PitchBook-2024年金融科技会议的核心见解和收获（英）-2024.docx

rPitchBookPitchBookData,Inc.JohnGabbertFounder,CEONizarTarhuniVicePresident,InstitutionalResearchandEditorialPaulCondraHeadofEmergingTechnologyResearchInstitutionalResearchCroupAnalysisRudyYangSeniorAnalyst,EmergingTechnologyrdyyangpbinsMtutionalrescarchEMERGINGTECHRESEARCHCoreInsightsandTakeawaysFromFintechMeetup2024Arecapofkeythemes,discussions,andconversationsPitchBookisaMorningstarcompanyprovidingthemostcomprehensive,mostaccurate,andhard-to-finddataforprofessionalsdoingbusinessintheprivatemarkets.PublishingDesignedbyJuliaMidkiffPublishedonMarch14,2024ContentsKeytakeaways1Conferenceoverview2Investorperspectives3Keythemesinfocus4Meetingnotes7Keytakeaways Generatingalpharemainschallengingforinvestors,butmanyGPsarestillraisingnewfundsanddoublingdownontheirthesesinfintech.OpportunitiescurrentlyfavoredbyVCsareprimarilyingenerativeartificialintelligence,embeddedfinance,payments(real-timetransactionsandcross-borderpayments),andwealthtech(alternativeassetsandta×estateplanning).Otherwell-likedareasincludebanktechnology,CFOstack,andcryptospecificallyinstablecoinsandcentralbankdigitalcurrencies.Conversely,manyinvestorscontinuetoshyawayfromB2Cmodels,neobankszandlending. Valuationdiscrepanciesstillexistbetweeninvestorsandcompanies,contributingtoaslowerrateofVCdealsandacquisitions.Still,Ql2024hasseensomenotableVCdealsfromMonzoandSyncterazaswellasacquisitionsincludingCapitalOne/Discover,Nationwide/VirginMoney,andBarclays/TescoBank. Thegrowingregulatorycrackdowninthebanking-as-a-servicesectorwasviewedinapositivelight,andmoresoasanevolutionaryphasenecessaryforabetterfutureforbank-fintechpartnerships.Theoverwhelmingconsensusattheconferencewasthatbank-fintechpartnershipswillcontinuetobethepreferredmodelandthatbanking-as-a-servicewillremainessentialtohelpingbothbanksandfintechcompaniesfindsuccess. Paymentscontinuestobeasectorthatseesampleopportunitiesandsignificantdeploymentofventurecapital(thesectorraised$3.0billioninVCin2023excludingStripe,s$6.9billiondeal).Discussionsinthissectorprimarilyrevolvedaround(1)instantpayments,(2)openbankingandaccount-to-accountpayments,and(3)cross-bordertransactions. Thefintechindustrycontinuestoseeamassexplorationofgenerativeartificialintelligenceopportunities.Mostoperationalusecasesstillappeartobeprimarilygearedtowardcreatinginternalefficiencies.Beyonddrivingoperationalexcellence,wearenowseeingmorecompaniesevaluatehowtheycanenhanceproductfeaturesandbolstercustomer-facingservices. AI&M1.willcontinuetoplayasignificantroleinthelendingindustry.Innovatorsinunderwritingarecontinuingtoenhancetheirmodelsbyincorporatingalternativedatasetssuchastransactiondataorpayrolldata.Generativeartificialintelligencewillnotplayaroleinmakingtheenddecisionsforlending,butitwillbeausefultooltohelpwithfunctionssuchaspre-processingunstructureddataorforautomatedfeatureengineering.ConferenceoverviewFintechMeetupisanannualconferencethattakesplacein1.asVegas.Thisyear,seventranfromMarch3toMarch6andsawparticipationfrommorethan4z300attendees,200speakers,and350sponsors.FintechMeetupuniquelyfocusesonenablingconnectionsandoptimizingone-on-onenetworkingthroughtech-facilitatedmeetings.Morethan46z000scheduledmeetingsoccurredattheconferencebetweenfintechstartups,investors,analysts,bankszcreditunions,retailers,largetechnologycompanies,andlawfirms.Inthesectionsbelow,wehighlightkeytopicsanddiscussionsfromtheconferenceaswellasthemaintakeawaysfromourmeetingswithotherparticipants.Industryoutlook1.ookingbacktoQ42023zthefintechindustryappearedtobedominatedbyaprevailingsenseofpessimism.Thisnegativeoutlookwaslargelybecauseofchallengingmacro-levelfactors;significantlylowervaluationsforsomefintechs,alackofM&AandIPOszhigherinterestrates,lowercapitalavailability,andheightenedgeopoliticaltensionsbroughtfintechVCdealvaluedown43.8%YoYto$34.6billionin2023.Valuationlevelsremainedinflux,creatingahurdleforcompletingadditionalVCinvestmentsandM&Adeals(werecordeda45.8%YoYdeclineinNorthAmericanfintechM&Adealactivityto$28.3billionin2023).Further,oneofthebiggestscaresthatemergedinQ42023wasthegrowingturmoilinthebanking-as-a-service(BaaS)industry.Anincreasingnumberofconsentordersissuedtosponsorbankshighlightedalackofproperriskmanagementformanyfintechcompaniesandtheirpartnerbanks,leadingtothereductionofmanyBaaSprograms,whichthreatensthebackboneofmanyfintechsolutions.However,FintechMeetup2024suggestedthatindustrystakeholdersarenowadoptingamorepositiveviewofthesector'strajectory.Venturecapitalistsexpressedoptimismaboutcontinuingtoinvestinthesector,whilestartupsandoperatorsremainedpassionateabouttheproblemstheyareattemptingtosolve.Furthermore,thegrowingregulatorycrackdownintheBaaSsectorwasviewedinapositivelightasanevolutionaryphasenecessaryforabetterfutureforbank-fintechpartnerships.Thesectorhasalsorecentlyseenbrightspotsindeals.Alongsidetheconference,BaaSstartupSyncteraannouncedaSeriesAextensionof$18.6million(co-ledby1.ightspeedVentureP