Investor Presentation November 2019 VEF Business Overview and - - PowerPoint PPT Presentation

Investor Presentation

November 2019

VEF Business Overview and Update

VEF – A Unique Vehicle to Play the Emerging Market Fintech Opportunity

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VEF – Emerging Markets Fintech Investors

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Geography

Within emerging and frontier markets, we focus on the more populous and scalable markets, referenced against competition for opportunities.

Sector

We target all lines of financial services inclusive of payments, credit, mobile money and financial

• marketplaces. The “right” target sector is very market-dependent.

Minority stakes and board seat Private equity access vehicle

VEF targets sizeable minority stakes of 10–20% with board representation. We are active and supportive shareholders.

Unique fintech investment

VEF is structured as a listed investment company while our mandate is to invest in emerging private

• companies. Permanent capital is a unique positive given our mandate.

There are very few ways to play the growing fintech investment theme in public markets and even less in the emerging world. VEF is a unique access asset in this regard.

Where Fintech Meets Emerging Markets

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Credit

Consumer SME P2P Credit Scoring

Payments

Offline Online Mobile Remittances

Other Fintech

Accounting SaaS Wealth Management Digital Banks Mobile Wallets Comparison Websites Personal Finance Managers Insurance

2019 Highlights

2 Portfolio Exits in 2019: Tinkoff & iyzico

• Tinkoff Bank: 6.1x CoC return / 65% IRR
• iyzico: 3.1x CoC return / 56% IRR

Creditas: Latest investment round led by SoftBank

• Our largest portfolio company, Creditas, recently raised a USD 231 mln Series D investment round led by SoftBank.

Xerpa: Our latest investment

• We recently led a broader USD 13 mln Series B investment round into Xerpa, Brazil’s leading HR and salary-on-demand platform.

Brazilian Fintech: Our portfolio is leveraged to the most exciting fintech market globally

• Brazil is the most exciting fintech market globally. VEF is one of the best plays on this theme, with 6 investments and over half of our

NAV focused here and growing.

NAV and Share Price Performance

• NAV is up 18.5% YTD (Jun ‘19)
• Share price is up 57.1% YTD (Nov ‘19)

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Portfolio Commentary

As at June 30th, 2019

• 11 holdings in the portfolio, diversified by geography,

business type and stage of development.

• Exits – Completed/announced exits of Tinkoff & iyzico

in 1H19, both yielding ~60% IRRs.

• Creditas and Konfio emerging as size portfolio

champions.

• USD 25.2 mln investable cash pre-fund flows from

iyzico sale.

• Pipeline remains healthy and we have options to

continue to deploy capital in a value accretive way.

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VEF Portfolio as at June 30th, 2019. NAV: USD 238.7 mln

Portfolio NAV Distribution by Geography (ex cash)

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Company Geography Business Type % Ownership Invested Amount (USD mln) Jun'19 Fair Value (USD mln) Investment Date Brazil Secured Lending Platform 9.7% 48.5 73.2 Dec-17 Turkey Payment Processing 21.1% 11.0 33.9 Jan-17 Mexico SME Lending 11.7% 25.0 25.0 Jun-18 Russia Payments & Consumer Credit 25.0% 8.8 18.4 Sep-15 Africa Mobile Money Marketplace 6.8% 14.6 16.4 Oct-15 Emerging Europe Cross-Border Remittances 16.2% 8.9 12.8 Jun-16 Brazil Personal Finance Management 10.9% 30.0 10.9 Oct-17 Brazil Accounting SaaS 20.1% 5.3 10.0 Apr-17 Brazil Consumer Credit Marketplace 18.0% 2.7 7.8 Mar-16 Brazil Digital Investment Advisor 16.9% 3.7 6.5 Sep-17 Pakistan Mobile Wallet 20.4% 2.0 3.3 Jul-16 218.2

VEF Portfolio

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Exits

Growing Wave of Fintech Exits and M&A

• Despite few IPOs of fintech companies, global fintech M&A volume continues to grow, reaching

USD 148.3 bln across 473 transactions in H1 2019.

• VEF benefitted from this trend, recording two exits this year – Tinkoff Bank and iyzico.

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Tinkoff Exit – 65% IRR

Exit Rationale

• 1. A publicly listed security

We are focused on investing in the private space, providing access for shareholders to the fast-growth EM fintech space they cannot otherwise access, so the public holding was always short-to-medium term in nature.

• 2. Significant return on capital

The return on the position had gone significantly north of our benchmark goals at a time when public markets have entered volatile territory.

• 3. Allocation of capital

We look at Tinkoff and compare it to our alternatives – 1) putting more money into our current portfolio companies, 2) investing in new companies and 3) buying back our own shares in the market. It is a good time for us to have a strong capital position to work with.

Return on Investment Cost of position (USD mln) 19 Total proceeds (USD mln) 116.8 Date entered position Jun-15 Date exited position Feb-19 Years in position 3.6 IRR 65% CoC return 6.1x

Tinkoff – Russia’s largest digital bank

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iyzico Exit – 56% IRR

Exit Rationale

• 1. Founders desire to sell

In general, we back great entrepreneurs and look to stay with them through to the point of their exit. In this instance, after much healthy board debate, the founders felt exiting was the right path. We saw the logic and were happy to back them on this decision.

• 2. Significant return on capital

The return on capital on the position is significant and comfortably north of our benchmark goals.

• 3. Turkey is a market, similar in many ways to Russia, that
• ffers up fewer opportunities to exit quality assets versus
• thers like Brazil or South Africa which have a more robust

exit ecosystem through the cycle.

Initial investment Mark to model Exit

iyzico – Turkey’s leading online payments solution

Return on Investment Cost of position (USD mln) 11 Total proceeds (USD mln) 33.9 Date entered position Jan-17 Date exited position Nov-19 Years in position 2.5 IRR 56% CoC return 3.1x

Focus on the Brazilian Fintech Opportunity

Brazil – Our Favoured Fintech Ecosystem

1. Scale – With a population of over 200 mln people, Brazil is one of the world’s largest economies, and the kind of scalable emerging market we like to invest in. 2. Online – Brazil is one of the most ‘online’ markets in the world with high smartphone and internet penetration, a growing ecommerce market and strong tech adoption. 3. Oligopolistic Banking Sector – Brazil’s banking market is highly concentrated, with the top five banks holding 84% of total loans in the system, while fees and interest rates are some of the highest anywhere in the world. Yet, unlike many emerging markets, the Brazilian banking system is first-world in many aspects and its populous is experienced and comfortable in the use of a broad array of financial products 4. Regulation – The Central Bank of Brazil is very aware of the concentration of traditional financial service providers and are working to support the fintech ecosystem as a way of levelling the playing field and improving the financial wellbeing of the average Brazilian. 5. People and Ecosystem – We have found many strong entrepreneurs and teams in Brazil and also a very supportive VC and investment ecosystem into which to invest and partner. 6. Exits – Brazil has a healthy exit opportunity set through M&A and IPO, with the Brazilian fintech ecosystem having seen three massive exits of benchmark companies – PagSeguro and Stone via IPO in 2018, and the acquisition of XP Investimentos by Itaú in 2017.

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Scale

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Brazil is the 6th most populous country in the world, with a young median age of 32 years old.

Source: CIA World Factbook Source: World Bank

3rd largest user base 2nd largest market 2nd largest user base 3rd largest market 4th highest penetration rate A top tech market globally…

Online

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Brazil is the 4th largest internet market in the world, with over 136 mln internet users; represents 40% of LatAm’s ecommerce sales; and has high levels of tech adoption.

Source: FT Partners

Country Statistics Brazil United States Asia Internet Usage

% of pop. using the internet

Mobile Phone Usage

mobile cell subscriptions per 100 people

127% 118%

• % smartphone user base

38% 74% 41% Banked Population

% of people with a bank account

Credit Card Penetration

% of people with credit cards

58% 87% 37% 68% 94% 51% 32% 60% 11%

Online

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Brazil also has one of the highest rates of fintech adoption in the world, with 40% of the population indicating they are regular users of fintech services, versus a global average of 33%.

Comparison of the top five markets with the highest fintech adoption for each fintech category

Source: EY

Oligopolistic Banking System

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Brazilian banks have some of the highest revenue yields in world banking as they continue to charge well above global averages for the majority of bank products, representing a massive opportunity for fintech companies.

Source: World Bank Source: Creditas

Oligopolistic Banking System

20 Source: PwC

Money market fund annual fees Brazil 3.14% United States 0.7% 4-5x as expensive Credit card processing times Brazil 30 days United States 1-3 days 10x as long

Source: NY Times Source: FT Partners

Exits

Brazil has a healthy exit ecosystem through both IPOs and M&A.

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PagSeguro (NYSE: PAGS)

XP Investimentos

StoneCo (NASDAQ: STNE)

IPOs M&A

VEF Shares and Corporate Governance

Share Price, NAV/Share and the Discount

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Date Latest Share Price (SEK) NAV/Share* (SEK) Discount NAV* (USD mln) Market Cap (USD mln) Nov 6th, 2019 2.75 3.41 19.4% 238.7 185.6

* As at Jun 30, 2019

Share Price, NAV/share Discount to NAV

Formal Coverage Equity Research Featured Research Roadshows and Conferences

Investor marketing and conversion has been excellent, the story resonates and we have a growing following in the market. We continually have new smaller shareholders in the base while a number of size investors are looking for blocks.

Our IR and Marketing Focus to Date

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VEF Shareholder Structure

25 *Holding as per the latest notification to the Company. Based on Euroclear Sweden AB data and holdings known to the company. Including foreign nominees.

Owner Holding, SDRs Holding, % Libra Fund* 179,336,674 27.1% Ruane Cunniff & Goldfarb* 135,127,741 20.4% Fidelity FIL 66,149,599 10.0% Swedbank Robur Funds 57,674,245 8.7% Wellington Management* 33,736,296 5.1% Gadd & Cie S.A 16,910,000 2.6% Svenska Handelsbanken AB 15,288,000 2.3% Avanza Pension 9,969,003 1.5% David Nangle 9,795,140 1.5% Nordnet Pension 4,333,724 0.7% 10 Largest Holders 528,320,422 79.9% Other 133,175,573 20.1% Total Shares 661,495,995 100.0%

Managing Director and Board Member Experience:

• Renaissance Capital Head of Research and Fin. Sector

Research

• ING Barings Head of EMEA Financials Research

Governance Structure

26 Board Member Experience:

• MD of Vostok New

Ventures (VNV)

• EM investing 22 yrs.

Voria Fattahi

Board Member Experience:

• Investment Director at

Volati AB, Kinnevik and Apax Board Member Experience:

• Founder and Chairman,

Libra Advisors

Finance & Legal

General Counsel Experience:

• M&A, corporate law at

Cederquist, Baker & McKenzie, Roschier Deputy CFO Experience:

• Business Controller at

DIBS Payment Services

• Consultant at Deloitte

Investment Manager Experience:

• Partner at Skyline

Capital Management

Investment Team/IR Board of Directors Management

Research Associate Education:

• BA in Business and

Economics, Trinity College Dublin Chairman of the Board Experience:

• Chairman and MD of

Handelsbanken

Milena Ivanova Lars O Grönstedt Per Brillioth Ranjan Tandon

Board Member Experience:

• Renaissance Capital

Deputy Head of Research

David Nangle

Alexis Koumoudos Éire Smith Henrik Stenlund Elisabet Hultén Helena Caan Matsson CFO Experience:

• COO of Pomegranate

Investment, VNV

• CEO, Strix Television AB

Our Portfolio Companies

Company Geography Business Type % Ownership Invested Amount (USD mln) Jun'19 Fair Value (USD mln) Investment Date Brazil Secured Lending Platform 9.7% 48.5 73.2 Dec-17 Turkey Payment Processing 21.1% 11.0 33.9 Jan-17 Mexico SME Lending 11.7% 25.0 25.0 Jun-18 Russia Payments & Consumer Credit 25.0% 8.8 18.4 Sep-15 Africa Mobile Money Marketplace 6.8% 14.6 16.4 Oct-15 Emerging Europe Cross-Border Remittances 16.2% 8.9 12.8 Jun-16 Brazil Personal Finance Management 10.9% 30.0 10.9 Oct-17 Brazil Accounting SaaS 20.1% 5.3 10.0 Apr-17 Brazil Consumer Credit Marketplace 18.0% 2.7 7.8 Mar-16 Brazil Digital Investment Advisor 16.9% 3.7 6.5 Sep-17 Pakistan Mobile Wallet 20.4% 2.0 3.3 Jul-16 218.2

VEF Portfolio

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Creditas

• Type: Secured Consumer Lending
• Founded: 2012 Year of investment: 2017
• Ownership Stake: 9.7%
• Key region: Brazil

Key Facts

Creditas is a leading digital-first secured lending platform with the mission of reducing the Brazilian consumer debt burden. 1 Secured lending represents a massively underpenetrated, USD 3 tln opportunity in Brazil, where consumers face some of the highest interest rates in the world. 2 70% of homes and cars in Brazil are owned debt-free. Creditas allows consumers to use these assets as collateral to reduce high borrowing costs. 3 Strong management team of former consultants, founders and experience in secured lending credit businesses. Principal revenue generation is driven through their home equity and auto-secured loans and new payroll product, with further segments to follow. 4 5 Home equity loans Auto-secured loans Payroll loans

Source: The World Bank, IMF

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Konfio

• Type: Digital SME Lending
• Founded: 2014 Year of investment: 2018
• Ownership Stake: 11.7%
• Key region: Mexico

Key Facts

1 2 3 4 5 Konfio is a digital-first unsecured lending platform, with a mission to support the growth of Mexico’s vast and underserved small business community. Mexico is Latin America’s 2nd largest market with a population of 127 mln (number 10 globally) and over 7 mln SMEs. Within the Mexican SME credit space, Konfio focuses on the top-end credit of the small business segment which is viewed as a USD 45 bln opportunity. Konfio leverages tech, big data and recent Mexican fiscal control to offer loans to creditworthy customers historically underserved by traditional banks. Excellent founder and top management team with some of the strongest VCs in LatAm supporting their success.

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REVO

• Type: Merchant Payments & Consumer Credit
• Founded: 2013 Year of investment: 2015
• Ownership Stake: 25%
• Key region: Russia, Poland

Key Facts

Revo provides financing options for leading merchants in Russia, allowing millions of shoppers to buy now and pay later. 1 2 Leverages proprietary customer data to deliver personalized marketing services for merchants. 3 Business model similar to offline pay-later solutions in Turkey/Brazil and online solution of Affirm and Klarna in the US and Europe. Recently launched with new scale partners MVideo and Ozon, two of Russia’s largest merchants in the offline and

• nline space.

4 5 Works with Russia’s online and offline merchants to increase conversion and basket size, focused on small-ticket categories with USD 100 bln of annual sales and growing. Key Merchant Partners

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JUMO

• Type: Mobile Money Marketplace
• Founded: 2014 Year of investment: 2015
• Ownership Stake: 6.8%
• Key region: Pan-Africa, Asia

Key Facts

Jumo is the largest and fastest-growing technology platform operating inclusive mobile financial services marketplaces in emerging markets. 1 Focuses on key mobile money markets in Africa while currently expanding into Pakistan and India. 2 Partners with banks and mobile network operators to provide a financial services marketplace to the unbanked population on their mobile phones. 3 Model has no real peer today. Very strong and deep management bench. Over 14mln unique customers to date with over USD 1 bln in funds disbursed. For 80% of customers it is their first interaction with formal financial services. 4 5

JUMO Mobile Money Marketplace

JUMO Capital Financial Service Providers

MTN Airtel Tigo Telenor

Mobile Network Operators

Barclays Letshego Ecobank

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TransferGo

• Type: Cross Border Remittances
• Founded: 2012 Year of investment: 2016
• Ownership Stake: 15.4%
• Key region: EU

Key Facts

TransferGo is a rapidly-growing, low-cost, digital cross- border remittance provider focusing on Western to Eastern Europe. 1 Targeting blue-collar workers, some of the most consistent and regular remittance customers in the world. 2 3 Global remittance volumes total USD 689 bln annually, with the share of digital money transfers growing rapidly. Deep bank integration facilitates the fastest guaranteed settlement times amongst peers. 4 5

Source: World Bank, Business Insider Intelligence estimates, Juniper Research

High market share in key corridors resulting from focused approach to corridor roll-out, now active in 47 countries internationally.

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Guiabolso

• Type: Personal finance management
• Founded: 2012 Year of investment: 2017
• Ownership Stake: 10.9%
• Key region: Brazil

Key Facts

1 2 With a complete view into the typically complex financial profile of the Brazilian, Guiabolso is also able to offer their customers a wide range of financial products. 3 Revenue generated through their consumer credit marketplace, with new segments including credit cards and investments to follow. Have 5.5mln customers today of which more than 3.4mln have linked their bank data to Guiabolso. 4 5 Leverages their proprietary bank data aggregation technology which allows users to better understand their finance and keep track of their budgets. Guiabolso is a personal finance manager with the mission of transforming the financial well being of Brazilian consumers. The Credit Karma of Brazil.

Nibo SaaS dashboard

SMBs Accountants

ERP General Ledger

Accounting software

3

Accounting Tax calculations Payroll calculations Nibo for accountants Accounting analysis Communication Document storage

Cash Control 1 Finance Management 2

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Nibo

• Type: Accounting SaaS
• Founded: 2012 Year of investment: 2017
• Ownership Stake: 20.1%
• Key region: Brazil

Key Facts

Nibo is the leading Brazilian accounting SaaS provider for SMBs and accountants. 1 Has over 146K paying SMBs serviced through 2.2k accountant customers. 2 Large addressable market of +10mln SMBs with a regulatory requirement to employ accounting services in Brazil and ~80k accounting firms. 3 Strong team, and business model driven by one of the world’s most complex tax and accounting market regulations in the world. Proven model seen scale and succeed in other markets,

• ex. Intuit (US) and Xero (NZ).

4 5

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Magnetis

• Type: Digital investment advisor
• Founded: 2015 Year of investment: 2017
• Ownership Stake: 16.9%
• Key region: Brazil

Key Facts

Magnetis is the leading Brazilian digital investment advisor, offering automated investment portfolios tailored to clients requirements. 1 Large addressable market of USD 720 bln (retail money invested across fixed income, funds and in savings accounts). 2 Addresses challenges faced by Brazilians to access minimum insured returns, as bank deposit savings rates are capped below this level. 3 Recently announced strategic partnership agreement with GPS Investimentos, a Julius Baer Group company, accompanied by a funding round. Strong team with vast experience of investing in Brazil and in-depth knowledge of regulatory architecture and requirements in a space with limited competition. 4 5

Build a portfolio tailored to you 1 Invest in a few clicks 2 Track your progress and invest more 3

Business model - online broker of consumer loans

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FinanZero

• Type: Consumer Loan Marketplace
• Founded: 2016 Year of investment: 2016
• Ownership Stake: 18.0%
• Key region: Brazil

Key Facts

FinanZero is a pioneering digital marketplace for consumer loans in Brazil. 1 Partnered with 35 banks and credit institutions offering consumers the most suitable loans available. 2 Full integration with banks allows FinanZero to handle the whole lending process from start to finish. 3 Founding team have a successful track record and experience from a leading consumer loan broker in Sweden. Proven model seen scale and succeed in other markets, i.e. Lendo in Sweden. 4 5

Applications from customers Best offers available, full transparency Highest quality applicants, based on lenders preferences/settings Loan offers, delivered in the way the lender provides

1 2 3 4 1 2 1 2 3 4

Loan comparison service Loan broker service. Makes money from commission on paid-out loans.

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Finja

• Type: Mobile payments / loans marketplace
• Founded: 2016 Year of investment: 2016
• Ownership Stake: 20.4%
• Key region: Pakistan

Key Facts

Pakistan is a scale emerging market running behind India in fintech evolution, but is catching up. 1 Finja is a leading mobile wallet play in Pakistan, with both a merchant and consumer focus. 2 Payments freemium model at its base, credit, payroll and

• ther financial add-ons to drive customer value and

revenues. 3 Strong founding team with experience in mobile wallets,

• nline marketplaces and financial products in Pakistan.

Quality partners in FINCA Microfinance Bank and Descon Group which are key to local success. 4 5

Opportunities and Outlook 2019

Outlook for 2019 and beyond

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Exciting diversified portfolio

VEF has assembled an exciting and diversified fintech portfolio, with sizable holdings in some of the best fintech assets across the emerging world.

Exits and large funding rounds

2019 saw our first 2 portfolio exits: Tinkoff (Russia) and iyzico (Turkey), both generating 60%+ IRRs, while Softbank recently led a $231mn mega funding round in portfolio favourite, Creditas (Brazil), putting it in a very strong position to win the secured credit opportunity in Brazil.

Brazil a growing focus NAV on the up, strong cash position

EMEA and Latin America are core regions of strength, while at a country level Brazil continues to be our EM market of choice, accounting for c. 50% of our NAV. We have strong belief in the future of scale frontier markets like Egypt and Pakistan. We continue to be patient with India.

Well-positioned

Since inception our NAV is up over 3x with our share price tracking it. Strong cash and near cash position leaves us well placed for new opportunities as well as supporting existing investments. We are more convinced than ever by the long-term structural growth story that is EM fintech, and VEF is extremely well-positioned for continued value creation.

Appendix

2Q19 Income Statement

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2Q19 Balance Sheet

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OpEx 2019

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USDk Item Personnel 53.7% 3,982 2,597 2,514 82 Salaries including social charges 1,279 1,300 1,251 49 Bonuses incl social charges 327 - - LTIP ('16, '17&'18) incl social charges 22.6% 2,166 1,090 1,062 28 Other personnel expenses 211 207 201 5 External services & consulting 28.2% 786 1,363 1,282 81 Legal costs 13 101 65 36 Audit fees 99 75 75 BoD fees 182 210 210 Consulting/accounting/IT 340 771 740 31 Statutory, listing, AGM, other 152 205 191 14 Travel 9.9% 409 480 480 Office costs & admin 7.2% 326 349 254 95 Public relations 0.9% 23 43 53

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Total 100.0% 5,526 4,832 4,582 250 Total excl LTIP 60.7% 3,360 3,742 3,520 222 Total excl LTIP and Bonus 52.9% 3,034 3,742 3,520 222 NET ASSET VALUE (2018) 201,422 201,422 201,422 OPEX % of NAV 2.74% 2.40% 2.27% OPEX % of NAV excl LTIP 1.67% 1.86% 1.75% OPEX % of NAV excl LTIP and Bonus 1.51% 1.86% 1.75% Forecast %

• f total

Actual FY2018 Forecast 2019 Budget 2019 FC 2019 vs. BU 2019

VEF Board and Management Share Ownership

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Shares Options Total % Shareholding Board Lars O Grönstedt 130,000 130,000 0.0% Per Brilioth 2,790,000 2,790,000 0.4% Milena Ivanova 600,000 600,000 0.1% Voria Fattahi 439,703 439,703 0.1% Total 3,959,703 3,959,703 0.6% Management David Nangle 3,216,190 1,905,000 5,121,190 0.8% Henrik Stenlund 451,185 500,000 951,185 0.1% Alexis Koumoudos 345,910 500,000 845,910 0.1% Helena Caan Mattsson 205,000 500,000 705,000 0.1% Elisabet Hultén 25,000 500,000 525,000 0.1% Total 4,243,285 3,905,000 8,148,285 1.2% Insider total Total 8,202,988 3,905,000 12,107,988 1.8% Total shares 661,495,995 100.0%

Summary of LTIP 2016, 2017 and 2018

• Currently, three separate long-term incentive programmes (LTIP) are running, with a three-year vesting period,

respectively.

• Participants need to invest in the program by way of purchasing depository receipts (savings DRs), and hold those

throughout the duration of the program.

• Based on the NAV development in the company over the vesting period, participants will receive 2x, 5x or 10x the

number of purchased depository receipts.

• In total, 2.6 mln savings DRs have been purchased by participants, corresponding to a maximum dilution in the

company, or 4.01%, provided all three programs hit maximum targets.

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Program Saving DRs 2x 5x 10x LTIP 2016 1,131,579 2,263,158 5,657,895 11,315,790 Dilution 0.34% 0.86% 1.71% LTIP 2017 803,570 1,607,140 4,017,850 8,035,700 Dilution 0.24% 0.61% 1.21% LTIP 2018 745,185 1,490,370 3,725,925 7,451,850 Dilution 0.23% 0.56% 1.13% Total # shares 2,680,334 5,360,668 13,401,670 26,803,340 Dilution 0.81% 2.03% 4.05%

History - Created from Vostok Nafta Company/Share Split

47

VNV portfolio (1997–2015) (2015+) (2015+) VEF portfolio

Global Fintech Trends and Benchmark Names

Global Fintech Funding Trends

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Source: CB Insights

8.3 16.3 19.3 18 40.3 6.3 885 1,153 1,254 1,480 1,829 445

• 200

400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 5 10 15 20 25 30 35 40 45 2014 2015 2016 2017 2018 1Q19

Annual Global Fintech Deals and Financing, 2014-2019 YTD

Amount (USD bln) (LHS) Deals (#) (RHS)

Global Fintech Funding Trends

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Source: CB Insights

Fintech Unicorns

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Source: CB Insights

Benchmark Listed Fintech Companies

North America Brazil Australia/NZ Europe Russia China $0.4B $3.8B $2.5B $3.3B $5.7B $3.6B $10.6B $14.7B $20.8B $21.4B $1.2B $1.1B $27.3B $127B $1.1B $1.8B $1.2B $2.3B

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