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投资愈加集中化,美国2018年金融科技交易增速可能放缓

国际资讯投融资

投资愈加集中化,美国2018年金融科技交易增速可能放缓

2017年,全球金融科技企业累计获得风投166亿美元,创历史新高。但随着早期融资轮投资者离场,美国金融科技行业2018年的增长可能会逐步放缓。

过去几年,全球金融科技投资一路“高歌猛进”,2017年也不例外。在过去的12个月中,全球金融科技产业累计完成交易1128起,获得投资166亿美元。虽然总投资额屡创新高,但值得注意的是,全球金融科技产业交易量已经在2017年第四季度出现连续两个季度的下滑。

如今,投资者已经开始将目光从早期融资轮企业转向具备更多发展潜力的企业,而这很可能是导致金融科技交易交易量下滑的一大因素。

早期fintech交易比例下降;美国势头减弱

2013年,全球三分之二的金融科技领域风投交易都发生在早期阶段(种子轮和A轮融资)。但随着公司不断发展,不同领域赢家逐渐显现,金融科技早期交易量开始逐步下降。

比如,2017年金融早期交易占比58%,为五年最低值。中期(B、C轮融资)交易比维持在20%,晚期交易量(E轮后)上涨至9%。

三大风投市场中,美国早期交易量下滑最严重。北美(包括加拿大)同比下降23%,欧洲和亚洲则有小幅上升,其中欧洲市场早期交易占比39%。

其实,由于几个主要金融科技垂直领域日益拥挤和过热,早期投资的下滑并不令人意外。比如,2017年替代借贷平台行业出现了整合,投资开始逐渐集中在成长期替代金融独角兽如Kabbage、SoFi、Affirm和GreenSky,这几家公司在2017年都融资1亿美元以上。

金融科技投资更为整合

2017年,全球金融科技风投出现了35个超大融资交易(超过1亿美元),总金额77.6亿美元,几乎占据了17年金融科技融资总额的一半。

在这其中,有20个超大融资都出现在美国,并有5个融资成功造就了Coinbase、Robinhood、AvidXchange、Affirm和Clover Health这几家全新的美国独角兽企业。除此之外,软银集团的1000亿美元愿景资金也帮助小企业借贷平台Kabbage和数字保险创企Lemonade获得了超大轮融资。

亚洲和欧洲fintch超大融资轮数量也创了新高。虽然欧洲此方面历史数据较低,这可能是因为欧洲人不太习惯这样大额的支出。

2018年增速减缓?

由于美国投资者对金融科技早期投资越来越谨慎,2018年金融科技投资者的分布可能会更加全球化,比如南美地区2017年金融科技交易量就创了新高。

同时,金融科技超大轮融资能够让根基稳的创企在2018年能够通过增加新服务、开发新市场或是并购其他企业更好部署发展战略。

总而言之,金融科技在瓦解现有产业的同时似乎也要在本行业内实现聚合。

Global VC-backed fintech companies brought in a record $16.6B in 2017. But as investors shift away from early-stage bets, US fintech could be headed for a slowdown.

Global fintech investment has been on a tear over the past several years and 2017 was no exception. Over the twelve-month period, investors deployed $16.6B across 1,128 deals to VC-backed fintech companies. Despite hitting new annual highs, global VC-backed fintech deal activity ended on a downward trend, falling for the second straight quarter in Q4’17.

While the US has been a leader for fintech startup investment, the data signals a potential slowdown in fintech dealmaking as early-stage deals fall and investors concentrate their bets into perceived winners at the growth stage.

Early-stage fintech deal share is falling; less momentum in the US

In 2013, two-thirds of all global VC-backed fintech deals took place at the early stage (Seed and Series A). But as companies mature and winners emerge across different categories, the share of early-stage deal activity in fintech has decreased.

Of note, 2017 saw early-stage activity drop to 58% of all fintech deals, a 5-year low. Mid-stage (Series B and Series C) fintech deal share was flat at 20%, but late-stage (Series E+) deals grew to 9%.

Across the three largest venture markets, the US saw early-stage fintech deal activity fall the hardest. Early-stage fintech deals in North America (including Canada) dropped 23% year-over-year. Conversely, both Europe and saw a strong uptick in early-stage deals, with Europe slightly stronger with 39% year-over-year growth.

The pullback in early-stage fintech investment is not entirely surprising as some major fintech categories are becoming increasingly crowded and overheated in some markets. For example, alternative lending saw consolidation in 2017 as investment to VC-backed alternative lending companies swung heavily to growth-stage companies like unicorns Kabbage, SoFi, Affirm, and GreenSky, all of which raised $100M or more in 2017.

Investors are making more concentrated bets in fintech

At the opposite end of the spectrum, 2017 saw a record high of 35 mega-rounds ($100M+) to VC-backed fintech companies globally. These 35 fintech deals alone totaled $7.76B in total capital or, in other words, close to half of all fintech funding in 2017.

In the lead, the US saw 20 mega-rounds ($100M+), 5 of which minted new US fintech unicorns. These included later-stage investments to Coinbase, Robinhood, AvidXchange, Affirm, and Clover Health. SoftBank’s $100B Vision Fund can also be linked to a few of these mega-rounds with investments to small business lender Kabbage and digital home insurer Lemonade.

Asia and Europe also saw new highs for fintech mega-rounds, though Europe has historically seen fewer large fintech deals perhaps due to a lack of local investors willing to deploy such big checks.

Slowdown in 2018?

With investors in the US appearing to be exercising more scrutiny when it comes to early-stage fintech dealmaking, 2018 could see significantly more geographic diversity when it comes to global fintech deal activity. South America, for example, saw a five-year high in fintech deals in 2017.

Meanwhile, the unprecendented amount of concentrated, mega-rounds in fintech could enable entrenched startups to position themselves strategically for growth by adding new services, expanding to new markets, and perhaps even making acquisitions of their own in 2018. The era of fintech unbundling looks to be headed for rebundling.


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