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Open APIs in banking: an Asia-Pacific (APAC) perspective
Open application programming interfaces (APIs) facilitate data sharing for financial institutions through the use of external-facing interfaces that allow unaffiliated parties to access data, such as transaction history, product catalogs and service-related functionalities. Legislation in the EU has resulted in the design and implementation of mandated open API standards for the banking industry. The UK has taken the lead on being the first to implement and will be delivering beyond the requirements set out by the EU’s Payment Services Directive 2 (PSD2). Will these standards form the basis of eventual global standards, or should we expect a more commercially driven evolution of open APIs for the banking industry across APAC?Continued on page 3
#paymentsinsights. opinions.
Volume 18
» As regulators in APAC begin to define
industry guidance on open API banking, we anticipate more banks developing individual and shared open API propositions to leverage collaborative solutions to respond quicker to competitive pressures and rising customer expectations.
Open APIs in banking: an Asia-Pacific (APAC) perspective As global standards for an open API framework emerge, how will the APAC financial ecosystem develop its own open architecture propositions?
Editorial
Dear readers,
I am often asked to clarify what defines the current “FinTech moment.“ After all, technology change has long been a driver in financial services — so, what’s new? Four factors stand out — a dramatic decrease in the cost of computing power, a wider access to more capital, a change in customer expectations, and an evolving regulatory and policy environment.
What connects the world of payments with these FinTech drivers? In simple terms, payments is the area of financial services with which consumers and businesses have the greatest interaction. Moreover, it’s clear that many nontraditional financial services firms view payments as the anchor functionality (or platform) upon which to build ecosystems of services, both financial and nonfinancial. This is perhaps most evident in APAC as major e-commerce, messaging and on-demand service providers move laterally into financial services — with payments at the core.
This edition of our #payments quarterly provides insights from around the world about key payment-related initiatives. We at EY welcome the global dialogue these articles will generate.
Best,
James Lloyd Asia-Pacific FinTech Leader
3
7Payments as a driver for industry convergence Payments play a key role in the convergence of previously divergent market sectors. This provides new opportunities for banks and payment service providers.
Venture Capital roundup Q3 2017 was characterized by an increasing number of initial coin offerings, and a strong focus on alternative payment systems and security solutions.
Transaction overview M&A and Venture Capital
10
12
14
M&A roundup Deal volume in the payment industry reached a new peak in the second quarter of 2017, exceeding US$25.9 billion.
Banks need to incentivize customers to continually share
personal data.
Open Banking API
Privacy and security are concerns. Banks will need to screen companies
accessing its API to ensure data protection.
Open Banking API
1
3 4
2Third-party providers connect their applications (apps) to a bank’s open API. Some regulators are promoting standardization to ensure that the process is simple for FinTechs and developers to connect.
No special agreement is required for these providers to test data in a sandbox or have basic access to open APIs.
A customer uses a third-party app to request a service from its bank (e.g., customer data, a transfers or payment from its account). The request is sent via the API.
Bank systems automatically send data and payment confirmation to the app via API, once the request has been received.
Open
Banki
ng A
PI
#payments 3
Volume 18
Open APIs in banking: an Asia- Pacific (APAC) perspectiveContinued from page 1
Propelling digital transformation in APACDevelopments fostering open API development across APAC include: • Competition from new players: APAC is
emerging as a global force in e-commerce, led by China which is already the world’s largest retail e-commerce market, with around 47%1 of the global digital retail sales. The emergence of firms such as Alibaba and JD.com, as well as their respective financial subsidiaries, along with the proliferation of FinTech start- ups and entry of challenger banks are increasingly encroaching onto the space of traditional banks. Digital banks such as WeBank and MyBank are offering customized services, streamlined lending processes and innovative credit-rating assessments, and are capturing customers from incumbents. Such firms are succeeding, in part, by leveraging best- in-class API architecture.
• Regulatory directives: Another factor lowering entry barriers for non-traditional
1 Source: www.emarketer.com/Article/China-Eclipses-US-Become-Worlds-Largest-Retail-Market/1014364
Source: Adapted from: “BBVA Puts its APIs into the Wild,” *Business Insider (common API elements), May 2017 – www.businessinsider.com/bbva-puts-its-open-apis-into-the-wild-2017-5
Figure 1: Common elements in API banking
players is the facilitative regulatory environment. While regulatory mandates and objectives differ across markets, in general, financial markets are increasingly accessible to FinTechs as regulators seek to drive efficiency and promote competition. We also note more instances of increased global knowledge sharing and collaborations, which result in progressive APAC regulators emulating global best practices and similarly instituting their own legislations and time lines for open API development. We anticipate active development of open API policy frameworks across key APAC markets.
• More exacting customer requirements: As typical banking customers in APAC become increasingly sophisticated and digitally connected, they expect to seamlessly embed financial services into their daily lives. Ideally, consumers want their banks to not only provide readily accessible financial information and offerings, but to do so unobtrusively and
without friction across multiple distribution channels, applications and interfaces. This process, which often requires numerous collaborations, is greatly facilitated by an open API architecture.
While traditional banks may be starting from a position of strength, given their established branding, expertise and customer portfolios, they are increasingly facing competitive pressure, regulatory mandates and escalating customer expectations. One way they can respond is by migrating to more agile architectures. This involves opening up their APIs to external developers to cocreate solutions that can drive customer-centric designs and omni-channel experiences, thereby enhancing customer’s user experience.
Regional developmentsGlobal adoption has been somewhat disparate to date — largely, a consequence of regulatory divergence:
• Developments are most structured in the EU, as retail banks actively implement API initiatives ahead of the EU Commission’s PSD2. This regulation comes into effect from January 2018, requiring banks to permit third-party providers to access their data and systems through an API framework.
• The UK’s Open Banking Standard applies specifically to many of the principles set forth in PSD2. The country’s nine largest retail banks have been tasked with standardizing current account and product data to permit access by registered third parties in line with the PSD2 time frame.
• Conversely in the US, the lack of a centralized approach to data governance has resulted in ad hoc partnerships, as large banks experiment with commercial Open Banking platforms and open up systems to share data with individual partners.
Open APIs in banking
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Volume 18
Banks should consider open APIs to respond quicker to competitive and regulatory pressures, and rising customer expectations.
An Asia-Pacific (APAC) perspective
Figure 2: Regulatory trends for Open Banking APIs
Countries most actively moving toward Open Banking API legislation or partnerships
Countries actively moving toward Open Banking API legislation or partnerships
Countries steadily moving toward Open Banking API legislation or partnerships Source: EY, 2017
EU• EU Member States have until January 2018 to
transpose the Regulatory Technical Standards into national law
• EU PSD2 to include payment initiation and account information services by 2018–19
• EU General Data Protection Regulation (GDPR) to enhance consumer rights to access data by 2018 UK
• UK Competition and Markets Authority (CMA) requires major UK banks to fund, adopt and enable APIs beginning Q2 2017.
• Banks have spent around £1 million each to create open APIs, according to Britain’s Open Data Institute.
US• US FinTechs established the Consumer Financial
Data Rights (CFDR) lobby group calling banks to provide customer data access via APIs.
• Leading US banks, such as Bank of America, Wells Fargo and Citigroup, are implementing some form of API strategy while deciding how to align their global footprint in anticipation of PSD2 regulations.
India• The Indian Government has mandated an open
API policy as part of its Digital India initiative.• This gives third party providers (TPP) access
to the propriety software for five key programs: Aadhaar for digital identity, e-Know Your Customer (e-KYC), e-signing, privacy-protected data sharing and Unified Payments Interface.
China (mainland)• Open Banking in China is not driven by
regulation, but by the aggressive plans of tech giants (e.g., Ant Financial) and insurers (e.g., Ping An) interested in entering the financial industry. For instance, Ant Financial not only provides connectivity to its Alipay system, but leverages proprietary data for third parties, such as Sesame credit scoring and Sesame facial recognition.
• Some major banks have stared exploring Open Banking mainly to improve user experience.
Hong Kong• The Hong Kong Monetary Authority (HKMA)
aims to finalize its policy on open APIs for the banking sector by the end of 2017.
Japan• In March 2017, Japan’s Cabinet proposed
revisions to the banking law for banks to open up their APIs.
• It will also introduce a banking API user registration system by 2018.
Australia• The Australian Treasury will develop a
framework that binds banks to an API-based data-sharing regime, defining data security, privacy controls guidelines and penalties for noncompliance.
Singapore• The Monetary Authority of Singapore (MAS)
has been a key advocate of an “API economy” and enabler of FinTech start-ups.
• The Association of Banks in Singapore (ABS) and the MAS released their Finance-as-a-Service: API Playbook in 2016 to provide high-level guidelines for API standardization.
Malaysia• Bank Negara Malaysia (BNM) is exploring an
open API for technology developers to tap into shared data.
Countries will likely emulate the European Banking Authority (EBA) Regulatory Technical Standards to achieve open API milestones. These include:• Establishing an alpha/beta program with internal/external partners on the basis of a banking assets and services review • Initiating a sandbox program to deploy APIs in a live secure environment and offer banking products for a fee in the future• Providing onboarding to enhance customer engagement, track usage rates and employ quality surveys to measure impact on customer experience
Open APIs in banking
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Volume 18
Central banks in select APAC countries have begun instituting regulations or at least pro-vide guidance on open API banking. An Asia-Pacific (APAC)
perspective
In APAC, most jurisdictions are largely taking a cautious approach to open API banking with institutions awaiting clearer regulatory guidance. Nonetheless, some jurisdictions like Australia, Singapore, Hong Kong and India are driving forward:
• The Australian Government has announced that it will introduce an Open Banking regime, and has commissioned an independent review to recommend the best approach to implement it. The review is to file its report by the end of 2017. A recent issues paper draws a distinction between Open Banking and open data. Open Banking enables the customer to direct that they, or elected third parties, be provided with pre-determined parts of their banking data in a secure environment and in a prescribed way, so that it can be used to offer them new or better services.
• The MAS, working with the ABS, released a financial industry API playbook in November 2016 identifying common and useful APIs for the industry and cross-sectoral stakeholders. The playbook also provided guidance on information security standards and governance models for financial institutions and FinTech players. We anticipate additional announcements in line with the city-state’s drive to become a “smart city.”
• The HKMA is currently consulting industry practitioners to formulate a framework for facilitating the development of open APIs. The regulator believes that the wide adoption of an open API framework would promote collaboration between banks and tech firms — a crucial element for stimulating innovations and improved services for customers in Hong Kong. A policy framework is expected by the end of 2017.
• The Indian Government has taken a high-impact approach by mandating an open API policy as part of its Digital India initiative, stepping in to provide central infrastructure for the issuance of biometric digital identities (Aadhaar). This next-generation government service accelerates open API banking by giving developers access to government proprietary software for authentication, secure e-storage of banking documents in a centralized database, e-signature features, a unified payment interface for mobile financial transactions, and
privacy-protected data sharing. Open architecture benefits Customer value creation and revenue generation: Data sharing via APIs enables banks to collaborate and innovate at scale with a wide community of developers, extend offerings beyond their traditional reach and generate additional sources of income. Specifically, utilizing the developer community to build on existing applications and cocreate greater value propositions for customers not only increases con- venience and retention, but delivers deeper insights to identify cross- and up-sell prospects.
Examples from APACEarly adopters of open API banking in APAC include Citibank regionally, Oversea- Chinese Banking Corporation (OCBC) in Singapore, National Australia Bank (NAB) in Australia, and both DBS Bank and YES Bank in India:
• OCBC launched its developer portal for an array of APIs, ranging from account balances to product details, transaction status and calculators, to enable developers to integrate OCBC banking products and services in their solutions.
• Similarly, in early 2017, NAB in Australia started its developer portal with an API each for branch and ATM locations, and one for foreign exchange rates, allowing approved developers to plug into the bank’s data for testing and possible integration in their own systems.
• Citibank, meanwhile, introduced the Citi API Developer Portal in selected Asian markets to connect directly with the developer community on features such as account management, person-to-person (P2P) payments, money transfer and investment purchases, and to keep pace with the increasingly agile banking needs of customers.
• DBS in Singapore regularly organizes API hackathons to engage with start-ups and integrate their solutions in its systems via open APIs. This has enabled DBS’ Digibank, India’s first mobile-only bank, to leverage emerging technologies from FinTechs, such as conversational commerce start-up Kasisto, customer analytics start-up Moneythor and digital solution provider V-Key.
• In India, YES Bank has been driving API collaborations, including one with e-commerce platform SnapDeal. For instance, YES Bank’s API corporate payment gateway enables auto reconciliation to reduce the turnaround for customers’ refunds for purchases on SnapDeal from three days to one hour.
Open APIs in banking
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Volume 18
Open APIs for payments are most common, but can be applied to cross-sell, perform con-sumer analysis and manage risk. An Asia-Pacific (APAC)
perspective
Li-May Chew
James Lloyd
Marc Entwistle
Jan Bellens
From these use cases, cocreating higher customer value through open architectures for fund transfer and digital payments appears particularly valuable. In addition to delivering on seamless, faster and cheaper money transfers across banks and applications, data sharing also allows banks to experiment with transformative technologies, such as blockchain, artificial intelligence (AI), identity systems and the internet of things (IoT), within their payment systems.
Beyond traditional financial offerings, banks are increasingly collaborating with partners from adjacent industries to cross-sell non-traditional solutions. Banking APIs are being used to integrate with APIs from disparate providers (such as payment APIs integrated with travel, retail or wearable fitness APIs) to create innovative apps for travel insurance and lifestyle services that help drive a more holistic customer experience. Banks are also utilizing social APIs for consumer sentiment analysis to identify potential sales opportunities or quickly address customer satisfaction issues.
Standardization and risk management: Besides the aforementioned benefits from extended customer reach and revenues, open API banking also allows banks to:• Incorporate standardized APIs to
facilitate easier integration between
internal and partner systems. Such standardization not only enables them to comply with emerging regulatory norms and more easily collaborate on various projects in tandem with multiple third parties. It also helps to reduce integration and maintenance costs for new apps.
• Enhance risk mitigation by outsourcing processes, such as the creation of a merchant interface for redeeming loyalty program points, or a client-servicing API to request customer service feedback. These are data-heavy and error-prone activities potentially best managed by third-party providers.
• Improve services by consolidating customer accounts into one visual analytical dashboard for a holistic snapshot of their bank engagement to identify additional sales opportunities. Analyzing a full set of customer data also makes it possible to detect anomalies in their financial service usage patterns to help identify and mitigate fraud and money laundering.
The opportunities for traditional (and non-traditional) financial service providers to benefit from an open API framework are immense, at both a national and cross-border level. Banks and FinTechs in the UK and Europe are already responding to
these opportunities with new services and innovative solutions. Ever-rising customer expectations combined with evolving regulatory mandates are set to transform the banking landscape. As national, regional, and potentially global standards begin to emerge, we will see banks and regulators across Asia-Pacific develop individual and shared open API propositions. These help to truly leverage collaborative solutions designed for today’s digital ecosystem. One thing is certain: open APIs will drive the future of banking.
#payments 7
Volume 18
Payments as a driver for industry convergence
Today’s industries are dramatically changing — increasing digitization and new business models have transformed industries and will continue to do so. At the same time, boundaries between previously disconnected industry sectors are disappearing, spurred by the rapid advancement of new technology alongside changes in consumer preferences and behavior. These trends have opened up doors for incumbents and new players from different industries to collaborate and cocreate new value and growth opportunities in the respective markets.
New convergent services and eco- systems are evolving by merging distinct technologies and integrating services from disparate industries to create a unified new service. In terms of payments, convergence refers to a drawing together of worlds in which payments are used, e.g., banking, transportation, ticketing and commerce.
Payment services foster industry convergencePayment services have fueled the convergence of various industries. Proliferation of convergence is increasing where large, established customer bases can be leveraged, using payments as a connector or facilitator, or existing frictions are removed by the new service.
Payment services that are part of a unified cross-industry offering are typically initiated by entrants from other market sectors, and are developed, operated and commercialized jointly with financial institutions.
However, as convergence continues apace, the new entrants are gradually expanding their financial service capabilities and resources to capture more value. For instance, the Norwegian telecom company Telenor, after initially establishing a mobile payment system in Serbia, has taken the next step toward offering comprehensive banking services by acquiring KBC Banka
in 2013 together with Société Générale. AliPay, the payment service of AliBaba, the Chinese e-commerce giant, has more than 450 million users and has obtained a share of 54%2 of the mobile payments market in China.
AliBaba has consolidated AliPay and all its financial service activities into a full-scale bank under the brand Ant Financial. This demonstrates the potential for large retailers to make the transition into banking. This is massively challenging the existing financial service players and shapes the payments and retail financial services market.
Regulatory initiatives around the world like Open Banking and instant payments are tearing down existing market barriers in the payments industry. At the same time, new global payment systems are evolving outside of the traditional financial providers’ and banks’ ecosystems. Players of any kind, such as merchants, telecoms, insurance companies, utilities, car manufacturers or social media platforms, increasingly have the opportunity to facilitate their own payment processes. This will fuel cross-sector convergence but, at the same time, lead to more players encroaching on the territory of traditional banks and payment providers.
Figure 3: Examples of converging industries accelerated by payment services
Source: EY Innovalue research
Telecom and bankingTelecoms leveraging their large customer basis and the mobile device market penetration to provide mobile banking services for the non- and underbanked customers
Social Media and retailSocial media platforms increasingly moving from an advertised-centric to a commerce business model with a fully integrated payments functions (also used for social payments and commerce) an leveraging again transaction data for personalized offers
E-commerce and consumer finance”Pay later” option to pay in installments to be selected by the customer with “one click” at the online shopping checkout process to increase appeal especially among younger generations
Transport and travelA variety of options, such as single payment for multi-modal journeys, pay-as-you go transportation or electronic tolling providing convenience and removing frictions within the transportation and travel sector
Automotive and telematicsCar manufacturers offering in-car purchase (e.g., for parking, telematics solutions and car functionalities)
Travel and insuranceSituation — and location-based on-demand insurance with an instant payment solution
2 Source: Mary Meeker s 2017 Internet Trends Report (p. 219; p. 223)
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Volume 18
Convergence: new opportunities for payment providersConvergence can be a substantial lever for growth for banks and other payments players. New convergent ecosystems built upon payments and payment-related capabilities are appealing for new market shapers and leaders. By mixing their capabilities with players from other industrial ecosystems as well as challenging established market assumptions, offers front-running payment providers the opportunity that the new whole (ecosystem) is greater than the sum of its parts. For successful ecosystem builders there is substantial value available — high network and platform value, customer and ecosystem party lock-in along with reduced/shared risks and resources to create these new markets.
Convergence provides new opportunities for payment players.
However, to reap the potential benefits of becoming a leader in a new ecosystem or entirely new market, a new and innovative way of thinking is required. It will no longer be sufficient to view payments as a utility proposition — commoditized, undifferentiated and scale-driven. In fact, payments have already begun to be more than just a transaction settlement or a transfer of funds.
Converged payments offerings are strategic, value-adding solutions that incorporate the broader commercial and transactional context within which a payment takes place, for instance, electronic tolling, in-car purchases of telematics services or single ticketing for multi-modal travel journeys. Also payment-proximate services such as
Payments fueling industry convergence
consumer financing (pay later) or currency exchange are increasingly becoming part of the basis upon which payment providers develop enlarged value propositions.
The payment options available to consumers will quickly increase and bring new opportunities for converged services and digital platforms: virtual and crypto currencies are expected to gradually replace physical money. Customers have started to recognize the value of their personal data and are seeking compensation for sharing them. Consequently, payments are likely to evolve over time into a concept of “value transfer” whereby, non-monetary values, such as loyalty, time, or customer consent
to use transaction or behavioral data, will
#payments 9
Volume 18
become increasingly accepted as “payment” in
exchange for goods and services. Payment
data are a key part of a customer profile and a
behavior indicator. Shared payment data
are a significant asset enabling new service
opportunities from financial advisory to health
guidance.
It should be noted that we are evolving into
an era of ubiquitous payments — where
consumers can pay in various ways through
any internet-connected device located
anywhere. These appliances are programmable
to automate specific transactions and help
create an ecosystem of value-added services.
Call for action
Observing the pace of convergence
development, banks and payment
providers need to adapt to the disruptive
movement of industry convergence, and
create new sources of revenue, as fees from
facilitating pure payment transactions are
likely to be significantly eroded.
To stay relevant and be successful in the
future, banks and payments providers need to:
• Take a strategic, holistic perspective on payments — also considering “payment-proximate” activities
• Identify markets, business areas and services where payments are a crucial aspect
• Evaluate and prioritize viable options as to where and how to play
• Define the required business enablers
• Allocate resources and investments to craft and deliver value-added solutions and products related to payment flow, with consistent and well-designed customer experience as the main guideline
• Explore new partnership models, including strategic cross-industry alliances with players that have not been considered before to get access to new customer bases and partnerships with financial technology companies (FinTechs)
Successful payment providers of the future will put themselves into the driver seat, move fast and take action today. Those that hesitate risk being left behind.
Payment players need to take a leading role in creating new converged services and markets.
Kai-Christian Claus
Andreas Kornowski
Torben Ottens
Payments fueling industry convergence
#payments 10
Volume 18
M&A roundup
M&A activity and deal characteristicsA total of 38 M&A transactions were announced in the third quarter (Q3) of 2017. This level of activity is in line with the 36 deals in Q3 2016. After a slight increase in the number of deals in the second quarter (Q2) 2017,6 Q3 saw a moderate decline. The financial terms of 15 transactions were disclosed in Q3 2017, amounting to a total volume of US$26.0 billion. This represents a 570% increase over the Q3 2016 deal volume.7, 8
The deal volume in Q3 2017 was driven primarily by four large transactions within the acquiring and acceptance segments of the payments market. These deals were split equally among trade buyers and private equity investors. In the largest deal of the quarter, which amounted to 44% of the total volume, the leading US merchant acquirer Vantiv acquired Worldpay, the leading European merchant acquirer and online payment services provider. This acquisition values Worldpay at implied enterprise value of US$11.5 billion — a revenue multiple of 7.5x and an earnings
On the basis of transaction value, deal activity within the payments industry increased in the third quarter of 2017, following a decrease in the second quarter of the year. In Q3 2017, a total of 38 deals were reported globally, with a total disclosed value of US$26.0 billion. The acquisition of UK-headquartered WorldPay, Europe’s largest merchant acquirer,3 by Vantiv, the largest US-based merchant acquirer, stands out since it involves two of the largest global players in the payments industry and features the second-largest enterprise value transacted since the fourth quarter of 2014.4, 5
before interest, taxes, depreciation and amortization (EBITDA) multiple of 19.6x. This transaction is expected to increase Vantiv’s global scale, solidify its position as the largest global merchant acquirer ahead of First Data, and allow it to expand into Europe and gain access to Worldpay’s processing platform and global e-commerce payment processing capabilities.
The second-largest deal involving a corporate acquirer was the acquisition of Bambora by Ingenico at an implied enterprise value of US$1.75 billion and a 8.2x revenue multiple. Bambora was launched in 2015 as a result of the combination of payment businesses Euroline, KeyCorp, Samport, MPS, DK Online and ePay, all acquired by Nordic Capital.9 Bambora has more than 700 employees and serves 110,000 merchants across the Nordics, Australia, New Zealand, Canada and the US. The business provides acquiring and acceptance services for offline and e-commerce payments.10 For Ingenico, the transaction is another strategic step toward an increased focus
3 Source: The Nilson Report. According to the report, Vantiv processed 21.2 billion purchase transactions worldwide in 2016.
4 The largest enterprise value recorded in the EY M&A Payments tracker was the sale of Visa Europe for approximately US$23.1 billion.
5 Sources: EY M&A Payments tracker6 In the last edition of the newsletter, the M&A article
tracked the deals until 13 March 2017. Q2 2017 numbers quoted in this edition include the full Q2 2017.
7 Sources: EY analysis, Bloomberg, CapitalIQ, company websites, Mergermarket
8 Deal volume is based on the implied enterprise value as recorded by CapitalIQ or other publicly available sources.
9 Sources: www.nordiccapital.com/portfolio/ case-studies/bambora/
10 Sources: www.ingenico.com/press-and-publications/press-releases/finance/2017/07/ingenico-ramps-up-its-transformation-acquisition-of-bambora.html
Figure 4: Targets by segment (in percentage)
Payment acceptance devices plus software
Processing Issuing Alternative payment systems
Money transfer Acquiring Data analytics Couponing/loyality Other includes security, ATM and commerce
2017Q3
8
5
11
29 2017Q2
13
8
21
33
Sources: EY Innovalue, Capital IQ, Mergerstat M&A Database, company websites.
Figure 5: M&A market development
Number of transactions Disclosed value (in US$ billion)
30
25
20
15
10
5
0
50
40
30
20
10
02016Q3 2016Q4 2017Q1 2017Q2 2017Q3
3.9
36
3.4
19
5.5
45
4.0 26.0
4638
Figure 6: Median enterprise value multiples
EBITDA multiple Revenue multiple
16x
14x
12x
10x
8x
6x
4x
2x
0 2013 2014 2015 2016 2017
3.7
14.5
2.8
14.7
3.5
13.1
2.3
10.6
3.3
14.9
Figure 7: Targets by region (in percentage)
North America Europe Asia
Middle East and Africa (MEA) Oceania South America
2017Q333
8
55
21
2017Q2
5
#payments 11
Volume 18
on merchants’ needs, and diversifying from hardware toward software, payments processing and acceptance services. According to Ingenico, Bambora will enhance the group’s technology assets, expand its distribution channels via a direct-to-SME channel, and increase the group’s scale and omni-channel payment capabilities in Europe.
In the largest private equity payments deal of the quarter, US-based fund Hellman & Friedman, along with a group of co-investors, launched a takeover of Nets, the leading payment processor and merchant acquirer in the Nordics. Nearly one year ago (September 2016), Nets’ private equity owners, Advent, Bain Capital and Danish pension fund ATP, publicly listed the company at a value of US$4.5 billion.11 The proposed deal values Nets at an implied enterprise value of US$6.4 billion, an EBITDA multiple of 19.8x and a revenue multiple of 5.5x, and is the largest European leveraged buyout (LBO) transaction since March 2013.12 Nets’ new owners are aiming to benefit from the growth of digital payments across the Nordics and are expected to perform additional bolt-on acquisitions.
In another private equity takeover, CVC Capital Partners and Blackstone launched a bid to acquire the UK-based online merchant acquirer and payments processor Paysafe. The proposed acquisition would represent a 3.8x revenue and 15.1x EBITDA multiple on the basis of an implied enterprise value of US$4.0 billion.
Strategically, it is also worth noting the move by Global Payments to up the ante in integrated payments with its US$1.2 billion purchase of Active Network. This follows a string of independent software vendor (ISV)-related acquisitions by Global’s peers and private equity buyers, and represents a bold move to go deeper into the business management software value chain.
The median EBITDA multiple for all deals year-to-date increased from 10.6x in 2016 13 to 14.9x in 2017. The median revenue multiple for the same period increased from 2.3x to 3.3x.14 Investors are constantly assessing the potential disruptive nature of target companies in the payments sector as well as the growth prospects of the electronic payments industry and the proliferation of online payments. This
The deal volume in Q3 was driven by four large transactions within the acquiring and acceptance segments of the market.
results in the revision of their valuations which is leading to a diverse range of multiples across deals in the market.15
In Q3 2017, 55% of the targets were based in Europe, followed by 21% in North America and 8% in Asia. The four largest deals of the quarter involved European targets. We expect this trend to continue over the next quarters, should the current wave of consolidation in the highly fragmented European payments landscape retain its pace.
Andreas Habersetzer
Markus Massem
M&A roundup
Apostolos Psaras
11 Sources: www.bloomberg.com/news/articles/2016-10-04/nets-losses-since-ipo-prompt-deutsche-to-take-stabilizing-steps12 Sources: www.ft.com/content/53c55e28-a11c-11e7-9e4f-7f5e6a7c98a213 This includes all deals in 2016.14 Transaction multiples are based on implied enterprise value, EBITDA and revenue data sourced primarily from Capital IQ.15 Sources: EY analysis, Bloomberg, CapitalIQ, company websites, Mergermarket
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Volume 18
Funding activityIn the third quarter of 2017, 44 companies raised US$1.0 billion in funding, of which US$36.4 million was debt financing (4% of the total). The number of announced deals remained flat compared with the previous quarter, but the total investment value decreased by 48%. However, Q2 2017 volume was inflated by the US$1.4 billion financing round received by Paytm in Q2 2017.16
While Q2 was characterized by a propensity toward investment in early-stage companies, Q3 has seen a slight shift toward more mature businesses and a rise in initial coin offering activities (discussed below).17
Geographically, in line with the previous quarter, 50% of total investment activities in Q3 2017 (based on the number of transactions) took place in North and Central America followed by Europe and Asia.18
Investment trendsAs forecasted, investor interest in alternative payment systems and security FinTechs continued to grow throughout Q3 2017. Additionally, there has been increasing interest in payment processing companies.19
In line with the attention garnered by alternative payment systems, the largest deal of the quarter was landed by Klarna with a US$250.0 million private equity investment. Frequently mentioned in our newsletters, Klarna provides alternative payment methods and check-out solutions to merchants and consumers. In June 2017 they received a full banking license from the Swedish Financial Supervisory Authority, becoming the largest European FinTech company to receive such authorization.20 Klarna currently serves 60 million customers, 70,000 merchants and handles 650,000 payment transactions per day across Europe.21
Venture Capital roundup
16 Source: EY analysis, Crunchbase, companies’ newsletters17 Source: EY analysis, Crunchbase18 Source: EY analysis, Crunchbase19 Source: EY analysis, Crunchbase20 On the basis of total funding amount.21 Source: EY analysis, Crunchbase, Permira’s newsletter, TechCrunch, FT
Figure 9: Investment by region (in percentage)
North and Central America Asia Europe
Middle East and Africa (MEA)
Oceania
2017Q35
25
20
50
2017Q2
Figure 10: Deals by funding stage (in percentage)
3
52
2016Q4 2017Q1 2017Q2 2017Q3
37
13
33
13
89
23
11
7
9
30
14
27
10
23
1625
23 36 23
Funding stages: Other C A D/E B Venture seed
Figure 8: Venture Capital deal
Number of investments Disclosed value (US$billion)
2,000
1,750
1,500
1,250
1,000
750
500
250
0
50
45
40
35
30
25
20
15
10
5
02016Q4 2017Q1 2017Q2 2017Q3
30
505 753 1,938 1,006
40
44 44
#payments 13
Volume 18
The funds were injected by Permira, a private equity firm with total committed capital of approximately €32 billion. Permira acquired a 10% stake in the Swedish company, bringing its value to US$2.5 billion. As a consequence of the investment, two existing stakeholders, General Atlantic and DST, sold their shares in Klarna.22
Beyond such deals, there is an emerging trend that aims to disrupt the way funds are raised. This new fundraising activity is known as an initial coin offering (ICO).
An ICO is an unregulated practice aimed at raising funds for a new cryptocurrency venture, and is used by start-ups to bypass the more rigid and complex fundraising processes led by venture capitalists. In an ICO, a newly issued cryptocurrency is sold to financiers in exchange for legal tender or other cryptocurrencies. This practice also solves the basic problem of how to initially distribute the new cryptocurrency.
The ICO process starts with the issuance of a whitepaper by the cryptocurrency start-up. The whitepaper contains key information on the company’s plan, how much money the start-up is looking to raise, what share of the cryptocurrency (also called virtual tokens) the company’s founders will retain, what kind of money is accepted (most often both fiat currency and Bitcoin) and how long the ICO campaign will last.
Initial financers are incentivized to purchase the cryptocurrencies, driven by the expectation that the start-up will be successful and the value of the cryptocurrency will increase over time.
Despite some successful initiatives, such as the Ethereum project (whose cryptocurrency, Ether, was worth US$0.4 in 2014 and increased to approximately US$290 at end of September 2017), ICOs are considered risky activities and can be fraudulent. In September 2017, first China and then South Korea banned ICOs because of concerns over potential financial scams.
Overall, in 2017, we have noticed a shift from pure consumer front-end solutions, such as payment acceptance devices and money transfer solutions, to more complex front- and back-end solutions, such as alternative payment and security systems.
Over the next 12 months, increased clarity around PSD2 is expected to help define the competitive landscape in the industry. This might lead incumbent players to proactively seek investments in providers of innovative product, data analytics and data security solutions. Existing FinTechs should be looking to scale up and seek additional financing rounds to exploit this industry opportunity.
Interest in alternative payment systems and security solutions has continued through Q3 2017.
22 Sources: EY analysis, Crunchbase, Permira’s newsletter, TechCrunch, FT
Venture Capital roundup
Andreas Habersetzer
Markus Massem
Edoardo Cenci
Figure 11: Investment sectors
2016Q4 2017Q1 2017Q2 2017Q3
17
30
10
20
1327
36
25
8
1136
8
7
11
7
15 14
17 35 30 18
Money transfer Security
Alternative payment systems Payment acceptance
Other Processing Issuing
5
3
4
5
25
5
#payments 14
Volume 18
M&A Transaction overview
Q3 2017
Date announced
Target company Country Target company industry Buyer(s) Country Transaction value (US$m)
1 19 June 2017 Fortune Payment Solutions
India Provides electronic payment platform solutions and services to acquiring banks and merchants in India
Ezetap Mobile Solutions
India
2 20 June 2017 Europass France Provides WeChat payment solutions Global Blue Switzerland
3 21 June 2017 MOL Global Malaysia Operates a payments platform that facilitates online and mobile commerce in Malaysia and internationally
ZV-Midas Singapore
4 22 June 2017 Vindi Brazil Provides a cloud-based subscription billing and loyalty marketing platform in Brazil
Smartbill Brazil
5 27 June 2017 PayThru South Africa
South Africa Operates a cloud-based payment gateway which integrates mobile devices
DPO South Africa South Africa
6 29 June 2017 Safepak US Manufactures electronically monitored deposit retrieval systems and ATM security products
BranchServ Sys-tems Integration
US
7 29 June 2017 Green Net Administradora de Cartão
Brazil Develops a payment system for electronic payment shipping of freight
Amaggi Exportação e Importação and Louis Dreyfus Company Agrícola
Brazil
8 30 June 2017 EURO 6000 Spain Operates a bankcard network in Spain ServiRed, Sociedad Española de Medios de Pago
Spain
9 30 June 2017 Magellan France Develops software for secure electronic payment transactions
Keyware Technologies
Belgium 11.4
10 4 July 2017 Arjo systems France Provides electronic ID (e-ID) solutions ASSA ABLOY Sweden
11 5 July 2017 Worldpay UK Provides payments processing technology and solutions for merchant customers
Vantiv US 11,527.3
12 5 July 2017 Docdata Payments
Netherlands Provides online payments for web shops, retailers, brands, and start-ups in Europe
CM Telecom Netherlands
13 5 July 2017 Chip and PIN Solutions
UK Offers card processing services Valitor Iceland
14 6 July 2017 Paysbuy Thailand Provides payment gateway services, sales and software solutions
Omise Thailand
15 6 July 2017 Buckaroo Netherlands Provides online billing and payment services to e-commerce clients
Blackfin Capital Partners
France
16 10 July 2017 Grupo Synthesys Argentina Provides software for point-of-sale (POS) and electronic payment solutions
Linx Sistemas E Consultoria
Brazil 25.8
17 11 July 2017 Transact Payment Gibraltar Issues MasterCard, and Visa physical and virtual prepaid cards
Neptune International
UK
18 17 July 2017 Brighterion US Develops software solutions for real-time fraud prevention, predictive intelligence, risk management, anti-money laundring (AML) and know your customer (KYC) compliance, and homeland security intelligence
Mastercard US
19 18 July 2017 Digital River World Payments
Sweden Provides online payment processing solutions Worldline France
20 18 July 2017 Secure Bill Pay US Develops healthcare payment software Ability Network US
21 20 July 2017 Bambora Sweden Provides card acquiring, payment processing, infrastructure, and additional services to merchants
Ingenico France 1,746.8
22 21 July 2017 Delta Card Services
US Provides merchant payment processing services Paysafe UK 470.0
#payments 15
Volume 18
Date announced
Target company Country Target company industry Buyer(s) Country Transaction value (US$m)
23 21 July 2017 Paysafe UK Provides online processing of direct debit, credit card, and alternative payment services to businesses and individuals
CVC Capital Partners Limited; The Blackstone Group L.P.
UK & US 4,013.7
24 25 July 2017 First Data Baltics Lithuania Provides outsourcing services, such as interbank clearing and switching, issuing processing, and value-added service (VAS)
Worldline France 85.1
25 25 July 2017 Pagfacil LTDA Brazil Operates as a payments network for the unbanked and underbanked
The Brink's Company
US
26 26 July 2017 Giocard network business from VOB-ZVD
Germany Provides debit card payment processing services SIX Payment Services
Switzerland
27 27 July 2017 Accelyst Solutions and Freecharge Payment Technologies
India Owns and operates a website that provides online recharge and bill payment services
Axis Bank India 60.0
28 1 Aug. 2017 Santander Elavon Merchant Services Entidad de Pago
Spain Provides payment processing services for merchants Banco Santander Spain
29 3 Aug. 2017 Active Network US Provides cloud-based software, including payment technology solutions, to event organizers in the communities, and health and fitness segments
Global Payments US 1,206.6
30 3 Aug. 2017 Contovista Switzerland Offers an analytics engine providing structured data in the areas of personal finance management, business analytics and marketing
Aduno Switzerland
31 4 Aug. 2017 Pocket Card Japan Provides credit card services in Japan FamilyMart Co and GIT Corporation
Japan 170.2
32 8 Aug. 2017 Spectrum Financial Group
UK Provides in-house cash management services through the issuance of cards
FAIRFX Group UK 20.1
33 9 Aug. 2017 KaChingpay.com Canada Develops a smartphone-based payment and money transfer system where consumers purchase tokens for their digital wallets
Bitcoin Crypto Curreny Exchange Corporation
US
34 10 Aug. 2017 Aduno Switzerland Provides credit and debit card payment terminals SIX Payment Services
Switzerland
35 10 Aug. 2017 First Data Resources South Africa
South Africa Provides online payment processing services Bidvest Bank South Africa
36 10 Aug. 2017 Tarjetas Regionales
Argentina Issues payment cards and processes consumer loan operations, and credit card transactions
Grupo Financiero Galicia
Argentina
37 14 Aug. 2017 TransferMate Ireland Provides an online payment platform for international money transfers
Unknown buyer
38 18 Aug. 2017 Virtual Card Services
South Africa Engages in developing and implementing credit, debit and smart card processing systems for major card issuers
Direct Pay Online Kenya
39 21 Aug. 2017 Dovetail Group Ireland Provides a payment services hub for the processing of batch and individual payments on a single platform
Fiserv US
40 21 Aug. 2017 SIA Transferta Latvia Offers money transfer services Money Express Latvia
41 23 Aug. 2017 Cardtech Card & POS Service
Germany Operates an electronic cash network Concardis Germany
M&A Transaction overview
Q3 2017
#payments 16
Volume 18
Date announced
Target company Country Target company industry Buyer(s) Country Transaction value (US$m)
42 28 Aug. 2017 Meontrust Finland Provides security solutions to online services and their users for two-factor authentication, transaction authorization and other use cases
Inside Secure France 6.0
43 30 Aug. 2017 Cashstar US Provides digital gift cards Blackhawk Network US 175.0
44 31 Aug. 2017 SmartPay Holdings
New Zealand Designs, develops and implements payments solutions, and electronic fund transfer at point of sale (EFTPOS) solutions in New Zealand and Australia
Pemba Capital Partners
Australia 46.1
45 14 Sep. 2017 Posera Fingerprint POS
Canada Provides POS for restaurants SICOM Systems US 10.0
46 25 Sep. 2017 Nets Denmark Provides digital payment services and related technology solutions
Advent International, Bain Capital Private Equity, Fisher Lynch Capital, GIC Special Investments, Hellman & Friedman, Sampo, StepStone Group
US, UK, Finland and Singapore
6,430.6
47 27 Sep. 2017 Rezzcard US Owns and operates a rent-payment platform Mobility Capital Finance
US
M&A Transaction overview
Q3 2017
#payments 17
Volume 18
Venture Capital
Date an nounced
Target Country Round Financial volume(US$m)
Total funding(US$m)
Lead investor
Market segment
Description
1 4 July 2017 Instarem Singapore B 13.00 18.00 GSR Ventures Money transfer
Provides money transfer services for individuals and businesses
2 4 July 2017 Previse UK Seed 2.60 2.60 Hambro Perks
Data analytics
Develops and offers a proprietary AI solution that supports instant payments between corporate and SMEs
3 6 July 2017 Payfit France B 15.90 21.50 Accel Partners
Other Provides a platform for small and medium enterprises to easily and quickly pay their employees
4 7 July 2017 Orb Japan N/D 1.30 3.59 Mitsui Sumitomo Insurance Venture Capital
Alternative payment systems
Develops and manages CoinPass Kessei, a bitcoin payment service for electronic commerce
5 10 July 2017 PayStand US Venture Undisclo-sed
2.36 LEAP Global Partners
Alternative payment systems
Operates an electronic payments portal
6 11 July 2017 Revolut UK B 66.00 81.06 Index Ventures
Alternative payment systems
Develops a mobile application that allows users to exchange currencies at interbank rates, send money through social networks and spend with a multi-currency card
7 11 July 2017 Curve UK A 10.00 12.00 Santander Innoventures
Alternative payment systems
Offers an all-in-one card that enables customers to consolidate all existing cards and accounts in one card with just one PIN
8 12 July 2017 Innoviti India B 18.00 24.60 SBI-FMO Fund Payment acceptance devices plus software
Develops payments processing, credit distribution and payments management software solutions
9 13 July 2017 SelfLender US Venture 3.42 5.48 Alternative payment systems
Enables customers to join the self-lender community, select their monthly payment and term-length options, and make auto payments
10 17 July 2017 Pillar Project Switzerland N/D 21.00 21.00 Alternative payment systems
Pillar provides cryptocurrency and token wallet services
11 18 July 2017 Form3 UK A 5.00 5.00 Angel CoFund Processing Delivers cloud-based connectivity, payment processing, clearing and settlement services
12 19 July 2017 Karmic Labs US B 17.20 24.90 Arbor Ventures
Other Provides payment and expense management solutions
13 21 July 2017 Klarna Sweden Venture 250.00 636.85 Permira Payment acceptance devices plus software
Provides alternative e-commerce payment solutions for merchants and shoppers
14 21 July 2017 Tianxiapay Technology
China N/D 22.17 22.17 Shanghai Noah Investment Management
Alternative payment systems
Operates a third-party payment processing platform in China
15 24 July 2017 Everex One Singapore N/D 0.50 0.50 Holley Group Alternative payment systems
Develops a blockchain-based online payments suite, which offers cash transfer and micro- lending services, as well as an e-wallet for cryptocurrency
16 24 July 2017 Glance Technologies
Canada N/D 0.24 1.74 Alternative payment systems
Develops and operates mobile payment processing software and smartphone applications
Transaction overview
Q3 2017
#payments 18
Volume 18
Date an nounced
Target Country Round Financial volume(US$m)
Total funding(US$m)
Lead investor
Market segment
Description
17 25 July 2017 B-Secur Ireland Seed 4.56 8.42 Accelerated Digital Ventures
Security Develops ECG biometric software to secure devices, data and applications that reads an individual’s unique heartbeat pattern through their fingertips to verify a user’s identity
18 27 July 2017 Callsign UK A 35.00 38.50 Accel Partners
Security Intelligent-driven authentication that minimizes the impact of data breaches and allows password - less access to services
19 28 July 2017 Marqeta US D 25.00 71.27 Visa Issuing Provides prepaid, debit and credit cards
20 28 July 2017 Securrency US Debt 0.20 0.20 Payment acceptance devices plus software
Develops financial technology platform for digital currency
21 31 July 2017 Tierion US N/D 25.00 26.00 Security Provides an API and tools to collect data and anchor it in the blockchain
22 1 Aug. 2017 UnifyID US A 20.00 20.00 New Enter-prise Associates
Security Develops identity applications on the basis of implicit authentication
23 3 Aug. 2017 MobiKwik India N/D 35.36 162.21 Bajaj Auto Finance
Alternative payment systems
Operates a mobile payments network that connects users with retailers
24 8 Aug. 2017 Waypay Canada Debt 0.15 0.15 500 Start-ups Processing Operates as a payment platform for businesses
25 17 Aug. 2017 breadwallet LLC
US Venture 7.00 7.00 DAS Capital Ltd.
Alternative payment systems
Designs, develops and operates a bitcoin wallet application
26 23 Aug. 2017 Ezetap India D 16.00 51.00 JSCapital Payment acceptance devices plus software
Provides mobile point-of-sales payment solutions in India
27 30 Aug. 2017 BitPesa Kenya A 4.25 10.00 Greycroft Partners
Money transfer
Operates an online platform that leverages blockchain settlement, and opens corridors for business payments and trade between Africa and the rest of the world
28 30 Aug. 2017 Domuso US Venture 3.10 7.30 David Kim Alternative payment systems
Provides a software platform that enables flexi-ble payments for the rental industry
29 5 Sep. 2017 Forgerock US D 88.00 140.17 Accel Partners
Security Provides digital identity management solutions
30 6 Sep. 2017 Dataiku US B 28.00 45.70 Battery Ventures
Data analytics
Develops Data Science Studio, the tool that lets data scientists and analysts do machine learning on any (dirty) data
31 7 Sep. 2017 Synergy Commerce
US N/D 35.00 35.00 Providence Strategic Growth Capital Partners
Processing Designs, develops and provides payment processing solutions for businesses
32 7 Sep. 2017 Network Merchants
US N/D Francisco Partners
Payment acceptance devices plus software
Provides payments enablement technology to independent sales organizations (ISOs), VARs, ISVs and payment facilitators
33 11 Sep. 2017 Red Dot Payment
Singapore B 5.20 10.40 Payment acceptance devices plus software
Develops and provides online payment processing and gateway solutions in Asia
Venture Capital Transaction overview
Q3 2017
#payments 19
Volume 18
Date an nounced
Target Country Round Financial volume(US$m)
Total funding(US$m)
Lead investor
Market segment
Description
34 12 Sep. 2017 Pineapple Payments
US Venture 35.00 35.00 PSG Equity Processing Designs, develops and provides payment processing solutions for businesses
35 13 Sep. 2017 Yaypay US Venture 5.30 6.20 QED Ventures Other Provides solution that enables to accept payments through Automated Clearing House (ACH), eChecks, credit cards and PayPal
36 13 Sep. 2017 Vapulus Egypt A 0.25 0.25 Arabian Venture Forum
Alternative payment systems
Provides online and mobile payment solutions
37 14 Sep. 2017 Cashshield US A 5.50 5.50 GGV Capital Security Operates an enterprise risk management company that helps companies manage their risks from fraudulent payments and hostile accounts
38 18 Sep. 2017 Incorta US B 15.00 27.62 Kleiner Perkins Caufield & Byers
Data analytics
Aggregates complex business data in real time using Direct Data Mapping architecture
39 19 Sep. 2017 GoCardless UK D 22.50 47.30 Accel Partners
Processing Provides online payment processing services to businesses
40 19 Sep. 2017 Luno Singapore B 9.00 13.80 Balderton Capital
Alternative payment systems
Provides bitcoin wallet and exchange
41 21 Sep. 2017 Raise US C 60.00 60.00 Accel Partners
Alternative payment systems
Operates an online marketplace to buy and sell gift cards
42 21 Sep. 2017 Activehours US B 39.00 65.10 Andreessen Horowitz
Alternative payment systems
Develops a smartphone-based application that enables hourly workers to get paid early when they need it
43 21 Sep. 2017 iZettle Sweden Debt 36.00 271.51 European Investment Bank (EIB)
Payment acceptance devices plus software
Operates a mobile payments company providing portable point-of-sale solutions and free sales overview tools
44 27 Sep. 2017 Pivotal Payments
Canada Venture Novacap Payment acceptance devices plus software
Leading provider of technology-driven global payment processing solutions to the point of sale, business to business (B2B) and e-commerce industries
Venture Capital Transaction overview
Q3 2017
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