State of Fintech: GLOBAL - 2021

State Of
Fintech
GLOBAL | 2021
Global data and analysis on dealmaking,
funding, and exits in private-market fintech
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STATE OF FINTECH
Contents
Global Trends 21 Geographic Trends 143

Investment Trends 22 US 144
Unicorns & Valuations 50 Canada 152
Exit Trends 59 Asia 160
Investors 67 Europe 168
LatAm 176
Collection Spotlights 75
Payments 76
Banking 87
Digital Lending 98
Wealth Tech 109
Insurtech 120
Capital Markets Tech 132
8
STATE OF FINTECH
What you need to know about

fintech in 2021
$132B 343 235 $21B $63B

$1 out of every $5 Global mega- Total unicorns in Digital lending US fintech funding
goes to fintech. rounds in 2021. 2021. More than funding. 220% in 2021. All-time
Global fintech funding The number of $100M+ doubling YoY. growth. high.
reached a record $132B in mega-rounds tripled YoY, The global fintech unicorn Digital lending funding US fintech funding grew
2021, more than 2x the shattering 2020's record of count hit 235 in 2021 — up reached an all-time high at 171% YoY to hit $63B in
2020 mark and accounting 114. Mega-rounds made 108% from 2020 — with $21B in 2021, up 220% 2021 across 1,827 deals.
for 21% of all venture up just 7% of global deals the year seeing 157 from 2020 — the largest The US accounted for
dollars. Q4’21 saw $35B in but 67% of total funding. unicorn births. The unicorn jump across all fintech almost 50% of total 2021
funding — just shy of the The US racked up more herd is swelling as a rush categories. funding, despite making up
all-time quarterly record. mega-rounds in 2021 than of investor money makes it just 37% of deals.
Deals also rose to 633, a
Every major fintech all other regions easier to raise at high
combined. 90% increase YoY. Most of This was due to larger mid-
category saw record valuations. There are the top equity deals went and late-stage rounds,
funding in 2021, signaling This comes as PE firms, currently 12 fintech to consumer lending tech which accounted for 31%
that the fintech boom is CVCs, and other investors startups with decacorn companies. of total US deals, the
being driven by broad compete to drive up round ($10B+) valuations, mostly highest share on record.
interest in the space. amounts. in payments and banking.
9
STATE OF FINTECH
What you need to know about

fintech in 2021
7 $90M 906 140% 269%

Series A mega- Late-stage median M&A exits in 2021. Growth in median Growth in LatAm-
rounds in Q4’21. deal size. Up 109% Highest ever. IPO exit valuation. based fintech
Q4’21 saw 7 fintech Series YoY. Fintech M&A exits surged The median valuation for funding.
A deals reach mega-round While median deal sizes in 2021, outpacing IPO exits jumped 140% LatAm fintech funding
status. This early-stage for all stages ticked up in 2020's level by 68% to YoY to hit $2.4B in 2021, reached a record high of
mega-round influx is due 2021, late-stage deals saw reach 906. This increase the highest on record. $13B — up 269% from
to a more diversified the largest proportional was largely due to the This increase was driven 2020 — across 313 deals.
investor interest in fintech increase, more than banking and lending by companies outside of LatAm saw the highest
beyond traditional VCs. doubling YoY to reach categories, which both saw the US, specifically Brazil’s funding growth YoY across
The top Series A round $90M. exits double YoY. Nubank, which exited at a all regions due to several
went to MoonPay, which Mid-stage median deal M&A deals have gone up $41B valuation, and India’s mega-rounds going to
raised $555M to help build size grew 73% YoY to for 6 straight quarters, One97 Communications, LatAm fintech companies
payments infrastructure $38M, while early-stage leading to a record high of which went public at a focused on lending and
for crypto. median deal size grew 50% 235 in Q4’21. $14B valuation. banking.
to $3M.
10
STATE OF FINTECH | GLOBAL TRENDS | INVESTMENT TRENDS
Global fintech funding more than doubles to reach record $132B in 2021
$140.0B
$131.5B
2021
$120.0B
$100.0B
168%
$80. 0B increase
$60. 0B
$40. 0B
$20. 0B
$0.0B
2015 2016 2017 2018 2019 2020 2021
11
Mega-rounds triple in 2021 to a record 343 deals
400
343 deals
350 2021
300
250 201%
increase
200
150
100
50
0
2015 2016 2017 2018 2019 2020 2021
12
STATE OF FINTECH | GLOBAL TRENDS | UNICORNS & VALUATIONS
157 new unicorn births in 2021 bring the herd to 235, a 108% jump YoY
235 unicorns
2021
108%
increase
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
13
STATE OF FINTECH | COLLECTION SPOTLIGHTS | DIGITAL LENDING
Digital lending funding rises 220% to reach all-time high of $21B
$25. 0B
$20.5B
$20. 0B
2021
$15. 0B
220%
increase
$10. 0B
$5.0B
$0.0B
2015 2016 2017 2018 2019 2020 2021
14
STATE OF FINTECH | GEOGRAPHIC TRENDS | US TRENDS
US fintech funding reaches its highest level ever at $63B, up 171% YoY
$80. 0B
$70. 0B
$62.9B
$60. 0B 2021
$50. 0B
$40. 0B 171%
increase
$30. 0B
$20. 0B
$10. 0B
$0.0B
2015 2016 2017 2018 2019 2020 2021
15
Q4'21 sees 7 Series A mega-rounds ($100M+)

Round
Company Round Amount Select Investors Country
Date
Series A Coatue Management, Tiger Global Management, New Enterprise
1 MoonPay $555M
2021-11-22 Associates, Blossom Capital, Paradigm
United States
Series A Morgan Creek Digital, 10T Fund, Jane Street Group, K5 Global
2 Gemini $400M
2021-11-19 Technology, Marcy Venture Partners
United States
Series A
3 First Digital Bank $120M
2021-12-14
Julius Baer Group, SBI Group, Tencent Holdings Israel
Series A SoftBank Latin America Fund, International Finance Corporation, LTS

4 Open Co $115M
2021-12-15 Investments, Raiz Investimentos
Brazil
Series A
5 Masterworks $110M
2021-10-05
Left Lane Capital, Galaxy Interactive, Tru Arrow Partners United States
Series A Accomplice, Agman Partners, Alphemy Capital, CMT Digital, Continue

6 CoinList $100M
2021-10-15 Capital
United States
Series A
6 Slide Insurance $100M
2021-11-19
Gries Investment Funds, TampaBay Ventures United States
Series A General Catalyst, Accel, Arbor Ventures, Eight Roads Ventures,

8 Uni $70M
2021-12-15 Elevation Capital
India
Series A
9 8fig $50M
2021-10-28
Battery Ventures, LocalGlobe, Matt Robinson United States
Series A
9 QI Tech $50M
2021-11-05
GIC Brazil
16
Late-stage median deal size more than doubles in 2021 to $90M
$90M
2021
109%
increase
2015 2017 2019 2021
17
STATE OF FINTECH | GLOBAL TRENDS | EXIT TRENDS
Global fintech M&A exits surge to a new high of 906 in 2021
906 M&A exits

2021
68% increase
2015 2016 2017 2018 2019 2020 2021
18
Median IPO valuation jumps 140% to a record high of $2.4B
$2.4B
2021
140%
increase
2015 2016 2017 2018 2019 2020 2021
19
STATE OF FINTECH | GEOGRAPHIC TRENDS | LATAM TRENDS
LatAm fintech funding smashes record in 2021, up 269% from 2020
$14. 0B
$12.9B
2021
$12. 0B
$10. 0B
$8.0B 269%
increase
$6.0B
$4.0B
$2.0B
$0.0B
2015 2016 2017 2018 2019 2020 2021
20
Global Trends
2021
21
Investment Trends
GLOBAL TRENDS | 2021
22
Global fintech funding and deals soar to record highs in 2021
Funding
$140.0B
$131.5B
5,000
$120.0B
Deals
$100.0B
4,969
4,000
3,540 3,542 3,491
$80. 0B
2,901
3,000
2,316
$60. 0B
$53.3B
1,997
$47.6B $49.0B
2,000
$40. 0B
$28.9B
$22.0B $23.4B
1,000
$20. 0B
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
23
Q4'21 is second-strongest quarter ever for fintech funding and deals
$40. 0B Deals 1,400

1,306
$36.6B 1,256
1,183
1,224 Funding
$35. 0B
$32.7B $34.9B
1,200
$30. 0B 1,006
926 940 932 $27.2B 1,000
886 888
840 848 857 853
$25. 0B 822
$24.2B 775
729 736 728 800
708
$20. 0B 642
558 566 550

545 600
503 506
$15. 0B 443 $12.9B $12.9B $12.7B
$10.8B $11.4B $11.5B $11.8B $11.4B $11.9B
$9.7B 400
$9.4B $8.8B
$10. 0B $8.6B
$7.8B $7.7B $7.4B
$6.3B
$5.7B
$4.7B $5.0B 200
$5.0B $3.9B $4.0B $3.7B
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
24
US leads in Q4’21 deals and funding, followed by Asia and Europe
Canada
$0.3B
29 Deals Asia
Europe
$8.2B
US $5.6B 352 Deals
284 Deals
$18.2B
423 Deals
All Other
Regions
LatAm $0.7B
79 Deals
$1.9B
89 Deals
25
In Q4'21, US funding is worth more than all other regions combined
US Asia Europe LatAm Canada All Other Regions
$18.2B
$14.8B
$5.6B
$8.2B
$6.0B
$1.9B
$4.4B $5.2B
$4.2B
$3.6B
$2.8B
$0.3B $0.7B
$1.6B
$0.9B
$0.4B $0.0B $0.2B
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
26
US deal share falls to new low in Q4'21, while Asia & Europe pick up share
6% 6% 5% 5% 5% 5% 7% 5% 6% 6% All Other Regions, 6%

6% 6%
Canada, 2%
5% 5% 6% 5% 6% 7% LatAm, 7%
20% 17% 19% 23% 21%
23% 20%
20% 23% 22% 27%
24% 28% 22% 23% 24% 20%
27% 23% 24% 24% 25% 20%
28% 25% 25% 23% Europe, 23%
21% 23%
24% 23% 24%
26% 25% 27% 31%
23% 27%
22% 29% 30% 26% 25% 30% 24% 26%
23% 27% 25% 24% 24%
26%
22% 26% Asia, 28%
51% 50% 48% 48% 47%

43% 42% 41% 40% 41% 40%
39% 40% 39% 39% 37% 39% 37% 38% 38% 38%
37% 36% 37% 37% 36%
35% US, 34%
2015 2016 2017 2018 2019 2020 2021
27
VCs still lead in deal share among investors, but asset/investment

management and corporations grab higher share in Q4’21
18% 19% 18%

23% 21% 22% 20% 23% 20% 25% 21% 22% 21% 24% 21% 22% 23% 24% 20% 22% 20% 23% 22% 23% 22% 23% 20% Other, 21%
5% 6% 5%
6% 5% 5%
6% 5% 6% 6% 5%
5%
5%
5% Private Equity, 4%
6% 6% 5%
9%
9% 11% 10% 9%
6% 8% Incubator/Accelerator, 5%
9% 7% 8% 5% 8% 10% 7% 7% 7% 7% 8% 7%
17% 12% 12% 6% 11%
11%
7%
8% 7% CVC, 7%
9% 8% 8%
7% 6% 9% 7% 8% 9% 8% 7%
5% 7% 8%
8%
8% 9% 10% 10% 10%
7%
7% 8% 9% 11% 11% Angel, 10%
12% 7% 9% 9%
11% 10% 9% 9% 9% 9% 8% 7% 7% 9% 9%
9% 11% 10% 8% 8%
10% 9% 8%
10%
7%
11% 10% 10% 9%
10% 10% Corp, 11%
7% 7% 9% 10% 10% 11% 10% 9% 10% 10% 9% 10%
7% 8% 10% 9% 9%
8% 10%
5% 7% 5% 8%
5% 6% 9% 8%
6% 5% 6% 7% 7% 7% 8% 7% 8% 7% 9% 8% 10% 12% 12% Asset/Investment Management, 13%
7% 7%
35% 34% 35% 35%

30% 33% 32% 33% 30% 31% 32% 32% 31% 31% 31% 31% 29% 31% 31% 32% 29% 32% 30% 31% 30% 30% 29% VC, 28%
2015 2016 2017 2018 2019 2020 2021
28
Average global deal size reaches $32M in 2021, up 78% YoY
$32M
$21M
$19M $18M
$14M
$13M $13M
$5M
$4M $4M
$3M
$2M $2M $2M
2015 2016 2017 2018 2019 2020 2021

Average Size Median Size
29
Median deal size is up YoY across regions in 2021
$7M
$5M $5M $5M

$5M
$4M
$4M $4M
$3M
$3M
$3M
$2M
$2M
$2M
$1M
$1M
$1M $1M
2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021
30
Median deal size is up YoY for all investors except corporations in 2021
Angel Asset/Investment CVC Corp Private Equity VC

Management
$37.0M
$28.0M
$21.5M $21.4M
$19.4M $18.4M
$14.6M
$13.8M
$6.8M $11.2M
$7.0M $10.0M
$10.0M
$8.5M
$4.5M $6.9M
$4.0M
$2.5M
2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021
31
The number of $100M+ mega-rounds triples YoY to 343 deals in 2021
Deals
$120.0B 343 350
300
$100.0B
Funding
$86.5B
250
$80. 0B
200
$60. 0B
150
114
$40. 0B 99
$31.6B 100
77 $24.1B $23.9B
54
$20. 0B 40
50
$11.0B
$13.7B
$9.8B 26
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
32
Number of mega-rounds dips QoQ in Q4'21, funding holds strong
95 95 100
Deals
$30. 0B 85 90
Funding80
$24.7B
$25. 0B $23.6B
68
70
$20.7B
$20. 0B 60
$18.4B
$17.6B 50
$15. 0B
40
31 30 31
28
$10. 0B 30
24 24 24 23
21 22 22
$7.2B
$6.3B 19
$5.9B $5.7B 20
13 13 13 $5.2B $4.9B $7.4B $5.0B $5.7B $4.9B
$5.0B 11 $4.7B 12
10 $6.1B
9
7 7 7
5 10
4 $4.3B
$3.1B $4.1B $2.9B $3.1B
$1.5B $1.1B $1.5B $2.6B $0.7B $1.8B
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
33
The US leads in mega-round deals and funding in Q4’21
Canada
$0.1B
1 Deal Asia
Europe
$5.2B
US $3.7B 18 Deals
14 Deals
$13.3B
44 Deals
All Other
Regions
LatAm $0.2B
2 Deals
$1.0B
6 Deals
34
Asia mega-rounds hit new high in Q4'21, while US mega-rounds rebound
46
41 41
US, 44
19
17
17
15
16 Asia, 18
13
11 11
Europe, 14
7
10 6
3 2 3 LatAm, 6
3 2 1 All Other Regions, 2
1 4
Canada, 1
2015 2016 2017 2018 2019 2020 2021
35
Global mega-rounds make up 7% of total deals in Q4’21
98% 98% 98% 97% 98% 97% 97% 97% 97% 97% 97% 97% 96% 96% 97% 94% 92% 93% Non-mega-rounds, 93%
99% 99% 98% 99% 99% 99% 98% 98% 99%
6% 8% 7% Mega-rounds, 7%
2015 2016 2017 2018 2019 2020 2021
36
Global mega-rounds account for 67% of total funding in Q4’21
24%
33% 35%
33%
37%
Non-mega-rounds, 33%
45% 43% 44%
47% 47% 49% 48% 46%
51% 54% 52% 51% 52%
56%
62% 63% 61% 62%
64%
68%
73%
82%
76%
67% 65%
67%
63%
Mega-rounds, 67%
55% 57% 56%
53% 53% 52% 54%
49% 48% 51% 49%
46% 48%
44%
38% 37% 39% 38%
36%
32%
27%
18%
2015 2016 2017 2018 2019 2020 2021
37
Global: Top equity deals in Q4'21

Round Round Round % of Total
Company Select Investors Country
Amount Date Valuation Funding
Abu Dhabi Investment Authority, Avanda Investment
Private Equity
1 GoTo $1.3B
2021-11-11
N/A Management, Fidelity International, Google, Permodalan Indonesia 3.7%
Nasional Berhad
Private Equity
2 Integrity Marketing Group $1.2B
2021-12-09
N/A Silver Lake United States 3.4%
Series D SoftBank Group, Uprising Capital, Andreessen Horowitz,

2 Devoted Health $1.2B
2021-10-08
$12.6B
General Catalyst, Premji Invest
United States 3.3%
Growth Equity WestCap Group, Bessemer Venture Partners, FinTech

4 NYDIG $1.0B
2021-12-14
$7.0B
Collective, MassMutual, Morgan Stanley
United States 2.9%
Series E Coatue Management, Third Point Ventures, Dragoneer

5 N26 $900M
2021-10-11
$9.2B
Investment Group
Germany 2.6%
Series F
6 Better.com $750M
2021-12-03
N/A Aurora Acquisition, SoftBank Group United States 2.1%
Series A Coatue Management, Tiger Global Management, New

7 MoonPay $555M
2021-11-22
$3.4B
Enterprise Associates, Blossom Capital, Paradigm
United States 1.6%
Corporate Minority
8 Atome $500M
2021-10-13
N/A Standard Chartered Singapore 1.4%
Series H Abu Dhabi Fund for Development, Accel, General

8 Monzo $500M
2021-12-08
$4.5B
Catalyst, Goodwater Capital, Coatue Management
United Kingdom 1.4%
Series E Bain Capital, Tiger Global Management, Commerce

10 Socure $450M
2021-11-09
$4.5B
Ventures, Scale Venture Partners, Sorenson Ventures
United States 1.3%
38
At 64%, early-stage deal share continues to dominate in 2021
10% 10% 10% 11% 9%

12%
Other, 8%
9% 9% 11%
11% Late-stage, 12%
12% 12%
14% 13%
12%
13%
15% Mid-stage, 16%
15%
67% 68% 66% 64% 65%

61% Early-stage, 64%
2015 2016 2017 2018 2019 2020 2021
39
The US leads in deal share across stages in Q4’21
All Other Regions 7% 6%
Canada 7%
6%
LatAm 8%
13% 26%
18%
Europe 25%
11%
31%
33%
Asia 28%
55%
42%
35%
US 29%
Early-stage Mid-stage Late-stage Other
40
Median late-stage deal size more than doubles YoY in 2021
Early-stage Mid-stage Late-stage
$90M
$43M
$38M
$24M
$22M
$18M
$2M $2M $3M
2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021
41
Median months between raises falls across most rounds in 2021
Seed/Angel to Series A Series A to B Series B to C Series C to D Series D to E+
18
16 16
15 16 15
15
14 14
12
2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021
42
Global: Top seed/angel deals in Q4'21

Round
Date
Seed VC Binance Labs, Circle Ventures, DeFiance Capital, HashKey
1 Multichain $60M
2021-12-21 Capital, Hypersphere Ventures
Singapore
Seed
2 Locality Bank $35M
2021-12-06
N/A United States
Seed VC
3 OptiFunder $25M
2021-11-22
Arthur Ventures United States
Seed
4 BridgeFund $23M
2021-10-08
N/A Netherlands
Seed VC
5 Structure $20M
2021-12-01
Polychain Capital, Ascensive Assets, Bixin Capital Virgin Islands (British)
Angel
6 Chip Financial $16M
2021-10-18
Crowdcube United Kingdom
Seed VC
6 Lecheng Yunfu $16M
2021-12-14
REDHILL CAPITAL China
Seed VC
6 Joyin Tech $16M
2021-12-13
Guoxin Venture Capital China
Seed
6 Cover Whale $16M
2021-10-05
Ambac Financial Group United States
Seed
10 GPARENCY $15M
2021-11-22
Customers Bancorp United States
Seed VC Google Ventures, Core Innovation Capital, Felicis, Human

10 Groundswell $15M
2021-11-30 Ventures, Moonshots Capital
United States
43
Global: Top Series A deals in Q4'21

Round
Date
Series A Coatue Management, Tiger Global Management, New Enterprise

1 MoonPay $555M
2021-11-22 Associates, Blossom Capital, Paradigm
United States
2 Gemini $400M
2021-11-19 Technology, Marcy Venture Partners
United States
Series A
3 First Digital Bank $120M
2021-12-14
Julius Baer Group, SBI Group, Tencent Holdings Israel
Series A SoftBank Latin America Fund, International Finance Corporation, LTS

4 Open Co $115M
2021-12-15 Investments, Raiz Investimentos
Brazil
Series A
5 Masterworks $110M
2021-10-05
Left Lane Capital, Galaxy Interactive, Tru Arrow Partners United States
Series A Accomplice, Agman Partners, Alphemy Capital, CMT Digital, Continue

6 CoinList $100M
2021-10-15 Capital
United States
Series A
2021-11-19
Gries Investment Funds, TampaBay Ventures United States
Series A General Catalyst, Accel, Arbor Ventures, Eight Roads Ventures,

8 Uni $70M
2021-12-15 Elevation Capital
India
Series A
9 8fig $50M
2021-10-28
Battery Ventures, LocalGlobe, Matt Robinson United States
Series A
9 QI Tech $50M
2021-11-05
GIC Brazil
44
Global: Top Series B deals in Q4'21

Round
Date
Series B Institutional Venture Partners, Lightspeed Venture Partners,
1 FTX $421M
2021-10-21 Sequoia Capital, Ribbit Capital, Temasek
Bahamas
Series B
2 Celsius Network $400M
2021-10-12
Caisse de depot et placement du Quebec, WestCap Group United States
Series B - II
2021-12-14
N/A United States
Series B General Atlantic, SoftBank Latin America Fund, 3L, DILA Capital, DN
4 Incode Technologies $220M
2021-12-07 Capital
United States
Series B Insight Partners, Tiger Global Management, Blume Ventures,

4 Slice $220M
2021-11-28 Gunosy Capital, 8i Ventures
India
Series B
6 Plate IQ $160M
2021-11-04
FTV Capital United States
Series B DST Global, Institutional Venture Partners, Alpha JWC Ventures,

7 Ajaib $153M
2021-10-04 Horizons Ventures, Insignia Ventures Partners
Indonesia
Greater Bay Area Homeland Investments, Alibaba Entrepreneurs

Series B
8 Qupital $150M
2021-11-09
Fund, MindWorks Ventures, Citi Ventures, Innovation and Hong Kong
Technology Commission (Hong Kong)
Series B Valor Equity Partners, Galaxy Interactive, Motley Fool Ventures,
8 Republic $150M
2021-10-19 Tribe Capital, Atreides Capital
United States
Series B Greenoaks Capital Management, Earlybird Venture Capital, Eleven

10 Payhawk $112M
2021-11-22 Ventures, QED Investors, tiny.vc
United Kingdom
45
Global: Top Series C deals in Q4'21

Round
Date
Series C
1 TradingView $298M
2021-10-14
Tiger Global Management United States
Series C Andreessen Horowitz, Coinbase Ventures, Paradigm, Ribbit Capital,

2 CoinSwitch Kuber $260M
2021-10-06 Sequoia Capital India
India
Series C Andreessen Horowitz, Lightspeed Venture Partners, Redpoint

3 Alchemy $250M
2021-10-28 Ventures, Addition, Coatue Management
United States
Series C Global Growth Capital, Sequoia Capital, Kleiner Perkins Caufield &
3 Rippling $250M
2021-10-21 Byers, Threshold Ventures, Founders Fund
United States
Series C Coatue Management, Bain Capital Ventures, Creandum, Founders,

5 Pleo $200M
2021-12-09 Kinnevik
Denmark
Series C Nyca Partners, Backed VC, British Patient Capital, Eurazeo, IQ

5 Thought Machine $200M
2021-11-29 Capital
United Kingdom
Series C FTX, Bezos Expeditions, Deciens Capital, One Way Ventures, Ribbit
7 Chipper Cash $150M
2021-11-02 Capital
United States
Series C General Atlantic, Battery Ventures, Bessemer Venture Partners,

7 Hibob $150M
2021-10-12 Eight Roads Ventures, Entree Capital
Israel
Series C SoftBank Group, Kaszek Ventures, ThornTree Capital Partners, Allen

9 Alice $127M
2021-12-21 & Company, G Squared
Brazil
Series C
10 Moonfare $125M
2021-11-02
Insight Partners, Fidelity International Strategic Ventures Germany
Series C GGV Capital, GIC, General Catalyst, Lightspeed Venture Partners,

10 stori $125M
2021-11-11 Source Code Capital
Mexico
46
Global: Top Series D deals in Q4'21

Round Round Round
Amount Date Valuation
Series D SoftBank Group, Uprising Capital, Andreessen Horowitz, General Catalyst, Premji
2021-10-08
$12.6B
Invest
United States
Series D Coatue Management, Andreessen Horowitz, Spark Capital, Y Combinator,

2 Deel $425M
2021-10-18
$5.5B
Altimeter Capital
United States
Series D
3 Anchorage Digital $350M
2021-12-15
$3.0B KKR, Andreessen Horowitz, Blockchain Capital, Elad Gil, Alameda Research United States
Series D D1 Capital Partners, Casa Verde Capital, DFJ Growth Fund, Dragoneer Investment
3 Dutchie $350M
2021-10-14
$3.8B
Group, Gron Ventures
United States
Series D
5 SaltPay $345M
2021-11-23
N/A N/A United Kingdom
Series D Activant Capital, General Atlantic, Tribe Capital, Moore Strategic Ventures, Soma
6 Bolt $333M
2021-10-08
$6.0B
Capital
United States
Series D
7 WeLab $240M
2021-12-07
N/A N/A Hong Kong
Series D
8 Swile $200M
2021-10-11
$1.0B SoftBank Latin America Fund, Index Ventures, Bpifrance, Eurazeo, Headline France
Series D Stepstone Group, Angel Ventures Mexico, Richmond Global, Rise Capital,
9 Kueski $102M
2021-12-02
N/A
Tuesday Capital
Mexico
Series D Emtek Group, Mirae Asset Capital, Permodalan Nasional Berhad, Greater Honour
10 Carro $100M
2021-11-30
N/A
International, Shinhan Financial Group
Singapore
Series D
10 Fundbox $100M
2021-11-30
$1.1B HOOPP, Allianz X, Khosla Ventures, BNY Mellon, The Private Shares Fund United States
Series D
10 Ladder $100M
2021-10-04
$900M OMERS Private Equity, Thomvest Ventures United States
47
Global: Top Series E+ deals in Q4'21

Round
Company Round Amount Round Valuation Select Investors Country
Date
Series E Coatue Management, Third Point Ventures, Dragoneer
1 N26 $900M
2021-10-11
$9.2B
Investment Group
Germany
Series F
2 Better.com $750M
2021-12-03
N/A Aurora Acquisition, SoftBank Group United States
Series H Abu Dhabi Fund for Development, Accel, General Catalyst,

3 Monzo $500M
2021-12-08
$4.5B
Goodwater Capital, Coatue Management
United Kingdom
Series E Bain Capital, Tiger Global Management, Commerce Ventures,

4 Socure $450M
2021-11-09
$4.5B
Scale Venture Partners, Sorenson Ventures
United States
Series E
5 Fireblocks $400M
2021-12-02
$8.0B Sequoia Capital United States
Series F Alkeon Capital Management, Lone Pine Capital, Technology

6 Razorpay $375M
2021-12-20
$7.5B
Crossover Ventures, GIC, Sequoia Capital India
India
Series E
7 Brex $300M
2021-10-22
$12.3B Greenoaks Capital Management United States
Series J SoftBank Group, Augmentum Fintech, IAG Capital Partners,

7 Zopa $300M
2021-10-19
$1.0B
Northzone Ventures, Chimera Investments
United Kingdom
Series F Coatue Management, DST Global, Koch Disruptive

9 Upgrade $280M
2021-11-16
$6.3B
Technologies, Ribbit Capital, Sands Capital
United States
Series F G Squared, 01 Advisors, Durable Capital Partners, Zeev

10 Tipalti $270M
2021-12-08
$8.3B
Ventures, Marshall Wace Asset Management
United States
48
Global: Top companies that raised funding by Mosaic score in Q4'21

Mosaic Round Round Round
Score Amount Date Valuation
1 Razorpay 990 $375M
2021-12-20
$7.5B
India
Series A Morgan Creek Digital, 10T Fund, Jane Street Group, K5

2 Gemini 980 $400M
2021-11-19
$7.1B
Global Technology, Marcy Venture Partners
United States
Series E
3 Brex 970 $300M
2021-10-22
$12.3B Greenoaks Capital Management United States
Series E ICONIQ Growth, Propel Venture Partners, Ribbit Capital,

3 Groww 970 $251M
2021-10-24
$3.0B
Sequoia Capital India, Tiger Global Management
India
Series F G Squared, 01 Advisors, Durable Capital Partners, Zeev

3 Tipalti 970 $270M
2021-12-08
$8.3B
Ventures, Marshall Wace Asset Management
United States
Series F
6 Better.com 960 $750M
2021-12-03
N/A Aurora Acquisition, SoftBank Group United States
Series E
7 Airwallex 950 $100M
2021-11-18
$5.5B Lone Pine Capital, 1835i, Sequoia Capital China Australia
Series D Activant Capital, General Atlantic, Tribe Capital, Moore

7 Bolt 950 $333M
2021-10-08
$6.0B
Strategic Ventures, Soma Capital
United States
Series E
7 Mambu 950 $266M
2021-12-09
$5.5B EQT Partners Netherlands

7 Monzo 950 $500M
2021-12-08
$4.5B
United Kingdom
49
Unicorns & Valuations
50
Unicorn births nearly triple YoY in Q4’21 as total number reaches 235
Total Unicorns, 235

208
171
137
113
48 45
30
New Unicorns, 34
12
2015 2016 2017 2018 2019 2020 2021
51
The US accounts for half of fintech unicorn births in Q4’21
Canada
6
1 New Unicorn Asia
Europe
48
US 42 11 New Unicorns
5 New Unicorns
121
17 New Unicorns
All Other
Regions
LatAm 4
0 New
14 Unicorns
0 New
Unicorns
52
Asia surpasses Europe in fintech unicorn births in Q4’21
26
21
19
US, 17
9
Asia, 11
7
7 7
6
8 5
3
Europe, 5
2 3
1 5
2 Canada, 1
1 LatAm, 0
2
1 All Other Regions, 0
2015 2016 2017 2018 2019 2020 2021
53
The US' lead in total unicorns widens in Q4’21
US, 121
107
91
73
59
Asia, 48
39
35 Europe, 42
30
26 37
30
17
23 10
15 LatAm, 14
9 9 3 5 Canada, 6
2 2 2 5
All Other Regions, 4
2015 2016 2017 2018 2019 2020 2021
54
Average time from first funding to unicorn status remains flat in 2021
53
Average Months, 52
45
Median Months, 46
2015 2016 2017 2018 2019 2020 2021
55
Global: Top unicorn births in Q4’21 by valuation
Company Latest Valuation Country
1 Digital Currency Group $10.0B United States
2 Gemini $7.1B United States
3 Bolt $6.0B United States
4 Alchemy $3.5B United States
4 Celsius Network $3.5B United States
6 MoonPay $3.4B United States
6 Upstox $3.4B India
8 ConsenSys $3.2B United States
9 Anchorage Digital $3.0B United States
9 TradingView $3.0B United States
56
Global: Top 10 unicorns in Q4'21 by valuation
Company Latest Valuation Country
1 Stripe $95.0B United States
2 Klarna $45.6B Sweden
3 Revolut $33.0B United Kingdom
4 Chime $25.0B United States
4 FTX $25.0B Bahamas
6 Checkout.com $15.0B United Kingdom
7 Plaid $13.5B United States
8 Devoted Health $12.6B United States
9 Brex $12.3B United States
10 Digital Currency Group $10.0B United States
10 Gusto $10.0B United States
10 Ripple $10.0B United States
57
Median valuations increase across all deal stages, late-stage reaches $1B+
Early-stage Mid-stage Late-stage
$1,600M
$970M
$500M
$268M
$200M
$100M
$14M $23M
$42M
2015 2017 2019 2021 2015 2017 2019 2021 2015 2017 2019 2021
58
Exit Trends
59
Global exits reach new heights across all exit types in 2021
M&A, 906
540
31
4
IPO, 75
SPAC, 16
2015 2016 2017 2018 2019 2020 2021
60
M&A and IPO activity tick up in Q4'21 as SPAC activity dips QoQ
231 232
M&A, 235
208
179
22 16 IPO, 27
10 10
6
1
3 5 SPAC, 2
2015 2016 2017 2018 2019 2020 2021
61
US holds lead in global exit share in Q4’21, but Europe and Asia see growth
6% 6%
6%
6% 6% 5% 7% 6% 8%
5%
5%
6% All Other Regions, 7%
6% 7% 5% 7% 7%
10%
10% 6%
6%
6% 5% Canada, 4%
6% 9% 9%
5% 5% 9% LatAm, 8%
5% 9%
22% 26%
22% 28%
34% 33% 33% 34% 26%
22% 32% 27% 31%
33% 32% 30% 37% 32%
24% 37% 35% 26% 31% 34%
8% 8%
35%
32%
31% Europe, 33%
14%
7%
10%
9% 10%
11% 23% 8% 9%
13% 13% 15% 20% 11% 11% 11%
9% 16% 10%
16% 10% 10%
12%
14% 10% Asia, 13%
59% 59%
54% 55%
48% 50% 47%
47% 46% 47%
43% 44% 42% 42% 42% 42% 43% 42%
38% 38% 40% 38% 38% 39% 40%
34% 36% US, 35%
2015 2016 2017 2018 2019 2020 2021
62
Median exit valuation for IPOs grows to an all-time high of $2.4B in 2021
$2,414M
$1,013M $1,034M
$893M
$677M
$603M
$413M
2015 2016 2017 2018 2019 2020 2021
63
Global: Top M&A exits in Q4'21
Company Round Valuation Acquirer Country
1 SimpleNexus $1.2B nCino United States
1 American First Finance $1.2B FirstCash United States
3 Fair Square Financial $750M Ally Financial United States
4 Flow $500M Global-e United States
4 Investment Metrics $500M Confluence United States
6 Mir Protocol $400M Polygon United States
6 Tapjoy $400M ironSource United States
8 Quantile Technologies $362M The London Stock Exchange United Kingdom
9 Gabi $320M Experian United States
10 bottlepay $300M NYDIG United Kingdom
64
Global: Top IPOs in Q4'21
Company Round Valuation Country
1 Nubank $41.5B Brazil
2 One97 Communications $13.6B India
3 AvidXchange $4.8B United States
4 NerdWallet $1.2B United States
5 Enfusion $451M United States
6 SocietyPass $171M Vietnam
7 American Challenger Development Corp $119M United States
8 Norwegian Block Exchange $64M Norway
9 Directa Sim $56M Italy
10 TradeWindow $55M New Zealand
65
Global: SPACs in Q4'21
Company Round Valuation Select Investors Country
1 Grab $39.6B Altimeter Growth Singapore
2 Bakkt $2.1B VPC Impact Acquisition United States
66
Investors
67
STATE OF FINTECH | GLOBAL TRENDS | INVESTORS
Global: Top investors by company count in Q4'21
Investor Company Count Investor Group Country
1 Tiger Global Management 37 Asset/investment management United States
2 Global Founders Capital 23 VC Germany
3 Accel 17 VC United States
4 Andreessen Horowitz 15 VC United States
4 Jump Capital 15 VC United States
4 Sequoia Capital India 15 VC India
7 SoftBank Group 14 Other Japan
8 Coinbase Ventures 13 CVC United States
9 General Catalyst 12 VC United States
9 Ribbit Capital 12 VC United States
9 Sequoia Capital 12 VC United States
9 Tencent Holdings 12 Corp China
68
Global: Top investors by median Mosaic score of companies in 2021

Median Median Median Median Median
Investor Country
Mosaic Score Money Score Momentum Score Market Score Management Score
1 Lone Pine Capital 950 United States 980 920 960 600
2 Baillie Gifford & Co. 945 United Kingdom 945 970 960 580
3 01 Advisors 910 United States 960 820 940 540
3 DFJ Growth Fund 910 United States 970 860 850 630
5 Durable Capital Partners 900 United States 975 840 900 600
5 Pillar 900 United States 950 810 850 540
7 G Squared 890 United States 970 845 940 670
7 GoldenTree Asset Management 890 United States 950 830 960 605
9 D1 Capital Partners 885 United States 960 820 855 635
10 Dragoneer Investment Group 880 United States 965 820 940 595
10 Marshall Wace Asset Management 880 United Kingdom 970 835 940 640
10 Technology Crossover Ventures 880 United States 960 810 960 540
69
Global: Top VCs by company count in Q4'21
Investor Company Count Country
1 Global Founders Capital 23 Germany
2 Accel 17 United States
3 Andreessen Horowitz 15 United States
3 Jump Capital 15 United States
3 Sequoia Capital India 15 India
6 General Catalyst 12 United States
6 Ribbit Capital 12 United States
6 Sequoia Capital 12 United States
9 AU21 11 China
9 Fenbushi Capital 11 China
70
Global: Top VCs by median Mosaic score of companies in 2021

Median Median Median Median Median
Investor Country
Mosaic Score Money Score Momentum Score Market Score Management Score
1 01 Advisors 910 United States 960 820 940 540
1 DFJ Growth Fund 910 United States 970 860 850 630
3 Durable Capital Partners 900 United States 975 840 900 600
3 Pillar 900 United States 950 810 850 540
5 G Squared 890 United States 970 845 940 670
6 Technology Crossover Ventures 880 United States 960 810 960 540
7 LUN Partners Capital 870 China 930 770 960 620
7 Matrix Partners India 870 India 960 720 950 485
7 Moore Strategic Ventures 870 United States 925 745 960 605
7 Scale Venture Partners 870 United States 970 750 940 630
71
Global: Top CVCs by company count in Q4'21
Investor Company Count Country
1 Coinbase Ventures 13 United States
2 Huobi Ventures 8 Seychelles
3 Alameda Research Ventures 5 Hong Kong
3 Citi Ventures 5 United States
5 KB Investment 4 South Korea
5 Prosus Ventures 4 Netherlands
5 Saison Capital 4 Singapore
5 ViaBTC Capital 4 China
5 Wells Fargo Strategic Capital 4 United States
72
Global: Top CVCs by median Mosaic score of companies in 2021
Median Median Money Median Momentum Median Market Median Management

Investor Country
Mosaic Score Score Score Score Score
1 Wells Fargo Strategic Capital 860 United States 920 750 940 615
2 PayPal Ventures 850 United States 940 720 940 570
2 SCB 10X 850 Thailand 890 770 960 450
4 CapitalG 830 United States 890 740 900 550
5 Kraken Ventures 825 United States 865 720 950 570
6 GS Growth 820 United States 925 775 940 665
7 Fidelity International Strategic Ventures 815 United Kingdom 800 630 960 485
8 Allianz X 805 Germany 950 780 940 640
9 Citi Ventures 800 United States 910 750 940 560
9 CreditEase Fintech Investment Fund 800 China 900 680 940 500
9 Salesforce Ventures 800 United States 910 770 910 550
73
Global: Top investor pairs by number of shared companies in 2021
2021 Shared Portfolio

Investor 1 Name Investor 1 Country Investor 2 Name Investor 2 Country
Companies
1 X21 United States AU21 China 15
2 AU21 China Moonwhale Ventures Singapore 13
3 GBV Capital Hong Kong AU21 China 11
4 Genblock United States AU21 China 10
5 Accel United States Tiger Global Management United States 9
5 DeFiance Capital Singapore Three Arrows Capital Singapore 9
5 Tiger Global Management United States Insight Partners United States 9
74
Collection Spotlights
2021
75
Payments
COLLECTION SPOTLIGHTS | 2021
76
STATE OF FINTECH | COLLECTION SPOTLIGHTS | PAYMENTS
Payments funding reaches record-breaking levels in 2021, up 124% YoY
$35. 0B Funding 800

$32.7B
700
$30. 0B
$25.8B Deals
600
$25. 0B 542 695
520
470 500
$20. 0B 417
400
353 $15.9B
$14.6B
$15. 0B
278
300
$9.4B $9.5B
$10. 0B
200
$4.9B
$5.0B
100
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
77
Payments funding and deals up 250% and 40% YoY, respectively, in Q4'21
$20. 0B 250
$18. 0B $17.4B 212

Deals
$16. 0B
164 200
$14. 0B 165 165 154

157
$12. 0B 136 150

130 133
129
111 113 117 Funding
116 116 $9.7B
$10. 0B
109
114
109 $9.1B
101
97
93 93
$8.0B $7.2B 100
79 82 81 $6.7B
72 69
$6.0B $5.5B
58 $4.6B
$4.6B $4.6B $4.4B
$4.1B
$4.0B $3.6B $3.5B 50
$2.9B $2.8B $3.0B
$2.5B $2.7B $2.6B
$2.3B $2.2B
$1.9B
$2.0B $1.1B $1.0B $0.9B
$0.7B $0.5B $0.6B
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
78
US-based payments startups lead in global funding in Q4’21
$4.2B
$2.4B
$2.8B
$1.6B
$2.5B $1.5B
$1.2B
$1.4B $0.3B
$0.8B
$0.4B
$1.1B
$0.7B
$0.0B
$0.2B
$0.0B $0.0B $0.0B
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
79
US deal share falls 7 percentage points QoQ in Q4'21
6% 5% 7% 6% 7% 5% 6% 5%
5% 9% 6% 8% 9% 8% 8%
5% 8%
10% All Other Regions, 12%
5% 5% 7%
8% 5% 8%
6% 8%
8% Canada, 2%
19% 15% 17% 20% 17% 19%
LatAm, 7%
22% 20% 21% 27%
22% 23% 28% 21% 29%
30% 23% 25% 19% 21%
26% 26% 25% 23% 27% 21% 20%
Europe, 24%
24% 28%
29% 14% 29% 25% 28%
27% 24% 32% 28%
20% 28%
20% 30% 23%
26% 24% 29% 32% 27%
23% 26% 32% 22% 31%
28%
Asia, 26%
48% 51%
47%
42% 44% 43% 43% 43% 44% 43%
41% 39% 40% 38% 40%
36% 37% 38% 35% 37% 36%
35% 32% 34% 33% 33%
31% US, 29%
2015 2016 2017 2018 2019 2020 2021
80
Median deal size grows 57% YoY to reach all-time high of $11M in 2021
$68M
$55M
$39M
$34M
$32M
$28M
$21M
$11M
$7M $7M $7M
$4M $4M $5M
2015 2016 2017 2018 2019 2020 2021

81
Mid-stage deal share grows to its highest point in years, at 24%
8% 7% 9% 7% 8% 9%
Other, 5%
13% 14% 17% 15%

Late-stage, 18%
17% 20%
20% 18%
16% 20% 18%
20%
Mid-stage, 24%
59% 60% 58% 58%

56%
2015 2016 2017 2018 2019 2020 2021
82
Payments: Top equity deals in Q4'21

1 MoonPay $555M
2021-11-22
$3.4B
United States 6.1%
Corporate Minority
2 Atome $500M
2021-10-13
N/A Standard Chartered Singapore 5.5%

3 Socure $450M
2021-11-09
$4.5B
United States 4.9%
Series D Coatue Management, Andreessen Horowitz, Spark Capital, Y

4 Deel $425M
2021-10-18
$5.5B
Combinator, Altimeter Capital
United States 4.7%

5 Razorpay $375M
2021-12-20
$7.5B
India 4.1%
Series D D1 Capital Partners, Casa Verde Capital, DFJ Growth Fund,

6 Dutchie $350M
2021-10-14
$3.8B
Dragoneer Investment Group, Gron Ventures
United States 3.8%
Series D
7 SaltPay $345M
2021-11-23
N/A N/A United Kingdom 3.8%
Series D Activant Capital, General Atlantic, Tribe Capital, Moore

8 Bolt $333M
2021-10-08
$6.0B
Strategic Ventures, Soma Capital
United States 3.7%
Series E
9 Brex $300M
2021-10-22
$12.3B Greenoaks Capital Management United States 3.3%
Private Equity Insight Partners, Warburg Pincus, Ayala Corporation, Bow

9 Mynt $300M
2021-11-01
$2.0B
Wave Capital, Amplo
Philippines 3.3%
83
11 new payments unicorns in Q4’21 bring total to 69
Total Unicorns, 69
61
56
50
40
13
11 10
New Unicorns, 11
3
2015 2016 2017 2018 2019 2020 2021
84
M&As tick up in 2021, while IPOs and SPACs surge
M&A, 87
73
IPO, 18
6
1 SPAC, 4
2015 2016 2017 2018 2019 2020 2021
85
IPO and SPAC activity up slightly QoQ, while M&A exits fall in Q4’21
31
27
18
16
M&A, 13
8
2
2
3 IPO, 5
1 1
SPAC, 1
2015 2016 2017 2018 2019 2020 2021
86
Banking
87
STATE OF FINTECH | COLLECTION SPOTLIGHTS | BANKING
Banking deals and funding reach record highs in 2021
Funding
$24.7B 500
$25. 0B
Deals
394
$20. 0B 400
346
327
288
$15. 0B 300
239
201 $10.8B
$10. 0B $9.3B 200
145
$5.5B
$5.0B $3.9B 100
$3.3B
$2.0B
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
88
Banking deals and funding slide QoQ in Q4'21
$9.0B 132 140
$8.0B
120
110
$7.0B $8.4B
94 100
90 88
Funding
$6.0B 87
83 81
84 $7.1B $5.3B
80 79 78
75 80
$5.0B
67 69
65 64
59 61 $3.9B Deals
$4.0B 54 64
60
49 $3.2B
43
$3.0B 39 39 $2.7B
35 37 $2.4B $2.5B $2.4B $2.4B $2.5B
34 40
$2.1B
$2.0B $1.6B $1.6B $1.5B $1.5B $1.5B
$1.0B $1.0B $1.1B 20
$1.0B $0.8B $0.7B $0.6B $0.5B $0.5B
$0.3B $0.4B $0.4B
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
89
Europe-based startups take the lead in funding for Q4’21, followed by US
$1.4B
$3.3B
$2.4B
$2.6B
$0.3B
$1.1B $1.2B
$0.9B
$0.6B
$0.0B $0.0B
$0.4B
$0.1B $0.1B
$0.2B $0.1B $0.1B
$0.0B
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
90
Asia ties with the US in banking deal share for the first quarter ever
5% 5% 5% 5%
6%
5%
6%
5%
7% 6% 6% 6% 7% 6% All Other Regions, 8%
7% 5% 6% 10%
7% 7% 6% 12% Canada, 0%
14% 7% 10% 8% 10%
21% LatAm, 14%
19% 26% 27% 23%
33%
39% 35% 33%
11% 36% 38% 33% 33% 28%
40% 37% 31% 37%
9% 8% 35% 36% 29%
39% 31% 33%
8% 37%
6% 35% Europe, 28%
6% 12%
10% 10%
13% 11% 8% 11%
10% 10%
12% 10% 13%
12% 8% 17% 10%
19% Asia, 25%
69%
65% 65% 65%
59% 61% 61%
53% 52% 52%
49% 48% 47% 49%
44% 45% 43% 45%
40% 41% 42% 41%
39% 38% 39%
36%
28%
US, 25%
2015 2016 2017 2018 2019 2020 2021
91
Average and median banking deal sizes nearly double in 2021
$69M
$35M $35M
$26M
$23M
$19M $19M
$12M $11M
$10M
$8M
$5M $4M $5M
2015 2016 2017 2018 2019 2020 2021

92
Mid- and late-stage banking deal shares reach record levels in 2021
8% 7% 5% 8% Other, 5%
10% 14%
11% 13%
11% 12% Late-stage, 18%
20%
19% 19%
23% 24%
26%
Mid-stage, 27%
65% 63% 63%

59% 58%
54%
Early-stage, 50%
2015 2016 2017 2018 2019 2020 2021
93
Banking: Top equity deals in Q4'21

Round Round % of Total
Company Round Valuation Select Investors Country
Amount Date Funding
Series E Coatue Management, Third Point Ventures,
1 N26 $900M
2021-10-11
$9.2B
Dragoneer Investment Group
Germany 16.9%
Series H Abu Dhabi Fund for Development, Accel, General

2 Monzo $500M
2021-12-08
$4.5B
Catalyst, Goodwater Capital, Coatue Management
United Kingdom 9.4%
Private Equity
3 Aspiration $315M
2021-12-15
N/A Oaktree Capital Management, Steve Ballmer United States 5.9%
Series E
4 Brex $300M
2021-10-22

5 Upgrade $280M
2021-11-16
$6.3B
United States 5.3%
Series E
6 Mambu $266M
2021-12-09
$5.5B EQT Partners Netherlands 5.0%
Series E Alpha Wave Global, Tiger Global Management, DST

7 CRED $251M
2021-10-20
$4.0B
Global, Insight Partners, Coatue Management
India 4.7%
Series D
8 WeLab $240M
2021-12-07
N/A N/A Hong Kong 4.5%
Series B General Atlantic, SoftBank Latin America Fund, 3L,

9 Incode Technologies $220M
2021-12-07
$1.2B
DILA Capital, DN Capital
United States 4.1%
Series B Insight Partners, Tiger Global Management, Blume

9 Slice $220M
2021-11-28
$1.0B
Ventures, Gunosy Capital, 8i Ventures
India 4.1%
94
4 new banking unicorns in Q4’21 bring total to 48
46 Total Unicorns, 48
36
34
28
13
7
6
3
New Unicorns, 4
2015 2016 2017 2018 2019 2020 2021
95
Banking startups see record exit activity in 2021 compared to 2020
M&A, 39
15
IPO, 6
3
SPAC, 4
2016 2017 2018 2019 2020 2021
96
M&As continue to lead exit activity in Q4'21, followed by IPOs
13
12
M&A, 8
6
2 2 2
IPO, 2
1 1 1
SPAC, 0
2016 2017 2018 2019 2020 2021
97
Digital Lending
98
Digital lending funding and deals explode, up 220% and 90% compared to
2020
Deals 700
633
$25. 0B 600
Funding
$20.5B
469 500
$20. 0B
415 422
400
355
$15. 0B 334
297
300
$10. 0B $8.8B
$7.2B $7.4B 200
$6.3B $6.4B
$4.7B
$5.0B
100
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
99
Digital lending funding grew 18% QoQ, while deals dropped 21%
$8.0B 170 180

165 163 Deals
135 160
$7.0B
$7.1B
133 140
$6.0B
120
112 112 110 111 Funding120
106 108 108
$5.0B 104 $4.8B $4.7B
98
92 93 91 100
87 89 83 $4.0B
$4.0B 81
80 78 79
75 74 80
68
$3.0B $2.9B
$3.0B
$3.0B
$2.5B 60
$2.1B
$1.9B $1.9B $1.9B
$2.0B $1.7B $1.7B $1.7B $1.8B
$1.5B $1.4B $1.5B $1.5B 40
$1.3B $1.3B $1.3B
$1.0B $1.0B $1.1B
$0.9B $0.9B
$1.0B 20
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
100
The US leads in digital lending funding in Q4’21, followed by Asia
$2,212M
$1,231M
$1,176M $307M
$672M $1,111M
$510M
$553M
$279M
$78M $219M
$426M $152M
$164M $302M
$243M
$34M
$4M
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
101
US continues to lead in deal share, followed by Europe and Asia
7% 8% 8% 6% 5%
8% 7% 8% 6% 6% 8% 8% 7% All Other Regions, 5%
11%
7%
6% 6%
6% 7% 8% 7%
Canada, 4%
16% 6% 9% 7% 10%
6%
16% 6% 10%
6% LatAm, 9%
20% 6% 13% 10% 10%
15% 15% 15% 15% 13%
19% 20% 15% 11%
19% 22% 16%
22% 18% 22% 19% 26%
15% 23% 22% 24% 15% 19% Europe, 23%
17%
35% 25%
33% 24% 27% 35% 29%
32% 24%
29% 24% 37% 42%
35% 27%
37% 25% 23%
35% 35% 33% 28%
23%
27%
28% 23%
23%
Asia, 22%
50% 49%
46% 44% 47% 45% 45%
41% 40% 43% 42%
36%
33%
39% 38% 36%
32%
37%
34%
38%
33% 35%
37% 35% US, 37%
29% 31% 31%
2015 2016 2017 2018 2019 2020 2021
102
Digital lending average deal size up 63% in 2021
$39M
$29M
$27M
$24M
$20M $20M
$17M
$6M
$7M $7M
$6M $6M
$4M $4M
2015 2016 2017 2018 2019 2020 2021

103
Early-stage deal share continues to dominate in 2021
6% 6% 9% 8% 5%
9% Other, 7%
9% 13%
14% 11%
10%
14% Late-stage, 15%
19%
17%
19%
25% 26% Mid-stage, 18%
23%
66% 64%
61%
56% 56%
Early-stage, 60%
54%
2015 2016 2017 2018 2019 2020 2021
104
Digital Lending: Top equity deals in Q4'21

Series F
1 Better.com $750M
2021-12-03
N/A Aurora Acquisition, SoftBank Group United States 16.1%
Series E
2 Brex $300M
2021-10-22
Private Equity Insight Partners, Warburg Pincus, Ayala Corporation,

2 Mynt $300M
2021-11-01
$2.0B
Bow Wave Capital, Amplo
Philippines 6.4%
Series J SoftBank Group, Augmentum Fintech, IAG Capital

2 Zopa $300M
2021-10-19
$1.0B
Partners, Northzone Ventures, Chimera Investments
United Kingdom 6.4%

5 Upgrade $280M
2021-11-16
$6.3B
United States 6.0%
Series D
6 WeLab $240M
2021-12-07
Series B Insight Partners, Tiger Global Management, Blume

7 Slice $220M
2021-11-28
$1.0B
Ventures, Gunosy Capital, 8i Ventures
India 4.7%
Corporate Minority StoicLane, MFA Financial, Oaktree Capital

8 Interfirst $175M
2021-10-13
N/A
Management
United States 3.8%
Series E Upstart, Institutional Venture Partners, Lowercase

9 Tala $145M
2021-10-14
$800M
Capital, PayPal Ventures, Revolution Growth
United States 3.1%
Series C
10 JUMO Marketplace $120M
2021-11-08
$400M Fidelity Investments, Ash Park, Visa Ventures South Africa 2.6%
105
The global herd of digital lending unicorns climbs to 31, a new record
Total Unicorns, 31
28 28
27
26
5
4
3 3 New Unicorns, 5
2015 2016 2017 2018 2019 2020 2021
106
Total digital lending exits more than double to 91 in 2021
M&A, 75
29
IPO, 12
5
1 SPAC, 4
2015 2016 2017 2018 2019 2020 2021
107
Quarterly digital lending M&A edges up, but still far below early 2021
heights
27
25
10
M&A, 13
3 2 2
1
2 1 IPO, 3
SPAC, 0
2015 2016 2017 2018 2019 2020 2021
108
Wealth Tech
109
STATE OF FINTECH | COLLECTION SPOTLIGHTS | WEALTH TECH
Wealth tech funding and deals blow past 2020, up 156% and 46%
$16. 0B Funding
$14.6B 600
$14. 0B
Deals
486 500
$12. 0B
392
400
$10. 0B
332
314
$8.0B 290
300
248
$5.7B
$6.0B
183
200
$4.1B
$4.0B $3.7B
$2.8B $2.9B
100
$1.8B
$2.0B
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
110
Wealth tech deals drop 16% from a quarterly record in Q3’21, funding dips
slightly to $2.8B
$7,000M 132 140
124
Deals
119 111
$6,000M 120
102 104
100
96 95 97
$5,000M 94 $5,822M 100
81
77
$4,000M 73 73 72 70
Funding80
68 68
62 63 63 $2,801M
60 $3,136M
57 58
$3,000M 55 $2,839M 60
35 $1,862M
36
$2,000M $1,780M 40
$1,532M
$1,406M
$1,225M
$1,067M $1,080M $1,098M $1,021M $1,080M
$927M $847M
$1,000M $742M $710M 20
$630M $612M
$490M $414M $493M $465M $522M
$328M $289M $349M
$0M 0
2015 2016 2017 2018 2019 2020 2021
111
US leads wealth tech funding in Q4’21 — receiving more dollars than all
other countries combined
$1.7B
$2.0B
$0.3B
$0.8B $0.7B
$0.5B $0.1B $0.0B
$0.1B
$0.4B $0.0B
$0.1B $0.0B $0.0B $0.0B $0.0B
$0.0B $0.0B
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
112
Asia sees deal share hit an all-time high in Q4’21
6% 5% 7% 6% 4% 5% 3% 5% All Other Regions, 3%

5% Canada, 2%
14% 26%
5% LatAm, 3%
12% 18%
20% 33% 16% 22% 27% 25% 25%

Europe, 22%
26% 21% 22% 29% 27% 27% 30% 24%
22% 32% 24% 22%
35% 21% 33% 32%
14%
19%
17% 24%
21%
24% 19%
16% 21% 28% 21%
24% 23%
27% 18% 25%
23% 19% 16%
26%
Asia, 32%
17% 26% 23% 27%
18% 21% 22%
67%
61%
57% 54% 53%
47% 50% 48% 50% 47%
47% 44% 47% 46%
42% 43% 43% 43%
42% 41% 38% 39% 38%
41% 40%
36%
39% US, 40%
2015 2016 2017 2018 2019 2020 2021
113
Average deal size reaches $36M, up 64% from 2020
$36M
$22M
$18M
$15M
$14M
$12M
$8M
$5M $5M $5M

$3M $3M
$2M $2M
2015 2016 2017 2018 2019 2020 2021

114
Early-stage and late-stage deal share ticks up in 2021
11% 10% 9% 10% 8% Other, 7%

13%
7% 9%
10% Late-stage, 10%
8% 12%
9%
12%
11%
12% 13% 16% Mid-stage, 18%
20%
69% 71%
67%
67% 67% Early-stage, 65%
58%
2015 2016 2017 2018 2019 2020 2021
115
Wealth Tech: Top equity deals in Q4'21

Private Equity
1 Aspiration $315M
2021-12-15
N/A Oaktree Capital Management, Steve Ballmer United States 11.2%
Series C
2 TradingView $298M
2021-10-14
$3.0B Tiger Global Management United States 10.6%
Series E ICONIQ Growth, Propel Venture Partners, Ribbit Capital,

3 Groww $251M
2021-10-24
$3.0B
Sequoia Capital India, Tiger Global Management
India 9.0%
Series F Point Break Capital, DST Global, BlackRock, Dragoneer

4 Trumid $208M
2021-10-12
$2.4B
Investment Group, Singapore Exchange
United States 7.4%
Series B DST Global, Institutional Venture Partners, Alpha JWC

5 Ajaib $153M
2021-10-04
$1.0B
Ventures, Horizons Ventures, Insignia Ventures Partners
Indonesia 5.5%
Series B Valor Equity Partners, Galaxy Interactive, Motley Fool

6 Republic $150M
2021-10-19
N/A
Ventures, Tribe Capital, Atreides Capital
United States 5.4%
Series C
7 Moonfare $125M
2021-11-02
N/A Insight Partners, Fidelity International Strategic Ventures Germany 4.5%
Series A
8 Masterworks $110M
2021-10-05
$1.0B Left Lane Capital, Galaxy Interactive, Tru Arrow Partners United States 3.9%
Series C Owl Capital, Allianz Life Ventures, William Blair & Company,
9 Halo Investing $100M
2021-10-12
N/A
Abu Dhabi Catalyst Partners, Alumni Ventures Group
United States 3.6%
Series B
10 Tegus $90M
2021-11-29
N/A Oberndorf Enterprises, Willoughby Capital Management United States 3.2%
116
4 wealth tech unicorns born in Q4’21 bring the global herd to 25
Total Unicorns, 25
21
16
12
7
6 6
5
New Unicorns, 4
2015 2016 2017 2018 2019 2020 2021
117
Wealth tech IPOs increase more than 3x in 2021, while M&A exits grow 68%
M&A, 69
41
IPO, 10
3
SPAC, 4
2015 2016 2017 2018 2019 2020 2021
118
Wealth tech M&A activity falls sharply from a record-high in Q3’21
23
18
17
15
M&A, 11
2 1 2 IPO, 3
1
1 1
SPAC, 1
2015 2016 2017 2018 2019 2020 2021
119
Insurtech
120
STATE OF FINTECH | COLLECTION SPOTLIGHTS | INSURTECH
Insurtech funding up 90% and deals climb 21% compared to 2020
Deals
600
$20. 0B
566
486
500
457
468 Funding
$15.4B
$15. 0B
387
400
279 300
$10. 0B
$8.1B
213 $7.6B
200
$4.7B
$5.0B
$3.2B
$2.9B 100
$2.1B
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
121
Insurtech quarterly funding reaches a record high, up 89% QoQ
$6.0B 180
163
Funding
$5.3B
151 160
$5.0B $4.7B
138
133 Deals
140
122 121
125 123 139
113
115
$4.0B 112 112 120
108 108
105
94
98 98
100
86
$3.0B 82 $2.8B
$2.7B
72 72 $2.6B 80
67 $2.4B
$2.1B $2.1B
$1.9B 54 53 $1.9B
$2.0B 51 $1.7B 60
$1.5B $1.6B $1.6B
41 $1.4B
$1.2B 40
$0.9B $0.9B
$1.0B $0.8B
$0.5B $0.4B $0.5B $0.6B
$0.4B 20
$0.4B $0.3B $0.3B $0.4B
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
122
US insurtech funding reaches $3.8B in Q4’21, a record high
$3.8B
$1.7B
$0.2B
$1.1B
$0.9B
$0.4B $0.5B
$0.2B $0.1B
$0.0B
$0.2B $0.1B $0.0B $0.1B
$0.0B $0.0B $0.0B $0.0B
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
123
Asia and Europe see uptick in deal share in Q4’21, while US deal share falls
6% 5% 6% 6% 6% 6% 6%
All Other Regions, 2%
8% 9%
7% Canada, 3%
6% 15% 6%
13%
7%
6% LatAm, 5%
13% 21%
18% 21% 22% 15% 17%
27% 18% 19% 24%
22% 22% 29% 20%
22% 24% 27% 23% Europe, 25%
34% 31% 19% 24%
19% 23%
22% 22%
19% 15% 16%
20% 22%
19% 21% 23% 23%
18% 21% 17% 20% 21%
18% 20% 24%
28% 19% 18% 21%
16% 22%
20%
25% Asia, 27%
61% 61% 58% 59% 59%

55% 53% 54%
49% 51% 49% 50% 49%
48% 48% 46% 48% 46% 48%
45% 45% 43% 44% 45%
40%
40% 39% US, 37%
2015 2016 2017 2018 2019 2020 2021
124
Average insurtech deal size reaches $33M, up 57% in 2021
$33M
$20M $21M
$19M
$14M
$9M $10M
$8M
$5M
$4M
$4M
$3M $3M
$2M
2015 2016 2017 2018 2019 2020 2021

125
Early-stage deal share falls to a recent low, while mid-stage and late-stage
deal share both see record highs in 2021
6% 9% 8% 5% 5%
8%
Other, 5%
7% 9%
7% 11%
9% Late-stage, 13%
18% 15% 13% 15%

18%
21%
Mid-stage, 24%
69% 72% 72% 71%

66%
62%
Early-stage, 58%
2015 2016 2017 2018 2019 2020 2021
126
Insurtech: Top equity deals in Q4'21

Private Equity
2021-12-09
N/A Silver Lake United States 22.8%
Series D SoftBank Group, Uprising Capital, Andreessen Horowitz, General

2021-10-08
$12.6B
Catalyst, Premji Invest
United States 21.9%
Series E General Atlantic, Multiples Alternate Asset Management,

3 Acko General Insurance $225M
2021-10-28
$1.1B
Lightspeed Venture Partners, Intact Ventures, Munich Re Ventures
India 4.3%
Series E LeapFrog Investments, Sequoia Capital India, Sunley House Capital

4 CarDekho $200M
2021-10-13
$1.2B
Management, Franklin Templeton, Mirae Asset Fund Services
India 3.8%
Series C General Atlantic, Battery Ventures, Bessemer Venture Partners,

5 Hibob $150M
2021-10-12
$1.6B
Eight Roads Ventures, Entree Capital
Israel 2.9%
Undisclosed
6 HealthCare.com $130M
2021-12-13
N/A N/A United States 2.5%
127
Insurtech: Top equity deals in Q4'21

Series C SoftBank Group, Kaszek Ventures, ThornTree Capital Partners,

7 Alice $127M
2021-12-21
N/A
Allen & Company, G Squared
Brazil 2.4%
Series E Commonwealth Bank of Australia, Celesta Capital, Crane Venture

8 H2O.ai $100M
2021-11-07
$1.7B
Partners, NVIDIA, Wells Fargo Strategic Capital
United States 1.9%
Series E Bessemer Venture Partners, Global Founders Capital, Stripes

8 Hyperscience $100M
2021-12-22
N/A
Group, Tiger Global Management
United States 1.9%
Series D
8 Ladder $100M
2021-10-04
$900M OMERS Private Equity, Thomvest Ventures United States 1.9%
Series A
2021-11-19
N/A Gries Investment Funds, TampaBay Ventures United States 1.9%
Series C Declaration Partners, Kinnevik, Menlo Ventures, W.R. Berkley,

8 Sure $100M
2021-10-05
$550M
Expanding Capital
United States 1.9%
Series B Tiger Global Management, Andreessen Horowitz, Equal Ventures,

8 Wrapbook $100M
2021-11-10
$1.0B
Uncork Capital, WndrCo
United States 1.9%
128
6 insurtech unicorns born in Q4’21 bring the global herd to 34
Total Unicorns, 34
29
26
18
16
10
5
3
New Unicorns, 6
2
2015 2016 2017 2018 2019 2020 2021
129
Insurtech IPOs and SPACs see a tie in 2021, while M&A activity continues
to climb
M&A, 58
52
SPAC, 4
3
IPO, 4
2015 2016 2017 2018 2019 2020 2021
130
Total insurtech M&A exits in Q4’21 grow QoQ
18
17
14
M&A, 15
12
3
2
1 1 1
IPO, 1
SPAC, 0
2015 2016 2017 2018 2019 2020 2021
131
Capital Markets Tech
132
STATE OF FINTECH | COLLECTION SPOTLIGHTS | CAPITAL MARKETS TECH
Capital markets tech funding more than doubles to $5.2B in 2021
$6.0B 250
Funding
$5.2B
208
$5.0B 195
189 200
165
$4.0B 154 Deals
141 150
130
$3.0B
100
$2.0B $1.8B
$1.7B
$1.3B
$1.1B
$1.0B 50
$1.0B
$0.7B
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
133
Capital markets tech funding drops sharply in Q4’21 from a record-high in

Q3’21
$2,500M 90
80
$2,108M 80
$2,000M
66 70
61
60
52
54 53 Funding
51
$1,500M
47 47
$1,319M
50
43 43 42
41
38 37
37 38 38 38 $1,079M
36 40
$1,000M 32 32 32
28
27
28
30
$811M Deals
30
$689M $722M 31
$577M $587M
$471M 20
$500M $415M $383M
$352M
$269M $286M $294M $305M
$206M $239M $217M $196M
$180M $185M $169M $169M $168M $193M 10
$156M
$55M
$0M 0
2015 2016 2017 2018 2019 2020 2021
134
US-based startups receive the most funding in Q4’21, followed by LatAm
$421M
$1,000M
$804M
$835M
$22M
$190M
$72M
$0M $0M
$65M $63M
$55M
$21M $0M $16M $20M $0M $0M
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021
135
Asia gains deal share in Q4’21, ties with the US
6% 8% 8% 6% 5% 7% 8% 6% 5% All Other Regions, 3%

6%
6% 6% 7%
5% 8%
13% 5% Canada, 0%
20%
27% 13%
21% 17%
LatAm, 3%
29%
26% 37% 21% 34%
19% 16%
19%
Europe, 10%
32% 22% 26% 21%
28% 40% 24% 25% 16%
43% 39% 30% 24%
13% 29%
8%
11%
22% 33% Asia, 42%
26%
16% 17% 13%
11% 24% 21% 39% 29%
19% 19% 35%
19% 26% 21% 31%
16%
19% 30% 20%
18%
65% 67%
61%
54% 53% 52% 51% 53% 53%
46% 49% 47% 47%
45% 45%
44%
40% 38% 39% 37%
43% 43%
39% 39% 38%
43% US, 42%
34%
2015 2016 2017 2018 2019 2020 2021
136
Average deal size more than triples in 2021
$48M
$15M
$14M
$9M
$10M
$8M
$7M $6M
$5M
$4M $4M
$2M $2M $2M
2015 2016 2017 2018 2019 2020 2021

137
Early-stage deal share drops to a record-low, but still represents the

majority of rounds
11% 12% 10%

13% Other, 10%
20% 19%
10%
11% 10% Late-stage, 13%
14%
8% 8%
13% 15% 19%
9%
14%
17% Mid-stage, 26%
64% 65% 63% 61% 59%

55%
Early-stage, 51%
2015 2016 2017 2018 2019 2020 2021
138
Capital markets tech: Top equity deals in Q4'21

Series B Institutional Venture Partners, Lightspeed Venture Partners, Sequoia
1 FTX $421M
2021-10-21
$25.0B
Capital, Ribbit Capital, Temasek
Bahamas 31.9%
Series D KKR, Andreessen Horowitz, Blockchain Capital, Elad Gil, Alameda

2 Anchorage Digital $350M
2021-12-15
$3.0B
Research
United States 26.5%
Series F Point Break Capital, DST Global, BlackRock, Dragoneer Investment

3 Trumid $208M
2021-10-12
$2.4B
Group, Singapore Exchange
United States 15.8%
Series C Owl Capital, Allianz Life Ventures, William Blair & Company, Abu
4 Halo Investing $100M
2021-10-12
N/A
Dhabi Catalyst Partners, Alumni Ventures Group
United States 7.6%
Series C Insight Partners, Accel, Earlybird Venture Capital, Kibo Ventures,

5 Carto $61M
2021-12-14
N/A
Salesforce Ventures
United States 4.6%
Series A Alameda Research, Mirana Ventures, Alumni Ventures Group, DRW

6 Stacked $35M
2021-12-06
N/A
Venture Capital, Fidelity International Strategic Ventures
United States 2.7%
Series A
7 Yinghe Information $16M
2021-11-16
N/A CE Innovation Capital, Shunwei Capital Partners, Lakala Koala Fund China 1.2%
Series A East Ventures, Vulcan Capital, Alto Partners, Anjali Bansal, Endiya
8 Qapita $15M
2021-10-06
N/A
Partners
Singapore 1.1%
Series B
8 Vesttoo $15M
2021-11-22
N/A MS&AD Ventures, Mouro Capital, Hanaco Venture Capital Israel 1.1%
Series A
10 LeapXpert $14M
2021-10-12
N/A Lingfeng Capital, Summer Capital Hong Kong 1.1%
139
The global herd of capital markets tech unicorns remains at 9
9
Total Unicorns, 9
1 1
New Unicorns, 1
2015 2016 2017 2018 2019 2020 2021
140
Capital markets tech IPO activity edges up in 2021, M&A still dominates
31
M&A, 30
1 IPO, 3
2015 2016 2017 2018 2019 2020 2021
141
M&A exits in Q4’21 drop QoQ
15
13
6 M&A, 7
1 1
IPO, 2
2015 2016 2017 2018 2019 2020 2021
142
Geographic Trends
2021
143
US Trends
GEOGRAPHIC TRENDS | 2021
144
US fintech funding and deals climb 171% and 42% in 2021, respectively
Deals 2,000
$80. 0B 1,827
1,800
$70. 0B Funding
1,600
$62.9B
1,374
$60. 0B 1,323 1,400
1,285
1,139 1,200
$50. 0B
981 1,006
1,000
$40. 0B
800
$30. 0B
$23.2B 600
$20.7B
$20. 0B $17.1B
400
$10.7B $10.4B
$10. 0B $7.5B
200
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
145
US fintech funding sets quarterly record even as deals drop 15%
$20. 0B Funding600
$18.2B
$18. 0B
495
500
463
$16. 0B 446
$15.0B $14.8B Deals

$14. 0B
364
373
$14.9B
423
400
358 354
$12. 0B 334 341
328 331
314 308
302 305 304
293
282
$10. 0B 273 300
254 261 259
241 240 238
225 226
$8.0B
$6.6B $6.5B
200
$6.0B $5.4B $5.6B
$5.1B $5.1B $5.3B $4.9B
$4.5B $4.5B $4.4B
$4.0B $3.5B
$2.9B $3.0B $3.1B $3.0B
$2.5B 100
$2.2B $2.1B $2.4B
$1.8B $1.6B $1.7B $1.8B
$2.0B
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
146
Early-stage deal share still dominates
14% 17% 14% 14% 13% Other, 12%

18%
9% 11% 11%
10% Late-stage, 12%
10% 10%
14%
13% 14% 17%
13% Mid-stage, 19%
17%
63% 61% 62% 61% 60%

2015 2016 2017 2018 2019 2020 2021
147
US: Top equity deals in Q4'21

Company Round Valuation Select Investors
Amount Date Funding
Private Equity
2021-12-09
N/A Silver Lake 6.6%
Series D SoftBank Group, Uprising Capital, Andreessen Horowitz,

2021-10-08
$12.6B
General Catalyst, Premji Invest
6.3%
Growth Equity WestCap Group, Bessemer Venture Partners, FinTech

3 NYDIG $1.0B
2021-12-14
$7.0B
Collective, MassMutual, Morgan Stanley
5.5%
Series F
4 Better.com $750M
2021-12-03
N/A Aurora Acquisition, SoftBank Group 4.1%

5 MoonPay $555M
2021-11-22
$3.4B
3.0%

6 Socure $450M
2021-11-09
$4.5B
2.5%
Series D Coatue Management, Andreessen Horowitz, Spark Capital, Y

7 Deel $425M
2021-10-18
$5.5B
Combinator, Altimeter Capital
2.3%
Series B
2021-10-12
$3.0B Caisse de depot et placement du Quebec, WestCap Group 2.2%
Series E
8 Fireblocks $400M
2021-12-02
$8.0B Sequoia Capital 2.2%
8 Gemini $400M
2021-11-19
$7.1B
Technology, Marcy Venture Partners
2.2%
148
US IPO activity more than doubles in 2021, transactions up across all exit
types
M&A, 359
208
9 IPO, 25
2 SPAC, 15
2015 2016 2017 2018 2019 2020 2021
149
M&A exits continue downward slide in Q4’21 but remain elevated compared
to previous years
94
90 89
M&A, 86
68
6 7 7
4 3 5
4
IPO, 7
SPAC, 1
2015 2016 2017 2018 2019 2020 2021
150
US: Top investors by company count in Q4'21
Investor Company Count Investor Group
1 Tiger Global Management 37 Asset/investment management
2 Accel 17 VC
3 Andreessen Horowitz 15 VC
3 Jump Capital 15 VC
5 Coinbase Ventures 13 CVC
6 General Catalyst 12 VC
6 Ribbit Capital 12 VC
6 Sequoia Capital 12 VC
9 Coatue Management 10 Asset/investment management
9 FJ Labs 10 VC
9 Lightspeed Venture Partners 10 VC
9 ParaFi Capital 10 Asset/investment management
9 QED Investors 10 VC
151
Canada Trends
152
STATE OF FINTECH | GEOGRAPHIC TRENDS | CANADA TRENDS
Canada fintech funding skyrockets in 2021, setting a new record
Deals
140
133
$3,000M
120
Funding
$2,553M
$2,500M
100
91
86
$2,000M
74 80
72
64
60
$1,500M 60
$1,298M
$1,000M 40
$692M
$441M $470M
$500M $366M 20
$229M
$0M 0
2015 2016 2017 2018 2019 2020 2021
153
Q4’21 fintech funding fell 65% to $326M while deals slip slightly
$1,200M 40
37
34
33 35
$1,000M
Deals
$1,026M 29
30
27 $936M
26 26
$800M
23 25
22 22 22 19
21 21
20
19 19
$600M 18 20
17 16
16 16 16 $598M
15 15
Funding
15
$400M 11
$341M
$361M $326M
10 10
$265M 10
$240M
$196M
$200M $172M $173M
$154M $143M
$127M $130M
$109M $107M 5
$85M $89M $78M $77M
$70M
$48M $37M $52M $48M
$25M $34M
$0M 0
2015 2016 2017 2018 2019 2020 2021
154
Early-stage deal share continues to dominate in 2021
12% 12% 11% Other, 9%

14%
17%
7%
26% Late-stage, 10%
10%
11% 12%
13%
10% 15% Mid-stage, 14%
7%
11% 15%
11%
68%
64%
67%
63%
Early-stage, 67%
59% 61%
2015 2016 2017 2018 2019 2020 2021
155
Canada: Top equity deals in Q4'21

Company Round Valuation Select Investors
Amount Date Funding
Series C Thoma Bravo, Avon Ventures, B Capital Group,
1 Figment $110M
2021-12-20
$1.4B
Bitstamp, DTCP
33.7%
Series B 10T Fund, Alan Howard, CMT Digital, Coinbase

2 Ledn $70M
2021-12-15
$540M
Ventures, Global Founders Capital
21.5%
Series A
3 Uberstate $32M
2021-12-06
N/A Raises.com 9.8%
Series B Cota Capital, Impression Ventures, Luge Capital, Plug

4 Owl Technologies $30M
2021-11-03
N/A
and Play Ventures, FUSE
9.2%
Series A
5 Shakepay $20M
2021-12-22
N/A QED Investors 6.1%
Series A QED Investors, Global Founders Capital, Impression

6 Fraction Technologies $16M
2021-10-20
N/A
Ventures, Panache Ventures, Primetime Partners
4.9%
Seed VC FUSE, Y Combinator, 12BF Global Ventures, Soma

7 CostCertified $8M
2021-10-06
N/A
Capital, Bill Smith
2.6%
Seed VC
7 Bootes $8M
2021-12-18
N/A GE Capital, KMMT Capital 2.5%
Series A
7 Lydia AI $8M
2021-10-19
N/A Information Venture Partners 2.5%
Series A
10 Trolley $6M
2021-12-07
N/A Pace Capital 1.7%
156
M&A activity continues to drive fintech exits in Canada
M&A, 36
27
IPO, 6
2
SPAC, 0
2015 2016 2017 2018 2019 2020 2021
157
M&A & IPO fintech exits are flat in Q4’21
13
10
9
M&A, 9
8
2
IPO, 2
1 1
SPAC, 0
2015 2016 2017 2018 2019 2020 2021
158
Canada: Top investors by company count in Q4'21
Investor Company Count Investor Group
1 Dapper Labs 6 Corp
2 Intact Ventures 3 CVC
3 Contango Digital Assets 2 VC
3 David Hoffman 2 Angel
3 HeliCarrier 2 Corp
3 Impression Ventures 2 VC
3 Tendermint Ventures 2 CVC
159
Asia Trends
160
STATE OF FINTECH | GEOGRAPHIC TRENDS | ASIA TRENDS
Asia fintech deals reach record high, up 45% to reach 1,271
Deals 1,400
1,271
$30. 0B $28.6B
1,200
Funding
$25. 0B 1,009
$23.4B
933 1,000
879
$20. 0B
734 800
$15. 0B 571
$12.9B 600
457 $10.9B $10.4B

$12.0B
$10. 0B
400
$7.8B
$5.0B 200
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
161
Asia sees record fintech deal activity in Q4’21, funding hits a 14-quarter
high
$20. 0B 400
Deals
$18.2B 352
$18. 0B 341
350
$16. 0B
295
281 283 300
275 277
$14. 0B
247
239 239
250
$12. 0B 223 221
218
207 190 206 205
198
$10. 0B
170
Funding200
159 $8.2B
152
$8.0B 146 144
131 129 150
117 115 $6.1B
$6.0B $5.6B
94 $5.2B
$4.4B $4.3B $4.3B 100
$3.9B $4.1B
$4.0B $3.5B $3.6B $3.3B $3.6B
$3.0B $3.1B
$2.6B $2.8B
$2.4B $2.2B $2.3B
$2.1B 50
$1.6B
$2.0B $1.1B $1.2B $1.2B
$1.0B $0.9B
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
162
Early-stage deal share rebounds in 2021
7% 5% 7%
Other, 3%
7% 8%
12% 11% Late-stage, 13%
11%
13%
19% 18%
16%
18%
17% Mid-stage, 17%
17%
71% 71%
68%
64% 67%
63%
Early-stage, 67%
2015 2016 2017 2018 2019 2020 2021
163
Asia: Top equity deals in Q4'21

Private Equity Abu Dhabi Investment Authority, Avanda Investment Management,
1 GoTo $1.3B
2021-11-11
N/A
Fidelity International, Google, Permodalan Nasional Berhad
Indonesia 15.8%
Corporate
2 Atome $500M Minority N/A Standard Chartered Singapore 6.1%
2021-10-13
3 Razorpay $375M
2021-12-20
$7.5B
India 4.6%
Private Equity Insight Partners, Warburg Pincus, Ayala Corporation, Bow Wave
4 Mynt $300M
2021-11-01
$2.0B
Capital, Amplo
Philippines 3.6%
Series C Andreessen Horowitz, Coinbase Ventures, Paradigm, Ribbit Capital,

5 CoinSwitch Kuber $260M
2021-10-06
$1.9B
Sequoia Capital India
India 3.2%
Series E Alpha Wave Global, Tiger Global Management, DST Global, Insight
6 CRED $251M
2021-10-20
$4.0B
Partners, Coatue Management
India 3.1%
Series E ICONIQ Growth, Propel Venture Partners, Ribbit Capital, Sequoia

6 Groww $251M
2021-10-24
$3.0B
Capital India, Tiger Global Management
India 3.1%
Series D
8 WeLab $240M
2021-12-07
Series E General Atlantic, Multiples Alternate Asset Management, Lightspeed

9 Acko General Insurance $225M
2021-10-28
$1.1B
Venture Partners, Intact Ventures, Munich Re Ventures
India 2.7%
Series B Insight Partners, Tiger Global Management, Blume Ventures, Gunosy

10 Slice $220M
2021-11-28
$1.0B
Capital, 8i Ventures
India 2.7%
164
M&A deals and IPOs soar past 2020 totals
M&A, 87
61
IPO, 18
11
1
SPAC, 1
2015 2016 2017 2018 2019 2020 2021
165
M&A exits reach record-high in Q4’21
M&A, 26
22
21
18
14
IPO, 7
4 4 4
3
1
SPAC, 1
2015 2016 2017 2018 2019 2020 2021
166
Asia: Top investors by company count in Q4'21
1 Sequoia Capital India 15 VC India
2 Tencent Holdings 12 Corp China
3 AU21 11 VC China
3 Animoca Brands 11 Corp Hong Kong
3 Fenbushi Capital 11 VC China
6 Alameda Research 10 Corp Hong Kong
6 HashKey Capital 10 VC Hong Kong
8 DeFiance Capital 9 Asset/investment management Singapore
9 DST Global 8 VC Hong Kong
9 Three Arrows Capital 8 Asset/investment management Singapore
167
Europe Trends
168
STATE OF FINTECH | GEOGRAPHIC TRENDS | EUROPE TRENDS
Europe fintech funding more than doubles in 2021
Deals
$35. 0B 1,133 1,200
$30. 0B
Funding 1,000
$26.3B
865
844
$25. 0B 807
800
729
$20. 0B
600
513
$15. 0B
393
$10.3B 400
$10. 0B $9.0B
$6.2B
$5.3B
200
$5.0B
$2.7B $2.3B
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
169
European fintech deals rebound in Q4’21, funding declines slightly
$10. 0B 350
$9.0B $8.8B Deals

296
287 284 300
$8.0B 266
256
238 250
$7.0B
224 224
207 210 208 208 $6.0B $6.0B
Funding
198
$6.0B 195
189 193 193 $5.6B200
178
168
$5.0B 156
137 132 134 150
$4.0B
114 110
105
$2.8B $2.9B $2.8B
$3.0B 88 86 $2.5B $2.6B 100
$2.2B $2.4B
$2.2B
$2.0B $1.6B
$1.4B $1.3B $1.3B $1.4B
$1.2B 50
$1.1B $1.0B $1.0B $1.0B
$1.0B $0.6B
$0.5B $0.5B $0.5B $0.4B $0.4B
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
170
Early-stage deals continue to dominate in Europe
6% 6%
10% 11%
7% 9% Other, 7%
11%
12% 14%
13%
Late-stage, 12%
12% 13%
9%
9%
9%
11% Mid-stage, 13%
9% 13%
73% 74%
68% 67% 69%
2015 2016 2017 2018 2019 2020 2021
171
Europe: Top equity deals in Q4'21

Series E Coatue Management, Third Point Ventures, Dragoneer Investment
1 N26 $900M
2021-10-11
$9.2B
Group
Germany 16.2%

2 Monzo $500M
2021-12-08
$4.5B
United Kingdom 9.0%
Series D
3 SaltPay $345M
2021-11-23
N/A N/A United Kingdom 6.2%
Series J SoftBank Group, Augmentum Fintech, IAG Capital Partners,

4 Zopa $300M
2021-10-19
$1.0B
Northzone Ventures, Chimera Investments
United Kingdom 5.4%
Series E
5 Mambu $266M
2021-12-09
$5.5B EQT Partners Netherlands 4.8%
Series G
6 Collibra $250M
2021-11-09
$5.2B Sequoia Capital, Sofina, Battery Ventures, Index Ventures, CapitalG Belgium 4.5%
Series C Coatue Management, Bain Capital Ventures, Creandum, Founders,

7 Pleo $200M
2021-12-09
$4.7B
Kinnevik
Denmark 3.6%
Series D SoftBank Latin America Fund, Index Ventures, Bpifrance, Eurazeo,

7 Swile $200M
2021-10-11
$1.0B
Headline
France 3.6%
Series C Nyca Partners, Backed VC, British Patient Capital, Eurazeo, IQ

7 Thought Machine $200M
2021-11-29
$1.0B
Capital
United Kingdom 3.6%
Series C
10 Moonfare $125M
2021-11-02
N/A Insight Partners, Fidelity International Strategic Ventures Germany 2.3%
172
IPOs reach a record-high, but M&A exits still dominate
M&A, 305
182
6
1
IPO, 18
SPAC, 0
2015 2016 2017 2018 2019 2020 2021
173
European M&A activity rebounds in Q4’21, IPOs set a quarterly record
81
77
M&A, 79
68
58
7
2 2
IPO, 8
1
SPAC, 0
2015 2016 2017 2018 2019 2020 2021
174
Europe: Top investors by company count in Q4'21
1 Global Founders Capital 23 VC Germany
2 Index Ventures 9 VC United Kingdom
3 Anthemis 8 VC United Kingdom
3 Seedcamp 8 VC United Kingdom
5 Entree Capital 6 VC United Kingdom
5 Magnus Capital 6 VC Netherlands
5 Picus Capital 6 VC Germany
5 Speedinvest 6 VC Austria
9 Balderton Capital 5 VC United Kingdom
9 Creandum 5 VC Sweden
9 Marshall Wace Asset Management 5 Asset/investment management United Kingdom
9 ZBS Capital 5 VC Ukraine
175
LatAm Trends
176
LatAm fintech funding hits $12.9B in 2021, up more than 3x
$14. 0B Funding 350

$12.9B
$12. 0B 300
Deals
313
$10. 0B 250
$8.0B 181 200

175
$6.0B 135 150
113
$4.0B $3.5B 100

70
$2.7B
$2.0B 40 50
$1.2B
$0.4B $0.4B
$0.1B
$0.0B 0
2015 2016 2017 2018 2019 2020 2021
177
Quarterly LatAm deals reach an all-time high, but funding plummets by 54%
$6,000M Deals 100

$5,583M
89
87
90
$5,000M 78
80
$4,189M
70
$4,000M
59
55 60
51 50
$3,000M 50
44 43
41 41 42
39
35
Funding40
34 33
31 $1,929M
$2,000M
30
24 $1,508M
22
20 19 $1,278M
18 $1,170M
16 16 16 20
$876M $914M
$1,000M 12
8 $504M $558M $476M
$383M $402M 10
4
$211M $172M $146M
$7M
$101M $14M $80M $123M $28M $154M $69M $113M $37M $124M
$17M
$0M 0
2015 2016 2017 2018 2019 2020 2021
178
Early-stage rounds continue to represent more than two thirds of deals
6% 7% Other, 6%
13% 13% 11% 12%
Late-stage, 11%
10% 14%
10% 8% 14%
16%
8% Mid-stage, 15%
8% 13%
8%
80%
70% 71% 69% 66% 67% Early-stage, 69%
2015 2016 2017 2018 2019 2020 2021
179
LatAm: Top equity deals in Q4'21

Date Valuation Funding
Series B Institutional Venture Partners, Lightspeed Venture Partners,
1 FTX $421M
2021-10-21
$25.0B
Sequoia Capital, Ribbit Capital, Temasek
Bahamas 21.8%
Series C SoftBank Group, Kaszek Ventures, ThornTree Capital

2 Alice $127M
2021-12-21
N/A
Partners, Allen & Company, G Squared
Brazil 6.6%
Series C GGV Capital, GIC, General Catalyst, Lightspeed Venture

3 stori $125M
2021-11-11
N/A
Partners, Source Code Capital
Mexico 6.5%
Series A SoftBank Latin America Fund, International Finance

4 Open Co $115M
2021-12-15
N/A
Corporation, LTS Investments, Raiz Investimentos
Brazil 6.0%
Series B
5 Pismo $108M
2021-10-19
N/A SoftBank Group, Accel, Redpoint e.ventures, Amazon, B3 Brazil 5.6%
Series D Stepstone Group, Angel Ventures Mexico, Richmond Global,

6 Kueski $102M
2021-12-02
N/A
Rise Capital, Tuesday Capital
Mexico 5.3%
Series C
7 ADDI $80M
2021-12-20
$700M GIC, SoftBank Latin America Fund Colombia 4.1%
Series B
8 2TM $50M
2021-11-30
N/A 10T Fund, Endeavor, PIPO Capital, TC, Tribe Capital Brazil 2.6%
Series B
8 Mercado Bitcoin $50M
2021-11-30
N/A 10T Fund, Tribe Capital, PIPO Capital, TC, Endeavor Brazil 2.6%
Series A
8 QI Tech $50M
2021-11-05
N/A GIC Brazil 2.6%
180
M&A exits jump 85% to 74 deals in 2021, IPOs continue to edge up
M&A, 74
40
IPO, 4
2015 2016 2017 2018 2019 2020 2021
181
M&A exits dip in Q4’21 but remain elevated
22
21
18 M&A, 19
12
2
1
IPO, 1
2015 2016 2017 2018 2019 2020 2021
182
LatAm: Top investors by company count in Q4'21
1 Kaszek Ventures 9 VC Argentina
2 SkyVision Capital 7 VC Virgin Islands (British)
3 mgnr 5 VC Cayman Islands
4 Gate.io 4 Corp Cayman Islands
4 Monashees+ 4 VC Brazil
4 TC 4 Corp Brazil
7 Big Bets 3 VC Brazil
7 Iporanga Investimentos 3 VC Brazil
7 Krypital Group 3 Corp Cayman Islands
183
STATE OF FINTECH
Report methodology disclosed in credible media sources. The list is maintained
publicly and updated in real time at
equity financing nor is it from venture capital firms. As a result, it
is not included.
You can download the underlying data found in https://www.cbinsights.com/research-unicorn-companies. No buyouts, consolidations, or recapitalizations. All three of
Geography notes: Israel funding figures are classified in Asia; these transaction types are commonly employed by private
this report here: Caribbean region figures included in Latin America, or “LatAm”; equity firms and are tracked by CB Insights. However, they are
https://www.cbinsights.com/reports/CB- funding to Australia and Africa is included in global figures but excluded for the purposes of this report.
Insights_Fintech-Trends-2021.xlsx. not spotlighted in this report. No private placements. These investments, also known as PIPEs
Rounds to private companies that may be majority- or minority- (Private Investment in Public Equities), are not included even if
If you have questions about the definitions or methodological owned subsidiaries of other private companies. made by a venture capital firm.
principles used, or if you feel that your firm has been Valuation data includes estimates to calibrate median and No debt/loans of any kind (except convertible notes). Venture
underrepresented, please reach out to info@cbinsights.com. average valuations based on current and previous quarter debt or any kind of debt/loan issued to emerging, startup
disclosed valuations gathered from the aforementioned four companies, even if included as an additional part of an equity
sources. The estimating method will control for the over- financing, is not included. If a company receives $3M with $2M
What is included: sampling of large rounds that are reported quickly versus a from venture investors and $1M in debt, only the $2M is included
Equity financings into private companies only. Funding rounds comparative lag in valuations obtained from other sources. in these statistics.
raised by public companies of any kind on any exchange Exits include IPO, SPACs, M&A and other liquidity events; only No non-equity government funding. Grants or loans by the
(including Pink Sheets) are excluded from our numbers, even if first exits are counted. federal government, state agencies, or public-private
they received investment from a venture firm. Headquarters are determined by publicly available sources partnerships to emerging, startup companies are not included.
Only includes the investment made in the quarter for tranched including company-owned websites and profiles, legal filings, No fundings to subsidiaries of a larger parent corporation unless
investments. If a company does a second closing of its Series B and press releases. that subsidiary is a private entity and meets other criteria for
round for $5M and previously had closed $2M in a prior quarter, All figures in the report are in USD. inclusion.
only the $5M is reflected. Accelerators, incubators, business plan competitions, and
US financing trends follow the combined statistical area
Round numbers reflect what has closed, not what is intended. If economic development entities are excluded from rankings of
a company indicates the closing of $5M out of a desired raise of (CSA) methodology. Silicon Valley refers to the San Jose-San
most active investors, even if making equity financings.
$15M, our numbers reflect only the amount which has closed. Francisco-Oakland CSA.
Rankings for top investors are calculated according to “company
Only verifiable fundings are included. Fundings are verified via count,” or the number of unique companies an investor funds in
(1) various federal and state regulatory filings; (2) direct What is excluded: a quarter, and so excludes follow-on deals.
confirmation with firm or investor; (3) press release; or (4)
credible media sources. No contingent funding. If a company receives a commitment for
$20M subject to hitting certain milestones but first gets $8M,
Equity fundings to joint ventures and spinoffs/spinouts are
only the $8M is included in our data.
included.
No business development/R&D arrangements, whether
Unicorn data includes private companies valued at $1B or more
transferable into equity now, later, or never. If a company signs a
in the private markets globally, per the same 4 sources listed
above and relied on for funding events, which include valuations $300M R&D partnership with a larger corporation, this is not
184

State of Fintech: GLOBAL - 2021

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State of Fintech: GLOBAL - 2021

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State of Fintech: GLOBAL - 2021

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State Of

Our Technology Insights Platform provides

The TL;DR Live:

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Capital Markets Tech

Global Trends 21 Geographic Trends 143

What you need to know about

$132B 343 235 $21B $63B

What you need to know about

7 $90M 906 140% 269%

Mega-rounds triple in 2021 to a record 343 deals

Digital lending funding rises 220% to reach all-time high of $21B

Q4'21 sees 7 Series A mega-rounds ($100M+)

Series A SoftBank Latin America Fund, International Finance Corporation, LTS

Series A Accomplice, Agman Partners, Alphemy Capital, CMT Digital, Continue

Series A General Catalyst, Accel, Arbor Ventures, Eight Roads Ventures,

Late-stage median deal size more than doubles in 2021 to $90M

2015 2017 2019 2021

Global fintech M&A exits surge to a new high of 906 in 2021

906 M&A exits

2015 2016 2017 2018 2019 2020 2021

Median IPO valuation jumps 140% to a record high of $2.4B

2015 2016 2017 2018 2019 2020 2021

LatAm fintech funding smashes record in 2021, up 269% from 2020

Global fintech funding and deals soar to record highs in 2021

Q4'21 is second-strongest quarter ever for fintech funding and deals

$40. 0B Deals 1,400

558 566 550

US leads in Q4’21 deals and funding, followed by Asia and Europe

In Q4'21, US funding is worth more than all other regions combined

US Asia Europe LatAm Canada All Other Regions

6% 6% 5% 5% 5% 5% 7% 5% 6% 6% All Other Regions, 6%

51% 50% 48% 48% 47%

VCs still lead in deal share among investors, but asset/investment

18% 19% 18%

35% 34% 35% 35%

Average global deal size reaches $32M in 2021, up 78% YoY

2015 2016 2017 2018 2019 2020 2021

Median deal size is up YoY across regions in 2021

US Asia Europe LatAm Canada All Other Regions

$5M $5M $5M

Angel Asset/Investment CVC Corp Private Equity VC

The number of $100M+ mega-rounds triples YoY to 343 deals in 2021

Number of mega-rounds dips QoQ in Q4'21, funding holds strong

The US leads in mega-round deals and funding in Q4’21

Asia mega-rounds hit new high in Q4'21, while US mega-rounds rebound

Global mega-rounds make up 7% of total deals in Q4’21

Global mega-rounds account for 67% of total funding in Q4’21

Global: Top equity deals in Q4'21

Series D SoftBank Group, Uprising Capital, Andreessen Horowitz,

Growth Equity WestCap Group, Bessemer Venture Partners, FinTech

Series E Coatue Management, Third Point Ventures, Dragoneer

Series A Coatue Management, Tiger Global Management, New

Series H Abu Dhabi Fund for Development, Accel, General