Tracxn - Banking Tech Startup Landscape

Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Banking Tech - Feb 2018
Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
2
TAKE SHARPER DECISIONS
WITH TRACXN
✓ Analyst team Covering 250+ Sectors
✓ Proprietary Business Model tagging
✓ 6000+ On-demand Queries answered
✓ Sector Reports, Market Maps
✓ One-Click Connect with Founders
Join 500+ Investors & Corporates to get the
Tracxn Advantage

Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
3
Feed Summary
Investment Trend Summary
Exit Outlook Summary
BlueBox
Summary of Key Markets
Notable Companies in the Sector
Recent News

Note: Mega Companies includes IPO’d companies, Mega Acquisitions and Unicorn. Data is taken from Tracxn Platform as on February 6, 2018.
Banking Tech Feed Summary
4
Banking Tech > Feed Summary
Companies that offer products or services to enable banks.
• Inclusions: Companies that enable banks via products
or services. Also includes full stack digital banks, neo-
banks, licensed payment institutions and rebranded front
ends of existing banks.
• Exclusions: Traditional banks
• Excludes funding information of Chinese companies
Feed in Numbers
Overview
$14.1B
Funding
117
Mega
Companies
7642060
FundedCovered on
Tracxn
12
Unicorns
37
Soonicorns
56
Minicorns
72
IPO’d Cos
387
Late Stage Cos
122
62
Acquisitions
57
DeadPooled
182
Acquihired
Series A+ Cos
First Data
(1971, Atlanta, $3.5B)
Nuance
Communications
(1992, Burlington)
Visa
(1958, Foster City)
Top Companies

Investment Trend Summary
Summary of Funding Activity in Banking Tech
5
$102M - Series C
Atom Bank (2014, Durham, $269M)
$70M - Angel
Starling Bank (2014, London, $70M)
$100M - Series D
Blend (2012, San Francisco, $166M)
$66M - Series B
Revolut (2014, London, $88M)
$100M - PE
Voyager Labs (2012, Hod Hasharon, $100M)
$55M - Series B
Ripple (2012, San Francisco, $91M)
$92.9M - Series D
Monzo (2015, London, $139M)
$51.4M - Series D
nCino (2012, Wilmington, $133M)
$77.1M - Series E
Real Matters (2004, Markham, $206M)
$50M - Series D
Insikt (2012, San Francisco, $100M)
Top Geos of InvestmentEntrepreneurial Activity Global Funding Trend
Banking Tech > Feed Summary > Investment Trend Summary
Seed
SixThirty(#5), Fenway Summer Ventures (#3), New Enterprise
Associates (#3)
Series A/B Nyca (#5), Santander InnoVentures (#5), Index Ventures (#4)
Series C+
Insight Venture Partners (#2), Sapphire Ventures (#2), Warburg
Pincus (#2)
Incubators Techstars (#14) Barclays Accelerator (#8) Y Combinator (#8)
Other Notable
Investors
Startupbootcamp (#19), Plug and Play Tech Center (#16), Accion
(#5)
Debt Investors
Western Technology Investment (#10), Eastward Capital
Partners (#3), Silicon Valley Bank (#2)
Most Active InvestorsRecent Investments
113
159
188
210
168
38
2012 2013 2014 2015 2016 2017
Y-o-Y # of Companies Founded 75 117 146 161 172 186
$438M
$1.3B
$4.7B
$1.1B $1.2B
$1.5B
2012 2013 2014 2015 2016 2017
$ Funding # Rounds
$9.7B
$2.6B
$539M
$464M
$378M
US
Europe
United
Arab…
Canada
Israel
$ Funding

Summary of exit outlook in Banking Tech
Exit Outlook Summary
66
Most Active AcquirersTop Investors in Exits
HarbourVest
Partners
4
World-Check (2000, London, $86M)
Digital Insight (1995, Westlake Village)
Menlo Ventures 3
PlaySpan (2006, Santa Clara, $46.3M)
Industry Ventures 3
LifeLock (2005, Tempe, $178M)
Clair Mail (2003, San Rafael, $65.6M)
Millennium
Technology Value
Partners
3
W Capital Partners 3
First Data (1971, Atlanta, $3.5B)
Ellie Mae (1997, Pleasanton)
Feb 2017 LifeLock Acq by Symantec for $2.3B
Jun 2016 Visa Europe Acq by Visa for $23.4B
Dec 2015
Heartland Payment Systems Acq by Global
Payments for $4.3B
Jun 2015 Gruppo ICBPI Acq by Advent International for $2.4B
Jan 2014
Lender Processing Services Acq by Fidelity National
Financial for $2.9B
Nov 2012 Tangerine Acq by Scotiabank for $3.1B
Banking Tech > Feed Summary > Exit Outlook Summary
D+H 4
Fundtech (Apr 2015, $1.2B), Harland Financial Solutions
(Jul 2013, $1.2B), Mortgagebot (Mar 2011, $232M)
Visa 3
Visa Europe (Jun 2016, $23.4B), PlaySpan (Feb 2011, $190M),
Fundamo (Jun 2011, $110M)
Welsh Carson
Anderson Stowe
2 TransFirst (Jun 2007), Clearwater Analytics (Jan 2016)
CoreLogic 2
FNC (Dec 2015, $475M), Dorado Network Systems (Mar 2011,
$32M)
Monitise 2 Clair Mail (Mar 2012, $173M), Pozitron (Feb 2014, $100M)
Recent IPOs Top Acquisitions
Kyckr Jul 2016
API provider for KYC and AML compliance.
IPO MCap: - Current MCap: $15.1M
Mybucks Jun 2016
Mobile banking platform provider with ban…
IPO MCap: - Current MCap: $173M
Bank Norwegian Jun 2016
Online only bank in Norway
IPO MCap: - Current MCap: $1.1B
Novatti Jan 2016
Banking and payments solutions provider
IPO MCap: - Current MCap: $12.1M
Vogogo Jan 2018
Payment processing platform and risk mana…
IPO MCap: - Current MCap: -
Alfa Systems May 2017
Software for asset finance companies
IPO MCap: - Current MCap: $1.3B
Diebold Nixdorf Dec 2016
Financial self-service and security solut…
Nets Sep 2016
Omnichannel payment processing services

REGULATORY &
COMPLIANCE
MARKETING SOLUTIONS
Front-end Channel
Providers
Financial APIs
ALTERNATIVE BANKING
Neo Banking
Revolut (London, 2014, 88.3M)
$1B
February 2018Tracxn BlueBox – Banking Tech
2060+ companies in the sector, 450 funded in last 5 years, $2.7B invested in last 2 Years
Most Active Investors: Startupbootcamp, Plug and Play, Techstars, Western Technology Investment, Nyca
Internet-first Licensed Banks
Atom Bank (2014, Durham, $268.86M)
PAYMENTS
BACK END SOLUTIONS
Banking API
SolarisBank (2016, Berlin, $59.6M)
Aggregation API
Yodlee (Redwood City, 1999, 134.3, Acq)
Omnichannel Banking
MX Technologies (2010, Lehi, $56.6M)
Mobile Banking
Alkami Technologies(Plano, 2009, 118.1M)
Anti Money Laundering
Ayasdi (Palo Alto, 2008, $97.6M)
Social Media
Hearsay Social (2010, San Francisco, $51M)
Card-linked Marketing
Cardlytics (2008, Atlanta, $200M)
Know Your Customer
Onfido(London, 2012,$60.6M)
Core Banking Software
Ohpen(Amsterdam, 2009, $49.8M)
CRM & Sales management
Zafin (2002, Toronto, $30M)
Loan Life-cycle Management
Blend(San Francisco, 2012, $166M)
FRAUD & RISK
MANAGEMENT
Biometric Verification
KnuEdge (2005, San Diego, $100M)
$561M $7.6B$781M
$685M $677M $475M $2B
Device-based Fraud
SecureKey (2008, Toronto, $90.2M)
White Label Wallet
Mozido (2008, Austin, $288M)
Acquirer Processor
Transaction Security
Guardian Analytics
(2005, Mountain View, $61.3M)
Network
VocaLink (2007, Rickmansworth, $114M)
Banking Tech > Feed Summary > BlueBox
Funding data excludes Debt, Grants & Post-IPO rounds. Excludes all details for Chinese companies
For any Feedback and Query reach out to MyAnalyst@tracxn.com
Cumulative funding in the sector
7

Key Sub Sectors in Banking Tech Sector
Summary of Key Markets
8
Top Markets of Investment Activity
# Cos on
Platform
Last 2 Years
$ Invested # Round
Alternative Banking >
Neo Banking 65 $267M 33
Back end Solutions > Loan Life-cycle
Management >
Credit Risk Assessment
109 $224M 30
Payments >
Transaction Security and Fraud
Management
60 $163M 26
Alternative Banking >
Internet-first Licensed Banks 62 $361M 12
Payments >
White Label Wallet 78 $165M 13
Financial APIs >
Banking API 23 $118M 12
Regulatory & Compliance >
Horizontal 92 $95.3M 20
Financial APIs >
Aggregation API 34 $118M 8
Payments >
Enablers 63 $51.4M 10
Back end Solutions >
Core Banking Software 99 $68.2M 9
Sub Sectors
# Cos
Tracked
#
Funded
Total
Funding
Payments
Companies that offer payment infrastructure and
software solutions to banks
398 177 $7.6B
Back end Solutions
Companies that offer software to manage backend and
internal operations
802 254 $2B
Alternative Banking
Companies that offer banking services to individuals
and businesses through digital channels
173 51 $1B
Front-end Channel Providers
Companies that enable banks to offer services through
multiple channels like mobile,...
218 81 $781M
Marketing Solutions
Companies that offer marketing solutions to banks
80 45 $685M
Regulatory & Compliance
Companies that help banks to comply with the banking
regulations
238 84 $677M
Financial APIs
Companies that offer APIs that enable Banks and
Fintech companies to launch new products
60 25 $561M
Banking Tech > Feed Summary > Summary of Key Markets

List of Notable Companies in Banking Tech
Notable Companies in the Sector (1/3)
9
Note: *(Founded Year, Location, Total Funding)
Banking Tech > Feed Summary > Notable Companies in the Sector
Public
Visa
(1958, Foster City)*
First Data
(1971, Atlanta, $3.5B)
MasterCard
(1966, Purchase)
Vantiv
(1971, Cincinnati)
Worldline Global
(1970, Bezons)
Black Knight Financial
Services
(2008, Jacksonville)
EVERTEC
(1988, San Juan)
Alfa Systems
(1990, Sydney)
Bank Norwegian
(2009, Oslo, $36.1M)
Q2ebanking
(2004, Austin, $20M)
Public
Pegasystems
(1983, Cambridge)
Digital Insight
(1995, Westlake Village)
Mybucks
(2011, Luxembourg)
Bottomline
Technologies
(1989, Portsmouth)
Inside Secure
(1995, Meyreuil, $181M)
Ellie Mae
(1997, Pleasanton)
VersaBank
(1979, London)
3i Infotech
(1993, Mumbai)
NetBank
(1996, Alpharetta)
Debt Resolve
(1997, New York City)
Public
Korea Cyber Payment
(1998, Seoul)
Kyckr
(2015, Sydney)
Vipera
(2005, Milan)
Novatti
(2012, Melbourne)
iSignthis
(2013, Collingwood, $4.5M)
Ally Bank
(2008, Midvale)
First Global Data
(2001, Toronto)
Vogogo
(2008, Calgary, $21.4M)
New Media Insight
Group
(2013, Phoenix, $2.6M)
Diebold Nixdorf
(1859, North Canton)
Public
Mitek
(1985, San Diego)
Tinkoff Bank
(2006, Moscow)
Fintech Group
(1999, Frankfurt)
Collector Bank
(1999, Gothenburg)
Crealogix
(1996, Zurich)
Ipsidy
(2009, Long Beach)
Namsys
(1997, Toronto)
Top Image Systems
(1991, Plano)
Experian
MicroAnalytics
(1992, Monaco)
ACI Worldwide
(1975, Naples)
Public
American Express
Asseco
(1987, Rzeszow)
Axway
(2001, Phoenix)
Cielo
(1995, Barueri)
Computer Services
(1987, Paducah)
CSU Card Systems
(1992, Sao Paulo)
D+H
(2000, Lake Mary)
Dancerace
(1992, Bath)
DIBS
(1998, Copenhagen)
Discover
(1985, Chicago)

10
Public
FacePhi
(2006, Alicante)
FICO
(1956, Minneapolis)
Finotek
(2008, Seoul)
Finzsoft Solutions
(1986, Auckland)
Fiserv
(1984, Brookfield)
GHL
(1994, Kuala Lumpur)
Intellect Design Arena
(2011, Chennai)
Japan Credit Bureau
(1961, Tokyo)
MeDirect Bank
(2013, Brussels)
Microlink
(1994, Kuala Lumpur)
Public
Monobank
(2015, Bergen)
Nets
(2003, Ballerup)
Nucleus Software
(1986, Noida)
Paysafe
(1997, Douglas)
Peppermint Innovation
(2014, Perth)
RaboDirect
(2007, Sydney)
Rede
(1996, Barueri)
RSwitch
(2003, Kigali)
Temenos
(1993, Geneva)
The Mint Corporation
(2009, Dubai)
Public
TSYS
(1982, Columbus)
US Dataworks
(1997, Sugar Land)
Acquired
Visa Europe
(2004, London)
Heartland Payment
Systems
(1997, Princeton, $40M)
Tangerine
(1997, Toronto)
Lender Processing
Services
(2007, Jacksonville)
Gruppo ICBPI
(1939, Milano)
LifeLock
(2005, Tempe, $178M)
Misys
(1979, London)
Mercury
(2001, Durango, $2.3M)
Fundtech
(1993, Herzliya)
Acquired
Harland Financial
Solutions
(2000, Lake Mary)
VocaLink
(2007, Rickmansworth, $114M)
Solutions
(1999, Redwood City)
World-Check
(2000, London, $86M)
S1 Corporation
(1996, Norcross)
FNC
(1996, Oxford)
E FRONT for
Information
Technology
(2014, Buraidah)
POLCARD
(1990, Warsaw)
SmartStream
(1988, London)

11
Acquired
Paydiant
(2010, Wellesley, $34.6M)
NICE Actimize
(1999, Hoboken, $24M)
Planet Payment
(1999, Long Beach, $29.2M)
KSNET Korea
(2000, Seoul)
Mortgagebot
(1997, Mequon)
Filogix Limited
Partnership
(2000, Toronto)
Firethorn
(2001, Atlanta, $25.1M)
PlaySpan
(2006, Santa Clara, $46.3M)
Digital Risk
(2005, Maitland)
Clair Mail
(2003, San Rafael, $65.6M)
Acquired
mFoundry
(2003, Larkspur, $40.3M)
Diners Club
(1950, Chicago)
Interthinx
(2009, Agoura Hills)
Voxeo
(1999, Orlando, $39.1M)
Paymark
(2011, Auckland)
Primatics Financial
(2007, Mclean)
ID Analytics
(2002, San Diego, $35.2M)
Simple
(2009, Portland, $16.5M)
Adeptra
(1996, Norwalk)
G2 Web Services
(2004, Bellevue)
Acquired
Fundamo
(2000, Cape Town, $5.2M)
Zenbanx
(2012, Wilmington)
Pozitron
(2000, Istanbul)
Unicorns
Network International
(2001, Dubai, $539M)
Mozido
(2008, Austin, $288M)
Adyen
(2006, Amsterdam, $266M)
TransFirst

List of Notable Companies by Market in Banking Tech
Notable Companies by Market (1/15)
13
Banking Tech > Feed Summary > Notable Companies by Market
Alternative Banking
Internet-first bank
Soonicorn. Stage: Series C
British Business Bank, BBVA, Woodford Investment
Management and 7 Other Investors
Starling Bank (2014, London, $70M)
Internet First Full Stack Bank
Soonicorn. Stage: Seed
Harald McPike
N26 (2013, Berlin, $52.6M)
Mobile-first bank for retail customers.
Soonicorn. Stage: Series B
Investitionsbank Berlin, Battery Ventures, Horizons
Ventures and 5 Other Investors
Bank Norwegian (2009, Oslo, $36.1M)
Stage: Public
Tinkoff Bank (2006, Moscow)
Online only bank in russia
Editor's Pick. Stage: Public
Baring Vostok, Horizon Capital, Vostok New
Collector Bank (1999, Gothenburg)
Online first bank
Stage: Public
VersaBank (1979, London)
Internet first direct bank
Stage: Public
Ally Bank (2008, Midvale)
Direct Bank
Stage: Public
General Motors, Cerberus Capital Management
MeDirect Bank (2013, Brussels)
Online only bank in Belgium
Stage: Public
Monobank (2015, Bergen)
Online bank in Norway
Stage: Public
Mybucks (2011, Luxembourg)
Mobile banking platform provider with banking
license.
Stage: Public
TLG Capital

14
Alternative Banking
Neo Banking
Revolut (2014, London, $88.3M)
Cloud money app for currency exchange.
Seedrs, Index Ventures, Balderton Capital and 6
Other Investors
Simple (2009, Portland, $16.5M)
Web and mobile interface for banking
Editor's Pick. Stage: Acquired
Life.SREDA, First Round Capital, IA Ventures and 10
Other Investors
Zenbanx (2012, Wilmington)
Mobile multi-currency account provider
DCM Ventures, Recruit Strategic Partners
NetBank (1996, Alpharetta)
Internet first bank backed by BofI Federal Bank
Stage: Public
Rebranded Front Ends
RaboDirect (2007, Sydney)
Online-only banking channel from Rabobank Group.
Stage: Public
Tangerine (1997, Toronto)
A direct bank that provides banking services
through cafes
Stage: Acquired
Payments
Acquirer Processor
A leading payments processing service provider.
Unicorn. Stage: Public
Kohlberg Kravis Roberts, W Capital Partners,
AlpInvest Partners
Network International (2001, Dubai, $539M)
Payment processor and gift & loyalty card issuer
Unicorn. Stage: Funded
The Abraaj Group, Chevron
Adyen (2006, Amsterdam, $266M)
International and omni-channel payment solutions
provider
Unicorn. Stage: Series C
Iconiq Capital, General Atlantic, Index Ventures and
3 Other Investors

15
Payments
Acquirer Processor
Financial Software Systems (1991, Chennai,
$127M)
Provider of electronic payment & financial
transaction processing solutions
Premji Invest, Jacob Ballas Capital, New Enterprise
Associates and 1 Other Investors
Tyro (2003, Sydney, $103M)
Card payment acquiring systems for the SMEs.
Soonicorn. Stage: Series D
Tiger Global Management, TDM Asset Management
Credorax (2007, Herzliya, $80M)
Smart acquiring and next generation payment
processing
Blumberg Capital, Columbus Nova Technology
Partners, FTV Capital and 1 Other Investors
Acquirer Processor
Monetization Platform for Digital Goods
Stage: Acquired
Vodafone, Menlo Ventures, STIC International and 5
Other Investors
Heartland Payment Systems (1997,
Princeton, $40M)
Payment processing, POS and Gift Card services
Stage: Acquired
LLR Partners, GCP Capital Partners
Planet Payment (1999, Long Beach, $29.2M)
Acquiring and Processing services
Stage: Acquired
Sopris Capital, IA Capital Group, Camden Partners
Holdings
Acquirer Processor
Vogogo (2008, Calgary, $21.4M)
Payment processing platform and risk management
solutions
Salman Partners, Clarus Securities, Beacon
Securities and 3 Other Investors
Alpha Payments Cloud (2011, Singapore,
$12M)
Universal payment ecosystem in a platform
Soonicorn. Stage: Series A
First Quay Capital, Wells Fargo
Mercury (2001, Durango, $2.3M)
Payment processing company
Unicorn. Stage: Acquired
TransFirst (1995, New York City)
Credit Card Processing/Merchant Accounts
Vista Equity Partners, ARCC

16
Payments
Acquirer Processor
Gruppo ICBPI (1939, Milano)
Payment processing solutions provider
North American Bancard (1992, Troy)
Merchant acquiring, PoS, Gateway and ISO
Soonicorn. Stage: Unfunded
Ipsidy (2009, Long Beach)
Multi-functional payment & anti-fraud solution
Stage: Public
ACI Worldwide (1975, Naples)
Payment systems provider
Stage: Public
JMI Management
Cielo (1995, Barueri)
Merchant Acquiring solutions in Brazil
Stage: Public
DIBS (1998, Copenhagen)
Merchant Acquirer and Payment gateway services
Stage: Public
Verdane Capital, Rite Ventures
Acquirer Processor
EVERTEC (1988, San Juan)
Provider of full service transaction processing
services
Stage: Public
First Global Data (2001, Toronto)
Mobile payment service provider.
Stage: Public
GHL (1994, Kuala Lumpur)
End-To-End payment services enabler
Stage: Public
Actis, Creador
Korea Cyber Payment (1998, Seoul)
Payment Gateway and VAN service provider
Stage: Public
SBI Investment Korea
Nets (2003, Ballerup)
Omnichannel payment processing services
Stage: Public
Bain Capital Private Equity, VIA equity
Acquirer Processor
Paysafe (1997, Douglas)
Full suite payment solution provider.
Stage: Public
CVC Capital Partners, Varshney Capital
POLCARD (1990, Warsaw)
Polish merchant acquirer and white label card
issuer and processor
Stage: Acquired
Innova Capital
Rede (1996, Barueri)
Electronic payment processor and acquirer in Brazil
Stage: Public
Solutions (1999, Redwood City)
Merchant acquirer and payment processor.
Stage: Acquired
W Capital Partners, Trident Capital
The Mint Corporation (2009, Dubai)
Gateway, POS and prepaid payroll card services
Stage: Public

17
Payments
Acquirer Processor
TSYS (1982, Columbus)
Provides electronic payment processing
Stage: Public
Vantiv (1971, Cincinnati)
Electronic payments processor
Stage: Public
Advent International
Worldline Global (1970, Bezons)
Payments and transactional services
Stage: Public
Network
VocaLink (2007, Rickmansworth, $114M)
UK payments partner
Stage: Acquired
Ripple (2012, San Francisco, $90.5M)
Open source payment protocol for cross border
money transfer.
Standard Chartered, SBI Holdings, Digital Ventures
and 25 Other Investors
Currency Cloud (2012, London, $63.5M)
Cross-border payment services provider
GV, Sapphire Ventures, Anthemis Group and 10
Other Investors
GoCardless (2011, London, $47.5M)
Online payments solutions for recurring payments
Accel Partners, Balderton Capital, Passion Capital
Network
Ethoca (2005, Toronto, $45M)
Payment network to reduce frauds
Soonicorn. Stage: Funded
Spectrum Equity, Difference Capital Financial, Pivot
Investment Partners
Visa (1958, Foster City)
Card Network
Unicorn. Stage: Public
Paymark (2011, Auckland)
NZ-based card payment network
Soonicorn. Stage: Acquired
American Express (1850, New York City)
Card issuer and merchant acquirer
Stage: Public
Autonomy Ventures
Diners Club (1950, Chicago)
Lounge and charge card network
Stage: Acquired
HarbourVest Partners

18
Payments
Network
Discover (1985, Chicago)
Banking and other financial services
Stage: Public
Japan Credit Bureau (1961, Tokyo)
Card issuer and network
Stage: Public
KSNET Korea (2000, Seoul)
KSNET
Stage: Acquired
H&Q Asia Pacific, Lombard Investments
MasterCard (1966, Purchase)
Card Network
Stage: Public
RSwitch (2003, Kigali)
Interbank network and national switch
Stage: Public
Visa Europe (2004, London)
Payment card network and mobile payment
acceptance solutions
Stage: Acquired
White Label Wallet
Mozido (2008, Austin, $288M)
Provides white label mobile wallet solutions.
Unicorn. Stage: Series B
MasterCard, Wellington Management, Brentwood
Associates and 4 Other Investors
Inside Secure (1995, Meyreuil, $181M)
Embedded security for IoT & payment solution
Soonicorn. Stage: Public
Gimv, Sofinnova Partners, Vertex Ventures and 15
Other Investors
LevelUp (2008, Boston, $103M)
Mobile wallet provider and white label service.
Soonicorn. Stage: Series E
CentroCredit Bank, JPMorgan Chase & Co., U.S.
Boston Capital and 9 Other Investors
Paydiant (2010, Wellesley, $34.6M)
White label mobile payment solutions
North Bridge, General Catalyst Partners, Stage 1
White Label Wallet
New Media Insight Group (2013, Phoenix,
$2.6M)
Mobile payment and loyalty solution provider.
Stage: Public
Novatti (2012, Melbourne)
Banking and payments solutions provider
Stage: Public

19
Payments
Financial Messaging Tools
PayCommerce (2006, Matawan, $22M)
Payment network through a consortium of banks
offering global ACH.
Tritium Partners
Bottomline Technologies (1989, Portsmouth)
Invoice, document automation solutions
Stage: Public
TempoCap
Axway (2001, Phoenix)
Cloud integration, API & identity management
software
Stage: Public
Quest for Growth
Transaction Security and Fraud Management
Guardian Analytics (2005, Mountain View,
$61.3M)
Behavioral analytics based online fraud prevention
solution
Split Rock Partners, Foundation Capital, Sutter Hill
ID Analytics (2002, San Diego, $35.2M)
Risk and fraud management solutions
Stage: Acquired
Investor, Canaan Partners, Mission Ventures and 4
Other Investors
G2 Web Services (2004, Bellevue)
Fraud and risk mitigation for Acquirers, PSPs, and
commercial banks
Stage: Acquired
Primus Capital
Enablers
Pelican (1993, London)
Provider of AI-solutions in payments/compliance
processes for banks and corporates.
Soonicorn. Stage: Unfunded
CSU Card Systems (1992, Sao Paulo)
White label credit card issuing and administration
solutions
Stage: Public
Advent International
S1 Corporation (1996, Norcross)
Software provider for payment processing and
financial services firms
Stage: Acquired
US Dataworks (1997, Sugar Land)
Multi-channel payment processing & clearing
solutions
Stage: Public

20
Banking
Alkami Technology (2009, Plano, $118M)
Online & Mobile Banking solutions
Argonaut Private Equity, i2E
Clair Mail (2003, San Rafael, $65.6M)
Mobile solutions for banking, payment and card
services.
Stage: Acquired
Norwest Venture Partners, Outlook Ventures,
Investor Growth Capital and 6 Other Investors
mFoundry (2003, Larkspur, $40.3M)
Mobile banking and payments service provider.
Stage: Acquired
MasterCard, Intel Capital, Motorola and 7 Other
Investors
Firethorn (2001, Atlanta, $25.1M)
Mobile financial services
Stage: Acquired
Noro-Moseley Partners, Trilogy Equity Partners
Banking
Q2ebanking (2004, Austin, $20M)
Online banking applications for financial
institutions
Stage: Public
Battery Ventures, Adams Street Partners
Fundamo (2000, Cape Town, $5.2M)
mobile financial solutions
Stage: Acquired
HBD Venture Capital, Knife Capital
Fintech Group (1999, Frankfurt)
Financial technology company
Heliad
Crealogix (1996, Zurich)
Digital banking solution provider
Stage: Public
Asseco (1987, Rzeszow)
Omnichannel banking solutions
Stage: Public
Banking
digital banking solutions
Stage: Public
Thoma Bravo, Menlo Ventures, HarbourVest
Partners
Peppermint Innovation (2014, Perth)
Proprietary Mobile Banking Technology provider
Stage: Public
Pozitron (2000, Istanbul)
Mobile Software Development
Stage: Acquired
Vipera (2005, Milan)
Mobile banking product suite provider
Stage: Public
Banca Sella Holding

21
Financial APIs
Aggregation API
Plaid (2012, San Francisco, $59.3M)
API for Banking Data
Goldman Sachs, New Enterprise Associates, Citi and
5 Other Investors
Strands (2003, San Francisco, $55M)
Personal finance management solutions
BBVA, Debaeque, Sequel Venture Partners
Clearwater Analytics (2003, Boise)
Investment accounting, compliance, performance
and risk management for institutional investors
WCAS, ARCC
Marketing Solutions
Card-linked Marketing
Card-linked marketing for FIs
ITC Holding, Kinetic Ventures, Canaan Partners and
6 Other Investors
Affinity Solutions (1998, New York City,
$47.9M)
Analytics based marketing solutions for financial
institutions
Linkable Networks (2010, Boston, $43.3M)
SKU Credit Card linked offers
Common Angels, Blue Chip Venture, Kepha Partners
Social Media
Hearsay Social (2010, San Francisco, $51M)
Social media marketing management platform for
Financial Service Providers
Sequoia Capital, New Enterprise Associates, Felicis
Ventures

22
Horizontal
World-Check (2000, London, $86M)
Global screening solution to uncover hidden risks in
business relationships and human networks.
Stage: Acquired
Spectrum Equity, HarbourVest Partners
Fenergo (2009, Dublin, $80.4M)
Client on-boarding lifecycle and compliance
management software
Soonicorn. Stage: Series A
Insight Venture Partners, Aquiline Capital Partners,
Investec
iSignthis (2013, Collingwood, $4.5M)
AML/KYC software for preventing Card Not Present
(CNP) fraud
Minicorn. Stage: Public
Kyckr (2015, Sydney)
API provider for KYC and AML compliance.
Stage: Public
Horizontal
Pegasystems (1983, Cambridge)
Business process and CRM applications
Stage: Public
Ayasdi (2008, Palo Alto, $97.6M)
Machine Learning Intelligence Plaform for
Industries
KPCB, IVP, Khosla Ventures and 7 Other Investors
Verafin (2003, Newfoundland, $60.1M)
Fraud detection, compliance & anti-money
laundering solutions
Spectrum Equity, Royal Bank of Canada, Killick
Capital and 1 Other Investors
Narrative Science (2010, Chicago, $44.6M)
Natural Language Generation for content creation
Sapphire Ventures, Jump Capital, USAA and 4 Other
Investors

23
NICE Actimize (1999, Hoboken, $24M)
Financial fraud prevention and anti money
laundering solution
Stage: Acquired
FTV Capital, Viola Group, Giza Venture Capital and
2 Other Investors
Internal Risk and Compliance Monitoring
Primatics Financial (2007, Mclean)
Integrated Loan Management solution
Stage: Acquired
The Carlyle Group
Fraud & Risk Management
Adeptra (1996, Norwalk)
Consumer communication solutions for financial
organizations
Stage: Acquired
Kreos Capital, ABS Ventures, Novus Ordo Capital

24
Identity Fraud
Identity theft protection
Bessemer Venture Partners, KPCB, Symantec and
15 Other Investors
Mitek (1985, San Diego)
Mobile Imaging based anti fraud & verification
Harland Clarke, Laurus Capital Management
FacePhi (2006, Alicante)
Facial recognition based biometric authentication
Stage: Public
Finotek (2008, Seoul)
Provider of non-face to face banking solutions
Stage: Public
UTC Investment
Back end Solutions
Back end Solutions
Fundtech (1993, Herzliya)
Tech provider for payments, cash management,
settlements, financial messaging and post-trade
securities settlements
Genesis Partners, Jerusalem Venture Partners,
HarbourVest Partners
3i Infotech (1993, Mumbai)
Software Products, IT Services, BPO Services
Stage: Public
D+H (2000, Lake Mary)
Financial Technologies solution provider
Stage: Public
IAM Group
E FRONT for Information Technology
(2014, Buraidah)
Software solutions for financial services industry
Stage: Acquired
Back end Solutions
Harland Financial Solutions (2000, Lake
Mary)
Lending compliance technology and core banking
solutions provider.
Stage: Acquired
Intellect Design Arena (2011, Chennai)
Enterprise Banking Platform provider
Stage: Public

25
Back end Solutions
Cloud-based social media analytics solution
Horizons Ventures
ZestFinance (2009, Los Angeles, $54M)
Machine Learning technologies to give lenders a
better understanding of risk
Baidu, Fortress Investment, Eastward Capital
Partners and 11 Other Investors
Lender Processing Services (2007,
Jacksonville)
Mortgage loan management and analytics software
Experian MicroAnalytics (1992, Monaco)
Alternative data-based credit scoring unit of
Experian
Stage: Public
Alfa Systems (1990, Sydney)
Software for asset finance companies
Stage: Public
Black Knight Financial Services (2008,
Jacksonville)
Technology provider for loan life cycle
management
Stage: Public
Thomas H Lee Partners
Dancerace (1992, Bath)
Invoice financing and trade financing software
provider
Stage: Public
Debt Resolve (1997, New York City)
Consumer Debt Technology
Stage: Public
Ellie Mae (1997, Pleasanton)
Provider of residential mortgage solutions.
Stage: Public
W Capital Partners, Plug and Play Tech Center,
Alloy Ventures and 3 Other Investors
Filogix Limited Partnership (2000, Toronto)
Credit solution provider for the mortgage industry.
Stage: Acquired
Monitor Clipper Partners
FNC (1996, Oxford)
Provides lending softwares
Stage: Acquired
Mortgagebot (1997, Mequon)
Web-based mortgage point-of-sale loan origination
solutions.
Stage: Acquired
Spectrum Equity

26
Back end Solutions
Banking Analytics
FICO (1956, Minneapolis)
Predictive Analytics
Stage: Public
Cash Management
Namsys (1997, Toronto)
Cash logistics management platform
Stage: Public
Brisio
Risk Management
Digital Risk (2005, Maitland)
Provider of risk, compliance and transaction
management solutions to mortgage industry.
Stage: Acquired
Century Capital Management, Kassabov

27
Back end Solutions
Infrasoft Technologies (1995, Mumbai,
$24.8M)
Software solutions provider for financial
enterprises
Baring Private Equity India
Misys (1979, London)
Software solutions provider focused on banking,
lending, treasury, capital markets, investment
management and enterprise risk.
Creathor Venture
Computer Services (1987, Paducah)
Banking and Payment Software
Stage: Public
MML Capital
Finzsoft Solutions (1986, Auckland)
Software development for BFSI
Stage: Public
Fiserv (1984, Brookfield)
Technology provider for financial services industry.
Stage: Public
Menlo Ventures, Draper Esprit
Microlink (1994, Kuala Lumpur)
Core banking solution for conventional and Islamic
financial institutions.
Stage: Public
Nucleus Software (1986, Noida)
Software solutions for Banks and Financial
organizations
Stage: Public
SmartStream (1988, London)
Back end software provider for banks and FIs.
Stage: Acquired
TA Associates Management
Temenos (1993, Geneva)
Banking software provider
Stage: Public
Global Finance

List of Notable Companies in Banking Tech in China
Notable Companies in the Sector in China
28
Banking Tech > Feed Summary > Notable Companies in the Sector in China
Public
Hundsun
(1995, Hangzhou, $532M)
Sunyard System
Engineering
(1996, Hangzhou)
UnionPay Intl
(2012, Shanghai)
Unicorns
WeBank
(2014, Shenzhen, $450M)
China UnionPay
(2002, Shanghai)
Soonicorns
FraudMetrix
(2013, Hangzhou, $158M)
Wangjin Holdings
Technology
(2009, Shenzhen)

Recent News in Banking Tech Sector
Recent News
29
Banking Tech > Feed Summary > Recent News
Feb 2018
Provenir Extends Its Platform to Support Python, Core Sector
Communique
Feb 2018
Bottomline Technologies Wins Prestigious Payment Award,
DirectorsTalk Interviews
Feb 2018 Money Transfers made easy with Skrill Send Direct, Fintech
Feb 2018 Starling a great Flux for digitised loyalty rewards, BankingTechnology
Feb 2018
Deposit Solutions Expands Its European Presence and Appoints
Mark Davison as Regional Director for UK & Ireland, PR Newswire
Feb 2018
Standard Chartered turns to Moneythor to improve digital services,
Verdict
Feb 2018
Challenger Bank Tandem Partners with Cognitive Banking Company
Personetics, Crowdfund Insider
Feb 2018
Core Banking Provider Ohpen Raises €25 Million Series C Financing
for International Expansion to Third Country, PR Newswire
Feb 2018
Black Knight Releases New End-to-End Digital Close Fulfillment
Solution, MortgageOrb
Feb 2018
ACI Worldwide Recognized as Fraud Innovation Firm of the Year by
Finance Monthly, Business Wire
Feb 2018 Visa upgrades POS terminals in Minneapolis, US, Verdict
Feb 2018 Visa net income surges 22% in Q1, Verdict
Feb 2018
NASDAQ-listed Pegasystems to launch sales operations in India ,
Indiatimes
Key Recent News Key Recent News
Feb 2018
CloudScale Capital Partners Completes Investment in Bermuda and
London-Based Trunomi, Business Wire
Feb 2018
Netskope Honored as Coolest Cloud Vendor by CRN® for Third
Consecutive Year, PR Newswire
Feb 2018 Neota Logic Named Legal AI Leader by National Law Journal , PRWeb
Feb 2018
Ethoca, TSYS and Capital One UK Collaboration Highly Commended
for Innovation at The Card & Payments Awards 2018, Business Wire
Feb 2018
Swiss Regtech Netguardian Establishes APAC Base In Singapore,
FinTechnews
Feb 2018
Penta, the German digital-only bank account for startups and SMEs,
raises €2.2M seed, mmotimes.com
Feb 2018
SWIFT's annual traffic exceeds seven billion messages in 2017, CPI
Financial
Feb 2018
Openlink announces agreement to be acquired by ION Investment
Group, PR Newswire
Feb 2018
Digiliti Money (formerly Cachet Financial Solutions) to Merge Into
Urban FT, Business Wire
Feb 2018
eBay Names Dutch Fintech Adyen New Primary Payments
Processor, Crowdfund Insider
Feb 2018
Watch out Costco — the Starbucks co-branded Visa is now available,
The Business Journals
Feb 2018 Santander to Roll Out Ripple-Powered App in 4 Countries, CoinDesk

Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
30
Funding Trends
Median Deal Size and Trend
New Entrants in Funding Club
Distribution of companies by Funding Range
Funding Funnel of the Sector
Top Investments and Investors
Investors in Unicorn club

Some more Sector Reports you might want to check out
Join 4000+ people taking sharper decisions with Tracxn
AI Infrastructure
Jan 2018
Healthcare IT
Jan 2018
FoodTech
Dec 2017

$793M
$403M $438M
$1.3B
$4.7B
$1.1B
$1.2B
$1.5B
0
20
40
60
80
100
120
140
160
180
200
$0k
$500M
$1.B
$1.5B
$2.B
$2.5B
$3.B
$3.5B
$4.B
$4.5B
$5.B
2010 2011 2012 2013 2014 2015 2016 2017
$ Funding
3 Year CAGR
6 Year CAGR
Investments ($M) and number of rounds in Banking Tech; 2011-2017
Global Funding Trends (1/2)
32
Note: Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Banking Tech > Investment Trends > Global Funding Trends
#Rounds
$Funding
7% $ Funding
3% $ Funding
23% # of Rounds
14% # of Rounds

$14M $17M $23M $43M $55M $51M $110M $62M$97M
$180M $205M
$232M $910M
$557M
$660M
$787M
$682M $206M $210M $1.1B $3.8B $474M $449M $688M
2010 2011 2012 2013 2014 2015 2016 2017
Seed Early Stage Late Stage
25 24 34 49 67 72 61 55
18
32
29 46
62 65
86 104
7 18 12 22 17 24 25 27
2010 2011 2012 2013 2014 2015 2016 2017
Seed Early Stage Late Stage
50
186
Total # of Rounds
$635M
$107M $209M
$1.B
$4.3B
$608M $699M $897M
0
5
10
15
20
25
0
500000000
1E+09
1.5E+09
2E+09
2.5E+09
3E+09
3.5E+09
4E+09
4.5E+09
5E+09
2010 2011 2012 2013 2014 2015 2016 2017
$ Funding # of Rounds
33
Note: Mega Rounds = rounds with size > $20M. Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Stage-wise Number of RoundsStage-wise $ Invested
New Entrants in Funded ClubMega Rounds
Global Funding Trends (2/2)
Investments ($M) and number of rounds in Banking Tech; 2011-2017
Banking Tech > Investment Trends > Global Funding Trends
32
37
42
58
70
67
72 378
$2.6M
$2.6M
$0.0M
$0.5M
$1.0M
$1.5M
$2.0M
$2.5M
$3.0M
$3.5M
$4.0M
$4.5M
0
50
100
150
200
250
300
350
400
2001-2011 2012 2013 2014 2015 2016 2017 Total
Entrants in Funding Club Avg. Ticket Size
3 4 5 11 11 13 16 21 $2.6M $2.2M $2M $1.6M $1.6M $4.2M $4.1M $2.6M
$793M
$1.5B
Total $ Invested

Banking Tech > Investment Trends > Funding Trends by Geography
Investments ($M) and number of rounds in Banking Tech
Funding Trends by Geography
Funding Trends by Geography Top Cities of Funding
City $ Funding # Rounds
Atlanta 4.5B 20
Bay Area 1.7B 171
London 915M 103
Cincinnati 559M 4
Dubai 539M 1
Austin 456M 30
New York City 286M 72
Amsterdam 285M 9
Durham 269M 4
Wilmington 222M 17
Total Funding
656
324
1
41
52
75
28
25
# Rounds
$9.7B
$2.6B
$539M
$464M
$378M
$341M
$147M
$59.2M
US
Europe
United Arab
Emirates
Canada
Israel
India
Australia
SEA
Note: Excludes funding information of China companies

Trend of Average Deal Size ($M)
$0.9 $0.8 $1.1 $1.2 $1.3
$2.8
$1.6
2011 2012 2013 2014 2015 2016 2017
$4.7 $4.4 $4.0
$8.4 $6.6 $6.0
$7.5
$11.4 $13.9
$10.0
$39.3
$19.9 $16.8 $16.6
$14.7 $19.1
$62.6
$289.8
$26.3 $22.5 $29.9
Banking Tech > Investment Trends > Median Deal Size and Trend
Median and Average Deal Size in $M (per Stage) in Banking Tech; 2011-2017
Median Deal Size and Trend
Note: Excludes funding information of Chinese companies. *Graph not to scale
Median Deal Size and Range
$5K* $11M
$50K $31M
$92K $80M
$50K $1B
$22M
$7M
$2.8M
$0.3M
Series C+
Series B
Series A
Seed
Stage

Note: 328 companies with undisclosed funding amount are not included
36
<$1M
$1-10M
$10-50M
$50-100M
$100M+
Funding Range
80
175
146
37
21
No. of Companies
Banking Tech > Investment Trends > Distribution of companies by Funding Range
No. of companies by funding range in Banking Tech; as of Feb 2018
Distribution of companies by Funding Range
$25M
$740M
$3.1B
$2.5B
$7.7B
$ Investment

Stage No. of Companies
Funding
Funnel
100%
37%
19%
10%
6%
37
Note: Numbers in the brackets show the count of companies
Time to raise
next round
122
210
387
764
2060
Series C+
Series B
Series A
Funded
Founded
Next
Round
100M+
Valuation
Exits
Acqui-
Hired
Dead
Pooled
Others
37% 7%
(148)
5%
(113)
10%
(203)
3%
(57)
50%
(1036)
51% 16%
(123)
12%
(90)
14%
(109)
3%
(22)
32%
(246)
54% 16%
(62)
8%
(30)
17%
(66)
2%
(9)
26%
(102)
58% 28%
(59)
13%
(28)
18%
(37)
2%
(4)
22%
(47)
- 38%
(46)
20%
(24)
20%
(25)
1%
(1)
7%
(9)
Banking Tech > Investment Trends > Funding Funnel
Number of companies progressing to subsequent funding stages in Banking Tech
Funding Funnel
16 Months
18 Months
18 Months
Investment backedBootstrapped
37
12
53
58
9
14
Soonicorns
Unicorns
Acquisitions
IPOs

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE)
Banking Tech > Investment Trends > Notable Investments in last 24 months
Major funding rounds by Stage in Banking Tech; Feb 2016-Feb 2018
Notable Investments in last 24 months (1/10)
LATE STAGE
$102M - Series C Mar 2017
Internet-first bank
BBVA, Woodford Investment Management,
Toscafund Asset Management
$100M - PE Nov 2016
Horizons Ventures
$100M - Series D Aug 2017
Mortgage loan origination and customer experience
management platform
Greylock Partners, Emergence Capital, 8VC,
Lightspeed Venture Partners, Nyca
$92.9M - Series D Nov 2017
Internet-first retail bank
Stripes Group, Michael Moritz, Passion Capital,
Orange Digital Ventures, Goodwater Capital, Thrive
Capital
LATE STAGE
$77.1M - Series E Apr 2016
Residential mortgage appraisal platform
Whitecap Venture Partners
$51.4M - Series D Jan 2018
nCino (2012, Wilmington, $133M)
Cloud Banking
Salesforce
$50M - Series D Dec 2017
White label platform for online lending
FirstMark, Revolution, Colchis Capital
$50M - Series C Oct 2017
Feedzai (2009, London, $82M)
Fraud Prevention Software
Sapphire Ventures
LATE STAGE
$43M - Series C Dec 2017
Passport (2010, Wilmington, $60M)
Cloud-based mobile payment platforms for parking
and transit
Bain Capital Ventures, Relevance Capital, MK Capital,
Grotech Ventures
$40M - PE Mar 2016
Open Lending (2000, Austin, $50M)
Automated lending services to financial institutions
Bregal Sagemount
$37M - Series E May 2017
JPMorgan Chase & Co., U.S. Boston Capital
$36.1M - PE Apr 2016
Bank Norwegian (2009, Oslo, $36.1M)

LATE STAGE
$30M - Series C Sep 2017
Onfido (2012, London, $60.6M)
User background checking tool for enterprises
Crane Venture Partners, Microsoft Ventures,
Salesforce, TempoCap, Idinvest Partners, Wellington
Partners Venture Capital
$27M - PE May 2016
Varo (2015, San Francisco, $77.3M)
Mobile only neo-bank.
Warburg Pincus
$24.4M - Series D Mar 2017
Currency Cloud (2012, London, $63.5M)
Cross-border payment services provider
GV, Sapphire Ventures, Anthemis Group, Rakuten,
Notion
$24.3M - Series C Feb 2017
Thrive Capital, Orange Digital Ventures, Passion
Capital
LATE STAGE
$22.5M - Series C Sep 2017
Accel Partners, Balderton Capital, Passion Capital,
Notion
$20.5M - Series C Oct 2016
Cloud based federated & MFA for consumer &
citizen
Bank of Montreal, Scotiabank, Canadian Imperial
Bank of Commerce, Desjardins, Royal Bank of
Canada, TD Bank
$20M - Series C Nov 2017
Deposit Solutions (2011, Hamburg, $49.7M)
Open architecture platform for retail deposits
e.ventures, Greycroft Partners
$16.6M - Series C Jul 2016
Deposit Solutions (2011, Hamburg, $49.7M)
Open architecture platform for retail deposits
FinLab AG, E.ventures, Greycroft Partners, Valar
Ventures
LATE STAGE
$15M - Series C Apr 2016
Transerv (2011, Mumbai, $19.3M)
Digital payments solution provider
Nirvana Ventures Advisors, Faering Capital,
Micromax Informatics, IDFC Mutual Fund
$13M - Series C Mar 2016
Balderton Capital, Accel Partners, Passion Capital,
Notion
$12M - Series E Jun 2017
Card-linked marketing for FIs
ITC Holding, Kinetic Ventures, Canaan Partners,
Polaris Partners, TTV Capital
$11M - Series E Apr 2017
Narrative Science (2010, Chicago, $44.6M)
Natural Language Generation for content creation
Sapphire Ventures, Jump Capital

LATE STAGE
$10M - Series D Sep 2016
JPMorgan Chase & Co.
$8.7M - Series C May 2017
NetGuardians (2007, Yverdon-les-bains, $16.2M)
Fraud/risk mitigation based on behavioral insights
across bank systems
Swisscom
$5.1M - Series D Dec 2016
$61.3M)
solution
$5M - Series D Aug 2016
$61.3M)
solution
LATE STAGE
$5M - Series D Mar 2016
$3.1M - Series C Mar 2017
$3M - Series D Jun 2017
Buzz Points (2009, Austin, $34M)
Locally-Focused Customer Loyalty Program
$2.9M - Series C Nov 2016
Linkable Networks (2010, Boston, $43.3M)
SKU Credit Card linked offers
$2.5M - Series E Apr 2016
Urbana Corporation
$1.9M - Series D May 2016
Buzz Points (2009, Austin, $34M)
Locally-Focused Customer Loyalty Program
LATE STAGE
$500k - Series E Aug 2017
Series E Oct 2016
Kensington Capital Partners
Series D Jan 2018
Online & Mobile Banking solutions
Argonaut Private Equity
Series C Aug 2017
LEAP Global Partners
Series C Jun 2016

LATE STAGE
Series C Jul 2016
Baidu
EARLY STAGE
$66M - Series B Jul 2017
Index Ventures, Balderton Capital, Ribbit Capital
$55M - Series B Sep 2016
Ripple (2012, San Francisco, $90.5M)
Open source payment protocol for cross border
money transfer.
Standard Chartered, SBI Holdings, Digital Ventures
$46M - Series A Sep 2017
10x banking (2016, London, $46M)
Cloud-based core banking APIs
Ping An, Oliver Wyman
$45M - Series B Jan 2018
Warburg Pincus, The Rise Fund
EARLY STAGE
$44M - Series B Jun 2016
Plaid (2012, San Francisco, $59.3M)
API for Banking Data
Goldman Sachs, New Enterprise Associates, Citi,
American Express
$42M - Series B Dec 2016
Finicity (2000, South Jordan, $42.1M)
API platform provider for FinTech developers
Experian, Western Alliance Bancorporation
$40M - Series B Aug 2017
Juvo (2014, San Francisco, $59.3M)
Mobile usage behavior based credit scoring to
facilitate financial inclusion
New Enterprise Associates, Wing Venture Capital,
SignalFire
$40M - Series B Jun 2016
N26 (2013, Berlin, $52.6M)
Mobile-first bank for retail customers.
Battery Ventures, Horizons Ventures, Redalpine,
Earlybird Venture Capital, Valar Ventures

EARLY STAGE
$31.9M - Series B Feb 2017
API accessible financial services
Index Ventures
$30.7M - Series B Apr 2016
Tandem (2013, London, $56.4M)
Digital-only Bank
Omidyar Network, Route 66 Ventures, E.ventures
$29.9M - Series A Feb 2016
InAuth (2010, Boston, $30.8M)
Mobile first authentication and fraud prevention
Bain Capital Ventures
$27.8M - Series B Mar 2017
API accessible financial services
Arvato Systems, HypoVereinsbank, SBI Holdings, ,
Yabeo Management, FinLeap
EARLY STAGE
$25M - Series B Apr 2016
Onfido (2012, London, $60.6M)
User background checking tool for enterprises
Idinvest Partners, Wellington Partners Venture
Capital, CrunchFund, Talis Capital, Salesforce,
Acequia Capital
$24.8M - Series B Dec 2017
Quisk (2007, Sunnyvale, $31.6M)
Platform to digitize cash and enable digital only bank
accounts
$22M - Series B Nov 2017
TrueAccord (2013, San Francisco, $27.3M)
Behaviorial Analytics based debt recovery solutions.
Arbor Ventures, Nyca, Assurant, Felicis Ventures,
TenOneTen, , Caffeinated Capital
$22M - Series B Oct 2016
PayCommerce (2006, Matawan, $22M)
Payment network through a consortium of banks
offering global ACH.
Tritium Partners
EARLY STAGE
$21.2M - Series B May 2017
Additiv (1998, Zurich, $21.2M)
Digital solution provider for FIs and banks
BZ Bank Aktiengesellschaft
$21M - Series A Nov 2017
Built (2014, Nashville, $21M)
Streamlines lending for construction industry
Index Ventures, Nyca
Kasisto (2013, Menlo Park, $28.5M)
Conversational AI solutions for mobile applications
Oak HC/FT, Propel Venture Partners, Two Sigma
Ventures, Commerce Ventures, Partnership for New
York City, Mastercard
$14M - Series A Sep 2016
Wing Venture Capital, Seed—Resolute, Freestyle
Capital

EARLY STAGE
$13.9M - Series B Aug 2017
Socure (2012, New York City, $33.7M)
Identity Fraud Detection
Commerce Ventures, Flint Capital, Work-Bench,
Santander InnoVentures, Two Sigma Ventures
Flint Capital, FF Venture Capital, Santander
InnoVentures, Two Sigma Ventures
Digital-only Bank
$10M - Series A Jun 2016
Troo.ly (2014, Palo Alto, $10M)
Provider of trust rating service for peer-to-peer
marketplaces.
Bain Capital Ventures, Milliways Ventures
EARLY STAGE
$9.2M - Series A Jan 2017
Propel Venture Partners, MasterCard, Commerce
Ventures, Two Sigma Ventures, DBS Bank,
Partnership for New York City, New York Angels,
HBS Alumni Angels of Greater New York
$9.1M - Series A Jul 2016
Balderton Capital, Index Ventures, Ribbit Capital,
Point Nine Capital, Seedcamp
$8.4M - Series B Dec 2016
Digital-only Bank
$8.3M - Series B Feb 2016
Meniga (2009, Reykjavik, $22.8M)
Personal Finance Management White Label Solution
Velocity Capital Private Equity, Frumtak ventures
EARLY STAGE
$8.2M - Series A Nov 2017
Active Intelligence (2016, Bangalore, $11.7M)
Conversational banking platform
Vertex Ventures, Dream Incubator, Kalaari Capital,
CreditEase, IDG Ventures India
Frumtak ventures, Velocity Capital Private Equity,
Kjolfest, Industrifonden
$8M - Series B May 2016
Passport (2010, Wilmington, $60M)
Cloud-based mobile payment platforms for parking
and transit
MK Capital, Grotech Ventures, Relevance Capital
$7.2M - Series A Feb 2016
Passion Capital

EARLY STAGE
Uniphore (2008, Chennai, $13.3M)
Speech Recognition, voice biometrics and virtual
assistant solutions
India Infoline, IDG Ventures India, Kris
Gopalakrishnan, John T. Chambers, Pankaj Patel
$6M - Series A Jul 2016
DefenseStorm (2014, Seattle, $14.3M)
Cloud-based security information and event
management (SIEM) for Banks
TTV Capital
FinMkt (2011, New York City, $7.3M)
Technology solutions enabling marketplace lending
Seraph Group, Vectr Ventures, ManchesterStory
Group, Sun Hung Kai Financial
EARLY STAGE
$5.3M - Series B Jul 2017
Seedrs
$5.3M - Series A Mar 2016
$5M - Series B Sep 2017
CreditVidya (2012, Mumbai, $7.2M)
Alternate credit scoring platform
Matrix Partners India, Kalaari Capital
$5M - Series A Jul 2017
Aire (2014, London, $8.4M)
Company offering credit scores to individuals using
machine learning algorithms.
Sunstone, White Star Capital
EARLY STAGE
$4.7M - Series B Apr 2017
$47.9M)
institutions
Digital-only Bank
$4.5M - Series A May 2017
Spruce (2016, New York City, $4.5M)
Title insurance provider
Bessemer Venture Partners, Omidyar Network,
Third Prime Capital
$3.5M - Series A Sep 2017
DefenseStorm (2014, Seattle, $14.3M)
Cloud-based security information and event
management (SIEM) for Banks

EARLY STAGE
$3.1M - Series B Jan 2018
IDfy (2011, Mumbai, $6.2M)
Online platform identity and background
verification
New Enterprise Associates, Nava Bharat, Dream
Incubator
$3M - Series A Nov 2016
IDG Ventures India, Kalaari Capital
EARLY STAGE
$2.1M - Series A Oct 2016
assistant solutions
YourNest, IDG Ventures India, Vikas Gautam,
Naresh Kumra, Sanjai Vohra, Anuj Munot,
Gopinathan Padmanabhan, Manoj Nagpal, Milan
Shah, Mridula Ramesh, Salil Gupta, Sridhar Jayanthi,
Priyank Garg, Nagendra Bandaru, Tushar Singh,
Hemant Joshi, Jaideep Mehta, Vinay Somani, Piyush
Shah, Sundi Natarajan, Seethapathy Chander,
Momentum Techsys Private Limited, Ray Stata, Kris
Gopalakrishnan, Rajiv Luthra, Sandeep Banerjee,
Jyoti Sagar, Vikas Kapoor, Nita Kapoor, Shantanu
Ghosh, Vijay Paliwal, Chandrashekhar Eknath
Plonis, Nina Puri
$2M - Series A Oct 2016
White Star Capital, Sunstone, Accion
EARLY STAGE
$2M - Series A Jun 2016
Kalaari Capital, Siddharth Parekh, Srikanth Gaddam,
Chandresh Mehta, Ganesh Rao
$1.5M - Series A Mar 2016
$996k - Series A Sep 2016
Novopay (2014, Bangalore, $8.8M)
Bank sponsored wallet
Khosla Labs
$955k - Series B May 2016
$47.9M)
institutions
Series B Oct 2016
Fraud Prevention Software
Citi

EARLY STAGE
Series B Feb 2018
Moven (2011, New York City, $24.4M)
Neo Banking Service for United States
SBI Holdings
Series B Feb 2017
Personetics (2010, Tel Aviv, $18M)
Predictive personal finance management solutions
Santander InnoVentures
Series B Nov 2017
assistant solutions
John Chambers, IDG ventures, India Infoline
Series A Jun 2016
Santander InnoVentures
EARLY STAGE
Series A Apr 2016
DBS Bank
Series A Nov 2016
DataVisor (2013, Santa Clara, $14.5M)
Big data analytics based fraud detection
Security Innovation
Series A Oct 2016
$12M)
First Quay Capital
Series A Apr 2016
Accion
EARLY STAGE
Series A Sep 2017
Cloud Lending (2012, Bangalore, $8.1M)
Cloud based management platforms for lending
institutions.
ABN AMRO Bank
Series A Feb 2017
Cloud Lending (2012, Bangalore, $8.1M)
Cloud based management platforms for lending
institutions.
Cota Capital

SEED STAGE
$3M - Seed Sep 2016
Trunomi (2013, San Jose, $6M)
Enterprise KYC and onboarding solutions
Fintonia Group, Saturn Partners, WorldQuant
Ventures
$2.3M - Seed Feb 2016
FinLocker (2015, St. Louis, $3.6M)
Financial Data Platform to reduce loan origination
time
Cultivation Capital, SixThirty, Holton Capital Group
$900k - Seed Aug 2016
time
$500k - Seed May 2016
Kstart
SEED STAGE
$300k - Seed Jun 2016
time
Missouri Technology
Angel Mar 2017
Angel Nov 2017
Chris Skinner
Seed Jun 2016
$12M)
Wells Fargo

Banking Tech > Investment Trends > Notable Investments in last 24 months in China
Notable Investments in last 24 months in China
LATE STAGE
$296M - Series C Oct 2016
China Unionpay Merchant Services (2004,
Shanghai, $296M)
Merchant acquiring arm of China UnionPay
$72.8M - Series C Oct 2017
FraudMetrix (2013, Hangzhou, $158M)
Software developer focusing on internet security for
financial transactions
Tiantu Capital, Temasek, B&D Capital
$72.3M - Series C Nov 2016
QuantGroup (2014, Beijing, $75.8M)
Online financial services including credit-based
consumption and IOUs
Shenzhen Dongfang Fuhai Investment Management,
Fosun
EARLY STAGE
PayEgis (2011, Suzhou, $165M)
Big data security solution and tools
FraudMetrix (2013, Hangzhou, $158M)
Software developer focusing on internet security for
financial transactions
Oriza Holdings, CBC Capital, China Growth Capital,
IDG Capital Partners, Linear Venture
Xianjincard (2015, Shanghai, $29M)
Provider of risk management solutions to traditional
financial institutions
Tiantu Capital, 51Zhangdan
BangSun Financial Technology (2010,
Hangzhou, $46.8M)
Anti fraud technology platform
Fang Guang Capital, Legend Capital, Shenzhen
Cornerstone Asset Management
EARLY STAGE
$20.2M - Series B Jul 2016
BangSun Financial Technology (2010,
Hangzhou, $46.8M)
Anti fraud technology platform
Legend Capital, Fortune Capital, Xinhu Zhongbao

Most Active Investors (VC, PE) by Stage in Banking Tech; Last 5 years (Feb 2013-Feb 2018)
Most Active VC & PE Investors
49
Banking Tech > Investment Trends > Most Active VC & PE Investors
SEED STAGE
SixThirty(5 Investments)
Rippleshot, miiCard, FinLocker
1
Fenway Summer Ventures(3 Investments)
PeerIQ, Merlon Intelligence, Trunomi
2
New Enterprise Associates(3 Investments)
Plaid, DataVisor, Zero
3
Nyca (3 Investments)
Zero, Merlon Intelligence, Mines
4
Passion Capital(3 Investments)
Monzo, Tide, Birdback
5
Seedcamp(3 Investments)
Revolut, Monese, Oradian
6
Andreessen Horowitz (2 Investments)
Ripple, Balanced
7
Anthemis Group (2 Investments)
Marxwell, Flux
8
Collaborative Fund (2 Investments)
Balanced, Mirador
9
Eniac Ventures(2 Investments)
Zero, Alloy
10
EARLY STAGE
Nyca (5 Investments)
TrueAccord, EverCompliant, Built
1
Santander InnoVentures(5 Investments)
Ripple, Socure, Personetics
2
Index Ventures(4 Investments)
Adyen, SolarisBank, Built
3
Intel Capital(4 Investments)
Fortscale, Technisys, Prelert
4
MoneyTime(4 Investments)
Moven, Sequent, NetGuardians
5
Omidyar Network(4 Investments)
Chime Bank, Tandem, Juntos
6
Route 66 Ventures (4 Investments)
Ripple, Moven, D3 Banking
7
Anthemis Group (3 Investments)
Atom Bank, Tide, TrueLayer
8
Bain Capital Ventures(3 Investments)
InAuth, Troo.ly, Digital Comply
9
CMFG Ventures(3 Investments)
Rippleshot, Mirador, CUneXus
10
LATE STAGE
Insight Venture Partners (2 Investments)
Fenergo, Acuant
1
Sapphire Ventures (2 Investments)
Narrative Science, Currency Cloud
2
Warburg Pincus (2 Investments)
Varo, Avaloq
3
5square
Five Degrees
4
8VC
Blend
5
Accel-KKR
Bankers Toolbox
6
Adams Street Partners
Q2ebanking
7
Aquiline Capital Partners
Fenergo
8
Argonaut Private Equity
Alkami Technology
9
Bain Capital Private Equity
Nets
10

Banking Tech > Investment Trends > Most Active Ecosystem Investors
Top Ecosystem Investors in Banking Tech; Last 5 years (Feb 2013-Feb 2018)
Most Active Ecosystem Investors
INCUBATOR
Techstars(14 Investments)
Marxwell, Avuba, Chainalysis
1
Barclays Accelerator(8 Investments)
Aire, Zighra, Alloy
2
Y Combinator(8 Investments)
Snapdocs, Balanced, Standard Treasury
3
500 Startups(7 Investments)
Finomial, First Access, Visor
4
Life.SREDA(7 Investments)
Simple, Moven, Lenddo
5
Kickstart Accelerator(4 Investments)
James, Apiax, Lenditapp
6
Venture Kick(4 Investments)
Apiax, Sonect, OneVisage
7
Alchemist Accelerator(3 Investments)
Lendsnap, Flowcast, Crysp
8
Wells Fargo Startup Accelerator(2
Investments)
Kasisto, Roostify
9
Boost VC(2 Investments)
Cognito, Atlas
10
OTHER NOTABLE INVESTORS
Startupbootcamp(19 Investments)
Avuba, Rails Bank, FriendlyScore
1
Plug and Play Tech Center(16
Investments)
Trulioo, Linkable Networks, Behaviosec
2
Accion(5 Investments)
RevolutionCredit, Aire, First Access
3
FinTech Innovation Lab (5 Investments)
Narrative Science, Lenddo, RevolutionCredit
4
SBI Holdings(5 Investments)
Ripple, Moven, SolarisBank
5
Citi(4 Investments)
Feedzai, Ayasdi, Plaid
6
Kima Ventures(4 Investments)
Iban First, Rails Bank, TrustingSocial
7
USAA(4 Investments)
MX Technologies, Narrative Science, Cartera
8
Digital Currency Group(3 Investments)
Ripple, Chainalysis, Cognito
9
Internet Initiatives Development
Fund(3 Investments)
Scorista, SweetCard, Automated Financial Complexes
10
DEBT INVESTORS
Western Technology Investment(10
Investments)
LevelUp, edo Interactive, Juvo
1
Eastward Capital Partners(3 Investments)
ZestFinance, Nomis Solutions, Clearent
2
Silicon Valley Bank(2 Investments)
Currency Cloud, Agreement Express
3
Trinity Capital Investment(2 Investments)
Continuity, Saylent
4
Advantage Capital
Payveris
5
BEST Funds
Pitchpoint Solutions
6
British Business Bank
Atom Bank
7
Connecticut Innovations
Payveris
8
Export Development Canada
Zighra
9
Finnfund
Jumo.World
10

Banking Tech > Investment Trends > Investors in Unicorn club
Investors in Unicorn Club (1/7)

Banking Tech > Investment Trends > Unicorn Investors in the Sector
Unicorn Investors in the Sector

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
59
BlueBox
Key Sub Sectors
Detailed Sector Taxonomy
Top Markets of Investment Activity
Top Markets of Early Stage Investors
Other Notable Markets
Market Deep Dive

Some more Sector Reports you might want to check out
Join 4000+ people taking sharper decisions with Tracxn
Investment Tech
Jan 2018
Robo Advisors
Jan 2018
Insurance Tech
Jan 2018

February 2018Tracxn BlueBox – Banking Tech
Banking Tech > Feed Summary > BlueBox
61

Key Sub Sectors
62
Key Sub Sectors in Banking Tech
Market Top Companies
# Cos
Tracked
#
Funded
Total
Funding
Payments
Companies that offer payment infrastructure and software solutions to banks
First Data (1971, Atlanta, Public)
EVO Payments International (1990,
Atlanta, $750M)
398 177 $7.6B
Back end Solutions
Companies that offer software to manage backend and internal operations
Talisma (1999, Boca Raton, Acquired)
802 254 $2B
Alternative Banking
Companies that offer banking services to individuals and businesses through digital channels
Bank Norwegian (2009, Oslo, Public)
173 51 $1B
Companies that enable banks to offer services through multiple channels like mobile, internet,
agencies, etc
Clair Mail (2003, San Rafael, Acquired)
218 81 $781M
Marketing Solutions
Companies that offer marketing solutions to banks
edo Interactive (2007, Nashville, Acquired)
80 45 $685M
Companies that help banks to comply with the banking regulations
World-Check (2000, London, Acquired)
Ayasdi (2008, Palo Alto, $97.6M)
238 84 $677M
Financial APIs
Companies that offer APIs that enable Banks and Fintech companies to launch new products
Yodlee (1999, Redwood City, Acquired)
60 25 $561M
Companies that offer fraud & risk management tools such as check imaging, biometric identity
management, pattern recognition
LifeLock (2005, Tempe, Acquired)
90 46 $475M
Banking Tech > Market Details > Key Sub Sectors

Detailed Sector Taxonomy (1/6)
63
Banking Tech > Market Details > Detailed Sector Taxonomy

64

65

66

67

68

Rank Market
Last 2 Years
$ Invested # Round Top Funded Company
1
(+5)
Alternative Banking > Neo Banking
Companies that partner with traditional banks to offer banking services to individuals and businesses
through digital channels
(Companies covered 65 | Funded 33 | Total Funding $359M)
$267M
(+$222M)
33
(+14)
Revolut
(2014, London, $88.3M)
2
(+6)
Back end Solutions > Loan Life-cycle Management > Credit Risk Assessment
Companies that use alternative data points to build a credit score
$224M
(+$203M)
30
(+10)
Voyager Labs
(2012, Hod Hasharon, $100M)
3
(-)
Payments > Transaction Security and Fraud Management
Companies that offer security solutions against various payment frauds
$163M
(+$46M)
26
(-1)
Feedzai
(2009, London, $82M)
4
(-3)
Payments > White Label Wallet
Companies that offer offering white label wallet solutions
(Companies covered 78 | Funded 35 | Total Funding $1.1B)
$165M
(-$186M)
13
(-5)
Passport
(2010, Wilmington, $60M)
5
(-1)
Alternative Banking > Internet-first Licensed Banks
Companies that are licensed banks and operate only via the internet
$361M
(+$107M)
12
(+1)
Atom Bank
(2014, Durham, $269M)
6
(-4)
Regulatory & Compliance > Horizontal
Companies that help banks to comply with banking regulations like Know Your Customer (KYC), Anti-
Money Laundering (AML), Basel III, etc.
$95.3M
(-$45.1M)
20
(-2)
Onfido
(2012, London, $60.6M)
7
(+11)
Financial APIs > Banking API
Companies that offer APIs that enable companies to launch banking products
$118M
(+$116M)
12
(+10)
10x banking
(2016, London, $46M)
69
Note: The numbers in the bracket represent the change in a 2 year period.
Top Markets of Investment Activity (1/3)
Top Markets by Funding in Banking Tech in last 2 years (February 2016 - January 2018)
Banking Tech > Market Details > Top Markets of Investment Activity

Rank Market # Investments Key Investments
1
Back end Solutions > Loan Life-cycle Management > Credit Risk Assessment
Companies that use alternative data points to build a credit score
(Companies created 109 | Funded 35 | Total Funding $338M )
1 Juvo (2014, San Francisco, $59.3M)
2
Alternative Banking > Internet-first Licensed Banks
Companies that are licensed banks and operate only via the internet
1 N26 (2013, Berlin, $52.6M)
3
Financial APIs > Banking API
Companies that offer APIs that enable companies to launch banking products
1 SolarisBank (2016, Berlin, $59.7M)
4
Back end Solutions > Loan Life-cycle Management > Loan Servicing
Companies that enable banks to track their loan portfolio and manage collections
1 Built (2014, Nashville, $21M)
Note: Investors considered - Sequoia Capital, Accel Partners, Andreessen Horowitz, NEA, Greylock Partners, General Catalyst Partners, Benchmark Capital, KPCB, Khosla Ventures, Redpoint Ventures, Founders Fund, SV Angel, Index Ventures, Bessemer
Venture Partners, Lightspeed Venture Partners, Venrock, Draper Fisher Jurvetson, Institutional Venture Partners, Intel Capital, Battery Ventures
72
Top Markets of Early Stage Investors
Top Markets where Early Stage Investors are investing in last 2 years (February 2016 - January 2018)
Banking Tech > Market Details > Top Markets of Early Stage Investors

Incubators Life.SREDA (#3), 500 Startups (#2)
Seed Seedcamp (#3), Anthemis Group (#2)
Series A/B Speedinvest (#2), First Round Capital (#1)
Series C+ Warburg Pincus (#1)
Zenbanx Feb - 2017
Acq by Social Finance for $100M
Simple Feb - 2014
Acq by BBVA for $117M
Series B
Series B
Xinja (2017, Sydney, $10M)
$45M - Series B
$156k - Seed
Open (2016, Bangalore, $406k)
$3M - Series A
Loot (2015, London, $8.1M)
$8.5M - Series A
Zero (2016, San Francisco, $11M)
Series A
Wala (2015, Cape Town, $380k)
$18M - Series B
Chime Bank (2013, San Francisco,
$36M)
$5.3M - Series B
$250k - Angel
Open (2016, Bangalore, $406k)
Feb 2018
Penta, the German digital-only bank account for startups and
SMEs, raises €2.2M seed, mmotimes.com
Feb 2018
Moven To Buy US Bank, Create Joint Venture In Japan With
SBI, PYMNTS
Jan 2018 Revolut rolls out cryptocurrency platform, FStech
Jan 2018
UK Fintech Coconut Launches Smart Business Current
Accounts For Freelancers & Self-Employees, Crowdfund Insider
Jan 2018
BRIEF-Varo Money Says Closed $45 Mln Series B Funding
Round, Reuters
Jan 2018
UK’s Thomas Cook Partners with Fintech Firm to Offer Pay-
Per-Day Travel Cover, Insurance Journal
Jan 2018
New app-based bank to officially launch in South Africa,
BizNis Africa
Jan 2018
First equity crowdfunding campaign raises $500000 in 18
hours for digital banking startup Xinja, SmartCompany
Dec 2017
Loot, the digital current account aimed at students and
millennials, banks £2.2M Series A, Technology News Article
Dec 2017
Arro Launches Unique Business Accounts Tailored to SME
Entrepreneurs , Financial IT
Dec 2017
Bitstamp Partners with Revolut to Offer Instant In-app
Conversion of Three Cryptocurrencies, 4-Traders
Nov 2017
Deena Jacob joins fintech company Open Financial as CFO,
Indiatimes
News
0
5
10
15
20
$0k
$20M
$40M
$60M
$80M
$100M
$120M
$140M
$160M
2013 2014 2015 2016 2017
YoY Funding Rounds
3
2
18
33
65
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Alternative Banking > Neo Banking: Market Factsheet
Market: Neo Banking
73
Exits
Most Active Investors
Recent Investments
YoY Funding and Rounds
Companies that partner with
traditional banks to offer banking
services to individuals and
businesses through digital
channels
Revolut
(2014, London, $88.3M)
Varo
(2015, San Francisco, $77.3M)
Chime Bank
(2013, San Francisco, $36M)
Moven
(2011, New York City, $24.4M)
Simple
(2009, Portland, $16.5M)
Top Companies
#1 Top Markets of Investment Activity
Banking Tech > Market Details > Market: Neo Banking
Companies Created 65 | Funded 33 | Total Funding $359M

Alternative Banking > Neo Banking: Top Companies
Market: Neo Banking
Analyst’s Pick
Seedrs, Index Ventures, Balderton Capital and 6
Other Investors
Minicorn. Stage: Series B
Warburg Pincus, The Rise Fund
Neo Banking Service for United States
SBI Holdings, Route 66 Ventures, Anthemis Group
Simple (2009, Portland, $16.5M)
Web and mobile interface for banking
Life.SREDA, First Round Capital, IA Ventures and 10
Other Investors
Analyst’s Pick
Seed (2014, San Francisco, $5.1M)
API Banking and apps
Minicorn. Stage: Seed
General Catalyst Partners, Y Combinator, SV Angel
Kruma (2017, New Albany)
Neo bank solution provider for unbanked
community in Africa.
Editor's Pick. Stage: Unfunded
Timo (2015, Ho Chi Minh City)
Neo bank
Zenbanx (2012, Wilmington)
Mobile multi-currency account provider
DCM Ventures, Recruit Strategic Partners

Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics
75
Alternative Banking > Neo Banking: Leaderboard
Market: Neo Banking
Better than Market Average
Overall
Rating
Company
Name
Foun
ded
Year
Location Stage Funding Team
Execution Quality Size Metrics 6M Growth Metrics
App
Rating
App
UX
Web
UX
News
Web
Traffic
Rank
Social
Follow
ing
Mobile
Downl
oads
# App
Revie
ws
Web Traffic
Rank
Mobile
Downloads
Social
Following
Δ % Δ % Δ %
5.0 Revolut 2014 London Series B $88M - 5 - - 41 25k 37k 750k 43.6k -34k -58% 28.3k 209% 19k 90%
4.9 Monese 2013 London Series A $16M - 5 - - 10 254k 24k 300k 6.2k -17k -6% 2.1k 49% 1k 4%
4.8 Tide 2015 London Series A $16M - 4 - 4 3 243k 2.8k 30k 216 - - 144 197% 1.1k 58%
4.7 Simple 2009 Portland Acquired $17M - 5 - - 4 21k 48k 300k 8.9k 3k 12% 382 5% - -
4.7 Qonto 2016 Paris Series A $13M - 5 - - 3 97k 2k 8k 89 - - 66 280% 1.1k 103%
4.6 RocketBank 2012 Moscow Series A $2M - 5 - - - 185k - 300k 8.2k 149k 371% 1.8k 27% - -
4.5 Holvi 2011 Helsinki Acquired $4M - 4 - - 7 73k 6.1k 8k 85 -8k -10% 33 63% 201 3%
4.4 Moven 2011
New York
City
Series B $24M - 4 - - 7 674k 10k 300k 947 35k 5% 15 2% - -
4.3 Lunar Way 2015 Aarhus Series A $9M - 5 - - 5 1.1M 1 30k 606 139k 15% 151 33% -313
-
100%
4.2 Compte Nickel 2012 Paris Acquired - - 4 - - 2 18k 4k 300k 2k -3k -13% 495 36% 616 18%
4.2 Iban First 2013 Paris Series A $11M - 5 - - 1 795k 2.6k 750 1 - - - - 259 11%
4.1 Morning 2013
Saint-elix-
le-chateau
Unfunded - - 4 5 4 - 226k 4.7k 30k 154 - - 45 72% 61 1%
4.0 NetBank 1996 Alpharetta Public - - 5 5 5 - 815k - 8k 119 63k 8% 14 13% - -
3.9 Timo 2015
Ho Chi
Minh City
Unfunded - - 4 2 4 2 140k - 300k 1.2k -19k -11% 292 34% - -
3.8 Kontist 2016 Berlin Seed $2M - 4 - - 1 410k 14 30k 102 - - 45 93% 5 41%

Incubators Life.SREDA (#2), 500 Startups (#2)
Seed Accion (#2), Tom Glocer (#1)
Series A/B Matrix Partners (#1), Lightspeed Venture Partners (#1)
Series C+ Baidu (#1), Eastward Capital Partners (#1)
Experian MicroAnalytics
IPO'd
$5.3M - Series B
Accourate (2014, Munich, $5.3M)
$7M - Series A
First Access (2011, New York City,
$7M)
$497k - Seed
Mines (2014, San Francisco, $2.7M)
$5M - Series B
$1.5M - Seed
Shubhloans (2016, Bangalore, $1.6M)
$9.7M - Series A
RevolutionCredit (2012, Irvine,
$14.3M)
$40M - Series B
$5M - Series A
Angel
Monsoon FinTech (2015, Delhi)
$1M - Seed
CredoLab (2015, Singapore, $1M)
Series A
RentTrack (2013, Minnetonka)
Jan 2018
Baidu seeks new investors for finance unit in up to $2 bn
deal, btvi.in
Jan 2018
Juvo Announces Collaboration with Samsung NEXT to
Deliver Vision of Access for All, PR Newswire
Jan 2018
Modalku, Pefindo Credit Bureau partner to create more
inclusive financial ecosystem, Digital News Asia
Dec 2017
FinTecSystems scores $ 5,3 million (EUR4.5 million)
investment, FundingSMEs
Dec 2017
Bankcard Lenders Only Consumer Lending Category to
Increase Risk Slightly in Q2 2017 Over Previous Quarter,
Marketwired
Dec 2017
GiniMachine Brings Credit Scoring Into The Age Of Big Data,
Benzinga
Nov 2017
ZestFinance Preps for Powersports Debut, PowerSports
Finance
Nov 2017
Bamboo leads $7 million round in credit scoring startup First
Access, Finextra
Nov 2017
Alternative Credit Scorers Lenddo, Entrepreneurial Finance
Lab (EFL) Merge, MicroCapital
Nov 2017
SA startup JUMO awarded $150 000 prize by Mastercard
Foundation for client help, Ventureburn
Nov 2017
JUMO raises $24 million loan facility from Finnish
development Finnfund, TechMoran
Oct 2017
FICO Raises Bar in Financial Inclusion Strategy with India
FICO Score Launch, AsiaBizNews
News
0
5
10
15
20
$0k
$20M
$40M
$60M
$80M
$100M
$120M
$140M
$160M
2013 2014 2015 2016 2017
YoY Funding Rounds
1
4
20
35
109
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Back end Solutions > Loan Life-cycle Management > Credit Risk Assessment: Market Factsheet
Market: Credit Risk Assessment
76
Exits
Recent Investments
Companies that use alternative
data points to build a credit score
Voyager Labs
(2012, Hod Hasharon, $100M)
Juvo
(2014, San Francisco, $59.3M)
ZestFinance
(2009, Los Angeles, $54M)
DemystData
(2010, New York City, $16M)
RevolutionCredit
(2012, Irvine, $14.3M)
Top Companies
Banking Tech > Market Details > Market: Credit Risk Assessment

Back end Solutions > Loan Life-cycle Management > Credit Risk Assessment: Top Companies
Market: Credit Risk Assessment (1/2)
Analyst’s Pick
Horizons Ventures
New Enterprise Associates, Wing Venture Capital,
SignalFire and 5 Other Investors
Baidu, Fortress Investment, Eastward Capital
Partners and 11 Other Investors
DemystData (2010, New York City, $16M)
Credit scoring for underbanked individuals
Editor's Pick. Stage: Series B
MissionOG, Singtel Innov8, Notion and 4 Other
Investors
Analyst’s Pick
RevolutionCredit (2012, Irvine, $14.3M)
Credit scoring based on consumer behaviour
Editor's Pick. Stage: Series A
FinTech Innovation Lab, Accion, OurCrowd and 10
Other Investors
Lenddo (2011, Singapore, $14M)
Alternative credit scoring
Omidyar Network, Blumberg Capital, Golden Gate
Troo.ly (2014, Palo Alto, $10M)
Provider of trust rating service for peer-to-peer
marketplaces.
Minicorn. Stage: Acqui-Hired
Bain Capital Ventures, Milliways Ventures
Minicorn. Stage: Series A
Sunstone, White Star Capital, Accion and 6 Other
Investors
Analyst’s Pick
Matrix Partners India, Kalaari Capital, Siddharth
Parekh and 5 Other Investors
Shubhloans (2016, Bangalore, $1.6M)
Credit rating app and lending marketplace
Editor's Pick. Stage: Seed
SRI Capital, Beenext, Pravega Ventures
EFL (2010, Lima)
Psychometric credit scoring
Minicorn. Stage: Funded
Omidyar Network
Algo360 (2016, Mumbai)
Credit scoring and analytics platform
Coremetrix (2012, London)
Quiz-based alternative credit scoring

Back end Solutions > Loan Life-cycle Management > Credit Risk Assessment: Top Companies
Market: Credit Risk Assessment (2/2)
Analyst’s Pick
CreditSafe (1997, Caerphilly)
Provider of company credit reports and other
services
Karza (2015, Mumbai)
Loan management system with alternate credit
score solution
PRBC (2005, Kennesaw)
Provides alternative credit scoring by factoring
rent, bills, utility payments and subscriptions
Toneboard (2015, Riga)
Provider of credit risk assessment solutions using
speech analytics.
Editor's Pick. Stage: Seed
Startup Sauna
Udhaar (2015, Pune)
Alternate credit scoring services
Analyst’s Pick
underwrite.ai (2015, Boston)
Provider of an AI underwriting platform for
alternative lenders
VantageScore (2006, Stamford)
Consumer Credit Scoring

Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics
79
Back end Solutions > Loan Life-cycle Management > Credit Risk Assessment: Leaderboard
Market: Credit Risk Assessment
Better than Market Average
Overall
Rating
Company
Name
Foun
ded
Year
Location Stage Funding Team
Execution Quality Size Metrics 6M Growth Metrics
App
Rating
App
UX
Web
UX
News
Web
Traffic
Rank
Social
Follow
ing
Mobile
Downl
oads
# App
Revie
ws
Web Traffic
Rank
Mobile
Downloads
Social
Following
Δ % Δ % Δ %
5.0 FarmDrive 2014 Nairobi Seed - - 4 2 4 1 3.2M 1.3k 300 5 - - 1 24% 275 28%
5.0 CreditVidya 2012 Mumbai Series B $7M 5 4 - - 10 615k 642 158k 519 78k 14% 162 45% 33 5%
4.9 Shubhloans 2016 Bangalore Seed $2M 5 4 - 4 2 953k 19 300k 5k - - 2.4k 89% - -
4.9 FriendlyScore 2013 London Seed $375K - 5 - - - 1.3M 1.3k 300 7 -47k -4% - - 13 1%
4.8 PayYourRent 2007
Beverly
Hills
Unfunded - - 2 - - - 232k 643 7k 35 -34k -13% 2 100% -115 -15%
4.8 TrustId 2015 Gurgaon Unfunded - 5 4 - - 1 7.9M 35 30k 156 4M 76% - - -1 -3%
4.7
Monsoon
FinTech
2015 Delhi Seed - - 4 - - 2 5.3M - 3k 10 281k 6% - - - -
4.7 Algo360 2016 Mumbai Unfunded - - 4 - - - 10M - 8k 27 - - 10 56% - -
4.6 CreditSafe 1997 Caerphilly Unfunded - - - - 4 - 81k 2.9k - - 5k 6% - - 71 3%
4.6 Lenddo 2011 Singapore Series B $14M - 3 - - 4 625k 2k 8k 161 -233k -27% - - - -
4.5 ZestFinance 2009 Los Angeles Series C $54M 5 - - - 12 1.2M 1.2k - - 193k 22% - - 42 4%
4.5 Aire 2014 London Series A $8M 5 - - - 2 3.3M 2k - - 2M 65% - - 78 4%
4.4 Jumo.World 2015 Cape Town Series A $10M - - - - 4 1.6M 715 - - 468k 44% - - 133 23%
4.4 CredoLab 2015 Singapore Seed $1M - - - - 2 5.5M 186 - - - - 2 198% 6 3%
4.3 Accourate 2014 Munich Series B $5M - - - 4 1 3.6M - - - - - - - - -

Incubators Techstars (#2), FF Venture Capital (#1)
Seed Novabase Capital (#1), EDP (#1)
Series A/B Intel Capital (#2), Citi (#1)
Series C+ Split Rock Partners (#1), Sutter Hill Ventures (#1)
G2 Web Services Jul - 2017
Acq by Verisk Analytics for $112M
$17.5M - Series B
Behaviosec (2007, Lulea, $25.1M)
$50M - Series C
Seed
Barac (2015, San Francisco)
$10M - Series B
Emailage (2012, Chandler, $13.8M)
$13.9M - Series B
Series A
Threat Mark (2015, Brno)
$8.7M - Series C
NetGuardians (2007, Yverdon-les-
bains, $16.2M)
$1.3M - Seed
Precognitive (2016, Chicago, $1.3M)
$4.3M - Series A
VU Security (2007, Buenos Aires,
$4.3M)
Series A
Rippleshot (2013, Chicago, $4.6M)
$7M - Series B
Fortscale (2012, Tel Aviv, $23M)
Feb 2018
Neota Logic Named Legal AI Leader by National Law Journal
, PRWeb
Feb 2018
Swiss Regtech Netguardian Establishes APAC Base In
Singapore, FinTechnews
Jan 2018
BehavioSec Raises $17.5 Million in Series B Funding Round,
Find Biometrics
Jan 2018
RSA reveals two new business leaders,
insurancebusinessmag.com
Jan 2018
Entrust Datacard and Schneider Electric Bring New
Innovation to the IoT Security Ecosystem, Business Wire
Dec 2017
Claroty Platform Officially Interoperates with RSA®
NetWitness® Suite, 4-Traders
Dec 2017 Secdo Integrates with RSA NetWitness Suite , EnterpriseTech
Dec 2017
NetGuardians teams up with Masaref Business & Systems
Consulting, BankingTechnology
Dec 2017
DataVisor Recognized by Frost & Sullivan for Its Innovative
Technology in the Fraud Detection Industry, PR Newswire
Nov 2017
Crossmatch adds BehavioSec behavioural biometrics to
DigitalPersona enterprise security application, Biometric
Update
Nov 2017
Brighterion's Artificial Intelligence Software Wins Morgan
Stanley's First Fintech Award, Forbes
Nov 2017
aosphere uses Neota Logic to launch RegTech apps for
financial services clients, Legal IT Professionals
Oct 2017
Guardian Analytics Appoints Industry Veteran John Olson as
Vice President of Cloud Operations and Security, NewsCenter
News
0
2
4
6
8
10
12
14
16
$0k
$20M
$40M
$60M
$80M
$100M
$120M
2013 2014 2015 2016 2017
YoY Funding Rounds
2
6
21
33
60
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Payments > Transaction Security and Fraud Management: Market Factsheet
Market: Transaction Security and Fraud Management
80
Exits
Recent Investments
Companies that offer security
solutions against various payment
frauds
Feedzai
(2009, London, $82M)
Guardian Analytics
(2005, Mountain View, $61.3M)
ID Analytics
(2002, San Diego, $35.2M)
Socure
(2012, New York City, $33.7M)
Behaviosec
(2007, Lulea, $25.1M)
Top Companies
Banking Tech > Market Details > Market: Transaction Security and Fraud Management

Tracxn - Banking Tech Startup Landscape

Tracxn - Banking Tech Startup Landscape

Recomendados

Recomendados

Más contenido relacionado

La actualidad más candente

La actualidad más candente (18)

Similar a Tracxn - Banking Tech Startup Landscape

Similar a Tracxn - Banking Tech Startup Landscape (20)

Más de Amar Christy

Más de Amar Christy (14)

Último

Último (20)

Tracxn - Banking Tech Startup Landscape