FinTech Calls for Fuel · 2020-04-02 · or Apparound) and have a cross industries approach....

FinTech Calls for FuelTo exploit a great, maturing and increasing potential

www.pwc.com/it

Italian FinTech Observatory 2020

2

FinTech Calls for Fuel

FinTech Calls for FuelTo exploit a great, maturing and increasing potential

Italian FinTech Observatory 2020

www.pwc.com/it

3

In the meantime, Coronavirus has arrived: what could change? 4

1. Introduction and Methodological notes 6

2. The numbers of Italian FinTech in 2019 10

t tr o fir o or

po t pro r o

t t r r o po t tor t t fir t p

3. Towards Open Banking and Finance 20

t t o t o tr

r o t p

r o p to o t r to to r

p r o r r op

p t r t o t o t

4. FinTech in depth analysis 42

r o t

t o o

t

o t

t t t

t r ro

p t r t r

r

5. TechFin 82

r

r r t

Areas

4


In the meantime, Coronavirus has arrived: what could change?

t r port t t oro r r ro o t t rt too r to r pr t o o t t p t o

t r o t tr t ro o t t o o pro t o

ro t t o o r t o o po r o

r r o o r negative impacts to o r that could primarily concern the investments of venture capital o t to t t o o

t t o o t tr r t t less attention paid to new start-ups (seeds). Some analysts on the international market speculate that this could lead to a greater number of closings of players in the development phase. The volume of transactions might also decrease t t t ort t r already evident in some sectors such as payments. This o to r profit o

investments) in the sector.

o r t r r areas of potential optimism. o t rt r pr t advanced

analytics o t o t o big data t o o o t o to r t rt t r t o t t t o r

op o o r t r port p rt r t t r ro fi t t p t o t t o t t forced experimentation of new ways of collaborating remotely through digital solutions ot pp o or t

rt or or t r t o or t r t o p t r to r t o t t t t o o t

o t o ot to o to r t pr or t r ot op r t o t t o t t o o

t t t t t r t r r or o p

r o p r r the resilience of infrastructures t quality and quantity of tools t t o rt or t fi o o r r t

pt o r t t o rt or t t r to t r to r t o t o o t o p p r t r o p t r o t ppro to r t t t o r po t t t t o t t to r

t t t

It is quite natural to think that this situation will lead to a i nificant inc a in t an a ciation o i ita financia ic to r ot to mention the likely exponential growth in the demand for credit p r

r t or o

o r t fir t o r t o t t t r o t pro p t r t r port t t o fir The collaboration scenario described in the fina c a t o n inanc co n strengthened and accelerated.

r t p r or o t t o t t t rt r

o o t o o t tor or r ort t r t or o p t t fi t or fi t to t t t or t r op t

Some areas will be privileged (the lending r the customer experience onboarding and KYC o t o cybersecurity tificia nt i nc

t o t o conversational interfaces t Blockchain). Platforms enabling the integration of services will also become increasingly important in order to support the

o t o t p p r ot t to o t o t o

o or t o to r po to r o t t rt or p rt o

t o r t t r t rt to t r o tr t o

t r o or t o o ro r

or p t p o o o to prot t o r t o r to r t rt r to t r o o ppo t t to r t o or tr t o t t ot rr o t t ro to t t r o

or to r r orr r t roo t t o t o o r rt or r o ro or oro r to t r oro r r t ro to t p o o ro to ro to tto r o ro to

N r t t t t o tr t o t t o p r o r t

to tr t o fi o p t r o r t t o t o

t o tr t t or o t o t r po to

customer needs (private and corporate)

5

Examples of initiatives launched by Italian FinTechs to support in the Coronavirus emergency

Starteed Oval and Walliance have launched o to ro p to r

to pport rot t o to pport t t t t r t oro r r

Splitty Pay t ro p tt r p o or t o t t o

o o t o t r tor o t r t o o fi or t p r o t tor

to p r t t r t

Opstart to t r t o fi tr r o o r o r t t t

r r to pport o p t r to t t t o r o t p rt r o

r ro r o ro

Satispay invites its community to support Civil rot t o t ro t o t o r ro

t o t o t o t o t o t r or o t o o p t

t o t t t o

Revolut ot t t p rt o t tr t supports the Humanitas hospitals involved in the

oro r r t ro t o t o t o t t pp o t o to

provide hospitals with the devices and health materials r to prot t t o t r p t t

Hype o r t to r t opport t to o t o r t ro t pp t o t o to p t t r t

o o o p t to t fi t r o t

DeRev r o r t t t p r tr t o t o

r t to pport t o r o t t t o p t t tr t r

political representatives who in these days have the t o or r r t

t o t orr t t po

GrowishPay allows Italian ecommerce companies to o t r o t r to or t o or o profit or t o t o t o r

t ro t o t o o pro r t t to t tot o t

o t tr r t o t o o t to t chosen institution.

Tinaba t t o t or o t pport rofi o

fi r ro t t or o t r p

or o o o t o o r t r o t

o t o or ro t o ro

Credimi t o fi p t or or r t rt

fi pro t t to r t rt p to p t o r o

t fi t r t o t r t t t o oro r o t o

Meanwhile came the Coronavirus: how FinTech might be impacted?

6


or t t r o t r t t t pport o N t o t rr o t

research on the FinTech universe in Italy.

Why? r r o t t t or to fi p t o o p oto r p

and examined the sector exhaustively. In this t r t o t o t o o r or

rt t t r pt t p oto r p o t tor

t t t ro t r o t o pro to t r o

t o r r t t t o FinTech companies.

The news This edition presents some news compared to the previous ones:

t o pot t o r o o t o o t

t r t o r t t r t t o t r t o t r p t fi t

Separate analysis: or t t or t t o

pro t o t o pr p t r o t t r t or t t t

p o t r t r r o p t t r to fi orpor t t o

r t r t o r t o t r r r t

3. N tor r investments.

o t to p includes: t o t r r tor

tor r tor r tor o t t o o t r t o

p t or p t o t tr o t o t r t o r

fi o t t t o t t t t p r tor

o o o t t propo o o pot t p o or t r t to r

o r t t pot t ro o o

In line t pr o t o t r port o o t o t r o o p t r o tor t t r o r o t t r r r o o p r o t t o t r t t

t r t po t o r t t o o tr

A total of 364 companies were analyzed, including 278 FinTechs and 86 TechFins

1. Introduction and Methodological notes

8


Interest in FinTech keeps growing but it often refers to different landscapes

t r t o t to ro or t t r fi t o t rt ro t tr ro o pt r t t r

o o r r t o t fi r r fi r p r t r

o t t r t r o t o o fi o p ot r t o p t p o o t o r t

fi pro t o t o o o p t or o ot r o fi tor

or to o t o o t o o fi r t t tr or t fi op r t o or t

tr t t t r to r t r r tor ot r t tr t p o o p

ro t rt p to t o p to t fir r r t r r t o

o r t t r o tt t o o p fi t or or rt tor or t o t t o t

r

In this report we decided to separate FinTech and TechFin

In this report we have separated the analysis:

• o t o t t t o to pro t ro r or o pr p t r o t t p or

• t t o to pro p o o p t t r to fi companies.

o t port

For the purpose of this report FinTech is…

t o p o o fi r r t o t

t t t p t r t r t r ro r

o t r

o p t t r p rt o tor ro p r not included.

Companies that are headquartered outside Italy r t p ot t pt o

r r o p o t op r t fi t t t r t

TechFin: what is included in this report

p o o t p r t r o r r r t

r r t o p r o o r r

chosen in some selected areas:

• Advanced analytics• t r t • o r t o t r t t t• Blockchain• p p • to r t

What is FinTech in this report

9

Separated analysis for FinTech and TechFin

• o p o t r o o fi r r r

• t o o p r t r o r r r t o t o r t o

t r p r

Qualitative analysis for some industry players

• Challenger Banks are included according to some criteria t t or

o o No t p

• Innovative but historical players (such as NEXI or SIA) are not included.

or t t o o o o t r po t r t or tt r o p t r

o to t t o t or ort o pro o t o pro ot r o o tr pr r o t top

o t rt p fi t r t to or r t rpr t t o o t r t t

r or t r r t r t r pr t t po

t o t o r t o t r t profit t o r pro t to o t

t r o o o to to t r o or t prot t ot r r t r or

t pr o o or t o or t to r o or t o t o o p t t o or t to r

t ot t t t

ro t o t t or t o o o o t t o r r r

o p r to or tt r r pr t t o t t op o r o tr pro or opt t

r t t op t o o r o t t t pr t

Zebras

o r r t o

o r N t o t t r tor

Te

chFin

FinTech

Cybersecurity

Tech

Ena

bler

Reg

Tech

Managem

ent

Management

Payments

InsurTech

Other Lending

Capita

l Mar

ket

Money

Crowdfunding

& Trad

ing

Wealth &

Asset

1. Introduction and Methodological notes

10


The Italian FinTech Landscape2020

o r pro o N t o t r p

2 22

Web Platform 150

AI / Big Data 44

Mobile & UX 34

Blockchain & Crypto 25

Open Banking / API 7

IoT 9

Other 9

Money Management 25

Pay

men

ts 4

6

Wealth & Asset M

anagement 46

Lending 43

Capital M

arket & Trading 30

InsurTech 36 RegTech 18

Oth

er C

row

dfun

ding

34

We

We

Walth

&Asset M

anagem

Lending 43

Money Management 2

Pay

men

ts46

RegTeTeT ch 18

Oth

erC

ro

Market &

TrTrT ading30

InsurTeTeT ch 3

wdf

undi

278FinTechs

2. The numbers of Italian FinTech in 2019

11

Business Segments Taxonomies of Italian FinTechA developing landscape

> 50 DifferentFinTech

BusinessSegments

VAS for merchants

Mobility and Vending Machines

Cryptocurrency

Next GenerationPOS Solutions

Online Checkout

P2P Payments and Digital Wallet

OtherPayments Solutions Development

Payments

Real Estate EquityCrowdfunding

Tools/Enablers

Equity Crowdfunding

Intermediaries

RoboAdvisor

Wealth & Asset Management

Data Providers

Financial SocialNetworks

Trading& Tools

Crypto Investing & Trading

NPL Trading Other

Marketplaces

Capital Market & TradingPersonal Data

& ID ManagementFiscal Assistants

Document ManagementRegulatory/Compliance software development

OtherNegotiation/Commerce Platform

RegTech

Assisted Savings

Digital Wallets

Multi-banking Aggregator

Online Invoicing

Treasury Management

Price ComparisonEngagement

& Gamification

Enterprise Financial Management

Ret

ail

Money Management

SM

Es

Business Lending

Consumer Lending

Circuits & Enabling Infrastructures

Real Estate lending Crowdfunding

Invoice Financing

Risk & Rating

Loans Comparison

Com

petit

ors

Ena

bler

sIn

term

edia

ries

Lending

Retail Crowdfunding

RewardDonation

Other CrowdfundingBoth

P2P Insurance Car-Mobility Pet

InfrastructureBackend

DataIntelligence

Micro-InstantProd. Insurance

Home Life Claims

Marketplaces-Brokers

InsurTech

Inte

rmed

iarie

sC

ompe

titor

sE

nabl

ers

o r N t o t t r tor

12


• Companies are growing. The FinTechs we listed r or t t t t o o

or o p t to t or o r t

t tro t o o t t t t ot t p t or t r t

t ro o t t o t o r pto rr p tr or N

• Turnover is growing o r t r o r o t FinTech industry in Italy (actually only relative to the

o t o p r o t t t r t r o fi ro o p o profit

o p or o p r r o t ro t

r t o t pr o r

• Scaleups are growing r o o p t or or r r fi t ro t r to to

FinTech in Italy in 2019 (VS 2018)

278 FinTech or

374 million € revenues

154 million € capital raised

8 areas & + 50 subsegments

New t t t

r pto t r N tr

The Italian FinTech portrait

Young t r o

Small t t p o

Growing r

Promisingr o ro

to t o p ro p t

o r N t o t t r tor o r N t o t t r tor

The Italian FinTech industry confirms, also for 2019, a high dynamism and a positive and promising scenario

The sector runs, but lacks fuel

13

Italian FinTechr o o p

Milan is the core of the Italian FinTech landscape

rt r o p r t

o t o r rt r ro

Sparkling18 acquired by NexiBeesy – merged with Penta

AcquisitionsLiquidationsDormant companiesDiscontinued OperationsRevision of inclusion criteria

7%

31%

28%

17%

17%176

2017 2018 2019

229

278

54%

6%

1%5%

2%

10%

1%

1%

1%

1%

1%

1%

3%

2%2%

+ 49 new entries• 18 newly established companies • r o o o r t r

- 29 unlisted• o t op r t o t t o t o

t t r o o o r t r

278 the FinTechs in Italy in 2019 (+ 49 on 2018)

45% o t r Milan

o r N t o t t r tor

o r N t o t t r tor


14


FinTech by number of employees Rocketing Growth

for Italian FinTech

373.4 million € / +40%t

o p r too o No rofit t r t o rt r or t o t r ot

o o p

o tot p

o r N t o t t r tor

t fi r r ro t r or t t t o to t t o rt fi fi t t t t ot t r

o r N t o t t r tor

2 - 1011 - 5050 - 100100 +

1%

73%

20%

6%% on TotalN° of employees

208.4

+28%

2016 2017 2018

267.6

373.4

+40%

Available 2018 Financial StatementNewborn 2018-2019No profitNo italianNo available Financial sttatement

10%

64%12%

4%

10%

Values in million € and percentage variations year on year

FinTech revenues

Revenues

15

Capital Market & Trading, Payments, Money Management and InsurTech are the 2018 stars. Increasing weight of Lending, RegTech does not take off

High Concentration

o o p

o tot p

20,0

0,0

40,0

60,0

80,0

100,0

120,0

140,0

160,0

0% 10% 20% 30% 40% 50% 60% 70% 80%

Lending

23.1mln

22.9mln

22.7mln

46.1mln

121.4 mln129 mln


InsurTech

MoneyManagement

Capital Market &Trading

Payments

43

25% 60%2018: relevant growth for all FinTech’s areas

46

36

2530

46

2018

Fin

Tech

Rev

enue

s , m

illion

Eur

o

FinTech Revenues Growth 2018 on 2017KEY: N° of companies

FinTech 2017/2018 overall

turnover growth

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1 3

24%

47%

63%

83%

90%94%

96%

5 7 9 1311 1715 2119 2523 2927 3331 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65 67 69

20 companies = 83% of Total Fintech Turnover

o r N t o t t r tor

o r N t o t t r tor

Note: RegTech and Other Crowdfunding r ot t r ot t fi t t r o t r o r ro t

r o r r

r o r t tr t o


16


Investments in FinTech worldwide continue to grow. o t o t t

o t t o t o fir r or r

or t t oo to rop pt o r t t r o p r to or o tr t

o p r to t p t o ro

Italy is weak t t r t o o t t t t po t o o t o r t p t or or to t o t t p o t ro t r

And the situation keep worsening. Investments t t t t r port rt r r ro o

t o o o r to o

Funding more r to t t r t o r t o t t r po r t o o

o r r o o t fir t t t t t rt p

or fi t t r t r o r r or op t o

t r o r o p o t op r t t to oo or o

ro o r o o o r t p

o t r t r r o t r t o p t included two important statements:

• t tt t o t t to t o o t o p r to t t or t o r t o o

r o p r to t op r t o t o • or t t to opport t r t r

prop t to t t ro t o p rt r p tor o p t r

t r o t o o tr t o t r r to p o t tr t opport t

to o r o t t p rt t o o or t o t r o tr t t t

still limit their action”.

Encouraging signs for the future

• t ro t o fi tr t or t t rt p t

p o t o• tr t t t o r o r t fi

o p to o r opport t or t r o t tor p r t r tor

o pro t t o t t r o t o t t

• o o r t r t pro ot t r p t t t t o or t o

o o t t rt p

Investments of banks in FinTech: a still missing opportunity***

t r t o o t t t r t r o t r r o t r tt pt to o r o

to r r t t o t t to ro r modest

o p r to t t or t o r t o o and marginal o p r to t r o t o

A greater propensity to invest t ro t o p rt r p tor

o p t r t r o t could allow

traditional intermediaries to exploit tr t opport t to o r o t t p rt t o o or t o o tr t

cultural that still limit its action

t t o t t tor r to t t r r o o t r t t fi t r

But there are also much less positive indicators, investments in first place


17

ot t o t t t o o or

t r o p or

• Investments are a key challenge or the italian FinTech development.

• many areas italian FinTech is going to close the gap with the more

t r t r t o r t r o o p r t o o

r o or t o it is not so for investments that even shows a negative sign (compared to +49% growth in european landscape).

• Italian t t compared to UK Market fir t r in europe).

• Crowdfunding t r pr t port t t r t to fi t p t t t t

The bottleneck of Italian FinTech

Investments

197.2(34)

Prima assicurazioni

(34)

100-23%

2018 2019

153.5

CrowdfundingInternational VCNational VCIPO48%

153.6 43%

5% 5%

p t r o p N r o

p t r p r t r o op r tor

o r N t o t t r tor

Important note t pro t r o r rr to t o p t t r port r t r or

r t ro ot r o r p o o o or p


18


Capital raised by Italian FinTech in 2019 per area

Capital raised by Italian FinTech in 2019 per technology

Money Management


Payments

Lending

InsurTech

Capital Market & Trading

National VC International VC Crowdfunding IPO

1.7 60.1

52.2

11.1

3.8

6.9

4.10.1

0.1

2.2

2.2

0.5

1.4

1.4

0.9

2.8

1 62.8

56

14.7

8.5

7.4

4.3

Of wich 55 to SOLDO

Of wich 43 to Moneyfarm Of wich 7 to MatiPay

Of wich 5 to Yolo

Mobile & UX

AI/Big Data

Platforms

Blockchain/Crypto

79.5

44.8

29.2

0.1

o r N t o t t r tor

o r N t o t t r tor

Value in mln €

Value in mln €

2019 was also in Italy characterized by some big deals and less early stage deals.

19

EBITDA Margins in Italian FinTech

o pot t r t tor r pr t t profit t o t o p r t tor r t

t t t r r t tor to t o o o p

t tor t r o t t r r o r t o r t o to t r o t

o t t t profit t t t o r r t o t tor t t o t t o t port t r o t t r o r o o p o

ro t t r o r t t pr t o t t r r t r o p t t o r

r r t t po t o profit t r t ro r o o t tr t o t t

o o t t t t r rt fi t o t r t t t o t

rop t r r to t pr o t t

r po t or t tr t r t t o t p t r t r t r p t

t r t o r po t t t t t t r p t

• r r t t r t o t r t o t t r

• t r t r t p t r t o t

• t r t o r t r t t t o t ro

or t r t ot r t r o p r r pro t r

o r o o r t t r r r

o fi t to t t o t o t o o r t t ro

t o p t r t underdeveloped.

EBITDA 2018 is 2% o r

It is LOW o o p

Higher in Capital Market & Trading and Money Management

Negative in Payments

o r N t o t t r tor

o r N t o t t r tor

Revenues: million euros o r

REVENUES

EBITDA Margin

2017 2018

267.6

2%

373.4

2%

Payments

Lending InsurTech Wealth & Asset

Management

Money Management


129121.4

46.123.1 22.9 22.7

-9%

6%1.5% 8% 18% 19%

REVENUES (millions Euro)

EBITDA margins (%)

tot

p r r


Still missing an adequate profitability


20


tor o o o t r t r r o o t o r p o o o p t t t t

t r o o r o t oto t t

o t fi t t t r t o r t

t r r o t t t r t r

o o r t or r o r t r t o t p t

t r pt o r t r t pr pt o o t rt p to

to o t tt r t tr t o r o p r o t

o t o to t r t

o p o o o t one hand FinTechs understood that they had some pro t r t ro r t r tor pro t o o to r

tr t o t ot r tr t o fi o p r t o t r t t orpor t o t o

3. fi t t r p o t rt r p o or t o

t or to t r t o tr t o o o

t oot t t t o t r t o or t p r r

p t r t r t r o

In Italy t o r t rt t r t r t op t o t p o o t or r t t rt t o t ot o to t o p p

t or t rt r p p p t t t t r t o t r p

r o p t t rt r ro o t t r

t port t t p t op t o t t o o p t or or t t t t r t o o p o r

r t tro r o t r p t ro o r

t to r t rt ro or o t o r t

Italian FinTech is lagging behind, but moves in line with global trends, gradually closing the gap

r r r

3. Towards Open Banking and Finance

21

The signs of consolidation of FinTech consolidation: alliances, extended operations, focus on key players and globalization.

• Alliances and collaborations p t r o r t ppro o t t r p t

to t r o o o r t p rt r p t o p

t p o o t or r t t or t

or t ro t r t o o r t o po tr t ttor t

or t ro t t o o p t or o p t r t o pr o t o

• Extended operations/offering r o t or o rt r o t o t

t to p t r fi t examples in our country in the last year such as

o o op o t r t tro t o o t r r ro o fi to

r t • Investments’ are focused on the main players.

p t t pot t t p t o mature companies (which on the other hand could fi p or rt r op t o tor

r tor o t r t t r t r o tr t o o t t o t r t tr o o t o t t r o o

o r o t tot t t t tor fir t

• Globalization ot or o p r r t ro t o t

o t r t or fi o p t t fi o t o o t r t t r t r t o

panorama (despite the constraints still imposed r t o ro r fi t r

approaches in the various countries).

ro o r po t o o t o or t t o t t r t t

FinTechs that move to the international market. Many o ot ro t

International FinTech companies that land in Italy. Examples

• ro o t r tor r r tr t

• ro r t p rt r p t p r t t p o o

Iwoca and ClauseMatch (Intesa Sanpaolo).• ro t t t

r t t p o t r t to o t N r

t o p t t o ro p

• o o r to p to rop r t o t t o ro t

o r• o r o t t p o

Germany with new products.• r t t t t

pr p r o p p po pr t r o European countries.

• Walliance has landed in France.

22


0

10

20

30

40

50

60

Number of new FinTechs

20002001

20022003

20042005

20062007

20082009

2010 2012 2014 2016 20182011 2013 2015 2017 2019

Number of new FinTechs

400

300

200

100

20002001

20022003

20042005

20062007

20082009

2010 2012 2014 2016 20182011 2013 2015 2017 2019

Italy

p t tr o t rt to o to r o o t o

Italian FinTechs are late, but move in line with international trends and are closing the gap

p

o r N t o t t r tor o r r pt o o

23

2010

2005

2018

2014

2020-2022

2017

2025

2022

...

2027

Disruption t fir t p o

o t o the start-ups wanted to disrupt and replace

t rtp oo r t

needed to work with

r t t t t rt p r o t r t t or

t r

5 years late 4 3-4 3 Italian FinTech

Worlwide FinTech

DiscussionThe second phase o t when deep discussions

did hackathons and innovation theatre.

o t o t r t r t or p rt r t t r connection.

PartnershipFinTech moved ro r pt

tro t to

t t t to o or t p rt r t t

Integration r o ro

p rt r p to t r t p t to t

t t ro p

Open APIs.t o

r t r t op o t t r p rt r t r or

too

Renewal t r t o

o p t o o r t o t

t t o t

fi o r t t or t

t r t o r t o

t t r t o

real-time.

o r pt ro r r r


24


The key trends driving the FinTech consolidation

o t t fi r o t o o r N t o t t r tor

Alliances & Collaborations

• o o t o t t new players in Europe.

• or to o t t t r r 42 direct partnerships (17 M€), 11 collaborations through Incubators-Accelerators-Hub (5 M€) Acquisitions-Shareholdings (6 M€).

• p t p o o or r t rop o

• rt r p o or t o t r r o r p or r to o to to

sustain the italian corporates and SMEs.

From monoline to mainstream

• r o r o tr r t r o tor t o o pro t propo t o r o r to fi

r t r t o tr to r o t p r t ro pport o r r tor op t r o r t o to t t

r t r o o p t t o to r o• p o o o o o o t

t ro t r r ro o fi to o r o t r or o r

op r tor p p ro o p to p p t or

Leading FinTech players attract a greater share of capital

• tr r o t o r t r t o po t o o p $34.5B across 1,913 deals:

pp r o r r o o r 2018 n in a in at t r or

Removing this round o record funding year”.• t t top r t t t o t to

o ot r p r o o o r t o o

Globalization:

International FinTechs move to Italy

In the last months many international players landed on the italian market.

• ro N t o or p r r

tr t• ro

r t t o and ClauseMatch (Intesa).

• ro r t t t Penta (that acquired Beesy- Italian

p o t r t to o t N r

Italian FinTechs move abroad

• o o r or p o to rop r t o t

t o ro t o Ireland.

• o r o t to p landed in Germany with new products.

• r t t t r Epipoli prepaid cards which is present in various European countries.

• o fi oo to t • r t t ro port

Walliance landed in France.

25

p o o t o t pro o or t tor o o r t

r t t r t tr to or o o pt r t pro or t

o o o t

p o r opport t to rop t t t o t r p t or tr t o

p r tr p r o t t or p r ro tr t o r r r

r p t t t r o t r or to fi t

o o t t o r o o rr o ot r ro t p o to op p

t to t o t to o o o r opport t or r t

r t t t to o tr t o o new use cases.

t t p rt r o t t t o t t t to t t o t

opport t pro op r t t to o op

p rt r t to o r ro t o r o t to r r tr

to o t pport op fi o ot or r t o t r or t o o

r or r o r or tr to p o r r po to t

o o r to r

r t rpr p t r t t t o t po to o t p to t r t t tr t o r o r o tr t to r p rt r r po to

r p tr o t t rr t o

The road is still to be drawn and the path has not yet been started t t o fi

r o r t r t o r o t t t t r t to o

t r t ot or o t rt ro or t op t o or t or pr fi o t o o t op t t o

r r t to t fi t t t to our country as a whole.

Over 300 companies to give innovative answers to customers


26


Retail Business Model

t r r to o o r t to r fir t o p improving customer experience ro t t to to r

r to r t r t o o r t TechFin o p t

Conversational Interfaces and Text Analytics or p Conversate or OpenAI) and Customer Engagement” (Worldz and Friendz or

t o t Money Management cluster t o o n a m nt an Gamification

such as Tickete t o r o o onboarding p oot

p r t p or to r t o o t r o t

t t Vis-à-bit r suited to play this role.

pport op fi o o r an in in anc financ o ct . The whole

t t t o o po o r t ro r

r t p o r r to r r t t to t o o t o

tr t o current account is a simple pro t p rt o t o r o t o t Money Management t r op r t as Digital Wallet or Assisted Savings (such as Oval or Soldo or t o t P2P Payments t such as Tinaba.

tt r ro p to t r t ot r o t t t r o r r t Payments services ro e-commerce solutions (such as SplittyPay or Moneymour) to Mobility and Vending Machines solutions (MatiPay MyPass

o t Lending t r o r r t o o t o r r p r o o p

the Consumer Lending o r t o Circuit and Enabling Infrastructers r t

t

InsurTechs o o t r tr o r t r r p rt o t op r o

t r p r o o p o r t r r to op

o t o t t o t t r o t t r P2P Insurance (Axieme

Micro-Instant insurance (Yolo, Neosurance) and o r Iooota, Healthy Virtuoso t to

t r r to retail investments ro r t t r p rt o op fi

o r o t o o r t o o to Wealth and Asset Management and the Capital Markets and Trading t r o r

r t o t t r ro t o t RoboAdvisor (Moneyfarm,

Euclidea) and Equity Investments platforms to or tr too Flowtech and

Crypto investing platforms as The Rock Trading. o t Assisted Savings t ro t

Money Management cluster (Oval and Gimme5) let to r t t r r pr t

rt r opt o to r rt r or or customers interested in social causes also FinTechs o t Other Crowdfunding cluster may represent

t r t t r t t o o ot comprehend a return on the investment.

o t Lending cluster may play a role even or or o p o pro t ort

t o t t p pr t o which operates as mortgages comparison websites (MutuiOnline, MutuiSupermarket t t r t o tr o PropTechs companies show that also in Italy

r t pro ort r

o o t t o t o t t p fi r pro t t t o r op

fi r o t Complementary pension schemes o r pro t tr t o pro r o p o r op t to InsurTech brokers such as Propensione.it.

p rt ro t p fi pro t o r ot r r t to ro t op o t r r fi ca assistants (Taxman, Fiscozen, EasyTax) or document management platforms (Digithera, LexDo.it) in the RegTech t r r pr t r

to p t op o oo t t t r t o r t tr r

t t o fi pro t o p r o pp t o t r t t to o r pro t ro

r t fi t t t o t o t o p to p t to r r t o p o r

tt r pro t to t r to r comparison and intermediaries t o t chain (as in Money Management InsurTech Wealth & Asset Management r or o t o o this kind.

27

o in c can o t n o n financ business models for consumers

Customer Service-Customer Engagement (B2C)

Onboarding - KYC - Identity Management• Personal Data & ID Management • Conversational Interfaces and Text Analytics

• Customer Engagement

t fi t o

• Assisted Savings• Digital Wallets

• Multibanking Aggregators

• InsurTech (Car-Mobility, Claims, P2P Insurance, Micro-Instant insurance, Life-Home, Brokers, Pet…)

• Proptech• Loans Comparison

• Marketplaces-Brokers

• Fiscal Assistants• Document Management

• Cybersecurity

• Payments (P2P-Digital Wallets, Mobility and Vending Machines, Cryptocurrency…)

• Consumer lending• Circuits & Enabling Infrastructure

• Wealth & Asset Management (RoboAdvisor, Equity Crowdfunding…)

• Capital Market & Trading (Trading & Tools, Crypto Investing & Trading, Financial Social Networks…)

• Other Crowdfunding

• Assisted Savings

• Loans comparison

• Price comparison

• Intermediaries

Basic Current Account (debit cards)

Payments

PFM - Multibanking aggregators

Credits - credit cards

Insurance

Investments

Mortgages

Complementary pension

Fiscal Assistance

Comparison website/brokers

Security

…

Customer Experience

Banking-Financial-Insurance

Other

5

69

232

33

2

24

22

46

16

34

2

2

4

3

• Marketplaces - Brokers7

2

1

30

7

17

N° of companies in each segment

KeyPayments

Lending

Money Management



InsurTech

RegTech

Other Crowdfunding

Tech Enabler

Cybersecurity

o r N t o t t r tor

Examples - the customer

28


SME / Corporate business model

r r r t rt to opt o o o t o

o r t fit ro o t o o t r r t o p t fi t t t o o o t o

r r o o to t ro ro t t o Qonto and Penta (which entered the t r t r t t o r pr o r port p or to o r ro r o r o p r fi r or p t ro

op p t r t to r r o t o t

o r o r o t o to t r to r t ro op

t r o p r customer service o t o o r t TECHFIN o p t

Conversational Interfaces and Text Analytics” and Customer Engagement” and the RegTechs o t

Personal Data and ID Management t or t onboarding pro or r pr t r ot or t t r

to r o t Money Management t r t o o n a m nt an Gamification

as Tickete or GarantEasy p ro pro t to r p r

o o t nline Checkout segment p rt o t Payments t r Squeezol, Moneymour r t pro t to r

p r or o r p t o which directly sell their product online to increase their revenues.

t o o Advanced Analytics (Rulex, Agile Lab… o r t to r p

r t p or t r t pot t to r t o o t Digital Marketing & CRM (Digitouch,

Doxee, Buzzoole, etc.) present solutions which can r t pro t o pr o t rpr

r to r t ro t t o t VAS for merchants’ t

Domec or Epipoli p rt o t Payments t r o r r o r to o t pro r t

r t t ot r r o t tr profit or orpor t

o t ro to p t o r o tr t o fi r to or t rt ro tr t

o t o p p t r t r r p t o o t r o t o o r t o t Enterprise Financial Management

segment (Soldo Maxtrino Vipera and others) in the Money Management t r t t r eKuota t o o t Treasury Management t

p t t rt t fi r o t or t r t r t p r o r t r tr r op r t o r

t p r oo or or ro r o r o o r o t o o

o t t p r o ro r t (business lending t BorsadelCredito) to in oic financin (Credimi, Workinvoice r t o t o r t o t o t Circuit

and Infrastructure t o t t r r p rt r t r t op fi ro t ro o t o o Dynamic Discounting or t pp

PlusAdvance and FinDynamic to o r credit circuit like Sardex and to EU4SMEF t r t poo p t or t po t o

tt o or o t t tr r pr t t t t p o op t t o t t r r o p ot port

to t o o o t o tr r r t tt t o t tt o o r

ot o po tt o t rt p t r t r o t or

r to o t t ro p t t r r

the equity crowdfunding t t Mamacrowd CrowdFundMe and Two Hundred t p t or

t ro or r

o o r t r p rt o t o or o p p r t o t

Online Invoicing t o t Money Management t r Get Your Bill or Fatture in Cloud

o r r o t port or t t t tro o tor or pr t o t o t r o r

t t o Fiscal Assistants Document Management p t or

or Regulatory/Compliance Software Development companies (Epiphany t AvantGarde group).

o t Payments t r o r o o o t o p pro t to r p r t o r to t r to r P2P

Payments and Digital Wallet solutions (Satispay, Tinaba, Plick) and Next Generation POS Solutions (DropPay Scloby r p r t to rt t t r t o

t to r r o services to smooth their Payments experience. More

29

o p o t o t o t o o t o t t o

Axerve or PayTipper p rt o t Payments Solutions Development t

o o t t o t o t tr t o fi r t t op o r to to r t o InsurTechs to t

r o o t o o r r o t Car-Mobilty & Claims p r t

to p t r o p t p o tor r t to Air,

Claider, Insoore o o t Micro-Instant-Product Insurance op o t o to o r

r pro t to ro t rpr t oo t t po or to t r

o r o o p t r r ot r t r t to r t r o t o o op fi

or t t o r o pro t r t pro o t op r t o pro t o

p o t r t TechFins o t Blockchain Development t o o op o t o o t o t o o to o tor

tr ro t o pp chain (Informamuse ot r top o t t t Cybersecurity o p r t to o r t r

r t o t o to orpor t t ro


o in c can o t n o n financ business models for SMEs

Customer Service- EC/Web Platform/ Customer Engagement

Sales: Marketing-CRM-WebMktg-VAS

….

• Personal Data & ID Managemet• Negotiation / Commerce Platform

Treasury Management - Risk Management - Foreign Exchange

Funding: Credits- Financing - Cash Management- Equity crowdfunding

Multibanking relationships

Invoicing - Legal - Compliance - Reporting

Payments (in/out)

Insurance

…

Procurement - Sourcing - SupplyChain Management

Security

…

Marketing - Sales - Customer Services

Finance, Administration, Legal/Compliance…

Operations - production - logistics

• VAS x Merchants 5 • Online Checkout 4

• Conversational Interfaces and Text Analytics• Customer Engagement

t fi t o 2

• Enterprise Financial Management• Treasury Management

• Multibanking Aggregators 1

• Payments (P2P-Digital Wallets, Next Gen POS solutions, Payments Solutions development…)

18

• Blockchain Development (Supply Chain) 8

• Invoice Financing / Circuits & Enabling Infrastructures

18

• RegTech (Fiscal Assistants, Document Management, Regulatory/Compliance…)

8

• Online Invoicing 5

• InsurTech (Car-Mobility & Claims to o p t ro t t

insurance, Brokers…)

7

• Cybersecurity 17

53

71

• Digital Mktg & CRM• Advanced Analytics

1919

• Equity Crowdfunding 25

• t r ro or o profit 34

• Business Lending• Invoice Financing• Circuits & Enabling Infrastructure

699

•

N° of companies in each segment

KeyPayments

Lending

Money Management



InsurTech

RegTech

Other Crowdfunding

Tech Enabler

Cybersecurity

Examples - the SME

o r N t o t t r tor

30


Italian FinTechs focus on the SME segment

Nearly 70% of Italian FinTechs in the Lending area are targeting SMEs

• Italian SMEs struggle to grow due to the credit crunch. The entire national economic

t t r t o t o o o t t

ot r r t r o p to o r orr t t o

r t r o to o fi o p r o p r

to ro to t rop pr t o t o

• n oic financin a It is the most important t t r o o ro t t

o t ro t o r t pr o r

• Business lending is following The cumulative tot to t o t t

r o tr t o o o compared to the previous period).

Also Money Management is a key area for more than 60% of FinTech SME offering -

t :

• Online Invoicing. A key area as the mandatory tro o or r o pt o to or ro r

t r pr t t r t r to p o or t r t t r t r r r p o t ro t ro t

• Enterprise Financial Management and Treasury Management FinTechs in this area provide tools to

t ro t r t o t o

Wealth & Assets Management for SMEs: equity crowdfunding is a potential new source of funding – still little but growing

• t t t ro p t or r o ro o p t or t rt p

t r o ro

o r N t o t t r tor r tor o r t o r t t t

•

31

SMEs are key in the Italian o o r t

o t o p t

t o tr t p r t t o o o o ro t

p o rt t t t t t t t r pr t o t

t o p t t o or r t fi p o t t r o t o p p r t

t t ot tt t r ropor to t t t ro t t t

t r r o t 5.3 million SMEs who employed over 15 million people and generated a total turnover of 2,000 billion euros

>45% o t o o t o r

r o t t

t

p fi o r or No o r or

113 111

28

14

24

7

Total - n° of companies Lending


•


32


Open Finance- to start you need to know each other

t t op r t o o o t r o p

r t t t or t o t r tor o po t r r t propr t r o t o

t t or t o r o o o p t or o r r t r tt pp or tr t p r p t o o

pro t r or to r

rt r pr t r t t op t o p fir t t p to o ot r

op o t o t o

o r t t o t r or tro o t environments where on the one hand FinTechs can develop their

p t o t ot r r o p o t t p rt r o t r t t

o t o ro o po t op r t o r tor t o o

The emerging picture is promising

tor r tor or o t t rt p t p ro tr r o o t o t to ro r t r o t rt p r t r o r r o

p o o t o r r p o tor t p o o t rt p t t r t t rt

o o o or Innovation).

t t t p or o pp t o tr tor t to t or fir t o

or t r t tr t pro ot to r t o o r t rt p o o t r t o r t orpor t r r t o to r p rt r p t or

t t r t o

o r o t t fir t t to r ttor t r r op t t r o t p rt r p t N r t

pr t r r

Open Finance: resources are developing

33

FinTech: where to be born, grow, meet, build solutions, collaborate & integrate

Incubators and accelerators for startups are growing r r r

o r N t o t t r tor

o r r r port o t p t o t tor r tor o o t o o tor

• In the last year the number of incubators for innovative startups in Italy has grown by 15% or tot o t t o t o t r o t

o r tot o o t tor r tor r o t t ort r r o

• r the number of startups that have grown in our country’s incubator ecosystem has increased t ro o p to

• o o o t tor o ro t tot t r o r o t o p p o ro p op o

ro or r t r o r o o ro r o o p r to r r ro t t rt p o

r fi t ro o ro to ro o

• t r o t tor r t r 62.4% of these are private r t r p or t o t r r

r t t o

The Bank of Italy activated a contact point for FinTechs ("Canale FinTech“), where to propo fi o t pro tSandbox (…)Consob, ABI (…)

FinTech skills are often a bottleneck and Academies start to react by organizing dedicated courseware such as PoliTecnico di Milano, Cetif-Università Cattolica, Lumsa ecc

Technological Platforms (OPEN APIs) such as Fabrick, CBI Globe, Cedacri, Sia ecc

Two associations:ItaliaFintechand AssoFintech

cific Initiatives From

Authorities

Incubators & Accelerators

AcademiesFinTech

Platforms

Industry Associations

Dedicated Ecosystems Aggregators

Some FinTech dedicated Ecosystem Aggregators are borning and developing: FinTech District, Vittoria Hub, Plug&Play Italy

In the last year the number of incubators for innovative startups in Italy has

ro or tot o t t They are usually CROSS INDUSTRY and not “FinTech” dedicated


34


Incubators and accelerators are (also) for FinTech: examples r N ot t t p r o

Le Village t o t o o t r t r o ro p t o t pport

t o t o o t r t t t r t r t o r

(Milan)

Nuvolabt r tor t t or

t to t r t o t tr pr r ecosystem. It is proposed to create and help to exploit concretely the latent innovation opportunities in the national system. (Milan)

PoliHubt t r t tor o t o t o

o t o t o o t o t t o tr t o o t p t o t ro t tr t o p o r r

B4i – Bocconi for Innovationor r p p t tor o t

r t o o o o o or o t o t t p r to o r r t r or

o t tr pr r p op r t o t o t t rt p tor pro ot

t o o r t t r o o r o r o t t pport o

t p t o

Cariplo Factoryr p o tor or ro pr tr t o

t r p o o t o t r ro t t pro t t t o o o p op or

o t o t o t o to p t t tr t r t o p p

t t o o opport t r p fi r or r t r t o t t rr tor

(Milan)

Gellifyt t fir t o t o p t or o p

r to o t t t rt p to tr t o o p t t r oo or

opport t t op r t o t rt p o t fi t o o

tr tr t rt fi t r r t pport

startups with smart money (round A investments) and t fi t o pro r o t r t o o o t o o p r o

Reno - BO)

Intesa Sanpaolo Start Up Initiative tor or t t rt p p o t r ot o o o o t

t ot o o t rt p

Roma Sartupo t rt p o profit or t o o t or o t p r t rt p o t tropo t r o

o t pro ot t r o o t t t rr or ro o t

startup companies.

Supernova Hub t o to fi t pro o p t pport to tr pr r r p p r t t t r r to t r t

t o p t to o t r o r t rt p o p t ro t pro

Talent Gardent r o r o t o o r t o or

p o t o oo tr t t to o t o t o o

UniCredit Start Lab t t or to pport o tr pr r o t o t o o

Digital Magicst rt fi tor o t o t t rt p o r t o t t pro t t r t o pro r t to r

o r r t t rt p r t t

AreaScience Parko t o tor o o p o t

r or p r t t t rt p o t or tor t t pr

seed and seed phase. (Trieste)

SellaLab o t pro ot to p

t o t t to t p ro t fi t r tor o

ideas”. (Biella)

H-Farmt t p t or r t t t o p o tr pr r t o o t t t

pport t tr or t o o t o p to t p r p t o r o

35

I3P tor o o t t rpr o t

o t o r o profit o ort t p t o t o r t tropo t t

o r t t o r t r o o r o r p o t t or o r Foundation. (Turin)

b-ventures t t r t rt p

r t o pro r pport op t t r t o o o o tor t p o t o rt o o t t t rt p t r t o tor

r tor o r o or p t p

Supernovae Labs r tor or r

o p t o o t p r rop t o r t r t r o r

t r t t ro op o t o t r t r t t rt p fi

players. (Milan)

PoliHub: t r

PoliHub pport o r o t o p t t r o r o o r

o ro r t t or o r o ro r t o r o


FinTech

Morpheos

SplittyPay

Sardex.net

Scalapay

TechFin

Konvergence

Cleafy

Banksealer

OpenAI

Userbot

FinTech and TechFin companies ro t o p

36


Some FinTech dedicated Ecosystem Aggregators are borning and developing

o pro ot o t o o or t o o o t o r

r t

FinTech District t t fir t t o t

r tor to r t o t o t rt p t t o r t opport t

o t t to t r t o t or N t rop o r

ro r t t o t r t ro o tr o rop t t r t to

pport t rt p p t fi t p o t pro r

tr t o to t r r t rt p p rt o t o t t orpor t r

t tr t o p rt o t r t o t or o t r t o

Vittoria Hub ttor t fir t t r tor t o p o t o pr t ttor r o No r t t

to t p t t o o o t o o or t r tor ttr t tor p rt r t rt p po

3. The new Plug and Play center with Nexi and UniCredit is born in Milan

t o t t op fi r r r r op t t r

o o p p o t t rt p r o p p rt r p t N r t o

o t to ttr t t rt p t t to t to t t o p o

t tor or r to p t fi new partners and markets. There are seven people

r t fir t p o o t t fi p rt

37


38


t t t o t p o tr t o t fi t o

o po p rt r o r o t p t t op r t o t o o

t r t o op

ot t p to t pro t t r fi o t o t t t t to o t

t t r o p o t t p o pro t r r

t t t t t t t to op r t t r o r o t o o p o pport op o or t

environments with third parties.

t o t t to o r o t r t o p t or ro p p r p t t

r t t t r po to r t o r r r t

p t p t p tr t

rt too t tor o o o op r t o r t r

The road is marked and the journey is only at the beginning.

Open Finance - integration is still, often, a challenge

o r tr t r t op p t or pro ot t ro p rr t o o t t r t t rt o t

t r r r t to r o r o r t o o r o r or o t p t or o p r to t po r o t o r

r r to t r pr t o t p t or t o r o o t r r p t o t r t o t r t rt t o t o r t t t tr t to o r o o r o t t r t or t op r ro o fi

r t r r or t t o t p t or r tor o t ro t r t to t tr o o o to t r

t t p r or t or t o t o o to fi t r r r t o t o t

Open APIs/Open Banking key platforms in Italy

CBI Globe15-9-2019~300 banks = 80% of italian banking market

o t o p t or o t t p r p o p t t t r

Nexi: t r t p t N or to t r to t o p t or o

Fabrickr op fi o t t t o t r t p r t t o r

o or t r t o t o t o or to r t ro p t or

SIA~ 80 banks - mainly BCC (RAIFFEISEN)

p p t or o to t r t o t t o or t t ot r

o p pr t orpor t r o p p tr t o

Cabel20 banks

o t r r pport t to o p t t to t r p rt

t to t t o t t o orpor t r

Cedacriro t r t t p p t or t r t

p rt o t t t t o r rt to t t More than 30 banks.

More• t r CSE - SEC Servizi.• or r tor

Open Banking Directory to t o or t o t

39

Fabrick Key Numbers

FinTech Ecosytems Stories

(ANSA) - Rome, 14/01 OPEN BANKING: CBI Partners with NEXI To Support Banks And Payment Service Providers In Offering New FinTech Services In Italy And Europe

t t t or o t o or t t r t t fi

tr pro ot t t o t o t p t N t

or to t r to t o p t or

to op r r po to t ro o

corporate and retail clients. N r t or t

dedicated resources in order to implement t t o t pr

Kaleyra, 19/7/2019Kaleyra and Epiphany form Open Banking partnership

r t r t o r o r or

o p o p p t o o t rt p or t

op r t o p t o t o t t op p op p rt r p

r t to o t pport t r t tr or t o ort ro

o p to r p r to or o r t o

STARTUPITALIA, 29/11/2019itto ia t fi t ta ian in t c

incubator, is bornro ot ttor r o t

oo t op o t o or t t o o t rt p to t

ttor t fir t rt

tor t t to p o t o t t o

p fi t o t o ttr t o t t rt p t o o

partners and investors to a dynamic o r o r

po o t ot r r t t rt p o t r p t ro

idea to industrial maturity.

Press Realise, 7/2/2020Fabrick integrates Lokky’s offer on its open banking platformo t r ro r

t to ro pro o r r o r

r t o po t to rt fi t r fi o t p fi o t to r

o t o r t to t r o

o t r t o t t or t o fi t t t o ro

r to o t p o pp t o

Fintastico, 25/2/2020Open banking: UBI Banca chooses Fabrick and enters the FinTech District

to r ort to r op p t or pro ot t ro p to

t t o r t o r oo or t r

smartphonero t r p t or

to op or p o t r t o

t t t o o t o


o t t r t t rt o t r r • There are 200 direct customers o r• Over 23 thousand end consumers who use services

or o t p t or

o p r to t po r o t o r r r to t• 473 APIs r pr t o t p t or• With over 12 million monthly API calls.

• There are 16 use cases p t o t r t o t r t rt t o t o

• r t t t tr t to o r

o over 95% of the Italian-PSD2 market.• More than 5,000 developers ro o ficia

registered banks r or t t o t p t or

40


FinTech skills are often a bottleneck – for FinTechs and Incumbents - and Academies start to react

FinTech – International Master in FinTech, Finance and Digital Innovation

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dedicated to FinTech. It is aimed at three-year or t r r r t o to t o o

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o pro o to t t t tr or t o t t r pt t fi r t o tr t o fi

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ro p t ro t r t o t o o p t t t o r t o o t

o t o t t r tr or t fi tr o t r o r

o t t o o t r pp t o t fi or

r o p t t t ro pr t ppro t r

t to t r o t o o r t p rt p t t o o t fi or

t t r r t o t o o rt

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o

Insurance Innovation Master I (MII) t r r o t o t fi t

university training course in Italy dedicated to innovation t r t o o t o o t

t r t r tor t p r t t r o rto o

pro t t rt pt r or ro t p rt r p t t oo

o t o o o r t o t o r o o r o rto o p o o t p o o

Intesa Sanpaolo Vita and Reale Mutua - is mainly t r t r t t t o

pro o ro o r t o tr

41

Italian FinTech Associations

ItaliaFinTech or ro p tr t r t or o association t t r to t r t

rt p r op r t t t t o o o o t t t o o p

to r p t r r t r p r t o t

o or t to o t r o t tr t o institutions and companies in order to turn the pot t or r t ro t to r op t t r pr t t r r po t or

t t t o r tor or pro t o o t fi t o o

o o AssoFinTech to t tor r t to o t t

t t t o o r tor op t to pro ot o t t ro t t tor

o o t o tor o

ttp t or o t tt

o o o rop o o or


42


t t o t r o r t o o t o r o pro p r or

o r o t t r t rt o

• t r pr t t t r o t t r o t r o r r o o p ro t o pro o t t t t r

• o t t t t r o t r o r o t t ro t t r o r t t profit t t tr po t ro t t r tor r o

t rpr t o

• t t t t o r t r o r p t t t t r r t t o r t r r t r o fi

ro o or p t t t ro t t t r

companies) and it attracts many new players.

• to t r t t t t r o r r o o p tor

o t to ro o t r o r r t r t r ro t t t t

r pr t t t r t pro r t r t t r t

to r t rofit t p t t p t r o t po t t t o fi r r r

• p t r t r ro fi t t o oo profit t p t r o t t

Not ort r o t r t t r pto rr p r or N

• r t o t tor o r o o p r or t r t r o t t r tor t r o t r o r o t ro t t t ot r t t t r

• o rt r t r ot t r p t r ot t fi t t r o t r o r ro t t o t to o tor r

t r pr t tr t r t opport t or o t o t t

- t ot r ro t o p tr t t t o t o o t o

r r to r ot o o t fi r t o t t o t o p t

- o p tor t t op fi t t t r t o r o t t t t

or r o r o o t tr t r o t fi t tr to op

o r o pport o t o or t t o t t o p t t to op

o t o or t or o o o o po t o r t t r o p r to t r to r t

t t o t t o t

Overview of FinTech business segmentsPayments and Lending the main areas in terms of volumes. InsurTech, Capital Market & Trading e Money Management are growing fast

4. FinTech in depth analysis

43

FinTech is growing but…

More in Lending Wealth & Asset Management Payments

• Payments remains the most populous r o t to ro

• t ro too o t to t r t to rop

(Real Estate).

On average in Capital Market Money Management

Nearly FLAT r t o p r p t

Shrinking t r ro rop to o t p r or

Number of Italian FinTechs by Area In % on Total

Change of number of companiesAverage Growth

12%

13%

278

16%

9%

17%

11%15%

7%

Money Management

Other Crowdfunding

InsurTech

RegTech

High Growth


Payments


Lending

o r N t o t t r tor

44


Italian FinTech foundation by year per areas

Lending Wealth & Asset Management

Payments Capital Market & Trading

Other Crowdfunding

Money Management

InsurTech RegTech

78

29

66%

55%

60%

49%

54% 52%

72%

67%

5

16

26

3

16

28

2

1920

2

9

13

2

10

13

1

9

26

15

12

Before 2010 2010-2014 2015 - 2019

o o p or t o ot r N o o p

o tFinTech areas

InsurTech

RegTech

3. Lending

o r N t o t t r tor

45

FinTech: Platforms, AI and Mobile the reference technologies

r t t o o t

pr o t o tr to p o oo t t pr t o o t t r t r t r o o p t t p t r t o o

p t or r t or r

ro ro o rt fi t t o t

o t r r t p t r fi t ro t t r r r t

o t p tr t ro r t o t t t p t r t

r r o fir to t r o r t t

3. o to r p r o t o p ro t r o t o t t o o o t r t o o t o

r o t

t ro o t o o p r to t o o o t r t

ro t r t p t r t r r o t ro t t t to

cryptocurrencies.

o t r t o r t t o or r t o to t fir t p r t

t fi o t

t t t o t o p t or o p p or o o t to

o p

PlatformsAI/Big DataMobile & UXBlockchain/CryptoIoTOpen Banking / Open APIOther

15%

55%

9%

12%

3% 2%

4%


o r N t o t t r tor

46


Blockchain growth


InsurTech

Lending

Money Management

RegTech

Payments

Other Crowdfunding


AI growth

AI/Big Data Blockchain /Crypto IoT Mobile & UX Open Banking / Open API Platforms Other

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

43% 17% 37%

3%

7%67%

6%44%

76%

6%22%

3%

4% 22% 36% 33%

2%2%

28% 22% 17% 22% 11%

12% 36% 4% 4%44%

15% 5%

19%

24%

2%

3%

2% 2%

97%

AI growing, Blockchain more relevant in Capital Market&Trading, Open APIs still in their infancy

Key relevant technology per area

o r N t o t t r tor

47


48


Payments area is the star, but margins are still an issue

Payments Taxonomy

Key numbers 2019 Highlights

• t o p o t to r growth in terms of number of companies

o t to t r pr t r o o p r to tot

• r t t o o p t

o o

• Positive revenues growth t t t r r p t

the area represents the most developed market t r o pro t r o t

FinTech total).

• It has a negative marginality t pr o o t t o t t to r or r to r t

o ort t t r t r t t o o tr t t r

tr to t o

• It is the third cluster for capital raised t tot o t o o o

tot o o r t r t t r t

• Many new companies • o t t o t o op t

o t • o t op r t r o r

o• t t r o t t

Next Generation POS solutions VAS for merchants Online Checkout

Mobility and Vending Machines P2P payments & Digital Wallet Cryptocurrency

Payments Solutions Development Other

o r pro o N t o t r p N t

r o t o p r to tot

Payments Total FinTech

number of companies 46 278

o ot

ro t

revenues (% on Total) 35% 100%

ro t

r r

N o p o t

average age (years) 4.4 4.8

Investments (% on Total) 10% 100%

EBITDA -9% 2%

o r N t o t t r tor

49

Payments: the business segments and enabling technologies

t r o po o t in which companies operate/work: Next Generation

o t o or r t o t o t t

t t r pto rr t o t o op t t r

Business Segments

Next Generation POS solutions: companies that o r o pp t o or rt o t o

o N o or toot t o o rop t o p

t o o t o t t o t r t o t o t

or r t t t t t o t o to r iPratico and Scloby). This is an

tor t t r t t rt p t p t t r t r t o

t o p r r t t o tr

VAS for merchants t pro r o t o o r t p t or t t

r t to o r r to t r t or r to r to r t and loyalty (such as Loyalty24 Domec and Roialty). It also includes Epipoli pro r o t r Checkout Technologies that supports retailer to r t t o pt tor t ro o t o

Online Checkout t rt p t t o r o t o to pro r t o t t o opp r tr o p o p r

to the last report: it is Scalapay r t t rt p o o r t p or o opp r r o r

Moneymour r t r r ot r t o o t t r Squeezol

and SplittyPay t to r p t t r o t o r t r o t

Mobility and Vending Machines t t t o o

t o o o t o o p t t o r rt o t o t o or o t t pp t o

(such as myCicero OpenMove and MyPass) and t t r o t o t o or

In Time Link MatiPay).

P2P Payment & Digital Wallet: this cluster includes t t o t o o t o r

t r t t o r o pp t o or p t or t t o t Satispay Flywallet Plick Tinaba iConto) or collection o o t p r Growish Splitit and Collettiamo).

Cryptocurrency t t cryptocurrency (AidCoin r pto rr p t or Conio Chainblock Eidoo GreenAdress Coinsociety o t o t t o p to receive Payments in virtual coins (InBitCoin Chainside Tinkl.it).

Payments Solutions Development: Another new cluster in Payments landscape. It concerns

t t op o t o to tro t or t r o p o r Axerve

PayTipper Creopay Opentech and SlimPay.

Other: in this cluster are included FinTechs with o r r t to t t t

Added FinTechs compared to last analyses are K-Linx t rpr p t or t t r o t o t Stamp t o p t t r t to o r t r opp p r to t r or to r

Other FinTechs are NES Weldpay and Merkur.io.

Technologies

o pp t o r t t o o o o p t t r t t

t r r t r o t o t t opt t r p r o o o p t or

o o p t t o tro t and also includes FinTechs that support retailer to tr t o t pro r o r t p t

t t r r o p t t o r o t o or r o

t t o o


r o t o p r to tot

50


PaymentsStories

Moving Global t rt p r o o t o

r to op r t t t tr o t to p o t t

t r r tr t o o ro ro t o

t r r o r t t r t o o t to

t r pro r po t o r tt t t t p r t r t r t t r o r r o r t r t fir t

r or r o o p However Italy records a reduction in investments o p r to t o tr or to

t t r ro o p t or t t t r ot

o o t o r t t or tot o o o ro

Demand is maturing:italian users become more digital

rtp o o r t p tr t o t o r r o r

t or ro o t r t r ro o fi to t r

t t ro o o t t r t r t o t o

pro to r t t o ro o r p r p t pr t or o t t o

t t tr t t r t r t t r o o r t t t t o t o

3 Italians make online purchases or Payments and o t o t o

or t o r o t o t t to r r r o t

o t o p fi t p o p r ro o r t t N

t r t t o p t t tot t r

SMEs target: more dedicated solutions r ro t t r

r o o t o op or t or p rt r r r to p t or op or pport r t r t to r o t o t o

o N t r t o o t o to r t r t p t or to o tor

t o t r or t o t o op t

FinTechs & Corporatesare looking for more collaboration

o t o o p t r t t o or t o o t o

p rt r p t rt t t r t t the innovation in Payments market and promoted

t t o t o t N or r to pport t

op t o r or t r Corporate and Retail consumer needs.

Stories and Trends

More collaboration ot r o o o ro

ro t rt p t p t or o t t o o r o o o t

p r t t tr t to r t o t o t t

Italian operator Tiscali has announced that t t r t t t r t t r r r t to r p r t o p t ro p tr o t

t t t t o o SME market).

Globalization-italian Payments appealing for foreign players

t t r t o t o pro r t ro t r r t op r t o o

r t or r to r t t o o r t o

t o t o fir t t t r o r t o o r

to r p po t t r t t fi r t r t o or p r to r

italian FinTech.

51

Corriere della Sera, 23/05/2019FinTech: the Bregal Investiments fund enters Epipoli prepaid cards

r to t o o

p rt o t o pr t t ro p r t t r or t

o t t p po t fir t t t p po

o o t o t port t rop companies in the prepaid services

r t p po o r t o tto t t o

p o r r t r t ro t ot t r o

t o o t fir t op r t o t o t t r t o pr t t

t o o t r t t r o fi t tor t

ANSA - Rome, 14/01 OPEN BANKING: CBI Partners with NEXI To Support Banks And Payment Service Providers In Offering New FinTech Services In Italy And Europe

t t t or o t o or t t r t t fi

tr pro ot t t o t o t p t N t

or to t r to t o p t or

to op r r po to t ro o

corporate and retail clients. N r t or t

dedicated resources in order to implement t t o t pr

17/02/2020Moneymour bought from Klarna

o o r t t rt p t t pro o o t t o

o to t or r p o fi r

t o o ro o r t o pro t

t o r t o t t o o t tr t o r port o r

p t r t t t ro t o t

o t r t o t which had invested in the company in

op r t o rt r tr t r t r t rt

partnerships with Musement and Nexi.

20/02/2020Tiscali enters digital Payments market with MistralPay buyItalian operator Tiscali has announced t t t t r t t t

r t t r r r t to r p r t o p t ro p

tr o p o pro t o t o to t rpr

individuals in Italy.t r t po t r o o pro o r

tr t o or o ro o t p

or t or t t p t o o to t o p

t or o p t t o t o o t o o t

04/2019CVC-backed SisalPay invests in Italian app MyCicero

ot r o ro t rt p t p t or o t t

o o r o o o t p r t t

t t o t to o o ro r o r t

r r po o ro p t t t t t t o fir

SisalPay will to accelerate innovation and t t t ro t o

p rt p t o r o p or o t t t pr or r t t t t o o p r r

t po t o r r t r t o myCicero App in SisalPay stores.

PaymentsNews Room


52


Money Management on the right track

Money Management Taxonomy


• r ro t o o p t o o o o t

• Revenues are growing fast t t r t t o ro

t o t r t r p t r t r

• N rt t r t o or r t t r p t r t

r fir t or t t o t t to t o o o o

• t o o t o p r to t t r t r t

o r

• t ro r• r ro t t r o o p • r profit• t t t t o tr t o o• o t t r p t r o

o r

Assisted Savings Digital Wallets

n a m nt & Gamificationic om a i on

ti an in a ato

n in n oicin nt i inancia ana m nt Treasury Management

Ret

ail (

Per

sona

l Fin

anci

al

Man

agem

ent)

SM

E (E

nter

pris

e Fi

nanc

ial

Man

agem

ent)


r o o t o p r to t tot

Money Management

Total FinTech


o ot

ro t


ro t

r r

N o p o t



EBITDA 18% 2%

o r N t o t t r tor

53

Money Management t

t t r r t t o t t t

r r to t r t tor Assisted Savings, Digital Wallets, Multi-Banking aggregators, Price comparison and Engagement an Gamification t t o r pro t r to r t to r o p p rt o Online Invoicing, Treasury

Mangement and Enterprise Financial Management o r pro t r to

Business Segments

Retail Assisted Savings t Gimme5 p to r t t

o t o o Oval also helps to r t t r p ro

t o t r t t pro t r to po t o t

o or r to r

Digital Wallets t t t o r o Vuolly p r t t

p to r t fi t t r t r t t to p Spreadoff lets customers

t rr o t o t pp Dindarò ro p p t t p

Soldo t r t o r or fi t p to t

p t or r o t

Multi-banking aggregators t only Utego r t o t t to p t pro

t o o fi pro t r t t to to r p fi t ro

o t o o tor o p r o o t pr p

r t t o t r t t opt o o o t p r t

ot r t o r

Price comparison t or or o pp t t o r o p r o r t r t p

t r t t t opt o t o or r r t r t t o r r t o pr

p ro t r t r pt o r pr t t t Switcho, WalletSaver, Trovabando and Pensionarea.

n a m nt & Gamification: these are applications t t pr ppo pro t o t t r

rr o t t o t or r t o r

to p oto r p r pt t pp t o t t o t r t o p r

pro t t o t or t o o o p r t ro o t r pt

t r t fi t o

SMEs

Online Invoicing t or t o tro o pro tor

t o p r r FattureinCloud, Fattura24, GetYourBill, MenoCarta and Yerp.

Enterprise Financial Management r t o t r t t t o to t o pro o t r o p o t o

o p r r t o p o Follio, Vipera, Zillions, IoFatturo,

MyFoglio and Maxtrino populate the sector. Soldo r t t t t

present here as well.


r o o t o p r to t tot

54


Money ManagementStories

Personal Financial Management

Multi-Bank aggregators are coming t po t to r t t p

o t ro r t t ro p t or o o t o t o o pp t o t ro

t tro t o o t t r t to tr t o t r o o t

t t o r t r t o o t t r t t r r ot r t o o t o o t o t t r t o p r prop rt o N

t r o r t service only to Illimity customers.

Pfm is a starting block for FinTechs r r o o t o o t o

t t r r ttr t o t o to t r t o or

r o o t o o t ot r to t to r p t t o o

p t p r o pport t o t r fi t ro o t o t t r p

t to t pr r or t o t r t t t p r o fi

r r o channel to improve relationships with customers.

t t oo to r p r t o t o r o t o r

t p r t t rt po t p r t t t r r fi p rt r or to r

t rt p r t r t rt to t t opport t ro r t t

p t or o to ort o r or r t o o t rt

or r t p t op t r fi o r or or t o t o

p to t p t r top o t o t r tor

t ot r to r t o r t to r r t o p t p r

fi t t r to o p t t t o r o t r

centrality in an holistic approach to the customer.

Enterprise Financial Management, Driven By Legislation And Evolving With New Services

t o t r r or t o o o t o t o or t

or r t t fir t o tr t rop o t to

tro o tor or pr t o t ro

the total turnover is quadrupled since last year. p t to r ro t r

t t o t t o pt r t

r tor o t o or t t r r r or t op t o

o t r or t or to o p t or pport t t o tro o

pro t ro p too t t o tt r o t ro t r t o t o o t r t t o

t p o t o t p o t o o o t t

o t t p r tt t o ro o t to t p

o r t t

Money Management Is One Of The Smallest Segments But Is Growing And Receiveng (International) Attention

Stories and Trends

Partnership

Going Global o o o to o ro t to o o

Exit t rpr t r t r r

o o t acquisition to enter the Italian market

55

Challenger Banks, 04/2019t o co ct financin

from Invitalia’s Smart & Start, while the 200Crowd collection

i to a tor r o t oo t

r t r t t or o t r t t o

t t rt p t t pp to r t r t o t r to o p r o r ro p to ot t

o r r p o t o t ro t o

or r to fi t pro t t o t ro p t t

o r t t o t o ro t r t o r ro t t rt t o p

r o rt o o r t r

t o t or t o ro to

t p t r t o t ro p

Business Insider, 02/02/2020Fatture in Cloud, the story of Daniele Ratti who transformed a student job into a company worth millions of euros

tt o t r t t fir t o t o o tt r o o

o t o t t t rt p in recent years.

fi r to r o ro t o to t o t

an explosion in the last twelve months t to t tr to or o t

tro o r t o or r t rt p to o r

p o t r o r o o ro t ro t port

o t o o o r r t t r or

t to o ro

TechCrunch, 07/08/2019Soldo scores $61M Series B for its ‘spend management’ platform for businesses

o o t t t o r t r p o t or o o r

t ro tt r t r p t t p rt p t o ro

pr o r o t t r t o port o t fi ro o t

r tot r t o o t rt p to oo r o r o

pr o p r t t fir t o o o o r t r p

o t or o ro to r r t rpr t t

to p o p ro t r or t o

t p rt t p o p to r t

o o o o t tr o r pp or ro

rt t or p pr p t r r t t o t

to p o p rt t t r o t t or o tr tor

Money ManagementNews Room


56


Crowdfunding Models

EquityCrowdfunding

Wealth & AssetManagement

LendingCrowdfunding

Donation & RewardCrowdfunding

Lending OtherCrowdfunding

Web Platforms

57

About The PropTech in the FinTech Landscape

r r Proptech startups active in Italy have almost tripled o ro to o

o t t r r o t r port o r o t p rt o t t directly involved t t fi

t t t o Real Estate FinTech t o rop t Real Estate

Lending Crowdfunding t the Real Estate Equity Crowdfunding t t

t t

o r t t rop p o t t r o o t ot r t o t r t or t tor o

rop t t r ro o r r o o r rt t t

or t p rpo o t r port


Real Estate Lending Crowdfunding

Non-FinTech Proptech (Examples)

Proptech / FinTech

Real Estate Equity Crowdfunding

o r pro o N t o t r p o r rop o tor o o tr t r o t

per il Real Estate. Politecnico di Milano

58


Wealth & Asset Management Is Evolving And Attracting Many New Players

Wealth & Asset Management Taxonomy


• t ro o tot r t t second smallest segment. But the turnover o p r o r t

t

• t t o t r o new companies tr o r

or t t t

• po t

• Real Estate Equity Crowdfunding is a new – r t t o p o

t r

• Equity Crowdfunding is a very dynamic segment p t o tp t t t tt

t t r o t r o r

• Many new companies • pro t t t• t ro• t t t t o tr t o r• t o p ro

Equity Crowdfunding

Real Estate Equity Crowdfunding RoboAdvisor Tools/Enablers

Intermediaries


r o t t t o p r to t tot


Total FinTech


o ot

ro t

revenues (% on Total) 6.2% 100%

ro t

r r

N o p o t

average age (years) 4.8


EBITDA 8% 2%

N tMany new companies

o r N t o t t r tor

59

Wealth & Asset Management t

t r t t t t t t t r r

to fi r t tor Equity Crowdfunding, Real Estate Equity Crowdfunding, Intermediaries, RoboAdvisors, Tools/Enablers.

Business Segments

Equity Crowdfunding t ro t o o r o pr t o p r t to ro p o p op or t t t t o p r t o t pop o ot t r r to r

Real Estate Equity Crowdfunding o ro r r to t r t ro t t r o r t t

pro t t o o p r t ro p o po o fi o

which (Walliance Concrete House4Crowd BuildAround r t or t

t ro p CrowdRe is o o t t o p p pport pro t o t t ro

while RealHouse op to t to t o o t t o r

t t ro t ro t t r o t t o t o t tor t

t r t to r pr t r t or r t o r p o t r t t r t

Intermediaries t o t t o tr po t o o or o or or fi o t fir t t p o

t t o o r pr t t o t t r Fugen OnlineSim and SoldiExpert.

RoboAdvisors o o or r t p o fi o t t o pro fi or

o t t t t t r t o t to t o or t rt fi t t o r p r or r o

o t r to r port o o r t or to t to r profi t t

o Moneyfarm r t o t p t or Euclidea o t p t or t t or t t t r t o r t r o o t tor r t r opt t ppro o or t t to tr t pro

or t o to to r t o rt or r AlphieWealth.

t MC Advisory o o t r t o o o o or too ot r t to t to r t

to pport t fi or

Tools/Enablers t r r o t p o too or t t t p o t o o t p rt fi t to op o t r to

pport or t t fir this cluster: Finscience Finantix iFinTech Wavenure Fundstore Deus Technology and Mc Advisory (in

t o to t pr t o o or t

Technologies

t p tro o po t o web platforms r t t o o t r o t o t t t t ro

t ot r t o o or to t t t t a tificia int i nc

t pr r t o o or o t o to t t r


r o t t t o p r to t tot

60


Wealth & Asset ManagementStories

A new star is born: the Real Estate equity crowdfunding

Proptech Is Developing In The Worldt o t r r rr t t rt p

tr to t r t r t o t prop rt r t tt pt to r pt pro o

t rr t r t p r op r r r r t r tor r t t pro o o tr t r t o r tr t op r t r t t t o t o p r r t to t

r o t t startups related to the Propech area (sometimes also

t t t o o pport t t ro r o o r

o p t r t t t o o t r p t t t r p t

fir t o rop o p t fir t o t o o po r

to r t t t t rt p t r tor rp t o r or or o

t t o r r t r t rop propt rop o fi t r r o p t to t t rt p r pt r t t o t p r p rop propt

t t r o o t r rop

r t p to r r t p or t rop propt t r p t t

r o p t r p t

Proptech Lands Also In Italy t t N t t t ro

t o t o o p o t r o ot pp t r

o o tot t ro r t r o t t o t t t ro

p r t t o o t tot t t fir t

o t r t t ro p t or t o o o t t o p t t

r o t r t o t r r t t r t to ot o o fi

t ro p t ro equity tokens via blockchain (Ethereum).

Equity Crowdfunding – A potential new source of funding – Still little but growing

t t t ro p t or r o ro o p t or t rt p t

r o ro t o r t to o p t t o

tor t t r o t o t t t ro to t o ro t o t t t

t p r t r • ro o fir t fir t o t o

p t or ot o o r o• ro t o Aim Italia o o

t o tot t o ot t t t top t o t r

r o p t t pr o r ro ro t t r

ro o r r o tr t o o o r

o r t t o tr

Roboadvisor continue to grow t t o t o to t pr o r port

t t o t tot o o o or t or t t o o r o ro o t t r r to t Italian

market t t t t t the assets managed by robo advisors exceeded $ 400 million t r t o t o r p r to r t r ro t r t p t t tot ro

Stories and TrendsGo Global o r r pr t o o t o t o t

or tot t r o r o ro o o r o ro o t t

o r t ro o t r t r o o ot r ro t t o t r o t

fir t r ro o or r rt t r t r r t t t o o r o o ro t r t tot

Exit o o o o t o t o t r t op r t o o or r

r pt r r to t o o t o t port t t o t t

took place in Italy.Expanding Offering rt o t to p t o r

o or t o o t pro t t to profi to r t r ro or o t

ot o po t o o p t t r t o t t ro

t profiListing On The Stock Exchange r ro

o t ro t o t o o o t o t t t rt to r t r

AIM Italia - Alternative Capital Market t r t or t p t ro r or o o t r r o t t r t t

o po o t o p t ro t pot t r t on the FTSE AIM Italia index.

o r rt o ro or o fi r ro o p r o t tor t t N N

61

WIRED, 26/03/2019 i t fi t in c

company to be listed on the Milan Stock Exchange

t ro p t or p t o t r p t o t

r t r o t t to fi op t pro t

t t fir t o p to t t t t t t o

t to ro o r ro o t r t t r o

r p to p t rt p t t t o p t or p

r r t or o t o

o ro o t ot t o ro ort o r o ro o t r t t r o t

to o t r p t t t t r

fir t tr o t t p r r

Centro Studi Moneyfarm 04/02/2020Moneyfarm exceeds a billion of assets under management

o r ro t o t t op t important milestone. The assets

o o ro t t t o o r rop

to tr t o r t o r o o t r The news closes a particularly positive p r o t o to o t t r t o p r to t o p

too t o t opport t o r t r t r t p r or r t

BeBeez, 01/2020The Italian equity crowdfunding platforms raised over 65 million euros in 2019

t t t ro p t or r

o ro o p t or t rt p t r o

ro t o r t to o p

t t o tor t t

r o t o t t t ro to t o ro t t

t ro o tr t to t r t p t t t t

t p t or t t r o ro ro o

Challanger Banks, 26/06/2019Intesa Sanpaolo enters crowdfunding

t p o o t r ro r o t

to or t op r tor t t ro tor t t

t o t r p t port to or o tr t o t o ot

o rr o t t ro N t r t orpor t t r p t

o t p o o o t o Center and which invests in FinTech o p r t t t ro p t t or t pot t o r pt or t tor

to t o t to or pport t op t o t tr p t

t o rt r r t o o or t to p t or p o ttr t r

r t or o tor

FinTech District, 02/2020Walliance goes to France

or N p r r o p t o p r

to pr p r t o t p t or r t fir t t o r t t t t p t ort r t to r t r t t

t t opport t t rt ro o r tor op r tor

t po t o r p t alternative and transparent way. It has

op r t o t t r t pt r o t o t t o r t or t t

ro o o r o o r or to or t t

r o t r t o t

Wealth & Asset ManagementNews Room


62


Other Crowdfunding: Weak numbers but interesting for social impact

Other Crowdfunding Taxonomy


• t r ro o p o t to

t o o p o tot r r ro to

• Added companies compared to the delisted: +7 new – 9 delisted = -2

• N t r ro t

• o t o t o p t t r ro r r no ofit a ociation o t r o r o tot r t o t

r o t tr pro to ot fi t o t t o ot

r t p t o t t r ro r

• t r t t o r capital raised by these kinds of platforms for an amount of 57 millions of euros since the beginning of their activity.

• t o t o o profit or t o• t o t r t t t p t or r

Donation Reward Retail Crowdfunding


r o t r ro o p r to tot

Other Crowdfunding

Total FinTech


o ot

ro t


ro t

r r

N o p o t



EBITDA -13% 2%

o r N t o t t r tor

63

Other Crowdfunding t t o o

t r ro t r o po o o p t t t r or o pro t t ro t

o t o p t o ro r r o r r t Donation Reward and Retail r o t r

o t o r p t or

Business segments

Donation t t o t o o r t r tr t o t o o

t ro o o t o p t r o pport r t pro o or pro ro t p rpo r t r t o

o t o ro p t or t t t r o r r or o t t r t r r o o t r o o p fi rt r t

port pport r t t r r p t r t to r r o t r port

or t r r or r t t o o o to pport r t 1Caffè

Buonacausa.org Helperbit Kendoo Laburiosa Open Genova Crowdfunding Rete del Dono SocialLending For Funding and Universitiamo.

Reward r o r r to p t or pport r o pro t r r r

o t o t t t t pro t r t r r pro t or r r t to

t p or o r t t t r r o o rt r t

r t pro t Bandbakers and Musicraiser Education (School Raising oo Book a Book CrowdBook Cineama r (Ener2Crowd port Triboom Werealize). Others FinTechs are: Ulule Finanziami il tuo Futuro and Derev.

t o to t t t t r r t rt p r t r r op r t

o o o t o r ro o dal Basso and Eppela are the main FinTechs in this area or p t r o o CrowdChicken Woop

Innamorati della Cultura Ginger and Wishraiser.

Retail t ro o r t t pport t o r to tr t r o o o p t pro t t

companies: Citybility and Let’s Donation.

Technologies

t o o o t r p t r o r p t or t p r t

o


r o t r ro o p r to tot

64


Other CrowdfundingStories

The growth of capital raised through crowdfunding platforms

t t p ro r r to r r p t or o

r r t o p t p fi t t r ro t rt

t t o r or fi t ro t t r o t o tor o t ro p t or rr to

t t t o o ropt p t or r pr too to ort t r pro p t o

r t r t t t fi t t r t o tor

Raising capital in the other Crowdfunding r t t r ro tor

r t r o o or t p t or ro o r to t t p t

r r r to r tr t r o op r t p t or

r p t r t ro t o t r ro p t or o t to o

o ro t o t r r p op r t t ro t o o p t or ro o

o t o o or pp o o o rot p t r t ro t t r

ro o t to o o euros.

Capital raised by each sub-segment in 2019

Donation based platforms o o ro

Reward based platforms ro

Donation & reward based platforms o o ro

Retail platforms ro

p t r t r ro p t or t o o ro

Total capital raised until 2018Total capital raised in 2019Total capital raised by the main donation/reward platforms in 2019

43.1

11.6

14.1

2.5

• Buona Causa• Eppela• PdB

• For FundingRete del dono •

o r N t o t t r tor

65

05/2019Produzioni dal Basso, Rete del dono, For Funding, Eppela and Buonacausa: the biggest Other Crowdfunding platforms in 2019

o p t r t ro t r ro p t or o

ro p o t t ro ro o p t o o or pp o

or to r r o t o t o o t o t

p t t ro o p t or pro t r r

t o o t or t r r r o t

r prot t o ro t

prot t o t pport

02/2020Citybility: a FinTech focused on Circular Economy

an to it i it t fi t ocia responsibility shopping community is born

t t t o po t opp p t or t t

or r o r t fi t t t r r pport

o t oprofit o t o t r p or

pro t t or o o t t po

to op tor t t extra money to support a no-profit o t o r t

to r o or or repeated purchase. Finally even small

o t o o pro t t or

Other CrowdfundingNews Room


66


Lending is growing and evolving but investors are lacking

Lending Taxonomy


• Many new entry o p o or t t o

two exclusions.

• r ro t t t o tr t

o ro t t o o t port t r t r t

• p t o o p o r t t po t

profit t

• t ro t o t r t r p t o r r

• t t ro t t t o o

• ro t op t o r r t t• N t t ro• o t to t t r t t t t

opportunity

Risk & Rating

Circuits & Enabling Infrastructures

Real Estate Lending Crowdfunding

Business Lending

Invoice FinancingConsumer LendingLoans Comparison

Enablers Competitors

Intermediaries


r o o p r to t tot

Lending Total FinTech


o ot

ro t


ro t

r r

N o p o t



EBITDA 6% 2%

o r N t o t t r tor o r N t o t t r tor

Many new companies

67

Lending t

t r t t t t r r ttr t to r t tor Risk & Rating Real

Estate Lending Crowdfunding Consumer Lending Business Lending Invoice Financing Loans Comparison Circuits & Enabling Infrastructures. A

rt r o po o r t t p o r t o p t Enablers Competitors and Intermediaries.

Enablers t t op r t r t t fi

tor pro t or too or tr t o

Risk & Rating o r r t or too or t r t ort or r profi

o ot r o p r o t t r o financ Leanus Creditsafe Pythagor

Algoritmica ITFinance t Ecomate pro t t r t t

Circuits & Enabling Infrastructures: The FinTech o p t t r t o t

or r t t to t to t ot r t ot o p

are Sardex o r r t r t o o p t r rr SalaryFits o p t t p t r tr t r t p p o o o to Kubique

op o fi p t or t t t r t t t t o o p o t o Habacus r t oo to p t t o loanXchain and Wizkey t o o r tp or or o t r or t

o r r t r t or fi t t t o EU4SMEF t r t poo p t or

to p fi or FinDynamic and PlusAdvance t o r tr t r t

fi o t pp

Competitors t t t t o t

r t t t o

Business Lending o t t t r p t or t t o t o ro orro r

o ot t t t o t to o p r t r o t p t or t r

t o o t r t r r t ort They are BorsadelCredito.it Prestacap October and The Social Lender. Credimi (active in the

o fi op r t r o t r t o t fi

t r r r t pro fi to MDI p t or p tr pr r fi

op t r

Consumer Lending: are MotusQuo Smartika Younited Credit and Prestiamoci r p t or t t o r to t o t

t o t o ro tor t o r p t o o r o

r t pp t o r t rr o t p r o pro t or opp Soisy t rt t t

o t o to r tp Talents Venture operates in the student loans market.

Invoice Financing t t o r p t or or t t fi o o r

credits. These are Credimi Fifty CrowdCity CashMe Workinvoice.it CashTrading MyCreditService and Anticipay. Credimi is the only o to p r o r t t ot r t

r tp or tor t Fifty p in Supply Chain Finance.

Real Estate Lending Crowdfunding p t or t t orro r o to o to

t t pro t t ro ro r Housers Trusters Rendimento Etico Re-Lender and Recrowd.

Intermediaries o p t t o ot t r t r or o p t tor t t r t t t t

r t r t o p t o fi r o p o r t r pro t to to r ro p o po o t

Loan Comparison t Gruppo MOL and MutuiSupermarket.


r o o p r to t tot

68


LendingStories

SME lending maintains supremacy

n oic financin a t r t o t port t t t r o o ro t o o t

tor t o t ro t o r t pr o r o t o

t tr t o o p r to t o o t pr o r r fi t fi r t t

o o t to o t t t t rot t o o t t t r t o r t

o r t t r o t ot r or o t r t fi r ro t

port t o ro to o o o t p ro t tr

r t o tr t o t r ro

Business lending is following t tot to t o

t o tr t o o t t r o o o p r to t pr o p r o

or r to t rr t t o o o to r

t t o t r t pt o ot t t r t r t

t t r t or to r o r or t

p t or o t t rop

The consumer lending is starting to develop

t o o r t t o r t

r o t r t t o t to t o t o t or t t t o

tor o t p t or o ot o t t ro t ro r to

t t r o r o o rt o r t o o

o r r to o p o r t o tr t o o t t o t o t

t r o o to o t tot r r o o p r to t r t o t pr o p r o

o p r to t t t tr o t t r to fi t t t

r t o r t o o t t r r

The real estate lending crowdfunding is a new segment

o r t t o tr o t t t o t t p rt N N

a second in WEALTH & ASSET MANAGEMEN (see dedicated section).

p t t ro r t t t to t t rt t r t o t

t r t tot o o o t t r o t tot t o r

r po or o t t r t r t t o o o t t r

Despite many young companies and high levels of risk, t m nt a a o iti ofita i it

Stories and Trends

Partnership r t From monoline to mainstream: Credimi launches new

r t ro r t or r o r t rt pro t p t r t to t t

o t rSMEs are “The Target” to r o

r t or p t or or to r o t fir t o o r t t o t t o or t o t fi o fi r

o r o fi t t t t rop Investment Fund.

fi t r t p r t o t o o port t o ro t o t o o

69

Challenger Banks, 10/06/2019For UniCredit a new FinTech alliance with FinDynamic

o or t o t r tr t r t

r t t p t r o t t t rt p

p o t tr t o

ro r p rt r p r t t t t t rt p

r t t p t or o t r o o t or p t

opt t o or orpor t to ro

op p t or t t to t r to t r

customers and supplier companies.

BeBeez, 28/01/2020 n im nto tico t fi t ta ian

real estate crowdfunding that invests in NPL, collects 6 million euros in 2019 with 26 real estate projects

to t o t fir t t r t t ro p t or

t t t N r o t o r t r o r

o r t t ro t o o r o

t to t o rr o t r t t pro t

o r t r profit o or

t t t o r o r o ro t

t o t opport t propo rt t r to

achieve this result.

BeBeez, 09/2019FinTech, the Sardex platform celebrates half a billion credits transacted in almost 10 years

r t r t t t o associated companies and pro o to oo

r o t o r t o r t

transacted.r t rt r t o

includes Commercial Credit Circuits ot r t r o

t t rt t t t t r o r or

o o r o ot r r t pr r

ro o ro ro o t pport t t r o

Fintastico, 02/2020LoanXchain selected by Block.ISo o t

o t rop t rt p p t fir t o t

phase and who will move on to the p r t t o p t t

r t o pro r t o o ort to

op o or t roor r o t o o t t t

pro ot t o t o t o o t r tor r oo o t fi

LendingNews Room


70


Capital Market & Trading is growing an ofita it ac o n in

Capital Market & Trading Taxonomy


• p t r t r o p o t to r o o p o tot r r ro to

• o r t t t o o p t o o

or tot p r t ro t o

• Positive revenues growth r o p r to t tot

p r t

• t o t o t o r or t t r t o ro o o ro t r r or t highest marginality o tot o

r

• t p t t r t profit t o t t r p t r t r ttr t low Venture Capital

funding o o tot ort p rt to t p

r t t r o p t r t

• r t r o t r o r t r oo ro t r• r ro t t r o r o • p t t r t profit t ro t t r o

investments• p t o N t or o o t o t o

t to t o t t to

Marketplaces

Crypto Investing & Trading NPL Trading Other

Data Providers

Trading & Tools

Financial Social Networks


r o p t r t r o p r to t tot


Total FinTech


o ot

ro t


ro t

r r

N o p o t



EBITDA 19% 2%

N t

o r N t o t t r tor

71

Capital Market & Trading t t o o

t o o o p t r t o t Marketplaces Data Providers

Financial Social Networks Trading & Tools Crypto Investing & Trading NPL Trading and Other.

Business Segments

Marketplaces p t or t t t t t p t tor t rpr t

t t r r o p t t p o p to p t 2Meet2Biz Cardo

Epic and Rataran.

Data Providers too o t r t o o pro

pr t o rt r t t or tr r activities (Analysis TradingView FIDA and Re-Analytics). BigBoat o p rt o t t r o p p o t r o t r pto rr t t o o

Financial Social Networks t compared to the last analysis. It includes two companies (MarketHub and UCapital24) that pro r t or t o o t t

r t o r p t or r t r opt r p r

o t or r t to pport t o pro p t r t

Trading & Tools t t t t t r t r o o p t p t r t r t r t o po o

o t o t o r o t o to pro t t t o pro

t to t tr o t o ad Euklid FinTech4i and OpenHedgeFund companies that develop AI-driven investment tr t or t fi r t MDOTM

Axyon InchCapital and Kellify) and FinTechs t t r o t r o t o to or t fi tor pro o t or tr r t tor o orpor t fi

r t port o o t Valuecube and Diaman Tech t r o o p r ro ot r o t t t

pro propr t r or t to t r t t t t tr t r o ot o t fi r t

Crypto Investing & Trading r t t o p o o o

t o o r pto rr t Brightnode t t o p t r t o to

Criptalia p r to p r o t t p t or TheRockTrading that delivers a tailor-

r r fi op r tor or t t r t or r pto rr or t

t o or or

NPL Trading ot r t t r r o p t t pport t fi p r

t t o No p r or o DoData and Cherry r tp or and Alternative Assets (TXC Markets o propr t r or t or or pr o or port o o

Other t t r t r r o p t t o r capital market related services. They are Arcoba ro t o t o o t r or t

t ReFees too or t t o o investment commissions).

Technologies

o t o t t too t o r o o t o p t r t

t r t t r t r o o p t o r o t o t o o p t r or ro t o t o o o t o o

o r t to t t o r pto t o t o r o t

o r t t o o


r o p t r t r o p r to t tot

72


Capital Market & TradingStories

FinTech innovations are re-imagining capital market sector

o t o fi t p rt o t p t r t ro p t acquisition to data and analysis services.

o r o r t r o p t o ro t t t t

t r t p t r t r r o r pro tr t t p fi

t ro t r o t o o to t r r ot o r

o p t tor o tr t o p r t p rt r t r t op r tor r or to p t

fi pro r pro t r t t t o r o t r p t

r t o r to t o t t t ro t o t o r t o pro t t t fi

Italy: Competitive arena gets wideThe Italian scenario reveals a similar trend with a o t t o o o p t t o r

data analysis services and solutions in order to opt t t o

t t t o r t p fi r t r t o t t r t r t

t rt o t r r N r o t o r r or t o

area in the FinTech scenario is the european r t o o r t r r t or to

o p r or o p fi t pr t r o t r

companies located in Italy that operate to speed up o p r or o t r

Investments still low on the sectorp t t r t r or t p t r t

r t r o r p r r ro t o t r t r t o t o

r o p r r fi t t t r t o o p t r o o o ro o t t oo o o

op t o t tor op or r t r t r

Capital Market FinTechs through stock exchange listing and investments gained before operatingUCapital24 t o t to t o or o t o o o roTXC Markets p t o op r t o t t r t o r r r

t t ro o o o ro ro p t r t t o p t o o t

fi t p o o t t o Other Collaboration o p rt o t r oo

t r t t o ro ot N r t or t t o o t o

AIM Italia - Alternative Capital Market t r t or t p t ro r or o o t r r o t t r t t o po o t o p t ro t pot t r t o t t

73

11/2019UCapital24 listed in the AIM market

fi o t or p t o t t t fir t

tr t t r t o t r t t t t to

t fi r o o t p t or t t o

tor t t players to operate in the market with

tt tr t profit ro ro t

11/2019 a c an a t a fi t o n o

1,2 millions of euro, hits the marketTXC Markets has developed an

to t tr p t or t t o t t o o

o t o or o t t t

Italian Tax Claims.t r ro o

p t p o o r r t or t

Italian market.

Capital Market & TradingNews Room


74


InsurTech is looking for more collaboration

InsurTech Taxonomy


• r r r o p t o tot r o t r ro to

• Few new companies t o o or

• Relevant growth of revenues r than the Total FinTech.

• Very low the investments o o ot t t

• They are very young oo

• EBITDA is low t r r o companies.

• o o t o t

• o t r o o t • r t t r t • o or t o op fi r t opport t• p t or o t t o o

P2P Insurance

Pet

Data – IntelligenceInfrastructure – Backend Micro – Instant – Product Insurance

Car – Mobility

Marketplaces – Brokers

Claims Life – Home

Competitors Enablers

Intermediaries

Home

Life


r o r o p r to t tot

InsurTech Total FinTech


o ot

ro t


ro t

r r

N o p o t



EBITDA 1.5% 2%

o r N t o t t r tor

75

InsurTech t

t t r r t r r t r r tr t r t tor namely P2P Insurance Car – Mobility Pet Insurance Marketplaces – Brokers Data-Intelligence Claims Micro-Instant-Product Insurance Life – Home Insurance rt r o po o r t t p o r t o p t r Insurance companies: Enablers, Competitors and Intermediaries.

Enablers

r t t op r t r t r o p pro t too or or t

Infrastructure – Backend: InsurTechs that provide r r tr t r to o p

t ot Spixii r t r t o t Namu and E-leads ro

p tr o t t o r General Expert).

Data – Intelligence t or r pr t RiskApp r t t rt fi t to t t

t t trop t t r p t r r InsurEngines

to pport t t r pro t ro t to t o t r t

Micro-Instant-Product Insurance: InsurTechs p t r t o tr t o o

r pro t or t or pro t t t t o po o Neosurance op o t t

t t o ro po p ot fi t o r or t ro rtp o

o o o o ro po o t o o Simplesurance

tr t ro t r or rtp o ptop t o o r pro

t p t or or t op t o odemand policies and directly sells micro and product po Lokky ro po to pro o

Life-Home r t t op pro t o t t o t r or o tor t or

r t t prop rt o t r ot t t o t r t r r too

o ot t r or t tor these InsurTechs are Biomedicallab DigitalTech

International Hippocratica Imaging D-Heart and Healthy Virtuoso or t o tor t r r Morpheos Iooota and SysDev.

Claims o p t t p t pro o r port r ot ot or the user and the insurance company. The InsurTechs o t t r r Easy Claims Claider La Perizia Online and Insoore. Insoore adopts a unique

o r t r oor r t or r o t p t r o t t t o

insured vehicle and send them with their smartphone to the insurance company.

Auto-Mobility t o t r t r o t to o t t r t r t t prot t o t tr or

r t t o o to insurance (Tiassisto24).

Competitors

r t t t t o t r r o p

Auto-Mobility t o p t tor t r Prima.it t o r t r p t r p rt t po or r otor

P2P Insurance r t or o t o t o ro p oop r t

N t r prot t o ro p pr to t r to t r r t r o t o t pr

or t o o r p rt o t t Axieme.

Pet r p r pro t or p t r o t t r r Assibau and Dottordog.

Intermediaries

o p t t o ot t r t r or o p t tor t t r t t t t

r t r t o p t o fi r o p o r t r pro t to to r ro p o po o Marketpacles and Brokers:

RCPolizza.it Fit2You Coverholder MIOAssicuratore Victor Propensione.it and GrifoTech.



76


InsurTechStories

Investments- continuous positive international trend but contained growth in italy

Global investments are growing t t o t t r rt r o t tot o t o r r r t t o t

t t o r p r o t tor o t o o o r or t o o t o t t

o o r

Few and concentrated investments in Italy: In t t t t r r o

o o t o or o o t o ro o or oor o t or t o tot t t N

opport t t o ro ro o r t o o ro ro ro

In Italy the demand is still immature

Consumers or to t t r ro o t o o t r r to r

only 14% of users in Italy have purchased a policy completely online o t r po r

o pro t The majority of consumers have never purchased policies in digital form and do not intend to do so in the near future to o tr t t r t fi t t tr t o SMEs to t r SMEs mainly turn to traditional actors r o p

p r traditional ways: 78% of SMEs opt for a completely physical channel.

Users are in favor of sharing information

t r r port t to o t t pop t o r or t o o t r

r t t ro o t r pt t o r op to r

or t o o r t o o t o t

Insurance and InsurTech - in search for collaboration

fi t ta ian n c icat ta ian : At the end o No r ttor r o pr t t ttor

r tor o p o t o t t p t t o o o t o o or o t o t o o t r tor ttor t r or t t o

ttr t tor p rt r t rt p po to pro ot o r o r

r t t ro t p t o t rt p ro t to tr t r t or o t propo t insurance market.

Partnerships are key in supporting the renewal of the insurance sector. In Italy we are still at the beginningAt international level we can highlight a couple of relevant initiatives: • o t t o r t t

t t o t r tor o o t o or t r r t o o r t r t rt p

t r pr r o t to t o t o t t pot t to o tr t to t r o t t t p rt o o o r o or t t r t o or

pro t r or pro o r o r or t o r ot t o o to p o

r t p rt p t tt r r t t r r o to r t o t t r o

o p r t o• r o r t r t o t o o o t

o t fir t r t t t t rt r tor r t t o o or

t t o t po t o tr r t t t t r o t t op t opport t r or t o o o t t tor o t t t r t o p r t t

o o p t t o t rt p t o t t to o t t r tor

r ro o r t t t o o r t t profit p o r o p t tor

o o p t or or r t t products. France is a market in which Generali wants to

t t ot t r t r

In Italy examples include both collaboration between incumbents and startups, and between startups:• o o t t p o o rt r

Neosurance with AXA • oor r o or t• r t r t o o r

o t op p t or• Hype teams up with Prima

o r rt r rt r fi o r t o Ntt t r r port

77

InsurTech to mention in 2019: towards globalization

• rt o o r t o t t rt o o t p t or t t o r r r p op o r o tt to t t t

t t o t t r t r r o r r o t or or t

t r t fir t t t

t r t o t r pp o t r t t rt o o t r r t tt t o o

numerous international companies and was selected in o o o o t t rop t rt p t t r r o t o t or o r

• oo p t r t rt p o t t r ro p port o o pr p r to rop r t r o t to t oor p t or r t r t

Insurance Connect, 01/2020OPEN BANKING: Car Insurance, Hype teams up with Prima

r to r t opt o to t o t po ro t r pp

r t t p r r o t fi o otor

t r t o o p o t ro o t ot t t t

o r o t r t o p t r t to t r t to r t to t o t

t r r po ro o t t t r t o t r t

Payment on the Hype account.

BeBeez, 29/08/2019The insurtech Axieme collects a round of over one million euros, of which 500k in equity crowdfunding

t rt t rt p t t op t fir t t o

r t t r r r o t po pr to t rt o po o r o o o ro ro o t t to t ro p o ro

t o ro t o t rt t rt o o

ro t ro t r t or r t o o r to r ot r or pr ort t o o

ro o p t o ro

Press Realise, 07/02/2020Fabrick integrates Lokky’s offer on its open banking platformo t r ro r

t to ro pro o r r o r

r t o po t to rt fi t r fi o t p fi o t to r o t o r t to t

r o o t r t o t t or t

o fi t t t o ro r to o t p o pp t o

STARTUPITALIA, 29/11/2019itto ia t fi t ta ian in t c

incubator, is bornro ot ttor r o t

oo t op o t o or t t o o t rt p to t

ttor t fir t rt tor t t to p o t o t t o p fi t o t

o ttr t o t t rt p t o o p rt r tor to o r o r po o t ot r

r t t rt p o t r p t ro idea to industrial maturity.

BeBeez, 23/10/2019Yolo insurtech opens a new round of

mi ion o to financ t n business plano o rt op r

ro p to o ro to o t fir t rt r o t o to

t rr t r o r t ro open to institutional investors.o t t t rt p o t

o ro ro tor t o t t t p rt r

N t r t orpor t t r p t o t p o o

InsurTechNews Room


78


RegTech does not take off but new opportunities may arise with open banking

RegTech Taxonomy


• r r t r ro t t r o r o o p o t to

r t r o p r r o companies it is the smallest area r pr t o o t tot r t

• t o o t t o t

• o p o o o p o or t

ro t o

• t r t r o tot turnover t r o ro t pr o r r o t o p t to

o p t p t r t all other companies have growth

• o o t t o r pro t

• t t r o p• r o t r t o r t t

no investments• ro t r t op

Fiscal assistants

Document management Negotiation/Commerce Platform Other

Personal Data & ID ManagementRegulatory/compliance software development


r o o p r to t tot

RegTech Total FinTech


o ot

ro t


ro t

r r

N o p o t

average age (years) 4.8

Investments (% on Total) 100%

EBITDA -0.4% 2%

o r N t o t t r tor

79

RegTech t t o o

r o po o t Negotiation/Commerce Platform Fiscal Assistants Personal Data and ID Management Regulatory/compliance software development Document Management and Other.

Business Segments

Negotiation/Commerce Platform – it is a cluster or t r t t o

o ot t o t o t pro t t o t o Trakti

o t r p t or t t pro r or or o ot t o o r o tr t to t t ot t o pro t o t rp rt Commerc.io p t or or

r rt o t oo r o t ro

o LawOnChain p t or to p o tr t tr t

Fiscal Assistants o t t r t t t t o t pro

p fi or t o pport t t o o t o t t t r t t t pr p r t o o ot t o t

t r EasyTax TaxMan and Fiscozen.

Personal Data and ID Management p t t prot t o o

personal and identity data. Mailcoding is a service t t pro to r to o t t t p o r t

o t o t r or r to pro ot r online communication. Vis-à-bit t

pro o t fi t o o t r #be o o r t t t t t t r t o

t r rt r Movenda and Tap-id op proto o to t t t

r t t t ro o

Regulatory/compliance software development: t r t o p

o ot r t o op t o o t r t o p o p t

r tor r r t t o r The Avantgarde Group and Epiphany

o ro o p t p t or to prop r p t or o r or t

o t r t o r t

Document Management t t fi Digithera and Cloud Finance t t pport t t o o t or to t

ot t t tro o o r o ot r t r t t t o r t o p o tro tt t o t r or to

t LexDo.it o r to t o r or

Other t t or t o r o IBANP pro t t p o t o t t o o t o r to o ro o

to ot r r t t r N InDigita op p t or to to t ro or r o p

Technologies

t o t r r o t o t port t t o o t r o t r t o o r o t tr t t o t or t o p

t r o p t o o o t p o

t r o t o r r


r o o p r to t tot

80


RegTechStories

RegTech late to take off in Italy po t ro t or

r t r or t t r o p o o fir p t t r fir t or

ro t t r o p to or o t port t fi t t t o

t t r t t o p r to t r t o t t r or t o r

tr or r tro t o r o o rr o r o tr t o p p Digital Identity and

personal data management.o p r to t r t t r or

t t o pp r ot o t r o t t r t r t t t o

t r o t r t to t o o o o t RegTech is an

area with enormous growth potential, still largely unexplored in Italy.t t r t t o t o o o p p t r r o t

t r t r port t r o r p rt o t r r t r

Ways for growth t t p oo

t r t ot r t opport t r t op p p

t o o r r t oo r t t t r t to t o

t o o ppro to r t o o p to t

or t p r o p t r o or fi t t

o t t t t RegTech may evolve acting as a sort of TPP of legal solutions for SMEs in Open Banking infrastructures. Given t t o p r t o t tr t o

t o tr an ma n fit in RegTechs to extend their offer to SMEs.

Evolving offering of RegTechsr Epiphany or p p rt r p

t r t r o r or p p or r ro t

p p o ro p r o p r t p t or to t t t or

t ro t p rt r p o or o o to p t or o r

or t o t r t o r t

Kaleyra 19/07/2019Kaleyra and Epiphany form Open Banking partnership

r t r t o r o r or o p o

p p t o o t rt p or t op r t o p t o t o t t op p op p rt r p r t to o t pport

t r t tr or t o ort ro o p to r p r to

or o r t o

RegTechNews Room

o r t t t ro o o p o o t r

81


82


o o p t r t r o o o t o opport t t fi tor

t o o p r o t r t t r o r r r t

o o t o o rt fi t o r t o t r t o p t o o

t fi r t

p t t o t t or t o t o t o p t t o tor t r o p t t r o r or t r r r t t o t t

r t r t ro t t r o r o p r to t pr o r

lower than in FinTech.

Investments in the area are contained (similar to t ro r o ro

international Venture Capital.

rofit t o r oo ro t t pt o o t r r t tor

t p t t r t p r or o o p

TechFin introduction

To complete the FinTech picture we selected some key players in the area o r

r r t

Selection criteria include:Tech and Business Innovation: • t o o t o r t o t r o p • r o r oFinancial Services specialization

t o ot t t o o t op r t o t tor t r t o p N tr o r o t p pp

r r t

The opportunities for AI and Mobile-UX are growing

• o p o o o r o t o too o t o t rt fi

t or o o r p r o t o r t o t t t t r o r port

o t o r t o t r t t ro

• t r t t o o t ro

• N o p t p r

• o p op r t t o ro t r ro

• More solutions to support productivity and improve t o fi o fi o p Insurance companies).

TechFin is an healthy and growing sector

o r N t o t t r tor

5. TechFin

83

The Italian selected TechFin Landscape2020

Web Platform 8

AI / Big Data 54

Mobile & UX 5

Blockchain & Crypto 8

Open Banking / API 4

Other 7

Cybersecurity 17

Tech Enabler 69 86Companies


84


TechFin: In & Out

o p o t or r

50%

17%

17%

16%

Neutrino acquired by CoinBaseQurami acquired by uFirstStamplay acquired by Apple

Acquisitions

Discontinued Operation

Dormant companies

Revision of inclusion criteria

63%

12%

25%

PlatformAI / Big DataBlockchain / Crypto

TechFin in Italy in 2019 (VS 2018)

69 Tech Enablers

17 CyberSecurity

186 M € revenues

43,6 M € capital raised

32 Scale-ups

2 areas & 13 subsegments

The Italian selected TechFin portrait

Mature or t r o

Average Size t or

t p o

Moderately Growing r

Promising:Increasing EBITDA ro to

Constant increasing of n° of Scale-ups ro to

o r N t o t t r tor

o r N t o t t r tor

o r N t o t t r tor

85

5. TechFin

Relevant but slowing down growth for the selected TechFin

Revenues analysis is based on 66 companies (76% of total sample).

Not o p No rofit t r t o rt r No

Balance sheet.

o r N t o t t r tor

127.1 +26%

2016 2017 2018

159.6

186.2

+17%

6%

10%

7%

77%

Available 2018 Financial StatementNewborn 2018-2019No ItalianNo available Financial sttatement

Values in million € and percentage variations year on year

TechFin revenues

Revenues

186 million € / +17%t t r r t r

86


Key technology in the TechFin arena

r o o p r

7%8%5%

9%

6%

65%

Platform

AI/Big Data

Mobile & UX

Blockchain/ Crypto

Open Banking / Open API

Other

86

16%

2%1% 2%

77%

Platform

AI/Big Data

Mobile & UX

Blockchain/ Crypto

Open Banking / Open API

Other

186M Euro

1%

r r or o p o o t

o

t t o t o p o o o op

p t or

EBITDA 2018is 10% o rp ro 8%

Tech Enabler Cybersecurity

170.5

15.811%3%

Revenues 2018

Ebitda Margin 2018

o r N t o t t r tor

87

Investments in TechFin Companies

5. TechFin

p t r p r t r o op r tor

p t r t o p N r o

3%

24%

73%

Crowdfunding

International VC

National VC

43.6(12)

28.6

2016 2019

(9)

43.6

o r N t o t t r tor

100% r

88


Tech Enablers are maturing and more solutions arise

Tech Enabler Taxonomy


• r o p o t to t o o p o tot

r r ro to

• r t t o o p t

o o

• o p o t o r t o

• o t r ro t t o r o p r to t r t

o o p r p

• r t tro ro t o p r to

• EBITDA margin is 11% up from 2017 (8%) and higher than FinTech.

• Revised Taxonomy and completely new t p tr

• N N N N t o p • port o N o r t o t r

ro• o o t o ro t o t t t t• o o p o t o r ro• N o t o to p pro t t

Advanced Analytics

Conversational Interfaces & Text Analytics Blockchain Development

Open Banking/Open API platform Customer Engagement Other

o cti it & ac fic

Digital Marketing & CRM


r r


Tech Enabler Total TechFin


o ot

ro t


ro t

r r

N o p o t

average age (years) 6.8 7


EBITDA 11% 10%

o r N t o t t r tor

89

Tech Enabler t t o o

Open Banking/Open API t t o

companies: Truelayer t t pro op t or or r to op r to

propo t o t t o t r t o t t t o o t r fi t o or t r MIA t t

pro t t or to p t t t r t o to o t ro t

t p t to t ro t to t r or

Advanced Analytics t t or t

po r t rt fi t t o p o o to r rofi t o

(i.e. i ofi t t r to r t to pport r t p or NeoData t

and Analytics (i.e. Altilia AgileLab Energyway) and p r r

Conversational interfaces and text analytics o o t o t ro t

o p t t o r t ot o t o o t r pro or or t t

t to pport o to r care. Some companies (i.e. Eudata Expert Systems Conversate Vivocha) have a consolidated

t t o t o r t t t r

Digital marketing and CRMo p op r t t r t t pport t r t o tr t

o r o p o o t are included also in Advanced Analytics and/or in the

o r t o t r t t p o pp rofi t t r o p r o o or t r t tr t Digitouch Doxee o rt

t r r t Beintoo or o pp or or Apparound) and have a cross industries

approach.

Blockchain development o t t t

o p r op p o p t fi t t r t t o

o o t o o or tr t r rt o tr t tr o oo p t

tro t t t o

o cti it an ac o fic t t or r o p pport o fi t too o or

ot r t t o o o r p fi or t t o AskData ot r or r or

t r

Customer engagementt o p t t to o rt

oo or ot r o N t or r or p Worldz p t or to pro o

media communication.

5. TechFin


90


Tech EnablersStories

Positive trend of investmentsThe investments in Italy increased by 52% compared to 2017 and 43.6 million euros raised with 9 deals r r r t pr o r o ro or t o o p r to r o t o

r pro t r t o t r p t o r t t or t r t ot r

i nificant it t r r t t

• Blockchain analytics: Neutrino r o p o N tr o t o p o to r

t r pto rr pr t t t o ro p op o t t t r o r tt t tor operation is the evidence that Blockchain analytics

o r port t p rt o t ro r r pto rr

• to r p r o pp Qurami has r r t ot op r t

t

• p pp r Stamplay t r t o op r

Digital and omnichannel strategy strongest driver o t o o t r ro t ro to pro to r t tro t

o o t r r or tr o o to r p r t

op t ot o to or to r t o to r t t o o r t o t r r t t t rt t p t o

t o r t o t r t r t r t r ro t

Open API is expected to accelerate its growth in 2020 r t or t opport t to o r

r t ro t t o opport t or ot r tr to r p p

key this scenario.

Blockchain is growing but not mature at all o op t t ro

r o o p t t r t o ot t r o r ro t p t t r o

o t ro t r t o o t t o rt rr r o r o

o t r t t o r o r t o o t or t t

t p t o t p

91

Sole24Ore, 19/02/2019Coinbase Bought Neutrino for $13.5 Million

o r N tr o o t p t or

This is the most important Exit in r pto r p r pto rr

o or o to empower security in cryptocurrency tr t o tr t o o r this new system

r r t t t t t r r t pro t

N tr o or p o o o t t to t tr to r t to t o to t t t o pro t t t

r

TechEU, 05/06/2019TrueLayer has raised 35 million $r r r o ro

t pr or r to p t p t or

o t o rop o p it will use the investment to continue to p t p p t or

t to o t t or t o rop t o

o r r r p rt r t t o o o op r or

The next step is expansion outside o rop t tr o r t o or t t t t o

coherently with its latest investors.

21/11/2018Qurami, the queue management app acquired by uFirst

r t pp t o o r to t t o p r

pr t tor r r r o pp or

t oo t o to t o

p t or or r t t p fi r t t ro

rt o p t to t tr at airports.

Insurzine, 27/01/2019MIA Platform enables Digital Transformation in Cattolica Assicurazioni

tto r o to t or to t r

o t r r t t r t t r t o t ro t

o r tto pp ott to pport t

pr ot t o o pp t t pro t o t o

t

Sole24Ore, 21/03/2019Apple acquired the Italian startup Stamplay

pp r t p t t rt p o t p t o o op t

op t pp to p ro fi

o ro or t p t to ro o p r r r t o r to o pp employees.

Tech EnablerNews Room

5. TechFin

92


Cybersecurityo t o o ro o p tr to ro

Cybersecurity Taxonomy


• r r t o p o t to

• r o o p o tot r r ro to

• t r o t o p t

• o t r ro t r t t tot p r t

• No p t r ro r r t companies.

• r r o r o r t t r o

• r o pr t t r t o o o o p

• t t t o t fi t o p r to t t r p r or

• o t o t o t o r tr to r t r to t r t o pro t

• t r ro t • o o t t

Antifraud Mobile Security

Endpoint SecurityOther (Infrastructure Security,

Cryptography, Reading Machines…)

Web Security


r o r r t o p r to tot

Cybersecurity Total TechFin


o ot

ro t


ro t

r r

N o p o t

average age (years) 8.1 7


EBITDA 3% 2.3%

o r N t o t t r tor

93

Cybersecurity t t o o

Cybersecurity Area is composed of 5 sub-segments in which companies operate/work

Antifraudt o p t t or t fi o p t t r t t p t or

t o p p o

XTN o p t tro ro t t t r op o r r t r rot t o o t o to

t o propr t r or t

UnFraud t o r propr t r p t or o p r or t or r to t t

pr t r p t or to o t t o o t or r t t r fi o t

Mobile Securityo po o o p t t o r tro t t t o o t o o p t or

(MobySign or p r t t t t o t or o

Endpoint Securitypo t r t o p or t prot t o o

o p t r t or t t r r ot r to t tt pt to r t t o o

fi t o o p to t r

Web Securityt t t r t r o o p

Even this area has companies that are also included ot r t p fi t o o o r

o t r o r t t r t t p t or t r t or o r t r r t r t t o p

InTheCyber t o o or r o r t r t t

Othert r o p or t

r tr t r r t r pto r p

Technologies

AI & Advanced AnalyticsAI & Advanced Analytics are the prevalent t o o t fi o t r r t

t to o r t p r or t t po to

o o t tr t o or t t or or r to t t pot t r tt

or tr o t r p rpo t t t o r or o r t or

t t o o o to r or to p t o p t fi rpr t

o r r t r t o t r t to t r r t pp t o o to o r t rt fi

o to t r t t o t o r pp to r r

o t r o r to t o t t o tor

Cryptography t t ot o pr o o p pport t t o o r pt

r t o r o t o o r pt or pt o or t

Blockchain

t t o p to r or t o r o tro t r r o t

o t o o r r t t t r pto r p ootpr t o

his personal data.

5. TechFin

r o r r t o p r to tot

94


CybersecurityStories

Cyberattacks continuous growth r t r t p ro o r r o tt t r

o p r o t o t o ro r r t fir t o r o r tt

t o tort o o or or t o t o p r to t r t

o p o r t r customers.

Italian banks are the main investors in Cybersecurity

or to t r r t ro t r t r r ro o t r t t tr r t o r

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Competition is increasingly global ot r t o p t t o t r r t

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competitive pressure.

Some companies have already reached an international dimension

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Awards. o t t t t fir t o ro

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01/2020Partnership between Tempest and Cleafy

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r o pr r prevention services in Central and

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Report CheckPoint, 20192019 records a growth of Mobile banking attacks

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tt o malware that makes the risk more widespread. Even cloud attacks are

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also extended via SMS.

BeBeez, 29/05/2019Scytale participated by Gellify

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CybersecurityNews Room

5. TechFin

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Contributing

Francesco Simone Farina

Fabiano Quadrellirt r o t r

o r p o

Rodolfo Pesatirt r r o t r

ro o o p t p o

Roberto LoriniFinTech Leader

ro rto or p o

Barbara UttiniFinTech Expert

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FinTech Calls for Fuel · 2020-04-02 · or Apparound) and have a cross industries approach....

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