MOBILE PROxIMITy PAyMENTS

2014 was a very interesting year in terms of

mobile proximity payments, the payment via a

mobile phone at the POS. The latest major devel-

opment is the entry of Apple’s Apple Pay solution

into the mobile payments market. Shortly after its

launch, Apple Pay was already supported by more

than 500 banks in the US. This has caused some

reactions from other players like the – not yet

launched – CurrentC solution from competitor

MCX. The merchants who will participate in the

MCX initiative are currently blocking the Apple

Pay solution. Putting this emotional discussion

aside, we believe that the launch of Apple Pay will

be the final brick for the NFC ecosystem to suc-

ceed. In this article, we will review the key devel-

opments of the last twelve months and give an

outlook on the potential mobile proximity pay-

ments landscape at the end of 2015 as still many

changes are lying ahead of us.

Key developments of the mobile payments land-

scape in the last twelve months

In oversimplified terms, currently three ecosys-

tems are fighting for overall leadership in the

mobile payments market:

Proprietary solutions such as PayPal, large

start-ups like Yapital and the other “new

attackers”

Bank-based solutions such as Swish

(Sweden) and Paym (UK)

Traditional scheme-based solutions that

are supported by Apple, Google and mobile

network operators

At the end of 2013, the mobile payments market

looked quite different than it does today. Espe-

cially “new attackers” such as start-ups tried to

conquer the market by introducing proprietary

solutions. Large providers like Yapital (Luxem-

bourg / Germany) or LevelUp (USA) invested

heavily and also PayPal introduced a solution for

mobile proximity payments. Aside from the three

comparably large providers, numerous start-ups

released their – often QR-based – payments solu-

tions, trying to win merchants and market share.

In addition, banks also launched their own pay-

ments solutions in several European countries.

Some successful examples of this are Swish

(Sweden) or Paym (UK). These two solutions

started with P2P payments but plan to extend

their services in the near future (e.g. mobile prox-

imity payments). These banking initiatives can

be very strong when banks collaborate, e.g. Paym

already acquired more than 1.6 million customers

since its launch this past April.

Mobile proxiMity payMents: three ecosysteMs fighting for victory

finn-ove putensen

Junior Associate

Mirko krauel

Principal

paymentsInsight. Opinion.

vol 8

COntent

1 Mobile proxiMity payMents

Due to major developments the mobile payment

landscape changed in the past year. Mirko Krauel and

Finn-Ove Putensen will show that three major ecosys-

tems fight for market victory and give a forecast of who

could win.

3 public Market valuations

Public companies in the payments universe have experi-

enced an interesting third quarter. Markus Massem

takes a look at valuation drivers and benchmarks the dif-

ferent groups within the payments universe.

4 M&a activity

What are the key drivers of M&A activity? Which trans-

actions made headlines in the 3rd Quarter of 2014?

What are recent takeover rationales? Andreas Haber-

setzer and Robert Kayser answer these questions.

6 venture capital

Yet again the Innovalue team reviews the latest payment

startup funding activity (Q3 2014). What are current

product or service innovations for investors, and what are

the global investment trends within the payment

ecosystem?

8 M&a activity

Transaction overview

13 vc activity

Transaction overview

payments Insight. Opinion.

Additionally, some of the big Mobile Network

Operators (MNO) began to roll out their SIM-

based mobile payments solutions for their

Android smartphone base. Vodafone, for exam-

ple, launched their Vodafone SmartPass in

November 2013 in Spain and recently rolled out

the service in the UK.

The landscape was very fragmented in terms of

providers, technology and strategy. This murky

picture became at least a little bit clearer at the

beginning of 2014 due to two major develop-

ments. First of all, Google introduced Host Card

Emulation (HCE), allowing a cloud-based solu-

tion for POS proximity payments based on the

international schemes. This removed the gate-

keeper position of MNOs. In February 2014, both

Visa and MasterCard announced that they will

support HCE. As a second development, Apple

launched its payments solution in the US, also

relying on a scheme-based approach in combina-

tion with its own hardware secure element.

An outlook on the potential mobile proximity

payments landscape at the end of 2015

We therefore believe that the launch of Apple Pay

created positive momentum for scheme-based

solutions and had a positive spill-over effect, even

for other solutions such as Google Wallet. For

instance, Google Wallet has seen a 50 per cent

increase in transactions on a weekly basis after

Apple Pay’s launch. Additionally, MNO wallets

can – if they reduce their current hurdles and

restrictions – participate. But there’s one serious

obstacle: within the system, many mouths have

to be fed. And with the upcoming interchange

reduction in Europe, it will not be easy to find a

sustainable business model for all participants.

Banks also must ensure that they retain customer

ownership with regard to financial services.

We believe that the most proprietary solutions

will only survive in certain merchant segments

(e.g. restaurants) or for certain use cases (e.g.

order-ahead and window shopping). The big

question is if one of the players will be able to

generate sufficient scale in order to become a

payments scheme on its own. We expect that due

to the pure amount of initiatives and the resulting

marginalisation, consolidation will now start and

increase throughout 2015 – only the major provid-

ers will survive the consolidation.

It remains rather interesting for banks to develop

their own solution in order to keep complete con-

trol over the consumer relationship, to avoid

being pushed back into a pure enabling role, and

to find a solution where they don’t have to share

their revenues with a lot of players. Major chal-

lenges include developing an attractive business

case, gaining critical scale on the consumer side,

and ensuring broad acceptance on the merchant

side. But the key problem is that bank initiatives

can only survive if the majority of the relevant

banks in one country will join the solution in order

to creative sufficient scale and to convince the

merchants to become integrated. In many coun-

tries where the banking landscape is highly frag-

mented, this alignment will not be easy to achieve.

Today, in countries where few banks dominate the

market, we already see relevant cross-banking

initiatives. Paym (UK) for example started with a

P2P use case but has also moved into consumer-

to-business use cases and might also grow to the

POS.

Conclusion

We have demonstrated that, at the moment,

there are three key competing ecosystems fight-

ing for victory in the mobile proximity payments

market landscape. All of them are facing serious

challenges that they need to solve. As mentioned

above, we believe that on a global level the recent

developments might give the scheme-based solu-

tions an advantage over the other ecosystems,

but this needs to be seen and there has to be a

sustainable business case for all participants.

Within the proprietary solutions, we think that

only the biggest providers will survive, with some

small providers potentially able to find an attrac-

tive niche. The consolidation in the industry will

begin now. Cross-banking initiatives are very

interesting, but they will only be successful if the

majority of relevant banks in a country align and

cooperate on such a joint initiative.

"the launch of apple pay created positive momentum for

scheme-based solutions and had a positive spill-over effect, even for other solutions such as Google Wallet."

High

Market relevance and readiness of mobile payments solutions

Relative market relevance

Mass-market readiness

Scheme-based solutions

• Appearence of suitable payments solutions (e.g. Apple Pay, Google Wallet, HCE)

• Builds on existing infrastructure (e.g. acceptance at POS) and scheme back-end

• Will be relevant in the future not only in the USA but also in Europe

Proprietary solutions

• Partially, mass-market suitable solutions existent (e.g. Paypal, LevelUp, Yapital)

• Limiting factors are e.g. acceptance and lack of consumer base

• Have to differentiate from payments in order to survive beside scheme-based solutions

Bank-based solutions

• Readiness differs from country to country (e.g. Paym in UK with relatively high readiness)

• High fragmentation / institutional issues of banks as limiting factors

• Will be successful in some markets where banks can align but not in all countries

Today Tomorrow

2

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Public markets have been choppy as of late after

concerns of a slowdown in global growth knocked

down the major indexes in mid-October. Since

then, broadly upbeat corporate earnings, contin-

ued improvement in U.S. economic data and the

unveiling of an addi-

tional stimulus from

the Bank of Japan have

had positive impacts

on the markets and

made up for some of

those losses. In late

October, markets again

began worrying about

global growth pros-

pects, especially in

Europe, after the Euro-

pean Commission cut

its forecast for GDP

growth in the Eurozone

region. Meanwhile, the

US economy appears

to be on track to grow at a 3% annual rate, which

could potentially lead to a hike in short-term inter-

est rates. With earnings season now mostly

behind us, investors are likely to focus on eco-

nomic data, the upcoming ECB meeting and the

oil price, which has fallen to a four-year low.

public Market valuations and the Market environMent

Markus MasseM

Senior Associate

"the public companies captured in our payments

universe have gained ground over the past two weeks through the end of October. this has been the result of solid quarterly earnings and has largely made up for the losses incurred in late september and the first half of October."

The public companies captured in our payments

universe (see end of article for listing) have

gained ground over the past two weeks through

the end of October. This has been the result of

solid quarterly earnings and has largely made up

for the losses incurred in

late September and the first

half of October. Digital

River shot up by 50% fol-

lowing the announcement

that it had entered into a

definitive agreement to be

acquired by an investor

group led by Siris Capital

Group in a transaction val-

ued at approximately $840

million, representing a pre-

mium of approximately 50

per cent over the closing

price on October 23rd. Ear-

lier in the month, Digital

River had also announced a

partnership with Stockholm-based payment pro-

vider Klarna.

The payments universe (alphabetical order):

Acceptance:

Global Payments, Ingenico, PayPoint, Vantiv, Verifone

Processing:

Cielo, Euronet Worldwide, FIS, Fiserv, Heartland Payment

Systems, Total System Services

PSP/Online payments:

Digital River, Optimal Payments, Wirecard

Issuing/Prepaid solutions:

Green Dot, Wright Express

Schemes:

American Express, MasterCard, Visa

125

120

115

110

105

100

95

90

table 1: Indexed stock price performance from July 1st to October 31st 2014

Jul-14 Aug14 Sep14 Okt14 Nov14

S&P 500

Schemes

Issuing/Prepaid

PSP/Online payments

Processing

Acceptance

Visa saw a 4% jump in after-hours trading follow-

ing its earnings results, as investors reacted posi-

tively to the earnings report showing a marked

improvement in cross-border transactions and

growth in international revenue. Also guidance

was bullish with projected revenue growth in the

low double digits for the fiscal year 2015. Master-

Card reported a better-than-expected jump in

quarterly profit as efforts to expand its interna-

tional business paid off, with more people willing

to use cards instead of cash.

3

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The Acceptance bucket was driven upwards by

Global Payments and Verifone, which announced

a partnership with Vantiv. The Issuing/Prepaid

Solutions segment got a boost from a strong quar-

ter by Green Dot, which beat analyst estimates,

showed strong year-over-year EBITDA growth

and also raised guidance for the year. Euronet,

Fiserv and FIS traded up higher due to strong

earnings results, with Euronet announcing on

October 30th its intention to offer $350 million of

convertible senior notes due 2044 in a private

offering. Euronet will use the proceeds to repur-

chase shares, to repay borrowings outstanding

under its revolving credit facility, and for general

corporate purposes.

Overall, the valuation multiples of the payments

universe for the calendar year 2013 (EV/Revenue

CY13 and EV/EBITDA CY13) have seen an expan-

sion over the course of the last four months end-

ing October 30th. The PSP/Online payments peer

group still trades at a premium to the wider pay-

ments universe given strong growth, ongoing

margin expansion and M&A-activity in the

sector.

M&a activity

andreas habersetzer

Partner

robert kayser

Associate

In the third quarter 2014, deal activity in the

international fintech industry has remained at a

high level. A total of 47 transactions have been

reported with a total disclosed volume of USD

8.1 billion. Consolidation in the Northern Euro-

pean payment market as well as emerging mar-

ket entries have been among the drivers. An

additional push for the industry came from the

initial public offerings of Alibaba and MOL.

M&A activity and deal characteristics

A total of 47 M&A transactions were announced

in the third quarter of 2014. This represents a 21

per cent increase over the 39 deals announced in

the same period of 2013. The financial terms of 21

transactions, with a total volume of

USD 8.1 billion, were disclosed. This

quarter’s highlight in terms of deal size

is FleetCor’s acquisition of Comdata

for USD 3.45 billion. As an issuer and a

processor, Comdata provides fleet and

corporate payment solutions to over

20,000 customers. FleetCor is a pro-

vider of specialized payment products

and services to commercial auto fleets,

oil companies and petroleum market-

ers. The deal is expected to foster the

company’s expansion in North America and allow

it to enter into the business with virtual bank-card

payments to increase scale, earnings and to

diversify its business.

Sources: InnOVALUE research and company

filings; Google Finance for share price data

Note: LTM margin and trading multiples use the

metrics for the last twelve months from the last

available company filing

table 3: payments universe historical trading multiples as of October 31st 2014

0.0x

3.3 2.8 3.2 3.6

8.2

19.5

5.0x

10.0x

15.0x

20.0x

25.0x

4.23.3

11.2

3.5

23.3

13.3

17.2

10.2

3.1

15.6

12.1

19.418.1

7.2

EV/REV CY 13 EV/REV LTM EV/EBITDA CY 13 EV/EBITDA LTM

70%

60%

50%

40%

30%

20%

10%

0%

7.6%10.0%

22.0%

10.1% 11.4%

20.8%

28.0%

18.6%

30.0%

61.5%

20.9%

28.0%

20.2%

31.7%

60.9%

table 2: payments universe historical operational metrics as of October 31st 2014

Revenue growth CY 12-13 EBITDA margin CY 13 EBITDA margin LTM

Acceptance Processing PSP/Online payments Issuing/Prepaid Schemes

4

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Key drivers of and rationale for M&A activity

Concerning multi-channel payment strategies,

there have been two interesting transactions:

French terminal producer Ingenico acquired Glo-

balCollect to further enhance its value proposi-

tion. While the company offers access to only

about 600 e-commerce merchants globally, Glo-

balCollect offers a wide range of international

payment methods and the ability to settle funds

across these methods, which would allow

Ingenico to further expand its IngenicoCollect

service. They gathered new capital themselves to

bulk up acquisitions or have been involved in

acquisitions. For Ingenico it is the second acquisi-

tion of a major PSP, shortly after the purchase of

Ogone in early 2013. Now Ingenico has to prove

its strategy in terms of synergies, merchant over-

lap and the online payment target platform. Also

of interest is the acquisition of The Logic Group

(TLG) by Barclaycard, part of Barclays Bank. Bar-

claycard acquired TLG primarily because of its

gateway solution, in order to close this gap in its

The median EBITDA-multiple from 2013 through

the first three quarters of 2014 increased slightly,

from 14.5x to 14.7x. However, the median revenue

multiple from 2013 through

the first three quarters of

2014 dropped by 28 per

cent, from 3.7x to 2.7x. The

acquisition of Global Collect

by Ingenico equates to a

multiple of 16.4x EBITDA or

2.3x revenue. Blackhawk’s

acquisition of Parago for

USD 291 million equates to a

multiple of 11.2x EBITDA.

Wirecard paid 15.9x 3Pay’s

EBITDA in an acquisition val-

ued at USD 34.4 million. The

enterprise/EBITDA multiple

for FleetCor’s acquisition of

Comdata is 12.0x.

Geographically, 49 per cent

of the targets were based in

north America (Q3/2014:

59%), followed by 34 per

cent in Europe (Q3/2012:

31%) and 11 per cent in Asia/

Pacific. The rest of the world

accounted for the remainder.

Our observation earlier this

year that investments are

gradually changing from

Anglo-American purchasers

to purchasers from Europe

has been confirmed this

quarter. While 61 per cent of

all buyers are still from North

America, the share of Euro-

pean buyers increased from 19% to 28% over the

last twelve months, mainly driven by the fact that

the general attitude towards deal-making has

improved significantly, bolstered by investor con-

fidence and risk appetites.

"the general attitude towards deal-making has improved

significantly, bolstered by investor confidence and risk appetites."

product portfolio. TLG has flown a bit under the

radar, but it has a strong UK client list. The com-

pany is particularly known for its mobile com-

merce platform and solutions (couponing,

loyalty). Barclaycard's merchant clients are

expected to benefit from its loyalty programs and

data insight technology, enabling them to provide

targeted services to their customers.

Industry consolidation, also supported by private

equity investors, has already been a driver of

M&A-activity over the last few years. Within that

context, the Northern European payment market

stands out compared to other markets in the

region. Years of consolidation left dominant Nor-

dic-payment firms and only a few independent

players remaining. With the acquisition of Pay-

zone Nordics, Nets secured one of these few

remaining independent targets to strengthen its

POS-market position. It is the first acquisition

under the new ownership of Advent/Bain. More-

over, Nordic Capital acquired Samport. It is the

company’s second payment acquisition in a few

months after the acquisition of Eurolines (subject

to closing). Samport is a niche player with focus

on specialised payment solutions for selected

verticals (e.g. taxis, restaurants, etc.). A com-

bined value proposition of Samport and Eurolines

can be expected as the deal enables both compa-

nies the ability to expand in the international pay-

ment services market. Financial terms have not

been disclosed for either transaction.

Established industry players are gradually seeking

to strengthen their representation in emerging,

high-growth payment markets. The German com-

pany Wirecard has taken a pioneering role. After

various acquisitions in Southeast Asia (among

others for example PT Aprisma Indonesia and

PaymentLink, Singapore), the company recently

entered the Turkish market with the acquisition of

3Pay. Thereby, Wirecard continues the conse-

quent execution of its emerging market growth

strategy. Singapore-based Telr’s acquisition of

Innovative Payments in the UAE appears in

the same context. It is one of the first acquisitions

in the region, indicating a growing

interest particularly in online payment

5

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service providers. Reasons for the lack of acquisi-

tions to date have been, on the one hand, the lim-

ited number of small targets for acquisitions

available and, on the other hand, a previous focus

on organic market entries (e.g. PayPal).

Beyond this, mobile payments and commerce

product acquisitions remain in focus. For exam-

ple, Twitter purchased CardSpring, a provider of

electronic coupons, loyalty cards and virtual cur-

rencies. Twitter could use CardSpring to enable

card-linked offers and thus fuel in-tweet com-

merce and offers. In addition, First Data expanded

its gift card footprint with the acquisition of Gyft.

Through the deal, First Data seeks to accelerate

the growth of virtual prepaid cards especially for

merchants. Finally, Heartland Payment Systems

acquired mobile point-of-sale vendor Leaf, in

particular to improve its capabilities for small

businesses.

Initial public offerings (IPO) have played a deci-

sive role in the last quarter, too. Alibaba, although

not a payment company, stands out for several

reasons, in particular since Alipay has remained a

private company. The company can now say its

USD 25 billion record-breaking IPO was the big-

gest in the world. Nevertheless, questions about a

devious ownership structure as well as its affiliate

business system (in which Alibaba does not have

outright ownership or control some major parts of

its e-commerce ecosystem) remain. Also Malay-

sia’s MOL pursued its IPO ambitions. The online

payment company priced its US IPO at the bot-

tom of expectations and raised USD 169 million at

an enterprise valuation of USD 705 million.

venture capital

American – mainly US-based – startups

accounted for the biggest share of collected ven-

ture capital, more precisely 57% of the worldwide

total equity funding volume. Europe and Asia

secured their first and second runner-up posi-

tions by showing 33 and 21 funding rounds,

accounting for approx. 23% and 15% of the

worldwide total equity funding volume in Q3

2014. Regarding the following ranks, funding

activity in South America and Australia were

recorded. Unexpectedly, South America showed

four funding rounds, two of them investments in

Mexican financial marketplace providers,

accounting for approx. 3% of the worldwide total

equity funding volume. With only two recorded

funding rounds – and less than 2% – Australia

gained the fifth rank.

Investment Trends

When discussing this quarter’s top funding

rounds and the startups behind them, you cannot

avoid naming this quarter’s first investment trend.

The boom surrounding financial marketplaces

doesn’t seem to have reached its peak yet. This

quarter’s top four funding rounds can be assigned

to this segment. Twentynine funding rounds were

recorded, exceeding the second quarter by one.

As most of you might know, a financial

marketplace’s purpose is to facilitate the flow of

money from one party to another in an online

platform-based approach. The provider allows

the flow of funds for equity and debt capital from

peer-to-peer (P2P), business-to-consumer

(B2C), consumer-to-business (C2B) and busi-

ness-to-business (B2B). Often the business mod-

els include removing traditional banks, which may

charge hidden fees, as the middleman, thereby

allowing financial marketplaces to offer lower

rates to borrowers and better returns to lenders.

Other business models aim to offer loans to indi-

viduals who have been rated as “not creditwor-

thy” by banks.

AvantCredit, one of the fastest growing national

online providers of consumer loans (B2C) in the

US, announced this quarter’s first-, second- and

fourth-largest funding round. Two debt rounds

with incredible volumes of USD 200 million each

(one by Jefferies Group, the other by Victoria Park

Capital) and a Series C round with a funding vol-

ume of slightly less than USD 75m (by Tiger

Global Management). In doing so, Avant Credit

was able to secure USD 475m. Although the lion

share of the funding is based on working capital, it

is a notable amount considering the fact

that the company was only recently founded

Sources: Bloomberg, Mergerstat, Reuters,

WSJ, company publications

Shut

ters

tock

14

2778

230

.jpg

Joris Wetzel

Associate

6

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Funding Activity

In the third quarter of 2014, an amazing total of 140

funding rounds were recorded. They account for a

total (disclosed) volume of USD 1.25bn in equity

and USD 478.18m in debt financing. Although this

quarter’s funding activity exceeded the previous

quarter’s by 50% regarding quantity; the total (dis-

closed) volume went back by approx. 1%. As a con-

sequence, the funding volume per round, with an

average of USD 12.23m, decreased by an astound-

ing 33% compared to the previous quarter. Never-

theless, Q3 2014 became the most active quarter

since this #payments section was established.

As in all past issues of this newsletter, North


in 2012. The additional infusion of capital brings

the company's total funding to over USD 500m.

With the huge amount of debt and private equity

funding, AvantCredit wants to support the growth

of its loan portfolio as well as the expansion of its

technology and data capabilities. Furthermore,

AvantCredit endeavours to attract top talents to

help shape the company’s future. AvantCredit

states to have a transparent and convenient

application process for their offering of personal

loans combined with a technology-driven

approach. Loan packages are tailored for each

customer based on a scoring system that consists

of several factors. With this, a customer has the

opportunity to be provided with the desired loan

within a period of one day. The startup supplies

personal loans between USD 1k and USD 20k in

nearly all US states and even operates in the UK

under the brand SpringCoin.com

The third largest funding was received by Strate-

gic Funding Source. The company, which was

founded in 2006, is also a financial marketplace

provider, yet pursues a different approach than

AvantCredit. The US-based startup is a leading

provider of direct financing to small and medium-

size businesses, not private borrowers. Pine Brook

Partners invested a total of USD 110.00m in pri-

vate equity in the company. This new investment

will provide Strategic Funding Source with access

to capital to promote future growth. Following

their B2B approach, the company provides work-

ing capital to a wide range of businesses such as

retailers, restaurants, hotels, and many others by

borrowing from banks and hedge funds. Utilising

its comprehensive technology platform, Strategic

Funding Source can process applications 24 hours

a day, increases an SME’s likelihood to receive a

loan by offering tailored financing solutions, and

can shorten the time required in the standard loan

application process.

particular, with a total funding of USD 109m,

faces high expectations from both investors and

market participants and similar to Square, these

will not be satisfied only through payment pro-

cessing services. Besides iZettle, the Swedish

startup market attracted a couple of other invest-

ments for companies like Safello (Bitcoin plat-

form), KnCMiner (Bitcoin wallets and mining

servers), Tink (personal financial management)

and FundedByMe (crowdfunding platform). Addi-

tional investments ranged geographically from

Finland (MePIN) to Turkey (iyzico) and France

(Weelo) to the Ukraine (Settle) with seed-financ-

ings dominating.

Although public interest declined a bit after the

public hype surrounding Bitcoin earlier this year

(analogous to the value of the asset), investors

are still very bullish on Bitcoin, judging by last

quarters funding rounds which mainly went into

companies that provide infrastructure such as

storage, wallets and exchange platforms.

Overall we believe that investor interest in Fin-

Tech will remain strong for the rest of the year. In

particular, those types of services that shall be

able to substitute or complement existing finan-

cial services provided by banks seem attractive

and will receive attention.

Taking into account the segment’s high funding

activity, a total of 29 funding rounds achieved by

financial market place providers, it can be

expected that this trend will continue.

Since VC-funding rounds in Europe are getting

traction and London, in particular, is receiving a

lot of buzz lately as the upcoming global FinTech-

hub, we are highlighting a few of last quarter’s

investments in the region. Aside from the previ-

ously mentioned Funding Circle, other well-

known names such as mobile payment companies

iZettle and SumUp were able to secure additional

funding – USD 6,80m and USD 13,0m respec-

tively – to finance their future growth. iZettle in

In the third quarter of 2014, an amazing total of 140

funding rounds were recorded. they account for a total (disclosed) volume of UsD 1.25bn in equity and UsD 478.18m in debt financing.

7

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Target (Country) Round Volume (USDm)

Investor(s) Funding (USDm)

Description

1 PhilSmile (HK) Seed n/D n/D n/D PhilSmile is a online money transfer service with focus on the Phillipino remittance market.

2 BitPay (US) A 30.00 TTV Capital, Felicis Ventures, Founders Fund, Horizons Ventures, Jerry Yang, Richard Branson, Index Ventures

32.50 Bitpay is a PSP enabling merchants to accept online Bitcoin payments.

3 Moven (US) A 8.00 New York Angels, Standard Bank, Route 66 Ventures, Anthemis Group, SBT Venture Capital

12.40 Moven provides consumers with mobile payment, banking and financial services as a one-stop shop.

4 iZettle (SE) 6.80 Intel Capital, Dawn Capital, Zouk Capital, Hasso Plattner Ventures

108.90 Sweden based iZettle provides a hardware solution for the (mobile) acceptance of peer-to-peer and consumer to business card based payments.

5 Credit Benchmark (UK) A 7.00 Index Ventures 7.00 Credit Benchmark offers a financial platform gathering credit risk information from global banks and aims to improve financial market benchmarks.

6 Xapo (US) A 40.00 Crypto Currency Partners, David Marcus, Jerry Yang, Yuri Milner, Max Levchin, Emergence Capital Partners, Yuri Milner, Index Ventures, Greylock Partners

60.00 Hong-Kong-incorporated and US-based Xapo offers a new new secure bitcoin storage solution consisting of an easy access wallet and a locked-down vaul.

7 Plastiq (US) B 10.00 Great Oaks Venture Capital, Flybridge Capital Partners, Atlas Venture, Khosla Ventures

18.30 Plastiq offers online payment services allowing users to use their credit cards regardless of merchant acceptance.

8 LoopPay (US) Venture Round

3.00 n/D 13.00 LoopPay provides a mobile wallet application for iOS (plus an additional piece of hardware) with which a consumer can make mobile payments at regular mag stripe reader POS.

9 LoopPay (US) Venture Round

n/D Visa 13.00 LoopPay provides a mobile wallet application for iOS (plus an additional piece of hardware) with which a consumer can make mobile payments at regular mag stripe reader POS.

10 TradeBlock (US) Seed 2.80 Chris Fischer, Bitcoin Opportunity Fund, Data Collective, Devonshire Investors, Y Combinator, FinTech Collective, Andreessen Horowitz

2.80 TradeBlock financial service platform providing a virtual currency data and analysis services.

11 Funding Circle (UK) C 65.00 Accel Partners, Union Square Ventures, Ribbit Capital, Index Ventures

123.20 Funding Circle operates a marketplace for C2B lending where consumers can lend their money to multiple SMBs in the UK.

12 Zooz (IL) B 12.00 Access Industries, Camp One Ventures, Rhodium, lool ventures, XSeed Capital, Blumberg Capital

16.50 Zooz offers an online payment solution for websites, Android and iOS apps where returning consumers are recognized and presented with a single click check-out across all participating merchants.

13 ModoPayments (US) A 2.00 n/D 2.00 Modo offers an API enabling developers to easy integrate a wide range of payment services into their own mobile app.

14 Cover (US) A 5.50 John McDonald, Mike Greenfield, Scott Belsky, Edward Zimmerman, Chris Muscarella, James Altucher, Andrew Kortina, naval Ravikant, Ben Leventhal, Dave Eisenberg, Josh Spear, Lerer Ventures, O'Reilly AlphaTech Ventures, Spark Capital

7.00 Cover is building a mobile payment application that lets user easily pay for restaurant bills or split bills among a group of friends.

15 LOYAL3 (US) D 30.20 n/D 50.70 Loyal3 provides an investment platform enabling consumers to invest in IPOs and stock without paying transaction or management fees.

16 Redline Trading Solutions (US)

Venture Round

5.00 n/D 12.50 Redline Trading Solutions develops software-based intelligent trading solutions.

17 Taulia (US) D 27.00 SEB Private Equity, DAG Ventures, Lakestar, Matrix Partners, Trinity Ventures, QuestMark Partners

62.70 Taulia offers cloud based invoicing, supplier payment and automated discounting for large purchasing companies.

18 AvantCredit (US) Debt 75.00 Tiger Global Management 29.00 Read more: http://www.crunchbase.com/organization/payrange#ixzz3BnA46xQh

19 AvantCredit (US) Debt 200.00 Victory Park Capital 104.00 Follow us: @crunchbase on Twitter | crunchbase on Facebook

20 WoraPay (LT) Seed 0.54 Entree Capital 0.66 WoraPay provides banks and payment institutions with an mobile payment ecosystem.

21 BioCatch (US) A 20.00 Blumberg Capital, OurCrowd 11.60 BioCatch provides a solutions to prevent online and mobile fraud with its behavioral biometrics technology.

22 Activehours (US) Seed 4.10 Felicis Ventures, Ribbit Capital 4.10 Activehous is a paycheck service, that gets you paid for hours you already have worked, although you are still expexting the latest paycheck.

23 Exchange Corporation (JPN) A 3.30 500 Startups, Cherubic Ventures, Recruit Strategic Partners, CyberAgent Ventures, Arbor Ventures

5.20 Japan-based Exchange Corporation developed the online payment service Paidy, allowing consumers to make a deferred payment without a credit card.

24 Prestadero (MEX) B 0,67 n/D 1.07 Prestadero provides a peer-to-peer online lending platform in Mexico, where consumers can apply for loans without a bank as intermediary.

25 TipRanks (IL) A 3.00 John Nakamura, Roni Michaely 3.00 TipRanks provides a technology-based analyst accountability engine, aggregateing, measuring, and ranking digitally published stock recommendations by analysts.

26 Thinknum (US) Seed 1.00 HKB Capital, 645 Ventures, Signature Capital, Bobby Yazdani, Green Visor Capital, 500 Startups, Pejman Mar Ventures

1.00 Thinknum provides an web-based platform for financial research and analysis adressing investors and traders.

venture capital activity & coMpany profiles Q3 2014

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27 Crowdcube (UK) B 6.50 Balderton Capital 6.50 Crowdcude is a UK based crowdfunding platform that allows private investors withaverage income to participate in equity funding rounds even with small amounts.

28 Koinify (US) Seed 1.00 Danhua Capital Brock Pierce, Park Venture, IDG Capital Partners

1.45 Koinify is a crowdfunding platform with a focus on investments into virtual currency projects.

29 Safello (SWE) Seed 0.25 Bitcoin Opportunity Fund 0.85 Safello is a high secure easy to use Bitcoin platform for crypto-rookies.

30 Sr. Pago (MEX) Seed 1.10 Andy Smith, Defense.net, Barrett Lyon, Jay Adelson, Revision3

1.10 Sr. Pago is a card based mobile acceptance and payment service that enables the transfer of accepted funds to a connected MasterCard.

31 Elliptic (UK) Seed 2.00 Octopus Investments 2.00 Elliptic is a high secure easy to use Bitcoin storage and management platform.

32 Dough (US) Venture Round

25.00 Technology Crossover Ventures 25.00 Dough is an option trading and investment platform that allows ist users to adapt investment strategies from professional traders.

33 Deem (US) H 50.00 PointGuard Ventures, Hony Capital 516.90 Deem provides cloud based B2B commerce-as-a-service solutions, e.g. card based offers, for SMBs and multinational companies.

34 TeleSign Corporation (US) B 9.00 Telstra Ventures (AVG) 78.00 TeleSign is and identity verification and fraud detection service that mainly relies on phone numbers.

35 POKK (IND) A 2.50 K Ganesh, Jungle Ventures, SingTel Innov8, JAFCO Asia

2.50 Pokkt is a content market place that allows users to earn credits by consuming advertisers content which they than can exchange for digital goods and content.

36 Wonder Technologies (US) Seed 0.80 K5Ventures, Rui Pereira, Michael MargoliesBril Flint, David Perry, Texas Halo Fund

0.80 Wonder Technologies is an App that links gift cards to payment cards and automacally redeems them at purchase.

37 PayRange (US) Venture Round

2.80 Philip nadel, Max Levchin, Osama Bedier 3.20 PayRange developded a BLE-based mobile payment solution for vending, parking, transit ticketing, laundry, amusement, and more.

38 AvantCredit (US) Debt 200.00 Jefferies Group 104.00 AvantCredit operates a web based consumer-lending business for short term loans of up to USD 20k.

39 Spoqa (KOR) B 3.90 Bokwang Investment, Daesung Private Equity 3.90 Seoul-based mobile loyalty platform Spoqa operates Dodo Points, a tablet-based loyalty platform for local merchants in Korea.

40 Ngpay (IND) n/D n/D Flipkart n/D Ngpay is an online store aggregator for brands that allows ist users to collect and redeem loyalty points by shopping via the ngpay app.

41 LaunchKey (US) Debt 0.05 n/D 0.75 LaunchKey enables secure user authentication on websites, applications, and other computer systems utilizing a smartphone or smart device.

42 SumUp (DE) B 13.00 Life.SREDA, BBVA Ventures, Groupon 33.00 SumUp provides a hardware solution for the (mobile) acceptance of peer-to-peer and consumer to business card based payments with chip&pin security.

43 Axial (US) B 11.00 First Round, Redpoint Ventures, Comcast Ventures 19.50 Axial is a professional network helping private companies to access capital by connecting them to a qualified network of investment professionals and financial intermediaries.

44 Pollen (US) Venture Round

27.00 n/D 27.00 Pollen provides C2FO market, a working capital exchange for companies all across the world.

45 BlueVine (US) Venture Round

1.50 n/D 5.50 BlueVine is a online money lender adressing SMEs helping them to overcome their short-term cash flow challenges.

46 Zumigo (US) B 6.00 Wells Fargo Startup Accelerator, Aligned Partners, Intel Capital

7.70 Zumigo provides a financial transactions verification service by leveraging location and network data.

47 EyeVerify (US) A 6.00 Wells Fargo Startup Accelerator, Sprint, Wells Fargo & Company, Samsung Electronics, Qihoo 360 Technology

9.70 EyeVerify provides an eye print verification solution for mobile devices.

48 QikServe (GER) Venture Round

0.88 Scottish Investment Bank, Equity Gap 1.70 QikServe offers a cloud-based mobile payment app for iPhone and Android in the hospitality sector.

49 8 Securities (HK) B 9.00 Route 66 Ventures, Leitmotiv Private Equity, Velocity Capital Private Equity

21.50 8 Securities provides a stock trading and financial management platform extended social component that allows investors to interact with each other.

50 Moneysoft (UK) Seed 1.40 n/D 1.40 Moneysoft provides a money management app allowing users to access information from various accounts with banks and other financial institutions.

51 vogogo (CAN) Venture Round

8.50 Canaccord Genuity Corp, Beacon Securities, Clarus Securities, Salman Partners, Cormark Securities Inc.

8.50 Canada-based vogogo is a payment service provider offering a web-based payments collection service.

52 Capital Float (IND) Seed 1.00 SAIF Partners 3.00 CapitalFloat offers corporate loans and working capital financing for Indian SMEs via fast and convenient online scoring and application.

53 SecureAuth (US) Venture Round

10.00 Toba Capital 28.00 SecureAuth develops multi-factor authentication and security software.

54 Square (US) n/D n/D Victory Park Capital 440.50 Square provides a hardware dongle turning regular smartphones into POS as well as apps for mobile payments and acceptance.

55 FeeX (ISR) B 6.50 Blumberg Capital, Horizons Ventures 9.50 FeeX identifies hidden fees for consumers' retirement savings plans and offers alternative crowd sourced saving plans.

PayRange A

Avant Credit A

Spoqa A

EyeVerify ?

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56 Weeleo (FRA) Seed 0.04 Bpifrance 0.06 Weeleo allows ist users to agree upon the exchange of currencies to an online set exchange rate while exchanging the funds offline.

57 Omise Co. Ltd. (THA) Seed 0.30 East Ventures 0.30 Omise is an online payment provider for the growing e-commerce market in South East Asia.

58 LendLayer (US) Seed 0.40 n/D 0.40 LendLayer is a social lending platform to finance educational bootcamps for aspiring programmers in the IT industry.

59 BlockTrail (NTH) Seed 0,67 BlockCorp 0,67 Blocktrail is a Bitcoin intelligence and research platform.

60 Toopher (US) Venture Round

0.79 n/D 2.80 Toopher uses smartphones location-based identtiy verification to prevent online fraud and identity theft as one source for Risk Management.

61 BitX (IND) Seed 0.80 Carol L. Realini 0.80 BitX provides a Bitcoin storing wallet as well as Bitcoin acceptance services for merchants.

62 GROUnDFLOOR (US) Seed 1.00 n/D n/D GROUnDFLORR is a platform that facilitates asset backed private loans in realestate.

63 Chain (US) A 9.50 500 Startups, Barry Silbert, Kevin Ryan, Scott Banister, Pantera Capital, Homebrew (and more)

13.70 Chain provides an easy access API to the Bitcoin blockchain that allows developers to simply integrate integrate bitcoin protocol.

64 Transactis (US) D 11.00 StarVest Partners, Safeguard Scientifics 36.70 Transactis is an online payment and secure document storage platform that focuses on facilitating bill payments.

65 NextCapital (US) Venture Round

6.10 n/D 6.10 NextCapital is a full service and easy to use online investment and brokerage platform.

66 FlexWage Solutions (US) Venture Round

3.50 n/D 3.50 FlexWage is a card based payroll service that enables dispurses wages and payday lending to a linked credit card.

67 Portfolia (US) A 1.50 Sand Hill Angels, Astia Angels, Life Science Angels 1.50 Portfolia is a startup investment platform for institutional investors and investment rookies.

68 Fundrise (US) Crowd- funding

0.99 Crowdfunding 34.00 Fundrise is a platform for crowd investments in real estate at competitive costs in the US.

69 Mirador Financial (US) Seed 1.50 n/D 1.50 Mirador is a machine learning based risk assessment software solution for online SMB lending providers.

70 Bluedot Innovation (AUS) A n/D n/D 0.92 Bluedot is a B2B software solution for advanced GPS localization and related payment and commerce functionalities.

71 Bitbond (DE) Seed 0.27 Nelson Holzner, Point Nine Capital 0.27 Bitbond is a Bitcoin based peer-to-peer lending platform.

72 Unocoin (IND) Seed 0.25 Barry Silbert 0.25 Safello is a Bitcoin exchange platform that enables offline and paper storage of Bitcoin.

73 CashSentinel (CH) Seed 0.17 n/D 0.65 CashSentinel is a mobile escrow service application for car dealers and their customers.

74 Payfont (UK) n/D 0.17 Scottish Enterprise funding n/D Payfont offers high secure data storage services to prevent identity theft from secure databases.

75 Settle (UKR) Venture Round

1.50 Life.SREDA 1.50 Settle is a Ukrainian mobile acceptance app that allows users to pay and settle their bills in venues with their mobile phone.

76 Acccess Technology Solutions (US)

Venture Round

25.50 Tritium Partners 25.50 access is an e-commerce enabler that offers international logistic, as well as localization and payment services.

77 iyzico (TUR) B 1.40 212 Limited 3.20 Iyzico is a enables the acceptance of online payments with fast onboarding.

78 SpotOnWay (ITA) Seed 0.29 LVenture Group 0.37 SpotOnWay is a location based couponing/ voucher solution for small merchants that uses facebook to spread among peers.

79 Clinverse (US) C 9.10 Hatteras Venture PartnersEdison Partners

15.60 Clinverse is an online payment service to facilitate manage and compensate participation in clinical trials.

80 Korbit (KOR) A 3.00 Softbank Ventures Korea, Pantera Capital, BAM Ventures, Tim Draper, Pietro Dova, Strong Ventures

3.97 Seoul-based Korbit is South Korea’s largest Bitcoin exchange company.

81 Ayondo (DE) Venture Round

4.00 Luminor Capital 4.00 Ayondo is a German based CFD trading and investment platform that allows ist users to incorporate investment strategies from professional analysts in investment decision.

82 Knox Payments (US) Venture Round

0.63 n/D 1.60 Knox payment offers online ACH payments via an online interface for partnering banks' customers at merchant checkouts at a fixed pricing.

83 Payteller (US) Venture Round

25.00 ISS Management LLC 25.00 Payteller offers instant issuing, mobile top-up, bill payment and loyalty solutions especiallly for underbanked and unbanked in Latin Amerika.

84 Socure (US) A 2.50 n/D 4.70 Socure offers fraud prevention, identity proofing and risk management solutions through scoial scoring for financial institutions and e-commerce merchants.

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85 MakeLeaps (JPn) Angel 0.60 Dave McClure, Richard Chen, Naval Ravikant 0.60 MakeLeaps is online invoicing software for freelancers and businesses in Japan.

86 Visio Financial (US) Venture Round

1.80 n/D 6.50 Visio Financial Services offers loans for buying, remodelling or refinancing properties based on home value and without credit or income check in the US.

87 FreeCharge (IND) B 33.00 ru-Net Holdings, Sofina, Sequoia Capital 33.00 FreeCharge allows it's Indian users to top-up their prepaid mobile plans online and receive coupons in exchange - making the top-up virtually free.

88 AirSig Technology (JPN) Seed 2.00 Foxconn Technology Group 2.00 AirSing Technology developed a authentication app based on an individuals signature written in the air and recorded by using the g-sensors in gyroscopes in smartphones.

89 IEX Group (US) C 75.00 Cleveland Capital Management, TDF Ventures, MassMutual Ventures, Steve Wynn, James H. Clark, Franklin Templeton Investments

100.90 IES Group provides an equity trading marketplace owned exclusively by hedge funds, mutual funds, family offices and individuals.

90 KnCMiner (SWE) A 14.00 Creandum 14.00 KnCMiner offers digital wallets and mining servers for bitcoin and crypto currencies.

91 Strategic Funding Source (US)

Private Equity

110.00 Pine Brook Partners 110.00 Strategic Funding Source provides working capital financing and asset backed loans for North American SMEs.

92 SyndicateRoom (UK) Crowd- funding

10.00 Crowdfunding 10.00 SyndicateRoom is a UK based crowdfunding platform for sophisticated investors and high net worth individuals to invest in start-ups and projects.

93 ItzCash Card Ltd. (InD) C 15.00 n/D 15.00 ItzCash Card is a prepaid cards, online payment and gifting company addressing the under banked in India and Asia.

94 Wecash (CHN) Seed 6.50 IDG Ventures 6.50 WeCash is a China based start-up that derives online credit scorings from big data analytics from mobile internet users.

95 Instabank (RUS) Seed 0.05 MasterCard Start Path Accelerator 0.45 Instabank is a Moscow based direct banking app that allows for easy expense tracking, transactions and up to 10% APR interest on balances.

96 MePIN (FIN) Seed 0.05 MasterCard Start Path Accelerator 1.80 MePIN is a mobile 2-factor authentication tool that facilitates high secure procedures like messaging, payments and online account access.

97 Moqom (IRE) Seed 0.05 MasterCard Start Path Accelerator 0.05 Moqom provides fraud and risk management, authentication as well as customized security services for financial institutions and telecoms.

98 ZenCard (PLn) Seed 0.05 MasterCard Start Path Accelerator 1.00 ZenCard is a mobile couponing and loyalty app that uses integration with payment card providers to increase consumer targeting for offline retailers.

99 Cignify (US) B n/D American Express Ventures, Omidyar Network 1.50 Cignify develops marketing and default scorings based on cellphone usage data especially for underbank markets like Africa and Latin America.

100 Red Dot Payment (SNP) A n/D Wavemaker Pacific, Global Payment Fund n/D Red Dot Payment is a Singapore based full scale payment service provider that allows merchants and financial institutions to accept online payments.

101 Scorista (RUS) Seed n/D Life.SREDA n/D Scorista provides qualitative default scorings as a report on an API basis to facilitate lending decisions.

102 Kueski (MEX) Seed 1.30 Core Ventures Group, CrunchFund 1.30 Mexican Kueski provides online short-term micro-loans to Latin Americans.

103 Authy (US) Seed 3.00 Salesforce Ventures, StartCaps Ventures, AngelList, Salesforce, Data Collective, Digital Garage, Winklevoss Capital, CrunchFund, Sam Yagan, Aaron Levie

3.80 Strong authentication service Authy provides two factor authentication to consumers and businesses.

104 Tink (SE) A 4.00 Sven Hagströmer, Sunstone Capital 4.00 Tink is mobile app that enables an individual to playfully manage its personal finances, by linking the app to banks accounts and credit cards.

105 Jimubox (CHN) B 37.20 Magic Stone Alternative, Ventech China, Vertex Venture Holdings, Matrix Partners China, Shunwei China Internet Fund, Xiaomi

47.20 Jimubox is an online P2P lending service in China.

106 AssetAvenue (US) Seed 3.00 Launchpad LA, BAM Ventures, VECTR, netEase.com, Matrix Partners

3.00 AssetAvenue is a leading online P2P lending platform in the real estate sector.

107 TrueAccord (US) A 5.00 Raymond Tonsing, Hunter Walk, Khosla Ventures, Homebrew, Bryan Johnson, Max Levchin

5.00 TrueAccord offers a data analytics based service to turn debt collections into a recovery and reconciliation process, rather than a confrontation.

108 Auth0 (US) Seed 2.40 K9 Ventures, Bessemer Venture Partners, Portland Seed Fund, nXTP Labs

2.40 Auth0 provides an Identity-as-a-Service Solution enabling App developers to easily integrate authentication and authorisation services.

109 LightSpeed (CAn) B 35.00 Accel Partners, iNovia Capital 65.00 POS software developer LightSpeed develops a mobile payments service.

110 HomeUnion Services (US) A 5.00 Artiman Ventures 5.50 HomeUnion Services is a real estate investing online platform.

111 Payoneer (US) Venture Round

1.00 Nyca Partners 40.00 Payoneer is a corporate pay-out solution that facilitates international online payments to suppliers and service providers.

112 FundedByMe (SWE) Seed n/D Link Ventures 0.54 FundedByMe is a Sweden-based crowdfunding platform connecting investors and entrepreneurs.

113 Ping Identity Corporation (US)

Series G 35.00 Appian Ventures, Triangle Peak Partners, Volition Capital, W Capital Partners, SAP Ventures, General Catalyst Partners, Draper Fisher Jurvetson, Ten Eleven Ventures, KKR

115.00 Ping Identity Corporation provides a cloud-based identity management service for companies and government organizations.

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114 Gem (US) Seed 2.00 KEC Ventures, Metamorphic Ventures, Amplify.LA, James Joaquin, Crypto Currency Partners, BitcoinShop, WaveMaker Labs, Baroda Ventures, Idealab, Birchmere Labs, RRE Ventures, Tekton Ventures, First Round

2.10 Gem provides developers with a Bitcoin platform, eliminating the pain of building Bitcoin security infrastructure into their apps.

115 Traxpay (GER) B 15.00 Castik Capital Partners, Apax Partners, Earlybird Venture Capital, Software AG, Commerzbank

19.00 Traxpay deleoped a 24/7 dynamic B2B payment solution to accelerate transactions.

116 Robinhood (US) A 13.00 nasir "nas" Jones, Ribbit Capital, Jared Leto, Snoop Dogg, Aaron Levie, Dave Morin

16.00 Robinhood develops a mobile stock trading application with 0% fees for transactions by leveraging technology and reducing overhead.

117 Wealthsimple (CAN) Seed 1.90 Christian Lassonde, Impression Ventures, Dan Debow, David Ossip, Roger Martin, Joe Canavan

1.90 Wealthsimple is an intuitive online investment platform with the mission to make investing accessible to everyone.

118 Netero (US) Seed 0.15 n/D 0.15 Netero is a phone based international money transfer service, transmitting cell phone airtime or prepaid store credit.

119 Patch of Land (US) Dept 0.13 n/D 1.50 Patch of Land brings together institutional investors and private borrowers to exchange funds for asset backed loans on their online platform.

120 DipJar (US) Seed 0.42 Bob Mason, Mike Dornbrook, Joe Caruso, Warren Katz, Will Herman, Project 11

0.42 DipJar is is a mobile acceptance solution with the aim to facilitate tip-giving in stores accross North America.

121 Credit Karma (US) C 75.00 Susquehanna Growth Equity, Tiger Global Management, Google Capital

193.00 Credit Karma allows users to access their credit filing fore free as well as debt management and tools for tracking and optimization of ones personal credit score.

122 Taulia (US) D 13.00 BBVA Ventures, EDBI 75.70 Taulia offers cloud based invoicing, supplier payment and automated discounting for large purchasing companies.

123 Coinify (US) Seed n/D Seed Capital n/D Coinify is a mobile application that compensates it users for receiving adertizements in form of push notifications.

124 InstaMed (US) n/D 15.00 n/D 77.20 InstaMed is an online and mobile payment provider for hospitals and practices that allows patients to easyly pay for treatment or insurance bills and keep track on their expenses.

125 SolidXPartners (US) Seed 3.00 Red Sea Ventures, Liberty City Ventures, Red Swan Ventures 3.00 SolidXPartners enables finacial institutions to invest in and trade Bitcoin and other virtual assets by providing technical access, swaps and advisory services.

126 Prestiamoci (US) Seed 0.57 Digital Magics 1.26 Prestiamoci is a P2P lending platform that crowdfunds loans and allows for diversification by braking down the loan into small tickets/shares among various Investors.

127 Coinplus (LUX) Seed 0.22 n/D 0.41 Coinplus is a provider of secure Bitcoin storage and payment processing.

128 Bionym (CAN) A 14.00 Salesforce Ventures, MasterCard, Export Development Canada, Relay Ventures, Ignition Partners

15.40 Bionym develops biometric and authentication technologies and applications for consumer electronics.

129 BillGuard (US) Conver- tible Note

3.50 OurCrowd 16.50 Billguard allows its users to aggregate various credit card accounts and monitor their activity and spending behaviour, the spending behaviour then is used to generate personalized coupons.

130 Invoice2go (AUT) A 35.00 Ribbit Capital, Accel Partners 35.00 Invoice2go is a service that allows easy issuing and tracking of invoices f or small merchants.

131 Nubank(BRA) A 14.30 Kaszek Ventures, Sequoia Capital 14.30 Nubank is a Brazil based provider of smart credit card that is connected to a mobile app and lets ist users track their expenses.

132 iMoney Group (MYS) B 4.00 n/D 4.00 iMoney Group operates a financial comparison site for consumers that are looking for loans or credit cards, working together with the major banks in Malaysia.

133 The Credit Junction (US) Seed 2.00 GLI Finance 2.00 The Credit Junction is a working capital financing platform for SMEs.

134 OmnyPay (US) Seed 1.50 GIV Management 1.50 OmnyPay is FirstData's online payment provider and a white label solution that mainly addresse acquiring banks.

135 CrowdStreet (US) Seed 0.80 Seven Peaks Ventures, Green Visor Capital 0.80 CrowdStreet allows accredited investors to analyse and jointly invest in real estate across the US via ist platform.

136 Moka (IDO) Seed n/D East Ventures n/D Moka is an Asian mobile acceptance provider that has yet to launch it service.

137 Dwolla (US) D 9.70 Village Ventures, Union Square Ventures, Andreessen Horowitz, CME Group

32.50 Dwolla is establishing a separate payment network for online payments offering peer-2-peer money transfers as well as B2C payments.

138 Fundrise (US) A 7.00 Haniel Lynn, Debbie Harmon, Michael Gerwiz, Jon Schulz, Terrence Rohan, Debbie Ratner Salzberg

41.00 Fundrise is a platform for crowd investments in real estate at competitive costs in the US.

139 Baremetrics (US) Seed 0.50 General Catalyst Partners 0.50 Baremetrics is an analytics provider that crunches merchants Stripe (PSP) data to help them draw conclusions for their businesses.

140 Duo Security (US) B 12.00 Benchmark 19.00 Duo Security offer easy to integrate 2-factor authentification via smartphone.

source InnOVALUE Research, based on publicly available information

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deal activity M&a

Date Announced

Target Company (Country) TC Industry Buyer(s) (Country) Transaction value (USDm)

1 3/7/2014 Global Collect Services (nL) Provides electronic payment services Ingenico (FR) 1119.7

2 3/7/2014 TK Global Partners (USA) Provides online payment processing and money Optimal Payments (UK) 210

3 3/7/2014 Global Merchant Advisors (USA) Provides offer payment processing solutions Optimal Payments (UK) 15

4 9/7/2014 Diebold Eras (USA) Provides payment processing solutions for regional banks, community banks and credit unions

CheckAlt Payment Solutions (USA) n/D

5 12/7/2014 Caviar (USA) Provides online food ordering and tracking services Square (USA) 100

6 18/7/2014 CardSpring (USA) Provides payment network services Twitter (USA) n/D

7 18/7/2014 Venda (UK) Develops e-commerce business solutions NetSuite (USA) n/D

8 16/7/2014 eGistics (USA) Provides a scalable data archival solution for the financial services and healthcare industries

Top Image Systems (IL) 18

9 21/7/2014 Retail Decisions (UK) Provides card fraud prevention and payment processing services

ACI Worldwide (USA) 204.7

10 30/7/2014 TouchNet Information Systems (USA) Provides commerce management software solutions Heartland Payment Systems (USA) 375

11 23/7/2014 WSILC (USA) Provides banking services Cardtronics (USA) 160

12 31/7/2014 Gyft (USA) Develops a gift card digital platform for consumers and retailers

First Data (USA) n/D

13 31/7/2014 MeinProspekt (GER) Provides brochure advertising services Axel Springer (GER) n/D

14 4/8/2014 K.D.K. Softwares (IND) Provides professional tax filings and e-filing solutions Intuit (USA) n/D

15 7/8/2014 Intelligent Capture (UK) Provides document scanning and optical character recognition services

Proactis (UK) 2.6

16 8/8/2014 SafeNet (USA) Develops hardware and software information security products

Gemalto (nL) 890

17 12/8/2014 Payzone Nordic (SE) Provides consumer payment acceptance network services Nets (DK) n/D

18 14/8/2014 Comdata (USA) Provides electronic payment services FleetCor Technologies (USA) 3360

19 14/8/2014 Global Bay Mobile Technologies (USA) Provides mobile data collection software solutions Manhattan Associates (USA) n/D

20 14/8/2014 Slice Technologies (USA) Retrieves information from electronic receipts of customer's inbox to create applications

Rakuten (USA) n/D

21 15/8/2014 Leaf (USA) Provides mobile point of sale solutions Heartland Payment Systems (USA) n/D

22 18/8/2014 Blockr.io (SLO) Provides block explorer services for online transaction Coinbase (USA) n/D

23 19/8/2014 NagraID Security (CH) Manufactures and markets powered display cards for the security and identification industry

Oberthur Technologies (USA) n/D

24 20/8/2014 Maxie Mobile (USA) Provides mobile payment solutions Global Payout (USA) n/D

25 26/8/2014 EFT Source (USA) Manufactures ATM and debit cards for the financial payments industry

CPI Card Group (CA) n/D

26 2/9/2014 MTI Money Transfer (UK) Provides money transfer services MoneyGram (USA) n/D

27 3/9/2014 Innovate Payments (UAE) Provides online payment services Telr (SGP) n/D

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Date Announced

Target Company (Country) TC Industry Buyer(s) (Country) Transaction value (USDm)

28 3/9/2014 3pay (TR) Offers mobile payment services Wirecard (GER) 34.4

29 3/9/2014 Clear2pay (BEL) Provides electronic payments solutions FIS (USA) 492.7

30 5/9/2014 iSignthis (AUS) Provides online identity authentication and payment verification services

Otis (AUS) 0.3

31 8/9/2014 The Logic Group (UK) Specializes in the secure management of information and transactions

BarclayCard (UK) n/D

32 9/9/2014 Nexxo (USA) Provides money transfer solutions for consumers MoneyGram (USA)

33 11/9/2014 GFX Partners (CA) Provides foreign exchange and global payment services AFEX (USA) n/D

34 15/9/2014 Cardlab (USA) Provides customizable prepaid incentive and rewards cards

Blackhawk (USA) n/D

35 16/9/2014 Ezidebit (AUS) Provides recurring payment solutions Global Payments (USA) 275.4

36 17/9/2014 Paystation (NZ) Provides online credit card payments service Trade Me (NZ) n/D

37 17/9/2014 Welcome Real-time (FR) Provides solutions for smart payment devices The Collinson Group (UK) n/D

38 17/9/2014 BuyCode (IL) Develops image recognition shopping application SLYCE (CA) n/D

39 18/9/2014 Santa Barbara Tax Products (USA) Provides financial products and processing services to the tax preparation industry

Green Dot (USA) 320

40 18/9/2014 EzeATM (AUS) Specializes in the installation and maintenance of automatic teller machines

DirectCash Payments (CA) 9.3

41 22/9/2014 Brink Software (USA) Provides cloud based point of sale software solutions for restaurants and cafes

PAR Technology (USA) 17

42 22/9/2014 Maxipago (BRA) Provides payment collection services Redecard (BRA) n/D

43 22/9/2014 TechXpress (USA) Provides e-commerce solutions Spendsmart (USA) n/D

44 22/9/2014 Ingram Micro (SE) Provides mobile prepaid airtime services Seamless (SE) 0.6

45 25/9/2014 Parago (USA) Provides promotional marketing services Blackhawk Network Holdings (USA) 291

46 25/9/2014 Samport (SE) Provides payment solutions Nordic Capital (SE) n/D

47 29/9/2014 Shopkick (USA) Develops mobile applications SK Telecom (KR) 200

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about innovalue ManageMent advisors

InnOVALUE is a leading strategic management advisory firm dedicated to the financial services

industry. InnOVALUE’s clients are global ornational market leaders, regional specialists, innovators

and entrepreneurs that have trusted InnOVALUE for over a decade as their preferred advisors. In the

three practices - Payments, Banking and Insurance - InnOVALUE has a distinctive industry know-how

based on years of experience, deep and tested insights and established methodologies. The industry

practices are complemented by two cross-functional service lines: Corporate Finance and InnOVALUE

Solutions.

In the payments practice our clients range from high-growth mobile payment startups to established

financial institutions or telecom companies and from cutting-edge strategic players to high-profile

private equity and venture capital investors. We develop and implement tailored solutions on topics

of strategic importance – including Growth, Efficiency and M&A – on engagements across Europe and

beyond. Our clients uniquely benefit from the passion of our consultants in the payments industry,

through extensive international project experience, methodologies and the use of very current and

pertinent data and benchmarks.

ANDREAS HABERSEtzER Partner

InnOVALUE Management Advisors Ltd.3 More London RiversideLondon, SE1 2REUnited Kingdom

e-Mail [email protected]

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