麦肯锡+欧洲的金融科技机遇

October2022os1.Fintechsareaforceforgrowth,modernization,andcustomersatisfactioninEurope’sfinancial-servicessectortionon4opepointstoconsiderableuntappedpotentialn3.AfocusedpushalongsixstrategicareascouldhelpallEuropean23countriescatchupwithfintechleadersgainnt1Wedefine“fintech”inthisarticleasfinancial-servicescompaniesdrivenbydigitaltechnology(excludingdirectbanks)thatwerelaunchedafter2000,haveraisedfundingsince2010,andhavenotyetreachedmaturity.Forthepurposesofthispaper,EuropeincludesSwitzerlandandtheUnitedKingdompost-BrexitaswellastheEU-27countries.2Excludinginsuranceandstockexchanges;valuationofnonlistedEuropeanfintechsdeterminedbasedonlatestfundingroundsandmarketcapitalizationofthelargestbankslistedintheSTOXXEurope600banksindexasofJune30,2022;forSwitzerland,weusedthemarketcapitalizationofthelargestbankslistedintheSMIExpandedindexasofJune30,2022.3“Fintechvaluecreationinachangedinvestorclimate,”McKinseyGlobalBankingPracticememo(availableonrequest).4Europe’sfintechopportunityAustriainBelgiumPortugalalywerthirdNotconsideredCountrieswithGDPbillionnFintechrankingbyperformanceUnitedUnitedKingdomSwitzerlanddNetherlandsDenmarkeyCompanyWehavealsoconsideredtheUnitedStatesasanadditionalmarketforcomparison(atop-thirdcountrybasedonouranalysis).eEurope’sfintechopportunity56Europe’sfintechopportunitydsnomy5Excludinginsuranceandstockexchanges;valuationofnonlistedEuropeanfintechsdeterminedbasedonlatestfundingroundsandmarketcapitalizationofthelargestbankslistedintheSTOXXEurope600banksindexasofJune30,2022;forSwitzerland,weusedthemarketcapitalizationofthelargestbankslistedintheSMIExpandedindexasofJune30,2022.NetPromoterScoredatabase,CustomerGauge,2022.7Averageendcustomerpriceforinternationaltransfersincluding90percentlowerforeign-exchangecostsataleadingUK-basedpaymentfintechthanatincumbents.InGermany,theaverageendcustomerpriceforstocktradesis90percentlowerataleadingGermanneobrokerthanatincumbents.8McKinseyRetailBankingConsumerSurvey2021.ThesevencountriesinthesurveyareFrance,Germany,Italy,theNetherlands,Portugal,Spain,andtheUnitedKingdom.Europe’sfintechopportunity7Topreasonstouseintechsanddigitalbanks1Whatarethemainreasonswhyyouuseproductsorservicesfromaintechordigital/directbank?230%2%32%32%ResultsfromconsumersurveyinFrance,Germany,Italy,Netherlands,Portugal,Spain,andUnitedKingdom.osuretointechsorIplanexpecttototrythemoutintechsorowproductsnotoferedbybanksd8Europe’sfintechopportunityngghshsme9AsofJune30,2022;Dealroom.co.“EUstructuralfinanceindicators:endof2021,”EuropeanCentralBank,June2,2022.11Company2021reportsforthetenlargestEuropeanfintechs:Adyen,Allfunds,B,C,FNZ,Llama,N26,Rapid,Revolut,andSumUp.Europe’sfintechopportunity9yon10Europe’sfintechopportunitytpetatenEurope’sfintechopportunity1148623179520692830421N/A8756N/AN/AN48623179520692830421N/A8756N/AN/AN/A9N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A3RankingbyrelativestrengthforiveKPIsalongthethreeintechgrowthpathstagesTopthirdMiddlethirdBottomthirdCountrieswithGDP>$100billionCountrieswithGDP<$100billionFillingthepipelineFintechsfoundedCountryCountryurg66773311552244882020630309282899Fundinggrowthfunding33221188669977552020628289303044ScalingintechsWorkforceUnicorns(intechjobs)Unicorns33224477885566996NN/A202028282828282811TotalAverageranking4.04.0820.520.520.620.6224.06.829.029.0thesnngfintechsner12Europe’sfintechopportunityEurope’sfintechopportunity13tFintechs1permillioncapita2021Population,Ireland30Switzerland30UnitedKingdom26Sweden23Denmark16Netherlands15Finland15Belgium7Germany7Austria7France6Spain5Portugal4Hungary4Italy3Poland3ovakiaiaGreece0UnitedStates2159676683967476038633014Europe’sfintechopportunityenndFintech1fundingpercapita,Sweden170gdomDenmark94Netherlands67Switzerland50Ireland47Austria46yFinland31France26Portugal19Spain11Hungary7Belgium5Italy4CzechRepublic4Poland2Greece1Romania1Slovakia0UnitedStates127asexxx6xxxxx9xx6xx9xx6xxN/AxEurope’sfintechopportunity15mm3850oEarly-stage(seedandseriesA)andlate-stage(seriesB+)intech¹fundingforcountrieswithhighestoverallintechfunding,2021in1/100,000ofGDPEarly-stagefundingLate-stagefundingHighearly-stageandlate-stagefunding40330Highlate-stagebutlimitedearly-stagefunding54888Highearly-stagebutlowlate-stagefunding3886rcerLowestscoreEUleader(GDP>$100billion)UnitedStatesBottomthirdMiddlethirdTopthirdOverallscore¹4420.620.620.5Fintechsfoundeda30305.4Fintechfunding0439460.00.70.9Unicorns00.6Workforce(intechjobs)350.050.05Rankedfromworsttoirst.16Europe’sfintechopportunityssoryto15Fintechunicornsaredefinedhereasfast-growing,technology-basedcompanieswithavaluationexceeding$1billion(basedonrecentfundingrounds).employeeswhohavebecomefoundersSiftedSeptemberEurope’sfintechopportunity17luationgreaterthanbillion18“Buildingaworld-classDutchstart-upecosystem,”McKinsey,forthcoming.19Venturecapitaldatabase,PitchBook,2022.18Europe’sfintechopportunitybilitygEurope’sfintechopportunity1920Europe’sfintechopportunitytcesnheApril27,2020.rndungenhervorSwitzerlandGlobalEnterpriseJanuaryEurope’sfintechopportunity21escesepley22Europe’sfintechopportunity4billion³RelativeambitionofcountriescomparedwithUnitedKingdomandleadingEuropeanintechecosystems,asofendofJune2022²irdexclUnitedKingdomMiddleandbottomthirdFintechjobs,²thousands364~2.0x~230,000additionaljobs ~6.0x9450tentialFintechfundingvolume,⁴€billions~4.0x33.5x204670tentialFintechvaluation,⁵€billionsgap:gap:~555billion³~2.0x~6.0x58486tatusquoPotentialSwitzerlandand