Q2 2020 Sector Update Fintech Important disclosures appear at the back of this report GP Bullhound LLP is authorised and regulated by the Financial Conduct Authority GP Bullhound Inc is a member of FINRA 2 We publish this quarterly fintech market report to provide quantitative insights into public and private market valuations across the transaction spectrum and qualitative insights into company business models, technology and customer trends. In our Q2 report, we discuss certain trends that highlight some of the COVID tailwinds, such as digital payments and online trading, while also bringing back to focus insurtech. Additionally, we cover the re-imagining of the finance function through software, as well as feature CEO/Founder profiles from companies in the wealth management, insurtech and challenger banking spaces. Based in our London office, Claudio Alvarez heads up our fintech practice, which has completed over 20 transactions involving both equity and debt. Several of our recent fintech advisory transactions and investments are showcased below: GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to category leaders Fintech perspectives EXECUTIVE SUMMARY Mambu INVESTMENT BY Bessemer Venture Partners €30 million Meniga INVESTMENT BY Groupe BPCE Undisclosed EcoVadis INVESTMENT BY CVC Growth Partners $200 million GP Bullhound INVESTMENT IN Revolut $10 million Motif ACQUIRED BY Charles Schwab Undisclosed 3 Key sector takeaways Recent fintech transaction trends Public market fintech analyses Fintech CEO & founder commentary Appendix A: Fintech trading comparables by category Appendix B: GP Bullhound fintech credentials & team 1 3 4 5 6 Contents 2 Appendix C: GP Bullhound corporate overview 7 4 Section 1 Key sector takeaways 5 GP Bullhound’s views on current trends in fintech KEY TRENDS Digital payments: cash is no longer king 1 2 3 Insurtech: a disrupter and an enabler Market volatility creates a strong tailwind for trading platforms 4 The CFO's tech stack: how fintech is reinventing the role of the finance function 6 GP Bullhound’s views on current trends in fintech KEY TRENDS 1 Digital payments: cash is no longer king Source: Capital IQ, MergerMarket, Pitchbook (1) As of 30 June 2020 ▪ The global payments ecosystem has proven resilient in the face of the pandemic as many of the sector’s biggest players are spread across multiple verticals, providing them with something of a hedge. ▪ However, for payments companies targeting the verticals hardest hit by the lockdowns and social distancing restrictions, such as travel (airlines, OTAs, and accommodation), restaurants, in-store retail, events and entertainment, COVID-19 has created immediate challenges. In the short- term, this is likely to force companies to make changes to their operating models as total payment volumes shrink and they experience greater demand on customer service teams. ▪ We expect the pandemic to represent a turning point for the payments industry, as companies that have heavily invested in digital and mobile technologies thrive, driven by a positive impact on volumes as e-commerce penetration explodes with the shift from offline to online commerce accelerated by 5–10 years. In Europe, shares in Adyen have jumped by 95%(1) in last 12 months, whilst in the US, Shopify has risen by 212% (1). ▪ Long-term, this step change in consumer behaviour should drive digital innovation, forcing many traditional players to fast-track innovation efforts and most likely lead to further consolidation in the sector. JUN-20 PRIVATE PLACEMENT $150M APR-20 PRIVATE PLACEMENT $850M APR-20 ACQUISITION $1,200M MAY-20 PRIVATE PLACEMENT £19M 7 GP Bullhound’s views on current trends in fintech KEY TRENDS Source: Capital IQ, MergerMarket, Pitchbook (1) As of 02 July 2020 (2) Forbes, “Fintech Insurer Lemonade Valued At More Than $2 Billion After $300 Million Funding Deal”, April 2019 2 Insurtech: a disrupter and an enabler ▪ In the near-term, we expect the economic slowdown and rise in unemployment to put the brakes on insurer growth with downward pressure on premiums driven by fewer policy-buyers. ▪ In a flat market, for insurers to maintain the growth momentum in recent years, they must continue to focus on improving operational efficiency by investing in new technology to digitalise key value chain operations and improve customer experience as distribution continues to trend towards direct and digital. ▪ Long-term, we believe COVID-19 will accelerate opportunities for many start-ups as traditional players look to B2B insurtech startups to help transform their digital capabilities and improve insurer’s competitive positioning and bottom line. ▪ Full-stack Insurtech innovation and digital adoption curve is often viewed to be behind that of the broader fintech sector due to the capital- intensive nature of operations. In recent months, we note a flurry of fundraisings with start-ups gaining traction with investors as they are now able to prove their unit economics at scale. ▪ This quarter, Lemonade, the full stack Israeli-based start-up backed by SoftBank, which is harnessing technology to provide homeowners and renters insurance, filed to go public and more than doubled its valuation on the first morning of trading. The valuation of $3.8bn (1) is well beyond the $2bn valuation Series D fundraise in April 2019 (2). JUL-20 IPO APR-20 PRIVATE PLACEMENT $50M APR-20 PRIVATE PLACEMENT $55M MAY-20 PRIVATE PLACEMENT $95M 8 GP Bullhound’s views on current trends in fintech KEY TRENDS Source: Capital IQ; MergerMarket; Pitchbook (1) City AM, “Robinhood delays UK launch amid pandemic popularity”, June 2020 3 Market volatility creates a strong tailwind for trading platforms ▪ The coronavirus pandemic and resulting stock market volatility has proved fruitful for trading platforms such as Robinhood, which added a record 3m new customers in Q1 2020 alone and generated $60m in revenue in March — three times that of the month before.(1) This strong performance in Q1 2020 was in part what allowed Robinhood to raise its $280m Series F at a valuation of $8.3bn.(1) ▪ In Europe, other platforms like Interactive Investor, Freetrade, BUX and Trade Republic, which raised €62m in April this year and plans on expanding into the banking field, intend to build up a European platform for mobile saving, investing and trading. ▪ Although zero-commission trading has been a US phenomenon for longer, we believe platforms in Europe will continue to adopt this model to gain users and volume. However, we see the inability of the UK players to sell their order flow (as Robinhood does in the US) as a major limiting factor in the business model. Time will tell how sustainable the commission-free model is in Europe without having a much broader consumer proposition, which could be why Trade Republic may want to broaden its market proposition and challenger banks such as Revolut may be in a better position to offer trading as a bundled service. APR-20 PRIVATE PLACEMENT €62M JUN-20 ACQUISITION UNDISCLOSED MAY-20 CROWDFUNDING £7M MAY-20 PRIVATE PLACEMENT $280M 9 GP Bullhound’s views on current trends in fintech KEY TRENDS Source: Capital IQ, MergerMarket, Pitchbook 4 The CFO's tech stack: how fintech is reinventing the role of the finance function ▪ The difficult trading environment caused by the COVID-19 pandemic has put pressure on companies to make important strategic decisions on how to cut costs, manage cash flows and plan resources to keep their companies afloat. The CFO role has continued to evolve in recent years, as they are now considered key strategic decision makers alongside CEOs, and increasing time is spent analysing the vast array of data a business generates to provide a basis of analysis for the CEO to make these critical decisions. ▪ In the past decade, we have seen the first wave of fintech platforms targeting consumers, many of which are now household names. Recently, we note strong momentum in the B2B market and more specifically in the ‘CFO tooling’ space. We believe these solutions are a catalyst for a transformative change across all finance functions. ▪ We identify five segments where fintech is playing a big role in the corporate world: accounting, loans and invoice finance, expense management, resource planning, and corporate banking. A lot of market parameters are set to keep these segments growing, such as the use of open banking data in credit decisions or the high rate of adoption of cloud platforms. ▪ Fundraising activity this quarter demonstrates the traction that this segment of fintech is getting. Fundbox, the US-based start-up for a credit and cash flow management platform, raised $200m, while Brex, which offers a corporate credit card with an expense management platform, raised $150m, led by DST and Lone Pine Capital. JUN-20 PRIVATE PLACEMENT $210M MAY-20 PRIVATE PLACEMENT $150M MAY-20 PRIVATE PLACEMENT $200M JUN-20 PRIVATE PLACEMENT $50M 10 Section 2 Recent fintech transaction trends 11 0 400 800 1,200 1,600 2,000 0 10 20 30 40 50 Q1 2017Q2 2017Q3 2017Q4 2017Q1 2018Q2 2018Q3 2018Q4 2018Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Total capital invested (LHS) Volume (RHS) 0 50 100 150 200 250 300 350 400 0 20 40 60 80 100 120 140 Q1 2017Q2 2017Q3 2017Q4 2017Q1 2018Q2 2018Q3 2018Q4 2018Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Value (LHS) Volume (RHS) 0% 20% 40% 60% 80% 100% Q1 2017Q2 2017Q3 2017Q4 2017Q1 2018Q2 2018Q3 2018Q4 2018Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Americas Europe Asia Other M&A deal value by region Fundraising deal value by region $bn, number of deals $bn, number of deals 0% 20% 40% 60% 80% 100% Q1 2017Q2 2017Q3 2017Q4 2017Q1 2018Q2 2018Q3 2018Q4 2018Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Americas Europe Asia Other Activity levels remain steady despite COVID-19 pandemic M&A AND FUNDRAISING ACTIVITY BY QUARTER Transaction M&A deal value and volume Fundraising deal value and volume Source: Pitchbook as of 30 June 2020 Note: Data includes all ‘fintech’ M&A & fundraising deals and IPOs as defined by Pitchbook regardless of geography or transaction size (1) Spike in the M&A value in Q3 2019 was caused by four extraordinarily large transactions with an aggregate value of $94bn (Worldpay/FIS ($35.5bn), First Data/Fiserv ($22bn), Total System Services/Global Payments ($21.5bn), Refinitiv/LSE ($14.8bn)) (2) Spike in fundraises value in Q2 2018 was caused by an extraordinarily large investment in Ant Financial ($14bn) (1)(2)With the easing of lockdown restrictions and acceleration of digital adoption as a result of the enforced lockdowns, we believe the fintech landscape is ripe for further consolidation and investment in new innovations in the coming quarters. 12 Slowdown in M&A, but significant transactions still completing Deal date Target Buyer Target description EV ($m) Implied EV/LTM Rev 30-Jun-20 Administrative and financial management platform for freelance workers - - 29-Jun-20 Personal wealth management and financial planning platform 1,000 8.3x 23-Jun-20 Cloud-based real-time financial data aggregation and insight platform 985 - 02-Jun-20 Interest free ‘buy now pay later’ payment solutions 269 - 28-May-20 Payment fraud detection and prevention for e- commerce players 156 - 18-May-20 Financial technology software for the wealth management industry 120 - 12-May-20 Online financial marketplace to invest in the venture asset class through mutual funds 160 - 08-May-20 Investment platform for thematic investing - - 29-Apr-20 Tech-enabled solutions and services for the back and middle office administration 116 - 20-Apr-20 POS application enabling and simplifying business payments 130 - 14-Apr-20 Digital transactions management solutions 160 3.0x 07-Apr-20 Payment processing platform with AI fraud detection solutions 1,200 12 Selected M&A transactions, April–June 2020 Q2 2020 TRANSACTIONS Source(s): Pitchbook, Capital IQ, Mergermarket In Q2 2020, we note a general slowdown in M&A activity as a result of the COVID-19 pandemic. Despite this, well-funded strategics are still pursuing M&A opportunities, particularly in payments and financial data aggregation sectors 13 Date Target Lead investor(s) Target description Capital raised ($m) 30-Jun-20 API-based Banking-as-a- Platform 67 26-Jun-20 Health insurance for businesses and individuals 225 23-Jun-20 Ownership management and compliance platform 210 22-Jun-20 Online payments solutions provider 150 16-Jun-20 Internal Challenger bank 75 03-Jun-20 Challenger bank 241 01-Jun-20 Online investment platform 430 28-May-20 Undisclosed Card issuance and processing services 150 28-May-20 Internal Challenger bank 123 26-May-20 Credit and cash flow management platform 200 21-May-20 Green financial services for individuals 135 Date Target Lead investor(s) Target description Capital raised ($m) 19-May-20 Internal Corporate credit card solutions 150 05-May-20 Internal Challenger bank 100 01-May-20 Pet insurance policies 95 29-Apr-20 Personal finance and investment platform 112 20-Apr-20 Digital health insurance 55 17-Apr-20 Online investment platform 73 16-Apr-20 Payment processing solutions 850 16-Apr-20 Business banking and payments solutions 160 16-Apr-20 Online tax assistance platform 64 15-Apr-20 Identity verification solutions 100 03-Apr-20 Challenger bank 50 Selected fundraisings, April–June 2020 Source(s): Pitchbook, Capital IQ, Mergermarket Notable number of late-stage fundraisings for fintech leaders Q2 2020 TRANSACTIONS In Q2 2020, we broadly note a slowdown in the number of fundraisings, but volume remains robust with established fintechs completing significant fundraising rounds to bolster balance sheets to stay the course and emerge stronger post the pandemic. 14 Section 3 Public market fintech analyses 15 112.3 48.8 25.5 22.8 12.6 5.9 3.1 3.0 2.9 2.8 0.7 0.2 0.1 92.3 64.5 18.6 23.3 6.4 2.9 8.2 1.7 1.7 1.1 0.1 204.6 113.3 44.1 46.1 19.0 8.8 11.3 4.7 4.6 3.9 0.3 ($bn) Market Cap 31 March 20 Change in Market Cap to 30 June 20 The value of the GP Bullhound’s fintech index increased by ~$220bn in Q2 2020, with payment companies experiencing a significant bounce back from the lows of Q1 2020. Strong performance in companies driving digital shift GP BULLHOUND'S 2020 FINTECH INDEX BY MARKET CAPITALISATION Source: Capital IQ as at 30 June 2020 Note: Presented on a logarithmic scale Opening market capitalisation as of 31 March 2020; current market capitalisation as of 30 June 2020 0.3 (0.4) (0.1) 0.0 Current Market Cap 16 COVID-19 has impacted all subsectors – some more than others – with payments performing especially well through this period Source: Capital IQ as of 30 June 2020. Note: EV/Rev multiples except for online lenders, which are computed as Market Cap/Rev multiples. Fintech Index constituents are PayPal, Shopify, Square, Adyen, Market Axess, Xero, Envestnet, Q2, Blackline, Lending Club, Funding Circle, Ondeck, and Afterpay (1) YTD GPB fintech index EV / LTV revenues comparison Fintech valuations are currently above the 3-year average GP BULLHOUND FINTECH INDEX VALUATIONS 4x 6x 8x 10x 12x 14x 16x 18x 20x Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 GPB Fintech Index - TEV/LTM Revenues GPB Fintech Index - TEV/NTM Revenues Mean: 12.8x Mean: 10.7x As of 30 June 2020, the fintech index is trading at 18.4x trailing 12-month revenues, which is 43% above the 3-year average As of 31 March 2020, the fintech index is trading at 17.6x next 12-month revenues, which is 65% above the 3-year average Dec 2018: Trade war with China leads to a market-wide sell-off Mar 2020: LTM multiples were down 22%(1) vs. 3- year average due to the effects of COVID-19 17 4x 9x 14x 19x 24x 29x 34x Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 GPB Payments Index - TEV/LTM Revenues GPB Payments Index - TEV/NTM Revenues Growing e-commerce volumes and increasing demand for digital payment solutions driving growth of leading payments companies Source: Capital IQ as of 30 June 2020 Note: Calculated based on TEV/LTM Revenues as at 19 March 2020 and 30 June 2020 Payments players benefit from tailwinds created by COVID-19 GP BULLHOUND FINTECH INDEX VALUATIONS +89% % change in LTM Revenue Multiple since 19 Mar 2020 (1) +179% +88% +148% +518% +211% increase in payments index since 19 Mar 2020 18 The trading environment has been difficult, due to the COVID-19 pandemic, with notable volatility in the market throughout Q2 2020. The snapshot below highlights how certain verticals – especially payments players and financial data & analytics – are trading well through this period. 60 70 80 90 100 110 120 130 140 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20 Source: Capital IQ as of 30 June 2020 Note: Detail on companies included in Appendix Fintech proving resilient amid COVID-19 pandemic SHARE PRICE PERFORMANCE – LAST 12 MONTHS LTM performance Payments +30.0% Nasdaq +25.6% Financial Data & Analytics +23.9% Banking Technology +20.9% HR & Payroll +13.1% Performance 1 Month 3 Months 6 Months 1 Year Payments 7.5% 46.0% 18.5% 30.0% Nasdaq 6.0% 29.4% 12.4% 25.6% Financial Data & Analytics 2.9% 27.8% 14.9% 23.9% Banking Technology 0.8% 31.7% 12.0% 20.9% HR & Payroll 6.5% 37.0% 8.5% 13.1% 19 11.3x 31.3x 28.3% HR & Payroll 1.8% Increased focus on performance given volatility INDICATIVE TRADING VALUATION BENCHMARKS EV/ 2020E revenue (1) EV/2020E EBITDA (1) 2020E EBITDA margin (1) Selected companies Verticals 2020E revenue growth (1) 9.2x 23.0x 34.5% Financial Data & Analytics 3.6% 13.4x 31.7x 32.1% Banking Technology 10.4x 22.9x 34.3% Payments 26.5% 12.5% Source: Capital IQ as of 30 June 2020 Note: Only selected logos shown, detail on companies included in Appendix (1) Mean Regulators have urged public companies to provide as much information as is practicable regarding their current financial and operating status, as well as their future operational and financial planning to facilitate robust disclosure and engagement. 20 Section 4 Fintech CEO & founder commentary 21 CEO profile Moneyfarm at a glance Moneyfarm is a digital wealth manager with over £1bn in assets under management and 45,000 active customers across the UK, Italy and Germany. First launched in 2011 and headquartered in London, it simplifies investments and offers advice via its online platform and app, with diversified portfolios to deliver sustainable growth through a range of asset classes. Moneyfarm’s approach to investment combines human empathy and financial expertise with the latest technology to deliver cost-effective advice and investment solutions to each user. In September 2019, Moneyfarm raised £36m in a Series C funding round, led by Poste Italiane and Allianz Asset Management. “We believe in empowering our customers to make confident investment decisions with their money – it’s a crucial step in building a more financially secure future for themselves and their families. Simplicity and quality are at the core of our offering, allowing us to build a long-term relationship with our customers. We know it’s important to have the right level of guidance, knowledge and support, so our hybrid service model blends technology with access to institutional-level investment advice at a fraction of the cost.” Giovanni Daprà CO-FOUNDER & CEO 22 Co-founder profile YuLife at a glance YuLife is the first digital life insurance platform on a mission to inspire life. YuLife transforms old- fashioned employee benefits into life-enhancing experiences every employee will value and use. The YuLife app uses behavioural science and game mechanics to reward people for living well and provides direct access to virtual GP's and mental health support. The result is a highly engaging proposition that drives lasting healthy habits, as well as actionable HR insights for businesses. YuLife was founded in 2016 and is backed by serial investors and top VCs including Creandum, MMC Ventures, Notion Capital, LocalGlobe and Anthemis Exponential Ventures. The company is headquartered in London. “The life insurance industry is ripe for change. For too many years, life insurance has focused on death, rather than life. YuLife is pioneering a new type of group life insurance by encouraging members to live their best lives every single day, using life insurance as a tool to enhance their physical, mental and financial wellbeing. Our members access rewards and bonuses from the UK’s leading brands in return for completing everyday wellness challenges, such as walking, cycling, meditation and mindfulness – thus incentivizing healthy and holistic lifestyles. I believe that businesses will see how workplaces become healthier, happier and more productive by replacing transitory perks with benefits that provide long-term lasting value.” Jonathan Roomer CO-FOUNDER 23 CEO profile Bnext at a glance Bnext is the #1 mobile bank in the Spanish speaking world with over 400k users, targeting a $9tn market. The company is a full-service bank offering services such as lending, mortgages, investing and everyday banking solutions. Through its marketplace, users have access to a wide range of financial products from other fintechs and banks. The offering suppliers are meticulously selected in order to best fit the client's needs. In September 2019, Bnext raised $25m in a Series A funding round, led by Speedinvest, DN Capital and Redalpine. “With our financial marketplace, we have managed to bring together the best specialist fintechs in each vertical and offer all these services in an aggregate manner on a single site. This not only makes it easier for the user but also allows them to choose the product that's right for them, which gives them confidence that traditional financial entities have gradually lost. In addition, we have complemented this offer with a Freemium Account model, thanks to which we give people the freedom to bet on the product they like and need the most. And, recently, we have launched a new loyalty program that allows users to save with every purchase they make with their card. Therefore, this has allowed us to offer another savings solution to our users on purchases they were already making, while we are adding more brands to the program to make it even easier for them to save daily.” Guillermo Vicandi CO-FOUNDER & CEO 24 Appendix A: Fintech trading comparables by category 25 Source: Capital IQ as of 30 June 2020 Note: EV/Revenue multiples in excess of 50.0x, EV/EBITDA multiples in excess of 100.0x and P/E multiples in excess of 150.0x are considered not-material (“NM”) and are not included in average calculation Trading comparables – Financial Data & Analytics Market Cap (USDm) EV (USDm) Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA P/E Share Price Performance Company 30/Jun/20 30/Jun/20 19/20 20/21 19/20 20/21 CY2019 CY2020 CY2021 CY2019 CY2020 CY2021 CY2019 CY2020 CY2021 CY2019 CY2020 CY2021 LTM Financial Data & Analytics S&P Global 79,372 84,420 2.7% 4.9% 7.3% 6.6% 50.2% 52.5% 53.3% 12.6x 12.3x 11.7x 25.1x 23.4x 21.9x 48.4x 32.6x 30.3x 42% Moody's 51,516 56,849 (1.2%) 8.2% (2.2%) 11.4% 47.0% 46.5% 47.9% 11.8x 11.9x 11.0x 25.0x 25.6x 23.0x 44.1x 32.8x 29.4x 39% Thomson Reuters 33,618 36,592 1.1% 4.1% 70.8% 7.3% 18.5% 31.3% 32.2% 6.2x 6.1x 5.9x 33.4x 19.6x 18.3x n.m 38.3x 34.7x 9% Experian 31,674 35,901 0.0% 7.1% 1.6% 7.1% 33.8% 34.4% 34.4% 7.2x 7.2x 6.7x 21.2x 20.9x 19.5x 34.9x 35.7x 31.7x 17% IHS Markit 29,959 35,542 (2.8%) 7.3% 18.2% 9.8% 35.1% 42.7% 43.6% 8.1x 8.3x 7.7x 22.9x 19.4x 17.7x 66.8x 27.5x 24.1x 17% Verisk Analytics 27,617 30,743 6.4% 6.0% 23.6% 7.7% 40.5% 47.0% 47.7% 11.8x 11.1x 10.5x 29.2x 23.6x 21.9x 63.2x 35.8x 32.3x 15% MSCI 27,906 30,192 6.8% 8.9% 12.2% 10.2% 52.7% 55.4% 56.0% 19.4x 18.2x 16.7x 36.8x 32.8x 29.8x 72.9x 47.6x 42.4x 39% Equifax 20,864 24,045 4.1% 4.4% 47.6% 9.1% 23.0% 32.6% 34.1% 6.9x 6.6x 6.3x 29.8x 20.2x 18.5x 89.7x 33.2x 29.9x 27% TransUnion 16,520 20,115 (3.4%) 8.0% (3.3%) 15.4% 36.5% 36.6% 39.1% 7.6x 7.8x 7.3x 20.7x 21.4x 18.6x 58.5x 34.8x 28.8x 18% FICO 12,125 13,069 2.1% 4.1% 38.2% 6.6% 24.2% 32.7% 33.5% 10.9x 10.7x 10.3x 45.2x 32.7x 30.7x 87.9x 51.5x 46.7x 32% Black Knight 11,276 12,895 0.0% 6.8% 45.8% 10.4% 33.7% 49.2% 50.8% 11.0x 10.9x 10.3x 32.5x 22.3x 20.2x 105.7x 37.5x 32.8x 20% FactSet 12,440 12,839 3.6% 4.1% 4.2% 4.3% 35.3% 35.4% 35.5% 8.9x 8.5x 8.2x 25.1x 24.1x 23.1x 46.1x 31.0x 30.0x 15% CoreLogic 5,338 7,004 (1.7%) (0.7%) 42.3% (1.6%) 21.0% 30.4% 30.1% 4.0x 4.0x 4.1x 18.9x 13.3x 13.5x 55.0x 22.2x 22.8x 59% Morningstar 6,033 6,386 n.a. n.a. n.a. n.a. 20.9% n.a. n.a. 5.4x n.a. n.a. 25.9x n.a. n.a. 54.4x n.a n.a (3%) Envestnet 3,935 4,562 5.9% 10.3% 137.3% 15.5% 9.5% 21.4% 22.4% 5.1x 4.8x 4.3x 53.1x 22.4x 19.4x n.m 35.6x 30.8x 8% BlackLine 4,675 4,472 17.8% 19.2% n.a. 51.7% (4.0%) 10.9% 13.9% 15.5x 13.1x 11.0x n.m. n.m. 79.4x n.m n.m n.m 56% LiveRamp 2,786 2,089 15.5% 20.8% n.a. n.a. (51.9%) (6.6%) 3.5% 5.9x 5.1x 4.2x n.m. n.m. n.m. n.m n.m n.m (10%) Mean 3.6% 7.7% 31.7% 11.4% 25.1% 34.5% 36.1% 9.3x 9.2x 8.5x 29.7x 23.0x 25.0x 63.7x 35.4x 31.9x 25.5% Median 2.4% 7.0% 20.9% 9.1% 33.7% 34.9% 34.9% 8.1x 8.4x 8.0x 25.9x 22.3x 20.2x 58.5x 35.2x 30.5x 19.0% 26 Source: Capital IQ as of 30 June 2020 Note: EV/Revenue multiples in excess of 50.0x, EV/EBITDA multiples in excess of 100.0x and P/E multiples in excess of 150.0x are considered not-material (“NM”) and are not included in average calculation Trading comparables – Banking Technology Market Cap (USDm) EV (USDm) Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA P/E Share Price Performance Company 30/Jun/20 30/Jun/20 19/20 20/21 19/20 20/21 CY2019 CY2020 CY2021 CY2019 CY2020 CY2021 CY2019 CY2020 CY2021 CY2019 CY2020 CY2021 LTM Banking Technology MarketAxess 18,990 18,694 28.0% 8.3% 41.5% 4.5% 53.9% 59.6% 57.4% 36.6x 28.6x 26.4x 68.0x 48.1x 46.0x 115.1x 70.6x 66.7x 55% Jack Henry 14,100 14,113 6.7% 7.3% 22.9% 3.3% 27.7% 31.9% 30.7% 8.7x 8.1x 7.6x 31.3x 25.4x 24.6x 61.6x 47.2x 43.0x 35% Temenos 11,187 12,209 (1.9%) 12.7% 53.4% 11.4% 27.7% 43.4% 42.9% 12.6x 12.8x 11.4x 45.3x 29.5x 26.5x 80.8x 43.8x 39.4x (16%) Q2 4,565 4,925 25.4% 23.6% n.a. 95.8% (10.4%) 4.4% 7.0% 15.6x 12.5x 10.1x n.m. n.m. n.m. n.m n.m n.m 12% Bottomline Technologies 2,230 2,259 4.3% 11.1% 150.9% 19.6% 8.8% 21.1% 22.7% 5.2x 5.0x 4.5x 59.8x 23.9x 19.9x n.m 45.1x 33.5x 16% Mean 12.5% 12.6% 67.1% 26.9% 21.5% 32.1% 32.1% 15.7x 13.4x 12.0x 51.1x 31.7x 29.3x 85.8x 51.7x 45.7x 20.2% Median 6.7% 11.1% 47.4% 11.4% 27.7% 31.9% 30.7% 12.6x 12.5x 10.1x 52.6x 27.5x 25.6x 80.8x 46.2x 41.2x 15.5% 27 Source: Capital IQ as of 30 June 2020 Note: EV/Revenue multiples in excess of 50.0x, EV/EBITDA multiples in excess of 100.0x and P/E multiples in excess of 150.0x are considered not-material (“NM”) and are not included in average calculation Trading comparables – Payments Market Cap (USDm) EV (USDm) Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA P/E Share Price Performance Company 30/Jun/20 30/Jun/20 19/20 20/21 19/20 20/21 CY2019 CY2020 CY2021 CY2019 CY2020 CY2021 CY2019 CY2020 CY2021 CY2019 CY2020 CY2021 LTM Payments High Growth Omnichannel Payments PayPal 204,574 203,129 13.7% 17.2% 58.8% 23.1% 19.2% 26.8% 28.1% 11.4x 10.1x 8.6x 59.7x 37.6x 30.5x 112.4x 52.1x 42.2x 51% Shopify 113,303 111,083 37.5% 35.4% n.a. 94.2% (7.2%) 2.6% 3.8% n.m. n.m. 37.8x n.m. n.m. n.m. n.m n.m n.m 212% FIS 82,845 102,039 19.9% 9.1% 54.4% 16.3% 32.9% 42.4% 45.2% 9.9x 8.2x 7.6x 30.0x 19.4x 16.7x 78.3x 24.6x 20.0x 8% Fiserv 65,355 88,130 45.7% 6.4% 57.3% 12.0% 34.7% 37.5% 39.4% 8.7x 5.9x 5.6x 24.9x 15.8x 14.1x 55.1x 22.2x 18.3x 6% Square 46,106 45,770 11.0% 24.7% 120.6% 187.3% 1.8% 3.5% 8.1% 9.7x 8.7x 7.0x n.m. n.m. 86.8x n.m n.m 111.7x 43% Adyen 44,078 42,169 67.4% 42.5% 31.5% 49.6% 71.3% 56.0% 58.8% n.m. n.m. 42.2x n.m. n.m. 71.8x n.m n.m 103.5x 95% Afterpay 11,287 11,296 97.0% 54.7% n.a. 144.3% (7.9%) 7.7% 12.1% n.m. 26.5x 17.1x n.m. n.m. n.m. n.m n.m n.m 150% StoneCo 10,739 11,212 176.3% 33.3% n.m. 46.4% 7.9% 55.7% 61.1% n.m. 19.6x 14.7x n.m. 35.2x 24.1x 63.5x 70.5x 42.6x 34% Pageseguro 11,584 10,904 87.7% 24.7% n.a. 36.1% (2.2%) 35.8% 39.0% 16.4x 8.7x 7.0x n.m. 24.4x 17.9x 39.0x 41.6x 31.0x (8%) Mean 61.8% 27.6% 64.5% 67.7% 16.7% 29.8% 32.9% 11.2x 12.5x 16.4x 38.2x 26.5x 37.4x 69.7x 42.2x 52.8x 66% Median 45.7% 24.7% 57.3% 46.4% 7.9% 35.8% 39.0% 9.9x 8.7x 8.6x 30.0x 24.4x 24.1x 63.5x 41.6x 42.2x 43% General Payments & Services Global Payments 50,734 59,305 34.2% 12.7% 55.4% 20.2% 39.2% 45.4% 48.4% 12.1x 9.0x 8.0x 30.8x 19.8x 16.5x 74.2x 27.5x 21.7x 4% Worldline 15,868 16,816 (1.5%) 9.7% 18.7% 17.6% 20.6% 24.8% 26.6% 6.3x 6.4x 5.8x 30.5x 25.7x 21.8x 59.8x 46.9x 37.9x 21% Nexi 10,880 13,760 (37.2%) 9.5% 51.4% 15.4% 22.7% 54.7% 57.6% 7.5x 11.9x 10.8x 32.9x 21.7x 18.8x n.m 39.5x 33.4x 69% Ingenico 9,971 11,943 (18.3%) 17.3% 10.3% 12.4% 15.6% 21.1% 20.2% 3.2x 3.9x 3.3x 20.2x 18.3x 16.3x 46.2x 31.8x 27.4x 83% ACI Worldwide 3,129 4,442 10.0% 7.5% 70.2% 18.0% 16.0% 24.8% 27.3% 3.5x 3.2x 3.0x 22.0x 12.9x 10.9x 53.1x 21.5x 15.5x (22%) Cielo 2,284 4,106 0.7% 5.9% (27.3%) 18.1% 25.5% 18.4% 20.5% 1.9x 1.9x 1.8x 7.6x 10.4x 8.8x 6.4x 17.0x 12.1x (31%) Network International 2,730 3,053 (15.2%) 20.7% (20.7%) 35.3% 43.9% 41.1% 46.0% 9.1x 10.8x 8.9x 20.8x 26.2x 19.4x 40.4x 52.7x 30.7x (25%) EVO Payments 944 1,835 (12.5%) 16.2% 7.3% 24.5% 25.0% 30.7% 32.8% 3.8x 4.3x 3.7x 15.1x 14.1x 11.3x 77.1x 53.4x 33.8x (23%) Mean (5.0%) 12.4% 20.7% 20.2% 26.1% 32.6% 34.9% 5.9x 6.4x 5.7x 22.5x 18.6x 15.5x 51.0x 36.3x 26.6x 9% Median (7.0%) 11.2% 14.5% 18.1% 23.8% 27.7% 30.1% 5.0x 5.3x 4.8x 21.4x 19.1x 16.4x 53.1x 35.7x 29.0x (9%) Payment Networks Visa 411,263 423,053 (6.9%) 15.3% (8.6%) 19.0% 68.2% 67.0% 69.2% 18.0x 19.3x 16.8x 26.4x 28.8x 24.2x 43.4x 38.9x 31.4x 11% Mastercard 296,806 298,688 (6.3%) 19.5% (12.4%) 29.3% 60.4% 56.4% 61.1% 17.7x 18.9x 15.8x 29.3x 33.5x 25.9x 50.3x 44.2x 33.6x 11% Mean (6.6%) 17.4% (10.5%) 24.2% 64.3% 61.7% 65.1% 17.8x 19.1x 16.3x 27.8x 31.2x 25.1x 46.85 41.5x 32.5x 11.0% Median (6.6%) 17.4% (10.5%) 24.2% 64.3% 61.7% 65.1% 17.8x 19.1x 16.3x 27.8x 31.2x 25.1x 46.85 41.5x 32.5x 11.0% Mean (ALL) 26.5% 20.1% 31.1% 43.1% 25.7% 34.3% 37.1% 9.3x 10.4x 11.9x 26.9x 22.9x 25.6x 57.1x 39.0x 38.1x 36% Median (ALL) 11.0% 17.2% 31.5% 23.1% 22.7% 35.8% 39.0% 9.1x 8.7x 8.0x 26.4x 21.7x 18.8x 54.1x 39.5x 31.4x 11% 28 Source: Capital IQ as of 30 June 2020 Note: EV/Revenue multiples in excess of 50.0x, EV/EBITDA multiples in excess of 100.0x and P/E multiples in excess of 150.0x are considered not-material (“NM”) and are not included in average calculation Trading comparables – HR & Payroll Market Cap (USDm) EV (USDm) Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA P/E Share Price Performance Company 30/Jun/20 30/Jun/20 19/20 20/21 19/20 20/21 CY2019 CY2020 CY2021 CY2019 CY2020 CY2021 CY2019 CY2020 CY2021 CY2019 CY2020 CY2021 LTM HR & Payroll Intuit 77,238 73,930 5.6% 10.7% 27.8% 14.5% 29.7% 35.9% 37.1% 10.4x 9.8x 8.9x 34.9x 27.3x 23.9x 62.9x 41.6x 35.8x 12% ADP 63,989 64,745 2.8% 5.0% (6.4%) 10.1% 26.2% 23.9% 25.0% 4.6x 4.5x 4.3x 17.7x 18.9x 17.2x 32.4x 27.5x 23.9x (11%) Workday 44,061 43,562 15.6% 16.6% n.a. 18.1% (6.2%) 23.1% 23.4% 12.0x 10.4x 8.9x n.m. 44.9x 38.0x n.m 83.0x 68.4x (12%) Paychex 27,173 27,309 (1.0%) 3.0% (5.4%) 3.0% 42.0% 40.1% 40.1% 6.9x 7.0x 6.8x 16.5x 17.4x 16.9x 30.6x 26.9x 25.7x (9%) SS&C 14,473 21,737 (0.8%) 3.4% 4.8% 6.0% 36.4% 38.4% 39.4% 4.7x 4.7x 4.6x 12.9x 12.3x 11.6x 43.8x 14.5x 13.4x (4%) Coupa Software 18,582 18,594 26.2% 25.5% n.a. 48.7% (11.5%) 14.9% 17.7% 47.7x 37.8x 30.1x n.m. n.m. n.m. n.m n.m n.m 112% Paycom 17,789 17,661 11.8% 21.0% 33.5% 26.4% 33.8% 40.4% 42.2% 23.9x 21.4x 17.7x 70.8x 53.0x 42.0x 126.2x 86.7x 67.9x 36% The Sage Group 9,072 9,366 (4.5%) (3.3%) (13.0%) 0.4% 27.5% 25.1% 26.1% 3.9x 4.0x 4.2x 14.0x 16.1x 16.1x 23.6x 26.9x 25.5x (17%) Xero 8,817 8,791 20.1% 23.9% 265.6% 42.6% 6.8% 20.8% 23.9% 20.5x 17.1x 13.8x n.m. 82.0x 57.5x n.m n.m n.m 47% Paylocity 7,832 7,735 17.1% 16.9% 92.1% 24.8% 15.3% 25.1% 26.8% 15.5x 13.3x 11.4x n.m. 52.9x 42.4x n.m 98.1x 79.0x 50% TriNet 4,101 4,197 (75.0%) (3.9%) 26.3% (3.7%) 7.7% 38.9% 38.9% 1.1x 4.4x 4.5x 14.2x 11.2x 11.7x 25.3x 18.0x 18.0x (11%) Blucora 546 850 3.5% 9.3% (16.9%) 41.9% 16.4% 13.1% 17.1% 1.2x 1.1x 1.0x 7.2x 8.7x 6.1x 15.6x 10.3x 6.2x (62%) Mean 1.8% 10.7% 40.8% 19.4% 18.7% 28.3% 29.8% 12.7x 11.3x 9.7x 23.5x 31.3x 25.8x 45.0x 43.3x 36.4x 10.9% Median 4.6% 10.0% 15.5% 16.3% 21.3% 25.1% 26.4% 8.6x 8.4x 7.8x 15.3x 18.9x 17.2x 31.5x 27.2x 25.6x (6.5%) 29 Appendix B: GP Bullhound fintech credentials & team 30 Experience across key fintech verticals DEEP FINTECH EXPERIENCE ACQUIRED BY IPO €343m ACQUIRED BY ACQUIRED BY INVESTMENT BY INVESTMENT BY ACQUIRED BY INVESTMENT BY INVESTMENT BY INVESTMENT BY INVESTMENT BY INVESTMENT BY INVESTMENT BY ACQUIRED BY INVESTMENT BY INVESTMENT BY ACQUIRED BY ACQUIRED BY INVESTMENT BY ACQUIRED BY ACQUIRED BY INVESTMENT BY ACQUIRED BY INVESTMENT BY Payments Financial Services Software / Digital Banking Lending 31 Authors Alexis Majos ANALYST Alexis.Majos@gpbullhound.com Adam Page VICE PRESIDENT Adam.Page@gpbullhound.com Claudio Alvarez PARTNER Claudio.Alvarez@gpbullhound.com 32 Section 8 Appendix C: GP Bullhound corporate overview 33 We partner with global tech leaders to build the future 34 GP BULLHOUND FUND III GP BULLHOUND FUND IV GP BULLHOUND FUND V GP BULLHOUND FUND IV GP BULLHOUND FUND IV A leading technology advisory and investment firm ABOUT GP BULLHOUND (1) League table data represents selected transaction advisors. Time period is 2016-Q4 2019. Global M&A transactions between $10m and $300m ESSENCE BALTIC CLASSIFIEDS GROUP FALCON.IO JELLYFISH SPOTIFY SLACK REVOLUT GLOVO INNOGAMES DELIVERY HERO SIGNAVIO PRODIGY FINANCE TECHNOLOGY PREDICTIONS TITANS OF TECH SUMMIT MARBELLA INVESTOR ALLSTARS Mergers & Acquisitions Investments Capital Transactions Insights & Events We are the no. 1 global advisor (1) to leading technology companies in competitive international sale and acquisition processes. The firm has completed 420 successful M&A transactions to date, worldwide, with a total value of over $18bn. Through our investment team, we provide investors with access to category leading technology companies. Our five closed-end funds have a total value of more than €280m and our limited partners include institutions, family offices and entrepreneurs. We are a leading global advisor to companies and their owners on capital related transactions including venture capital, growth capital, acquisition funding, secondary block trades and initial public offerings. The firm has completed 120 rounds of financing for technology companies to date, with a total value of $2bn. Our events and speaking activities bring together thousands of leading digital entrepreneurs and technology investors throughout the year. Our thought-leading research is read by thousands of decision- makers globally and is regularly cited in leading newspapers and publications. MARIADB FILTER ECOVADIS NORTHERN TECH AWARDS Confidential 35 35 Our focus sectors DIGITAL MEDIA DIGITAL SERVICES SOFTWARE MARKETPLACES FINTECH Confidential 36 Natalie Dean VP FINANCE Reda Ben Larbi ANALYST Per Roman MANAGING PARTNER Adam Birnbaum DIRECTOR Olivia Hornstein OFFICE MANAGER Vincent Wei ASSOCIATE Gaia Cibrario ANALYST Candice Mostisser ANALYST Alon Kuperman EXECUTIVE DIRECTOR Joe Tabberer VICE PRESIDENT Jack Chan DIRECTOR Michelle Hoo PERSONAL ASSISTANT Manon Rodier ANALYST Jaime Moreno DIRECTOR STRATEGY Julian Riedlbauer PARTNER Simon Miremadi VICE PRESIDENT Gioia Cerbelli ASSOCIATE Susanna Andersson OFFICE MANAGER Maria Sosna OFFICE MANAGER Hampus Hellermark ASSOCIATE Alessandro Casartelli EXECUTIVE DIRECTOR Miguel Kindelán EXECUTIVE DIRECTOR Erik Andershed DATA SCIENTIST Joel-Oskar Raisanen ANALYST Ian Carroll DIRECTOR FINANCE Ravi Ghedia DIRECTOR Sven Raeymaekers PARTNER Claudio Alvarez PARTNER Victoria Martin PERSONAL ASSISTANT Greg Smith PARTNER Fraenze Gade VP EVENTS Charlotte Carew-Gibbs HR MANAGER Ed Prior ASSOCIATE Bulat Mardanov ASSOCIATE Sir Martin Smith CHAIRMAN Seth Alpert SENIOR ADVISOR Joy Sioufi EXECUTIVE DIRECTOR Jon Cantwell PARTNER Ben Prade EXECUTIVE DIRECTOR Matthew Finegold ASSOCIATE Alexis Majos ANALYST Staffan Ingeborn NON-EXECUTIVE DIRECTOR Johannes Akermark DIRECTOR Victoria Palma Ehrichs PERSONAL ASSISTANT Marvin Maerz VICE PRESIDENT Hugh Campbell MANAGING PARTNER Robert Ahldin PARTNER Kevin Siagam ASSOCIATE Okan Inaltay ASSOCIATE Javed Huq DIRECTOR Manish Madhvani MANAGING PARTNER Geneshe Edelman OFFICE MANAGER Joyce Byrne OFFICE MANAGER Joy Abiola VICE PRESIDENT Dipam Patel VICE PRESIDENT Elsa Hu EXECUTIVE DIRECTOR Iman Crisby EXECUTIVE DIRECTOR MARKETING Nikolas Westphal EXECUTIVE DIRECTOR Karl Blomsterwall ASSOCIATE Johan Roslund VICE PRESIDENT Sandra Núñez GRAPHIC DESIGNER Brandon Overmyer VICE PRESIDENT Simon Nicholls PARTNER Joakim Dal PARTNER Alec Dafferner PARTNER Guillaume Bonneton PARTNER Alexis Scorer EXECUTIVE DIRECTOR Oliver Schweitzer EXECUTIVE DIRECTOR Elena Bocharova ASSOCIATE Felix Bratell VICE PRESIDENT Evgeny Yakovlev ANALYST Bev Boettcher OFFICE MANAGER Ashleigh MacDonald FINANCE MANAGER Caoimhe Bradley OFFICE MANAGER Jade Williams PERSONAL ASSISTANT Maria Lazareva PERSONAL ASSISTANT Joaquin del Rio Briones ANALYST Jack Curran ASSOCIATE Pierce Lewis-Oakes ASSOCIATE Minya Shidhaye ANALYST Andrea López DESIGN COORDINATOR Carl Wessberg PARTNER Freddie Dodge ANALYST Cecilia Roman SENIOR ADVISOR Praveena Muthukumar VP FINANCE Adam Page VICE PRESIDENT Matthew Young ANALYST Eric Crowley DIRECTOR Carolin Drewes ASSOCIATE Felix Lutjen ANALYST Dave Nish VP TECHNOLOGY Jaime Sendagorta VICE PRESIDENT Carlos de la Esperanza ANALYST David Travis GENERAL COUNSEL Jennifer Eller RESEARCH EDITOR Confidential 37 Global marquee transactions Baltic Classifieds Group ACQUIRED BY GP Bullhound Fund III EcoVadis GP Bullhound Fund III Innogames INVESTED IN INVESTMENT BY INVESTED IN INVESTMENT BY UNDISCLOSED REALISED (DIRECT LISTING) $200M ACTIVE €260M VALUATION Apax Partners Spotify CVC Growth Partners Klarna Modern Times Group GP Bullhound Fund IV INVESTED IN Jellyfish GP Bullhound Fund I Filter 13th Lab INVESTMENT BY INVESTED IN ACQUIRED BY ACQUIRED BY Slack Fimalac Group Avito Merkle Facebook REALISED (DIRECT LISTING) £500M REALISED (ACQUIRED BY NASPERS) UNDISCLOSED UNDISCLOSED Confidential 38 Thought-leading independent technology research – connecting people in the tech industry GP BULLHOUND INSIGHTS & EVENTS Titans of Tech PANDEMIC PROOF? 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