Tracxn - Payments Startup Landscape

Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Payments - Jun 2018
Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
2
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Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
3
Feed Summary
Investment Trend Summary
Exit Outlook Summary
BlueBox
Summary of Key Markets
Notable Companies in the Sector
Recent News

Note: Mega Companies includes IPO’d companies, Mega Acquisitions and Unicorn. Data is taken from Tracxn Platform as on June 14, 2018.
Payments Feed Summary
4
Payments > Feed Summary
Companies which participate in traditional web based and offline payment cycle. Also includes companies which provide
alternative mode of payment, companies which support the payment companies in terms of security, analytics, platform etc.
• Inclusions: Gateways, PoS, Processors, Network,
Wallets. Also includes companies which provide
alternative mode of payment (cash, barter etc.),
companies which support the payment companies in
terms of security, analytics, platform etc.
• Exclusions: Mobile-based payment companies,
payment card issuers, traditional banks which act as
acquirers, b2b invoice settlement companies
• Excludes funding information of Chinese companies
Feed in Numbers
Overview
$17.7B
Funding
147
Mega
Companies
7962903
FundedCovered on
Tracxn
19
Unicorns
55
Soonicorns
54
Minicorns
65
IPO’d Cos
358
Late Stage Cos
121
92
Acquisitions
199
DeadPooled
223
Acquihired
Series A+ Cos
Paytm
(2010, Noida, $2.2B)
Visa
(1958, Foster City, Public)
PayPal
(1998, San Jose, Public)
Top Companies

Investment Trend Summary
Summary of Funding Activity in Payments
5
$1.4B - Series F
Paytm (2010, Noida, $2.2B)
$115M - PE
PaySimple (2006, Denver, $137M)
$266M - PE
Geidea (2008, Riyadh, $266M)
$108M - Series D
Coinbase (2012, San Francisco, $225M)
$150M - Series D
Stripe (2010, San Francisco, $511M)
$100M - Series D
Signifyd (2011, Palo Alto, $206M)
$150M - Series E
Nubank (2013, Sao Paulo, $330M)
$100M - PE
Ollo (2016, Philadelphia, $100M)
$125M - Series C
Pine Labs (1998, Noida, $227M)
$82M - Series B
Top Geos of InvestmentEntrepreneurial Activity Global Funding Trend
*YTD *YTD
Payments > Feed Summary > Investment Trend Summary
Seed Digital Currency Group (#3), Gecad Ventures (#3), Speedinvest
(#3)
Series A/B
Digital Currency Group (#7), GMO Venture Partners (#4), Index
Ventures (#4)
Series C+
TA Associates Management (#3), Founders Fund (#2), Capital One
Growth Ventures (#2)
Incubators 500 Startups (#21) Y Combinator (#18) Startupbootcamp (#10)
Other Notable
Investors
American Express (#5), FTV Capital (#5), Goldman Sachs (#5)
Debt Investors
Kreos Capital (#4), Trinity Capital Investment (#4), Western
Technology Investment (#4)
Most Active InvestorsRecent Investments
259
298 312
204
91
6
2013 2014 2015 2016 2017 2018
Y-o-Y # of Companies Founded 128 153 149 136 117 56
$1.4B
$5.4B
$1.8B
$1.4B
$2.4B
$1.4B
2013 2014 2015 2016 2017 2018*
$ Funding # Rounds
$11B
$3.1B
$1.8B
$539M
$494M
US
India
Europe
United
Arab…
Latam
$ Funding

Summary of exit outlook in Payments
Exit Outlook Summary
66
Most Active AcquirersTop Investors in Exits
Sequoia Capital 5
Intel Capital 4
ItzCash (2006, Mumbai, $54M)
Temasek 4
Adyen (2006, Amsterdam, $266M)
PayPal (1998, San Jose, $225M)
ARCC 4
Credit Cards (2004, Austin, $58.8M)
Worldpay (1993, London, $18M)
Redpoint Ventures 3
Apr 2018 Verifone Acq by Francisco Partners for $3.4B
Jan 2018 Blackhawk Network Acq by Silver Lake for $3.5B
Jan 2018 Worldpay Acq by Vantiv for $10.4B
Sep 2017 Nets Acq by Hellman & Friedman for $5.3B
Aug 2017 Paysafe Acq by CVC Capital Partners for $3.9B
Dec 2015
Heartland Payment Systems Acq by Global
Payments for $4.3B
Payments > Feed Summary > Exit Outlook Summary
Global Payments 6
Heartland Payment Systems (Dec 2015, $4.3B), Payment
Processing (Jan 2014, $420M), Accelerated Payment
Technologies (Aug 2012, $413M)
Ingenico 5
Bambora (Jul 2017, $1.7B), GlobalCollect (Jul 2014, $1.1B),
Ogone (Jan 2013, $484M)
Vantiv 5
Worldpay (Jan 2018, $10.4B), Mercury (May 2014, $1.6B),
Moneris (Nov 2016, $425M)
Visa 4
Visa Europe (Nov 2015, $23.4B), CyberSource (Apr 2010, $2B),
PlaySpan (Feb 2011, $190M)
Advent
International
3
Gruppo ICBPI (Jun 2015, $2.4B), Oberthur Technologies
(Dec 2011, $1.5B), Clearent (Mar 2018)
Recent IPOs Top Acquisitions
CPI Card Group Oct 2015
Payment card technology provider
IPO MCap: $565M Current MCap: $29.8M
PayPal Jul 2015
Internet payment services provider
IPO MCap: - Current MCap: $95.9B
HiPay Jun 2015
International payment acceptance solution…
IPO MCap: $76.6M Current MCap: -
Mogo.ca Jun 2015
Online lending and debt management compan…
IPO MCap: $146M Current MCap: -
Valuedesign Sep 2016
Branded prepaid card issuing platform pro…
Provision Sep 2016
Payment, financial application, informati…
IPO MCap: - Current MCap: -
Novatti Jan 2016
Banking and payments solutions provider
First Data Oct 2015
A leading payments processing service pro…
IPO MCap: $14.1B Current MCap: $17.9B

For any Feedback and Query reach out to MyAnalyst@tracxn.com* Upcoming Business Model
Funding data excludes Debt, Grants & Post-IPO rounds. Excludes all details for Chinese companies
FACTSHEET
Feed Report - Payments - May 20187 Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.
Overview
Companies 2903
Funded 796 Series A+ 358
Funding $17.7B Last 2 yrs $4.1B
Most Active Investors
Seed Digital Currency Group (3)
Series A/B Digital Currency Group (7)
Series C+ TA Associates Management (3)
Others American Express (5)
Incubators 500 Startups (21)
Top Cities
Atlanta 27 Cos $4.5B
Bay Area 171 Cos $2.8B
Feed in Numbers
Unicorns 19 Soonicorns 55
Minicorns 54 Editor Picks 222
Acquihired 223 Deadpooled 199
Top Companies
PayPal (1998, San Jose, Public)
Visa (1958, Foster City, Public)
Exits
IPOs 65 Provision, Valuedesign
Acquisitions 92 Verifone, Blackhawk
Network
Top Acquirers Global Payments, Ingenico
Marketmap: Payments
SECURITY
WHITE LABEL
CARDS & WALLETS
MODULAR PLATFORM*PCI COMPLIANCE
ENABLERS
TOKENIZATION-AS-A-
SERVICE*
PAYMENT PLATFORMS
PAYMENT GATEWAY
POINT-OF-SALE
B2B PAYMENTS
PAYMENT PROCESSING
ACQUIRER PROCESSOR
PAYMENT NETWORK
CARD NETWORK
ONLINE CARDLESS NETWORK
OFFLINE PAYMENT NETWORK
AGENTS NETWORK
PAYMENT INSTRUMENTS
WALLET
PAYMENT CARDS
Payments > Feed Summary > BlueBox

Key Sub Sectors in Payments Sector
Summary of Key Markets
8
Top Markets of Investment Activity
# Cos on
Platform
Last 2 Years
$ Invested # Round
Payment Gateway >
APIs 413 $453M 40
Wallet > Semi-Closed >
Cash-based 53 $1.5B 10
PoS Suite >
Suite 118 $497M 9
Payment Cards >
Credit Cards 29 $363M 8
Payment Cards > Prepaid Cards > General
Purpose >
Reloadable
188 $56.3M 12
Security > Transaction Monitoring > Multi-
Solutions >
AI-Based
14 $146M 9
Security >
Authentication 47 $88.6M 9
Payment Gateway >
Horizontal 142 $157M 7
B2B Payments 44 $51.2M 10
Payment Gateway >
Hosted Pages 182 $61.3M 9
Sub Sectors
# Cos
Tracked
#
Funded
Total
Funding
Acquirer Processor
Companies which receive the data sent by payment
gateways on behalf of the acquiring...
149 70 $5.7B
Payment Gateway
Companies which capture consumer payment
instrument and transaction amount data online...
1052 238 $3.3B
Wallet
Companies that provide a web based digital storage
service to link payment cards or load...
170 50 $2.9B
Payment Cards
Companies that provide alternate card issuing and
program management services
552 138 $1.8B
Security
Companies that offer security solutions against
various payment frauds
199 95 $1.6B
PoS Suite
Companies which capture card-present transaction
data and pass them to the acquiring...
273 68 $1.1B
Alternate Payment Methods
Companies that enable alternate payment solutions
for businesses (offline cash acceptance...
94 37 $393M
Payments > Feed Summary > Summary of Key Markets

List of Notable Companies in Payments
Notable Companies in the Sector (1/4)
9
Note: *(Founded Year, Location, Total Funding)
Payments > Feed Summary > Notable Companies in the Sector
Public
Visa
(1958, Foster City)*
First Data
(1971, Atlanta, $3.5B)
MasterCard
(1966, Purchase)
Worldline Global
(1970, Bezons)
EVERTEC
(1988, San Juan)
Green Dot
(1999, Monrovia, $33M)
KICC
(1986, Seoul)
CPI Card Group
(1981, Littleton)
SafeCharge
(2006, Ramat Gan)
Mogo.ca
(2006, Vancouver, $3.9M)
Public
Bottomline
Technologies
(1989, Portsmouth, $9.4M)
Inside Secure
(1995, Meyreuil, $181M)
Touchcorp
(2000, Melbourne)
JetPay
(2011, Carrollton, $18.3M)
HiPay
(2001, Paris)
Cabcharge
(1976, Sydney)
FairFX
(2006, London)
Vectron Systems
(1990, Munster)
Mi-Pay
(2003, Surrey)
Valuedesign
(2006, Nihombashi-kayabacho)
Public
Korea Cyber Payment
(1998, Seoul)
Novatti
(2012, Melbourne)
iSignthis
(2014, Collingwood, $4.5M)
ManagePay
(2000, Subang Jaya)
First Global Data
(2001, Toronto)
PayPal
(1998, San Jose, $225M)
Simplex
(2014, Ramat Gan, $8.4M)
Ivrnet
(1999, Calgary, $556k)
Euronet Worldwide
(1994, Leawood)
PCI Pal
(1999, London)
Public
Smartpay
(1987, Auckland)
Ipsidy
(Long Beach)
VersaPay
(2006, Vancouver)
Jack Henry
(1976, Monett)
Provision
(2000, Taipei)
UIC
(1983, Fremont)
3PEA International
(1995, Henderson)
ACI Worldwide
(1975, Omaha)
Ackroo
(2012, Ottawa)
American Express
(1850, New York City)
Public
Cielo
(1995, Barueri)
DIBS
(1998, Copenhagen)
Discover
(1985, Chicago)
eCard
(2000, Warsaw)
Eckoh
(1997, Hemel Hempstead)
Emerchants
(2001, Newstead)
Entercard
(1999, Oslo)
Global Payments
(1967, Atlanta)
Global Payout
(2009, San Diego)
GMO Payment Gateway
(2012, Tokyo)

10
Public
Ingenico
(1980, Paris)
Keyware
(1996, Brussels)
Masterpass
(2013, Purchase)
Mony Payments
(2000, Melbourne)
NET1
(1989, Johannesburg)
Oink
(2008, Hermosa Beach)
Payment Data
(1998, San Antonio)
Rede
(1996, Barueri)
RSwitch
(2003, Kigali)
The Mint Corporation
(2009, Dubai)
Public
TSYS
(1982, Columbus)
USA Technologies
(1992, Malvern)
Vantiv
(1971, Cincinnati)
Wirecard
(1999, Aschheim)
Wirecard Card
Solutions
(2011, Newcastle Upon Tyne)
Acquired
Visa Europe
(2004, London)
Worldpay
(1993, London, $18M)
Nets
(2003, Ballerup)
Heartland Payment
Systems
(1997, Princeton, $40M)
Paysafe
(1997, Douglas)
Blackhawk Network
(2001, Pleasanton)
Verifone
(1981, San Jose)
SIX Payment Services
(2013, Zurich)
MBNA
(1993, Wrexham)
Gruppo ICBPI
(1939, Milano)
Acquired
TransFirst
(1995, New York City)
CyberSource
(1994, San Francisco)
Bambora
(2015, Sydney)
Mercury
(2001, Durango, $2.3M)
Oberthur Technologies
(1984, Colombes)
NetSpend
(1999, Austin)
Skrill
(2001, London)
GlobalCollect
(1994, Hoofddorp)
Cayan
(1998, Boston)
VocaLink
(2007, Rickmansworth, $114M)
Acquired
SafeNet
(1983, Belcamp, $139M)
Trustly
(2008, Stockholm, $28.7M)
ThreatMetrix
(2005, San Jose, $84.5M)
Point
(1987, Stockholm)
Braintree
(2007, Chicago, $96M)
Wayne Fueling Systems
(1891, Austin)
Trustwave
(1995, Chicago, $60M)
BluePay
(2004, Naperville)
CardConnect
(2006, King Of Prussia, $50M)
Concardis
(2003, Eschborn)

11
Acquired
Signio
(1995, Redwood Shores)
Solutions
(1999, Redwood City)
Authorize.Net
(1996, American Fork)
DataCash
(1996, London)
Clear2Pay
(2001, Brussels, $92.4M)
Hypercom
(1995, Phoenix, $60M)
Ogone
(1996, Brussels)
Easycash
(1992, Ratingen)
Moneris
(2000, Toronto)
Payment Processing
(1995, Newark)
Acquired
Accelerated Payment
Technologies
(2005, Pleasant Grove)
Litle
(2001, Lowell)
Emerging Markets
Payments
(2012, Cairo)
FIS
(1968, Jacksonville, $4.6M)
POLCARD
(1990, Warsaw)
41st Parameter
(2004, San Jose, $43.4M)
Revolution Money
(2007, Petersburg, $107M)
IPay Technologies
(2001, Elizabethtown)
Ezidebit
(1998, Newstead)
Acquired
Planet Payment
(1999, Long Beach, $29.2M)
KSNET Korea
(2000, Seoul)
TIO Networks
(1997, Vancouver)
PAY.ON
(2004, Munich)
PlaySpan
(2006, Santa Clara, $46.3M)
CashStar
(2007, Portland, $41M)
Fraud Sciences
(2007, Palo Alto, $11M)
Diners Club
(1950, Chicago)
Accertify
(2007, Itasca, $7.1M)
Payment Network AG
(2005, Gauting)
Acquired
Sofort Banking
(2005, Gauting)
UniRush
(2003, Cincinnati)
Credit Cards
(2004, Austin, $58.8M)
Paymark
(2011, Auckland)
Multi Service
(1978, Overland Park)
Electronic Clearing
House
(1981, Camarillo)
Citrus Pay
(2011, Mumbai, $32.5M)
Realex Payments
(2009, Dublin)
ItzCash
(2006, Mumbai, $54M)
Innovative Merchant
(1999, Calabasas)
Acquired
BlueSnap
(2001, Waltham, $68M)
G2 Web Services
(2004, Bellevue)
ClickandBuy
(2000, London)
LML Payment Systems
Corp.
(1999, Vancouver)
Orbiscom
(2000, Dublin, $17.5M)

12
Unicorns
Paytm
(2010, Noida, $2.2B)
Network International
(2001, Dubai, $539M)
Stripe
(2010, San Francisco, $511M)
Nubank
(2013, Sao Paulo, $330M)
Mozido
(2008, Austin, $288M)
Adyen
(2006, Amsterdam, $266M)
Coinbase
Vanco Payment
Solutions
(2007, Atlanta, $80M)

List of Notable Companies by Market in Payments
Notable Companies by Market (1/18)
14
Payments > Feed Summary > Notable Companies by Market
Payment Network
Payment Network
KSNET Korea (2000, Seoul)
KSNET
Stage: Acquired
H&Q Asia Pacific, Lombard Investments
Card Network
VocaLink (2007, Rickmansworth, $114M)
UK payments partner
Stage: Acquired
Visa (1958, Foster City)
Card Network
Unicorn. Stage: Public
Temasek
Paymark (2011, Auckland)
NZ-based card payment network
Soonicorn. Stage: Acquired
American Express (1850, New York City)
Card issuer and merchant acquirer
Stage: Public
Autonomy Ventures
Diners Club (1950, Chicago)
Lounge and charge card network
Stage: Acquired
HarbourVest Partners
Card Network
Discover (1985, Chicago)
Banking and other financial services
Stage: Public
MasterCard (1966, Purchase)
Card Network
Stage: Public
Temasek, Middleton Enterprises
RSwitch (2003, Kigali)
Interbank network and national switch
Stage: Public
Visa Europe (2004, London)
Payment card network and mobile payment
acceptance solutions
Stage: Acquired

15
Payment Network
Cardless Network
Ripple (2012, San Francisco, $90.5M)
Open source payment protocol for cross border
money transfer.
Soonicorn. Stage: Series B
Standard Chartered, SBI Holdings, Digital Ventures
and 27 Other Investors
GoCardless (2011, London, $47.5M)
Online payments solutions for recurring payments
Soonicorn. Stage: Series C
Accel Partners, Balderton Capital, Passion Capital
Zelle (2016, Phoenix)
P2P mobile money transfer app.
Soonicorn. Stage: Unfunded
Payment Gateway
Payment Gateway
Euronet Worldwide (1994, Leawood)
Electronic payments provider
Innova Capital, Advent International, Euroventures
Skrill (2001, London)
Online money transfer and wallet provider
Unicorn. Stage: Acquired
Idinvest Partners, CVC Capital Partners
eWAY (1998, Phillip)
Payment gateway provider
Ogone (1996, Brussels)
Payment Services (Has merged with easycash,
easycash Loyalty Solutions, Tunz.com and Axis to
form Ingenico Payments)
Belcube
Litle (2001, Lowell)
Payment processing company
Stage: Acquired
Payment Gateway
Realex Payments (2009, Dublin)
European payment service provider
Stage: Acquired
Saints Capital
Signio (1995, Redwood Shores)
Online payment acceptance solutions provider
Stage: Acquired
Trident Capital Cybersecurity

16
Payment Gateway
Horizontal
PayPal (1998, San Jose, $225M)
Internet payment services provider
Credit Agricole, ING, Madison Dearborn Partners
Online Payment and Invoicing for small business
Providence Equity Partners, Susquehanna Growth
Equity, Aurionpro and 3 Other Investors
2Checkout (2000, Columbus, $60M)
Hosted and API payment gateway provider.
Trinity Capital Investment, Trident Capital, Chicago
Growth Partners and 1 Other Investors
Citrus Pay (2011, Mumbai, $32.5M)
Payment gateway and mobile wallet
Ascent Capital, Sequoia Capital, Econtext Asia and 2
Other Investors
Horizontal
CCAvenue (2001, Mumbai, $9M)
Merchant Account, Credit Card Processing &
Payment Gateway
Soonicorn. Stage: Series A
Infibeam
VersaPay (2006, Vancouver)
Cloud based B2B accounts receivable solution
provider
Stage: Public
BluePay (2004, Naperville)
Merchant credit card processing
Stage: Acquired
TA Associates Management, Goldman Sachs, Bregal
Sagemount and 1 Other Investors
LML Payment Systems Corp. (1999,
Vancouver)
ACH payment processing
Stage: Acquired
Horizontal
Payment Data (1998, San Antonio)
Payment Solutions
Stage: Public

17
Payment Gateway
APIs
Web & Mobile Payments for Developers
Unicorn. Stage: Series D
JPMorgan Chase & Co., Goldman Sachs, Morgan
Stanley and 36 Other Investors
Billdesk (2000, Mumbai, $253M)
Payment gateway
Soonicorn. Stage: Series D
General Atlantic, Temasek, Claymore Investments
Digital currency exchange & wallet provider
IVP, Spark Capital, Greylock Partners and 35 Other
Investors
YapStone (1999, Walnut Creek, $187M)
Mastercard, Accel Partners, Meritech Capital
Partners and 8 Other Investors
APIs
Braintree (2007, Chicago, $96M)
Online and mobile payment gateway
Stage: Acquired
New Enterprise Associates, Accel Partners, RRE
Ventures and 2 Other Investors
WePay (2008, Palo Alto, $73.8M)
Flexible payments API for platforms
FTV Capital, Rakuten, Highland Capital Partners
BlueSnap (2001, Waltham, $68M)
International payment solution
Great Hill Partners, Parthenon, Susquehanna
Growth Equity
CardConnect (2006, King Of Prussia, $50M)
A provider of payment processing and technology
services
Stage: Acquired
FTV Capital
APIs
Trustly (2008, Stockholm, $28.7M)
Online payment gateway for direct debit
transactions.
Bridgepoint Capital, Alfven and Didrikson
CyberSource (1994, San Francisco)
eCommerce Payment Management
Upfront Ventures, Batterson Venture Capital
Payment Processing (1995, Newark)
Internet payment solutions provider
Stage: Acquired
Soaring Ventures
Provision (2000, Taipei)
Payment, financial application, information
security, and outsourcing solution for merchants
Stage: Public

18
Payment Gateway
APIs
Authorize.Net (1996, American Fork)
Payment Gateway and POS
Stage: Acquired
Insight Venture Partners
Ezidebit (1998, Newstead)
PCI level 1 compliant payment gateway API
Stage: Acquired
GMO Payment Gateway (2012, Tokyo)
Payment gateway service provider.
Stage: Public
Nippon Venture Capital, NTT Finance
Mony Payments (2000, Melbourne)
Payment gateway service.
Stage: Public
Hosted Pages
Vanco Payment Solutions (2007, Atlanta,
$80M)
Payment solution provider for mPOS, gift cards and
online transactions
Unicorn. Stage: Funded
Great Hill Partners
Bitpay (2011, Atlanta, $72.5M)
Bitcoin payment Gateway
Aquiline Capital Partners, Menlo Ventures, Point
Nine Capital and 18 Other Investors
Ivrnet (1999, Calgary, $556k)
Tech solutions for the enterprise.
Stage: Public
R.C. Morris & Company
SafeCharge (2006, Ramat Gan)
Comprehensive payment solution provider
Soonicorn. Stage: Public
Hosted Pages
ClickandBuy (2000, London)
Online payment services provider
Stage: Acquired
Capnamic Ventures
Masterpass (2013, Purchase)
Mobile digital wallet for online and offline
payments.
Stage: Public
NET1 (1989, Johannesburg)
POS, gateway, technology solutions for payments
Stage: Public
IFC
Payment Network AG (2005, Gauting)
Online payment that makes online transactions in
Europe easier.
Stage: Acquired
Sofort Banking (2005, Gauting)
Online direct debit payment service provider.
Stage: Acquired

19
Payment Gateway
White Labels
Transactis (2001, New York City, $61.7M)
White label for bill payments
Soonicorn. Stage: Series E
Fifth Third Bancorp, PNC Financial Services Group,
Safeguard Scientifics and 9 Other Investors
ManagePay (2000, Subang Jaya)
Payment gateway and mPoS solution
Stage: Public
Mi-Pay (2003, Surrey)
Payment gateway service for card-not-present.
Stage: Public
Albion Capital Group, Octopus Ventures, Close
Venture Management and 2 Other Investors
PAY.ON (2004, Munich)
White label payment gateway solutions
Stage: Acquired
Mountain Partners
White Labels
Wirecard (1999, Aschheim)
Payment processing and issuing product service
provider.
Stage: Public
Brockhaus Private Equity
Acquirer Processor
Acquirer Processor
First Data (1971, Atlanta, $3.5B)
A leading payments processing service provider.
Kohlberg Kravis Roberts, Stone Point Capital,
AlpInvest Partners and 2 Other Investors
Network International (2001, Dubai, $539M)
Payment processor and gift & loyalty card issuer
Unicorn. Stage: Funded
The Abraaj Group, Chevron
Adyen (2006, Amsterdam, $266M)
International and omni-channel payment solutions
provider
Unicorn. Stage: Series C
Iconiq Capital, General Atlantic, Index Ventures and
3 Other Investors

20
Acquirer Processor
Acquirer Processor
Financial Software Systems (1991, Chennai,
$127M)
Provider of electronic payment & financial
transaction processing solutions
Premji Invest, Jacob Ballas Capital, New Enterprise
Associates and 2 Other Investors
Tyro (2003, Sydney, $103M)
Card payment acquiring systems for the SMEs.
Tiger Global Management, TDM Asset Management
Credorax (2007, Herzliya, $80M)
Smart acquiring and next generation payment
processing
Blumberg Capital, Columbus Nova Technology
Partners, FTV Capital and 1 Other Investors
Acquirer Processor
PlaySpan (2006, Santa Clara, $46.3M)
Monetization Platform for Digital Goods
Stage: Acquired
Vodafone, Menlo Ventures, STIC International and 5
Other Investors
Heartland Payment Systems (1997,
Princeton, $40M)
Payment processing, POS and Gift Card services
Stage: Acquired
LLR Partners, GCP Capital Partners
Planet Payment (1999, Long Beach, $29.2M)
Acquiring and Processing services
Stage: Acquired
IA Capital Group, Sopris Capital, Camden Partners
Worldpay (1993, London, $18M)
Payment services and analytics
Stage: Acquired
Sterling Partners, Partners Group, Bain Capital
Private Equity and 1 Other Investors
Acquirer Processor
Alpha Payments Cloud (2011, Singapore,
$12M)
Universal payment ecosystem in a platform
First Quay Capital, Wells Fargo
Mercury (2001, Durango, $2.3M)
Payment processing company
TransFirst (1995, New York City)
Credit Card Processing/Merchant Accounts
General Electric, Merrill Lynch, Deutsche Bank and
3 Other Investors
Gruppo ICBPI (1939, Milano)
Payment processing solutions provider
North American Bancard (1992, Troy)
Merchant acquiring, PoS, Gateway and ISO
Soonicorn. Stage: Unfunded

21
Acquirer Processor
Acquirer Processor
Ipsidy (Long Beach)
Multi-functional payment & anti-fraud solution
Stage: Public
Emerging Markets Payments (2012, Cairo)
Middle East and Africa based payment processor
Stage: Acquired
Actis
ACI Worldwide (1975, Omaha)
Payment systems provider
Stage: Public
JMI Management, ABS Capital
Cayan (1998, Boston)
Payment gateway and merchant acquirer
Stage: Acquired
Maranon Capital
Cielo (1995, Barueri)
Merchant Acquiring solutions in Brazil
Stage: Public
Acquirer Processor
DIBS (1998, Copenhagen)
Merchant Acquirer and Payment gateway services
Stage: Public
Verdane Capital, Rite Ventures
EVERTEC (1988, San Juan)
Provider of full service transaction processing
services
Stage: Public
First Global Data (2001, Toronto)
Mobile payment service provider.
Stage: Public
Korea Cyber Payment (1998, Seoul)
Payment Gateway and VAN service provider
Stage: Public
SBI Investment Korea
Nets (2003, Ballerup)
Omnichannel payment processing services
Stage: Acquired
Bain Capital Private Equity, VIA equity
Acquirer Processor
Paysafe (1997, Douglas)
Full suite payment solution provider.
Stage: Acquired
Jefferies, CVC Capital Partners, Varshney Capital
POLCARD (1990, Warsaw)
Polish merchant acquirer and white label card
issuer and processor
Stage: Acquired
Innova Capital
Rede (1996, Barueri)
Electronic payment processor and acquirer in Brazil
Stage: Public
Solutions (1999, Redwood City)
Merchant acquirer and payment processor.
Stage: Acquired
W Capital Partners, Trident Capital
The Mint Corporation (2009, Dubai)
Gateway, POS and prepaid payroll card services
Stage: Public

22
Acquirer Processor
Acquirer Processor
TSYS (1982, Columbus)
Provides electronic payment processing
Stage: Public
Vantiv (1971, Cincinnati)
Electronic payments processor
Stage: Public
Advent International
Worldline Global (1970, Bezons)
Payments and transactional services
Stage: Public
PoS Suite
Suite
POS and loyalty solutions to Saudi merchants
Soonicorn. Stage: Funded
Gulf Capital
Payment Technologies
Temasek, PayPal, Actis and 5 Other Investors
E la Carte (2008, Palo Alto, $52.5M)
SaaS-based restaurant management solution
through tablets
Trinity Capital Investment, Western Alliance
Bancorporation, TriplePoint Capital and 9 Other
Investors
Suite
Poynt (2013, Palo Alto, $33M)
Point of sale terminal with magstrip, QR code and
NFC reader
Matrix Partners, Go Capital, Webb Investment
Network and 4 Other Investors
Smartpay (1987, Auckland)
POS suite solution for Australia and New Zeland
Editor's Pick. Stage: Public
SIX Payment Services (2013, Zurich)
Payment solutions for merchants
Stage: Acquired
UIC (1983, Fremont)
PoS hardware and software tool
Stage: Public
KICC (1986, Seoul)
Korean POS solution provider
Stage: Public

23
PoS Suite
Suite
Moneris (2000, Toronto)
Gateway, PoS and recurring billing services
Stage: Acquired
USA Technologies (1992, Malvern)
Cashless payment technology
Stage: Public
Software
Upserve (2009, Providence, $40.5M)
Cloud-based payment processing and business
analytics
Vista Equity Partners, First Round Capital, Index
Ventures and 6 Other Investors
JetPay (2011, Carrollton, $18.3M)
Payment processor
Stage: Public
Flexpoint Ford
Vectron Systems (1990, Munster)
POS software solutions
Stage: Public
Taaleri
Accelerated Payment Technologies (2005,
Pleasant Grove)
Payment Gateway and POS software
Stage: Acquired
Software
Concardis (2003, Eschborn)
Payment gateway and PoS software
Stage: Acquired
Touchcorp (2000, Melbourne)
Fraud protection and payment solution provider.
Stage: Public
Allectus Capital

24
PoS Suite
Hardware
Hypercom (1995, Phoenix, $60M)
Payment terminal provider
Stage: Acquired
Francisco Partners
Bambora (2015, Sydney)
Merchant acquiring, PoS and mobile payment
solutions
Stage: Acquired
Nordic Capital
Easycash (1992, Ratingen)
POS payment solution provider.
Stage: Acquired
Ingenico (1980, Paris)
Payment processor and acquirer, POS services
provider
Stage: Public
Innovative Merchant (1999, Calabasas)
Merchant account services to SMEs
Stage: Acquired
Hardware
Verifone (1981, San Jose)
Payment solutions provider
Stage: Acquired
Credit Suisse, Morgenthaler, Partech and 2 Other
Investors
Wayne Fueling Systems (1891, Austin)
Fuel dispensing, payment, systems and aftermarket
services
Stage: Acquired
Riverstone
Wallet
Semi-Closed
Mobile wallet and payments bank
Unicorn. Stage: Series F
SoftBank Group, MediaTek, Naveen Tewari and 35
Other Investors
Dashlane (2009, Paris, $52.5M)
Password manager & digital wallet
TransUnion, Rho Ventures, FirstMark and 2 Other
Investors
Xapo (2012, Palo Alto, $40M)
Cold Storage Vault & Bitcoin Wallet
Greylock Partners, Index Ventures, Emergent
Capital Partners and 10 Other Investors

25
Wallet
White Label
Mozido (2008, Austin, $288M)
Provides white label mobile wallet solutions.
Unicorn. Stage: Series B
MasterCard, Wellington Management, Brentwood
Associates and 4 Other Investors
Novatti (2012, Melbourne)
Banking and payments solutions provider
Stage: Public
Security
Transaction Monitoring
Fraud prevention & payment validation for online
retailers
Bain Capital Ventures, Menlo Ventures, American
Express and 17 Other Investors
Sift Science (2011, San Francisco, $107M)
Machine learning optimized fraud detection
Stripes Group, Insight Venture Partners, Spark
Capital and 8 Other Investors
Kount (2007, Boise, $80M)
Fraud prevention for online CNP transaction
CVC Capital Partners
Riskified (2012, Tel Aviv, $63.6M)
Machine learning based payment fraud prevention
solution
Pitango Venture Capital, Capital One Growth
Ventures, C4 Ventures and 10 Other Investors
Forter (2013, Tel Aviv, $50M)
Identity & behavioral analytics based financial
fraud detection
Scale Venture Partners, Sequoia Capital, New
Enterprise Associates and 4 Other Investors
41st Parameter (2004, San Jose, $43.4M)
Fraud detection & prevention across multiple
channel
Kensington Capital Partners, Georgian Partners,
KPCB and 3 Other Investors

26
Security
Fraud Sciences (2007, Palo Alto, $11M)
Automated anti fraud prevention solution
Stage: Acquired
BRM Group, Redpoint Ventures
Simplex (2014, Ramat Gan, $8.4M)
Machine Learning based fraud prevention solutions
Minicorn. Stage: -
Cumberland Mining, FundersClub, Bitmain and 5
Other Investors
DataCash (1996, London)
Outsourced payment services
Stage: Acquired
Data Encryption
Inside Secure (1995, Meyreuil, $181M)
Embedded security for IoT & payment solution
Soonicorn. Stage: Public
Gimv, Sofinnova Partners, Vertex Ventures and 15
Other Investors
SafeNet (1983, Belcamp, $139M)
Data encryption solution, HSM & enterprise
authentication
Vector Capital, Valhalla Partners, Savano Capital
Orbiscom (2000, Dublin, $17.5M)
Dummy card number generator
Stage: Acquired
HgCapital
Authentication
ThreatMetrix (2005, San Jose, $84.5M)
Fraud prevention & context based authentication
solution
Silicon Valley Bank, Adams Street Partners, August
Capital and 5 Other Investors
iSignthis (2014, Collingwood, $4.5M)
AML/KYC software for preventing Card Not Present
(CNP) fraud
Minicorn. Stage: Public
eCard (2000, Warsaw)
Online, IVR and recurring billing solutions
Stage: Public
MCI Capital

27
Security
Chargeback Management
Ethoca (2005, Toronto, $45M)
Payment network to reduce frauds
Spectrum Equity, Difference Capital Financial, Pivot
Investment Partners
Accertify (2007, Itasca, $7.1M)
Fraud prevention tools for merchants
Stage: Acquired
Intel Capital, Trident Capital Cybersecurity
For Financial Institutions
Bottomline Technologies (1989, Portsmouth,
$9.4M)
Invoice, document automation solutions
Stage: Public
TempoCap, Herald Investment Management
G2 Web Services (2004, Bellevue)
Fraud and risk mitigation for Acquirers, PSPs, and
commercial banks
Stage: Acquired
Primus Capital
Offline Payment
PayNearMe (2009, Sunnyvale, $102M)
Cash Transaction Network
Soonicorn. Stage: Series F
GSV Capital, August Capital, Khosla Ventures and 12
Other Investors
TIO Networks (1997, Vancouver)
Multi-channel bill payment processor
Stage: Acquired
IA Capital Group, PI Financial Corp, GMP Securities

28
Agent-based Payments
Oxigen (2004, Gurgaon, $60.7M)
Payment collection solution provider and service
distributor
BLUE LABEL TELECOMS, Microsoft Ventures, Sunil
Kulkarni and 5 Other Investors
ItzCash (2006, Mumbai, $54M)
Provider of prepaid payment cards
Ashok Goel, Intel Capital, Matrix Partners India and
4 Other Investors
Suvidhaa (2007, Mumbai, $25M)
Payment services through retail outlets and mobile
app
Mitsui & Co, Norwest Venture Partners, Reliance
Venture Asset Management and 1 Other Investors
B2B Payments
B2B Payments
Viewpost (2012, Maitland, $89.5M)
eInvoicing and online payment solution.
Caretta, Western Technology Investment
GlobalCollect (1994, Hoofddorp)
International B2B money transfer and payment
gateway
WCAS, Newpark Capital, Prime Ventures
Electronic Clearing House (1981, Camarillo)
End-to-end payment processing solutions.
Stage: Acquired
Bank of the West
IPay Technologies (2001, Elizabethtown)
Online bill pay service
Stage: Acquired
Spectrum Equity, Bain Capital Ventures, Silversmith
Capital Partners
Enablers
Modular Platform
Clear2Pay (2001, Brussels, $92.4M)
A payments technology vendor
Stage: Acquired
Aquiline Capital Partners, Big Bang Ventures, Gimv
HiPay (2001, Paris)
International payment acceptance solution for
merchants and enterprises.
BJ Invest
Keyware (1996, Brussels)
Payment network service provider and platform
Stage: Public
Gimv

29
Enablers
PCI Compliance
Trustwave (1995, Chicago, $60M)
Managed enterprise security solution suite
FTV Capital, Argentum Group, Rosetta Capital
Corporation and 9 Other Investors
FIS (1968, Jacksonville, $4.6M)
Technology, consulting and outsourcing solutions
provider for financial services.
Stage: Acquired
Thomas H Lee Partners, TPG, Swanlaab
PCI Pal (1999, London)
PCI-compliance solutions for accepting telephone
payments
Editor's Pick. Stage: Public
Eckoh (1997, Hemel Hempstead)
Secure customer contact and payment solutions
Stage: Public
Origin Capital, Herald Investment Management
Transaction Routing
Zooz (2010, Tel Aviv, $40.5M)
Technology payment platform with smart routing
facility
XSeed Capital, Camp One Ventures, Claltech and 13
Other Investors
Payment Cards
Prepaid Cards
Green Dot (1999, Monrovia, $33M)
Provider of pre-paid debit cards
Stage: Public
Sequoia Capital, Tech Coast Angels, TTV Capital and
3 Other Investors
Mogo.ca (2006, Vancouver, $3.9M)
Online lending and debt management company
Difference Capital Financial, Fortress Investment,
TELUS Ventures and 2 Other Investors
Cabcharge (1976, Sydney)
Prepaid card for taxi payments
Stage: Public
FairFX (2006, London)
Prepaid currency cards, travel cash and
international money transfer
Stage: Public
Multi Service (1978, Overland Park)
Payment processing and data management services
Stage: Acquired

30
Payment Cards
Prepaid Cards
Oberthur Technologies (1984, Colombes)
Embedded digital security solution for payment,
connection and authentication
Stage: Acquired
Zaz Ventures, Advent International, Euromezzanine
Oink (2008, Hermosa Beach)
Prepaid online account,gateway and cardfor
payments
Stage: Public
UniRush (2003, Cincinnati)
Provides prepaid card for personal use.
Stage: Acquired
Main Street Capital, The Carlyle Group
White Label
Marqeta (2010, Emeryville, $117M)
O2O payments and commerce platform
Goldman Sachs, Iconiq Capital, Visa and 11 Other
Investors
Arroweye (1999, Chicago, $69.2M)
Provider of production and marketing of payment
cards
Baird Capital, Adams Street Partners, Point
Financial and 1 Other Investors
CashStar (2007, Portland, $41M)
Digital Gifting & Incentives Company
FTV Capital, Passport Capital, Intel Capital and 5
Other Investors
Loop Commerce (2012, San Francisco, $29M)
E-gifting Saas platform
PayPal, Chegg, Houzz and 3 Other Investors
White Label
QwikCilver (2008, Bangalore, $22.9M)
Multi-brand gift card store and B2B backend
technology provider
Sistema, Accel Partners, Helion Venture Partners
NetSpend (1999, Austin)
Pre-paid payment cards provider
IA Capital Group, Gefinor Capital, Oak HC/FT and 4
Other Investors
Ackroo (2012, Ottawa)
Gift card & loyalty program for businesses
Stage: Public
CPI Card Group (1981, Littleton)
Payment card technology provider
Stage: Public
Parallel49 Equity

31
Payment Cards
White Label
Emerchants (2001, Newstead)
White label issuer and program manager
Stage: Public
Global Payout (2009, San Diego)
B2B payment platform and prepaid card
management software
Stage: Public
Valuedesign (2006, Nihombashi-kayabacho)
Branded prepaid card issuing platform provider.
Stage: Public
SMBC Venture Capital, CyberAgent Ventures
Wirecard Card Solutions (2011, Newcastle
Upon Tyne)
Provider of prepaid cards and services.
Stage: Public
Credit Cards
MasterCard flagged credit card with a mobile app
Unicorn. Stage: Series E
DST Global, Founders Fund, Redpoint Ventures and
7 Other Investors
Revolution Money (2007, Petersburg, $107M)
Alternate card payment system
Stage: Acquired
RRE Ventures, Citigroup, Morgan Stanley and 4
Other Investors
Credit card solutions
Orogen Group, Atairos
Entercard (1999, Oslo)
Credit solutions provider
Stage: Public
Card Retailers & Distributors
Raise (2013, Chicago, $147M)
P2P used Gift Card Marketplace
Accel Partners, PayPal, New Enterprise Associates
Credit Cards (2004, Austin, $58.8M)
Credit card comparison platform and marketplace
Stage: Acquired
Austin Ventures, ARCC, Tritium Partners
CardCash (2008, Brick Township, $6M)
Online Giftcard Exchange
Sterling National Bank, Guggenheim Partners
Blackhawk Network (2001, Pleasanton)
Physical and digital program management of
prepaid products
Stage: Acquired

List of Notable Companies in Payments in China
Notable Companies in the Sector in China
32
Payments > Feed Summary > Notable Companies in the Sector in China
Public
UnionPay Intl
(2012, Shanghai)
Goldpac Group
(1993, Zhuhai)
Hi Sun Technology
(2001, Hong Kong)
PAX Technology
Limited
(2000, Hong Kong)
PAX Global Technology
Limited
(2000, Hong Kong)
Xinguodu
(2001, Shenzhen)
Acquired
99bill
(2004, Shanghai, $96.6M)
Unicorns
Lakala
(2005, Beijing, $370M)
Soonicorns
FraudMetrix
(2013, Hangzhou, $158M)

Recent News in Payments Sector
Recent News
33
Payments > Feed Summary > Recent News
Jun 2018
Flywire and UnionPay Partner to Take the Cost Out of Cross-Border
Payments from China, GlobeNewswire
Jun 2018
Eckoh numbers buoyed by US secure payments growth, Proactive
Investors
Jun 2018
Amidst onslaught from RuPay and UPI, Visa cuts fee on debit card
payments, Entrackr
Jun 2018
First Data and Mastercard team up in digital disbursements, Seeking
Alpha
Jun 2018
PayPal rival Adyen surges 90 percent in IPO with valuation topping
$15 billion, CNBC
Jun 2018
Banking Industry's Zelle Seen Outgrowing Square Cash, PayPal's
Venmo, Investor's Business Daily
Jun 2018
Bluefin Joins the American Transaction Processors Coalition (ATPC)
to Advance National Payment Security, PRWeb
Jun 2018
Coinbase opens its crypto index fund to accredited US investors,
TechCrunch
Jun 2018
Safety app Watch Out acquires paywall startup BitWall, Tech News
Universe
Jun 2018
Visa slashes fee on debit card payments, wants more small
merchants on board, Indiatimes
Jun 2018
Mastercard Unveils Top Cities Where People Go to Play, Not Work,
PressReleasePoint
Jun 2018
Dutch payments company Adyen opens at €400/share, a pop of
67%, now valued at $16B, TechCrunch
Key Recent News Key Recent News
Jun 2018
With over 4MM credit card customers, Nubank opens 1.5MM digital
savings accounts in 6 months in Brazil, PR Newswire
Jun 2018
Digital Britain - More Than a Quarter of UK Small Businesses Now
Accept Payment Apps at the Checkout, Business Wire
Jun 2018
PayBito Joins Coinbase, Bitfinex and Kraken in Being the First Few
Exchanges to Roll Out SegWit, PRWeb
Jun 2018 Payments Canada appoints new CRO, Finextra
Jun 2018
Malaysian firms partners China's Lakala for cross border payments,
Xinhua Finance Agency
Jun 2018 Bank of New Zealand launches Alipay, ZDNet
Jun 2018
CPI Card Group and FLEX Collaborate to Bring Instant Issuance to
Credit Unions, Business Wire
Jun 2018 Paytm is looking to cash in with a PoS business plan, Indiatimes
Jun 2018
Electronic Payments Exceeds $1 Billion in Monthly Aggregate
Payment Volume, PRWeb
Jun 2018
New Crypto Innovation Poised to Disrupt Multi-Trillion-Dollar
Global Digital Payments Market, PR Newswire
Jun 2018
Goldman upgrades First Data to buy with price target of $25, Seeking
Alpha
Jun 2018
The CENTURION® Lounge from American Express Set to Land in
Los Angeles International Airport, Business Wire

Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
34
Funding Trends
Median Deal Size and Trend
New Entrants in Funding Club
Distribution of companies by Funding Range
Funding Funnel of the Sector
Top Investments and Investors
Investors in Unicorn club

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$349M $424M
$1.4B
$5.4B
$1.8B
$1.4B
$2.4B
$1.4B
0
20
40
60
80
100
120
140
160
180
$0k
$1.B
$2.B
$3.B
$4.B
$5.B
$6.B
2011 2012 2013 2014 2015 2016 2017 2018*
$ Funding # Rounds
Investments ($M) and number of rounds in Payments; 2011-2018
Global Funding Trends
36
Note: Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Payments > Investment Trends > Global Funding Trends
#Rounds
$Funding
3 Year CAGR
6 Year CAGR 9% # of Rounds37% $ Funding
7% # of Rounds
24% $ Funding

$26M $27M $76M $38M $45M $40M $48M $14M
$267M
$216M
$405M
$1.3B
$463M $386M $476M $428M
$57M $180M $873M $4.1B $1.3B $1.B $1.8B $971M
2011 2012 2013 2014 2015 2016 2017 2018 YTD
Seed Early Stage Late Stage
39 45 65 65 67 42 38 14
31 28 50
65 57
64 56
30
10 13 13 23 25 30 23 12
2011 2012 2013 2014 2015 2016 2017 2018 YTD
Seed Early Stage Late Stage
80
56
Total # of Rounds
$144M $227M
$1.B
$5.B
$1.4B
$1.B
$1.9B
$1.3B
0
5
10
15
20
25
30
0
1E+09
2E+09
3E+09
4E+09
5E+09
6E+09
2011 2012 2013 2014 2015 2016 2017 2018 YTD
$ Funding # of Rounds
37
Note: Mega Rounds = rounds with size > $20M. Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Stage-wise Number of RoundsStage-wise $ Invested
New Entrants in Funded ClubMega Rounds
Global Funding Trends (2/2)
Investments ($M) and number of rounds in Payments; 2011-2018
Payments > Investment Trends > Global Funding Trends
92
55
62
62
40
47
19
377
$2.1M
$3.5M
$0.0M
$1.0M
$2.0M
$3.0M
$4.0M
$5.0M
$6.0M
0
50
100
150
200
250
300
350
400
2012 2013 2014 2015 2016 2017 2018 YTD Total
Entrants in Funding Club Avg. Ticket Size
4 6 8 27 17 19 14 16 $2.1M $4.5M $1.9M $3.2M $4M $3.6M $5.5M $3.5M
$349M
$1.4B
Total $ Invested

Payments > Investment Trends > Funding Trends by Geography
Investments ($M) and number of rounds in Payments
Funding Trends by Geography
Funding Trends by Geography Top Cities of Funding
City $ Funding # Rounds
Atlanta 4.5B 22
Bay Area 2.8B 234
Delhi NCR 2.5B 21
London 584M 76
Dubai 539M 1
Cincinnati 500M 2
Mumbai 439M 30
Austin 422M 23
Chicago 397M 39
Sao Paulo 342M 15
Total Funding
624
92
240
1
45
27
1
26
# Rounds
$11B
$3.1B
$1.8B
$539M
$494M
$289M
$266M
$145M
US
India
Europe
United Arab
Emirates
Latam
Israel
Saudi
Arabia
Australia
Note: Excludes funding information of China companies

Trend of Average Deal Size ($M)
$1.0 $0.9
$1.5
$0.8 $0.9
$1.2 $1.8
2011 2012 2013 2014 2015 2016 2017
$8.5
$3.4
$8.6
$12.2
$8.2
$5.4 $6.4
$15.5 $13.5 $13.1
$49.1
$15.2 $13.1 $15.3
$7.1 $18.0
$87.3
$225.4
$78.3
$41.8
$121.7
Payments > Investment Trends > Median Deal Size and Trend
Median and Average Deal Size in $M (per Stage) in Payments; 2011-2017
Median Deal Size and Trend
Note: Excludes funding information of Chinese companies. *Graph not to scale
Median Deal Size and Range
$10.9K* $25M
$173K $103M
$450K $250M
$151K $3.5B
$21.9M
$12.5M
$4.6M
$734K
Series C+
Series B
Series A
Seed
Stage

Note: 355 companies with undisclosed funding amount are not included
40
<$1M
$1-10M
$10-50M
$50-100M
$100M+
Funding Range
93
187
114
35
30
No. of Companies
Payments > Investment Trends > Distribution of companies by Funding Range
No. of companies by funding range in Payments; as of Jun 2018
Distribution of companies by Funding Range
$27M
$762M
$2.6B
$2.4B
$11.9B
$ Investment

Stage No. of Companies
Funding
Funnel
100%
27%
12%
7%
4%
41
Note: Numbers in the brackets show the count of companies
Time to raise
next round
121
192
358
796
2903
Series C+
Series B
Series A
Funded
Founded
Next
Round
100M+
Valuation
Exits
Acqui-
Hired
Dead
Pooled
Others
27% 6%
(185)
5%
(139)
8%
(241)
7%
(199)
57%
(1667)
45% 19%
(150)
13%
(106)
16%
(124)
6%
(48)
33%
(266)
54% 23%
(84)
11%
(40)
19%
(67)
2%
(7)
26%
(92)
63% 38%
(73)
18%
(34)
18%
(34)
3%
(5)
17%
(32)
- 51%
(62)
23%
(28)
17%
(20)
1%
(1)
13%
(16)
Payments > Investment Trends > Funding Funnel
Number of companies progressing to subsequent funding stages in Payments
Funding Funnel
16 Months
21 Months
27 Months
Investment backedBootstrapped
55
19
74
49
Soonicorns
Unicorns
Acquisitions
IPOs

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE)
Payments > Investment Trends > Notable Investments in last 24 months
Major funding rounds by Stage in Payments; Jun 2016-Jun 2018
Notable Investments in last 24 months (1/8)
LATE STAGE
$1.4B - Series F May 2017
SoftBank Group
$266M - PE May 2018
POS and loyalty solutions to Saudi merchants
Gulf Capital
$150M - Series E Mar 2018
DST Global, Founders Fund, Redpoint Ventures,
Ribbit Capital, QED Investors, Thrive Capital
$150M - Series D Nov 2016
Sequoia Capital, General Catalyst Partners, CapitalG
LATE STAGE
$125M - Series C May 2018
Temasek, PayPal
$115M - PE Oct 2016
Online Payment and Invoicing for small business
Providence Equity Partners
$108M - Series D Aug 2017
IVP, Spark Capital, Greylock Partners, Battery
Ventures, Section 32, Draper Associates
$100M - PE May 2018
Credit card solutions
Orogen Group
LATE STAGE
$100M - Series D May 2018
retailers
Express, IA Ventures, AllegisCyber, Resolute
Ventures, Premji Invest
$80M - Series D Dec 2016
DST Global, Sequoia Capital, Tiger Global
Management, Founders Fund, QED Investors
$71.3M - Series C Feb 2018
Partners, Premji Invest
$60M - Series E Aug 2016
MediaTek

LATE STAGE
$60M - Series C Sep 2017
Accel Partners, PayPal, New Enterprise Associates,
Bessemer Venture Partners
$56M - Series C May 2017
retailers
Express
$53M - Series D Mar 2018
Stripes Group, Insight Venture Partners, Spark
Capital, Union Square Ventures
$50M - Series C Oct 2017
Feedzai (2009, London, $82M)
Fraud Prevention Software
Sapphire Ventures
LATE STAGE
$45M - Series D Jun 2018
Goldman Sachs, Iconiq Capital
$38.7M - Series D Mar 2018
$33M - Series C Jun 2017
Riskified (2012, Tel Aviv, $63.6M)
Machine learning based payment fraud prevention
solution
Pitango Venture Capital, Capital One Growth
Ventures, C4 Ventures, Qumra Capital, Genesis
Partners
$30M - Series E Oct 2016
ThreatMetrix (2005, San Jose, $84.5M)
Fraud prevention & context based authentication
solution
Silicon Valley Bank
LATE STAGE
$30M - Series C Jul 2016
Insight Venture Partners, Spark Capital, Union
Square Ventures
$25M - Series D Jun 2017
Visa, Commerce Ventures, 83North, Granite
Ventures, IA Capital Group, CommerzVentures,
CreditEase
$22.5M - Series C Sep 2017
GoCardless (2011, London, $47.5M)
Online payments solutions for recurring payments
Accel Partners, Balderton Capital, Passion Capital,
Notion
$21.4M - Series C Aug 2017
GrouPAY (2011, London, $40.6M)
Online payment gateway for SMEs

LATE STAGE
$20.5M - Series F Dec 2016
Cash Transaction Network
$12M - Series D Feb 2018
Dwolla (2008, Des Moines, $54M)
Proprietary payment network of banks and white
label gateway.
Foundry Group, Union Square Ventures, Next Level
Ventures, Ludlow Ventures, High Alpha, Firebrand
$10.5M - Series D Jul 2016
The Bank of Tokyo-Mitsubishi UFJ, Mitsubishi UFJ
Capital, Sozo Ventures
$10M - Series C Nov 2017
eInvoicing and online payment solution.
LATE STAGE
$10M - Series C Feb 2018
Identity Mind Global (2011, Palo Alto, $11.8M)
Risk Management and AML for eCommerce & Virtual
Currencies
Benhamou Global Ventures, Eastern Link Capital,
Hanna Capital, Overstock
2C2P (2008, Singapore, $17M)
Provider of payment gateway and alternative
payment solutions
$6.9M - Series D Jan 2017
Dwolla (2008, Des Moines, $54M)
Proprietary payment network of banks and white
label gateway.
Union Square Ventures, Foundry Group, Next Level
Ventures, Ludlow Ventures, High Alpha, Firebrand
Ventures, Detroit Venture Partners
$6.2M - Series D Jul 2017
LATE STAGE
PE Nov 2016
TrueMoney (2014, Din Daeng)
Open wallet service provider for payments
Ant Financial
Series D Jul 2017
Upserve (2009, Providence, $40.5M)
Cloud-based payment processing and business
analytics
Vista Equity Partners
Series C Oct 2016
Sumitomo Mitsui Financial Group

EARLY STAGE
$82M - Series B Mar 2018
Actis, Altimeter
$74.6M - Series B Jan 2018
Ledger (2014, Paris, $83.1M)
The Bitcoin security company
Draper Esprit, Draper Venture Network, Draper
Associates, Draper Dragon, Boost VC, FirstMark,
Cathay Innovation, Korelya Capital, CapHorn Invest,
Digital Currency Group
$55M - Series B Sep 2016
Open source payment protocol for cross border
money transfer.
Standard Chartered, SBI Holdings, Digital Ventures
$46.6M - Series B Sep 2017
FiTeq (2009, Tiburon, $49.3M)
Securing card transaction
EARLY STAGE
$40M - Series B Apr 2018
Bitpay (2011, Atlanta, $72.5M)
Bitcoin payment Gateway
Aquiline Capital Partners, Menlo Ventures, Point
Nine Capital, Delta-v Capital, Alvin Liu, Nimble
Ventures, G Squared
$40M - Series B Jun 2017
Blockchain (2011, San Francisco, $70M)
Bitcoin wallet service and blockchain navigation
GV, Lightspeed Venture Partners, Virgin, Prudence
Holdings, Mosaic Ventures, Digital Currency Group,
Lakestar, Nokota Management LLP, Richard Branson
$35M - Series A Sep 2017
Pineapple Payments (2016, Pittsburgh, $35M)
Payment gateway and point of sale solution provider
Providence Equity Partners
EARLY STAGE
BioCatch (2011, Tel Aviv, $48.1M)
Detection using biometric behavior
Maverick Ventures, OurCrowd, Janvest Capital
Partners, CreditEase, Kreos Capital, NexStar
Partners, American Express
$30M - Series B Jan 2018
EBANX (2010, Curitiba, $30M)
Local payment processing solutions in LATAM
FTV Capital, Endeavor
Midigator (2013, Lindon, $30M)
Merchant account monitoring and analytics tool
LLR Partners
Paymerang (2009, $26M)
Accounts payable automation solution
Aldrich Capital Partners

EARLY STAGE
$20M - Series B Dec 2017
Razorpay (2014, Bangalore, $31.5M)
Payment gateway solutions
Tiger Global Management, Y Combinator, Matrix
Partners India
$20M - Series B Aug 2017
PayTabs (2013, Manama, $20M)
Payment processing and fraud prevention service
provider.
retailers
Menlo Ventures, TriplePoint Capital, American
Express
$18.6M - Series B Jul 2017
Innoviti (2002, Bangalore, $26.8M)
POS payment processing solution provider
SBI Ven Capital, Bessemer Venture Partners,
Catamaran
EARLY STAGE
$18.3M - Series A Mar 2018
Zoop (2013, Rio De Janeiro, $18.3M)
White-label payment platform solutions
Movile
Omise (2013, Bangkok, $25M)
Payment API provider in Thailand
SBI Holdings, Ascend Group, Golden Gate Ventures,
SMDV
$16M - Series A Feb 2018
Greenlight (2014, Atlanta, $29.5M)
The debit card for kids that parents manage from
their phones
TTV Capital, New Enterprise Associates, Relay
Ventures, SunTrust Bank, Ally Bank, NBKC, Amazon
i3 Verticals (2012, Nashville, $24.3M)
Provides payment processing solutions.
EARLY STAGE
$13M - Series A Jan 2018
Petal (2016, New York City, $16.6M)
Alternative credit card
Valar Ventures, Brooklyn Bridge Ventures, Afore
Capital, Rosecliff Ventures, Great Oaks Venture
Capital, New Ground Ventures, Abstract Ventures,
Story Ventures, The Gramercy Fund, Third Prime
Capital, Riverpark Funds, The Social Entrepreneurs’
Fund
$12.6M - Series B Oct 2017
Deserve (2013, Menlo Park, $27M)
Credit card provider to college students
Accel Partners, Aspect Ventures, Mission Holdings,
Pelion Venture Partners, Alumni Ventures Group,
GDP Venture
$10.5M - Series B Oct 2017
WeSwap (2010, London, $33.1M)
Multi-currency travel mobile wallet.
IW Capital

EARLY STAGE
$10M - Series B Jul 2016
Ascot Capital Partners, EC1 Capital, IW Capital
$10M - Series B Jul 2016
QwikCilver (2008, Bangalore, $22.9M)
Multi-brand gift card store and B2B backend
technology provider
Sistema, Accel Partners, Helion Venture Partners,
Amazon
$10M - Series A Jun 2016
$5.8M - Series A Dec 2016
Wyre (2013, San Francisco, $5.8M)
International money transfers using blockchain
Amway Southern Capital, Digital Currency Group,
Draper Associates, Baofoo, Seabed VC, Boost VC,
JiuFu
EARLY STAGE
$5.5M - Series A Oct 2017
Fattmerchant (2014, Orlando, $8.5M)
Subscription based Payment services
Fulcrum Equity Partners
$5.1M - Series A Jun 2017
Aimbrain (2014, London, $5.6M)
Mobile behavioural biometric security layer for
payment services.
Entrepreneur First, Simon Rozas, Episode 1
Ventures, Business Growth Fund
$5M - Series A May 2017
Coins.ph (2013, Manila, $10M)
Bitcoin wallet for transactions in Philippines
Naspers
$5M - Series A Oct 2016
Coins.ph (2013, Manila, $10M)
Bitcoin wallet for transactions in Philippines
Accion, Innovation Endeavors, Pantera Capital,
Digital Currency Group, Wavemaker Partners,
Global Brain, Beenext, Rebright Partners, Kickstart
Ventures, IdeaSpace Foundation
EARLY STAGE
$4M - Series A Mar 2017
Smyte (2014, San Francisco, $6.3M)
Machine learning and classification engine based
fraud detection
Avalon Ventures, Baseline Ventures, Founder
Collective, Harrison Metal, Upside Partnership, Y
Combinator
$3.7M - Series A Oct 2016
Ravelin Technology (2014, London, $5.6M)
Machine learning based fraud prevention platform
Playfair Capital, Amadeus Capital, Passion Capital
$3M - Series B Oct 2016
$2M - Series A Aug 2016
Codapay (2012, Singapore, $5.2M)
Alternative payments in Southeast Asia
GMO Venture Partners, Golden Gate Ventures, Toivo
Annus, Spiral Ventures

EARLY STAGE
$996k - Series A Sep 2016
Novopay (2014, Bangalore, $8.8M)
Bank sponsored wallet
Khosla Labs
$818k - Series B Jun 2016
Series B Oct 2016
Feedzai (2009, London, $82M)
Fraud Prevention Software
Citi
Series B Sep 2017
Omise (2013, Bangkok, $25M)
Payment API provider in Thailand
Series A Oct 2016
$12M)
First Quay Capital
SEED STAGE
$7.5M - Seed Jun 2017
their phones
Relay Ventures, New Enterprise Associates, Social
Capital, TTV Capital
$6M - Seed Dec 2017
their phones
$3.6M - Seed Sep 2017
Petal (2016, New York City, $16.6M)
Alternative credit card
Brooklyn Bridge Ventures, Afore Capital, Rosecliff
Ventures, Guild Capital, Great Oaks Venture Capital,
Story Ventures, Silicon Badia, Incite Ventures, The
Gramercy Fund, Abstract Ventures, New Ground
Ventures
SEED STAGE
$2.3M - Seed May 2018
ClassWallet (2014, Miami, $7M)
Virtual wallet app for school.
Florida Funders, Rainfall Capital, SV Angel,
Brentwood Associates, NewSchools Venture Fund,
Sinovation Ventures
$842k - Seed Jun 2016
Pay Plug (2012, Paris, $842k)
Payment gateway API and analytics dashboard
$735k - Seed Feb 2018
Florida Funders
$253k - Angel Jul 2016
Naveen Tewari, Neeraj Arora

SEED STAGE
Seed Jun 2016
$12M)
Wells Fargo
Seed Jan 2017
Brentwood Associates

Payments > Investment Trends > Notable Investments in last 24 months in China
Notable Investments in last 24 months in China
LATE STAGE
$296M - Series C Oct 2016
China Unionpay Merchant Services (2004,
Shanghai, $296M)
Merchant acquiring arm of China UnionPay
$72.8M - Series C Oct 2017
FraudMetrix (2013, Hangzhou, $158M)
Software developer focusing on internet security for
financial transactions
Tiantu Capital, Temasek, B&D Capital, Aster Capital
$23.6M - Series C Feb 2018
BangSun Financial Technology (2010,
Hangzhou, $70.4M)
Anti fraud technology platform
EARLY STAGE
$45.1M - Series B Aug 2016
Yunnex (2012, Guangzhou, $61.8M)
Smart PoS based solution
GSR Ventures
$23.3M - Series B May 2017
Hangzhou, $70.4M)
Fang Guang Capital, Legend Capital, Shenzhen
Cornerstone Asset Management
Hangzhou, $70.4M)
Legend Capital, Fortune Capital, Xinhu Zhongbao

Most Active Investors (VC, PE) by Stage in Payments; Last 5 years (Jun 2013-Jun 2018)
Most Active VC & PE Investors
51
Payments > Investment Trends > Most Active VC & PE Investors
SEED STAGE
Digital Currency Group (3 Investments)
Chainalysis, POSaBIT, MONI
1
Speedinvest(3 Investments)
Imagine Curve, Payworks, Telleroo
2
Gecad Ventures(3 Investments)
PayU Romania, Coinzone, TypingDNA
3
Golden Gate Ventures(2 Investments)
Ayannah, Xfers
4
Founder Collective(2 Investments)
Riskified, Smyte
5
GMO Venture Partners(2 Investments)
Xfers, MatchMove Pay
6
Connect Ventures (2 Investments)
Imagine Curve, Soldo
7
Seedcamp(2 Investments)
Imagine Curve, Telleroo
8
Hyde Park Venture Partners(2
Investments)
Stratos Card, Precognitive
9
T5 Capital(2 Investments)
Riskified, Final
10
EARLY STAGE
Digital Currency Group (7 Investments)
Blockchain, Ripple, Ledger
1
Index Ventures(4 Investments)
Adyen, Bitpay, Xapo
2
GMO Venture Partners(4 Investments)
2C2P, Codapay, Red Dot Payment
3
QED Investors (4 Investments)
Nubank, Current, Card.com
4
Beenos(3 Investments)
Citrus Pay, Iyzi Payments, Paynamics Technologies
5
Felicis Ventures(3 Investments)
Adyen, Bitpay, Emailage
6
Business Growth Fund (3 Investments)
Paddle, Thames Card Technology, Aimbrain
7
Bessemer Venture Partners (3
Investments)
Dashlane, Raise, Innoviti
8
GV (3 Investments)
Blockchain, Ripple, Poynt
9
Sequoia Capital (2 Investments)
Forter, Tarang
10
LATE STAGE
TA Associates Management (3
Investments)
BluePay, Interswitch Group, Retriever Medical
1
Founders Fund (2 Investments)
Stripe, Nubank
2
Temasek(2 Investments)
Billdesk, Pine Labs
3
Thrive Capital(2 Investments)
Stripe, Nubank
4
Capital One Growth Ventures(2
Investments)
Riskified, Transactis
5
Khosla Ventures
Stripe
6
Bain Capital Ventures
Signifyd
7
Accel Partners
Raise
8
KPCB
Stripe
9
Spark Capital
Coinbase
10

Payments > Investment Trends > Most Active Ecosystem Investors
Top Ecosystem Investors in Payments; Last 5 years (Jun 2013-Jun 2018)
Most Active Ecosystem Investors
INCUBATOR/ACCELERATOR
500 Startups(21 Investments)
WePay, E la Carte, Omise
1
Y Combinator(18 Investments)
Razorpay, Coin, Flutterwave
2
Startupbootcamp(10 Investments)
WoraPay, PayMates, milliPay Systems AG
3
Techstars(10 Investments)
Osper, Chainalysis, Final
4
Plug and Play Tech Center(8 Investments)
PayPal, Dwolla, Trulioo
5
Boost VC(4 Investments)
Ledger, Wyre, Cognito
6
Barclays Accelerator(3 Investments)
Chainalysis, Ravelin Technology, AgentCASH
7
A15(2 Investments)
PayMob, TPAY
8
H2 Ventures(2 Investments)
Spriggy, Tapview
9
Life.SREDA(2 Investments)
Ayannah, YoloPay
10
OTHER NOTABLE INVESTORS
American Express(5 Investments)
Stripe, Signifyd, BioCatch
1
FTV Capital(5 Investments)
WePay, Credorax, EBANX
2
Goldman Sachs(5 Investments)
Stripe, Marqeta, Nubank
3
Kima Ventures(5 Investments)
Ledger, PayByGroup, Imagine Curve
4
Wayra(4 Investments)
Trustev, IncreaseCard, Culqi
5
Accion(3 Investments)
Coins.ph, Quippi, Sub-K
6
Advent International(3 Investments)
Oberthur Technologies, Monext, MBF Cards
7
The Carlyle Group(3 Investments)
Financial Software Systems, UniRush, Payzone Ireland
8
Francisco Partners(3 Investments)
2Checkout, Paymetric, Network Merchants
9
FundersClub(3 Investments)
Chainalysis, Simplex, SlidePay
10
DEBT INVESTORS
Kreos Capital(4 Investments)
GoCardless, Riskified, Zooz
1
Trinity Capital Investment(4 Investments)
2Checkout, Dynamics, E la Carte
2
Western Technology Investment(4
Investments)
Trustwave, Viewpost, Wallaby
3
Advantage Capital(2 Investments)
Payveris, Bypass Mobile
4
Fortress Investment(2 Investments)
Xapo, Mogo.ca
5
Idinvest Partners(2 Investments)
Famoco, Skrill
6
Silicon Valley Bank(2 Investments)
ThreatMetrix, Qwil
7
Berlin Technologie Holding
Barzahlen
8
Connecticut Innovations
Payveris
9
Kohlberg Kravis Roberts
First Data
10

Payments > Investment Trends > Investors in Unicorn club
Investors in Unicorn Club (1/10)

Payments > Investment Trends > Unicorn Investors in the Sector
Unicorn Investors in the Sector

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
64
BlueBox
Key Sub Sectors
Detailed Sector Taxonomy
Top Markets of Investment Activity
Top Markets of Early Stage Investors
Other Notable Markets
Market Deep Dive

Some more Sector Reports you might want to check out
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Banking Tech
May 2018
Crowdfunding
May 2018
Mobile Payments
May 2018

For any Feedback and Query reach out to MyAnalyst@tracxn.com* Upcoming Business Model
Funding data excludes Debt, Grants & Post-IPO rounds. Excludes all details for Chinese companies
FACTSHEET
Feed Report - Payments - May 201866 Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.
Marketmap: Payments Payments > Market Details > BlueBox

Key Sub Sectors (1/2)
67
Key Sub Sectors in Payments
Market Top Companies
# Cos
Tracked
#
Funded
Total
Funding
Acquirer Processor
Companies which receive the data sent by payment gateways on behalf of the acquiring bank,
and settl....
First Data (1971, Atlanta, Public)
EVO Payments International (1990,
Atlanta, $750M)
149 70 $5.7B
Payment Gateway
Companies which capture consumer payment instrument and transaction amount data online
and pass them....
PayPal (1998, San Jose, Public)
1052 238 $3.3B
Wallet
Companies that provide a web based digital storage service to link payment cards or load
money and p....
Magex (1998, London, Acquired)
170 50 $2.9B
Payment Cards
Companies that provide alternate card issuing and program management services
Revolution Money (2007, Petersburg,
Acquired)
552 138 $1.8B
Security
Companies that offer security solutions against various payment frauds
Inside Secure (1995, Meyreuil, Public)
199 95 $1.6B
PoS Suite
Companies which capture card-present transaction data and pass them to the acquiring bank
for authentication.
First American Payment Systems (2009,
Fort Worth, Acquired)
273 68 $1.1B
Companies that enable alternate payment solutions for businesses (offline cash acceptance for
online....
TrialPay (2006, Mountain View, Acquired)
94 37 $393M
Enablers
Companies that provide technology solutions for various payment processes such as modular
platforms,....
Clear2Pay (2001, Brussels, Acquired)
AEVI International (2015, Paderborn,
$45M)
110 41 $354M
Payments > Market Details > Key Sub Sectors

Key Sub Sectors (2/2)
68
Key Sub Sectors in Payments
Market Top Companies
# Cos
Tracked
#
Funded
Total
Funding
Payment Network
Companies which are a network of financial institutions, and settle financial transactions
between i....
VocaLink (2007, Rickmansworth, Acquired)
48 18 $311M
B2B Payments
Companies that facilitate invoice and related payments for businesses
Vendorin (2007, Omaha, Acquired)
60 24 $235M
Payments > Market Details > Key Sub Sectors

Detailed Sector Taxonomy (1/7)
69
Payments > Market Details > Detailed Sector Taxonomy

70

71

72

73

74

75

Rank Market
Last 2 Years
$ Invested # Round Top Funded Company
1
(-)
Payment Gateway > APIs
Companies that provide API-based payment gateways which can be embedded in the client website
(Companies covered 413 | Funded 89 | Total Funding $1.7B)
$453M
(-$752M)
40
(-50)
Stripe
2
(+2)
Wallet > Semi-Closed > Cash-based
Companies that provide semi-closed wallets which are loaded with cash before transfer
(Companies covered 53 | Funded 19 | Total Funding $2.2B)
$1.5B
(+$700M)
10
(-18)
Paytm
(2010, Noida, $2.2B)
3
(+5)
PoS Suite > Suite
Companies that offer full software and hardware PoS solutions for capturing card data
(Companies covered 118 | Funded 21 | Total Funding $761M)
$497M
(+$239M)
9
(-7)
Geidea
(2008, Riyadh, $266M)
4
(+12)
Payment Cards > Credit Cards
Companies that offers non-traditional credit card
$363M
(+$157M)
8
(-)
Nubank
(2013, Sao Paulo, $330M)
5
(-2)
Payment Cards > Prepaid Cards > General Purpose > Reloadable
Companies offer general purpose prepaid cards which are reloadable
$56.3M
(-$159M)
12
(-33)
True Link Financial
(2012, San Francisco, $15.8M)
6
(+4)
Security > Transaction Monitoring > Multi-Solutions > AI-Based
Companies that offer AI-based transaction monitoring
$146M
(+$6.7M)
9
(-8)
Sift Science
7
(-5)
Payment Gateway > Horizontal
Companies developing payment gateways that provide a combination of APIs, hosted pages and white
label
$157M
(-$293M)
7
(-27)
PaySimple
(2006, Denver, $137M)
76
Note: The numbers in the bracket represent the change in a 2 year period.
Top Markets of Investment Activity (1/3)
Top Markets by Funding in Payments in last 2 years (June 2016 - May 2018)
Payments > Market Details > Top Markets of Investment Activity

Rank Market # Investments Key Investments
1
PoS Suite > Suite
Companies that offer full software and hardware PoS solutions for capturing card data
(Companies created 118 | Funded 21 | Total Funding $761M )
1 Innoviti (2002, Bangalore, $26.8M)
2
Security > For Financial Institutions > Blockchain-Based
Companies that offer blockchain-based security solutions to Financial Institutions
(Companies created 3 | Funded 1 | Total Funding $17.6M )
1 Chainalysis (2014, Manhattan, $17.6M)
3
Payment Cards > Credit Cards
Companies that offers non-traditional credit card
1 Deserve (2013, Menlo Park, $27M)
4
Security > Data Encryption > Card Data
Companies that encrypt card data in order to prevent fraud attacks
(Companies created 12 | Funded 4 | Total Funding $76.9M )
1 Final (2014, Mountain View, $10.1M)
5
Payment Cards > Meta Cards
Companies that offer smart card for aggregating multiple payment cards
1 Swyp (2014, Santa Clara, $5M)
Note: Investors considered - Sequoia Capital, Accel Partners, Andreessen Horowitz, NEA, Greylock Partners, General Catalyst Partners, Benchmark Capital, KPCB, Khosla Ventures, Redpoint Ventures, Founders Fund, SV Angel, Index Ventures, Bessemer
Venture Partners, Lightspeed Venture Partners, Venrock, Draper Fisher Jurvetson, Institutional Venture Partners, Intel Capital, Battery Ventures
79
Top Markets of Early Stage Investors
Top Markets where Early Stage Investors are investing in last 2 years (June 2016 - May 2018)
Payments > Market Details > Top Markets of Early Stage Investors

Incubators Y Combinator (#7), Clearstone Venture Partners (#1)
Seed Sequoia Capital (#2), SV Angel (#1)
Series A/B Greycroft Partners (#2), Accel Partners (#2)
Series C+ FTV Capital (#2), CapitalG (#1)
WePay Dec - 2017
Acq by JPMorgan Chase & Co.
CardConnect Jul - 2017
Acq by First Data for $750M
Provision Sep - 2016
IPO'd on TPE
Ezidebit Sep - 2014
Acq by Global Payments for $270M
Payment Processing Jan - 2014
Acq by Global Payments for $420M
Braintree Sep - 2013
Acq by PayPal for $800M
BlueSnap Aug - 2011
Acq by Great Hill Partners for $115M
Seed
Handle Financial (2009, Sunnyvale)
$500k - Seed
Culqi (2013, Limache, $500k)
$500k - Seed
Rocketr (2016, Chicago, $500k)
$38.7M - Series D
$71.3M - Series C
$1.5M - Seed
PayVida (2012, Kelowna, $1.5M)
Jan 2014
PayPal rival Stripe nabs $80M for its developer friendly
payments service, VentureBeat
Aug 2017
Firs, Etranzact Launch PayFIRS.net to help Government
Reach N5 trillion tax collection Target for 2017, TechMoran
Jul 2007 Billeo Bar for Paying Your Bills Online, TechCrunch
Jun 2017
Peach Payments partners ACI Worldwide to bring Alipay to
SA, Disrupt Africa
Oct 2017
WePay Forms New Partnership With SignUpGenius to
Simplify Online Payments, Crowdfund Insider
Jul 2017
Chinese mobile payment solution comes to SA, South African
Tourism Update
Sep 2017
Red Dot Payment, empowering e-commerce at all levels
across APAC , Tech Wire Asia
Jul 2017
Stripe boss on Asian expansion and the value of building a
product before a company, Tech in Asia
Aug 2017
eTranzact Gross Revenue Hits N10.4bn, Declares
DividendNaija247news, Naija247news
Sep 2014
General Catalyst Introduces $10 Million Fund to Enrich
Stripe Platform, PR Newswire
Nov 2017 Forte Payment Systems Partners with Rentec Direct, PRWeb
Jul 2017
WePay Chooses Split to Significantly Enhance Customer
Experience with Improved Software Delivery, GlobeNewswire
Sep 2017
i3 preps for more deals with $14M raise | Nashville Post,
Nashville Post
Jun 2017
Payment processor Stripe launches in Benelux, Ecommerce
News
News
0
5
10
15
20
25
30
$0k
$50M
$100M
$150M
$200M
$250M
$300M
$350M
$400M
2014 2015 2016 2017 2018
YoY Funding Rounds
11
14
40
89
413
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Payment Gateway > APIs: Market Factsheet
80
Exits
Recent Investments
YoY Funding and Rounds
Companies that provide API-based
payment gateways which can be
embedded in the client website
Stripe
Billdesk
(2000, Mumbai, $253M)
YapStone
(1999, Walnut Creek, $187M)
Braintree
(2007, Chicago, $96M)
WePay
(2008, Palo Alto, $73.8M)
Top Companies
#1 Top Markets of Investment Activity
Payments > Market Details > Market: APIs
Companies Created 413 | Funded 89 | Total Funding $1.7B
Market: APIs

Payment Gateway > APIs: Top Companies
Market: APIs (1/2)
Analyst’s Pick
JPMorgan Chase & Co., Goldman Sachs, Morgan
Stanley and 36 Other Investors
Billdesk (2000, Mumbai, $253M)
Payment gateway
General Atlantic, Temasek, Claymore Investments
WePay (2008, Palo Alto, $73.8M)
Flexible payments API for platforms
FTV Capital, Rakuten, Highland Capital Partners
Analyst’s Pick
BlueSnap (2001, Waltham, $68M)
International payment solution
Great Hill Partners, Parthenon, Susquehanna
Growth Equity
Razorpay (2014, Bangalore, $31.5M)
Payment gateway solutions
Minicorn. Stage: Series B
Tiger Global Management, Y Combinator, Matrix
Partners India and 13 Other Investors
Minicorn. Stage: Series B
First Bank of Tennessee, Bank of America,
Tennessee Bank and Trust and 5 Other Investors
2C2P (2008, Singapore, $17M)
Provider of payment gateway and alternative
payment solutions
Minicorn. Stage: Series D
SafeCharge, GMO Venture Partners, Amun Capital
Analyst’s Pick
Finxera (2008, San Mateo, $10M)
Payment API provider
Editor's Pick. Stage: Series B
Foundation Capital, Floodgate Fund, Baseline
Ventures, Founder Collective
Tarang (2000, Bangalore, $5.5M)
Electronic payments solution provider to banks and
retail stores
Minicorn. Stage: Series A
GIV Management, Sequoia Capital, WestBridge
Capital Partners
Pay Plug (2012, Paris, $842k)
Payment gateway API and analytics dashboard
Minicorn. Stage: Acquired
Timezone Ventures, ACE and Company
CyberSource (1994, San Francisco)
eCommerce Payment Management
Upfront Ventures, Batterson Venture Capital

Payment Gateway > APIs: Top Companies
Market: APIs (2/2)
Analyst’s Pick
Cardknox (2010, Lakewood)
API-linked payment gateway solutions
Editor's Pick. Stage: Funded
H.I.G. Capital
CBOSS (1995, Youngstown)
API-linked payment gateway provider
Editor's Pick. Stage: Unfunded
Concept Payments (2006, Toronto)
API-linked payment gateway and white-label
gateway solutions
EBizCharge (2009, Irvine)
API-linked payment gateway solutions
E-Pay International (2016, London)
UK-based payment gateway provider
IMSolutions (2011, Madrid)
API-linked payment gateway
Analyst’s Pick
Luup (1994, London)
Cross-border e-commerce payment gateway and
fraud solution provider.
PayGunner (2014, Paris)
API-linked payment gateway for the firearms
industry
PayUbiz (2011, Gurgaon)
Editor's Pick. Stage: Acquired
Seamless Payments (2012, New York City)
Payment gateway provider for merchants
SparrowOne (2015, Scottsdale)
API-linked payment gateway and mPOS solutions
TranzCrypt (2011, West Fargo)
API-linked payment gateway for merchants
Analyst’s Pick
Tranzzo (2017, Riga)
API-linked payment gateway provider
TrustPay (2009, Bratislava)
Online payment gateway service provider.
Twispay (2016, Bucharest)
API-linked payment gateway for merchants
Xsolla (2005, Sherman Oaks)
Storefront management and billing solutions for
online game payments
Yekpay (2016, Zug)
Iran-based, API-linked payment gateway

Incubators MaverixLab (#1), Techstars (#1)
Seed Kima Ventures (#1), Accelerator Ventures (#1)
Series A/B Intel Capital (#1), Silicon Valley Bank (#1)
Series C+ SoftBank Group (#1), MediaTek (#1)
None
$2.3M - Seed
$735k - Seed
$1.6M - Seed
FinPay (2012, King Of Prussia, $1.6M)
$1.4B - Series F
Seed
PE
$173k - Series A
Sightline Payments (2009, Las
Vegas, $8.8M)
$60M - Series E
Seed
CoinTent (2013, San Francisco, $1M)
$253k - Angel
$250k - Seed
PaySur (2014, Leon, $525k)
Jul 2017
Now, Paytm App Will Offer News, Live Matches, TV Shows;
Facebook TV Coming In August!, Trak in
Oct 2017
Krishna Hegde: Paytm's Senior VP Krishna Hegde to oversee
lending, Indiatimes
Aug 2017
Paytm Renames Its Recently Launched Postcard Service As
'Lifafa', MOBILE DEKHO
Sep 2017
With Paytm Payments Bank account, you can pay at all major
online platforms using Digital Debit Card, Asian News
International
Nov 2017
India’s Top Payments App Adds Chatting, Challenging
WhatsApp, The New York Times
Dec 2017
Paytm ka ATM is here! Firm plans to invest Rs 3000 crore
over next 3 years to expand offline distribution network,
Diligent Media Corporation
Aug 2017
Paytm Mall app launched for Android, iOS users, 65 mn
products available, Business Standard
Jun 2017
KinerjaPay Partners With Jobforcareer.com, Indonesia’s
Leading Job Portal, PR Newswire
Jun 2017
KinerjaPay aims to be an omni-channel business, Digital News
Asia
Oct 2017
Paytm sold Rs120 crore gold to 1 million people in 6 months,
Livemint
Sep 2017
Paytm To Launch Physical RuPay Debit Cards Soon For It’s
Users, Bizztor
Dec 2017
Paytm Payments Bank launch Paytm FASTag for electronic
road toll payments, Deccan Herald
Jan 2018 Paytm Lost Rs. 900 Crore Last Year, OfficeChai
News
0
2
4
6
8
10
$0k
$200M
$400M
$600M
$800M
$1.B
$1.2B
$1.4B
$1.6B
2014 2015 2016 2017 2018
YoY Funding Rounds
-
3
7
19
53
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Wallet > Semi-Closed > Cash-based: Market Factsheet
83
Exits
Recent Investments
Companies that provide semi-
closed wallets which are loaded
with cash before transfer
Paytm
(2010, Noida, $2.2B)
Ukash
(2001, London, $14.4M)
Sightline Payments
(2009, Las Vegas, $8.8M)
Leetchi
(2009, Paris, $7.9M)
ClassWallet
(2014, Miami, $7M)
Top Companies
Payments > Market Details > Market: Cash-based
Companies Created 53 | Funded 19 | Total Funding $2.2B
Market: Cash-based

Wallet > Semi-Closed > Cash-based: Top Companies
Payments > Market Details > Market: Cash-based
Market: Cash-based
Analyst’s Pick
Unicorn. Stage: Series F
SoftBank Group, MediaTek, Naveen Tewari and 35
Other Investors
Leetchi (2009, Paris, $7.9M)
Group expense sharing platform
Minicorn. Stage: Acquired
360 Capital Partners, Idinvest Partners, Kima
Ventures
Minicorn. Stage: Seed
Florida Funders, Rainfall Capital, SV Angel and 13
Other Investors
Open wallet service provider for payments
Minicorn. Stage: Funded
Ant Financial
Kopilka (2016, Moscow)
Online cash loaded wallet.

Incubators Y Combinator (#1)
Seed SV Angel (#1), Tata Capital (#1)
Series A/B Intel Capital (#1), Romulus Capital (#1)
Series C+ TriplePoint Capital (#1), Temasek (#1)
SIX Payment Services May - 2018
Acq by Worldline Global for $2.8B
Moneris Nov - 2016
Acq by Vantiv for $425M
First American Payment Systems
Jul - 2014
Acq by Ontario Teachers' Pension Plan
Smartpay Apr - 2013
IPO'd on ASX
UIC Sep - 2001
IPO'd on TPE
USA Technologies Apr - 2000
IPO'd on NASDAQ
$125M - Series C
$266M - PE
$82M - Series B
$2.5M - Series A
RoadSync (2015, Atlanta, $2.5M)
$196k - Seed
Tidal Commerce (2003, Oak Brook,
$196k)
$2.1M - Seed
Cardx (2013, Chicago, $2.1M)
Jul 2017
USAT Raises $43.1M In Underwritten Public Offering,
PYMNTS
Jun 2017
Bluebird Expands Distribution Agreement with ScanSource
POS and Barcode to Europe, PRWeb
Aug 2017
Billion rupee startup, PAYable, draws in major investment,
gears for accelerated growth, Business Cafe
Nov 2017
USA Technologies Announces First Quarter Fiscal Year 2018
Results, Business Wire
Jun 2017 KeyBS, Evolis ink strategic alliance, 4-Traders
Aug 2014
Nomanini secures funding for international expansion,
Nomanini
Sep 2017
Premier Food Service taps USA Technologies for cashless
payments, Cards International
Sep 2014
Bringing Tablets To Restaurant Tables Nationwide Nets E la
Carte $35 Million, TechCrunch
Aug 2017 Sequoia may look to exit Pine Labs, Indiatimes
Nov 2017
Lincoln County Vending Commits To Cashless Payment
Acceptance On 100% Of Machines, Vending Market Watch
Oct 2017
Ex-RuPay head Rajesh Prasad joins Innoviti as chief business
officer for APAC operations, Livemint
Jun 2017
i2c Appoints Payments Industry Veteran to Lead Global
Operations, PR Newswire
Oct 2014
German iPad software provider Orderbird secures $10M,
VentureBeat
Jul 2017
Fintech startup Innoviti attracts funds for its plans to
provide working capital loans, AllChinaTech
News
0
1
2
3
4
5
6
$0k
$100M
$200M
$300M
$400M
$500M
2014 2015 2016 2017 2018
YoY Funding Rounds
7
5
10
21
118
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
PoS Suite > Suite: Market Factsheet
85
Exits
Recent Investments
Companies that offer full software
and hardware PoS solutions for
capturing card data
Geidea
(2008, Riyadh, $266M)
Pine Labs
(1998, Noida, $227M)
First American Payment
Systems
(2009, Fort Worth, $148M)
E la Carte
(2008, Palo Alto, $52.5M)
Poynt
(2013, Palo Alto, $33M)
Top Companies
Payments > Market Details > Market: Suite
Companies Created 118 | Funded 21 | Total Funding $761M
Market: Suite

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