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Investing in fintech: Trends in financial technology for investors and entrepreneurs

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Investing in fintech: Trends in financial technology for investors and entrepreneurs

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Join Zack Miller, Head of the Investor Community at OurCrowd, and Mick Weinstein, VP of Marketing at BIllGuard for an in depth discussion of the recent trends and opportunities in the dynamic financial technology industry. Zack and Mick have both helped build some of the top companies in the space including Seeking Alpha, Covestor, OurCrowd, BillGuard, Lending Club, SigFig and more.

Join us to learn about:

How top investors and entrepreneurs think about the entire fintech ecosystem, from online asset management, to financial content, to consumer finance apps, and crowdfunding.

Which business models are taking hold and their future prospects.

The challenges and opportunities for investing and building a valuable company in the financial space.

Join Zack Miller, Head of the Investor Community at OurCrowd, and Mick Weinstein, VP of Marketing at BIllGuard for an in depth discussion of the recent trends and opportunities in the dynamic financial technology industry. Zack and Mick have both helped build some of the top companies in the space including Seeking Alpha, Covestor, OurCrowd, BillGuard, Lending Club, SigFig and more.

Join us to learn about:

How top investors and entrepreneurs think about the entire fintech ecosystem, from online asset management, to financial content, to consumer finance apps, and crowdfunding.

Which business models are taking hold and their future prospects.

The challenges and opportunities for investing and building a valuable company in the financial space.

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Investing in fintech: Trends in financial technology for investors and entrepreneurs

  1. 1. Trends in FinTech An OurCrowd Briefing Zack Miller & Mick Weinstein
  2. 2. Your Hosts Mick Weinstein VP Marketing BillGuard Zack Miller Head of Investor Community @ OurCrowd
  3. 3. Focus tonight
  4. 4. The History of FinTech Post-Internet § Broker on the phone >> Charles Schwab § Low cost passive investing via online ETFs >> fully automated, low or no cost robo-management § Expensive, slow, inconvenient bank transfers >> fast, cheap payments § Bank lending >> P2P debt financing § Private placements >> equity crowdfunding § Illiquid holdings & networks of friends >> new secondary markets
  5. 5. Asset Management / Robo-visers $300M valuation Index, Ribbit, Greylock, Benchmark $75M valuation Canvas Ventures Bessemer, Citi Ventures, NW Mutual Institutional Venture Partners, Venrock, BlackRock JP Morgan, Goldman, Foundation Capital, Norwest VP Union Square, Spark
  6. 6. Asset Management / Robo-visers § Well-funded, maturing space § Competing on price § Are these creating new services or simply replicating existing services online? § Another big challenge: is passive management going to zero cost? »  Lower costs >> bigger scale >> more data »  Big data world means that data will be a core corporate asset
  7. 7. Content: 4 Different Approaches Accel, Northwest Mutual Union Square, Bain Capital Ventures Steelpoint Partners Accel, Benchmark
  8. 8. Content: 4 Different Approaches § Differentiating and competing on product quality § Companies like SigFig (automated professional service) and LearnVest (subscribing to advisers) are creating new business models to deliver financial services. § Can these sites be stand-alone traffic destinations? § UPDATE: Seeking Alpha broke up with Yahoo Finance yesterday
  9. 9. Payments Blumberg, Lool, Rhodium Khosla, Sequoia, KPCB, Citi, Starbucks, Goldman, Morgan Stganley, Barclays, JP Morgan Ebay - $1.5B acquisition Greylock, Accel Accel Khosla, Founders Fund, Sequoia, General Catalyst, Andreessen Horowitz
  10. 10. Payments 10   32   28   33   23   29   10   4   11   4   9   10   6   6   7   6   10   19   70   53   50   49   46   28   5   6   5   7   12   14   2008   2009   2010   2011   2012   2013   January  2008  –  June  2013:  VC  Dollar  Amount  Share   Banking  /  CorpFin   Capital  Markets   Data  Analy@cs   Payments   PFM  
  11. 11. Payments Starbucks processing 6M transactions/week (7/14) 70% + penetration in home market, rapidly growing across Africa & Eastern Europe Big entrants are expected to arrive soon Approaching $1B market cap on NASDAQ ~$2B market cap on NASDAQ
  12. 12. Today’s retail banking space § Bain & Co: “more than half” of top 80 institutions are not meeting benchmarks consumers already expect from banks § Offline, inconvenient, expensive, low value-add Retail Banking: slow adaptation to the Internet
  13. 13. Simple’s Features: § Goals – ability to set daily savings towards a goal § “Safe to spend” – bird’s-eye view of spendable money given budgets, goals, cash flow, recurring charges, etc Acquired by Intuit ~$170M Retail Banking & Personal Finance Tech
  14. 14. Retail Banking & Personal Finance Tech Innovation Endeavors, Founders Fund, Khosla, Bessemer, OurCrowd Benchmark, Shasta, First Round, Founders Fund – acquired, Intuit $170M Acquired, Intuit $360M Sanford Weill, former CEO of Citibank
  15. 15. § Challenges of moving up the value chain § A very funded space, but relative to total possibilities maybe not § But: A lot of opportunities still exist with Trend: Personal Finance Management Challenges “PFM is dead” SOURCE: http://bit.ly/ocfintech1
  16. 16. Personal and SMB loans today: § Classic case of middleman in an automatable process § Credit crunch despite increasing bank profits has material effect on job growth P2P Debt Financing
  17. 17. P2P Debt Financing Sequoia, Blackrock, DFJ, Accel, Institutional Venture Partners T. Rowe Price, Wellington, Blackrock, Sands Capital, Norwest, Canaan, Union Square Bessemer, Rothschild Family, Arrowgrass Index Ventures, Accel, Union Square, Ribbit Capital Greylock, Accel, Meritech
  18. 18. Equity Crowdfunding Angels Google Ventures, Atlas, DFJ, KPCB, SV Angel, Floodgate First Round, Y Combinator, Felicis, Spark, Intel Capital, Andreessen Horowitz, General Catalyst, SV Angel Canaan Partners, Google Ventures, Union Square, Maveron
  19. 19. Equity Crowdfunding Virgin  America  Partnership   February  2014   Sharing  hot  consumer  brands  with  Virgin   Airline’s  ameni7es  procurement  team   GE  Ventures  –  OurCrowd  Partnership   November  2013   Exclusive  dealflow  sharing  agreement  allowing  GE   Ventures  alloca7on  in  crowdfunding  rounds   ZionTech  –  IBM  Incubator  Deal     April  2014   IBM’s  first  accelerator  in  Israel  opened  in   conjunc7on  with  ZionTech’s  parent  company,  a   bou7que  investment  firm  ZionTechBlue  Ini7a7ves   Unique  products  
  20. 20. The Internet has changed (almost) everything in finance §  Asset-ification of everything: »  Unsecured personal loans »  Bets & predictions in some niche futures/options markets »  U-Haul investing club example §  Internet finance 1.0 is now being disrupted by fintech 2.0 »  Personal broker >> Charles Schwab >> Robo-Visors >> zero fee passive platforms §  Who is disrupting who, though? »  Robo-visors claim to go after all passive investment firms, but are they going after anyone outside the low-cost, passive management firms like Vanguard? §  Fintech is slower & more expensive to build
  21. 21. Trend: Challenges in disrupting the bank §  Simple and the like are skins on top of the UI of existing bank tech §  A disruptive bank would be one that owns the full technology stack
  22. 22. Trend: Investor Types
  23. 23. Corporates are getting particularly active: § In 2013, corporate venture funds invested more than traditional VCs in the fintech space Fintech's star investor: Google Ventures (?!) § Angel List § CircleUp § Lending Club § LendUp Trends: Who is investing?
  24. 24. Trend: VC Money Into FinTech 17   18   22   24   18   21   9   7   14   13   14   12   13   16   10   9   12   14   53   50   43   45   47   44   9   9   11   9   9   10   2008   2009   2010   2011   2012   2013   January  2008  –  June  2013  VC  Deal  Share   Banking  /  CorpFin   Capital  Markets   Data  Analy@cs   Payments   PFM  
  25. 25. Q&A Mick: mick@billguard.com | @mickwe Zack: zack@ourcrowd.com | @newrulesinvest

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