Global FinTech 25 Key Global Themes and Trends to Watch (Part 1: Outlining the Themes) Connections Series Financial Technology & Payments | Global Sector Themes Figure 1: The global FinTech market is rapidly growing, with double-digit growth expected for years to come, in part driven by the 25 themes outlined in this report Source: Credit Suisse, Deloitte, Mordor Intelligence This is the first of a two-part series centered around our 4 th Annual FinTech Conference in which we will explore a selection of the key themes impacting the global FinTech environment. We will be releasing the second part following the conference in which we will recap the key takeaways and perspectives shared by our presenters, representing over 75+ major private FinTech companies (listed in this report, subject to change). Payments, Bank Technology, & Infrastructure: While the FinTech landscape is ever evolving, we present eight emerging themes in payments and four within bank technology and infrastructure that we believe are likely to play significant roles in future commerce and technological enablement of both new and traditional financial services businesses (with an emphasis on themes relevant to our upcoming conference). On payments, we provide overviews of topics including faster payments, omnichannel, cryptocurrency’s potential role, open banking, and more. Within bank technology and infrastructure we focus on the technologies that support the consumer- and merchant-facing FinTech companies, covering themes such as the bank technology barbell, the debate over outsourced or in- house development, banking-as-a-service, and the evolution of open banking. Distribution of Financial Services & General Industry Themes: Some of the most important outcomes of the innovations made in FinTech are the new ways in which financial services are being distributed to consumers and businesses. Through eight themes, we share key considerations for the new ways that financial services are being delivered to the end customer and the FinTech companies involved that are becoming household names. We end the report with five broad themes that impact all FinTech firms, including the pursuit of the unbanked and underbanked as well as the availability of VC & CVC capital. Please see Figures 4 to 7 for a list of global companies involved in these 25 themes. 18 June 2021 Equity Research Americas | United States DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, LEGAL ENTITY DISCLOSURE AND THE STATUS OF NON-US ANALYSTS. US Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Research Analysts Timothy Chiodo, CFA 415 249 7921 [email protected]Moshe Orenbuch 212 538 6795 [email protected]Craig Siegenthaler, CFA 212 325 3104 [email protected]Jon Peace 44 20 7888 1387 [email protected]Ashish Gupta 91 22 6777 3895 [email protected]Susan Roth Katzke 212 325 1237 [email protected]Marcelo Telles, CFA 212 325 5133 [email protected]Daniel Federle 55 11 3701 6311 [email protected]James Ulan 212 325 8235 [email protected]Nik Cremo 415 249 7922 [email protected]Cole Hyland 212 325 2645 [email protected]Justin Forsythe, CPA 415 249 7924 [email protected]Christopher Zhang, CFA 212 325 4431 [email protected]Please see page 41 for additional contributors.
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Global FinTech 25 Key Global Themes and Trends to Watch (Part 1: Outlining the Themes)
Connections Series Financial Technology & Payments | Global Sector Themes
Figure 1: The global FinTech market is rapidly growing, with double-digit growth
expected for years to come, in part driven by the 25 themes outlined in this report
This is the first of a two-part series centered around our 4th Annual FinTech Conference in
which we will explore a selection of the key themes impacting the global FinTech environment.
We will be releasing the second part following the conference in which we will recap the key
takeaways and perspectives shared by our presenters, representing over 75+ major private
FinTech companies (listed in this report, subject to change).
Payments, Bank Technology, & Infrastructure: While the FinTech landscape is ever
evolving, we present eight emerging themes in payments and four within bank technology
and infrastructure that we believe are likely to play significant roles in future commerce and
technological enablement of both new and traditional financial services businesses (with an
emphasis on themes relevant to our upcoming conference). On payments, we provide
overviews of topics including faster payments, omnichannel, cryptocurrency’s potential role,
open banking, and more. Within bank technology and infrastructure we focus on the
technologies that support the consumer- and merchant-facing FinTech companies,
covering themes such as the bank technology barbell, the debate over outsourced or in-
house development, banking-as-a-service, and the evolution of open banking.
Distribution of Financial Services & General Industry Themes: Some of the most
important outcomes of the innovations made in FinTech are the new ways in which financial
services are being distributed to consumers and businesses. Through eight themes, we
share key considerations for the new ways that financial services are being delivered to the
end customer and the FinTech companies involved that are becoming household names.
We end the report with five broad themes that impact all FinTech firms, including the
pursuit of the unbanked and underbanked as well as the availability of VC & CVC capital.
Please see Figures 4 to 7 for a list of global companies involved in these 25 themes.
18 June 2021
Equity Research
Americas | United States
DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS,
LEGAL ENTITY DISCLOSURE AND THE STATUS OF NON-US ANALYSTS. US Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could
affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.
Prosper Flock Homes Ibotta YieldStreet World Remit Zenus
Tala Loft Jasper
Unison PeerStreet
Upgrade Ribbon
Networks
Super Apps &
Diversified FinTech
Remittances
Real Estate
Alternative Consumer Lending Consumer Digital Banking
C2B & P2P
Merchant Acquiring/Service Providers
ISO/Acquirers/PSPs/Gateways
Digital Lending Neo / Challenger Banks
B2BBank IT
Additional Services
Connectivity/Payments APIs
Personal FinancesBlockchain/
CryptocurrencyIssuer Processing
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FinTech Company Conference Presenters
Figure 77: Presenters (Part 1 of 6)
Source: Company data, Credit Suisse estimates; Subject to change
CompanyValuation
(last disclosed)Company Website Category
Country
(primary HQ)Description
11:FS N/A https://11fs.com/ Consulting &
Bank TechnologyUK
11:FS provides consulting, research, and advisory serv ices to financial serv ices companies ranging from start-ups to
existing firms. With engineers, designers, and transformation experts on staff, 11:FS helps companies to build
successful digital-first ventures or reimagine existing business models and legacy systems.
Acorns
$2.2b
May 27, 2021 – SPAC
deal announced
https://www.acorns.com/ Neo/Challenger
BankUS
Acorns is an app that enables indiv iduals to invest with either a self-directed brokerage account or v ia a “smart
portfolio” that will automatically adjust and rebalance the users portfolio based upon the users preferences, age, and
risk tolerance. Acorns also provides retirement accounts, checking accounts with debit cards, and child investment
accounts for monthly subscriptions.
Alloy
Unknown
Raised $40m in Series
B; September 2020
https://alloy.co/ Risk Management US
Alloy enables banks and FinTech companies to manage KYC/AML and fraud v ia its API. Utilizing 60 data sources
covering identity, document verifications, credit data, and risk, customer can use Alloy to write rules to automate
onboarding and credit decisioning, flag suspicious transactions for manual rev iew, and detect fraud.
Ally Financial
$21b
June 2, 2021 – NYSE:
ALLY
https://www.ally.com/
Lending;
Neo/Challenger
Bank
US
Ally Financial is a bank holding company that provides banking (checking accounts, sav ings accounts, CDs, etc.),
lending (home loans, auto loans, and personal loans), and investing (managed and self-directed) serv ices. Ally was
formerly GMAC, a financing div ision of General Motors.
Apiture
Unknown
Raised $10m in January
2021 in follow-on to
$20m funding round;
July 2020
https://apiture.com/ Bank Technology USApiture was founded in 2017 as a joint venture between First Data and Live Oak Bank to provide banks and credit
unions with the SDKs and tools needed to create a custom, integrated digital banking experience.
Appetize
Unknown
Raised $20m in Series
B; January 2018
https://appetize.com/ POS SaaS USAppetize provides mobile and online ordering, self-serv ice kiosks, cloud POS, and back of office management tools
for restaurants, sports venues, college campuses and athletic facilities, amusement parks, and more.
Aspiration
Unknown
Raised $135m in Series
C; May 2020
https://www.aspiration.com/ Neo/Challenger
BankUS
Aspiration is a cause-driven challenger bank focused on combatting climate change, building a community of socially
conscious, environmentally-focused users. Aspiration offers accounts for spending and saving in addition to a credit
card and sustainable investing mutual fund.
Atomic FI, Inc. Unknown https://atomic.financial/ Bank Technology US
Atomic FI provides consumer-facing tools to help digital banks establish or alter direct deposit relationships with
consumers, as well as provide employment and income data to aid in identity verification, credit underwriting, and
more.
Banco Inter
$52b
June 2, 2021 – BVMF:
BIDI11
https://www.bancointer.com.br/ Neo/Challenger
BankBrazil
Banco Inter is a challenger bank headquartered in Brazil that provides digital banking, lending, investment, and
insurance serv ices to consumers and businesses.
Betterment$800m
July 2017https://www.betterment.com/
Wealth
Management/
Investing
USBetterment is a leading wealth management app that assists with cash management, guided investing, and retirement
planning.
BlueSnap
Unknown
Raised $50m in growth
equity round; November
2014
https://home.bluesnap.com/ Payments US
BlueSnap is a global eCommerce payments platform with full-stack serv ices as well as value-added serv ices such as
AR automation, fraud and risk management, invoice management, etc. BlueSnap’s customers include eCommerce
merchants, ISV platforms, and marketplaces.
Brex$7.4b+
April 2021https://www.brex.com/
Neo/Challenger
BankUS
Brex offers banking serv ices (powered by LendingClub Bank) to businesses, including free ACH and wires, business
accounts, corporate credit cards, instant access to revenue, expense management, and more.
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Figure 78: Presenters (Part 2 of 6)
Source: Company data, Credit Suisse estimates; Subject to change
CompanyValuation
(last disclosed)Company Website Category
Country
(primary HQ)Description
CardFlight, Inc.
Unknown
Raised $4.2m in Series
A; October 2015
https://www.cardflight.com/ Payments USCardFlight’s core product, SwipeSimple, is a cloud-based solution that enables merchants to turn smart phones into
card terminals, accept payments in-person, or accept payments online v ia a v irtual terminal.
Chime$14.5b
September 2020https://www.chime.com/
Neo/Challenger
BankUS
Chime is one of the largest challenger banks in the US, offering digital banking serv ices targeted at the unbanked and
underbanked, such as early direct deposit and fee-free overdraft. Chime offers spending, sav ings, and credit builder
accounts to its users.
College Avenue Student
Loans
Unknown
Raised $30m in funding
round; April 2017
https://www.collegeavestudentloans.com/ Lending USCollege Avenue Student Loans prov ides a variety of student loan options for undergraduate and graduate school, as
well as refinancing options.
Conductor Technologia
Unknown
Raised $150m in
funding round; October
2020
https://conductor.com.br/en/ Bank Technology Brazil
Conductor Technology is a Brazil-based payments company prov iding card issuing and banking-as-a-serv ice
software to FinTechs, banks, and merchants across Latin America. Conductor has ~30m active account and
processes over $20b in payment volume annually.
CO-OP Financial Serv ices N/A https://www.co-opfs.org/ Other USCO-OP Financial Serv ices is a network of credit unions with cumulative annual transaction volume of 7.6b
transactions in 2019.
Cred.ai Unknown https://cred.ai/ Credit Card US
Cred.ai’s secured credit card is designed to help users build credit without the worry of overspending, excessive fees,
or interest. Designed for the unbanked and underbanked, Cred.ai enables users to get a credit card without a credit
check or credit score.
Credit Sesame
Unknown
Raised $43m in equity
and debit funding;
August 2019
https://www.creditsesame.com/ Other USCredit Sesame is a company focused on helping its users improve their credit scores and access credit to help
improve their financial health.
Dave
$4b
June 7, 2021 – SPAC
deal announced
https://dave.com/ Neo/Challenger
BankUS
Dave began as a personal financial tools app that later expanded into digital banking with a no-fee cash advance
offering that is supported by user tips.
Divvy
Acquired by Bill.com
(NYSE: BILL) for $2.5b
June 2021
https://getdivvy.com/ B2B - AP US
Divvy prov ides spend management and expense management solutions to SMBs and midmarket businesses,
prov iding budget management and v isibility tools, expense automation, subscription management, reimbursements,
etc. Divvy also offers credit solutions, including corporate credit lines and corporate cards.
Digital River
Unknown
Owned by investor
group led by Siris Capital
Group
https://www.digitalriver.com/ Payments USDigital River offers eCommerce solutions including payment acceptance, tax management, fraud, and compliance
serv ices. Digital River’s payments serv ices are offered in partnership with Adyen, FIS, Fiserv, Worldline, and others.
Dwolla
Unknown
Raised $12m; February
2018
https://www.dwolla.com/ Payments USDwolla prov ides a platform to transfer money v ia ACH, real-time payments, push-to-debit, and wire to facilitate
payments to and from the organization.
Extend Enterprises, Inc.
Unknown
Raised $11m in Series A;
April 2019
https://www.paywithextend.com/ Other USExtend Enterprises enables businesses to issue and manage v irtual cards on demand through a card issuer agnostic
solution.
Exela Technologies
$97m
June 2, 2021 –
NASDAQ: XELA
https://www.exelatech.com/
SaaS – Business
Automation
Software
US
Exela Technologies prov ides business process automation (BPA) solutions to more than 4,000+ customers in 50
countries, including over 60% of the Fortune 100. Exela’s solutions are used across a business, including by the
finance & accounting department, human capital management, and legal management, with industry-specific solutions
for banking, healthcare, insurance, and public sectors.
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Figure 79: Presenters (Part 3 of 6)
Source: Company data, Credit Suisse estimates; Subject to change
CompanyValuation
(last disclosed)Company Website Category
Country
(primary HQ)Description
Finexio
Unknown
Raised $23m in funding
round; October 2020
https://www.finexio.com/ B2B – AP USFinexio prov ide AP payment optimization tools that enable businesses to capture discounts by making payments on-
time, earn cash back on spending, obtain zero cost financing, and extend payment terms.
Finix
Unknown
Raised $75m in funding
round; August 2020
https://www.finixpayments.com/ Payments USFinix assists software companies to become payment facilitators and prov ides solutions to assist in the ongoing
management of the platform (merchant onboarding, reporting & reconciliation, chargeback & risk management, etc.).
FinLync
Unknown
Raised $16m in equity
funding round; May
2021
https://www.finlync.com/
Data
Aggregation/
Connectiv ity
USFinLync’s apps can be installed on a company’s ERP with direct connectiv ity to the company ’s bank to prov ide real-
time transaction v isibility and reconciliation of transactions, account balances, payment status.
Finxact
Unknown
Raised $30m in equity
funding round; January
2015
https://finxact.com/ Bank Technology US
Finxact has created a modern core banking platform that enables enhanced performance, scalability, and faster time to
market for new products relative to legacy platforms. Finxact’s core prov ides real-time banking functionality built for
both traditional banks and de novo banks.
Flock Homes Unknown https://www.flockhomes.com/ Real Estate US
Flock Homes enables indiv iduals to sell their single family homes and rental properties in exchange for and “index” of
multiple rental properties, allowing indiv iduals to diversify their real estate holdings. Currently Flock is only available in
Colorado, but has plans to expand to other markets in coming years.
Glenbrook Partners N/A https://glenbrook.com/ Consulting USGlenbrook Partners is an independent payments strategy consulting and research firm that is known for its textbook
“Payment Systems in the US” – the go-to resource for understanding the payments industry .
Global Processing Serv ices
(GPS)
Unknown
Raised $56.8m in 2018
and recently received a
minority investment from
Visa
https://www.globalprocessing.com/ Issuer Processing UK
Global Processing Serv ices (GPS) is a global issuer processing platform working with over 40 issuing banks globally
with over 100+ clients across 60 countries. GPS enables the issuance of v irtual cards, MultiFX cards, and wallets,
and prov ides serv ices for agency banking and fraud detection.
Greenlight$2.3b
April 2021https://www.greenlightcard.com/
Neo/Challenger
BankUS
Greenlight is a challenger banking app focused on prov iding kids with introductory financial serv ices such as a debit
card with parental controls and investing capabilities.
HMBradley
Unknown
Raised $18.25m in
Series A; November
2020
https://www.hmbradley.com/ Neo/Challenger
BankUS
HMBradley is a digital banking platform offering sav ing (deposit account) and spending (credit and debit card)
functionality.
hoolah
Unknown
Raised "eight figures" in
Series A; March 2020
https://www.hoolah.co/sg-en/Buy Now, Pay
LaterSingapore
Hoolah is one of Asia's leading omni-channel buy now pay later platforms. Headquartered in Singapore and live in
Singapore, Malaysia and Hong Kong. Hoolah helps merchants in Asia to solve the critical challenges of generating
new customers, getting them to return, conversion and basket size by driv ing consumer affordability.
Infinicept Unknown https://www.infinicept.com/ Payments USInfinicept helps software platforms through the process of becoming a payment facilitator and helps platforms to
manage merchant onboarding, risk and compliance requirements, reporting, and more all through a single dashboard.
Ingo Money
Unknown
Raised $12m; June
2015
https://www.ingomoney.com/ Other US
Ingo Money prov ides consumer check cashing and instant funds disbursement serv ices to merchants and FinTech
companies to help support real-time, secure money transmission. Powered by Visa Direct, Ingo Money’s solution can
be used by banks (loan proceeds), merchants (insurance payouts, gig economy payments, etc.), and government
(stimulus) to send money quickly and easily to indiv iduals.
Jasper Unknown https://www.jaspercard.com/ Credit Card USJasper is a credit card company focused on keeping consumers financially healthy by ensuring they can pay off their
credit card each month and offering large cash back rewards with no annual fee.
LendingPoint
Unknown
Raised $125m in
preferred equity; January
2021
https://www.lendingpoint.com/ Lending USLendingPoint offers personal consumer loans by using internal risk models that go beyond a simple credit score to
make credit underwriting decisions.
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Figure 80: Presenters (Part 4 of 6)
Source: Company data, Credit Suisse estimates; Subject to change
CompanyValuation
(last disclosed)Company Website Category
Country
(primary HQ)Description
M1 Finance
Unknown
Raised $75m in Series
D; March 2021
https://www.m1finance.com/ Neo/Challenger
BankUS M1 Finance is a financial serv ices app prov iding sav ing, investing, lending, and spending functionality.
MineralTree
Unknown
Raised $50m in Series
D; September 2020
https://www.mineraltree.com/ B2B - AP US
MineralTree’s solution prov ides end-to-end AP automation with over $14b in payments processed annually across
over 2,000+ clients and partners. MineralTree focuses on four key industries: education, healthcare & life sciences,
non-profits, and food & beverage.
Modulr
Unknown
Raised £18.9m from
investors in May 2020
and £9m from PayPal in
November 2020
https://www.modulrfinance.com/ B2B – Treasury
ManagementUK
Modulr is a London-based payments-as-a-serv ice API platform designed to enable digital businesses to automate
their payment flows and embed payments into their products. Modulr’s platform works to make the AR & AP
processes more efficient and automated to allow for better control of working capital.
Moov
Unknown
Raised $27m in Series A;
December 2020
https://moov.io/ FinTech
InfrastructureUS
Moov prov ides open source, portable, modular architecture to enable businesses to send payouts to users. Their
serv ice is designed for use by gig economy companies, insurance companies, companies that employ contractors, etc.
NIUM
Unknown
Raised an undisclosed
amount in May 2020
from investors including
Visa
https://www.nium.com/ Cross-Border
PaymentsSingapore
Nium is a global, cross-border payments infrastructure company that uses its numerous licenses and regulatory
expertise across over 90 countries to help facilitate cross-border payments including remittances and cross-border
invoices, as well as prov iding BaaS capabilities for card issuance and multi-currency accounts.
NMI Unknown https://www.nmi.com/ Payments -
GatewayUS
NMI is an advanced, acquirer-agnostic gateway platform used by merchants, ISVs, and payment facilitators. NMI’s
gateway is connected to over 200+ processors and prov ides value-added serv ices, including fraud detection and
point-to-point encryption, facilitating the processing of over $100+ billion in payments volume for over 240,000+
merchants.
North American Bancard Unknown https://www.northamericanbancard.com/ Payments USNorth American Bancard is the 6
th largest independent acquirer in the US with over $45b in transactions processed
annually across “hundreds of thousands” of merchants.
Nova Credit Inc.
Unknown
Raised $50m in Series
B; February 2020
https://www.novacredit.com/ Other USNova Credit is a self-proclaimed “cross-border bureau” that helps immigrants lacking domestic credit history to obtain
access to credit by utilizing the immigrant’s international credit history.
NYMBUS
Unknown
Raised $53m in Series
C; February 2021
https://www.nymbus.com/ Bank Technology US
NYMBUS is a banking-as-a-serv ice company that prov ides banks and credit unions with the technology and
resources required to establish a digital banking presence with products designed for loan origination, CRM,
customer onboarding, etc.
Openfin
Unknown
Raised $17m in Series
C; May 2019
https://www.openfin.co/ Bank Technology US
OpenFin’s Workspace product unifies financial app, data, and content from over 3,500 financial applications to
prov ide a unified work page for financial institutions. OpenFin is used by banks, asset managers, and hedge funds
ranging from small funds to global financial institutions.
Payclip"Approaching $2b"
June 2021https://clip.mx/ Payments Mexico
PayClip (“Clip”), based in Mexico, enables merchants to turn their mobile devices into card terminals to accept
payments anywhere.
Payrix
Unknown
Raised $50m+ as of
October 2020
https://www.payrix.com/ Payments US
Payrix assists software platforms to embed payments and become payment facilitators by prov iding the
infrastructure, expertise, and management tools to operate a fully embedded payments platform from customer
onboarding and underwriting to ongoing compliance.
Plaid$13.4b
April 2021https://plaid.com/
Data
Aggregation/
Connectiv ity
US
Plaid enables prov ides data infrastructure to FinTech companies and others allowing them to access financial data
(bank account numbers, transaction data, balances, etc.) of consumers with the consumer’s permission v ia direct
integrations with over 11,000 financial institutions in the US.
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Figure 81: Presenters (Part 5 of 6)
Source: Company data, Credit Suisse estimates; Subject to change
CompanyValuation
(last disclosed)Company Website Category
Country
(primary HQ)Description
PolicyBazaar$2.4b
March 2021https://www.policybazaar.com/
Financial Serv ices
Marketplace -
Insurance
India
PolicyBazaar, based in India, is an insurance aggregator that provides information on life insurance, health insurance,
P&C insurance, and more. PolicyBazaar effectively serves as an insurance marketplace for indiv iduals throughout
India.
PPRO Financial Ltd.$1b
January 2021https://www.ppro.com/ Payments UK
PPRO’s platform offers payment and FinTech companies direct connections to over 150 APMs v ia a single API and
a single contract allowing merchants and platforms to quickly expand their APM offerings.
Railsbank Technologies
Unknown
Raised 37m in funding
round; November 2020
https://www.railsbank.com/
Bank Technology-
Embedded
Financial Serv ices
UKRailsbank, headquartered in London, provides access to a complete set of global financial capabilities v ia a single
platform, including a simple API that allows developers to embed financial serv ices directly into their applications.
Raisin
Unknown
Raised $114m in Series
D; February 2019
https://www.raisin.com/
Financial Serv ices
Marketplace -
Savings
GermanyRaisin is a self-proclaimed “deposit marketplace” that helps consumers to find the most suitable savings products for
them across Europe, with over 350,000+ customers and over 710+ offers across 104 partner banks.
Ramp$1.6b
April 2021https://ramp.com/
Credit Card –
Corporate CardUS
Ramp provides physical and v irtual corporate cards with cash back rewards, spending controls, and real-time
reporting, giv ing employers greater control over their employee’s cards.
Revolut$5.5b
February 2020https://www.revolut.com/
Neo/Challenger
BankUK
Revolut is a successful UK-based challenger bank with over 15m+ personal customers and 500k+ business
customers that is supported in over 35+ countries. Revolut offers accounts featuring currency exchange, debit
cards, v irtual cards, interest-bearing "vaults", commission-free stock trading, crypto, commodities, and other serv ices.
Sardine
Unknown
Raised $4.6m seed
round; March 2021
https://www.sardine.ai/ Risk Management USSardine considers itself a "Fraud-Prevention-as-a-Serv ice" company, providing its customers with device intelligence,
Securrency’s Interoperating System is built on a decentralized core that interconnects blockchains and other systems
to provide transaction rails with a standardized compliance framework. The platform can be used to create and issue
digital assets, manage digital assets and portfolios, connect digital asset marketplaces, and automate transaction
compliance.
Sightline Payments$525m
December 2020https://sightlinepayments.com/ Payments US
Sightline Payments is a leading payments company utilized by casinos and online gaming operators to provide a single
omnichannel gaming account that can be used at retail casino locations and with online/mobile gaming apps to
improve payment authorization rates and allow consumers to accumulate casino rewards across all owned gaming
properties.
Sila
Unknown
Raised $7.7m seed
funding; April 2020
https://silamoney.com/
Payments
Infrastructure/
Blockchain
Technology
US
Sila is built on top of the Ethereum blockchain and provides its customers with APIs to handle KYC, bank account
linking, storing and transferring money between bank accounts and white label wallets using the company’s stablecoin
SILAUSD, and automated ACH transfers utilizing Ethereum smart contracts.
Silverflow
Unknown
Raised $3m in seed
funding; October 2020
https://www.silverflow.co/ Payments NetherlandsSilverflow is a modern, cloud-native platform for global payments processing, enabling PSPs/PayFacs, banks, and
large merchants to gain direct access to card networks.
Stax
Unknown
Raised $10.5m in Series
C; July 2018
https://fattmerchant.com/ Payments USStax by Fattmerchant is a payment processing platform enabling merchants to accept payments in-person, online, v ia
invoice, or over the phone.
Synapse Financial
Technologies
$180m
May 2019https://synapsefi.com/ Bank Technology US
Synapse is utilized by over 500+ platforms to help them open deposit accounts, credit accounts, and
cryptocurrency accounts for indiv iduals or businesses v ia APIs.
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Figure 82: Presenters (Part 6 of 6)
Source: Company data, Credit Suisse estimates; Subject to change
CompanyValuation
(last disclosed)Company Website Category
Country
(primary HQ)Description
Synctera
Unknown
Raised $12.4m seed
funding; December 2020
https://www.synctera.com/ Bank Technology USSynctera is a FinTech-as-a-serv ice company that helps community banks provide the infrastructure and banking-as-a-
serv ice offerings used by FinTech companies to distribute financial serv ices.
The Clearing House N/A https://www.theclearinghouse.org/ Payments US
The Clearing House is a banking association that facilitates half of all commercial ACH and wire volume in the US.
The Clearing House most recently launched RTP, a real-time payments network facilitating faster payments in the
US.
Tink~$820m
December 2020https://tink.com/
Data
Aggregation/
Open Banking
Sweden
Tink is an open banking company that enables financial serv ices companies to access real-time banking transaction
data, account balances, and provide income checks. The company has also expanded into offering account-to-
account payments.
Tipalti$2b
October 2020https://tipalti.com/ B2B – AP US
Tipalti provides products that help to automate and manage the accounts payable process including invoice and
supplier management, invoice payment, tax and VAT compliance, FX management, and more.
TrueLayer
Unknown
Raised $70m in funding
round; April 2021
https://truelayer.com/
Data
Aggregation/
Open Banking
UKTrueLayer is an open banking company that provides financial serv ices companies with real-time banking data. The
company has increasingly shifted its focus to enabling account-to-account payments, enabled by open banking.
Unifimoney Unknown https://www.unifimoney.com/
Wealth
Management;
Neo/Challenger
Bank
USUnifimoney is an investing and money management app with features including auto-investing, high yield checking,
commission-free trading, cryptocurrency trading, precious metals trading, and spending (v ia credit card).
Varo Money
Unknown
Raised $63m in funding
round; February 2021
https://www.varomoney.com/ Neo/Challenger
BankUS
Varo is a digital banking app and the first challenger bank to obtain a national banking charter in the US. Varo offers
checking and savings accounts, debit cards, cash advances, and more.
Veem
Unknown
Raised $31m in funding
round; September 2020
https://www.veem.com/ Payments USVeem is a B2B payments platform that focuses on SMBs and simplifying cross-border payments across multiple
Companies Mentioned (Price as of 17-Jun-2021) ACI Worldwide Inc (ACIW.OQ, $38.67) Adyen (ADYEN.AS, €1902.6) Affirm Holdings (AFRM.OQ, $69.39) Afterpay (APT.AX, A$107.47) Alliance Data (ADS.N, $107.03) Alphabet (GOOGL.OQ, $2434.87) Amazon com Inc. (AMZN.OQ, $3489.24) American Express Co. (AXP.N, $162.13) Apple Inc (AAPL.OQ, $131.79) Banco Inter (BIDI11.SA, R$69.29) Bancorp (TBBK.OQ, $25.31) Bank of America Corp. (BAC.N, $39.8) Citigroup Inc. (C.N, $68.86) Coinbase Global (COIN.OQ, $230.66) Discover Financial Services (DFS.N, $117.26) EVO Payments (EVOP.OQ, $27.73) Euronet Worldwid (EEFT.OQ, $143.35) Facebook Inc. (FB.OQ, $336.51) Fidelity National Information Services Inc (FIS.N, $145.87) Fiserv (FISV.OQ, $109.05) FleetCor Technologies, Inc. (FLT.N, $263.0) Flywire (FLYW.OQ, $32.44) Freedom Hldg (FRHC.PK, $2.3) Global Payments (GPN.N, $193.27) Goldman Sachs Group, Inc. (GS.N, $361.5) Green Dot Corporation (GDOT.N, $49.49) I3 Verticals (IIIV.OQ, $30.98) JPMorgan Chase & Co. (JPM.N, $151.76) Jack Henry & Associates (JKHY.OQ, $163.19) Lightspeed POS (LSPD.N, $77.5) Live Oak (LOB.OQ, $55.98) Lyft (LYFT.OQ, $58.8) MFG (CASH.OQ, $52.17) Marqeta (MQ.OQ, $29.7) MasterCard Inc. (MA.N, $367.29) NCR (NCR.N, $45.05) Nuvei Corp (NVEIu.TO, $71.49) PNC Financial Services Group (PNC.N, $182.45) PagSeguro Digital Ltd. (PAGS.N, $53.59) PayPal (PYPL.OQ, $278.11) Paya Holdings (PAYA.OQ, $10.96) PennyMac Mortgage Investment Trust (PMT.N, $20.83) Q2 Holdings (QTWO.N, $104.04) Repay Holdings (RPAY.OQ, $24.73) Rocket Companies (RKT.N, $19.72) Sezzle (SZL.AX, A$8.24) Shift4 Payments (FOUR.N, $98.27) Shopify Inc. (SHOP.N, $1449.27) SoFi Technologies (SOFI.OQ, $22.7) Splitit (SPT.AX, A$0.6) Square (SQ.N, $236.13) StoneCo (STNE.OQ, $66.31) T. Rowe Price Group (TROW.OQ, $192.95) Temenos (TEMN.S, SFr149.7) Tencent Holdings (0700.HK, HK$599.0) U.S. Bancorp (USB.N, $55.72) Uber (UBER.N, $49.7) United Wholesale (UWMC.N, $9.87) Visa Inc. (V.N, $232.15) WEX (WEX.N, $199.36) Wells Fargo & Company (WFC.N, $42.79) Worldline (WLN.PA, €81.24) Zip Co (Z1P.AX, A$7.41) Zoom Video Communications (ZM.OQ, $372.95) loanDepot, Inc. (LDI.N, $13.1)
Disclosure Appendix
Analyst Certification
Timothy Chiodo, CFA, Moshe Orenbuch, Craig Siegenthaler, CFA, Marcelo Telles, CFA, Ashish Gupta, Jon Peace, Daniel Federle and Susan Roth Katzke each certify, with respect to the companies or securities that the individual analyzes, that (1) the views expressed in this report accurately reflect his or her personal views about all of the subject companies and securities and (2) no part of his or her compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this report.
As of December 10, 2012 Analysts’ stock rating are defined as follows:
Outperform (O) : The stock’s total return is expected to outperform the relevant benchmark* over the next 12 months. Neutral (N) : The stock’s total return is expected to be in line with the relevant benchmark* over the next 12 months. Underperform (U) : The stock’s total return is expected to underperform the relevant benchmark* over the next 12 months. *Relevant benchmark by region: As of 10th December 2012, Japanese ratings are based on a stock’s total return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractiv e, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. As of 2nd October 2012, U.S. and Canadian as well as European (excluding Turkey) ratings are
18 June 2021
Global FinTech 43
based on a stock’s total return relative to the analyst's coverage universe which consists of all companies covered by the an alyst within the relevant sector, with Outperforms representing the most attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. For Latin Ameri ca, Turkey and Asia (excluding Japan and Australia), stock ratings are based on a stock’s total return relative to the average to tal return of the relevant country or regional benchmark (India - S&P BSE Sensex Index); prior to 2nd October 2012 U.S. and Canadian ratings were based on (1) a stock’s absolute total return potential to its current share price and (2) the relative attractiveness of a stock’s total return potential within an analyst’s coverage universe. For Australian and New Zealand stocks, the expected total return (ETR) calculation includes 12-month rolling dividend yield. An Outperform rating is assigned where an ETR is greater than or equal to 7.5%; Underperform where an ETR less than or equal to 5%. A Neutral may be assigned where the ETR is between -5% and 15%. The overlapping rating range allows analysts to assign a rating that puts ETR in the context of associated risks. Prior to 18 May 2015, ETR ranges for Outperform and Underperform ratings did not overlap with Neutral thresholds between 15% and 7.5%, which was in operation from 7 July 2011. Restricted (R) : In certain circumstances, Credit Suisse policy and/or applicable law and regulations preclude certain types of communications, including an investment recommendation, during the course of Credit Suisse's engagement in an investment banking transaction and in certain other circumstances. Not Rated (NR) : Credit Suisse Equity Research does not have an investment rating or view on the stock or any other securities related to the company at this time. Not Covered (NC) : Credit Suisse Equity Research does not provide ongoing coverage of the company or offer an investment rating or investment view on the equity security of the company or related products.
Volatility Indicator [V] : A stock is defined as volatile if the stock price has moved up or down by 20% or more in a month in at least 8 of the past 24 months or the analyst expects significant volatility going forward.
Analysts’ sector weightings are distinct from analysts’ stock ratings and are based on the analyst’s expectations for the fundamentals and/or valuation of the sector* relative to the group’s historic fundamentals and/or valuation: Overweight : The analyst’s expectation for the sector’s fundamentals and/or valuation is favorable over the next 12 months. Market Weight : The analyst’s expectation for the sector’s fundamentals and/or valuation is neutral over the next 12 months. Underweight : The analyst’s expectation for the sector’s fundamentals and/or valuation is cautious over the next 12 months. *An analyst’s coverage sector consists of all companies covered by the analyst within the relevant sector. An analyst may cover multiple sectors.
Credit Suisse's distribution of stock ratings (and banking clients) is:
Global Ratings Distribution
Rating Versus universe (%) Of which banking clients (%) Outperform/Buy* 55% (32% banking clients)
Neutral/Hold* 34% (24% banking clients)
Underperform/Sell* 10% (19% banking clients)
Restricted 2%
Please click here to view the MAR quarterly recommendations and investment services report for fundamental research recommendations. *For purposes of the NYSE and FINRA ratings distribution disclosure requirements, our stock ratings of Outperform, Neutral, a nd Underperform most closely correspond to Buy, Hold, and Sell, respectively; however, the meanings are not the same, as our stock ratings are determined on a relative basis. (Please refer to definitions above.) An investor's decision to buy or sell a security should be based on investment objectives, current holdings, and other individual factors.
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