)	15%	90.19	-34%	9%	3,478	4,298	-11.2 x	-	-	-	27.68	2.8 x
162	Japan Exchange Group	8697-JP	15.06	7,962	6,860	10%	16.52	-15%	6%	981	1,014	6.8 x	-	-	-	4.50	3.3 x
163	Euronext	ENX-FR	72.50	7,765	9,915	21%	87.60	-19%	-1%	1,514	1,672	5.9 x	928	996	10.0 x	39.84	1.8 x
164	SEI Investments	SEIC	55.55	7,458	6,596	16%	64.69	-17%	-4%	1,879	1,936	3.4 x	495	576	11.5 x	15.11	3.7 x
165	Singapore Exchange	S68-SG	6.58	7,052	6,806	11%	7.27	-13%	-1%	-	-	-	-	-	-	1.09	6.1 x
166	Robinhood Markets	HOOD	8.80	6,762	3,491	45%	12.76	-23%	8%	1,358	1,828	1.9 x	(177)	89	39.2 x	7.79	1.1 x
167	TMX Group	X-CA	98.67	5,500	5,939	12%	110.98	-9%	-1%	850	860	6.9 x	480	488	12.2 x	52.91	1.9 x
168	XP Inc	XP	11.47	5,136	16,880	125%	25.85	-10%	-25%	2,615	2,754	6.1 x	807	954	17.7 x	4.93	2.3 x
169	Allfunds Group	ALLFG-NL	6.50	4,090	2,386	63%	10.58	-8%	-7%	-	-	-	-	-	-	4.07	1.6 x
170	IG Group	IGG-GB	8.48	3,498	2,704	22%	10.36	-8%	-9%	-	-	-	-	-	-	5.90	1.4 x
171	Focus Financial	FOCS	51.23	3,378	6,287	3%	52.62	-41%	37%	2,143	2,404	2.6 x	538	592	10.6 x	15.99	3.2 x
172	SimCorp	SIM-DK	72.18	2,923	2,840	51%	109.01	-25%	8%	592	664	4.3 x	153	144	19.7 x	10.37	7.0 x
173	Envestnet	ENV	53.41	2,885	3,775	51%	80.65	-22%	-13%	1,240	1,283	2.9 x	220	255	14.8 x	13.97	3.8 x
174	Swissquote Group	SQN-CH	174.56	2,676	(3,097)	29%	225.49	-46%	24%	-	-	-	-	-	-	54.30	3.2 x
175	AssetMark Financial	AMK	30.52	2,255	2,255	8%	33.00	-45%	33%	458	557	4.0 x	200	250	9.0 x	15.25	2.0 x
176	StoneX Group	SNEX	94.80	1,957	6,686	12%	106.35	-29%	-1%	2,312	1,512	4.4 x	-	-	-	57.17	1.7 x
177	Plus500	PLUS-GB	20.77	1,907	1,017	15%	23.96	-17%	-3%	-	-	-	-	-	-	8.56	2.4 x
178	Virtu Financial	VIRT	17.76	1,738	2,516	88%	33.45	-8%	-13%	1,335	1,352	1.9 x	662	644	3.9 x	13.56	1.3 x
179	AJ Bell	AJB-GB	4.11	1,694	1,603	20%	4.94	-33%	-4%	-	-	-	-	-	-	0.40	10.2 x
180	BGC Partners	BGCP	5.17	1,685	2,712	7%	5.51	-42%	36%	1,795	1,989	1.4 x	-	-	-	1.80	2.9 x
181	TP ICAP	TCAP-GB	2.10	1,659	1,357	14%	2.41	-43%	1%	-	-	-	-	-	-	3.40	0.6 x
182	Matsui Securities	8628-JP	5.92	1,534	2,489	11%	6.55	-13%	0%	228	-	-	-	-	-	2.23	2.7 x
183	Flow Traders	FLOW-NL	26.95	1,254	2,942	24%	33.53	-36%	27%	443	-	-	161	-	-	15.38	1.8 x
184	JTC	JTC-GB	7.82	1,166	1,322	31%	10.27	-14%	-10%	-	-	-	-	-	-	3.39	2.3 x
185	IRESS	IRE-AU	5.81	1,085	1,324	44%	8.36	-6%	-9%	-	-	-	-	-	-	1.60	3.6 x
186	Monex Group	8698-JP	3.46	925	(5,070)	40%	4.84	-17%	14%	579	729	-7.0 x	-	-	-	2.92	1.2 x
187	Clearwater Analytics	CWAN	14.44	900	2,651	39%	20.00	-22%	-21%	303	363	7.3 x	81	98	27.1 x	1.41	10.2 x
188	CMC Markets	CMCX-GB	2.87	804	633	42%	4.08	-29%	7%	-	-	-	-	-	-	1.66	1.7 x
189	Enfusion	ENFN	10.15	742	702	65%	16.76	-23%	8%	150	188	3.7 x	20	33	21.1 x	0.92	11.1 x
190	OTC Markets	OTCM	55.88	629	641	15%	64.50	-6%	-2%	104	106	6.1 x	-	44	14.4 x	2.51	22.3 x
191	FD Technologies	FDP-GB	19.85	557	593	62%	32.26	-32%	21%	-	-	-	-	-	-	9.15	2.2 x
192	Tel Aviv Stock Exchange	TASE-IL	4.83	483	437	47%	7.11	-14%	-18%	-	107	4.1 x	-	41	10.5 x	1.89	2.6 x
193	Warsaw Stock Exchange	GPW-PL	8.16	343	245	12%	9.13	-23%	1%	89	-	-	40	-	-	5.27	1.5 x
194	Forge Global Holdings	FRGE	1.65	285	111	2007%	34.77	-24%	-5%	69	80	1.4 x	(47)	(44)	-	1.85	0.9 x
195	PensionBee Group	PBEE-GB	1.18	262	237	53%	1.80	-54%	81%	-	-	-	-	-	-	0.13	9.0 x
196	Linedata Services	LIN-FR	48.57	241	352	12%	54.40	-32%	-1%	-	-	-	-	-	-	21.70	2.2 x
197	Gresham Technologies	GHT-GB	1.93	161	154	16%	2.25	-22%	-9%	-	-	-	-	-	-	0.70	2.8 x
198	Bravura Solutions	BVS-AU	0.20	78	64	453%	1.10	-2%	-59%	-	-	-	-	-	-	0.30	0.7 x
199	Mogo	MOGO-CA	0.55	42	58	284%	2.10	-22%	0%	52	46	1.3 x	(9)	4	13.0 x	1.82	0.3 x

 

 

			Share Price	Mkt Cap (Mns)	Ent Val (Mns)	Price Performance				Sales			EBITDA			Book Value
			Share Price			% to   High	High $	% to       Low	% YTD	LTM	NTM	EV/Sales	LTM	NTM	EV/ EBITDA	Book/ Share	P/ Book
Insurtech				329,156	379,970				-1%	87,500	90,488	4.2 x	20,326	23,675	16.0 x		5.4 x
200	Marsh & McLennan	MMC	158.21	78,246	90,539	14%	180.73	-9%	-4%	21,095	22,625	4.0 x	5,789	6,377	14.2 x	22.14	7.1 x
201	Aon	AON	300.47	61,639	72,352	11%	334.76	-18%	0%	12,697	13,482	5.4 x	4,069	4,423	16.4 x	(0.34)	-
202	Roper Technologies	ROP	432.18	45,916	51,934	13%	487.47	-18%	0%	5,562	6,120	8.5 x	2,246	2,475	21.0 x	151.16	2.9 x
203	Arthur J. Gallagher	AJG	182.46	38,699	40,243	15%	209.13	-19%	-3%	8,689	10,017	4.0 x	2,613	3,140	12.8 x	43.15	4.2 x
204	Verisk Analytics	VRSK	185.50	28,696	32,554	16%	214.35	-16%	5%	2,898	2,609	12.5 x	1,455	1,396	23.3 x	11.31	16.4 x
205	Willis Towers Watson	WTW	227.60	24,257	28,561	14%	258.93	-17%	-7%	8,950	9,396	3.0 x	2,363	2,479	11.5 x	94.90	2.4 x
206	Brown & Brown	BRO	54.35	15,451	17,530	26%	68.43	-3%	-5%	3,785	4,139	4.2 x	1,243	1,376	12.7 x	17.08	3.2 x
207	Guidewire Software	GWRE	75.83	6,185	6,021	19%	90.22	-31%	21%	870	943	6.4 x	(30)	31	193.9 x	14.84	5.1 x
208	CCC Intelligent	CCCS	8.86	5,538	6,077	15%	10.19	-16%	2%	782	846	7.2 x	305	334	18.2 x	3.29	2.7 x
209	HealthEquity	HQY	56.67	4,797	5,591	40%	79.20	-8%	-8%	862	968	5.8 x	272	328	17.0 x	22.37	2.5 x
210	Alight	ALIT	8.65	4,137	7,361	18%	10.19	-27%	3%	3,132	3,477	2.1 x	659	743	9.9 x	9.28	0.9 x
211	CorVel	CRVL	189.06	3,244	3,207	9%	206.05	-32%	30%	-	-	-	-	-	-	11.34	16.7 x
212	PB Fintech	543390-IN	7.05	3,171	2,683	37%	9.63	-38%	33%	277	-	-	(65)	-	-	1.49	4.7 x
213	Duck Creek	DCT	18.97	2,521	2,278	5%	19.84	-47%	54%	314	-	-	-	-	-	5.50	3.4 x
214	Goosehead	GSHD	48.63	1,130	1,211	46%	71.04	-40%	42%	226	283	4.3 x	46	57	21.2 x	0.74	66.1 x
215	Sapiens International	SPNS	20.26	1,116	1,056	32%	26.66	-20%	9%	475	505	2.1 x	89	100	10.5 x	7.26	2.8 x
216	Lemonade	LMND	12.73	882	631	159%	32.97	-19%	-7%	257	381	1.7 x	(225)	(242)	-	12.51	1.0 x
217	MultiPlan	MPLN	1.05	671	5,113	490%	6.19	-17%	-9%	1,080	940	5.4 x	769	620	8.2 x	2.80	0.4 x
218	Oscar Health	OSCR	3.37	611	(530)	140%	8.08	-39%	37%	4,659	5,124	-0.1 x	(462)	(135)	-	4.12	0.8 x
219	Ebix	EBIX	13.76	425	985	143%	33.42	-15%	-31%	1,050	995	1.0 x	149	160	6.2 x	20.03	0.7 x
220	EverQuote	EVER	12.39	334	379	52%	18.86	-58%	-16%	404	421	0.9 x	6	10	39.6 x	3.30	3.8 x
221	Hippo Holdings	HIPO	14.14	330	116	247%	49.00	-20%	4%	119	179	0.6 x	(206)	(146)	-	25.43	0.6 x
222	SelectQuote	SLQT	1.58	263	957	106%	3.25	-68%	135%	896	1,041	0.9 x	(12)	52	18.6 x	2.29	0.7 x
223	Crawford & Company	CRD.A	7.53	218	665	27%	9.54	-32%	35%	1,189	1,275	0.5 x	96	112	5.9 x	2.56	2.9 x
224	eHealth	EHTH	7.80	215	441	61%	12.55	-66%	61%	405	423	1.0 x	(42)	(11)	-	23.62	0.3 x
225	Bright Health	BHG	0.26	166	1,190	813%	2.40	-40%	-60%	5,596	3,020	0.4 x	(461)	(14)	-	(0.32)	-0.8 x
226	Clover Corporation	CLV-AU	0.81	134	136	27%	1.02	-20%	-4%	-	-	-	-	-	-	0.26	3.1 x
227	GoHealth	GOCO	13.57	121	985	46%	19.85	-64%	29%	632	785	1.3 x	(130)	112	8.8 x	30.03	0.5 x
228	Root	ROOT	3.66	34	(301)	908%	36.90	-10%	-18%	600	494	-0.6 x	(210)	(103)	-	19.51	0.2 x
229	FOXO Technologies	FOXO	0.34	9	7	3131%	11.00	-32%	-16%	-	-	-	-	-	-	0.24	1.4 x

                                                      

 

 

 

			Share Price	Mkt Cap (Mns)	Ent Val (Mns)	Price Performance				Sales			EBITDA			Book Value
			Share Price			% to   High	High $	% to       Low	% YTD	LTM	NTM	EV/Sales	LTM	NTM	EV/ EBITDA	Book/ Share	P/ Book
Digital Banking				38,795	44,491				0%	8,748	10,952	4.1 x	127	935	47.6 x		3.0 x
230	Nu Holdings	NU	4.43	15,449	14,024	44%	6.40	-26%	5%	4,827	6,020	2.3 x	(3)	577	24.3 x	1.04	4.3 x
231	KakaoBank	323410-KR	18.93	9,025	8,019	81%	34.20	-41%	-1%	711	820	9.8 x	-	-	-	9.21	2.1 x
232	SoFi Technologies	SOFI	5.22	4,878	8,887	63%	8.52	-19%	13%	1,540	1,972	4.5 x	144	271	32.7 x	5.58	0.9 x
233	Nordnet	SAVE-SE	15.73	3,932	3,690	16%	18.32	-41%	9%	346	468	7.9 x	-	-	-	2.15	7.3 x
234	PT Bank Jago	ARTO-ID	0.14	1,930	1,852	493%	0.83	-5%	-42%	94	-	-	-	-	-	0.04	3.5 x
235	Moneysupermarket.com	MONY-GB	2.77	1,490	1,563	24%	3.44	-31%	20%	479	-	-	-	-	-	0.48	5.8 x
236	Alkami Technology	ALKT	11.83	1,092	994	50%	17.71	-22%	-19%	204	258	3.9 x	(17)	(6)	-	3.63	3.3 x
237	NerdWallet	NRDS	16.80	742	1,189	29%	21.74	-58%	78%	539	671	1.8 x	67	90	13.2 x	4.55	3.7 x
238	MoneyLion	ML	15.94	138	398	414%	81.90	-53%	-14%	328	388	1.0 x	(63)	2	166.2 x	11.55	1.4 x
239	Dave	DAVE	6.35	65	61	2047%	136.32	-17%	-32%	211	247	0.2 x	-	-	-	9.03	0.7 x
240	Silvergate Capital	SI	1.68	53	3,813	7753%	131.93	-35%	-90%	(533)	108	35.4 x	-	-	-	42.05	0.0 x
241	BM Technologies	BMTX	2.75	34	13	212%	8.58	-5%	-46%	84	68	0.2 x	15	11	1.1 x	3.99	0.7 x

 

 

 

			Share Price	Mkt Cap (Mns)	Ent Val (Mns)	Price Performance				Sales			EBITDA			Book Value
			Share Price			% to   High	High $	% to       Low	% YTD	LTM	NTM	EV/Sales	LTM	NTM	EV/ EBITDA	Book/ Share	P/ Book
Traditional Banking				785,811	1,988,756				-1%	355,030	317,065	6.3 x	0	0	#DIV/0!		0.9 x
242	HSBC Holdings	HSBC	33.25	132,809	168,242	19%	39.63	-26%	7%	55,393	62,958	2.7 x	-	-	-	42.00	0.8 x
243	Citigroup	C	44.09	85,698	581,715	24%	54.56	-9%	-3%	77,599	78,285	7.4 x	-	-	-	96.59	0.5 x
244	ICICI Bank	532174-IN	10.12	70,673	77,792	16%	11.78	-15%	-6%	10,060	11,710	6.6 x	-	-	-	3.57	2.8 x
245	DBS Group	D05-SG	24.07	62,277	92,534	14%	27.48	-13%	-4%	12,112	14,535	6.4 x	-	-	-	15.94	1.5 x
246	National Australia Bank	NAB-AU	18.70	58,679	254,131	25%	23.32	-6%	-8%	-	-	-	-	-	-	12.56	1.5 x
247	ING Groep	INGA-NL	11.29	42,080	135,872	30%	14.66	-28%	-1%	19,280	23,596	5.8 x	-	-	-	14.98	0.8 x
248	Oversea-Chinese Bank	O39-SG	9.02	40,739	62,079	11%	10.00	-11%	0%	8,460	10,049	6.2 x	-	-	-	8.60	1.0 x
249	Nordea Bank	NRDBY	11.12	40,324	214,547	16%	12.84	-25%	5%	-	-	-	-	-	-	8.30	1.3 x
250	Banco Bilbao	BBVA	6.61	39,859	152,455	20%	7.93	-41%	12%	27,822	-	-	-	-	-	8.61	0.8 x
251	NatWest Group	NWG-GB	3.16	30,435	(3,489)	22%	3.85	-26%	0%	16,897	19,472	-0.2 x	-	-	-	4.36	0.7 x
252	DNB Bank	DNB-NO	17.58	27,261	100,412	18%	20.83	-11%	-11%	6,861	7,313	13.7 x	-	-	-	14.95	1.2 x
253	KBC Group	KBC-BE	64.18	26,773	32,110	22%	77.98	-29%	0%	8,950	11,400	2.8 x	-	-	-	50.28	1.3 x
254	Barclays	BARC-GB	1.67	26,455	(192,602)	41%	2.35	-13%	-11%	31,569	33,878	-5.7 x	-	-	-	4.41	0.4 x
255	Standard Chartered	STAN-GB	7.54	21,459	73,180	28%	9.68	-22%	2%	16,377	17,964	4.1 x	-	-	-	15.58	0.5 x
256	Deutsche Bank	DBK-DE	9.96	20,315	82,969	35%	13.48	-29%	-12%	29,183	-	-	-	-	-	33.65	0.3 x
257	Erste Group Bank	EBS-AT	32.18	13,829	55,807	24%	39.93	-34%	6%	9,368	-	-	-	-	-	48.21	0.7 x
258	ABN AMRO Bank	ABN-NL	15.37	13,799	46,185	19%	18.29	-45%	11%	8,122	9,235	5.0 x	-	-	-	25.21	0.6 x
259	Commerzbank	CBK-DE	10.00	12,522	44,662	28%	12.78	-43%	6%	9,777	11,592	3.9 x	-	-	-	26.04	0.4 x
260	Santander Bank Polska	SPL-PL	60.34	6,166	8,569	39%	83.82	-37%	2%	2,746	-	-	-	-	-	68.38	0.9 x
261	National Bank of Greece	ETE-GR	4.84	4,427	2,887	22%	5.90	-43%	21%	1,922	2,424	1.2 x	-	-	-	7.66	0.6 x
262	Union Bank of the Philippines	UBP-PH	1.55	3,642	5,071	17%	1.81	-21%	4%	-	1,364	3.7 x	-	-	-	1.33	1.2 x
263	Federal Bank Ltd	500469-IN	1.56	3,303	4,598	12%	1.76	-32%	-7%	1,109	1,291	3.6 x	-	-	-	1.17	1.3 x
264	Bank of Cyprus	BOCH-GB	2.56	1,143	(5,486)	26%	3.23	-64%	42%	711	-	-	-	-	-	4.57	0.6 x

 

 

 

			Share Price	Mkt Cap (Mns)	Ent Val (Mns)	Price Performance				Sales			EBITDA			Book Value
			Share Price			% to   High	High $	% to       Low	% YTD	LTM	NTM	EV/Sales	LTM	NTM	EV/ EBITDA	Book/ Share	P/ Book
Information Services				463,929	521,347				7%	40,979	41,768	12.5 x	15,885	18,039	28.9 x		1.2 x
265	S&P Global	SPGI	334.59	107,738	123,786	18%	395.80	-17%	0%	11,951	12,561	9.9 x	5,486	6,014	20.6 x	113.08	3.0 x
266	Thomson Reuters	TRI-CA	125.61	60,217	63,835	6%	133.63	-27%	12%	6,627	6,916	9.2 x	2,329	2,676	23.9 x	24.76	5.1 x
267	RELX	REL-GB	31.30	59,663	67,439	9%	34.09	-25%	14%	-	-	-	-	-	-	2.45	12.8 x
268	Moody's	MCO	291.44	53,392	59,566	15%	335.91	-21%	4%	5,416	6,031	9.9 x	2,248	2,743	21.7 x	15.75	18.5 x
269	MSCI	MSCI	544.33	43,525	47,198	5%	572.50	-31%	17%	2,281	2,518	18.7 x	1,356	1,519	31.1 x	(11.26)	-48.3 x
270	Wolters Kluwer	WKL-NL	122.01	31,420	32,766	12%	136.05	-28%	21%	-	-	-	-	-	-	10.09	12.1 x
271	Experian	EXPN-GB	32.59	29,957	33,938	19%	38.85	-15%	-3%	-	-	-	-	-	-	4.33	7.5 x
272	Equifax	EFX	200.88	24,605	30,127	17%	234.14	-27%	3%	5,061	5,472	5.5 x	1,618	1,901	15.9 x	33.15	6.1 x
273	Fair Isaac	FICO	682.55	17,169	19,001	11%	758.00	-50%	15%	1,423	1,561	12.2 x	708	819	23.2 x	(31.89)	-21.4 x
274	FactSet Research	FDS	411.55	15,743	17,388	15%	474.13	-16%	2%	2,008	2,160	8.1 x	751	832	20.9 x	41.95	9.8 x
275	TransUnion	TRU	58.52	11,289	16,594	58%	92.39	-14%	3%	3,729	3,940	4.2 x	1,335	1,445	11.5 x	21.89	2.7 x
276	Morningstar	MORN	183.71	7,804	8,713	49%	272.81	-11%	-15%	1,893	-	-	-	-	-	28.31	6.5 x
277	LiveRamp	RAMP	21.76	1,408	996	55%	33.76	-29%	-7%	590	609	1.6 x	54	91	11.0 x	14.09	1.5 x
278	Cardlytics	CDLX	2.98	100	213	1262%	40.58	-14%	-48%	299	313	0.7 x	(45)	(11)	-	6.32	0.5 x