FinTech Venture Capital

What the FinTech?! #2
FinTech & Venture Capital
Startplatz Köln
8. Oktober 2015

Big Data, Cloud-
Computing,
Smartphones,
Laptops, etc.
FinTech
Unternehmen
Übernahme von
Marktanteile der
Banken
What is FinTech?
Jeder hat so seine eigene Definition
2
 FinTech: Moderne Technologie zur Bereitstellung finanzieller Dienstleistungen durch
Unternehmen, die (ursprünglich) aus dem Nichtbankenbereich stammen
 Überwindung der Markteintrittshürde (Banklizenz) durch alternative Methoden
Banken
FinTech
E-
Commerce
Mobile-
Payment
Crowd-
lending
Business
Intelligence

Global FinTech Universe
n=1.232
What is FinTech?
German Universe/Global Universe
3
4
German FinTech Startup Universe
 >300 FinTech-Unternehmen in Deutschland
 >1.200 FinTech-Unternehmen global erscheint sehr konservativ
n=332
20%
20%
10%9%
7%
6%
5%
4%
4%
4%
3%3%3%2%
Lending
Payments
Personal Finance
Equity Financing
Retail Investment
Small Business Tools
Banking Infrastructure
Institutional Investment
Source: Venture Scanner, Barkow ConsultingSource: paymentandbanking.com, crowdfunding.de, Maik Klotz, Signed.VC, Barkow Consulting
37%
11%
8%
6%
3%
3%
3%
4%
3%
2%
2%
1%1%
16%
Alt. Finance
Investment
Payment Solutions
Insurance
Payment P2P
Restau/Till
Bitcoin/Crypto
Other
ERP
Online-Ident
Finance Aggregation
Spenden
API/Infrastructure
Real Estate

0,6
2,3
1,5
2009 2010 2011 2012 2013 2014
MaxMin
2,8
4,3
7,1
2009 2010 2011 2012 2013 2014
Ʃ 27,2
What is Venture Capital?
Erhebliche Differenzen in den Statistiken für Deutschland
4
5
Ø
Source: BVK, Dow Jones VentureSource, EVCA, EY, Majunke Consulting, Pitchbook, Barkow
Consulting
Deutsche Venture Capital-Investitionen in €Mrd. p.a.
Sou4ce: BVK, CB Insights, destatis, Dow Jones VentureSource, EVCA, EY, NVCA/PwC
MoneyTree, Pitchbook, United Nations National Accounts Main Aggregates Database, US
Census, Barkow Consulting
VC-Investitionen in Deutschland Dt. VC-Lücke > €27Mrd.
Dt. VC-Investitionslücke im Vgl. zu USA in €Mrd. p.a.
 Dt. VC-Investitionen 2014: Je nach Quelle zwischen EUR0,6Mrd. und EUR2,3Mrd.

82
175
331
643
308
CB Insights Techfluence Dow Jones Venture
Source
PitchBook Ø
FinTech Venture Capital
Deutschland: Pick a Number
5
6
FinTech Venture Capital in Germany 2014
Source: CB insights, Dow Jones VentureCource, Techfluence, Pitchbook, Barkow Consulting
FinTech Venture Capital Investitionen in €Mio. p.a.
 Auch im FinTech-Segment dramatische Unterschiede in den Zahlen
=> Geringe Markttransparenz

0,05 0,06
0,20
0,74
1,68
0,64
2010 2011 2012 2013 2014 H12015
FinTech Venture Capital Investitionen in €Mrd. p.a.
Europa & Global
6
7
FinTech Venture Capital in Europe
Source: Pitchbook, Barkow Consulting
0,64
4,00
12,21
2012 2013 2014
FinTech Venture Capital Global
Source: EY/CB Insights, Barkow Consulting
FinTech Venture Capital Investitionen in US $ Mrd. p.a.
 Explosion von FinTech VC seit 2012
 Wachstumstrend in 2015 (noch) intakt

Deutschland: Unsere Money Map Zahlen
294
453
803
VC Debt M&A
FinTech Venture Capital in Germany
Source: Barkow Consulting ‚FinTech Money Map‘
7
8
All FinTech Investments in 2015
 FinTech VC auch in Deutschland mit starkem Anstieg
 In 2015 bislang EUR1,5Mrd. Investiert …
 … dominiert von M&A und Fremdkapital
FinTech Venture Capital Investments in US$m FinTech Investments in US$m
39
56
161
294
2012 2013 2014 2015YTD

Moore‘s Law & die 2. Hälfte des Schachbretts
8
9
 Der Grund für den FinTech VC Boom: Technologischer Wandel beschleunigt sich;
Banken beschleunigen ihren eigenen Wandel nicht entsprechend
t0 t1 t2 t3 t4 t5 t6 t7 t8 t9 t10 t11
Growth Co Perception Hurdle
4 years
2%
51%
Source: destatis, Dowjones Venture Source, United Nations National Accounts Main Aggregates Database, University of
Camebridge/EY, US Census, Barkow Consulting
Market Share in %, CAGR 100%
The Second Half of the Chessboard

9
Barkow Consulting FinTech Money Map
Introducing our 5-Star-Database
10
> 350
Investoren
> 3 Mrd.
Investments
> 600
Investments
> 250
Finanzierungs
-runden
ca. 200
FinTech Cos
 Unsere Money Map als ein Schritt zur Erhöhung der Markttransparenz
 Die wohl umfangreichste FinTech VC-Datenbank in Deutschland
 Vielleicht eine der grössten VC-Datenbanken in Deutschland generell

12
11
10
9
HoltzbV
HTGF
YouisNow
GStartups
DvHV.
b-to-v
PointNine
Rocket
SAP
No10
No10
No12
No13
No13
No15
No15
No17
No17
No19
No19
No19
No22
No22
No22
No22
Wer investiert?
10
11
FinTech VC: Most Active Investors in Germany (in # of portfolio companies)
 Die üblichen Verdächtigen?!
Investors by number of FinTech investments

Regionaler Split
11
12
 Deutschland dominiert
 USA auf Position Nr. 2
 Und Russland auf Nr. 5
274
25
13 12 8 5 4 5 2 2 2 1 1 1 1 1 2 1 1 1
Germany
USA
Switzerland
UK
Russia
France
Sweden
Netherlands
Italy
HongKong
Singapore
Ukraine
Spain
Australia
Denmark
Poland
Japan
Ukraine
Brasil
EU
Investors in German FinTech (# of Investors by Country of Origin)
Number of Investors by Country of Investor Origin

32%
34%
15%
5%
3%
2%
2%2%
VC
Angel
Strategic Investor
Corporate VC
Incubator
Company Builder
Accelerator
Public VC
Family Office
Hedge Fund
Crowd
Capital Markets
Private Equity
76%
5%
5%
4%
3%1%
Investor
FinTech
Media
Banks
IT
Retail
Insurance
Telco
Stock Exchange
Internet
Luxury Goods
Payments
Consulting
Sektoraler Split
12
13
Investors in German FinTech
 Finanzinvestoren dominieren (insbesondere Business Angels)
 Medien investieren mehr als Banken
 Versicherungen (fast) NO SHOW
Number of Investors by Type of InvestorNumber of Investors by Investor Background

Deutschland hat noch FinTech-Potential
Barkow Consulting FinTech Country Rating
13
14
 Verpasst Deutschland (mal wieder) den Anschluss?
Israel
UK
USA
Sweden
Netherl.
Ireland*
Finland
France
CzechRep.
Germany
Lux.*
Greece*
Spain
Denmark
Belgium
Source: destatis, Dowjones Venture Source, United Nations National Accounts Main Aggregates Database, University of
Camebridge/EY, US Census, Barkow Consulting
FinTech Country Rating (Ø of Alternative Finance/GDP & of FinTech VC/GDP)
In % of GDP

0,6
2,3
1,5
2009 2010 2011 2012 2013 2014
MaxMin
2,8
4,3
7,1
2009 2010 2011 2012 2013 2014
Ʃ 27,2
Die dt. VC-Lücke, wie groß war die noch?
14
15
Ø
Source: BVK, Dow Jones VentureSource, EVCA, EY, Majunke Consulting, Pitchbook, Barkow
Consulting
Deutsche Venture Capital-Investitionen in €Mrd. p.a.
Sou4ce: BVK, CB Insights, destatis, Dow Jones VentureSource, EVCA, EY, NVCA/PwC
MoneyTree, Pitchbook, United Nations National Accounts Main Aggregates Database, US
VC-Investitionen in Deutschland Dt. VC-Lücke > €27Mrd.
Dt. VC-Investitionslücke im Vgl. zu USA in €Mrd. p.a.
 Dt. VC-Investitionen 2014 - Große Unterschiede in der Datenbasis
 Dt. VC-Lücke > €27Mrd. seit 2009
 Dt. VC Lücke auf Rekordniveau in 2014

2,72%0
3,39%0
2009 2010 2011 2012 2013 2014
MaxMin
US VC Investitionen 7,5x so hoch
15
16
0,22%0
0,79%0
2009 2010 2011 2012 2013 2014
Venture Capital Investitionen in %0 des BIP
Source: BVK, Dow Jones, VentureSource, EVCA, EY, Majunke Consulting, Pitchbook, destatis, Barkow
Consulting
VC-Investitionen in Deutschland VC-Investitionen in den USA
Venture Capital Investitionen in %0 des BIP
Source: CB Insights, Dow Jones VentureSource, NVCA/PwC MoneyTree, EY, Pitchbook, US
MinMin MaxMax
 US VC Investitionen sind 7,5x so hoch wie in Deutschland

FinTech VC: Deutschland vs London
16
17
FinTech VC in Deutschland und London
Source: Barkow Consulting ‚FinTech Money Map‘, CB Insights/London & partners
 London allein zieht mehr FinTech VC an als ganz Deutschland
 Aber: Lücke in 2015 scheint kleiner zu werden
VC Investment Volumen in US$m
161
294
487
554
2014 2015 YTD
Germany London

Innovation Strategies
Reinvent
Yourself
Alone
Co-
operation
Found Tech
Subsidiary
Alone
JV / Co-
operation
Investment
M&A VC
Traditional
VC
Corporate
VC
Fund Accelerator
Incubator
Company
Builderwww.BarkowConsulting.com
Barkow Consulting Strategic Innovation Tree

Ignorance
Under-
estimation
Denial Surprise Frustration Copy Resignation
Investment M&A Write Off
Buy Real
Survivors
Buy Out
Hope
No Interest Open end …
IX
Incumbents & Disruption
I II III IV V VI VII
X XI XII XIII XIV
Now let‘s
buy real
survivors!
Once
successful,
now (with us)
they struggle
…
Wrong
investments,
let‘s buy the
winners instead
…
What are you
talking about?
Never heard
of it!
This is just
a short term
fad!
Come on, we
are much too
strong, they will
never succeed
Hm, they are
not going
away …
Oops , we are
really losing
market share!
Sh…, we have
to do that too!
Sh…, we are
not getting it
done! Are we
too late?
Hm, if we
can‘t beat
them, we
invest in
them!
Waited too
long,
survivors too
expensive,
now hope
they buy us!
Tech Cos not
interested in
bricks &
mortars, legacy
systems etc. …
VIII
Source: Barkow Consulting

3
2 2
1
main incubator Commerz Ventures DSGV DSV Gruppe
Commerz
Sparkassen
Deutschen Banken auch noch mit Potential
Dt. Banken investieren kaum
19
20
German Banks FinTech Investments
Source: Barkow Consulting "FinTech Money Map"
 Commerzbank als absoluter Marktführer
 Aber auch die Sparkassen sind im Markt aktiv …
 … wenn auch mit anderem Investment-Ansatz
Number of Companies

27
24 24
20
16
14
8
5
3
Amex Citi GS PayPal JP Morgan Visa MS Commerz Sparkassen
USA Germany
Banken & FinTech Investments: D vs USA
20
21
FinTech Investments: Germany vs US
Source: Barkow Consulting "FinTech Money Map"
 Deutsche Banken als Nebenakteure (blau, rechts aussen!)
 US Banken & Kreditkartenunternehmen extrem aktiv
Number of Companies

FinTech Unicorns vs German Banks
21
22
49,0
45,1
16,5
9,6 8,0
6,0 5,6 5,1 5,0 4,8 4,5 3,5 2,7 2,5 2,4 2,3 2,0 2,0 1,9 1,8 1,7 1,7 1,6 1,6 1,5 1,5
PayPal
DB
CBK
Lufax
ZhongAn
Square
LendingClub
Wirecard
Stripe
Zillow
Zenefits
CreditKarma
Powa
Klarna
Xero
Aareal
CommonBond
One97
Prosper
Affirm*
PBB
Biz2Credit
Dataminr*
Lakala*
comdirect
Adyen
Source: Finovate, Bloomberg, Pitchbook, Barkow Consulting
 PayPal > Deutsche Bank
Valuation in US$ bn
Private
German
Bank
Public
German Listed Banks vs. Global FinTech Unicorns

Top 5 vs Top 5
22
23
Top5: FinTech vs listed German Banks
Source: Finovate, Bloomberg, Barkow Consulting
78
67
Fintech 5 German Banks
 FinTech Top 5 schlägt deutsche Banken Top 5 …
 … zumindest aktuell
In US$ bn

Auch FinTechs noch mit Potential?
PayPal vs Next 8
23
24
PayPal vs Next 8 FinTech Unicorns
Source: Finovate, Bloomberg, Barkow Consulting
49 49
PayPal Next 8
 PayPal ist soviel Wert wie die nächstfolgenden 8 FinTech-Unternehmen zusammen
In US$ bn

Deutsche Banken kooperieren gern?!
25

Deutschland noch mit VC-Potential
Es gibt keine großen VC-Runden in Deutschland?
25
26
Source: Crunchbase, Gründerszene, deutsche startups, div., Barkow Consulting
 Doch es gibt sie!
Venture Capital Funding Rounds > US$ 50 m
German Mega Rounds by Size
568
445
350
191
126 120 118 110
92 88 86 85 85 75 60 50 50 50
DeliveryHero*
RocketInternet
DeliveryHero
Zalando
HelloFresh
Home24
Auto1
DeliveryHero
Kreditech
DeliveryHero
WestWing
HelloFresh
DeliveryHero
BlueYonder
SoundClould
SoundClould
DeliveryHero
Windeln.de

13; 72%
5; 28%
Megarunden auch in Deutschland mit steigender Tendenz
26
27
 Anzahl der Megarunden steigt an
 Aber: Megarunden sind ‘Rockets Reich’
 US VCs die mit Abstand häufigsten Lead-Investoren
Number of Venture Capital Funding Rounds > US$ 50 m
Rocket Internet Involved in Most Mega Rounds
Number of Venture Capital Funding Rounds > US$ 50 m
German Mega Rounds Rising
Rocket Others
2
1
6
9
2012 2013 2014 2015 YTD
Source: Crunchbase, Gründerszene, deutsche startups, div., Barkow Consulting Source: Crunchbase, Gründerszene, deutsche startups, div., Barkow Consulting

92
13
Kreditech
Kreditech
Lendico
Saving
Global
SumUP
auxmoney
smawa
Traxpay
Paymill
SumUP
Die größten Fundingrunden in Deutschland
FinTech: Largest VC-Investments Germany/Global
27
28
1.766
90
SoFi
Square
One97
Zenefits
Lufax
Cr.Karma
Prosper
Mozido
Oscar
Klarna
Adyen
ComBond
Zuora
Qufenqi
Stripe
Fin.Force
Powa
Fund.Circle
Housing.com
Jimubox
iZettle
TransferWise
Biggest Global FinTech VC Fundraisers
Source: Finovate, Bloomberg, Business Insider, CB Insights, Pitchbook, Barkow Consulting
 Deutsche FinTech-Fundingrunden sind im internationalen Vergleich noch klein
Fundingrunden in US$ m Kulumiertes Fundinvolumen in US$ m
≠

28
Barkow Consulting FinTech Club of 20
Another 5-Star-Database
29
Only one Non
US-Investor
>750
Investments
Countless
Unicorns
Several US$
billions
invested
29 Investors
 Barkow Consulting FinTech Club of 20 …
 … die 29 wichtigsten FinTech Investoren weltweit

An Exclusive Members List
29
30
Global FinTech VC: Big Spenders
Source: Company data, AngelList, CB Insights, Crunchbase, PYMNTS.com, Barkow Consulting 'FinTech Money Map'
In Number of FinTech Investments/portfolio companies
38
33
28 28 27 27 28 26 25 24 24 24 24 23 23 22 22 22 22 22 22 21 21 21 21 20 20 20 20
GoogleV
RRE
FirstRound
a16z
Amex
Greylock
Spark
Summit
YComb*
SVAngel
Route66
Citi
Goldman
Ribbit
Lightspeed
Mastercard
Accel
Khosla
NEA
KPCB
QED
Index
Bessemer
Battery
PayPal
Intel
UnionSq
Redpoint
IDG
VC Tech Bank Payments
 Google ist der Über-FinTech VC Investor

The Club of 20 by Sector
30
31
Investors in Global FinTech
Source: Company data, AngelList, CB Insights, Crunchbase, PYMNTS.com, Barkow Consulting 'FinTech Money Map'
 Traditionelle VCs dominieren
 A US Members Only Club (Almost)
74%
9%
7%
10%
VC
Tech
Bank
Payments
96%
4%
US
UK
Russia
Spain
Germany
Number of FinTech Portfolio Companies in % Number of FinTech Portfolio Companies by Country of Investor
Investors in Global FinTech
Source: Company data, AngelList, CB Insights, Crunchbase, PYMNTS.com, Barkow Consulting 'FinTech Money Map''

8
21
The Club of 20 in Germany
31
32
Source: Company data, AngelList, CB Insights, Crunchbase, PYMNTS.com,
Barkow Consulting 'FinTech Money Map'
Not Active
Active
 8 Co20 Investoren mit deutschen Investments
 Dt. Investments aber <2% Anteil an Co20 FinTech Investments
2%
98%
Number of Investors by Type of Investor Number of Investments
Germany
Others
Share of German investments
Source: Company data, AngelList, CB Insights, Crunchbase, PYMNTS.com,
Barkow Consulting 'FinTech Money Map'

The Club of 20 in Germany
32
33
Leading FinTech VCs With German Investments
Source: Barkow Consulting 'FinTech Money Map'
 Drei Co20 Investoren sogar mit zwei deutschen Investments
 Zwei deutsche FinTechs sogar mit zwei Co20 Investoren
2 2
1 1 1 1 1 1 1
Saving
Global
auxmoney
360T
Check24
Catawiki
Payleven
Vaamo
Smple
Surance
Billsafe
2 2 2
1 1 1 1 1
Accel
Index
Route66
NEA
Ribbit
Summit
UnionSq
PayPal
Number of German Investments Number of Leadings VCs
German FinTech Cos With Leading FinTech VCs

Who Attracts Smart Money VCs?
33
34
Companies Attracting Most Co20 Investors
7
6
5
4
3
Stripe
FundersClub
iZettle
robinhood
Upstart
coinbase
No7
No7
No7
No7
No7
No7
No7
No14
No14
No14
No14
No14
No14
No14
No14
No14
No14
No14
No14
No14
No14
No14
No14
No14
 Stripe & FundersClub mit den meisten Co20 Investoren

Boom & Bust
Gartner Hype Cycle
34
35
 Gartner Hype-Zyklus beschreibt den typischen Verlauf der Erwartungen an technologische
Innovationen
Peak
Trough
Start
Sustainable
Growth
Saturation

Boom & Bust
Gartner Hype Cycle & Google Trends
35
36
 Looks like the beginning of a Hype Cycle
Source: Google Trends
FinTech auf Google Trends
Anzahl Suchanfragen relativ zu Gesamtsuchanfragen

Deutscher
Sonderweg
Boom & Bust
Gartner Hype Cycle - Dt. Sonderweg für Finanzinnovationen
36
37
 Die deutsche Finanzindustrie hat allerdings ihren eigenen Hype-Zyklus
Peak
Start
R.I.P.
Aktienkultur
Neuer Markt
Mezzanine Fonds
Mittelstandsanleihen
To be Continued …

Kontakt:
Peter Barkow
Barkow Consulting GmbH
Rethelstr. 38
D-40237 Düsseldorf
PH: +49 (0) 211 17 17 256
PB@BarkowConsulting.com
www.BarkowConsulting.com
@BarkowConsult
Peter Barkow
Peter Barkow
Peter Barkow

DISCLAIMER
This presentation was prepared by Barkow Consulting GmbH (“The Author”) as a basis for discussion of certain financial issues
described herein. This presentation may not be reproduced, summarized or disclosed, in whole or in part, without the prior
written authorization of The Author, and by accepting this presentation, you hereby agree to be bound by the restrictions
contained herein.
This presentation is based on publicly available data which has not been independently verified by The Author. Any estimates
and projections contained herein involve significant elements of subjective judgment and analysis, which may or may not be
correct. None of The Author, any of its affiliates, or any of its direct or indirect shareholders, or any of its or their respective
members, consultants, employees or agents provides any guarantee or warranty (express or implied) or assumes any
responsibility with respect to the authenticity, origin, validity, accuracy or completeness of the information and data contained
herein or assumes any obligation for damages, losses or costs (including, without limitation, any direct or consequential losses)
resulting from any errors or omissions in this presentation.
The economic valuations contained in this presentation are necessarily based on current market conditions, which may change
significantly over a short period of time. Changes and events occurring after the date hereof may, therefore, affect the validity of
the conclusions contained in this presentation and The Author assume no obligation to update and /or revise this presentation
or the information and data upon which it was based.

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