U.S. FINTECH IPO ANALYSISJuly 2016

www.ftpartners.com

555 Mission St

23rd Floor

San Francisco, CA 94105

Largest IPO Transactions

3/18/08 $17,860

7/30/14 2,900

10/14/15 2,560

5/24/06 2,400

10/06/09 1,880

6/18/14 1,300

5/03/07 1,200

12/10/14 870

2/15/05 720

11/04/11 700

6/21/04 638

6/24/15 627

2/11/15 600

9/12/13 506

3/21/12 500

Company$ Amount

(in mm)Date

IPOs Since 2005 by Size

6

30

42

24

6

7

$30-50 mm

$50-100 mm

$100-200 mm

$200-500 mm

$500-1,000 mm

$1,000+ mm

6

8

15

18

19

22

27

Insurance

Financial BPO

FMS

Financial HCIT

Banking

Securities

Payments

IPOs Since 2005 by Sector – Number & Amount Raised

$ Amount Raised in IPOs / Sector Breakdown by Number

3

11

1

1

1 2

5

2

15

31

3

4

13

5

1

21

3

22

2

$749

$2,071

$2,640

$2,837

$6,426

$7,089

$28,469

Financial BPO

FMS

Insurance

Financial HCIT

Securities

Banking

Payments

1

4

7

1

21

2

111

1

1

12

21

4

4

11 1

4

22

5

2

22

Selected IPO Spin-offs

7/20/15

11/13/14

9/15/14

4/10/14

6/01/10

8/21/08

7/03/08

11/01/07

6/30/07

4/03/07

9/29/06

7/01/04

8/20/03

7/09/01

2/01/01

Date Parent

Most Recent IPO Transactions

6/02/16 $91

5/25/16 238

4/27/16 101

4/15/16 253

12/18/15 75

11/19/15 243

10/15/15 138

10/14/15 2,560

6/26/15 74

6/24/15 627

6/19/15 100

6/10/15 196

5/20/15 131

5/19/15 441

4/16/15 314

3/18/08

$17,860 mm

IPO

Company

($ in mm)

($ in mm)

Company $ Amount

(in mm)Date

11 7 16 3 16 8 10 17 12 42 9

10/16/16 1/26/16 $2,350

10/09/15 10/26/15 5,200

6/04/15 8/17/15 9,100

7/30/14 11/12/14 1,500

3/28/14 5/12/14 1,650

1/05/12 5/13/12 435

5/14/11 7/30/12 154

5/09/11 7/20/11 na

Most Recent Companies Acquired While on File for IPO

Company$ Amount

(in mm)

Acquired

Date

Filed

DateAcquirer

11/10/15 1/29/16

11/09/15 1/21/16

3/10/14 4/02/14 Completed IPO on 4/16/15

3/30/12 10/13/14

9/15/11 7/25/12Cash America completed the

spin-off of Enova on 11/13/14

5/13/11 5/23/12 Completed IPO on 4/15/16

4/21/11 5/02/14 Acquired by SingTel on 4/07/15

7/12/10 3/17/12Acquired by Gemalto for $890

mm on 8/08/14

4/23/10 5/10/11

7/02/08 12/04/08

5/13/08 9/02/09Acquired by The Carlyle Group

on 11/09/09

7/19/07 10/21/09

5/10/07 6/02/08Acquired by Bankrate for $145

mm on 6/29/10

6/13/07 10/29/08 Completed IPO on 3/31/10

6/30/05 11/21/05 Completed IPO on 8/6/10

Selected Pulled / Delayed IPO Filings Since 2005

CompanyPulled /

Delayed Date

Filed

DateNotes

Click for

in-depth

profile

1/25/12 $238

1/14/16 234

6/09/16 224

1/20/15 223

8/20/15 223

3/29/16 205

7/28/15 190

3/26/15 186

9/01/15 186

3/17/15 180

4/08/15 $353

10/22/14 337

10/22/14 300

5/20/16 295

6/01/16 279

1/07/13 250

2/23/05 250

9/14/15 245

3/11/15 243

10/14/15 239

8/19/15 $1,415

9/29/15 654

5/06/15 584

2/22/16 578

4/07/14 577

10/08/15 501

4/12/16 428

7/23/14 418

4/14/15 400

6/23/15 368

Selected Private FinTech Companies with Large Financing Rounds

Last

Funding

Date

CompanyTotal Financing

Amount (in mm)

Last

Funding

Date

Company

Last

Funding

Date

CompanyTotal Financing

Amount (in mm)

Total Financing

Amount (in mm)

Total Financing Amount only includes equity

financing transactions with announced $ volume

$2,531 $2,907 $3,747

$18,105

$2,335 $2,727$1,614 $1,252 $2,069

$6,814$5,498

$683

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016YTD

Best Performing IPOs Ranked by Cumulative Return Since 2005*^

Best / Worst Performing IPOs Ranked by Compound Annual

Growth Rate (CAGR) Since 2005^

Performance of Selected Spin-offs Ranked by CAGR*^

41% 38%

25%19% 16% 14% 11% 8% 4% 4% 4% 2% 1%

-22%

-51%

Cumulative Return

CAGR

NA**

75% 70% 65% 58% 52% 51% 49%

NA**-38% -44%

-53% -53% NA** -57%

-89%

2,302%

1,935%

1,532%

912%

638% 626% 594% 590% 560% 479%

Banking / Lending Tech

Securities / Wealth Management

Payments / Cards / Loyalty

Financial Healthcare Info. Tech (HCIT)

Insurance Tech

Financial Management Solutions (FMS) Financial BPO

46%

39%

15%

Analysis of IPOs Since 2005 Based on Historical Funding Source*^

VC Backed

PE Backed

Non VC /

PE Backed

All Companies

40%

37%

39%

70%

24%

33% 27% 24% 58%

87%

-93% -75%-71% -71% -53% -74%

-98%

-20%

1,231%

586%1,389% 33% 239% 65% 97% 23% 4% 24% 2% 11%

-95%

-71%

10.4 10.0 $1,370 $680 31% 29% 167% 56% 10% 15%

16.6 14.0 $1,600 $800 14% 13% 85% 24% 16% 6%

29.8 17.0 $8,710 $1,350 10% 8% 270% 67% 16% 15%

15.7 11.0 $2,550 $790 21% 17% 150% 45% 14% 14%

Analysis of IPOs Since 2005 Based on Sector*^

Company Age at

IPO (years)

15.8 10.0 $2,490 $830 19% 13% 139% 57% 19% 17%

15.7 12.0 $6,040 $1,260 18% 18% 176% 8% 1% 6%

21.1 11.0 $1,610 $1,010 18% 14% 123% 29% 19% 12%

12.9 10.0 $890 $660 17% 17% 117% 87% 15% 14%

12.2 12.0 $1,220 $880 38% 29% 228% 34% 27% 14%

17.2 14.0 $1,230 $530 11% 8% 195% 239% 21% 21%

12.6 9.0 $550 $420 27% 18% 18% -28% -8% -5%

17%

23%

19%

16%

5%

13%

7%

Banking

Securities

Payments

Financial HCIT

Insurance

FMS

Financial BPO

First Day Market

Cap (mm)

First Day

Return

Cumulative Total

Return^CAGR

Please see FT Partners’ Proprietary Database for more details on all FinTech IPOs.

FT Partners regularly publishes research highlighting the most important transactions, trends and insights impacting

FinTech globally. The Firm’s unique insight into FinTech is a direct result of successfully executing hundreds of

transactions in the sector combined with over 14 years of exclusive focus on FinTech. Please follow us on LinkedIn and

Twitter for real-time updates on our transactions, industry research and frequent transaction profiles.

Steve McLaughlin

Managing Partner

415.992.8880

Company Age at

IPO (years)

First Day Market

Cap (mm)

First Day

Return

Cumulative Total

Return^CAGR

$284 mmAverage Amount

Raised

$50 bnTotal Amount

Raised

115Total Number of

IPOs Since 2005

$141 mmMedian Amount

Raised74%

26%

Since 2005,

Percentage

of IPOs

that are…

No Longer

Trading

Still

Trading

Average Median Average Median Average Median Average MedianAverage Median

Average Median Average Median Average Median Average MedianAverage Median

Sector Breakdown

by Number of IPOs

Since 2005

Funding Source

Breakdown by Number of

IPOs Since 2005

IPO

$10,609 $17,860

9/24/15 (1)

Pending IPOs

9/03/15

7/07/16 (2)

CompanyFiling

Date

(1) Filed confidentially for its IPO, Source: Company press release

(2) Filed confidentially for its IPO, Source: Thomson Reuters

CompanyFiling

Date

Most Active Investors in FinTech Companies that have IPO’d

Analysis of IPOs Since 2005 Based on Annual Vintages*^

Company Age at

IPO (years)

15.0 9.5 $2,840 $1,450 13% 13% 26% 25% 22% 23%

12.1 12 $2,740 $780 27% 17% 22% 23% -1% 11%

18.8 12 $1,020 $1,100 30% 21% 16% 20% 3% 5%

16.8 11.5 $750 $680 20% 16% 193% 134% 34% 38%

10.8 11 $2,650 $800 27% 22% 220% -24% 5% -11%

17.4 14 $1,090 $650 15% 14% 115% 66% 7% 12%

17.0 10 $2,300 $1,280 17% 21% 317% 290% 21% 22%

7.5 7.5 $22,580 $22,580 32% 32% 325% 325% 18% 18%

13.8 10 $1,080 $830 24% 18% 133% 75% 3% 8%

14.9 11 $9,260 $480 25% 23% 618% -6% -2% -1%

24.6 7 $1,280 $690 17% 8% 270% 272% 20% 15%

First Day Market

Cap (mm)

First Day

Return

Cumulative Total

Return^CAGR

Average Median Average Median Average Median Average MedianAverage Median

Yearly Breakdown by

Number of IPOs Since 2005

* As of 7/22/16; includes companies that are no longer public

^ Stock price return measured from IPO price; excludes dividends

Note: Visa year founded based on the formation of Visa Inc. in 2007

** Stocks trading less than a year ranked by Cumulative Return

115%

57%

93% 1,532% 212% 590% 161%

CAGR

Cumulative Return

11

7

16

2

3

16

9

8

10

17

12

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

42%

60%

Cumulative Return

CAGR

(Excludes $17.9 bn Visa IPO)

Represents IPOs since 2005 only