Professional Documents
Culture Documents
The Pulse of Fintech 2015 in Review
The Pulse of Fintech 2015 in Review
2015 in Review
Global Analysis of
Fintech Venture Funding
March 9, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
Welcome message
2015 was the year that fintech entered the mainstream. With respect to VC funding in
particular, over US$13.8 billion was deployed to a wide variety of fintech companies
globally, more than double the value of VC investment in fintech in 2014.
One key to fintechs growing prominence in the VC community is the diversity of interests
considered fintech'. Almost every major process within banking and insurance is being
targeted by fintech companies globally, either to disrupt the incumbents or, increasingly, to
enable them to serve their customers better or reduce costs.
While many big banks and insurers have set up their own fintech corporate venture funds,
theyve also increasingly looked to partnership models with fintech companies to find an
edge over their competitors. In effect, these banks have moved from unbundling services
to re-bundling them from disruption to co-creation. Part of the competitive advantage
banks have over new market entrants is trust. But to fully become the real-time, innovative
and modern trusted adviser, they have to be willing and able to plug and play with fintech
companies to provide customers with an amazing, personalized, secure, easy and
inexpensive experience to better manage their financial lives.
Unlike some other investment areas, fintech is gaining momentum in every region of the
world with hubs developing across Asia, Europe and North America. There are many
unique factors driving interest in different regions, from diversification and sub-sector
diversification to growth in deal size and an enhanced focus on fintech as an enabler
rather than a disruptor.
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
Kind regards,
Warren Mead
Global Co-Leader of
Fintech, KPMG
International, Partner,
KPMG in the UK
Ian Pollari
Global Co-Leader of
Fintech, KPMG
International, Partner,
KPMG in Australia
Dennis Fortnum
Global Chairman,
KPMG Enterprise,
KPMG International
Brian Hughes
Partner, Co-Leader,
KPMG Enterprise
Innovative Startups
Network, Partner,
KPMG in the US
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
Arik Speier
Partner, Co-Leader,
KPMG Enterprise
Innovative Startups
Network, KPMG in Israel
#FINTECH
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
TABLE OF CONTENTS
SECTION
INVESTMENT ACTIVITY
Summary
Global Data
34
Europe
#FINTECH
SUMMARY OF FINDINGS
MEGA-ROUNDS PUSH 2015 FINTECH
FUNDING TO ALL-TIME HIGH
Deals taper off in the second half of 2015: Large deals were
the headline of 2015, largely driving the funding trends. Deal
activity fell for the final 2 quarters, including Q415, which saw
just 154 deals, the lowest quarterly total since Q314.
Mega-rounds spread through fintech: Between 2011 and
2013, there were fewer than 15 $50M+ rounds to venturebacked fintech companies in aggregate. In 2015 alone, the
number of $50M+ fintech deals jumped past 60.
Corporates active in one of every four fintech deals:
Corporates have participated in 25 percent or more of all fintech
deals for 3 quarters straight, as corporates in financial services,
telecom and technology become increasingly active.
Note: Report only includes all equity rounds to VC-backed fintech companies
CB Insights tracked a large number of mega-deals to VC-backed fintech companies this quarter that included hedge funds or mutual funds, for example.
This report includes all of those rounds. This report does not cover companies funded solely by angels, private equity firms or any debt, secondary or line
of credit transactions. All data is sourced from CB Insights. Page 49 details the rules and definitions we use.
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
SUMMARY OF FINDINGS
EUROPE FINTECH FUNDING HITS $1.5B IN
2015
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
$13.8B
across
653 deals
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
10
$25.0
1162
1200
$20.0
933
759
$15.0
607
$10.0
1000
457
484
397
587
800
600
$12.2
298
$5.0
$19.1
653
400
$3.9
$2.4
$2.8
$2.1
$2.4
$2.8
$6.7
$13.8
2011
2012
2013
2014
2015
200
$-
*Overall investment includes fintech funding by angel investors, angel groups, private equity firms, mutual funds, hedge funds, VC, corporate and corporate VC investors.
Source: The Pulse of Fintech, 2015 in Review, Global Analysis of Fintech Venture Funding, KPMG International and CB Insights (data provided by CB Insights) March 9th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
11
653
587
$14.0
600
484
$12.0
700
500
397
$10.0
400
$8.0
298
300
$6.0
200
$4.0
100
$2.0
$2.1
$2.4
$2.8
$6.7
$13.8
2011
2012
2013
2014
2015
$-
0
Investment ($B)
Deals
Source: The Pulse of Fintech, 2015 in Review, Global Analysis of Fintech Venture Funding, KPMG International and CB Insights (data provided by CB Insights) March 9th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
12
23 18 13
26 21 14
22 15
17
7
25
Asia ($3,286M)
20
11 16
3
24
19 9
12
2
10
Social Finance
$1,000M
Series E
14
Credit Karma
$175M
Zhong An Insurance
$931M
Private Equity
15
Prosper Marketplace
$165M
Growth Equity - II
One97 Communications
$680M
16
Rong360
$158M
Series D
Zenets
$500M
Series C
17
Funding Circle
$150M
Series E
Lu.com
$485M
Private Equity
18
SoFi
$150M
Series E - II
One97 Communications
$375M
Corporate Minority - II
19
Kabbage
$135M
Series E
Avant
$325M
Series E
20
Atom Bank
$128M
Series B
Afrm
$275M
Series B
21
Zuora
$115M
Series F
AvidXchange
$225M
Growth Equity
22
21 Inc
$111M
Series C
10
DianRong
$207M
Series C
23
FinancialForce.com
$110M
Series D
11
Qufenqi
$200M
Series E
24
WorldRemit
$100M
Series B
12
One97 Communications
$200M
Corporate Minority
25
$100M
Series D
13
Social Finance
$200M
Series D
26
Symphony Communication
Services
$100M
Series B
Conferencing
& (KPMG International), a Swiss
Electronics
& Appliances
2016 KPMG International
Cooperative
entity. Member
firms of the KPMG
Communication
network of independent
firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All
rights reserved.
Comparison Shopping
Marketplace
Payments
#Q4VC
#FINTECH
Source: The Pulse of Fintech, 2015 in Review, Global Analysis of Fintech Venture Funding, KPMG International and CB
Insights (data provided by CB Insights) March 9th, 2016.
13
156
153
$5.0
136
112
$4.0
$3.0
180
101
85
92
92
106
143
135
154
143
140
120
99
100
83
63
160
80
67
$2.0
60
40
$1.0
20
$-
$0.6 $0.6 $0.4 $0.5 $0.7 $0.5 $0.7 $0.5 $0.5 $0.5 $0.8 $0.9 $1.5 $1.7 $1.1 $2.4 $2.5 $4.9 $4.7 $1.7
Investments ($B)
Deals
Source: The Pulse of Fintech, 2015 in Review, Global Analysis of Fintech Venture Funding, KPMG International and CB Insights (data provided by CB Insights) March 9th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
14
4%
3%
10%
5%
5%
7%
13%
15%
11%
22%
34%
Q4'14
12%
10%
5%
4%
9%
12%
14%
7%
4%
16%
5%
2%
5%
19%
18%
25%
25%
27%
30%
29%
28%
27%
Q1'15
Q2'15
Q3'15
Q4'15
24%
Seed / Angel
Series A
Series B
Series C
Series D
Series E+
Other
Source: The Pulse of Fintech, 2015 in Review, Global Analysis of Fintech Venture Funding, KPMG International and CB Insights (data provided by CB Insights) March 9th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
15
$2.7
$2.5
$2.3
$2.4
$2.1
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
Source: The Pulse of Fintech, 2015 in Review, Global Analysis of Fintech Venture Funding, KPMG International and CB Insights (data provided by CB Insights) March 9th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
16
$57.7
$53.5
$40.0
$38.0
$22.5
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
Source: The Pulse of Fintech, 2015 in Review, Global Analysis of Fintech Venture Funding, KPMG International and CB Insights (data provided by CB Insights) March 9th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
17
Q414 Q415
Q414 Q415
99
$2.7
103
97
89
$2.3
89
$2.2
$1.6
32
36
$1.6
$0.9
36
31
30
30
$1.7
34
31
27
$0.4
$0.4
$0.4
$0.3
Q4'14
Q1'15
$0.4
21
Q4'14
Q1'15
North America
Q2'15
Q3'15
Europe
Q4'15
Asia
North America
$0.4
$0.4
Q2'15
Q3'15
$0.3
Europe
Q4'15
Asia
Source: The Pulse of Fintech, 2015 in Review, Global Analysis of Fintech Venture Funding, KPMG International and CB Insights (data provided by CB Insights) March 9th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
18
26%
74%
Q4'14
21%
25%
26%
25%
79%
75%
74%
75%
Q1'15
Q2'15
Q3'15
Q4'15
Other Investors
Source: The Pulse of Fintech, 2015 in Review, Global Analysis of Fintech Venture Funding, KPMG International and CB Insights (data provided by CB Insights) March 9th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
19
One97 Communications
$1,200
45
39
$1,000
Affirm
45
$275M // Series B
40
36
32
$800
50
Zuora
35
30
30
$600
$115M // Series F
25
20
$400
15
10
$200
Top Countries
United States
60 Deals // $920.7M
$1,019
$639
$931
$1,141
$203
0
$-
Q4'14
Q1'15
Q2'15
Investment ($M)
Q3'15
Q4'15
India
21 Deals // $1.39B
Deals
United Kingdom
20 Deals // $291.3M
Source: The Pulse of Fintech, 2015 in Review, Global Analysis of Fintech Venture Funding, KPMG International and CB Insights (data provided by CB Insights) March 9th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
20
SoFi
$1.35B // Series E
$2,500
25
22
21
Avant
$325M // Series E
$2,000
20
15
$1,500
DianRong
15
$207M // Series H
10
Top Countries
12
11
$1,000
$500
United States
36 Deals // $2.72B
$317
$438
$754
$2,009
$383
$-
Q4'14
Q1'15
Q2'15
Investments ($M)
Q3'15
China
Q4'15
10 Deals // $538M
Deals
United Kingdom
7 Deals // $249.2M
Source: The Pulse of Fintech, 2015 in Review, Global Analysis of Fintech Venture Funding, KPMG International and CB Insights (data provided by CB Insights) March 9th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
21
29
17
1
2011
1
2012
2013
North America
Asia
2014
2015
Europe
Source: The Pulse of Fintech, 2015 in Review, Global Analysis of Fintech Venture Funding, KPMG International and CB Insights (data provided by CB Insights) March 9th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
22
21 Inc.
$111M // Series C
75
$500
74
$450
80
Coinbase
70
$75M // Series C
$400
60
$350
50
$300
40
$250
$200
26
30
Circle Internet
Financial
$50M // Series C
Top Cities
$150
20
$100
$50
2
$3
4
$1
$-
2011
2012
10
$80
$299
2013
2014
Investments ($M)
$474
0
2015
Deals
San Francisco
13 Deals // $261.7M
New York
5 Deals // $26.3M
Austin
5 Deals // $3.3M
Source: The Pulse of Fintech, 2015 in Review, Global Analysis of Fintech Venture Funding, KPMG International and CB Insights (data provided by CB Insights) March 9th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
23
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
Ian Pollari
Global Co-Leader of Fintech,
KPMG International, Partner,
KPMG in Australia
#FINTECH
24
6%
3%
15%
26%
17%
5%
7%
18%
100%
100%
70%
65%
53%
2011
2012
Seed / Angel
2013
Series A
Series B
2014
Series C
2015
Other
Source: The Pulse of Fintech, 2015 in Review, Global Analysis of Fintech Venture Funding, KPMG International and CB Insights (data provided by CB Insights) March 9th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
25
#FINTECH
26
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
27
$10.0
Zhong An Insurance
$8.0
Stripe
$5.0
SoFi
$5.0
Zenets
$4.5
One97
$4.0
Credit Karma
$3.5
Mozido
$2.4
Klarna
$2.3
Adyen
$2.3
Avant
$2.0
Prosper Marketplace
$1.9
Oscar Insurance
$1.8
Gusto
$1.0
Funding Circle
$1.0
$1.0
Coupa Software
$1.0
Kabbage
$1.0
TransferWise
$1.0
19
Fintech
unicorns
Lending
Payments
Other
Source:
Pulse
of Fintech,
2015 in Review,
Global
Analysis
of Fintech Venture Funding, KPMG International and CB Insights (data provided by CB Insights) March 9th, 2016.
2016 KPMGThe
International
Cooperative
(KPMG International),
a Swiss entity.
Member firms
of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services.
No member
firm hasCooperative
any authority
to obligate
or bind KPMG
International
or any other
firm
2016 KPMG
International
(KPMG
International),
a Swiss
entity. Member
firms member
of the KPMG
network third
of independent
affiliated
with KPMG
KPMGtoInternational
provides
no client
vis--vis
parties, nor firms
does are
KPMG
International
haveInternational.
any such authority
obligate or bind
any member
services.
No reserved.
member firm has any authority to obligate or bind KPMG International or any other member
firm.
All rights
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
#Q4VC
28
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
Dorel Blitz
Head of Fintech,
KPMG in Israel
29
10
5
3
Citigroup
Wells Fargo
Bank of America
Credit Suisse
Source: The Pulse of Fintech, 2015 in Review, Global Analysis of Fintech Venture Funding, KPMG International and CB Insights (data provided by CB Insights) March 9th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
30
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
Fiona Grandi
Financial Services Fintech
Leader, KPMG in the US
#FINTECH
31
Round
Country
Select Investors
Prospa
$60M
(Series B)
Australia
Nubank
$3M
(Series B)
Brazil
Technisys
$13M
(Series B)
Argentina
SocietyOne
$10M
(Series B)
Australia
ContaAzul
$9.3M
(Series C)
Brazil
GuiaBolso
$7M
(Series B)
Brazil
Kopo Kopo
$2.1M
(Series A)
Kenya
PromisePay
$2M
(Seed VC)
Australia
BitPesa
$1.1M
(Seed VC)
Kenya
$.43M
(Seed VC)
Australia
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
32
Lending Club
Square
OnDeck Capital
Shopify
Exit Type
IPO
IPO
IPO
IPO
$5.4B
$4.7B
$1.3B
$1.3B
Bessemer Venture
Partners, Felicis
Ventures, FirstMark
Capital, Georgian
Partners
Michael Liberty
Founder, Mozido
PayEase
Acquisition
(Mozido)
$750M
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
WI Harper Group,
Capinfo, Plainfield Asset
Management
#FINTECH
33
In 2015
EUROPEAN
VC-backed fintech companies raised
$1.5 billion
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
34
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
35
125
$1,400
140
120
96
$1,200
100
$1,000
70
80
70
$800
60
$600
35
40
$400
20
$200
$360
$270
$246
$1,111
$1,477
2011
2012
2013
2014
2015
$-
Investment ($M)
Deals
Source: The Pulse of Fintech, 2015 in Review, Global Analysis of Fintech Venture Funding, KPMG International and CB Insights (data provided by CB Insights) March 9th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
36
$500
34
$450
30
$400
31
30
35
30
$350
$300
25
21
20
$250
$200
15
$150
10
$100
5
$50
$379
$344
$384
$442
$306
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
$-
Investment ($M)
Deals
Source: The Pulse of Fintech, 2015 in Review, Global Analysis of Fintech Venture Funding, KPMG International and CB Insights (data provided by CB Insights) March 9th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
37
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
Warren Mead
Global Co-Leader of Fintech,
KPMG International, Partner,
KPMG in the UK
#FINTECH
38
10%
5%
17%
14%
3%
7%
10%
3%
3%
10%
12%
16%
9%
6%
6%
6%
3%
9%
10%
20%
24%
38%
19%
40%
30%
33%
Q4'14
18%
42%
23%
23%
Q1'15
Q2'15
Seed / Angel
Series A
Series B
Series C
29%
Q3'15
Series D
Series E+
Q4'15
Other
Source: The Pulse of Fintech, 2015 in Review, Global Analysis of Fintech Venture Funding, KPMG International and CB Insights (data provided by CB Insights) March 9th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
39
$5.4
$5.2
$4.1
Q4'14
Q1'15
Q2'15
$1.6
$1.7
Q3'15
Q4'15
Source: The Pulse of Fintech, 2015 in Review, Global Analysis of Fintech Venture Funding, KPMG International and CB Insights (data provided by CB Insights) March 9th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
40
$19.5
$19.5
$15.0
$14.0
$12.0
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
Source: The Pulse of Fintech, 2015 in Review, Global Analysis of Fintech Venture Funding, KPMG International and CB Insights (data provided by CB Insights) March 9th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
41
iZettle
Mobile payments company
Series D
$67.3M
Atom Bank
Online-only bank
Series B
RateSetter
Peer-to-peer lending service
Unattributed-II
TransferWise
Online money transfer
Series C
Ebury Partners
FX/currency services for
businesses
Private Equity
WorldRemit
Online money transfer
Series B
Kreditech
Online lender
Series C
$128M
$92.2M
Raisin
Marketplace for term deposits
Series B
$22M
$29.6M
$58M
$83M
$100M
$150M
$34.4M
Funding Circle
Peer-to-peer lending service
Series E
Pret d'Union
Online credit marketplace
Series D
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member firm
vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any member
firm. All rights reserved.
#FINTECH
42
14%
10%
14%
10%
28%
86%
90%
86%
90%
72%
Q4'14
Q1'15
Q2'15
Other Investors
Q3'15
Q4'15
Source: The Pulse of Fintech, 2015 in Review, Global Analysis of Fintech Venture Funding, KPMG International and CB Insights (data provided by CB Insights) March 9th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
43
Investor
Rank
Investor
Index Ventures
Balderton Capital
83North
Accel Partners
Draper Esprit
Northzone Ventures
Route 66 Ventures
Octopus Ventures
13
Anthemis Group
Holtzbrinck Ventures
13
Passion Capital
SpeedInvest
13
Notion Capital
High-Tech Gruenderfonds
13
General Atlantic
Source: The Pulse of Fintech, 2015 in Review, Global Analysis of Fintech Venture Funding, KPMG International and CB Insights (data provided by CB Insights) March 9th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
44
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
Arik Speier
Co-Leader, KPMG Enterprise
Innovative Startups Network and
Head of Technology,
KPMG in Israel
#FINTECH
45
Funding Circle
$150M // Series E
$1,200
70
Atom Bank
60
$128M // Series B
50
WorldRemit
40
$100M // Series B
61
$1,000
42
$800
31
$600
32
30
$400
16
Top Cities
20
London
$200
10
$162
$158
$101
$409
$962
$-
50 Deals // $743.7M
2011
2012
2013
Investment ($M)
2014
2015
Deals
Source: The Pulse of Fintech, 2015 in Review, Global Analysis of Fintech Venture Funding, KPMG International and CB Insights (data provided by CB Insights) March 9th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
46
Kreditech
$92.2M // Series C
$250
25
21
Raisin
$22M // Series B
$200
20
15
$150
Smava
15
$16M // Series C
10
Top Cities
12
9
$100
5
$50
Berlin
10 Deals // $79.1M
$-
$13
$18
$44
2011
2012
2013
$101
$193
2014
2015
Investment ($M)
Hamburg
5 Deals // $109.7M
Deals
Source: The Pulse of Fintech, 2015 in Review, Global Analysis of Fintech Venture Funding, KPMG International and CB Insights (data provided by CB Insights) March 9th, 2016
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
47
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
Anna Scally
Partner, Head of Technology, Media
and Telecommunications,
and Fintech Leader,
KPMG in Ireland
#FINTECH
48
What is excluded:
No debt / loans of any kind (except convertible notes). Venture debt or any
kind of debt / loan issued to emerging, startup companies, even if included
as an additional part of an equity financing is not included. If a company
receives $3M with $2M from venture investors and $1M in debt, only the
$2M is included in these statistics.
Previous quarterly VC reports issued by CBI have exclusively included VCbacked rounds. In this report any rounds raised by VC-backed companies
are included, with the exceptions listed.
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
49
Contact us:
Brian Hughes
Co-Leader, KPMG Enterprise
Innovative Startups Network
E: bfhughes@kpmg.com
Arik Speier
Co-Leader, KPMG Enterprise
Innovative Startups Network
E: aspeier@kpmg.com
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
50
Netherlands
Ireland
Germany
UK
Luxembourg
Israel
USA
Hong Kong
Contact us:
India
Warren Mead
Global Co-Leader of Fintech, KPMG
International
E: Warren.Mead@kpmg.co.uk
Ian Pollari
Global Co-Leader of Fintech,
KPMG International
E: ipollari@kpmg.com.au
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
South Africa
Australia
#FINTECH
51
About
KPMG Enterprise
You know KPMG, you might not know KPMG Enterprise.
KPMG Enterprise advisers in member firms around the world are dedicated to working with businesses like yours. Whether youre
an entrepreneur looking to get started, an innovative, fast growing company, or an established company looking to an exit, KPMG
Enterprise advisers understand what is important to you and can help you navigate your challenges no matter the size or stage of
your business. You gain access to KPMGs global resources through a single point of contact a trusted adviser to your company.
Its a local touch with a global reach.
The KPMG Enterprise global network for innovative startups has extensive knowledge and experience working with the startup
ecosystem. Whether you are looking to establish your operations, raise capital, expand abroad, or simply comply with regulatory
requirements - we can help. From seed to speed, were here throughout your journey.
KPMG Fintech
In todays fast-paced Financial Services(FS) sector, technology-based businesses and solutions offer Financial Institutions the
opportunity to telescope their appetite for innovation and create powerful new business models that can enhance bottom line
performance for customers and shareholders alike. KPMG professionals use the combined strength of our renowned FS sector
insight, global network of knowledge and experience and our global relationships with the Fintech startup community to help you
identify the partnership, equity investment or full acquisition opportunities that are specifically focused on your needs and
opportunities. Once you have made the strategic decision to transform your organization, KPMG professionals work with you to
implement your transformational agenda at the operational level and help ensure that you realize the full benefits of your fintech
strategy.
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
52
Acknowledgements:
We acknowledge the contribution of the following individuals who assisted in the development of this publication:
Dennis Fortnum, Global Head of KPMG Enterprise, KPMG International
Arik Speier, Co-Leader, KPMG Enterprise Innovative Startups Network, and Head of Technology, KPMG in Israel
Brian Hughes, Co-Leader, KPMG Enterprise Innovative Startups Network, and National Co-Lead Partner, KPMG Venture Capital
Practice, KPMG in the US
Ian Pollari, Global Co-Leader of Fintech, KPMG International, Partner and National Sector Leader, Banking, KPMG in Australia
Warren Mead, Global Co-Leader of Fintech, KPMG International, Partner and Head of Challenger Banks, KPMG in the UK
Anna Scally, Partner, Head of Technology, Media and Telecommunications, and Fintech leader, KPMG in Ireland
Conor Moore, National Co-Lead Partner, KPMG Venture Capital Practice, KPMG in the US
Dorel Blitz, Head of Fintech, KPMG in Isreal
Eric Anklesaria, Partner, KPMG in India
Fiona Grandi, Financial Services FinTech Leader, KPMG in the US
Irene Chu, Partner, Head of High Growth Technology & Innovation Group, KPMG in Hong Kong
James McKeogh, Partner, Management Consulting, KPMG in Hong Kong
Jan Reinmueller, Principal Advisor, and Head of Innovation Ventures, KPMG in Singapore
Sven Korschinowski, Partner, Financial Services, KPMG in Germany
Blockchain specialists:
David L. Montes, Partner, KPMG in the US
Eamonn Maguire, Partner, KPMG in the US
Joe Cassidy, Partner, KPMG in the UK
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any
member firm. All rights reserved.
#FINTECH
53
Contact
Anna Scally
Partner, Head of Technology, Media and
Telecommunications, and Fintech Leader
t: +353 1 410 1240
e: anna.scally@kpmg.ie
2016 KPMG International Cooperative (KPMG International), a Swiss entity. Member firms of the KPMG
network of independent firms are affiliated with KPMG International. KPMG International provides no client
services. No member firm has any authority to obligate or bind KPMG International or any other member
firm third parties, nor does KPMG International have any such authority to obligate or bind any member firm.
All rights reserved.
The information contained herein is of a general nature and is not intended to address the circumstances of
any particular individual or entity. Although we endeavor to provide accurate and timely information, there
can be no guarantee that such information is accurate as of the date it is received or that it will continue to
be accurate in the future. No one should act on such information without appropriate professional advice
after a thorough examination of the particular situation.
The KPMG name and logo are registered trademarks or trademarks of KPMG International.
#FINTECH
54