State of Fintech

2023
 State of Fintech Team

David Jegen Jon Lin Rocio Wu Abdul Abdirahman

Managing Partner, Tech Fund Principal Principal Senior Associate

Learn more about F-Prime:

Visit the Fintech Index for more data

Email: fintechindex@fprimecapital.com
Discussion: March 9, 2023 Noon ET

Sarah Lamont Amit Ramesh Zoey Tang

Associate Data Scientist MBA Associate, Fintech Index
 Contents

I Summary Page 4

II F-Prime Fintech Index Page 5

III Fintech Industry Dynamics Page 17

IV 2023 Fintech Trends Page 27

V Fintech Benchmarks: by vertical Page 28

VI F-Prime Page 35
3
 Summary
The correction
・ Fintech was on fire in 2021, with 77 public listings — including eight of largest 10 fintech exits in history
・ However, in 2022 public investors re-appraised many fintech companies by prioritizing capital efficiency, and shifting their
valuation multiples from SaaS to traditional financial services businesses
・ Macroeconomic uncertainty abounds and rising interest rates will help some businesses while hurting others
・ The F-Prime Fintech Index was down 72% for 2022, with the average company in the Index falling 56% during the year
・ In 2022 there were six new additions (AvidXchange, Bakkt, Dave, Expensify, NerdWallet and Nubank) to the Fintech Index and
six delistings - three exited due to acquisitions and three fell out based on our index criteria

What’s next
・ The public market has begun to distinguish tech-enabled versions of existing financial institutions from truly disruptive
approaches to financial services
・ Some fast-growing neo-banks, lenders, and wealth management firms will rival incumbents over time; however, embedded
fintech business models will prove most disruptive
・ In aggregate, fintech companies have captured less than 10% of financial services revenue with payments making inroads
・ Fintech Index companies grew LTM revenue 48% on average and have collectively added $19B of revenue (+15%) in just the
first three quarters of 2022
・ We’re releasing vertical-specific benchmarks to better distinguish and evaluate diverse fintech business models
・ We highlight several interesting trends that we are tracking in 2023 - if you are building/investing here, let’s connect!
4
F-Prime Fintech Index
 F-Prime Fintech Index Overview
The F-Prime Fintech Index comprises the following emerging financial technology companies. 55
Criteria include capitalization, liquidity, growth rates, founding year and listing exchange. Companies

$397B
Market cap

$76.5B
Raised

3.7x
Revenue multiple

48%
LTM avg. revenue
growth rate

Source: Capital IQ, PitchBook, Yahoo Finance, F-Prime team analysis 2022 Additions 2022 Exclusions Note: All figures as of 12/31/2022
6
 After hitting a peak of $1.3T in late 2021, the F-Prime
Fintech Index declined to $397B by December 31st, 2022

$1,400B

$1,200B
MARKET CAPITALIZATION USD ($B)

$1,000B $1.3T+
MARKET
CAP
(peak)
$800B

$600B

$400B
$397B
MARKET
CAP
$200B (~$850B
decline)

Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q4
2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021 2022 2022 2022

Source: Capital IQ, Yahoo Finance, F-Prime team analysis

Note: Due to fact that Fintech Index is market cap weighted, the performance decline in the next slide will be higher than the capitalization decline above. 42% CAGR
7
 While the public market correction has been broad, tech and fintech
stocks have seen the largest declines — the Fintech Index was down 72% in 2022

1,750% 1,703%

1,590%
1,500%
INDEX PERFORMANCE

1,250%

1,000%

750%

500%

Fintech Index
250% outperforms
S&P 500 by
173pp
01-01-2015 01-01-2016 01-01-2017 01-01-2018 01-01-2019 01-01-2020 01-01-2021 01-01-2022 12-31-2022

EMCLOUD: 315% FINTECH: 260% NASDAQ: 121% S&P 500: 87%

8
 The decline is especially pronounced for the 10 largest exits during the peak
years of 2020-2021

$100.0

$90.0
$85.8
$80.0

$220B+
$70.0
VALUATION ($B)

$60.0 cumulative market

cap decline from
$50.0
$77.8 top 10 recent
$41.5 exits
$40.0
$37.0
$32.0
$30.0 $22.5

$20.0 $20.4 $20.0 $32.6

$24.8 $19.0
$13.6 $13.8 $14.3
$11.9 $15.8 $9.4
$10.0 $7.2 $8.0
$6.6 $4.3 $4.6 $4.4
$2.8 $3.3

JAN JUL JAN JUN JUN SEP JUL DEC DEC APR
2021 2021 2021 2021 2021 2021 2021 2020 2021 2021
INITIAL EXIT VALUATION (i.e. IPO)
* For companies that went public in 2020 onwards, market cap change is tracked from when they were added to index (generally after 90-days of seasoning). 12/31/2022 YEAR-END MARKET CAP
9
 While all verticals have declined, payments and B2B SaaS fell the least

B2B SAAS PAYMENTS BANKING WAM LENDING INSURANCE PROPTECH STEEPEST DECLINES
0% n=4 n = 10 n=3 n=4 n=5 n=4 PER SECTOR
n=6
DECLINE
(10%)
B2B SAAS (70%)
AVG. MARKET CAP CHANGE SINCE PUBLIC LISTING

(20%)
PAYMENTS (77%)
(30%)
BANKING (96%)
(40%) (39%)

(50%) 56% WAM (83%)

(50%) AVERAGE
FINTECH
(60%)
INDEX CO.
DECLINE
LENDING (84%)
(61%) IN 2022

(70%) INSURANCE (90%)

(80%)
(95%)
(78%)
(79%) PROPTECH
< DECLINE THAN AVERAGE FINTECH INDEX (85%)
(90%) > DECLINE THAN AVERAGE FINTECH INDEX (89%)

Note: Companies that were acquired in 2022 or did not meet our criteria at year-end were removed for the above analysis. All listing added to index after 90-days of seasoning.
10
 Despite the valuation correction, Fintech Index companies continue to grow:
collective LTM revenue is up ~15% (+$19B) from $136B in 2021 to $155B as of Q3 2022
$160 $155
$152
$147
$140 $136

$120 $116
$12
LTM REVENUE ($B)

$100 $97
$14

$80
$61B $75
Cumulative
revenue added $94B $56
$12
$60 during quarter Cumulative $50
of listing organic $45
revenue growth
(61%) $40 $42
$40 $37
$33 $35
$30 $31
$26
$21 $23 $24
$20
$20 $18 $19
$14 $16 $16 $17
$3.2 $3.4 $4.5 $9
$5
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2015 2016 2017 2018 2019 2020 2021 2022

Source: CapitalIQ, F-Prime team analysis NEW REVENUE ADDED DURING QUARTER EXISTING REVENUE
(from public listing/seasoning) (including organic growth in quarter)
11
 Even scaled fintech companies are still growing at high rates

300

TOP 5 CONTRIBUTORS TO $19B

250 REVENUE INCREASE TO Q3 2022

200 2022 REVENUE GROWTH

COMPANY
ADDED / DECLINE RATE (LTM)
143%

150 $8,511 272%

117%
48%
AVG. LTM REVENUE
$2,596 54%
100 72%
GROWTH OF
59% FINTECH INDEX
54%
48% COMPANY
$1,977 75%
50

0
$1,682 10%
-50
$1,680 163%

FINTECH INDEX COMPANIES WITH >$5B MARKET CAP AND >48% LTM REVENUE GROWTH

Source: S&P Capital IQ, F-Prime team analysis

Note: The companies included in the above analysis are the F-Prime Fintech Index Companies
12
 Fintech companies enjoyed historically high valuations in 2021,
but have fallen below historic mean valuation multiples

30.0x
26.8x

25.0x
21.7x
22.6x

20.0x
15.7x
EV/LTM REVENUE

14.6x
15.0x 12.2x
14.1x
13.6x
14.6x
12.0x
10.0x

8.2x
8.8x
7.0x 6.2x 4.0x
5.0x 8.7x
4.7x 3.8x
6.6x
3.7x
4.0x
3.5x 2.6x

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017 2018 2019 2020 2021 2022

AGGREGATE BETWEEN 20-40% (LTM growth rate)

Source: Capital IQ, F-Prime team analysis
Note: The companies included in the above analysis are the F-Prime Fintech Index Companies LESS THAN 20% (LTM growth rate) GREATER THAN 40% (LTM growth rate)
13
 Though significant acquisitions occurred, overall M&A volume dropped as buyers
and sellers adjusted to new valuation expectations

30.5x Fintech M&A

volume dropped
from ~$350B in
$30

2021 to ~$116B in
the first three
ACQUISITION VALUE ($B)

$20 quarters of 2022

8.5x

$29B
10.1x 9.2x
$10
7.3x
$13.1B
5.3x 4.4x 60.0x 4.9x 1.4x
$8.4B $8.0B
$4.0B $2.6B $2.2B $2.2B
$0 $1.8B $1.8B

Q1 Q2 Q3 Q4 Q3 Q2 Q1 Q1 Q2 Q1

TARGET

ACQUIRER

Source: PitchBook, FT Partners, F-Prime team analysis

Note: all revenue multiples approximate
BUYOUT/LBO
14
 Public market corrections are directly impacting the private markets, starting with
later-stage financings; some fintech breakouts have raised stunning down rounds

VC-BACKED FINTECH COMPANY PRE-MONEY VALUATION LARGEST DOWN ROUNDS & VALUATION CUTS
$95.0B
(3/21)
$1,750

$1,516 $45.6B
$40.0B
$1,500 (6/21)
(1/22)
$68.4B
(7/22) $11.0B
PRE-MONEY VALUATION ($M)

$6.7B (12/22)
$1,250 (7/22)

$1,000
$1,000
PRE-DOWN ROUND VALUATION POST-DOWN ROUND VALUATION
$825
$750
LARGEST UP ROUNDS
$600
$20.0B
$500 $422 (2/22)

$250 $12.3B $12.1B

(1/22) (5/22)
$101
$0
Q4 $7.8B
$430M
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 (4/21) $5.5B
(2/20) (7/21)

SEED SERIES B SERIES D

SERIES A SERIES C SERIES E
PREVIOUS ROUND VALUATION MOST RECENT VALUATION
Source: PitchBook and F-Prime team analysis
15 Note: Largest up rounds excludes companies that raised in 2022 and are no longer operational, as
well as companies that subsequently raised at lower valuations.
 Despite the correction, there is still reason for excitement — fintech companies have
captured less than 10% of US industry revenue with tremendous room for growth

1.0% 0.6% 0.4%

100%
6.3% 4.8% 4.8%

90%

80%
REVENUE ALLOCATION

70%

60%

50%
93.7% 95.2% 95.2% 99.0% 99.4% 99.6%

40%

30%

20%

10%
INCUMBENTS
DISRUPTORS

PAYMENTS BROKERAGES PROPTECH LENDING INSURANCE BANKING

Source: IBIS World Industry Report, Company 10Ks, News outlets, F-Prime team analysis
16
Fintech Industry Dynamics
 Public investors have re-appraised fintech companies across the board

EV/LTM revenue multiple

71%
20.4

drop in
14.8
average
multiples
12.6 13.0

8.8
6.9
5.9
4.2 4.6
3.4

1.4 1.3 1.2

0.5

B2B SAAS PAYMENTS BANKING LENDING WEALTH/ PROPTECH INSURTECH

ASSET MGMT

MORE RECURRING REVENUE MORE TRANSACTION REVENUE

Q4 2021
Source: S&P Capital IQ, F-Prime team analysis
Q4 2022
18 Note: For consistency, we used the same companies in the index in Q4 2021 (excluding new additions to F-Prime Fintech Index in 2022)
 Fintech companies are now valued more like incumbents
and, in some cases, at a discount given their capital inefficiency
EV/LTM revenue multiple

14.8
12.6 13.0

5.3
4.2 4.6
3.9 2.9 3.2
2.4 2.2 1.4
20.4
Q4 2021 Q4 2022 Q4 2021 Q4 2022 Q4 2021 Q4 2022
PAYMENTS BANKING LENDING 13.9

6.5 6.9

8.8 5.9 Q4 2021 Q4 2022

5.1 5.3
4.6 4.3 3.4 B2B SAAS
1.3 2.6 2.4 1.2
0.5

Q4 2021 Q4 2022 Q4 2021 Q4 2022 Q4 2021 Q4 2022

WEALTH/
PROPTECH INSURTECH
ASSET MGMT

Source: S&P Capital IQ, F-Prime team analysis

INCUMBENTS
Note: For consistency, we used the same companies in the index in Q4 2021 (excluding new additions to F-Prime Fintech Index in 2022). Composition of
incumbent list based on public financial services companies with highest market cap per vertical. For banking, lending, and wealth/asset management, DISRUPTORS
incumbent market cap/LTM revenue multiple is used.
19
 We saw a similar re-appraisal occur with earlier fintech IPOs.
It was permanent for some, and temporary for others.
Some private valuations quickly correct when revalued as financial services companies…

IPO 2014 IPO 2018

12 16 2.5 16

EV/LTM REVENUE MULTIPLE

EV/LTM REVENUE MULTIPLE

11
14 14
10 9.1 2.0
9 8.4 12 12
VALUATION ($B)

VALUATION ($B)
8
10 1.4 10
7 6.4 1.5 1.4
6
1.2 1.1
8 1.0 8
5 4.6 4.5 1.0
6 6
4 3.6
3 2.5 4 0.5 4
2 0.5 0.3
0.2 2
1
0.1 0.3 0.5 2 0.1 0.1
0.0 0.0 0.0 0.0
SRS SRS SRS SRS SRS IPO 1Q 2Q 3Q 4Q 5Q 6Q SRS SRS SRS SRS SRS IPO 1Q 2Q 3Q 4Q 5Q 6Q
A B C D E (2014) A B C D E (2018)
POST IPO POST IPO

…others prove genuine market disruption and grow into their private market valuations
IPO 2015
IPO 2015
9 5 6 21

EV/LTM REVENUE MULTIPLE

EV/LTM REVENUE MULTIPLE

8 18
4 5
VALUATION ($B)

VALUATION ($B)
7
6.0 5.8 15
6 4 3.6
4.7 4.7 3 12
5 4.6 4.3
3.6
3 2.6 2.7
4
3.3 2 2.1 2.4 9
3
1.9 1.8
2.6 2
6
2 1.6 1 1.0
1 3
1 0.3
0.0 0.2 0.0
SRS SRS SRS SRS SRS IPO 1Q 2Q 3Q 4Q 5Q 6Q SRS SRS SRS IPO 1Q 2Q 3Q 4Q 5Q 6Q
A B C D E (2015) A B C (2015)
POST IPO POST IPO

Source: PitchBook, S&P Capital IQ, F-Prime team analysis

20
 Beyond the valuation re-rating, the shifting macro environment is placing a
premium on capital efficiency. Rising interest rates will help some and hurt others.

12.0% 10.53%

10.0%
8.19%
8.0%

6.0%
4.79% 5.69%

4.0%
2.76% 3.41%
2.0%

0.0% 0.77%
0.12%
-2.0%

-4.0% -3.36%

-6.0%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021

Source: Federal Reserve Economic Data (FRED. Inflation based on Consumer Price Index: Total All Items for INFLATION RATE
the United States (CPALTT01USQ661S). Nominal interest rate based on Federal Funds Effective Rate (DFF). NOMINAL INTEREST RATE (Fed rate)
21
 Like the incumbents, banking and wealth management startups that hold
customer cash balances or float are benefiting from recent interest rate hikes

$20,000 $17,518 $2,926

$3,000

$15,000
$13,080
$2,500
NET INTEREST INCOME ($M)

NET INTEREST INCOME ($M)

$10,000
$2,030
$2,000
$200

$158 $1,500
$150

$128
$100 $100
$72 $63

$50 $50
INCUMBENTS
DISRUPTORS
Q3 2021 Q3 2022 Q3 2021 Q3 2022 Q3 2021 Q3 2022 Q3 2021 Q3 2022

0.5% 34% 47% 118% 51% 44% 26% 102%

YoY NET INTEREST INCOME GROWTH YoY NET INTEREST INCOME GROWTH

22
 On the other hand, proptech and lending companies are exposed to rate
rises and saw revenue growth decline due to lower origination volume
$351 $166
$350
$150

$300 $132
LOAN ORIGINATION VOLUME ($B)

LOAN ORIGINATION VOLUME ($B)

$125

$250

$100
$200
$152
$75
$150

$100 $50

$53 $45
$50 $25 $15
INCUMBENTS $8
DISRUPTORS
2021 2022 2021 2022 2021 2022 2021 2022

-17% -51% 117% 36% 62% -10% 68% 38%

YoY REVENUE GROWTH YoY REVENUE GROWTH

23
 Less than 25% of Fintech Index companies were profitable
over the last 12 months — mostly payments businesses

30%
30
20
10
0

-10
-20
-30
LTM NET INCOME MARGIN (%)

-40
-50
-60
-70
-80 AVERAGE LTM NET MEDIAN LTM NET
SECTOR INCOME MARGIN INCOME MARGIN
n
-90
-100 LENDING (3.9%) 0.6% 5
-110 PAYMENTS (9.8%) (3.6%) 19
-120
B2B SAAS (20.4%) (18.5%) 9
-130
-140 BANKING (22.5%) (23.7%) 7

WAM (35.6%) (24.4%) 4

-270 -260%
PROPTECH (67.5%) (11.7%) 5
-280
-290 INSURTECH (82.3%) (21.5%) 6
-285%

Source: S&P Capital IQ, F-Prime team analysis

24
 Almost half of the Fintech Index companies
expect to be profitable over the next 12 months

50 46%

40

30

20

10
0
NTM NET INCOME MARGIN (%)

-10

-20

-30

-40
AVERAGE NTM NET MEDIAN NTM NET
-50 SECTOR INCOME MARGIN INCOME MARGIN
n

-60 PAYMENTS 6.3% 5.2% 19

-70
B2B SAAS 4.7% 5.0% 9
-80
BANKING (1.0%) 5.1% 7
-90
LENDING (14.0%) (6.1%) 5
-100
PROPTECH (23.2%) (18.2%) 5
-110

INSURTECH (39.4%) (11.5%) 6

-250 WAM (70.6%) (36.1%) 4

-245%

Source: S&P Capital IQ Estimates: aggregate analyst estimates for public companies, F-Prime team analysis
25
 The market has begun to distinguish better versions of existing financial institutions
from truly disruptive approaches to financial services
VERTICAL BETTER VERSIONS OF FINANCIAL SERVICES DISRUPTIVE POTENTIAL WE ARE TRACKING

Developer-friendly, API-first payment businesses will continue to grow Vertical SaaS + embedded payments is differentiated from pure
PAYMENTS rapidly and capture meaningful market share payment processing and can be the vertical’s operating system

Superior consumer experience proved neobanks can be better and BaaS offers true disruption to fintech stack and will fuel rapid
BANKING faster-growing versions of banks, but not exempt from bank-like returns growth in ecosystem, but must navigate regulatory scrutiny

Startups face smart and concentrated incumbents, but generational Digitization of private assets infrastructure and rise of
WEALTH/ASSET MGMT tailwinds will power some to rival legacy players emerging alternative asset classes like crypto, art, wine, etc.

INSURANCE Better UIs and service but few disruptive products; fast growth means Usage-based insurance can lead to novel products that go
adverse selection, yet startups need data to improve underwriting beyond improved user interface

Novel data sets and underwriting models expand TAM, but Embedded lending where software players become lenders
LENDING like incumbents, startups cannot avoid credit risk and credit cycles as by-product of software platform

PROPTECH Digitization of transaction lifecycle creates radically better experiences, Evolving residential ownership models including shared and
benefitting startups and incumbents fractionalized ownership

26
 Fintech trends we are tracking in 2023
Payments orchestration
Merchants need to support a wider variety
of payment options while collecting data
sources into a single decisioning and fraud
detection/prevention engine
Novel consumer
data APIs
Increasing accessibility of consumers’
financial data across platforms will
give rise to more personalized
financial products
27
Vertical fintech
More vertical software companies will
emerge and seamlessly offer embedded
fintech solutions like payments, credit,
payroll, and more
Instant payments rails
Significant growth in real-time payments
globally. Many opportunities exist for fintechs
to build real-time fraud detection, chargeback
facilitation and on/off ramps
Trice
Private asset
infrastructure
Infrastructure and distribution tools to
facilitate greater access and data insights
in the alts assets space
Crypto compliance
Following a year of fraud, hacks, and
volatility, regulators will step in to
ensure security is top of mind for all
crypto participants
Key Fintech Benchmarks: by vertical
Broader set of benchmarks to be added to
Fintech Index website
 Key payments benchmarks DISRUPTORS
INCUMBENT

METRIC 1: TOTAL PAYMENT VOLUME

$3,000
$3,000B
$1,340
VOLUME $B
PAYMENT

$1,000B $779 $669

$230 $190
$500B $197
$112 $110 $91 $83 $83 $68 $65 $61 $50
$27 $16 $9

YoY VOLUME
GROWTH (%) 13% 51% 84% 107% 21% 17% 62% 34% 41% 46% 51% 42% 25% 31% 31% 30% 41% 92% 15%

METRIC 2: REVENUE AS % OF TPV

8.6% 8.6% GROSS REVENUE
NET REVENUE

4.2% 3.0%
3.0% 2.8% 2.7% 2.3% 2.2% 2.0% 1.7%
3.8% 3.4% 3.0% 1.0% 1.0% 1.0% 0.8% 0.8% 0.5% 0.3% 0.6%
2.1% 1.4% 1.4% 2.0% 1.3% 1.1% 1.0% 1.1% 0.2% 0.8% 0.3% 0.5% 0.4% 0.3% 0.1% 0.4%

Note: Net revenue excludes payment expenses. Block net revenue excludes Bitcoin operations.

METRIC 3: TAKE RATE (gross)

7.6%
4.2% 4.1% 2.8% 2.6% 2.2% 2.0% 1.9% 1.5% 1.2% 1.1% N/A
0.9% 0.8% 0.8% 0.6% 0.3% 0.2% 0.4%

Source: S&P Capital IQ, Company annual report, management discussion and analyses investor presentation, F-Prime team analysis
29
 Key banking benchmarks DISRUPTORS
INCUMBENT
METRIC 1: NUMBER OF USERS

80 70
66
NUMBER OF

60
USERS (M)

40
19
20
8 5 5 4

YoY USER
GROWTH (%) 46% 11% 11% 101% 61% -19% 5%

METRIC 2: UNIT ECONOMICS $1,843

$1,012 ARPU
$382 CAC
$338
$297

$129 Note: Greendot’s

$76 $90 user base has been
$24 $9 $26 $8 $7
N/A decreasing over the LTM

METRIC 3: VALUATION TO TOTAL ASSETS

1.4
1.3

0.6 0.6 Note: SOFi and NuBank’s

0.3 0.2 0.1 valuations are based on
their market cap.

30 Source: S&P Capital IQ, Company annual report, management discussion and analyses investor presentation, F-Prime team analysis
 Key wealth & asset management benchmarks DISRUPTORS
INCUMBENT
METRIC 1: USERS

150
108
NUMBER OF
USERS (M)

100

50 33
12.2 2.9

YoY USER
GROWTH (%) 21% -35% 17% -10%

METRIC 2: AUM
Note: Assets Under
$8,000 Administration (AUA) is
$6,644
ASSETS ($B)

displayed for all

$6,000 companies with the
$4,000 exception of Charles
Schwab where Asset
$2,000 Under Management
$101 $65 $1 (AUM) is shared.

YoY ASSETS
GROWTH (%) -64% -32% 60% -13%

METRIC 3: REVENUE/$1 AUM

$0.1
$.05
$0.02
$0.003

31 Source: S&P Capital IQ, Company annual report, management discussion and analyses investor presentation, F-Prime team analysis
 Key lending benchmarks DISRUPTORS
INCUMBENT
METRIC 1: LOAN ORIGINATIONS

$200 $179
ORIGINATIONS ($B)

$150 $141

$100
$50
$14 $14 $2

YoY ORIG.
GROWTH (%) -48% 55% 64% -55% -13%

METRIC 2: AVERAGE LOAN SIZE

$600,000 $577,694 Note: Funding Circle’s
average loan size is
estimated based on
$90,000 $84,038 originations divided by
$50,000 number of businesses
$9,358 $378
due to data limitations

METRIC 3: NON-PERFORMING LOAN RATIO

6.4% 3.7% 1.2% N/A 3.3%

32 Source: S&P Capital IQ, Company annual report, management discussion and analyses investor presentation, F-Prime team analysis
 Key insurtech benchmarks HC DISRUPTORS
INCUMBENTS
METRIC 1: GROSS WRITTEN PREMIUM P&C DISRUPTORS
$250

$6 $49
VALUE ($B)
PREMIUM

$5

$1 $1 $1

METRIC 2: PREMIUM PER POLICY

$8,098
PREMIUM PER
POLICY ($)

$4,781
$4,377
$3,330
$1,837
$1,200
$343

METRIC 3: PROFITABILITY RATIOS (net) 766% Note: Loss ratio is calculated

by dividing total loss by net
446% premium earned. Expense
ratio is calculated by dividing
278% operating expenses by net
247% premium earned. Ratios are
recalibrated for consistency
94% 85% 95% 52% 97% 78% purposes and may differ
34% 82%
18% 20% from company disclosures.

LOSS RATIO
EXPENSE RATIO
33 Source: S&P Capital IQ, Company annual report, management discussion and analyses investor presentation, F-Prime team analysis
 Key proptech / real-estate benchmarks BROKERAGE DISRUPTORS

INCUMBENTS

METRIC 1: VOLUME MORTGAGE DISRUPTORS

2,500K 2,381
TRANSACTION

1,470
VOLUME (K)

1,000K
667
500K 360 226 98
91 41

Note: Zillow began disclosing

YoY ORIG. transactions volume in 2022,
GROWTH (%) N/A 14% -0.5% 192% -24% -19% -22% 74% hence there is no prior year data
to determine YoY volume growth.

METRIC 2: AVG. REVENUE PER TRANSACTION

$398,698
$400K
TRANSACTION
REVENUE ($)

$28,863 $26,925
$30K
$21,042 Note: Opendoor’s revenue
$20K
contains the value of the
$11,928
$10K $4,884 home sold.
$152 $186

METRIC 3: GROSS MARGIN %

97.6%
Note: Doma’ net revenue,
74.8% excluding premiums retained
40.4% by 3rd party, is ~$300M.
33.0% Opendoor revenue includes
21.6% 13.0% 10.5% value of property in
5.3% transaction.

Source: S&P Capital IQ, Company annual report, management discussion and analyses investor presentation, F-Prime team analysis
 About F-Prime
We create and invest in healthcare and technology companies that impact lives all over the world.
We have over 200 companies in our portfolio including 23 that we started. Our global portfolio is spread across the Americas, Europe, and Asia.

Note: Above listing is a sample of fintech portfolio companies in the F-Prime and Eight Roads funds.

35
 The F-Prime Technology Team

Abdul Abdirahman Amrit Ramesh Ayla Schlosser Ben Gorman Betsy Mulé
Senior Associate Data Scientist Platform Director Venture Partner Senior Associate

David Jegen Gaurav Tuli John Lin Quinten Dol Rachel Feely-Kohl
Managing Partner Partner Principal Marketing Manager VP, Community & Platform

Renée Anderson Rocio Wu Sanjay Aggarwal Sarah Lamont Shervin Ghaemmaghami

VP Finance Principal Venture Partner Associate Operating Partner
36