PitchBook-2023年欧洲20年20日的15个关键收益（英）

EMERGING

TECH

RESEARCHPitchBookData,Inc.John

Gabbert

Founder,

CEO15

Key

Takeaways

FromNizar

Tarhuni

Vice

President,

InstitutionalResearch

and

EditorialMoney20/20

Europe

2023Unpacking

fintech’s

mosttopical

themes,including

venturefunding,

banking,open

finance,

payments,

and

generative

AIPaul

Condra

Head

of

Emerging

TechnologyResearchInstitutionalResearchGroupAnalysisPitchBook

is

a

Morningstar

company

providing

the

most

comprehensive,

mostaccurate,

and

hard-to-find

data

for

professionals

doing

business

in

the

private

markets.Rudy

YangSenior

Analyst,

EmergingTechnologyrudy.yang@pbinstitutionalresearch@Key

takeawaysPublishingConference

observationsDesigned

byChloe

Ladwig•

Money20/20Europe2023deliveredanotherhighlyattended

fintechconferenceinAmsterdam,bringingtogethermorethan8,000

participants.Published

on

June

16,

2023•

Thisyear,topicalthemes

revolvedaroundopen

banking,

embedded

finance,payments,

generativeAI,

fraud

prevention,and

regulation.ContentsKeytakeaways1•

Investorsattheconferenceseemed

keenon

seeking

out

newopportunities,thoughcapitalremainslimited.Conference

overview

andobservations2An

update

on

banking356Digital

banksThe

state

ofopen

banking•

The

currentstateofdigitalbanks

ismixed;some

digitalbanks

haveemerged

asclearsuccessstorieswithprofitablebusinessmodels,

whileotherscontinuetostruggle

withdeliveringpositivebottomlines.How

payments

opportunities

haveevolvedTakeawaysfrom

VCconversations89Takeawaysfrom

companyconversations•

Discussionswithdigitalbanks

suggest

thatmanywillbe

concentratingtheirefforts

on

lending,

serving

businesses,

expandingintonewcustomersegments,and

buildingout

anexpanded

suiteofofferings.•

Partnerships

remainedaprevalenttopicattheconference,withbanks

and

fintechcompanies

increasingly

viewingpartnerships

as

necessary

and

mutuallybeneficial.Openbanking•

Despitetheadvancements

inopen

bankingthathavebeen

made

inthepastdecade,

dataavailabilityand

APIstandardizationremainkeypainpoints.•

Due

toslowprogresson

APIstandardization,some

companiesarestillutilizingscreen

scraping.•

PSD3islikelytomakemarginalimprovementstotheframeworklaidout

byPSD2.1PitchBook

Analyst

Note:

15

KeyTakeawaysFromMoney20/20

Europe

2023Payments•

The

B2Bpaymentssector

continuestopresentanabundanceofopportunitiesas

companiesattempttoreplicatetheseamlessness

ofconsumerpaymentsforenterprises.•

The

acceleratedinterestforenterprisepaymentscomes

withtheincreasingdevelopmentofopen

bankingAPIsand

growingdemand

forembedded

paymentsolutions.•

Withinpayments,

cross-bordertransactions

continuestobe

asector

thatisripefordisruption.Fintech

venture

capital•

Our

conversationswithventurecapitalfirms

and

acceleratorsattheconferenceconfirmthereisashiftingpreferencetowardB2Bfintechcompanies.•

Investorsareexcitedabout

generativeAI’spotential,but

manyaretakingcautiousapproaches

toseparatehypefromreality.•

Fundsstillhavecapitaltodeployacrossallstages,

thoughtheflowofcapitalwillremainlimitedinthenear

term.Conferenceoverview

andobservationsMoney20/20

Europedelivers

another

premierfintech

conferenceMoney20/20

Europe

is

an

annual

financial

technology

(fintech)

conference

hostedin

Amsterdam.

The

conference

is

one

ofthe

most

well-attended

events

in

fintech,with

participants

representing

more

than

90

countries.

The

2023

conference

tookplace

from

June

6

toJune

8

at

RAI

Amsterdam,

bringing

together

more

than

8,000attendees,

2,300

companies,

and

350

speakers.

Meetings

were

abundant,

and

theallotted

space

for

networking,

which

was

bigger

than

any

ofthe

eight

available

stages,reflected

the

necessary

capacity

for

more

than

18,250

meeting

requests

sent

at

theconference.

Webelieve

this

highlights

the

strong

desire

ofboth

investors

and

fintechcompanies

aliketocontinue

searching

for

the

right

investment

opportunities

andpartnerships.Investments

still

beingsought

out,ledby

a

fundamentals-first

approachThis

year,topical

themes

revolved

around

open

banking,

embedded

finance,payments,

generative

AI,

fraud

prevention,

and

regulation.

Wewere

also

happy

tosee

broader

discussions

around

environmental,

social

&

governance(ESG),which

hasnotably

been

a

missing

theme

from

US

conferences.

Overall,

we

found

Money20/20Europe

2023

tobe

an

excellent

reminder

ofthe

abundance

ofopportunities

emergingin

fintech,

as

well

as

the

many

companies

that

are

determined

tocontinue

buildingbetter

products

and

services.2PitchBook

Analyst

Note:

15

KeyTakeawaysFromMoney20/20

Europe

2023AnupdateonbankingAppetite

for

neobanksremainsmuted,

though

somesuccessfulmodelsareemergingThe

current

state

of

digital

banks

is

mixed;

some

digital

banks

haveemergedas

clear

success

stories

with

profitable

business

models,

while

others

continuetostruggle

with

delivering

positive

bottom

lines.

Banking

discussions

were

wellattended

at

the

conference,

though

this

comes

as

no

surprise

considering

recent

bank-contagion

fears

and

the

continued

monitoring

ofchallenger-bank

business

models.Atthe

same

time,

attendance

from

neobanks

was

noticeably

low

at

the

conference,suggesting

tighter

marketing

budgets

and

a

shift

in

investor

appetite.Digital

banks

havenevertheless

remained

a

core

part

offintech

conversations,especially

given

the

profusion

ofneobank

headlines

in

recent

months.

The

latestresults

from

neobanks

Nubank,

Monzo,

Starling,

and

Revolut

have

demonstrated

thatneobanks

can

indeed

generate

a

profit

in

the

current

macroeconomic

environment.Other

challenger

banks

such

as

Upgrade,

TandemBank,

and

bunq

have

also

proventhis

is

possible.

However,digital

banks

such

as

Chime,

Varo,Dave,

and

MoneyLionhighlight

a

different

story

and

continue

toburn

cash.

Our

conversations

from

theconference

also

suggest

that

many

young

neobanks

are

struggling

to

realize

a

profit.The

latest

shutdown

ofDaylight,

a

digital

bank

for

the

LGBTQ+

community,

alsoindicates

that

a

successful

neobank

model

is

difficult

tocraft

and

needs

tobe

carefullyconstructed.ThelatestresultsfromneobanksNubank,Monzo,Starling,andRevoluthavedemonstratedthatneobankscanindeedgenerateaprofitinthecurrentmacroeconomicenvironment.Discussions

with

digital

banks

suggest

that

many

will

be

concentrating

their

effortson

lending,

serving

businesses,

expanding

into

new

customer

segments,

andbuilding

out

an

expanded

suite

of

offerings.For

example,

Monzo’s

recent

entranceinto

monthly

profitability

was

achieved

by

nearly

tripling

its

lending

volume.

Threeneobanks

at

the

conference—Australian-based

Alex

Bank,

Dutch-based

bunq,

andUK-based

Starling—provide

additional

examples.

Alex

Bank’s

recently

launched

fixed-term

deposit,

which

currently

offers

an

annual

percentage

yield

ofup

to4.55%,

aimstocreate

competitive

products

for

customers

while

allowing

the

company

tofurtherbuild

out

its

balance

sheet

for

lending.

Separately,

bunq

aims

to

take

share

ofthedigital

nomad

market

in

the

US,

as

evidenced

by

the

neobank’s

recent

application

fora

US

banking

license.

Ali

Niknam,

bunq’s

CEO,

noted

that

this

is

“the

second

biggestdemographic

after

Europe.”Sam

Everington,

CEO

ofStarling’s

software-as-a-service

arm,

Engine,

and

AlexandraFrean,

Starling’s

Chief

Corporate

Affairs

Officer,

also

took

the

stage

todiscuss

thefuture

ofEngine

and

what

it

means

for

the

company.

Though

still

in

early

innings,Engine

is

designed

toleverage

Starling’s

cloud-native

core

banking

infrastructuretohelp

other

organizations

build

and

launch

banking

products.

Frean

noted

that

Engine’scontribution

toStarling’s

profitability

is

“zero

at

the

moment,”

as

“right

now

it

is

acost

center.”

However,Everington

noted

that

the

company

“sees

a

world

where

thetechnology

company

is

bigger

than

the

bank,”

with

Frean

comparing

Engine

to

AWSfrom

Amazon.

“Eventually,Engine

will

be

the

mothership

while

Starling

will

be

thesmaller

satellite

[company],”stated

Frean.3PitchBook

Analyst

Note:

15

KeyTakeawaysFromMoney20/20

Europe

2023Partnershipdynamicsevolve

asco-opetition

grows

andregulationsadvancePartnerships

remained

a

prevalent

topic

at

the

conference,

with

banks

and

fintechcompanies

increasingly

viewing

partnerships

as

necessary

and

mutually

beneficial.Webelieve

this

is

a

natural

evolution

within

the

ecosystem.

Fintech

companiescontinue

to

have

the

means

todeliver

innovative

products

and

scale,

while

incumbentfinancial

institutions

possess

the

resourcestosupport

research

&

development

aswell

as

the

capabilities

tohandle

compliance

matters.

Furthermore,

we

believe

manycompanies

have

been

considering

partnerships

as

a

more

cost-effective

approach

forproduct

development

and

expansion

in

a

resource-constrained

environment.Several

partnership

announcements

made

at

the

conference

highlighted

this

trend.Rabobank

announced

two

partnerships:

one

with

embedded

finance

startup

Banxwaretoexpand

embedded

lending

capabilities,

and

another

with

buy

now,pay

later

(BNPL)provider

in3

tojointly

develop

a

pay-in-three

loan

product

for

businesses.

Iceland’sKvikaBank

revealed

its

partnership

with

card

issuing

and

processing

startup

Enfuce

tooffer

a

new

hybrid

debit-and-credit

Visa

card;

integrate

Apple

Pay

and

Google

Pay;

andrelaunch

Kvika’sdigital

banking

app,

Aur.FIS

unveiled

its

partnership

with

embeddedlending

provider

Jifiti

todeliver

embedded

lending

solutions

toqualifying

banks,financial

institutions,

and

merchants

worldwide.Not

all

partnerships

are

evaluated

equally,

however,as

a

mutual

agreement

of

goalsplays

heavily

into

consideration.

Roughly

40%

ofbank-fintech

partnerships

fail

duetoa

misalignment

ofgoals

and

implementation

ofstrategies.

As

a

result,

both

fintech1companies

and

banks

will

need

toadopt

a

long-term

mindset

when

evaluating

thepossibility

ofa

partnership.

GoCardless

CEO

Hiroki

Takeuchiechoed

this

sentiment,noting

on

stage

that

GoCardless’

partnership

with

the

Royal

Bank

ofScotland

(RBS)group

has

been

valuable

due

tothe

RBS

group

being

“much

more

open-minded

thanmany

ofthe

other

banks”

when

exploring

new

products.

Similarly,

Starling

EngineCEO

Sam

Everington

stated

that

a

“shared

vision

and

shared

ambition”

are

necessaryqualities

Starling

looks

for

when

partnering

with

banks,

highlighting

how

misalignedgoals

can

deter

growth

and

future

product

launches.In

the

US,

dynamics

for

bank-fintech

partnerships

stand

to

shift

given

newlyissued

guidance.

Coinciding

with

the

conference

was

the

joint

issuance

ofa

68document

by

the

Federal

Reserve,

the

Federal

Deposit

Insurance

Corporation,

and

theOffice

ofthe

Comptroller

ofthe

Currency

that

provided

guidance

on

compliance

anddue-diligence

responsibilities

for

banks

and

fintech

companies.

While

many

industryplayers

havenoted

that

the

guidance

does

not

necessarily

detail

any

new

information,we

believe

the

guidelines

serve

as

an

overdue

update

and

an

important

step

ineliminating

ambiguity

surrounding

compliance

responsibilities.Banks

will

likely

need

tighter

controls

when

evaluating

third

parties,

leading

tostricter

assessments

and

a

slower

pace

of

partnerships.Webelieve

US

regulatorsare

pushing

banks

toensure

their

fintech

companies

have

adequate

risk

controls,1:“How

Banks

Can

Fix

Broken

Fintech

Partnership

Models,”

EY,Howard

Moseson

and

Mohammed

Akuma,

March

14,

2023.4PitchBook

Analyst

Note:

15

KeyTakeawaysFromMoney20/20

Europe

2023competent

management

teams,

solid

financials,

and

sufficient

reporting

capabilities.The

newly

issued

guidance

suggests

that

all

risks,

including

those

that

may

arisefrom

the

activities

ofa

partner

fintech

company,

are

the

responsibility

ofthe

bank.This

appears

toremain

true

regardless

ofthe

size

ofthe

bank,

which

may

createchallenges

for

smaller

institutions

that

possess

leaner

compliance

teams

and

fewerrisk-monitoring

resources.

Overall,

the

guidelines

signal

that

probably

all

playerswithin

the

banking

ecosystem

will

need

toaccount

for

stricter

regulatory

policies

goingforward.

This

includes

banks,

fintech

companies,

and

third-party

vendors

such

as

dataaggregators.Thestate

of

openbankingOpenbankingnolongerjusta

dream,butstill

far

fromrealityDespite

the

advancements

in

open

banking

that

havebeen

made

in

the

past

decade,data

availability

and

application

programming

interface

(API)

standardizationremain

keypain

points.

European

countries

have

stayed

well

ahead

ofthe

US

inprioritizing

and

implementing

open

banking

policies,

as

evidenced

by

the

PaymentServices

Directive

initiatives,

the

first

ofwhich

was

introduced

in

2007.

However,financial

institutions,

fintech

companies,

and

regulators

alikeall

noted

that

openbanking

remains

in

its

early

innings

and

that

a

long

road

for

progress

lies

ahead.On

stage,

Gijs

Boudewijn,

General

Manager

at

the

Dutch

Payments

Association,stated

that

the

industry

is

“not

where

we

should

be”

in

regard

tothe

progress

ofopenbanking.

Eric

Ducoulombier,

Head

ofthe

Retail

and

Payments

Unit

for

the

EuropeanCommission,

and

Charles

Damen,

CPO

at

Token.io,

also

joined

Boudewijn

on

stage

todiscuss

how

we

are

still

in

the

early

stages

ofan

API-first

economy.

Many

panelists

andcompanies

we

spoke

with

at

the

conference

also

believed

the

future

ofdata

sharingwill

be

led

by

APIs,

but

that

we

are

still

years

away

due

toa

slow

rate

ofstandardizationand

nascent

regulations.ManypanelistsandcompanieswespokewithattheconferencealsobelievedthefutureofdatasharingwillbeledbyAPIs,butthatwearestillyearsawayduetoaslowrateofstandardizationandnascentregulations.Current

open

banking

policies

havecreated

frustration

for

all

parties,

includingbanks,

fintech

companies,

and

third-party

providers

(TPPs).Banks

have

expresseddissatisfaction

with

the

lack

ofa

standard

API

framework,

which

has

made

it

difficult

toadhere

tothe

requirements

for

data

sharing

and

protection

mandated

by

regulations.This

can

be

evidenced

by

Payment

Services

Directive

2

(PSD2),which

makes

no

formalmention

ofAPIs.

Resultingly,

complexities

have

developed

for

financial

institutions

asPSD2

mandates,

which

focus

on

data

sharing,

have

coincided

with

regulations

such

asthe

General

Data

Protection

Regulation

and

the

5th

Anti-Money

Laundering

Directive,which

are

centered

around

data

protection

and

financial

crime

prevention.

Somefintech

companies

we

spoke

with

also

noted

that

the

lack

ofAPI

standardization

hasled

toineffective

enforcement

ofPSD2

requirements

and

a

dearth

ofquality

datasets.Screenscraping

still

a

partof

the

discussionGiven

slow

progress

on

API

standardization,

some

companies

are

still

utilizingscreen

scraping.

As

an

alternative

toopen

banking

APIs,

screen

scraping

allowscompaniesto

take

consumer-permissioned

login

information

toaccess

bank5PitchBook

Analyst

Note:

15

KeyTakeawaysFromMoney20/20

Europe

2023information.

However,this

method

ofdirectly

accessing

a

consumer’s

bankinformation

has

been

heavily

debated

due

toits

lack

oftransparency

on

who

thedata

has

been

shared

with.

Compared

with

APIs,

screen

scraping

is

also

commonlyperceived

as

a

less

secure

method

ofsharing

consumer

financial

information.Sylvestre

Thenor,

Head

ofExpansion

at

Zimpler,

and

Ximena

Aleman,

Co-CEO

ofPrometeo

OpenBanking,

took

the

stage

todiscuss

the

relevance

ofscreen

scrapingin

today’s

environment.

During

the

discussion,

Thenor

and

Aleman

noted

that

banksin

Europe

are

sometimes

still

sharing

the

“least

minimal

data”

required

with

TPPs.Because

not

all

necessary

information

can

be

obtained

through

APIs

currently,Thenor

and

Aleman

believe

screen

scraping

remains

a

relevant

backup

tool

in

orderfor

startups

tocontinue

building

the

best

products

for

their

customers.

Thenor

andAleman

expressed

similar

concerns

with

the

broader

industry,

stating

that

APIs

stillface

the

challenge

ofhaving

no

official

governing

body,with

PSD2

remaining

unclearin

how

much

data

should

be

made

available

by

banks.

Still,

both

panelists

believed

thefuture

will

be

led

by

APIs.New

initiatives

onthe

horizon

should

keep

openfinancediscussions

atthe

forefrontPSD3

is

likely

to

make

marginal

improvements

to

the

framework

laid

out

byPSD2.With

the

proposal

for

PSD3

anticipated

toarrive

after

Q22023,

banks

and

fintechcompanies

will

be

waiting

tosee

how

open

banking

policies

evolve

in

Europe.

On

stage,Eric

Ducoulombier

indicated

that

the

next

iteration

ofthe

Payment

Services

Directivewill

not

drastically

alter

open

banking

fundamentals,

but

rather

cautiously

addresscommon

issues

with

PSD2.

Weexpect

regulators

will

probably

tackle

the

lack

ofAPIstandardization,

improve

on

fraud

prevention

requirements,

and

introduce

policies

forincreasing

the

adoption

ofinstant

payments

and

reducing

their

cost.Open

banking

developments

within

Europe

will

also

provide

important

lessons

forthe

US,

as

the

Consumer

Financial

Protection

Bureau

is

expected

tointroduce

openbanking

rulemaking

through

Section

1033

ofthe

Dodd-Frank

Act

this

year.Though

bothPSD3

and

US

open

banking

regulations

are

not

likely

togo

into

full

effect

for

a

coupleyears,

we

believe

the

industry

is

headed

towarda

point

where

secured

data

sharing

isubiquitous.

Importantly,

this

will

allow

personal

financial

data

tobe

fully

permissionedby

the

consumer.

Looking

ahead,

we

believe

the

concept

ofopen

finance

will

becomeincreasingly

relevant

as

the

benefits

ofsecurely

sharing

permissioned

data

expandsinto

industries

such

as

identity

and

healthcare.How

paymentsopportunitieshave

evolvedPayment

opportunitiesstay

abundant,mostly

in

B2BThe

B2B

payments

sector

continues

to

present

an

abundance

of

opportunitiesas

companies

attempt

to

replicate

the

seamlessness

of

consumer

paymentsfor

enterprises.

Payments

topics

at

the

conference

were

largely

centered

aroundenterprise

opportunities,

such

as

money

movement

options,

card

issuing,

embeddedpayments,

BNPL

for

businesses,

and

cross-border

transactions.

This

reflects6PitchBook

Analyst

Note:

15

KeyTakeawaysFromMoney20/20

Europe

2023PitchBook’s

VCactivity

data,

which

shows

B2B

payments,

excluding

Stripe’s

$6.5billion

deal

in

Q1

2023,

was

the

third-highest-funded

fintech

segment

within

the

last12

months.

Excluding

the

Stripe

deal,

total

VCinvestment

for

B2B

payments

was

$6.5billion,

compared

with

the

$2.0

billion

seen

for

B2C

payments.The

accelerated

interest

for

enterprise

payments

comes

with

the

increasingdevelopment

of

open

banking

APIs

and

growing

demand

for

embedded

paymentsolutions.

The

advancement

ofnew

payment

rails,

such

as

instant

payments

andcryptocurrencies,

are

also

presenting

new

ways

for

addressing

existing

gaps

inpayments.

Compared

with

consumer

payments,

B2B

payments

are

naturally

morecomplex

in

nature

because

they

are

larger

in

quantity,

typically

contractual,

andexecuted

over

longer

periods

oftime.

B2B

payments

also

involve

custom

terms,span

multiple

currencies,

and

are

still

largely

transacted

via

paper

checks.

Theaddressable

market

is

thus

large

in

this

space,

and

larger

transaction

volumes

presentmore

lucrative

revenue

streams

compared

with

many

ofthose

in

B2C.

Challengingmacroeconomic

conditions

have

also

created

significant

value

for

providers

that

cancreate

new

revenue

streams

(through

embedding

payment

solutions,

for

example),

orthat

can

mitigate

working

capital

constraints

for

businesses

(such

as

through

BNPL).Several

announcements

at

the

conference

as

well

as

recent

headlines

highlight

thegrowing

focus

in

the

B2B

payments

space.

African

payments

fintech

Flutterwave

andaccount-to-account

(A2A)

infrastructure

company

Token.io

announced

a

collaborativeeffort

topower

A2A

payments

on

Flutterwave’s

platform;

B2B

BNPL

provider

Billieand

European

payments

service

provider

Mollie

partnered

tooffer

BNPL

solutionstoEuropean

merchants;

and

startup

LoopingOne,

which

provides

dedicated

know-your-customer(KYC)

and

know-your-business

solutions

for

payments,

announcedits

€2

million

seed

round.

Another

B2B

payments

startup

we

spoke

with

also

told

usit

will

soon

announce

a

$5

million

seed

round

from

five

separate

investors.

Recentheadlines

include

Fifth

Third’s

acquisition

ofembedded

payments

startup

Rize,

aswell

as

payment

infrastructure

startup

TerraPay’s

announced

partnership

with

Visa

toenhance

cross-border

transactions.Cross-border

paymentsremainsa

fragmented

vertical

withopportunitiesfor

cryptoWithinpayments,

cross-border

transactions

continuestobe

asectorthatisripe

for

disruption.

Severalcross-borderpaymentscompanieswereinattendanceattheconference,includingPayoneer,Airwallex,Thunes,

TerraPay,Ripple,

andBVNK.

Despitemanyfintechcompaniesoperatingwithinthespace,

cross-bordertransactions

remainapainpointformanybusinesses

due

tolongclearingtimes,highfees

fromtheinvolvementofmultiplefinancialinstitutions,and

lowvisibilityon

moneymovement.Thissector

hasbecome

increasinglyimportant

as

businessesbecome

moreinterconnectedacrosstheglobe,

withcustomersdemandingquickertransaction

times.Despitemanyfintechcompaniesoperatingwithinthespace,cross-bordertransactionsremainapainpointformanybusinessesduetolongclearingtimes,highfeesfromtheinvolvementofmultiplefinancialinstitutions,andlowvisibilityonmoneymovement.Importantly,

this

sector

also

provides

significant

opportunity

to

tie

in

blockchain

andcryptocurrency

technologies,

which

can

enable

faster

and

more

transparent

moneytransfers.

Crypto

has

taken

a

back

seat

in

the

overall

fintech

space

within

the

past7PitchBook

Analyst

Note:

15

KeyTakeawaysFromMoney20/20

Europe

2023year;

however,

ofthe

limited

crypto

companies

in

attendance

this

year,

we

noticedthat

many

ofthem

mentioned

cross-border

payments

as

an

opportunity

area.

Notall

fintech

companies

are

implementing

blockchain

technology

for

cross-bordertransactions.

Air