fintech investment banking

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FinTech Investment Banking

Financial Technologies Monthly Market Update

May 2020

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5Index Performance1

Table of contents

4

10Market Valuations2

20Capital Raising Trends3

26M&A Trends4

29US IPO Market Update5

33The Rosenblatt Difference6

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I ndex Per formance

5


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-35%

-25%

-15%

-5%

5%

15%

25%

35%

5/01/19 6/06/19 7/12/19 8/16/19 9/23/19 10/28/19 12/03/19 1/09/20 2/14/20 3/23/20 4/28/20

SP50 Payment Infrastructure P2P Transfers | Remittances Card Networks

6

Cap Weighted Price Return Index Performance – Payments Technologies (LTM)

S&P 500 Paym ent Inf rastructure P2P Transfers | Rem ittances Card Networks

% ∆ YoY -0.4% 2.9% -1.0% -4.9%

% ∆ MoM 9.8% 5.3% 2.5% 2.4%

Source: Bloomberg, FactSet Updated on 5/04/2020Note: The index is made up of companies mentioned under each of the above buckets in subsequent slides except, the index doesnot adjust for any new companies added and excludes old companies delisted in last twelve months | Weight (Capped at 10%)

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-35%

-25%

-15%

-5%

5%

15%

25%

35%

5/01/19 6/06/19 7/12/19 8/16/19 9/23/19 10/28/19 12/03/19 1/09/20 2/14/20 3/23/20 4/28/20

SP50 Software | Back-End Solutions Financial Data | Information Providers Lending Analytics | Insights

7

Cap Weighted Price Return Index Performance – Application Software (LTM)

S&P 500 Sof tware | Back-End SolutionsF inancia l Data | Inform ation

ProvidersLending Ana lyti cs | Ins ights

% ∆ YoY -0.4% -1.0% 12.1% 5.8%

% ∆ MoM 9.8% 4.9% 8.2% 5.0%


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0

10

20

30

40

50

60

70

80

90

100

-35%

-25%

-15%

-5%

5%

15%

25%

35%

5/01/19 6/06/19 7/12/19 8/16/19 9/23/19 10/28/19 12/03/19 1/09/20 2/14/20 3/23/20 4/28/20

CBOE - VIX SP50 Global Exchanges Regional Exchanges Broker Dealers | Market Makers Retail | e-Brokers

8

Cap Weighted Price Return Index Performance – Capital Markets (LTM)

S&P 500 G lobal Exchanges Reg iona l ExchangesBroker Dea lers | Market

MakersReta i l | e-Brokers

CBOE Market Volati l i ty

Index (R)

% ∆ YoY -0.4% 8.6% 0.6% 4.0% -3.2% 3415.0%

% ∆ MoM 9.8% 6.8% 1.1% 3.2% 5.6% -40.2%


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-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

5/01/19 6/06/19 7/12/19 8/16/19 9/23/19 10/28/19 12/03/19 1/09/20 2/14/20 3/23/20 4/28/20

SP50 Global Diversified Banks - Domestic Global Diversified Banks - Foreign Regional Diversified Banks - Domestic

9

Cap Weighted Price Return Index Performance – Lending & Credit (LTM)

S&P 500G lobal Divers i f ied Banks -

Dom estic

G loba l Divers i f ied Banks -

F oreign

Reg iona l Divers i f ied Banks -

Dom estic

% ∆ YoY -0.4% -19.7% -40.6% -31.2%

% ∆ MoM 9.8% 4.7% 3.0% 12.1%


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Market Va luat ions

10


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Price to Earning Estimates by Category

11.6x

13.9x

14.4x

9.3x

15.8x

21.4x

21.9x

22.8x

29.2x

31.1x

23.1x

26.9x

31.2x

0x5x10x15x20x25x30x35x

Global Diversified Banks - Foreign

Global Diversified Banks - Domestic

Alternative Lending

Broker Dealers | Market Makers

Retail | e-Brokers

Regional Exchanges

Global Exchanges

Software | Back-End Solutions

Financial Data | InformationProviders

Lending Analytics | Insights

P2P Transfer | Remittances

Payment Infrastructure

Card Networks

8.3x

9.2x

12.7x

14.4x

15.1x

19.6x

21.6x

20.6x

26.3x

26.3x

14.7x

20.5x

21.1x

0x 5x 10x 15x 20x 25x 30x 35x



Alternative Lending


Retail | e-Brokers

Regional Exchanges

Global Exchanges


Financial Data | InformationProviders




Card Networks

Ap

plic

atio

n

Soft

war

ePa

ymen

t Te

chno

logi

esLe

nd

ing

& C

red

itC

apit

al

Mar

kets

2020 E Consensus P / E Ratio 2021 E



Alternative Lending

Retail | e-Brokers


Regional Exchanges

Global Exchanges

Financial Data | Information Providers




Card Networks


Source: FactSet, Bloomberg , Updated on 5/04/2020Note: N/A denotes negative multiple or oddly high multiple or the multiple is not available

www.rblt.com 12

Sales Growth vs. Price to Earnings Ratio

Global Diversified Banks - Domestic, 3%, 9.2x

Global Diversified Banks - Foreign, 2%, 8.3x

Alternative Lending, 11%, 12.7x

Global Exchanges, 3%, 21.6x

Regional Exchanges, 7%, 19.6x

Broker Dealers | Market Makers, 1%, 14.4x

Software | Back-End Solutions, 8%, 20.6x

Financial Data | Information Providers, 8%, 26.3x

Lending Analytics | Insights, 5%, 26.3x

Payment Infrastructure, 14%, 20.5x

P2P Transfer | Remittances, 8%, 14.7x

6x

8x

10x

12x

14x

16x

18x

20x

22x

24x

26x

28x

0% 2% 4% 6% 8% 10% 12% 14% 16%

Pri

ce /

Ear

nin

g R

atio

(CY’

2021

)

Sales Growth (CY’2020 – CY’2021)

Note: Every bubble represents (1 Revenue Year Growth %, 2020 E Median P/E ratios of the universe.) Alternative Lending, & P2P Transfer and Remittances, Trading Technology, Global Diversified Banks excluded because of high / lowrange Source: FactSet, Bloomberg , Updated on 5/04/2020

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Market Valuations

Source: FactSet, Bloomberg , Updated on 5/04/2020Note: N/A denotes negative multiple or oddly high multiple or the multiple is not availableSales Growth – Average Sales Growth (2020 – 2021)

Sales

Growth

2020 - 2021 2020 2021 2020 2021 2020 2021 2020 2021

Global Diversified Banks 41% 26% 2% n/a n/a n/a n/a n/a n/a 13.2x 8.6x

Capital Markets 14% 41% 3% 7.7 7.6 13.6 13.5 56% 53% 20.0 19.5

Application Software 23% 48% 7% 6.3 6.0 18.7 16.4 27% 27% 27.8 25.5

Payments 32% 40% 9% 5.3 4.5 18.0 15.8 29% 29% 27.4 19.4

Global Diversified Banks - Domestic 39% 31% 3% n/a n/a n/a n/a n/a n/a 13.9x 9.2x

Global Diversified Banks - Foreign 43% 23% 2% n/a n/a n/a n/a n/a n/a 11.6 8.3

Alternative Lending 68% 76% 11% 1.0 0.9 7.5 7.7 15% 18% 14.4 12.7

Global Exchanges 12% 37% 3% 9.6x 9.5x 14.8x 14.5x 65% 65% 21.9x 21.6x

Regional Exchanges 26% 38% 7% 5.7 5.4 12.2 11.0 49% 49% 21.4 19.6

Broker Dealers | Market Makers 7% 63% 1% 3.4 5.2 7.0 11.7 51% 44% 9.3 14.4

Retail | e-Brokers 10% 52% -3% 4.5 4.7 9.6 10.4 45% 44% 15.8 15.1

Software | Back-End Solutions 29% 45% 8% 4.0x 3.7x 15.9x 14.5x 23% 24% 22.8x 20.6x

Financial Data | Information Providers 15% 50% 8% 7.2 6.9 20.9 18.7 38% 39% 29.2 26.3

Lending Analytics | Insights 21% 42% 5% 6.5 6.1 18.9 16.8 33% 35% 31.1 26.3

Payment Infrastructure 31% 41% 14% 6.4x 5.7x 18.9x 16.0x 32% 33% 26.9x 20.5x

P2P Transfer | Remittances 44% 46% 8% 2.1 1.9 8.9 9.6 26% 27% 23.1 14.7

Card Networks 30% 33% 11% 10.3 8.9 27.6 23.0 63% 65% 31.2 21.1

Payments

Banks | Alternative Lending

Capital Markets

Application Software

Price / EarningsTEV / Sales EBITDA MarginsTEV / EBITDA

CompanyPrice

Off 52 Wk

High / Low

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Market Valuations – Banks | Alternative LendingSales

Growth

Price Market CapEnterprise

Value2020 2021 2020 2021 2020 2021 2020 2021 2020 - 2021

P/B D/E

Market Data TEV / Sales TEV / EBITDA EBITDA Margins Price / Earnings

Off 52w

High / Low

Company

JPMorgan Chase 35% 20% $ 92.14 $ 280,708 n/a n/a n/a n/a n/a n/a n/a 17.6x 10.6x 1.2x 208% 3%

Bank of America 36% 28% 22.93$ 198,932$ n/a n/a n/a n/a n/a n/a n/a 14.7 10.1 0.8 230% 2%

Wells Fargo 50% 9% 27.35$ 111,845$ n/a n/a n/a n/a n/a n/a n/a 23.8 10.1 0.7 295% 2%

Citigroup 46% 41% 45.12$ 93,940$ n/a n/a n/a n/a n/a n/a n/a 13.0 7.2 0.5 578% 1%

U.S. Bancorp 44% 21% 34.47$ 52,438$ n/a n/a n/a n/a n/a n/a n/a 15.8 11.0 1.2 150% 1%

Morgan Stanley 34% 40% 38.09$ 60,030$ n/a n/a n/a n/a n/a n/a n/a 10.5 8.3 0.8 n/a 9%

Goldman Sachs 30% 35% 176.03$ 60,849$ n/a n/a n/a n/a n/a n/a n/a 12.7 8.1 0.8 677% 8%

Capital One Financial 43% 62% 61.59$ 28,043$ n/a n/a n/a n/a n/a n/a n/a -45.5 7.5 0.5 199% 2%

Median 39% 31% 13.9x 9.2x 0.8x 230% 3%

HSBC 46% 2% $ 4.91 $ 100,069 n/a n/a n/a n/a n/a n/a n/a 13.7x 9.2x 0.5x 325% 2%

Royal Bank of Canada 27% 22% 60.46$ 86,014$ n/a n/a n/a n/a n/a n/a n/a 9.9 9.4 1.5 259% 2%

Commonwealth Bank of Australia 37% 25% 38.40$ 67,984$ n/a n/a n/a n/a n/a n/a n/a 13.3 14.3 1.5 209% -1%

BNP Paribas 51% 12% 29.59$ 36,987$ n/a n/a n/a n/a n/a n/a n/a 8.1 5.9 0.4 1691% 2%

Lloyds 61% 12% 0.38$ 26,778$ n/a n/a n/a n/a n/a n/a n/a 13.9 7.0 0.5 798% 0%

Bank of Montreal 39% 27% 48.68$ 31,140$ n/a n/a n/a n/a n/a n/a n/a 7.9 7.5 0.9 328% 3%

UBS 25% 39% 10.11$ 39,015$ n/a n/a n/a n/a n/a n/a n/a 9.7 9.0 0.7 529% 0%

Barclays 52% 45% 1.24$ 21,466$ n/a n/a n/a n/a n/a n/a n/a 27.4 6.3 0.3 892% 3%

Royal Bank of Scotland 61% 16% 1.37$ 16,547$ n/a n/a n/a n/a n/a n/a n/a n/a 9.5 0.3 282% 1%

Credit Suisse 40% 33% 8.50$ 21,718$ n/a n/a n/a n/a n/a n/a n/a 8.8 6.7 0.5 n/a 3%

Standard Chartered 50% 4% 4.85$ 15,320$ n/a n/a n/a n/a n/a n/a n/a 13.6 7.1 0.4 741% 3%

Deutsche Bank 38% 42% 7.01$ 14,498$ n/a n/a n/a n/a n/a n/a n/a n/a 49.7 0.3 1199% 2%

Median 43% 23% 11.6x 8.3x 0.5x 529% 2%




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Market Valuations – Banks | Alternative LendingSales

Growth


Value2020 2021 2020 2021 2020 2021 2020 2021 2020 - 2021

P/B D/E


Off 52w

High / Low

Company

LendingTree 44% 81% $ 245.39 $ 3,206 $ 3,191 3.1x 2.6x 17.6x 13.8x 18% 19% 104.4x 53.1x 7.8x 11% 17%

GreenSky 75% 36% 4.15$ 746$ 618$ 1.2 1.0 5.1 4.0 23% 25% 11.6 8.5 11.0 53% 17%

LendingClub 62% 11% 7.14$ 499$ 665$ 0.9 0.8 4.8 3.8 19% 21% 45.1 14.9 0.7 140% 11%

QuinStreet 42% 71% 9.87$ 510$ 449$ 0.9 0.8 9.8 7.7 9% 11% 17.1 13.9 2.2 3% 7%

Oportun Financial 72% 39% 7.29$ 198$ 1,834$ 3.6 2.9 30.0 17.3 12% 17% 4.6 2.7 0.4 827% 25%

Funding Circle 70% 309% 1.06$ 369$ 59$ 0.3 0.2 n/a n/a -11% -1% n/a n/a 0.9 235% 13%

On Deck Capital 81% 100% 1.08$ 63$ 971$ 2.9 3.2 n/a 33.4 -18% 9% n/a 12.7 0.3 1655% -9%

Elevate Credit 67% 125% 2.00$ 86$ 564$ 0.8 0.7 4.4 3.7 17% 19% 2.7 2.0 0.5 662% 8%

Median 68% 76% 1.0x 0.9x 7.5x 7.7x 15% 18% 14.4x 12.7x 0.8x 187% 11%

Experian 23% 39% $ 29.15 $ 26,479 $ 30,470 5.8x 5.4x 16.8x 15.2x 34% 35% 27.7x 24.8x 11.3x 16% 8%

Equifax 14% 38% 141.71$ 17,201$ 20,500$ 5.9 5.6 18.6 16.6 32% 34% 30.6 26.3 7.0 20% 5%

TransUnion 24% 46% 76.46$ 14,512$ 17,878$ 7.1 6.6 19.3 17.0 37% 39% 31.5 26.3 7.1 26% 8%

Fair Isaac 21% 95% 345.83$ 10,030$ 10,975$ 9.1 8.7 29.7 27.9 31% 31% 43.0 39.4 45.7 11% 4%

Black Knight 9% 39% 69.60$ 10,434$ 11,694$ 9.8 9.2 19.6 18.2 50% 50% 34.9 31.3 5.5 15% 7%

CoreLogic 22% 64% 40.59$ 3,223$ 4,856$ 2.8 2.9 9.5 9.5 30% 30% 13.9 14.0 3.5 55% 0%

Median 21% 42% 6.5x 6.1x 18.9x 16.8x 33% 35% 31.1x 26.3x 7.0x 18% 5%


Alternative Lending


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Market Valuations – Capital MarketsSales

Growth


Value2020 2021 2020 2021 2020 2021 2020 2021 2020 - 2021

P/B D/E


Off 52w

High / Low

Company

CME 23% 31% $ 172.56 $ 61,859 $ 64,461 12.0x 12.4x 17.6x 18.7x 68% 66% 22.7x 23.2x 2.4x 6% -3%

Intercontinental Exchange 12% 41% 89.67$ 49,069$ 56,213$ 9.7 9.7 15.0 14.8 65% 65% 20.0 19.5 2.9 18% 1%

Hong Kong Exchanges & Clearing 13% 20% 31.78$ 40,289$ 36,935$ 16.2 14.8 21.3 19.4 76% 76% 30.1 27.4 7.2 1% 9%

London Stock Exchange 17% 48% 92.24$ 32,417$ 33,693$ 11.6 11.0 17.9 18.8 65% 59% 34.9 28.3 7.6 9% 5%

Deutsche Boerse 11% 51% 152.34$ 28,945$ 31,116$ 8.5 8.3 14.2 13.8 60% 60% 21.0 20.6 4.5 9% 3%

B3 45% 21% 6.87$ 14,137$ 12,865$ 10.6 9.8 14.5 13.6 73% 72% 21.5 19.8 3.1 8% 8%

Nasdaq 12% 48% 106.13$ 17,513$ 20,668$ 7.7 7.6 14.5 14.2 53% 53% 19.1 18.7 3.1 25% 2%

Cboe Global Markets 26% 31% 94.45$ 10,363$ 11,137$ 8.9 8.9 13.0 13.5 68% 66% 18.1 18.5 3.1 10% 0%

ASX Limited 14% 41% 52.91$ 10,243$ 10,008$ 16.8 16.2 22.4 21.6 75% 75% 31.5 30.8 4.2 0% 4%

Japan Exchange 6% 32% 18.97$ 10,175$ 9,944$ 8.5 8.3 13.4 12.9 64% 64% 23.5 22.8 3.6 5% 2%

Singapore Exchange 11% 27% 6.72$ 7,200$ 6,800$ 9.4 9.4 15.5 15.8 61% 59% 22.3 22.6 9.5 4% 0%

Euronext 7% 49% 84.33$ 5,903$ 6,701$ 7.4 7.3 13.2 12.7 56% 58% 17.6 17.1 5.8 20% 1%

Median 12% 37% $ 87.00 ######### 1676658% 9.6x 9.5x 14.8x 14.5x 65% 65% 21.9x 21.6x 3.9x 8% 3%

TMX 10% 49% $ 86.83 $ 4,885 $ 5,415 8.9x 8.5x 14.9x 14.3x 60% 60% 20.6x 19.5x 1.9x 17% 4%

Bolsas y Mercados Espanoles 9% 59% 36.33$ 3,038$ 2,719$ 8.4 8.2 13.9 13.7 60% 60% 21.4 21.2 6.7 0% 2%

Dubai Financial Market 30% 39% 0.19$ 1,514$ 727$ 9.9 8.7 n/a n/a n/a n/a 34.7 34.7 0.8 1% 15%

Bolsa Mexicana de Valores 29% 55% 1.74$ 1,033$ 887$ 5.7 5.4 9.1 8.6 62% 62% 17.0 16.3 3.8 1% 6%

Bursa Malaysia 20% 41% 1.38$ 1,115$ 1,026$ 8.6 8.4 15.2 15.0 56% 56% 23.4 23.1 6.6 0% 2%

Multi Commodity Exchange of India 29% 35% 14.33$ 731$ n/a n/a n/a n/a n/a 50% 51% 23.6 19.7 4.4 n/a 16%

JSE 49% 12% 5.37$ 466$ n/a n/a n/a n/a n/a 42% 43% 11.3 10.2 2.3 5% 7%

Warsaw Stock Exchange 20% 27% 9.46$ 397$ 266$ 3.4 3.3 6.8 6.7 49% 49% 14.7 14.5 2.0 17% 3%

OTC Markets 26% 29% 28.49$ 321$ 310$ 5.0 4.7 14.0 12.4 36% 38% 21.4 18.9 19.9 5% 6%

BSE 46% 38% 5.00$ 259$ n/a n/a n/a n/a n/a 10% 14% 9.8 8.2 0.7 n/a 12%

Hellenic Exchanges 38% 30% 3.62$ 218$ 137$ 3.9 3.5 10.3 8.5 38% 41% 32.1 24.8 1.9 0% 9%

Philippine Stock Exchange 13% 29% 3.34$ 272$ 199$ n/a n/a n/a n/a n/a n/a n/a n/a 2.9 1% n/a

NZX 20% 42% 0.76$ 211$ 210$ 4.8 4.4 10.5 9.6 45% 46% 21.8 20.0 5.5 15% 8%

Median 26% 38% 5.7x 5.4x 12.2x 11.0x 49% 49% 21.4x 19.6x 2.9x 1% 7%

Global Exchanges

Regional Exchanges


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Market Valuations – Capital MarketsSales

Growth


Value2020 2021 2020 2021 2020 2021 2020 2021 2020 - 2021

P/B D/E


Off 52w

High / Low

Company

Charles Schwab 31% 27% $ 35.63 $ 45,866 $ 54,837 5.5x 5.7x 12.4x 13.6x 45% 42% 17.4x 19.8x 2.5x 19% -3%

TD Ameritrade 31% 34% 37.25$ 20,139$ 21,354$ 4.1 4.7 9.0 11.8 46% 40% 12.8 17.8 2.3 25% -13%

Interactive Brokers 32% 20% 40.59$ 19,977$ 27,595$ 15.4 16.1 22.8 23.5 67% 69% 23.0 24.7 2.2 20% -5%

MarketAxess 2% 66% 457.07$ 17,142$ 16,873$ 25.9 24.1 44.5 41.9 58% 57% 64.4 61.2 21.4 1% 8%

LPL Financial 38% 93% 61.74$ 4,884$ 5,898$ 1.1 1.0 7.0 7.3 15% 14% 10.7 10.7 4.8 56% 5%

IG Group 5% 60% 9.56$ 3,533$ 3,072$ 4.4 4.1 10.2 9.0 43% 45% 15.8 14.0 3.4 5% 7%

Matsui Securities 25% 24% 7.21$ 1,870$ 1,893$ 7.0 7.0 n/a n/a n/a n/a 21.4 21.3 2.5 39% 0%

Comdirect Bank 10% 44% 14.32$ 2,023$ 2,130$ 4.7 4.7 n/a n/a n/a n/a 19.1 21.4 2.3 5% -1%

Plus500 3% 149% 15.97$ 1,703$ 1,416$ 2.2 3.6 3.5 7.1 63% 51% 5.6 11.1 6.1 0% -38%

Swissquote 7% 81% 63.24$ 969$ n/a n/a n/a n/a n/a n/a n/a 17.3 15.1 2.5 15% 6%

Monex 44% 45% 1.98$ 514$ n/a n/a n/a n/a n/a n/a n/a 10.7 14.0 0.7 267% -2%

CMC Markets 10% 165% 2.57$ 743$ 665$ 2.6 2.6 7.7 7.8 34% 33% 13.0 13.1 2.5 4% 1%

Viel & Cie 6% 19% 5.46$ 391$ n/a n/a n/a n/a n/a n/a n/a 11.1 10.8 0.9 n/a n/a

Bourse Direct 7% 72% 1.63$ 91$ 84$ n/a n/a n/a n/a n/a n/a n/a n/a 1.4 178% n/a

Median 10% 52% 4.5x 4.7x 9.6x 10.4x 45% 44% 15.8x 15.1x 2.5x 19% -3%

Retail | e-Brokers

MarketAxess 23% 56% $ 326.20 $ 12,401 $ 12,171 23.8x 20.6x 43.0x 37.7x 55% 55% 60.4x 54.0x 21.7x 1% 15%

Tradeweb Markets 3% 46% 49.05$ 10,975$ 12,255$ 15.8 14.3 35.3 30.7 45% 47% 49.1 41.2 2.2 1% 10%

Virtu Financial 30% 29% 19.27$ 3,696$ 5,634$ 5.8 5.1 15.8 11.0 37% 46% 20.1 12.5 1.9 55% 13%

TP ICAP 18% 45% 4.64$ 2,617$ 2,587$ 1.1 1.1 6.6 6.0 17% 18% 11.2 10.3 1.2 43% 2%

BGC Partners 27% 4% 4.65$ 1,649$ 2,389$ 1.1 1.1 5.4 4.9 21% 22% 7.6 7.6 2.6 80% 5%

Flow Traders 23% 8% 24.15$ 1,119$ 1,130$ 4.4 3.5 12.5 8.5 35% 42% 18.3 12.2 3.0 2% 25%

Compagnie Financiere Tradition 6% 7% 107.07$ 795$ 742$ n/a n/a n/a n/a n/a n/a n/a n/a 1.9 47% n/a

INTL FCStone 14% 31% 44.71$ 872$ n/a n/a n/a n/a n/a n/a n/a 10.2 n/a 1.4 58% n/a

Median 20% 30% $ 34.43 213270% 258738% 5.1x 4.3x 14.1x 9.8x 36% 44% 18.3x 12.4x 2.1x 45% 12%



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Market Valuations – Application SoftwareSales

Growth


Value2020 2021 2020 2021 2020 2021 2020 2021 2020 - 2021

P/B D/E


Off 52w

High / Low

Company

S&P Global 9% 54% $ 285.77 $ 68,842 $ 73,855 10.8x 10.2x 20.6x 19.3x 53% 53% 28.6x 26.2x n/a 7% 6%

Moody's 15% 49% 245.39$ 46,011$ 51,416$ 11.0 10.1 23.3 20.8 47% 49% 29.7 26.4 77.9 16% 8%

Thomson Reuters 15% 34% 69.99$ 34,690$ 36,432$ 6.1 5.8 19.3 18.1 32% 32% 38.3 34.3 3.9 10% 4%

IHS Markit 20% 45% 65.13$ 25,981$ 31,485$ 7.3 6.9 17.5 15.9 42% 43% 23.6 20.8 3.1 22% 6%

MSCI 7% 55% 321.46$ 27,329$ 29,430$ 17.7 16.3 32.0 29.2 55% 56% 46.3 41.4 n/a 12% 8%

Gartner 32% 51% 116.30$ 10,371$ 13,212$ 3.2 2.8 21.9 17.2 14% 16% 38.9 28.7 10.9 30% 14%

FactSet 13% 38% 269.03$ 10,189$ 10,681$ 7.2 6.9 21.1 20.2 34% 34% 26.9 25.9 14.2 8% 4%

Morningstar 11% 45% 148.47$ 6,378$ 6,672$ n/a n/a n/a n/a n/a n/a n/a n/a 6.3 11% n/a

Forrester Research 35% 50% 33.68$ 632$ 770$ 1.7 1.5 15.7 11.9 11% 12% 23.0 16.9 4.0 33% 12%

Value Line 22% 56% 28.70$ 276$ 200$ n/a n/a n/a n/a n/a n/a n/a n/a 5.0 3% n/a

Median 15% 50% 7.2x 6.9x 20.9x 18.7x 38% 39% 29.2x 26.3x 5.6x 12% 8%

Broadridge Financial Solutions 17% 39% $ 113.85 $ 13,070 $ 14,994 3.3x 3.2x 15.5x 14.5x 22% 22% 22.8x 20.6x 11.5x 16% 5%

Coupa Software 2% 82% 177.21$ 11,809$ 10,807$ 22.1 17.6 n/a n/a 10% 14% n/a n/a 24.8 7% 26%

SEI Investments 28% 41% 49.97$ 7,392$ 6,611$ 4.1 3.9 9.8 9.1 42% 43% 18.1 16.2 4.2 1% 4%

Guidewire Software 29% 24% 88.77$ 7,358$ 6,738$ 9.7 8.6 89.7 53.0 11% 16% n/a n/a 4.5 6% 12%

Computershare 44% 53% 7.29$ 3,941$ 5,670$ 2.5 2.6 8.9 9.6 28% 27% 13.1 13.8 2.8 59% -3%

SimCorp 25% 37% 90.84$ 3,679$ 3,728$ 7.4 6.5 27.6 21.4 27% 31% 38.5 28.8 14.5 2% 14%

Envestnet 30% 34% 61.17$ 3,254$ 3,838$ 4.0 3.6 18.4 16.1 22% 22% 29.4 25.5 3.7 21% 10%

BlackLine 23% 49% 57.16$ 3,223$ 3,019$ 8.9 7.5 n/a n/a 11% 13% n/a n/a 8.4 13% 19%

IRESS Limited 32% 48% 7.07$ 1,244$ 1,420$ 4.0 3.7 15.9 14.1 25% 26% 24.7 21.5 4.4 16% 7%

Ebix 63% 126% 19.76$ 602$ 1,297$ 2.3 2.5 7.8 5.4 30% 46% 6.2 4.1 1.1 127% -6%

First Derivatives 33% 59% 31.05$ 849$ 947$ 2.9 2.6 16.8 14.5 17% 18% 30.2 25.5 4.5 15% 11%

Linedata Services 29% 29% 24.78$ 164$ n/a n/a n/a n/a n/a 27% 27% 9.2 8.5 1.4 n/a 0%

Median 29% 45% 4.0x 3.7x 15.9x 14.5x 23% 24% 22.8x 20.6x 4.4x 15% 8%


Financial Data | Information Providers


www.rblt.com 19

Market Valuations – PaymentsSales

Growth


Value2020 2021 2020 2021 2020 2021 2020 2021 2020 - 2021

P/B D/E


Off 52w

High / Low

Company

Visa 18% 32% $ 176.15 $ 376,132 $ 375,595 17.0x 15.4x 24.8x 22.1x 69% 70% 34.8x 29.9x 12.7x 4% 11%

Mastercard 22% 35% 269.26$ 270,348$ 271,374$ 17.3 14.4 30.4 23.9 57% 60% 40.7 30.7 50.0 5% 20%

American Express 37% 29% 86.38$ 69,533$ 90,957$ 2.4 2.2 n/a n/a n/a n/a 27.5 12.3 3.4 81% 11%

Discover 56% 78% 41.37$ 12,672$ 39,029$ 3.6 3.5 n/a n/a n/a n/a 18.1 6.6 1.4 206% 3%

Median 30% 33% 10.3x 8.9x 27.6x 23.0x 63% 65% 31.2x 21.1x 8.0x 43% 11%

PayPal 1% 51% $ 123.66 $ 145,040 $ 139,288 7.0x 5.9x 25.4x 20.9x 27% 28% 38.0x 30.9x 8.4x 3% 17%

Western Union 34% 8% 18.85$ 7,745$ 9,738$ 2.0 1.9 7.7 7.1 26% 27% 11.2 9.8 n/a 45% 4%

Euronet Worldwide 48% 46% 89.68$ 4,681$ 4,858$ 2.1 1.8 17.5 9.6 12% 19% 33.1 15.6 3.1 31% 14%

OFX 44% 53% 7.29$ 3,941$ 5,670$ 2.5 2.6 8.9 9.6 28% 27% 13.1 13.8 2.8 59% -3%

MoneyGram International 78% 28% 1.47$ 106$ 930$ 0.8 0.8 5.0 4.6 17% 17% n/a n/a n/a 825% 5%

Median 44% 46% 2.1x 1.9x 8.9x 9.6x 26% 27% 23.1x 14.7x 3.1x 45% 8%

Fidelity National Information Services 19% 40% $ 128.58 $ 79,429 $ 99,080 7.6x 7.1x 18.0x 15.6x 42% 45% 22.6x 18.8x 1.6x 26% 8%

Fiserv 19% 38% 101.54$ 68,675$ 89,452$ 6.2 5.8 16.5 14.6 38% 40% 22.7 18.7 2.1 33% 8%

Global Payments 23% 54% 162.41$ 48,744$ 57,340$ 8.6 7.7 19.7 16.5 44% 47% 26.5 21.0 1.7 21% 12%

Square 27% 97% 63.69$ 27,995$ 27,172$ 11.4 8.6 81.5 46.7 14% 18% 116.2 64.2 15.9 4% 32%

StoneCo 43% 49% 26.40$ 7,349$ 8,048$ 15.3 11.2 28.7 19.3 53% 58% 45.6 30.6 4.7 23% 37%

Jack Henry & Associates 7% 31% 162.03$ 12,431$ 12,429$ 7.4 6.9 22.8 20.8 32% 33% 44.3 39.9 8.2 1% 6%

ACI Worldwide 32% 33% 26.58$ 3,080$ 4,399$ 3.0 2.8 10.4 9.6 29% 29% 19.9 18.0 2.7 47% 6%

EVERTEC 32% 40% 25.56$ 1,837$ 2,267$ 4.7 4.4 10.4 9.4 45% 47% 14.3 12.2 6.8 31% 6%

EVO Payments 41% 85% 18.68$ 1,536$ 2,922$ 6.7 5.7 21.4 17.3 31% 33% 41.2 26.8 n/a 51% 17%

Bottomline Technologies 31% 42% 39.46$ 1,737$ 1,793$ 4.0 3.7 18.0 16.1 22% 23% 30.0 26.4 4.2 7% 9%

Cardtronics 56% 32% 20.72$ 921$ 1,633$ 1.3 1.2 6.2 5.2 21% 23% 13.1 9.1 2.4 90% 8%

i3 Verticals 43% 67% 21.72$ 597$ 794$ 5.3 4.5 19.9 15.8 27% 29% 27.2 20.0 4.0 22% 16%

Median 31% 41% 6.4x 5.7x 18.9x 16.0x 32% 33% 26.9x 20.5x 4.0x 24% 14%

Card Networks

P2P Transfers | Remittances



www.rblt.com

C apital Ra is ing Trends

20


www.rblt.com 21

Fintech Continues To Attract Significant Funding

$8.2B

$17.0B$19.7B $18.8B

$40.6B

$34.0B

$0B

$5B

$10B

$15B

$20B

$25B

$30B

$35B

$40B

$45B

2014 2015 2016 2017 2018 2019

Dea

l Val

ue

Select Large Capital Raise

Company

SelectInvestor

838

$250MSeries B

$1.3B Pre-Money

1,235

$1,000MSeries F

$2.6B Pre-Money

1,400

$1,200MPE Growth

$17B Pre-Money

1,699

$1,400MLater Stage VC

$6.6B Pre-Money

1,967

$14,000MSeries C

$136B Pre-Money

1,839

$318MSeries E

$1.3B Pre-Money

Deal Count(w/ Reported $ Value)

# of Deals(w/ Reported $ Value)

(CY’14 – CY’19)

> 8,500

Total Deal Value(w/ Reported $ Value)

(CY’14 – CY’19)

> $135B

Unicorns Created(CY’14 – CY’19)

> 55

↑ 112% ↑ 18% ↓ 5% ↑ 116% ↓ 16%($) % ∆ YoY

F i n Te c h C a p i t a l R a i s e( C Y ’ 1 4 – C Y ’ 1 9 | V e n t u r e C a p i t a l , P E G r o w t h E q u i t y )

1: Represents Equity Capital only (All VC rounds and PE(Growth Equity))Source: RBLT analysis, Pitchbook, CB Insights, other industry sources

www.rblt.com 22

Select Last 6 Months Capital Raise Trends

4 4 4 4

1

5

8

7

13

6

7

6

8

11

12

5

4

8

5

2

11

8 8

5

8

5

7

10

8

13

4 4

3 3

8

5

Capital Markets Institutional Software

Solutions for Corporates

Insurance Tech Lending & Credit Payments Personal Finance and

Investment Management

November / 2019 December / 2019 January / 2020 February / 2020 March / 2020 April / 2020

C o u n t O f C o m p a n i e s R a i s i n g F u n d i n g B y C a t e g o r y

Source: RBLT analysis, Capital IQ, Bloomberg, Crunchbase, Waters Technology, Nasdaq, Finextra Research, FinSMEs, PitchbookAll Capital Raises In This Report Are U.S. Based Companies | Deal Size $1M Excluded From Analysis

37 33 50 36 36 42

www.rblt.com 23


$21

$61

$107

$168

$75

$166

$284

$68

$844

$141

$325

$558

136

733

295

22 57 60 48

13

161 131

637

81

483

102 85

305

53

907

9 24 9

614

878

125






F u n d i n g I n v e s t m e n t s I n F i n t e c h C o m p a n i e s B y C a t e g o r y


$981 M $1,001 M $1,500 M $1,382 M $2,024 M $1,897 M

www.rblt.com 24


11 9

15

4

11

16

13

12

19

11

13

11

10 12

13

15

10

14 3

3

5

2

1





Angel | Seed Early Stage Late Stage PE Growth

F u n d i n g R o u n d T y p e B y C a t e g o r y


37 33 50 36 36 42

www.rblt.com 25

FinTech Unicorns - Market Map

C a p i t a l M a r k e t s P a y m e n t s

P e r s o n a l F i n a n c e & W e a l t h M g m t . I n s t i t u t i o n a l S W S o l u t i o n s

L e n d i n g & C r e d i t I n s u r T e c h

Source: RBLT analysis, Capital IQ, Bloomberg, Crunchbase, Waters Technology, Nasdaq, Finextra Research, FinSMEs, Pitchbook

www.rblt.com 26

M&A Trends


www.rblt.com

$73B$90B

$79B $78B

$141B

$203B

233275 268

290317

243

-350

-250

-150

-50

50

150

250

350

$0B

$50B

$100B

$150B

$200B

$250B

2014 2015 2016 2017 2018 2019

Dea

l Vo

lum

e

Deal Volume (W/ Announced $ Value)

Deal Count (W/ Announced $ Value)

27

Buyer Interest Remains Strong, Led By Strategic

Select Large Transactions

Target

Select Investors

$4.4BLBO

↑ 40 %

$9.8BM&A

↓ 12 %

$3.9BM&A

↓ 1 %

$3.9BLBO

↑ 80 %

$17.0BLBO

↓ 44 %

70% 75% 71% 72% 71% 69%

$6.9BLBO

($) % ∆ YoY

% Strategic Transaction

F i n Te c h M & A A c t i v i t y( C Y ’ 1 4 – C Y ’ 1 9 | P r i v a t e E q u i t y ( B u y o u t / L B O ) , S t r a t e g i c M & A )

Deal Countw/ Announced $ Value

(CY’14 – CY’19)

1,629

Deal Volumew/ Announced $ Value

(CY’14 – CY’19)

> $664B

Deal Countw/ Undisclosed $ Value

(CY’14 – CY’19)

4,326

Note: Chart Represents Private Equity (Buyout/LBO), Strategic M&A Transactions OnlySource: RBLT analysis, Pitchbook, FactSet, CrunchBase, CB Insights, other industry sources

www.rblt.com 28

Select Last 6 Months - M&A Transactions Trend

7

3

2

4 4

2

4 4

5

1

2

5

4

3

1

3

5

2 2

5

4

1

4

5

1

5

1

2

1

4

5

2 2

4




Investment

Management


C o u n t O f M & A Tr a n s a c t i o n s B y C a t e g o r y

Source: RBLT analysis, Capital IQ, Bloomberg, Crunchbase, Waters Technology, Nasdaq, Finextra Research, FinSMEs, PitchbookAll M&A transactions In This Report Are U.S. Based Companies | Deal Size $1M Excluded From Analysis

24 22 17 22 15 9

www.rblt.com 29

US I PO Market Update

www.rblt.com 30

State of Capital Markets – US IPO Market Update

Source: PWC, Renaissance Capital

$1B

$6B

$6B$7B

$10B$11B

$4B

$11B

$16B

$13B

$11B

$7B

$5B

$25B

$11B

$6B$7B

8

3 3330

25

52

29

54

44

60

52

34

18

62

39 41

25

-70

-50

-30

-10

10

30

50

70

$0B

$5B

$10B

$15B

$20B

$25B

$30B

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

US IPO's # IPO's

CY 2016 CY 2017 CY 2018 CY 2019 Q1 2020

US IPO Proceeds $18,800M $35,600M $46,800M $46,300M $6,800M

% ∆ YoY - ↑ 89% ↑ 31% ↓ 1% -

www.rblt.com 31

Recent US Public Offerings - Select FinTechs

Offering Date Company Sector Ticker Gross Proceeds ($M) Offer Price 1 WK Return

12/12/2019 Bill.com Institutional Software & Solutions NYSE:BILL $ 223 $ 22.00 2.7%

9/26/2019 Oportun Financial Lending & Credit NASDAQ:OPRT $ 93 $ 15.00 -10.0%

8/15/2019 9F Bank Lending & Credit NASDAQ:JFU $ 85 $ 9.50 19.0%

7/22/2019 AssetMark Financial Personal Finance & Investment Mgt. NYSE:AMK $ 275 $ 22.00 -2.0%

3/3/2019 Tradeweb Capital Markets NASDAQ:TW $ 1,240 $ 27.00 17.0%

3/19/2019 Tiger Brokers Capital Markets NASDAQ:TIGR $ 104 $ 8.00 18.0%

3/8/2019 FUTU Capital Markets NASDAQ:FHL $ 90 $ 12.00 17.5%

12/13/2018 360 Finance, Inc Lending & Credit NASDAQ: QFIN $ 51 $ 16.50 0.0%

10/25/2018 StoneCo Ltd Payments NASDAQ: STNE $ 1,400 $ 24.00 -4.1%

6/15/2018 Avalara Institutional Software & Solutions NYSE: AVLR $ 180 $ 35.00 10.4%

10/25/2018 Pintec Technology Lending & Credit NASDAQ: PT $ 44 $ 11.88 -6.7%

10/12/2018 Anaplan, Inc Institutional Software & Solutions NYSE: PLAN $ 264 $ 17.00 0.0%

6/24/2018 I3 Vertical. Payments NASDAQ: IIIV $ 87 $ 18.00 -17.8%

5/24/2018 Greensky, Inc Lending & Credit NASDAQ: GSKY $ 874 $ 23.00 14.7%

5/23/2018 EVO Payments Payments NASDAQ: EVOP $ 224 $ 16.00 11.2%

3/26/2018 Ceridian HCM Institutional Software & Solutions NYSE: CDAY $ 462 $ 22.00 8.9%

4/27/2018 Docusign Inc Institutional Software & Solutions NYSE: DOCU $ 629 $ 29.00 3.4%

3/16/2018 Zuora, Inc Institutional Software & Solutions NYSE: ZUO $ 154 $ 14.00 -5.0%

2/9/2018 Cardlytics Payments NASDAQ: CDLX $ 70 $ 13.00 37.0%

11/10/2017 PPDAI Group Inc. Alternative lending NYSE: PPDF $ 221 $ 13.00 0.0%

12/26/2017 PagSeguro Digital Ltd Payments NYSE: PAGS $ 2,300 $ 21.50 -4.3%

Source: RBLT analysis, Capital IQ, Bloomberg, Crunchbase, Waters Technology, Nasdaq, Finextra Research, FinSMEs, Pitchbook

www.rblt.com 32

US FinTech Unicorns That Could Get On The IPO Ramp

Company Post Valuation* Raised to Date Last Raise

$6,000M $1.01B March-20

$2,600M $316M December-19

$7,600M $911M October-19

$2,000M $732M October-19

$35,250ME $1,290M September-19

$3,800M $521M September-19

$3,650M $628M August-19

$1,180M $989M July-19

$2,130M $416M June-19

$4,800M $2,420M May-19

$2,900M $1,100M April-19

$2,100M $478M April-19

Company Post Valuation* Raised to Date Last Raise

$1,800M $482M November-19

$1,200M $925M January-19

$5,300M (M&A) $309M January-20 (M&A)

$8,050M $525M October-18

$7,100M (M&A) $645M February-20 (M&A)

$3,500ME $1,280M August-18

> $1,500ME $600ME January-20

$3,000M $246M May-18

$2,000M $1,360M May-16

$5,500M $845M February-20

$1,010ME $305M May-18

$1,000ME $573M March-18

Note: Raised To Date Figures Includes Equity And Private Debt*: Last Reported Valuation | E: PitchBook EstimatesSource: RBLT analysis, Pitchbook, FactSet, CrunchBase, CB Insights, other industry sources

www.rblt.com 33

T he Rosenblatt D i fferenceR o s e n b l a t t ’ s F i n Te c h I n v e s t m e n t B a n k i n g


www.rblt.com 34

Rosenblatt’s Advisory and Execution Services

We provide conflict-free, agency-only equity execution

services to leading institutional investors across US and international markets

As the biggest broker on the NYSE floor, we provide clients access to unique advantages

available to only through floor brokers

With one of the most experienced team of high-touch traders, we deliver

highest quality execution in any market conditions

Trading

Rosenblatt Securities helped pioneer the field of market-structure analysis more than

15 years ago

We give clients the conflict-free intelligence they need to

navigate and thrive in complex, fragmented capital

markets

Market Structure

Our team of veteran equity research analysts provide

expert insights and corporate-access opportunities for

investors in the TMT and FinTech sectors

In addition to our inhouse research capabilities, we also have exclusive relationships

with brokers from over a dozen emerging- and frontier-

markets

Fundamental Research

Our analytics team, led by a veteran former buy-side

quant, approaches execution with a practitioner’s

perspective and applies world-class data science

Our team has developed tools that are used for pre-trade,

trade and post-trade analysis by our internal trading team

as well as by leading investment banks and asset

managers

Trading Solutions

Rosenblatt’s Investment Banking division has a strong track record of

helping innovative FinTechs and increasingly a broader universe of technology, media, and telecom

companies raise private capital, go public, and pursue M&A

Rosenblatt is a thought leader and trusted advisor, uniquely positioned

to connect disruptors and incumbents with customers,

channel partners, and investors

Deep domain expertise and relationships with some of the most

sophisticated and demanding market participants globally are

hallmarks of a team that has been recognized on Institutional

Investor’s FinTech Finance 40 ranking for two years running

Investment Banking

Click For A List Of Recent Transactions

Click To Visit Our Insight Page

https://www.rblt.com/recent-transactions

https://www.rblt.com/recent-transactions

https://www.rblt.com/fintech-insights

www.rblt.com 35

Full Service Advisory Offering

• Mergers & Acquisitions

• Divestitures

• Restructuring

• Fairness Opinion

• Due Diligence

• Valuation

• Transaction Structuring

• Negotiations

• Market Entry

• Exit Strategies

• Peer Group Benchmarking

• Competitive Analysis

• Product Validation

• Channel Partner Development

• Customer Introduction

• Private Equity

• Venture Capital

• Private Debt

• Initial Public Offering (IPO)

• Follow-On Offering

• Private Placement

• Secondary Offering

• Buybacks

Strategic Management Consulting

Capital Raising

Advisory Services

www.rblt.com 36

Strong Value Proposition

Our FinTech Summit on panel with Virtu Financial, XTX Markets, Jane Street,and DRWHoldings

Our Market Structure Summit inconversation with SEC ChairmanJay Clayton

• We pride ourselves in creating solutions that address individual client'sneeds; always shying away from cookie-cutter solutions

• Focused coverage of capital markets and financial technology firms acrossasset classes to address their corporate finance needs

• Trusted advisers on dozens of deals and we go beyond just executing – withour annual Financial Technologies Summit (FTS) and Global Exchange LeaderConference (GELC) we’re committed to advising and educating our clients

• Our deep domain expertise and attention to details uncovers oftenoverlooked complexities and nuances

• Our investment banking, research, and consulting efforts have fostereddeep ties with many of the largest financial services and private equity firmsacross North America, EMEA, and Asia-Pacific

• Our brokerage operations have allowed us to develop extensiverelationships with leading institutional investors and portfolio managers

• Strong relationships with a roster of global bank partners for offerings thatrequire balance sheet commitment and institutional underwriting

Unparalleled Domain Expertise

Deep Strategic & Financial Relationships

Tailored Execution Experience

Our FinTech Summit on panel with R3, Ripple, Noble, Symbiont, and PeerNova

Rosenblatt’s, Vikas Shah namedto FinTech Finance 40 list

Clients call on us for deep-domain expertise in FinTech, close dialogues with an extensive roster of strategic and financial institutional investors and proven execution experience. We have the track record of working on exclusive engagements as well co-managers with other well-respected industry underwriters

www.rblt.com 37

Vikas Shah – Institutional Investor’s Fintech Finance 40 (2018 & 2019)

Click Here To Read The Full Coverage

Vikas ShahManaging DirectorInvestment Banking [email protected]

Vikas leads Rosenblatt’s FinTech investment banking initiative.With over two decades of experience in financial services, he hasextensive experience as a banker as well as a principal investor.Institutional Investor’s recently ranked Vikas on the FinTechFinance 40 list for second year in a row. Vikas was formerly aninvestment banker with Credit Suisse and VP of principal strategicinvestments with AIG. He holds an MBA degree from NYU’s SternSchool of business

https://www.rblt.com/news/rosenblatt-shah-named-to-fintech-finance-40-list-2

www.rblt.com 38

Seasoned FinTech Advisory Board

Akbar PoonawalaPivot Investment PartnersCo-Founder

Neeraj SahaiDun & Bradstreet InternationalPresident

Bill StephensonAIR Summit HoldingsFounder

Raymond TierneyStrategic Advisor & Non-Executive Board Member

Greg TusarTagomiCo-Founder

Comprised of a distinguished group of veterans from financial services, Rosenblatt's FinTech Advisory Board helps the bankingteam stay on top of cutting-edge industry developments, expand its network and deliver powerful insights

Vivian MaeseCadwaladerPartner

Tom AscherQuantitative BrokersExecutive Chairman

Peter ChirlianArmanta (IBM Company)Chief Executive Officer

Christian KatzSCXExecutive Chairman

www.rblt.com 39

Rosenblatt Serving as Exclusive Advisor to Exablaze

Rosenblatt’s Investment Banking division has a strong track record of helping innovative FinTechs and increasingly a broader universe of technology, media, and telecom companies raise private capital, go public, and pursue M&A. Rosenblatt is a thought leader and trusted advisor, uniquely positioned to connect disruptors and incumbents with customers, channel partners, and investors

• December 2019 – Rosenblatt Securities is pleased to be serving as the exclusive strategic andfinancial advisor to Exablaze in its agreement to be acquired by Cisco Systems (NASDAQ: CSCO), asynergistic deal between two world-class companies with a track record of developing anddeploying cutting-edge solutions in networking and communications. Founded in 2013, Exablazeis an Australian designer and manufacturer of advanced network devices aimed at reducinglatency and improving network performance

• Established in Australia in 2013, Exablaze is a global provider of ultra-low latency networkingequipment with offices in Sydney (Australia), New York (USA), London (UK) and Shanghai (China).Exablaze primarily builds FPGA-based network devices which are targeted at a wide range ofapplications in financial trading, big data analytics, high-performance computing,telecommunications and datacenters. For more information on Exablaze, please visitwww.exablaze.com.

Overview of Transaction

Overview of Exablaze

“We are extremely excited to be a part of Cisco, a proven global leader who will help push our low-latency technology into new markets. Rosenblatt’s insights and advice throughout a tightly runprocess were instrumental in Identifying the perfect strategic partner and structuring the righttransaction for the next chapter of the Company’s growth,…”

– Greg Robinson, Chairman and Co-Founder of Exablaze

Click here for Exablaze’s announcement of the transaction, as well as Cisco’s announcement here

“We’re simply thrilled to have advised Exablaze on its combination with Cisco. Exablaze’s market-leading technology will benefit from Cisco’s larger product and sales platform helping Exablaze’sproducts penetrate financial services more deeply and expand into other industry verticals,…”

– Vikas Shah, Rosenblatt’s Head of FinTech Investment Banking

https://exablaze.com/blog/blog-cisco-acquiring-exablaze.html

http://www.exablaze.com/

https://exablaze.com/blog/blog-cisco-acquiring-exablaze.html

https://blogs.cisco.com/news/cisco-corporate-news-december-2019

www.rblt.com 40

Demonstrated Ability to Execute Marque M&A Mandates

S e l e c t M e r g e r s & A c q u i s i t i o n s Tr a n s a c t i o n s

Exclusive Advisor

Acquisition of Minority Stakes in

Advisor

Acquisition of

ETF and Wholesale Market Making Business

Advisor

Acquisition of Acquisition of

Advisor

Designated Market Maker (DMM) Trading Business

Exclusive Advisor to receiver of the

AlphaMetrix Estate

Sale of Technology Assets to

Introducing Agent

Acquisition of Acquisition of

Exclusive Advisor

Acquisition of

Exclusive Advisor

Acquisition of

Exclusive Advisor

Exclusive Advisor to Exablaze

Definitive Agreement to Acquire

Our solid track record of executing a wide range of private and public M&A mandates highlights our deep understanding of the FinTech ecosystem and our ability to capture nuances in client stories that are often overlooked by investors

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Proven Track Record In Private Capital Raise…

S e l e c t P r i v a t e M a r k e t F i n a n c i n g M a n d a t e s

Receives Series-D Growth

Investment From

Advisor

Receives Debt Financing From

Advisor

Receives Series-B Growth Investment From

Advisor

Receives Series-B Growth Investment

From

Advisor

Lead Investor

Receives Growth Investment & Merges With

Placement Agent

Receives Growth

Investment From

Advisor

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And Provide Liquidity Via Public Markets

S e l e c t P u b l i c M a r k e t F i n a n c i n g M a n d a t e s

Initial Public Offering

Co-Manager

$290,605,000


Co-Manager

$361,000,000


Co-Manager

$390,000,000

Secondary Offering

Co-Manager

$20,002,500

Secondary American Depositary Shares

Offering

Co-Manager

$116,000,000

Share Repurchase Program

Execution Specialist

Secondary Offering

Co-Manager

$235,000,000

Follow-On Offering

Co-Manager

$ 726,090,876

Execution Specialist

Share Repurchase Program

144A Offering Of 0.75% Convertible Senior Note

Co-Manager

$ 600,000,000

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Select Companies From Rosenblatt’s Annual FinTech Summit

Rosenblatt’s annual Financial Technology Summit has showcased more than 150 fast-growing FinTech companies in the past decade attracting senior executives from the financial services and the institutional investment community

Capital Markets

Payments

Lending & CreditPersonal Finance & Invest. Mgmt.

InsurTech Institutional Software

Blockchain AI / ML Cyber Security

Click to visit our event page!


www.rblt.com

Contact:

V i ka s S h a hI n v e s t m e n t B a n k i n g

2 1 2 - 6 0 7 - 3 1 0 0v s h a h @ r b l t . c o m

Copyright 2020. Rosenblatt Securities Inc. All rights reserved.

Rosenblatt Securities Inc. seeks to provide and receive remuneration for Agency Brokerage, Market Structure Analysis, Macro and otherSector Analysis and Investment Banking Advisory Services. Rosenblatt Securities Inc. may, from time to time, provide these services tocompanies mentioned in this analysis. This material is not a research report and should not be construed as such, and does not containenough information to support an investment decision. Neither the information contained herein, nor any opinion expressed herein,constitutes the recommendation or solicitation of the purchase or sale of any securities or commodities. The information herein wasobtained from sources which Rosenblatt Securities Inc. believes reliable, but we do not guarantee its accuracy. No part of this material maybe duplicated in any form by any means. Member NYSE, FINRA, SIPC.

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