[premoney mena 2015] commerce ventures >> dan rosen, "the next great disruptor: fintech...
TRANSCRIPT
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Fintech Fixes…& Fortunes
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Sector FocusStrategic
Investors & Advisors
Average Initial Investment< $1 Million
$40 Million Venture Fund
Early Product-Market Fit
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Dan Rosen
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STRONG DEAL FLOW
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DAN RAVEHVice PresidentGoogleViola Private EquityWharton MBA
Our Team
*Employees of Aduro Advisors, which provides Commerce Ventures’ back offices services
NIKHIL RAJVenture PartnerWalmartKosmixHarvard MBA
BRAUGHM RICKECFO*True VenturesAbout.meUC Davis
ANDREA FITZHENRYExecutive AssistantHighland CapitalSullivan & CoglianoMCLA
SHELLEY RUBINOController*DeloitteKeyCorpUniv. Of Akron
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PETE KIGHT
(Acquired for $4 BILLION by Fiserv)
BOARD MEMBER:
FOUNDER / CEO
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EDUARDO CASTRO-WRIGHTCEO / VICE CHAIRMAN
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SCOTT THOMPSONPRESIDENT / CEO
BOARD MEMBER:
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SCOTT THOMPSONCEO, ShopRunnerCEO, Yahoo!*President, PayPal*
PETE KIGHTVice Chair, Fiserv*Founder & CEO, CheckFree (IPO)*
ANIL AGGARWALChairman, Money2020CEO, TxVia (Acq’d by Google)*CEO, Calrity (Acq’d)*
TOM LITLECEO, Litle & Co (Acq’d by Vantiv)*Founder, Industry Ventures*
ERIC DUNNEVP Payments, Intuit Early CFO & CTO, Intuit*
SCOTT SHAWVice Chair, Kessler GroupInvestor: Ozumo, Usushi, Aliaswire
SCOTT LOFTESNESSPartner, GlenbrookGM, First Data Merchant Services*Strategy & Int’l, Visa*
VINCE PASSIONECEO, LendKeyCOO, DealerTrack*President, AmeriTrade*
KAREN WEBSTERCEO, Market Platform DynamicsPresident, PYMNTS.com
Our Network
MIKE WALSHCEO, CyberSource(Acq’d by Visa)*Advisor, Warburg Pincus
GREG COHENPresident, iPaymentCRO & CSO, Cayan*President, Moneris*
JOHN MCDONNELLCEO BitnetVP, BD at CyberSource(Acq’d by Visa)*
EDUARDO CASTRO-WRIGHTVice Chair, WalMart*CEO, WalMart, USA*
TODD KRASNOWHighland ConsumerSVP Marketing, Staples*
*Indicates previous position
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CORPORATE INVESTOR 1
•Largest issuer of prepaid debit accounts in the U.S. (75 million cards in circulation)
•$232 billion of annual payment volume•Customers include:
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CORPORATE INVESTOR 2
•Leading provider of tech and processing to the financial services industry
•$5 billion in 2014 revenues•Leader in electronic bill pay and ACH processing, moving $1 Trillion each year
•Account processor for 1/3 of all U.S. FIs•Power 145 million deposit accounts and 75 million online banking users
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CORPORATE INVESTOR 3
•5th largest homeowners insurer, 6th largest auto insurer
•8th largest U.S. credit card issuer, 26th
largest bank•Over 10 million members•$25 billion of net worth•Top-ranked bank in Net Promoter Score
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STRONG DEAL FLOW• LOTS OF IT
• 1000+ investment opportunities since launch
• EARLY STAGE• 99% Seed or Series A
• PROPRIETARY• 65%+ of opportunities from proprietary sources
• RELEVANT• 90%+ of deal flow in FinTech & Commerce
CONFIDENTIAL
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UNIQUE FUND 1 PORTFOLIO
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$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
$300,000,000
$35 Million
$80 Million
$141 Million
$281 Million
2013ACTUAL
2015EXPECTED
2016PLAN
2014ACTUAL
NOTE: Includes all revenues from entire active portfolio
PROMISING RESULTS
STRICTLY CONFIDENTIAL
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WHAT’S GOING ON IN FINTECH?
CONFIDENTIAL
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FINTECH IS EXPLODING…
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…AND NOT JUST IN U.S.
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...AND NOT JUST BY VCs
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INCUMBENTS ARE ENGAGED
CONFIDENTIAL
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...SO EXITS ARE STRONG
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...FINTECH IS HOT!!
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WHY?
CONFIDENTIAL
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SHIFT TO MOBILE BANKING
50
60
70
80
90
100
110
2013 2014 2015 2016
MILLIONS OF U.S. ADULTS USING MOBILE BANKING
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•72 million Americans, 18-34•85%++ own smartphones•Digital (Mobile) vs. Physical•Personalized vs. Broadcast•$1 Trillion of student debt, BUT…•Will account for $10T of lifetime purchasing power
MILLENNIALS
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MILLENNIALS
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MILLENNIALS
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MILLENNIALS
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BIG BANKS INVESTING
US Banks to spend $62B on IT in 2015
•Top 4 U.S. Banks EACH spend $7-10 billionannually on Technology
SOURCES: Celent, Information Week, Bloomberg, WSJ
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NEW ENTRANTS:
12M+ users
10M+ users
CONFIDENTIAL
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CONFIDENTIAL
NEW ENTRANTS:
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CONFIDENTIAL
NEW ENTRANTS:
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OPPORTUNITIES
CONFIDENTIAL
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CONFIDENTIAL
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CONFIDENTIAL
SECURITIZATION FAILED…
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…ALT LENDING AROSE
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PLATFORMS SCALING
$5B Market Cap, $7B in 2015 loans
$355M equity, $7B in H1 2015 loans
$1.4B equity; $400M of debt
$660M Market Cap
$240M of equity; $360M debt
CONFIDENTIAL
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UNDERSERVED: 401(k)
$5 trillion of defined contribution retirement assets
• Only 5% of fiduciary advisors actively involved in 401k advice
CONFIDENTIAL
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RISE OF “ROBO-ADVISORS”$130M raised, $2B+ AUM
$103M raised, $1B+ AUM
$105M raised, $2.5B+ AUM
$30M+ raised, $300B tracked
Acquired by BlackRock
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PAYMENTS: GROWING
SOURCE: McKinsey
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MERCHANT ACCEPTANCE
$4B mkt cap, $30B+ volume
$280M raised, $10B+ volume
$30B+ volume (Acq’d $800M)
$1B+ volume, just raised $40M
$266M raised, $25B+ volume
CONFIDENTIAL
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PAYMENT FRAUD EXPLODES
SOURCE: Nilson
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INVESTING IN PROTECTION
CONFIDENTIAL
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BTW, B2B FINTECH IS HOT…Just raised $225MJust raised $111M
Just raised $100MJust raised $80MJust raised $50M$129M raised
CONFIDENTIAL
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…AND SMBs NEED CREDIT
SOURCE: FDIC
Volume of <$250,000 Loans (U.S.)
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SMB LENDING$93M of Equity, $650M of Debt$240M of equity; $360M of Debt
$660M Market CapJust raised $50M
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DATA: BIG & EXPLODING
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•Big Data technology market expected to reach $38 billion this year
•Financial Services is one of the largest spenders on big data technologies for Credit, Risk, Fraud Prevention, CRM, Capital Markets
BANKS NEED HELP
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•By 2016, 25% of the Top 50 global banks will have launched a banking app store for customers
•Europe adopts PSD2 opening up txn data•Yodlee supports 27 million daily API calls•Aggregation supports thousands of apps servicing 10’s of millions of users
APIs & OPEN BANKING
SOURCES: Gartner, Yodlee
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•Spend & invest app (think BofA’s Keep The Change)
•Built on aggregation APIs•Live 1 year•650,000 members•Mostly millennials•$25++ million of savings
CASE STUDY: ACORNS
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126 Fin Tech startups targeting Millennials have raised
$2.3 Billion
MILLENNIAL BANKING
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DIGITAL CURRENCY
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2014: $335M OF VC FUNDINGJust raised $75MJust raised $116M
Just raised $30MRaised $40M last yearRaised $30M last yearRaised $30M last year
Just raised $50MCONFIDENTIAL
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SPECULATORS EXITED
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BUT LATELY, PRICE IS UP
SOURCE: CoinDesk
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…STEADY USAGE GROWTH
SOURCE: Blockchain.info
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INSURANCE TECHNOLOGY
Insurers will spend
$175 billion on IT spending in 2015
SOURCE: Celent
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IS DRAWING VC DOLLARS
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INVESTING IN FINTECH
CONFIDENTIAL
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VC INVESTING 101
•Team•Market•Product•Financial
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ECONOMIES OF SCALE
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BANKING = ECO-SYSTEM
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