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U.S. FINTECH IPO ANALYSISJuly 2016
www.ftpartners.com
555 Mission St
23rd Floor
San Francisco, CA 94105
Largest IPO Transactions
3/18/08 $17,860
7/30/14 2,900
10/14/15 2,560
5/24/06 2,400
10/06/09 1,880
6/18/14 1,300
5/03/07 1,200
12/10/14 870
2/15/05 720
11/04/11 700
6/21/04 638
6/24/15 627
2/11/15 600
9/12/13 506
3/21/12 500
Company$ Amount
(in mm)Date
IPOs Since 2005 by Size
6
30
42
24
6
7
$30-50 mm
$50-100 mm
$100-200 mm
$200-500 mm
$500-1,000 mm
$1,000+ mm
6
8
15
18
19
22
27
Insurance
Financial BPO
FMS
Financial HCIT
Banking
Securities
Payments
IPOs Since 2005 by Sector – Number & Amount Raised
$ Amount Raised in IPOs / Sector Breakdown by Number
3
11
1
1
1 2
5
2
15
31
3
4
13
5
1
21
3
22
2
$749
$2,071
$2,640
$2,837
$6,426
$7,089
$28,469
Financial BPO
FMS
Insurance
Financial HCIT
Securities
Banking
Payments
1
4
7
1
21
2
111
1
1
12
21
4
4
11 1
4
22
5
2
22
Selected IPO Spin-offs
7/20/15
11/13/14
9/15/14
4/10/14
6/01/10
8/21/08
7/03/08
11/01/07
6/30/07
4/03/07
9/29/06
7/01/04
8/20/03
7/09/01
2/01/01
Date Parent
Most Recent IPO Transactions
6/02/16 $91
5/25/16 238
4/27/16 101
4/15/16 253
12/18/15 75
11/19/15 243
10/15/15 138
10/14/15 2,560
6/26/15 74
6/24/15 627
6/19/15 100
6/10/15 196
5/20/15 131
5/19/15 441
4/16/15 314
3/18/08
$17,860 mm
IPO
Company
($ in mm)
($ in mm)
Company $ Amount
(in mm)Date
11 7 16 3 16 8 10 17 12 42 9
10/16/16 1/26/16 $2,350
10/09/15 10/26/15 5,200
6/04/15 8/17/15 9,100
7/30/14 11/12/14 1,500
3/28/14 5/12/14 1,650
1/05/12 5/13/12 435
5/14/11 7/30/12 154
5/09/11 7/20/11 na
Most Recent Companies Acquired While on File for IPO
Company$ Amount
(in mm)
Acquired
Date
Filed
DateAcquirer
11/10/15 1/29/16
11/09/15 1/21/16
3/10/14 4/02/14 Completed IPO on 4/16/15
3/30/12 10/13/14
9/15/11 7/25/12Cash America completed the
spin-off of Enova on 11/13/14
5/13/11 5/23/12 Completed IPO on 4/15/16
4/21/11 5/02/14 Acquired by SingTel on 4/07/15
7/12/10 3/17/12Acquired by Gemalto for $890
mm on 8/08/14
4/23/10 5/10/11
7/02/08 12/04/08
5/13/08 9/02/09Acquired by The Carlyle Group
on 11/09/09
7/19/07 10/21/09
5/10/07 6/02/08Acquired by Bankrate for $145
mm on 6/29/10
6/13/07 10/29/08 Completed IPO on 3/31/10
6/30/05 11/21/05 Completed IPO on 8/6/10
Selected Pulled / Delayed IPO Filings Since 2005
CompanyPulled /
Delayed Date
Filed
DateNotes
Click for
in-depth
profile
1/25/12 $238
1/14/16 234
6/09/16 224
1/20/15 223
8/20/15 223
3/29/16 205
7/28/15 190
3/26/15 186
9/01/15 186
3/17/15 180
4/08/15 $353
10/22/14 337
10/22/14 300
5/20/16 295
6/01/16 279
1/07/13 250
2/23/05 250
9/14/15 245
3/11/15 243
10/14/15 239
8/19/15 $1,415
9/29/15 654
5/06/15 584
2/22/16 578
4/07/14 577
10/08/15 501
4/12/16 428
7/23/14 418
4/14/15 400
6/23/15 368
Selected Private FinTech Companies with Large Financing Rounds
Last
Funding
Date
CompanyTotal Financing
Amount (in mm)
Last
Funding
Date
Company
Last
Funding
Date
CompanyTotal Financing
Amount (in mm)
Total Financing
Amount (in mm)
Total Financing Amount only includes equity
financing transactions with announced $ volume
$2,531 $2,907 $3,747
$18,105
$2,335 $2,727$1,614 $1,252 $2,069
$6,814$5,498
$683
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016YTD
Best Performing IPOs Ranked by Cumulative Return Since 2005*^
Best / Worst Performing IPOs Ranked by Compound Annual
Growth Rate (CAGR) Since 2005^
Performance of Selected Spin-offs Ranked by CAGR*^
41% 38%
25%19% 16% 14% 11% 8% 4% 4% 4% 2% 1%
-22%
-51%
Cumulative Return
CAGR
NA**
75% 70% 65% 58% 52% 51% 49%
NA**-38% -44%
-53% -53% NA** -57%
-89%
2,302%
1,935%
1,532%
912%
638% 626% 594% 590% 560% 479%
Banking / Lending Tech
Securities / Wealth Management
Payments / Cards / Loyalty
Financial Healthcare Info. Tech (HCIT)
Insurance Tech
Financial Management Solutions (FMS) Financial BPO
46%
39%
15%
Analysis of IPOs Since 2005 Based on Historical Funding Source*^
VC Backed
PE Backed
Non VC /
PE Backed
All Companies
40%
37%
39%
70%
24%
33% 27% 24% 58%
87%
-93% -75%-71% -71% -53% -74%
-98%
-20%
1,231%
586%1,389% 33% 239% 65% 97% 23% 4% 24% 2% 11%
-95%
-71%
10.4 10.0 $1,370 $680 31% 29% 167% 56% 10% 15%
16.6 14.0 $1,600 $800 14% 13% 85% 24% 16% 6%
29.8 17.0 $8,710 $1,350 10% 8% 270% 67% 16% 15%
15.7 11.0 $2,550 $790 21% 17% 150% 45% 14% 14%
Analysis of IPOs Since 2005 Based on Sector*^
Company Age at
IPO (years)
15.8 10.0 $2,490 $830 19% 13% 139% 57% 19% 17%
15.7 12.0 $6,040 $1,260 18% 18% 176% 8% 1% 6%
21.1 11.0 $1,610 $1,010 18% 14% 123% 29% 19% 12%
12.9 10.0 $890 $660 17% 17% 117% 87% 15% 14%
12.2 12.0 $1,220 $880 38% 29% 228% 34% 27% 14%
17.2 14.0 $1,230 $530 11% 8% 195% 239% 21% 21%
12.6 9.0 $550 $420 27% 18% 18% -28% -8% -5%
17%
23%
19%
16%
5%
13%
7%
Banking
Securities
Payments
Financial HCIT
Insurance
FMS
Financial BPO
First Day Market
Cap (mm)
First Day
Return
Cumulative Total
Return^CAGR
Please see FT Partners’ Proprietary Database for more details on all FinTech IPOs.
FT Partners regularly publishes research highlighting the most important transactions, trends and insights impacting
FinTech globally. The Firm’s unique insight into FinTech is a direct result of successfully executing hundreds of
transactions in the sector combined with over 14 years of exclusive focus on FinTech. Please follow us on LinkedIn and
Twitter for real-time updates on our transactions, industry research and frequent transaction profiles.
Steve McLaughlin
Managing Partner
415.992.8880
Company Age at
IPO (years)
First Day Market
Cap (mm)
First Day
Return
Cumulative Total
Return^CAGR
$284 mmAverage Amount
Raised
$50 bnTotal Amount
Raised
115Total Number of
IPOs Since 2005
$141 mmMedian Amount
Raised74%
26%
Since 2005,
Percentage
of IPOs
that are…
No Longer
Trading
Still
Trading
Average Median Average Median Average Median Average MedianAverage Median
Average Median Average Median Average Median Average MedianAverage Median
Sector Breakdown
by Number of IPOs
Since 2005
Funding Source
Breakdown by Number of
IPOs Since 2005
IPO
$10,609 $17,860
9/24/15 (1)
Pending IPOs
9/03/15
7/07/16 (2)
CompanyFiling
Date
(1) Filed confidentially for its IPO, Source: Company press release
(2) Filed confidentially for its IPO, Source: Thomson Reuters
CompanyFiling
Date
Most Active Investors in FinTech Companies that have IPO’d
Analysis of IPOs Since 2005 Based on Annual Vintages*^
Company Age at
IPO (years)
15.0 9.5 $2,840 $1,450 13% 13% 26% 25% 22% 23%
12.1 12 $2,740 $780 27% 17% 22% 23% -1% 11%
18.8 12 $1,020 $1,100 30% 21% 16% 20% 3% 5%
16.8 11.5 $750 $680 20% 16% 193% 134% 34% 38%
10.8 11 $2,650 $800 27% 22% 220% -24% 5% -11%
17.4 14 $1,090 $650 15% 14% 115% 66% 7% 12%
17.0 10 $2,300 $1,280 17% 21% 317% 290% 21% 22%
7.5 7.5 $22,580 $22,580 32% 32% 325% 325% 18% 18%
13.8 10 $1,080 $830 24% 18% 133% 75% 3% 8%
14.9 11 $9,260 $480 25% 23% 618% -6% -2% -1%
24.6 7 $1,280 $690 17% 8% 270% 272% 20% 15%
First Day Market
Cap (mm)
First Day
Return
Cumulative Total
Return^CAGR
Average Median Average Median Average Median Average MedianAverage Median
Yearly Breakdown by
Number of IPOs Since 2005
* As of 7/22/16; includes companies that are no longer public
^ Stock price return measured from IPO price; excludes dividends
Note: Visa year founded based on the formation of Visa Inc. in 2007
** Stocks trading less than a year ranked by Cumulative Return
115%
57%
93% 1,532% 212% 590% 161%
CAGR
Cumulative Return
11
7
16
2
3
16
9
8
10
17
12
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
42%
60%
Cumulative Return
CAGR
(Excludes $17.9 bn Visa IPO)
Represents IPOs since 2005 only