Tracxn - Payments Startup Landscape

Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Payments - Mar 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 March 15, 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
$16.7B
Funding
144
Mega
Companies
7822866
FundedCovered on
Tracxn
19
Unicorns
53
Soonicorns
51
Minicorns
75
IPO’d Cos
347
Late Stage Cos
119
78
Acquisitions
117
DeadPooled
221
Acquihired
Series A+ Cos
Visa
(1958, Foster City, Public)
First Data
(1971, Atlanta, Public)
PayPal
(1998, San Jose, Public)
Top Companies

211
251
299 306
199
75
2012 2013 2014 2015 2016 2017
Y-o-Y # of Companies Founded
$380M
$1.3B
$5.4B
$1.8B
$1.5B
$2.4B
2012 2013 2014 2015 2016 2017
$ Funding # Rounds
Investment Trend Summary
Summary of Funding Activity in Payments
5
$1.4B - Series F
Paytm (2010, Noida, $2.2B)
$80M - Series D
Nubank (2013, Sao Paulo, $330M)
$150M - Series D
Stripe (2010, San Francisco, $473M)
$76M - Series C
VPay (2008, Plano, $76M)
$150M - Series D
Billdesk (2000, Mumbai, $253M)
$74.6M - Series B
Ledger (2014, Paris, $83M)
$115M - PE
PaySimple (2006, Denver, $137M)
$71.3M - Series C
YapStone (1999, Walnut Creek, $187M)
$100M - Series D
Coinbase (2012, San Francisco, $217M)
$60M - Series E
Top Geos of InvestmentEntrepreneurial Activity Global Funding Trend
Payments > Feed Summary > Investment Trend Summary
Seed
Andreessen Horowitz (#3), Digital Currency Group (#3), Gecad
Ventures (#3)
Series A/B
Digital Currency Group (#6), GMO Venture Partners (#4), Index
Ventures (#4)
Series C+
TA Associates Management (#3), Founders Fund (#2), Capital One
Growth Ventures (#2)
Incubators 500 Startups (#22) Y Combinator (#21) Techstars (#10)
Other Notable
Investors
Plug and Play Tech Center (#10), Startupbootcamp (#10),
American Express (#5)
Debt Investors
Kreos Capital (#4), Trinity Capital Investment (#4), Western
Technology Investment (#4)
Most Active InvestorsRecent Investments
84 128 157 155 141 118
$10.5B
$3B
$1.8B
$539M
$478M
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, $52.6M)
Redpoint Ventures 3
Gimv 3
Inside Secure (1995, Meyreuil, $181M)
Clear2Pay (2001, Brussels, $92.4M)
FTV Capital 3
Trustwave (1995, Chicago, $60M)
CardConnect (2006, King Of Prussia, $50M)
Jan 2018 Blackhawk Network Acq by Silver Lake for $3.5B
Jul 2017 Bambora Acq by Ingenico for $1.7B
Jun 2017 MBNA Acq by Lloyds Banking Group for $2.4B
Jun 2016 Visa Europe Acq by Visa for $23.4B
Dec 2015
Heartland Payment Systems Acq by Global
Payments for $4.3B
Jun 2015 Gruppo ICBPI Acq by Advent International for $2.4B
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)
Visa 4
Visa Europe (Jun 2016, $23.4B), CyberSource (Apr 2010, $2B),
PlaySpan (Feb 2011, $190M)
Ingenico 4
Bambora (Jul 2017, $1.7B), Ogone (Jan 2013, $484M), Easycash
(Sep 2009, $426M)
PayPal 3
Braintree (Sep 2013, $800M), TIO Networks (Jul 2017, $238M),
Fraud Sciences (Jan 2008, $169M)
First Data 3
BluePay (Dec 2017, $760M), CardConnect (Jul 2017, $750M),
POLCARD (Mar 2007, $325M)
Recent IPOs Top Acquisitions
First Data Oct 2015
A leading payments processing service pro…
IPO MCap: $14.1B Current MCap: $14.8B
CPI Card Group Oct 2015
Payment card technology provider
IPO MCap: $565M Current MCap: $31M
PayPal Jul 2015
Internet payment services provider
IPO MCap: - Current MCap: $95.8B
HiPay Jun 2015
International payment acceptance solution…
IPO MCap: $76.6M Current MCap: $76.6M
Nets Sep 2016
Omnichannel payment processing services
IPO MCap: - 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

February 2018Tracxn BlueBox – Payments
2860+ companies in the sector, 408 funded in last 5 years, $3.9B invested in last 2 Years
Most Active Investors: Y Combinator, 500 Startups, Digital Currency Group, Sequoia Capital, Goldman Sachs 0
60
120
180
240
300
2013 2014 2015 2016 2017
No of Companies Founded
0
1200
2400
3600
4800
6000
2013 2014 2015 2016 2017
–YOY Funding Trend (in $M)
POS SUITE $674M
Software
Swipely (2009, Providence, $40.5M)
Hardware
Ingenico (1980, Paris, IPO)
Suite
First American Payment Systems
(2009, Fort Worth, $148M)
PAYMENT
NETWORK
Card Network
VISA (1958, Foster City, IPO)
Cardless Network
Ripple
(2012, San Francisco, $90.5M)
$311M
WALLET
White Label
Mozido (2008, Austin, $288.5M)
Semi-Closed
Dashlane (2009, Paris, $52.5M)
Open
Bitwallet
(2001, Montevideo, $45M, Acq.)
ALTERNATE PAYMENT METHODS
Rewards Payment
TrialPay
(2006, Mountain View, $55.8M, Acq.)
Offline Payment
PayNearMe (2009, Sunnyvale, $89.61M)
PAYMENT GATEWAY $3.1B
APIs
Stripe (2010, San Francisco, $472.62M)
Hosted Pages
PaySimple (2006, Denver, $137.29M)
Horizontal
PayPal (1998, San Jose, $225M, Acq.)
White Label
Transactis (2001, NY City, $61.7M)
Aggregator
Spreedly (2007, Durham, $7.7M, Acq.)
PAYMENT CARDS $1.6B
Prepaid Cards
Green Dot (1999, Monrovia, IPO)
Meta Cards
Dynamics
(2007, Pittsburgh, $110.7M)
White Label
Marqeta
(2010, Emeryville, $71.32M)
Credit Cards
Nubank (2013, Sao Paulo, $178.3M)
Card Retailers & Distributors
Blackhawk Network
(2001, Pleasanton, IPO)
SECURITY $1.4B
Transaction Monitoring
Signifyd (2011, Palo Alto, $106M)
Data Encryption
Inside Secure (1995, Meyreuil, IPO)
Authentication
ThreatMetrix
(2005, San Jose, $84.45M)
Chargeback Mgmt.
Ethoca (2005, Toronto, $45M)
For FIs
EverCompliant
(2008, Tel Aviv, $13M)
ENABLERS $359M
For Consumers
Ingo Money
(2001, Roswell, $26.14M)
Modular Platform
Clear2Pay
(2001, Brussels, $92.4M, Acq.)
Tokenization-as-a-Service
Token (2015, Redwood City, $15.7M)
Transaction Routing
Zooz (2010, Tel Aviv, $40.5M)
PayFac-as-a-Service
Payline (2009, Chicago, $7M)
PCI Compliance
Trustwave
(1995, Chicago, $59.97M, Acq.)
B2B PAYMENTS
Viewpost (2012, Maitland, $79.47M)
ACQUIRER PROCESSOR
First Data (1971, Atlanta, $3.5B, Acq.)
$202M$5.7B
$2.8BM$384M
7
Funding data excludes Debt, Grants & Post-IPO rounds. Excludes all details for Chinese companies
For any Feedback and Query reach out to MyAnalyst@tracxn.com
Cumulative funding in the sector
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 402 $592M 46
Wallet > Semi-Closed >
Cash-based 45 $1.5B 11
Payment Gateway >
Horizontal 142 $172M 11
Payment Cards > Prepaid Cards > General
Purpose >
Reloadable
189 $56.3M 12
Payment Cards >
Credit Cards 27 $263M 6
Payment Gateway >
Hosted Pages 178 $64.7M 11
Security > Transaction Monitoring > Multi-
Solutions >
AI-Based
14 $92.5M 8
Security >
Authentication 48 $86M 8
Payment Cards > Prepaid Cards > General
Purpose > Reloadable >
Teen Cards
32 $57.8M 10
Sub Sectors
# Cos
Tracked
#
Funded
Total
Funding
Acquirer Processor
Companies which receive the data sent by payment
gateways on behalf of the acquiring...
150 70 $5.7B
Payment Gateway
Companies which capture consumer payment
instrument and transaction amount data online...
1040 237 $3.1B
Wallet
Companies that provide a web based digital storage
service to link payment cards or load...
158 49 $2.8B
Payment Cards
Companies that provide alternate card issuing and
program management services
557 137 $1.6B
Security
Companies that offer security solutions against
various payment frauds
197 94 $1.4B
PoS Suite
Companies which capture card-present transaction
data and pass them to the acquiring...
270 65 $674M
Alternate Payment Methods
Companies that enable alternate payment solutions
for businesses (offline cash acceptance...
91 36 $384M
Payments > Feed Summary > Summary of Key Markets

List of Notable Companies in Payments
Notable Companies in the Sector (1/3)
9
Note: *(Founded Year, Location, Total Funding)
Payments > Feed Summary > Notable Companies in the Sector
Public
Visa
(1958, Foster City)*
Synchrony Financial
(1932, Stamford)
First Data
(1971, Atlanta, $3.5B)
MasterCard
(1966, Purchase)
Worldline Global
(1970, Bezons)
EVERTEC
(1988, San Juan)
Green Dot
(1999, Monrovia, $33M)
NetSpend
(1999, Austin)
MOL Global
(2005, Kuala Lumpur)
Verifone
(1981, San Jose)
Public
KICC
(1986, Seoul)
CPI Card Group
(1981, Littleton)
SafeCharge
(2006, Ramat Gan)
Mogo.ca
(2006, Vancouver, $3.9M)
Bottomline
Technologies
(1989, Portsmouth)
Inside Secure
(1995, Meyreuil, $181M)
Touchcorp
(2000, Melbourne)
JetPay
(2011, Carrollton, $18.3M)
HiPay
(2001, Paris)
Cabcharge
(1976, Sydney)
Public
FairFX
(2006, London)
Vectron Systems
(1990, Munster)
Mi-Pay
(2003, Surrey)
Valuedesign
(2006, Nihombashi-kayabacho)
Korea Cyber Payment
(1998, Seoul)
Novatti
(2012, Melbourne)
iSignthis
(2013, Collingwood, $4.5M)
ManagePay
(2000, Subang Jaya)
First Global Data
(2001, Toronto)
PayPal
(1998, San Jose, $225M)
Public
Vogogo
(2008, Calgary, $21.4M)
Simplex
(2014, Ramat Gan, $8.4M)
Keyware
(1996, Brussels, $7.6M)
Ivrnet
(1999, Calgary, $556k)
Euronet Worldwide
(1994, Leawood)
PCI Pal
(1999, London)
Ipsidy
(Long Beach)
VersaPay
(2006, Vancouver)
Provision
(2000, Taipei)
UIC
(1983, Fremont)
Public
3PEA International
(1995, Henderson)
ACI Worldwide
(1975, Omaha)
Ackroo
(2012, Ottawa)
American Express
(1850, New York City)
BBVA Compass
(2007, Birmingham)
Cielo
(1995, Barueri)
DIBS
(1998, Copenhagen)
Discover
(1985, Chicago)
eCard
(2000, Warsaw)
Eckoh
(1997, Hemel Hempstead)

10
Public
Emerchants
(2001, Newstead)
Entercard
(1999, Oslo)
Fidelity Information
Services
(1968, Jacksonville)
GHL
(1994, Kuala Lumpur)
Global Payments
(1967, Atlanta)
Global Payout
(2009, San Diego)
GMO Payment Gateway
(2012, Tokyo)
Ingenico
(1980, Paris)
Masterpass
(2013, Purchase)
Mony Payments
(2000, Melbourne)
Public
NET1
(1989, Johannesburg)
Nets
(2003, Ballerup)
Oink
(2008, Hermosa Beach)
Payment Data
(1998, San Antonio)
Paysafe
(1997, Douglas)
Rede
(1996, Barueri)
RSwitch
(2003, Kigali)
SelectCore
(1999, Toronto)
Star Payment Systems
(1994, Perth)
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)
Heartland Payment
Systems
(1997, Princeton, $40M)
Blackhawk Network
(2001, Pleasanton)
MBNA
(1993, Wrexham)
Gruppo ICBPI
(1939, Milano)
CyberSource
(1994, San Francisco)
Bambora
(2015, Sydney)
Mercury
(2001, Durango, $2.3M)
Oberthur Technologies
(1984, Colombes)
Skrill
(2001, London)
Acquired
Harland Clarke
(1923, San Antonio)
VocaLink
(2007, Rickmansworth, $114M)
SafeNet
(1983, Belcamp, $139M)
ThreatMetrix
(2005, San Jose, $84.5M)
Trustwave
(1995, Chicago, $60M)
Braintree
(2007, Chicago, $70M)
BluePay
(2004, Naperville)
CardConnect
(2006, King Of Prussia, $50M)
Concardis
(2003, Eschborn)
Signio
(1995, Redwood Shores)

11
Acquired
Solutions
(1999, Redwood City)
DataCash
(1996, London)
Clear2Pay
(2001, Brussels, $92.4M)
Hypercom
(1995, Phoenix, $60M)
Ogone
(1996, Brussels)
Easycash
(1992, Ratingen)
Payment Processing
(1995, Newark)
Accelerated Payment
Technologies
(2005, Pleasant Grove)
Litle
(2001, Lowell)
POLCARD
(1990, Warsaw)
Acquired
41st Parameter
(2004, San Jose, $43.4M)
Revolution Money
(2007, Petersburg, $107M)
IPay Technologies
(2001, Elizabethtown)
Ezidebit
(1998, Newstead)
Planet Payment
(1999, Long Beach, $29.2M)
GI Technology
(2005, Chennai)
TIO Networks
(1997, Vancouver, $8.5M)
KSNET Korea
(2000, Seoul)
PAY.ON
(2004, Munich)
PlaySpan
(2006, Santa Clara, $46.3M)
Acquired
CashStar
(2007, Portland, $41M)
Fraud Sciences
(2007, Palo Alto, $11M)
Diners Club
(1950, Chicago)
Accertify
(2007, Itasca, $7.1M)
Payment Network AG
(2005, Gauting)
Sofort Banking
(2005, Gauting)
UniRush
(2003, Cincinnati)
Credit Cards
(2004, Austin, $58.8M)
Paymark
(2011, Auckland)
Electronic Clearing
House
(1981, Camarillo)
Acquired
Citrus Pay
(2011, Mumbai, $32.5M)
Realex Payments
(2009, Dublin)
ItzCash
(2006, Mumbai, $52.6M)
Innovative Merchant
(1999, Calabasas)
BlueSnap
(2001, Waltham, $68M)
G2 Web Services
(2004, Bellevue)
ClickandBuy
(2000, London)
LML Payment Systems
Corp.
(1999, Vancouver)
Orbiscom
(2000, Dublin, $17.5M)
Unicorns
Paytm
(2010, Noida, $2.2B)
Network International
(2001, Dubai, $539M)
Stripe
(2010, San Francisco, $473M)
Nubank
(2013, Sao Paulo, $330M)
Mozido
(2008, Austin, $288M)
Adyen
(2006, Amsterdam, $266M)
Coinbase
Vanco Payment
Solutions
(2007, Atlanta, $80M)
TransFirst
(1995, New York City)
GlobalCollect
(1994, Hoofddorp)

List of Notable Companies by Market in Payments
Notable Companies by Market (1/19)
13
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
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
Discover (1985, Chicago)
Banking and other financial services
Stage: Public
Card Network
MasterCard (1966, Purchase)
Card Network
Stage: Public
RSwitch (2003, Kigali)
Interbank network and national switch
Stage: Public
Visa Europe (2004, London)
Payment card network and mobile payment
acceptance solutions
Stage: Acquired

14
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 25 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
MOL Global (2005, Kuala Lumpur)
Micropayment system for online game credits
Stage: Public
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

15
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

16
Payment Gateway
APIs
Web & Mobile Payments for Developers
Unicorn. Stage: Series D
JPMorgan Chase & Co., Goldman Sachs, Morgan
Stanley and 34 Other Investors
Payment gateway
Soonicorn. Stage: Series D
General Atlantic, Temasek, Claymore Investments
Digital currency exchange & wallet provider
IVP, Spark Capital, Greylock Partners and 33 Other
Investors
Mastercard, Accel Partners, Meritech Capital
Partners and 8 Other Investors
APIs
WePay (2008, Palo Alto, $73.8M)
Flexible payments API for platforms
FTV Capital, Rakuten, Highland Capital Partners
Braintree (2007, Chicago, $70M)
Online and mobile payment gateway
Stage: Acquired
New Enterprise Associates, Accel Partners, RRE
Ventures and 2 Other Investors
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
Ezidebit (1998, Newstead)
PCI level 1 compliant payment gateway API
Stage: Acquired

17
Payment Gateway
APIs
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, $62.5M)
Bitcoin payment Gateway
Aquiline Capital Partners, Index Ventures, Horizon
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

18
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, W Capital Partners,
AlpInvest Partners
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

19
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 1 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
Sopris Capital, IA Capital Group, Camden Partners
Holdings
Acquirer Processor
Vogogo (2008, Calgary, $21.4M)
Payment processing platform and risk management
solutions
Editor's Pick. Stage: Public
Salman Partners, Clarus Securities, Beacon
Securities and 3 Other Investors
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
Vista Equity Partners, ARCC

20
Acquirer Processor
Acquirer Processor
Gruppo ICBPI (1939, Milano)
Payment processing solutions provider
North American Bancard (1992, Troy)
Merchant acquiring, PoS, Gateway and ISO
Soonicorn. Stage: Unfunded
Ipsidy (Long Beach)
Multi-functional payment & anti-fraud solution
Stage: Public
ACI Worldwide (1975, Omaha)
Payment systems provider
Stage: Public
JMI Management
Cielo (1995, Barueri)
Merchant Acquiring solutions in Brazil
Stage: Public
DIBS (1998, Copenhagen)
Merchant Acquirer and Payment gateway services
Stage: Public
Verdane Capital, Rite Ventures
Acquirer Processor
EVERTEC (1988, San Juan)
Provider of full service transaction processing
services
Stage: Public
First Global Data (2001, Toronto)
Mobile payment service provider.
Stage: Public
GHL (1994, Kuala Lumpur)
End-To-End payment services enabler
Stage: Public
Actis, Creador
Korea Cyber Payment (1998, Seoul)
Payment Gateway and VAN service provider
Stage: Public
SBI Investment Korea
Nets (2003, Ballerup)
Omnichannel payment processing services
Stage: Public
Bain Capital Private Equity, VIA equity
Acquirer Processor
Paysafe (1997, Douglas)
Full suite payment solution provider.
Stage: Public
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

21
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
Pine Labs (1998, Noida, $102M)
Payment Technologies
Actis, Altimeter, Sequoia Capital and 3 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 8 Other
Investors
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
UIC (1983, Fremont)
PoS hardware and software tool
Stage: Public
Suite
KICC (1986, Seoul)
Korean POS solution provider
Stage: Public
USA Technologies (1992, Malvern)
Cashless payment technology
Stage: Public

22
PoS Suite
Software
Upserve (2009, Providence, $40.5M)
Cloud-based payment processing and business
analytics
Vista Equity Partners, First Round Capital, Index
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
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

23
PoS Suite
Hardware
Star Payment Systems (1994, Perth)
ATM deployment and management services
Stage: Public
Verifone (1981, San Jose)
Payment solutions provider
Stage: Public
Partech Ventures, Credit Suisse, Morgenthaler and
2 Other Investors
Wallet
Semi-Closed
Mobile wallet and payments bank
Unicorn. Stage: Series F
SoftBank Group, MediaTek, ICICI Bank and 17 Other
Investors
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
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

24
Security
Fraud prevention & payment validation for online
retailers
Bain Capital Ventures, Menlo Ventures, American
Express and 16 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
Sift Science (2011, San Francisco, $53.5M)
Machine learning optimized fraud detection
Insight Venture Partners, Spark Capital, Union
Square Ventures and 7 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
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: Public
Bitmain, Cumberland Mining, FundersClub and 5
Other Investors
DataCash (1996, London)
Outsourced payment services
Stage: Acquired

25
Security
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 (2013, Collingwood, $4.5M)
AML/KYC software for preventing Card Not Present
(CNP) fraud
eCard (2000, Warsaw)
Online, IVR and recurring billing solutions
Stage: Public
MCI Capital
Chargeback Management
Ethoca (2005, Toronto, $45M)
Payment network to reduce frauds
Soonicorn. Stage: Funded
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

26
Security
For Financial Institutions
Bottomline Technologies (1989, Portsmouth)
Invoice, document automation solutions
Stage: Public
TempoCap
G2 Web Services (2004, Bellevue)
Fraud and risk mitigation for Acquirers, PSPs, and
commercial banks
Stage: Acquired
Primus Capital
Offline Payment
Cash Transaction Network
Soonicorn. Stage: Series F
GSV Capital, August Capital, Khosla Ventures and 12
Other Investors
TIO Networks (1997, Vancouver, $8.5M)
Multi-channel bill payment processor
Stage: Acquired
IA Capital Group, PI Financial Corp, GMP Securities
Agent-based Payments
Oxigen (2004, Gurgaon, $60.7M)
Payment collection solution provider and service
distributor
BLUE LABEL TELECOMS, Microsoft Ventures, Sunil
Kulkarni and 7 Other Investors
ItzCash (2006, Mumbai, $52.6M)
Provider of prepaid payment cards
Intel Capital, Matrix Partners India, Lightspeed
Venture Partners
Suvidhaa (2007, Mumbai, $25M)
Payment services through retail outlets and mobile
app
Mitsui, Norwest Venture Partners, Reliance Venture
Asset Management and 1 Other Investors

27
B2B Payments
B2B Payments
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
Keyware (1996, Brussels, $7.6M)
Payment network service provider and platform
Stage: Public
Summit Capital, Gimv
HiPay (2001, Paris)
International payment acceptance solution for
merchants and enterprises.
BJ Invest
PCI Compliance
Trustwave (1995, Chicago, $60M)
Managed enterprise security solution suite
FTV Capital, Argentum Group, Rosetta Capital
Corporation and 9 Other Investors
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
Fidelity Information Services (1968,
Jacksonville)
Technology, consulting and outsourcing solutions
provider for financial services.
Stage: Public
Thomas H Lee Partners, Swanlaab

28
Enablers
Transaction Routing
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, W Capital
Mogo.ca (2006, Vancouver, $3.9M)
Online lending and debt management company
Difference Capital Financial, Fortress Investment,
Varshney Capital and 2 Other Investors
Cabcharge (1976, Sydney)
Prepaid card for taxi payments
Stage: Public
BBVA Compass (2007, Birmingham)
Commercial Banking, Retail Banking and Wealth
Management
Stage: Public
Prepaid Cards
FairFX (2006, London)
Prepaid currency cards, travel cash and
international money transfer
Stage: Public
GI Technology (2005, Chennai)
Prepaid Card and payment solutions provider
Stage: Acquired
Oberthur Technologies (1984, Colombes)
Embedded digital security solution for payment,
connection and authentication
Stage: Acquired
Advent International, Euromezzanine, IFE
Mezzanine
Oink (2008, Hermosa Beach)
Prepaid online account,gateway and cardfor
payments
Stage: Public

29
Payment Cards
Prepaid Cards
UniRush (2003, Cincinnati)
Provides prepaid card for personal use.
Stage: Acquired
Main Street Capital, The Carlyle Group
White Label
Marqeta (2010, Emeryville, $71.3M)
O2O payments and commerce platform
Visa, Commerce Ventures, 83North and 9 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

30
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
Harland Clarke (1923, San Antonio)
Marketing services and payment solutions provider
Stage: Acquired
SelectCore (1999, Toronto)
White label prepaid card issuer
Stage: Public
Comvest Partners
Valuedesign (2006, Nihombashi-kayabacho)
Branded prepaid card issuing platform provider.
Stage: Public
SMBC Venture Capital, CyberAgent Ventures
White Label
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
Entercard (1999, Oslo)
Credit solutions provider
Stage: Public

31
Payment Cards
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
Goldpac Group
(1993, Zhuhai)
Hi Sun Technology
(2001, Hong Kong)
PAX Technology
Limited
(2000, Hong Kong)
PAX Global Technology
Limited
(2000, Hong Kong)
UnionPay Intl
(2012, Shanghai)
Xinguodu
(2001, Shenzhen)
Acquired
99bill
(2004, Shanghai, $96.6M)
Unicorns
Lakala
(2005, Beijing, $370M)
China UnionPay
(2002, Shanghai)
Soonicorns
FraudMetrix
(2013, Hangzhou, $158M)

Recent News in Payments Sector
Recent News
33
Payments > Feed Summary > Recent News
Mar 2018
UnionPay International Launches Mobile Payment Service Platform
to Accelerate Rolling Out of its Mobile Payment Worldwide, PR
Newswire
Mar 2018
Mastercard lays out five-year roadmap for contactless payments,
Tahawul Tech
Mar 2018
Paytm is the Exclusive Ticketing Partner for Delhi Daredevils’ Home
Games in the Upcoming VIVO IPL Season, Dataquest
Mar 2018
Mypoolin acquired by US payment solution company Wibmo,
Indiatimes
Mar 2018
Worldpay And Lianlian Pay Team Up To Connect China To The
World, Financial IT
Mar 2018
PayU Collaborates With Kreditech to Launch Instant Cardless EMI
With PayU Monedo in India, Crowdfund Insider
Mar 2018
Coinbase gets e-money license in the UK, will add Faster Payments
to speed up fiat deposits and withdrawals, TechCrunch
Mar 2018
Nordic Capital IX buys up fintech company Trustly as final close
looms, AltAssets
Mar 2018
TypingDNA launches Chrome extension that verifies your identity
based on typing, TechCrunch
Mar 2018
CardConnect's CEO Jeffrey Shanahan talks about creating an office
space that 'feels like Silicon Valley in the Delaware Valley', Philly
Mar 2018
Singapore’s fintech startup Jewel Paymentech raises fund led by
GMO-PG, MASTSEA
Key Recent News Key Recent News
Mar 2018
Mastercard Announces Roadmap for Contactless Payments
Consistency, AlBawaba
Mar 2018 Ixaris joins government-backed Future Fifty, travolution.com
Mar 2018
PATA welcomes PayPal as its brand new industry member, Travel
And Tour World
Mar 2018
Hitachi Payment Services to focus on transit, digital payment
solutions, Business Standard
Mar 2018
Capital Alliance with Jewel Paymentech, an AI-based Efficiency
Driver of KYC in Card Registration and Examination and Payment
Fraud Detection, PRWeb
Mar 2018 PayU to offer instant loansfor e-comm, Indiatimes
Mar 2018
Gopher Protocol UGopherServices Limited, a Wholly Owned
Subsidiary, Enters Agreements with Allied Wallet, NewMediaWire
Mar 2018
Mastercard, SoftBank Robotics bring humanoid robot to Pizza Hut
Singapore, Verdict
Mar 2018
Adyen Announces Launch Of Unified Commerce Solution In
Singapore, FinTechnews
Mar 2018 Wirecard gains Mizuho Bank as a new customer, Finextra
Mar 2018
SafeCharge grows transaction volumes by 38%, processes almost
$10 billion in value, Finextra
Mar 2018
Jumio Wins Tech Trailblazers’ Mobile Trailblazer Award,
GlobeNewswire

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

Some more Sector Reports you might want to check out
Join 4000+ people taking sharper decisions with Tracxn
AI Infrastructure
Jan 2018
Healthcare IT
Jan 2018
FoodTech
Dec 2017

$1.0B
$351M $380M
$1.3B
$5.4B
$1.8B
$1.5B
$2.4B
0
20
40
60
80
100
120
140
160
180
$0k
$1.B
$2.B
$3.B
$4.B
$5.B
$6.B
2010 2011 2012 2013 2014 2015 2016 2017
$ Funding # Rounds
3 Year CAGR
6 Year CAGR
Investments ($M) and number of rounds in Payments; 2011-2017
Global Funding Trends (1/2)
36
Note: Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Payments > Investment Trends > Global Funding Trends
#Rounds
$Funding
6% $ Funding
4% $ Funding
18% # of Rounds
3% # of Rounds

$10M $27M $28M $78M
$40M $49M $55M $48M
$83M
$268M
$172M
$336M
$1.3B
$478M $383M $506M
$947M $57M $180M $863M $4.1B $1.3B $1.B $1.8B
2010 2011 2012 2013 2014 2015 2016 2017
Seed Early Stage Late Stage
20 40 46 69 68 69 47 37
17
30 25 47
67 61
63 58
15 10 13 12 22 25 31 23
2010 2011 2012 2013 2014 2015 2016 2017
Seed Early Stage Late Stage
52
118
Total # of Rounds
$912M
$144M $201M
$965M
$5.B
$1.4B
$1.B
$2.B
0
5
10
15
20
25
30
0
1E+09
2E+09
3E+09
4E+09
5E+09
6E+09
2010 2011 2012 2013 2014 2015 2016 2017
$ 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; 2011-2017
Payments > Investment Trends > Global Funding Trends
46
45
57
66
63
42
48 367
$2.6M
$2.9M
$0.0M
$0.5M
$1.0M
$1.5M
$2.0M
$2.5M
$3.0M
$3.5M
$4.0M
$4.5M
0
50
100
150
200
250
300
350
400
2001-2011 2012 2013 2014 2015 2016 2017 Total
Entrants in Funding Club Avg. Ticket Size
7 4 5 7 27 17 19 15 $2.6M $1.2M $3.4M $2.7M $3.1M $3.8M $3.6M $2.9M
$1.0B
$2.4B
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 20
Bay Area 2.5B 227
Delhi NCR 2.3B 19
London 563M 74
Dubai 539M 1
Cincinnati 500M 2
Mumbai 457M 33
Austin 419M 23
Chicago 370M 37
Sao Paulo 339M 15
Total Funding
600
93
239
1
44
29
26
35
# Rounds
$10.5B
$3B
$1.8B
$539M
$478M
$291M
$145M
$141M
US
India
Europe
United Arab
Emirates
Latam
Israel
Australia
Canada
Note: Excludes funding information of China companies

Trend of Average Deal Size ($M)
$1.0 $0.8
$1.5
$0.7
$0.9
$1.5 $1.7
2011 2012 2013 2014 2015 2016 2017
$8.5
$3.4
$7.3
$12.1
$8.0
$5.4 $6.4
$15.6
$11.9 $12.9
$46.7
$15.0 $13.8 $16.1
$7.1 $18.0
$95.9
$225.4
$78.2
$40.7
$121.2
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
$5K* $11M
$50K $31M
$92K $80M
$50K $1B
$22M
$7M
$2.8M
$0.3M
Series C+
Series B
Series A
Seed
Stage

Note: 343 companies with undisclosed funding amount are not included
40
<$1M
$1-10M
$10-50M
$50-100M
$100M+
Funding Range
99
186
110
37
25
No. of Companies
Payments > Investment Trends > Distribution of companies by Funding Range
No. of companies by funding range in Payments; as of Mar 2018
Distribution of companies by Funding Range
$28M
$756M
$2.5B
$2.5B
$10.9B
$ 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
119
191
347
782
2866
Series C+
Series B
Series A
Funded
Founded
Next
Round
100M+
Valuation
Exits
Acqui-
Hired
Dead
Pooled
Others
27% 6%
(179)
5%
(134)
8%
(240)
4%
(117)
60%
(1727)
44% 19%
(147)
13%
(104)
16%
(124)
4%
(34)
35%
(277)
55% 24%
(83)
12%
(40)
19%
(65)
2%
(6)
24%
(85)
62% 38%
(72)
18%
(34)
17%
(33)
3%
(5)
18%
(34)
- 49%
(58)
23%
(27)
18%
(21)
1%
(1)
14%
(17)
Payments > Investment Trends > Funding Funnel
Number of companies progressing to subsequent funding stages in Payments
Funding Funnel
16 Months
21 Months
28 Months
Investment backedBootstrapped
53
19
62
60
16
15
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; Mar 2016-Mar 2018
Notable Investments in last 24 months (1/7)
LATE STAGE
$1.4B - Series F May 2017
SoftBank Group
$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
$150M - Series D Mar 2016
Payment gateway
General Atlantic, Temasek
LATE STAGE
$115M - PE Oct 2016
Online Payment and Invoicing for small business
Providence Equity Partners
$100M - Series D Aug 2017
IVP, Spark Capital, Greylock Partners, Battery
Ventures, Section 32, Draper Associates
$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
LATE STAGE
$60M - Series E Aug 2016
MediaTek
$60M - Series C Sep 2017
Accel Partners, PayPal, New Enterprise Associates,
Bessemer Venture Partners
$56M - Series C May 2017
retailers
Bain Capital Ventures, Menlo Ventures, American
Express
$50M - Series C Oct 2017
Feedzai (2009, London, $82M)
Fraud Prevention Software
Sapphire Ventures

LATE STAGE
$34.1M - PE May 2016
AEVI International (2015, Paderborn, $45M)
White label payment platform.
HPE Growth Capital
$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
$32M - Series C Apr 2016
Forter (2013, Tel Aviv, $50M)
Identity & behavioral analytics based financial fraud
detection
Scale Venture Partners, Sequoia Capital, New
Enterprise Associates
LATE STAGE
$30M - Series E Oct 2016
ThreatMetrix (2005, San Jose, $84.5M)
Fraud prevention & context based authentication
solution
Silicon Valley Bank
$30M - Series E Apr 2016
Transactis (2001, New York City, $61.7M)
White label for bill payments
Fifth Third Bancorp, PNC Financial Services Group,
Safeguard Scientifics, TD Bank, Wells Fargo, Capital
One Growth Ventures
$30M - Series C Jul 2016
Sift Science (2011, San Francisco, $53.5M)
Machine learning optimized fraud detection
Insight Venture Partners, Spark Capital, Union
Square Ventures
LATE STAGE
$25M - Series D Jul 2017
Marqeta (2010, Emeryville, $71.3M)
O2O payments and commerce platform
Visa, Commerce Ventures, 83North, Granite
Ventures, IA Capital Group, CommerzVentures,
CreditEase
$24M - Series C May 2016
Technology payment platform with smart routing
facility
XSeed Capital, Camp One Ventures, Claltech,
Blumberg Capital, Lool Ventures, Rhodium, Kreos
Capital, Target Global, IAngels, Fang fund partners
$22.5M - Series C May 2016
Password manager & digital wallet
TransUnion, Rho Ventures, FirstMark, Bessemer
Venture Partners

LATE STAGE
$22.5M - Series C Sep 2017
Accel Partners, Balderton Capital, Passion Capital,
Notion
$21.4M - Series C Aug 2017
GrouPAY (2011, London, $40.6M)
Online payment gateway for SMEs
$20.5M - Series F Dec 2016
Cash Transaction Network
$15M - Series C Apr 2016
Transerv (2011, Mumbai, $19.3M)
Digital payments solution provider
Nirvana Ventures Advisors, Faering Capital,
Micromax Informatics, IDFC Mutual Fund
LATE STAGE
$13M - Series C Mar 2016
Balderton Capital, Accel Partners, Passion Capital,
Notion
$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
Payment Technologies
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 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
$30M - Series B Dec 2017
Bitpay (2011, Atlanta, $62.5M)
Bitcoin payment Gateway
Aquiline Capital Partners
$30M - Series B Mar 2018
BioCatch (2011, Tel Aviv, $48.1M)
Detection using biometric behavior
Maverick Ventures, OurCrowd, Janvest Capital
Partners, CreditEase, Kreos Capital, NexStar
Partners, American Express

EARLY STAGE
$30M - Series B Jan 2018
EBANX (2010, Curitiba, $30M)
Local payment processing solutions in LATAM
FTV Capital, Endeavor
$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
EARLY STAGE
$18.6M - Series B Jul 2017
Innoviti (2002, Bangalore, $26.8M)
POS payment processing solution provider
SBI Ven Capital, Bessemer Venture Partners,
Catamaran Ventures
Omise (2013, Bangkok, $25M)
Payment API provider in Thailand
SBI Holdings, Ascend Group, Golden Gate Ventures,
SMDV
i3 Verticals (2012, Nashville, $24.3M)
Provides payment processing solutions.
$10.5M - Series B Oct 2017
WeSwap (2010, London, $32.8M)
Multi-currency travel mobile wallet.
IW Capital
$10M - Series B Jul 2016
Ascot Capital Partners, EC1 Capital, IW Capital
EARLY STAGE
$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
$9M - Series A May 2016
CCAvenue (2001, Mumbai, $9M)
Merchant Account, Credit Card Processing &
Payment Gateway
Infibeam
$5.6M - Series A Sep 2016
SnapCard (2013, San Francisco, $8.6M)
Bitcoin wallet & payment processor
$5.5M - Series A Oct 2017
Fattmerchant (2014, Orlando, $8.5M)
Subscription based Payment services
Fulcrum Equity Partners

EARLY STAGE
$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
$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
$1.4M - Series A May 2016
Fattmerchant (2014, Orlando, $8.5M)
Subscription based Payment services
Wet Paint Ventures, Florida Angel Nexus, venVelo
EARLY STAGE
$996k - Series A Sep 2016
Novopay (2014, Bangalore, $8.8M)
Bank sponsored wallet
Khosla Labs
$818k - Series B Jun 2016
$735k - Series A Feb 2018
ClassWallet (2014, Miami, $4.2M)
Virtual wallet app for school.
Florida Funders
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

EARLY STAGE
Series A Jun 2016
MasterCard
Series A Oct 2016
$12M)
First Quay Capital
Series A Jan 2017
Brentwood Associates
SEED STAGE
$3.8M - Seed Jun 2016
Pay Plug (2012, Paris, $5M)
Payment gateway API and analytics dashboard
Anaxago
$2.7M - Equity Crowdfunding Nov 2016
$1.5M - Seed Apr 2016
Techstars, Sinovation Ventures
$253k - Angel Jul 2016
Seed Jun 2016
$12M)
Wells Fargo

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
$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
Ajisen Ramen, GSR Ventures
$32M - Series B Apr 2016
FraudMetrix (2013, Hangzhou, $158M)
Software developer focusing on internet security for
financial transactions
Oriza Holdings, CBC Capital, China Growth Capital,
Linear Venture, IDG Capital
$23.3M - Series B May 2017
Hangzhou, $70.4M)
Fang Guang Capital, Legend Capital, Shenzhen
Cornerstone Asset Management
EARLY STAGE
Hangzhou, $70.4M)
Legend Capital, Fortune Capital, Xinhu Zhongbao

Most Active Investors (VC, PE) by Stage in Payments; Last 5 years (Mar 2013-Mar 2018)
Most Active VC & PE Investors
50
Payments > Investment Trends > Most Active VC & PE Investors
SEED STAGE
Andreessen Horowitz (3 Investments)
Ripple, Clinkle, Balanced
1
Digital Currency Group (3 Investments)
Chainalysis, POSaBIT, MONI
2
Gecad Ventures(3 Investments)
PayU Romania, Coinzone, TypingDNA
3
Speedinvest(3 Investments)
Imagine Curve, Payworks, Telleroo
4
Amino Capital (2 Investments)
PayByGroup, WeTravel
5
Collaborative Fund (2 Investments)
True Link Financial, Balanced
6
Connect Ventures (2 Investments)
Imagine Curve, Soldo
7
DvH Ventures(2 Investments)
OptioPay, Lendstar
8
Formation 8 (2 Investments)
Riskified, MONI
9
Founder Collective(2 Investments)
Riskified, Smyte
10
EARLY STAGE
Digital Currency Group (6 Investments)
Blockchain, Ripple, Ledger
1
GMO Venture Partners(4 Investments)
2C2P, Codapay, Red Dot Payment
2
Index Ventures(4 Investments)
Adyen, Bitpay, Xapo
3
QED Investors (4 Investments)
Nubank, Current, Card.com
4
Beenos(3 Investments)
Citrus Pay, Iyzi Payments, Paynamics Technologies
5
Business Growth Fund (3 Investments)
Paddle, Thames Card Technology, Aimbrain
6
Bessemer Venture Partners (3
Investments)
Dashlane, Raise, Innoviti
7
Felicis Ventures(3 Investments)
Adyen, Bitpay, Emailage
8
Accel Partners (2 Investments)
Deserve, Soldo
9
AME Cloud Ventures(2 Investments)
Ripple, Bitpay
10
LATE STAGE
TA Associates Management (3
Investments)
BluePay, Interswitch Group, Retriever Medical
1
Founders Fund (2 Investments)
Stripe, Nubank
2
Capital One Growth Ventures(2
Investments)
Riskified, Transactis
3
Thrive Capital(2 Investments)
Stripe, Nubank
4
83North
Marqeta
5
Andreessen Horowitz
Dwolla
6
Accel Partners
Raise
7
Adams Street Partners
ThreatMetrix
8
Alven
Stripe
9
Amadeus Capital
Iyzi Payments
10

Payments > Investment Trends > Most Active Ecosystem Investors
Top Ecosystem Investors in Payments; Last 5 years (Mar 2013-Mar 2018)
Most Active Ecosystem Investors
INCUBATOR
500 Startups(22 Investments)
WePay, E la Carte, Omise
1
Y Combinator(21 Investments)
Razorpay, Coin, Flutterwave
2
Techstars(10 Investments)
Osper, Final, ClassWallet
3
Boost VC(4 Investments)
Ledger, SnapCard, Cognito
4
Barclays Accelerator(3 Investments)
Ravelin Technology, Chainalysis, AgentCASH
5
A15(2 Investments)
TPAY, PayMob
6
H2 Ventures(2 Investments)
Spriggy, Tapview
7
Life.SREDA(2 Investments)
Ayannah, YoloPay
8
Start-Up Chile(2 Investments)
IncreaseCard, Sentropi
9
Victory Square Technologies(2
Investments)
Omise, PayVida
10
OTHER NOTABLE INVESTORS
Plug and Play Tech Center(10
Investments)
PayPal, Dwolla, Trulioo
1
Startupbootcamp(10 Investments)
WoraPay, PayMates, milliPay Systems AG
2
American Express(5 Investments)
Stripe, Signifyd, BioCatch
3
FTV Capital(5 Investments)
WePay, Credorax, EBANX
4
Kima Ventures(5 Investments)
Ledger, PayByGroup, Imagine Curve
5
Accion(4 Investments)
Codapay, Coins.ph, Kopo Kopo
6
FundersClub(4 Investments)
Coinbase, Simplex, SlidePay
7
Goldman Sachs(4 Investments)
Stripe, Nubank, Bluefin Payment Systems
8
Advent International(3 Investments)
Oberthur Technologies, Monext, MBF Cards
9
Francisco Partners(3 Investments)
2Checkout, Paymetric, Network Merchants
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
Berlin Technologie Holding
Barzahlen
5
Connecticut Innovations
Payveris
6
Pinnacle Ventures
Jumio
7
Silicon Valley Bank
ThreatMetrix
8

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
63
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
Join 4000+ people taking sharper decisions with Tracxn
Crowdfunding
Feb 2018
Banking Tech
Feb 2018
Mobile Payments
Feb 2018

February 2018Tracxn BlueBox – Payments
65
Payments > Market Details > BlueBox

Key Sub Sectors (1/2)
66
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 settle transactions with the issuing financial institutions...
First Data (1971, Atlanta, Public)
EVO Payments International (1990,
Atlanta, $750M)
150 70 $5.7B
Payment Gateway
Companies which capture consumer payment instrument and transaction amount data online
and pass them to acquiring bank for authentication
PayPal (1998, San Jose, Public)
1040 237 $3.1B
Wallet
Companies that provide a web based digital storage service to link payment cards or load
money and pay online or offline at PoS terminals
Magex (1998, London, Acquired)
158 49 $2.8B
Payment Cards
Companies that provide alternate card issuing and program management services
Revolution Money (2007, Petersburg,
Acquired)
557 137 $1.6B
Security
Companies that offer security solutions against various payment frauds
Inside Secure (1995, Meyreuil, Public)
197 94 $1.4B
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)
270 65 $674M
Companies that enable alternate payment solutions for businesses (offline cash acceptance for
online transactions, barter payments)
TrialPay (2006, Mountain View, Acquired)
91 36 $384M
Enablers
Companies that provide technology solutions for various payment processes such as modular
platforms, tokenization, EMV migration
Clear2Pay (2001, Brussels, Acquired)
AEVI International (2015, Paderborn,
$45M)
105 39 $359M
Payments > Market Details > Key Sub Sectors

Key Sub Sectors (2/2)
67
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 issuers and acquirers.
VocaLink (2007, Rickmansworth, Acquired)
46 18 $311M
B2B Payments
Companies that facilitate invoice and related payments for businesses
Vendorin (2007, Omaha, Acquired)
57 21 $202M
Payments > Market Details > Key Sub Sectors

Detailed Sector Taxonomy (1/7)
68
Payments > Market Details > Detailed Sector Taxonomy

69

70

71

72

73

74

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 402 | Funded 90 | Total Funding $1.7B)
$442M
(-$185M)
45
(+14)
Stripe
2
(-)
Wallet > Semi-Closed > Cash-based
Companies that provide semi-closed wallets which are loaded with cash before transfer
(Companies covered 45 | Funded 19 | Total Funding $2.2B)
$1.5B
(+$775M)
11
(+2)
Paytm
(2010, Noida, $2.2B)
3
(+6)
Payment Gateway > Horizontal
Companies developing payment gateways that provide a combination of APIs, hosted pages and white
label
(Companies covered 142 | Funded 29 | Total Funding $579M)
$172M
(+$81.7M)
11
(+4)
PaySimple
(2006, Denver, $137M)
4
(+3)
Payment Cards > Prepaid Cards > General Purpose > Reloadable
Companies offer general purpose prepaid cards which are reloadable
$56.3M
(+$5.6M)
12
(-11)
True Link Financial
(2012, San Francisco, $15.8M)
5
(-1)
Security > Transaction Monitoring > Multi-Solutions > AI-Based
Companies that offer AI-based transaction monitoring
$92.5M
(-$34.2M)
8
(-2)
Feedzai
(2009, London, $82M)
6
(+7)
Payment Cards > Credit Cards
Companies that offers non-traditional credit card
$263M
(+$167M)
6
(+3)
Nubank
(2013, Sao Paulo, $330M)
7
(+7)
Payment Gateway > Hosted Pages
Companies that provide payment gateways which direct the customer away from the business website
to the gateway page
$64.7M
(+$44.7M)
11
(+5)
GrouPAY
(2011, London, $40.6M)
75
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 (March 2016 - February 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 113 | Funded 18 | Total Funding $367M )
1 Innoviti (2002, Bangalore, $26.8M)
2
Payment Cards > Credit Cards
Companies that offers non-traditional credit card
1 Deserve (2013, Menlo Park, $22.6M)
3
Security > Data Encryption > Card Data
Companies that encrypt card data in order to prevent fraud attacks
(Companies created 9 | Funded 4 | Total Funding $76.9M )
1 Final (2014, Mountain View, $10.1M)
4
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
78
Top Markets of Early Stage Investors
Top Markets where Early Stage Investors are investing in last 2 years (March 2016 - February 2018)
Payments > Market Details > Top Markets of Early Stage Investors

Rank Market
Last 2 Years
# of Comp Founded $ Invested # Round Top Funded Company
1
Payment Links
Companies which integrate with the merchant's accounting software to generate
payment web-links, through which the merchant's clients are redirected to a
payment gateway to ma…
(Companies covered 20 | Funded 5 | Total Funding $20.2M)
7 $120k
(+$120k)
2
(+2)
CashFree
(2015, Bangalore, $120k)
79
Other Notable Markets
Other Notable Markets with high Entrepreneurial Activity in Payments in last 2 years (March 2016 - February 2018)
Payments > Market Details > Other Notable Markets

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
$71.3M - Series C
$1.5M - Seed
PayVida (2012, Kelowna, $1.5M)
$20M - Series B
$714k - Series A
i-Pay (2014, Johannesburg, $1.7M)
$120k - Seed
Cashfree (2015, Bangalore, $120k)
$1.8M - Series A
Unnax (2015, Barcelona, $1.8M)
Mar 2018
CardConnect's CEO Jeffrey Shanahan talks about creating an
office space that 'feels like Silicon Valley in the Delaware
Valley', Philly
Mar 2018 PayU to offer instant loansfor e-comm, Indiatimes
Mar 2018 Payments firm YapStone raises $71m in funding, Verdict
Mar 2018
Tinkoff Bank acquires payment system Cloudpayments,
Telecompaper
Mar 2018
$9 billion Stripe just bought a payments startup backed by
Eric Schmidt as it goes after even larger customers, Business
Insider
Mar 2018
New e-wallets to emerge with launch of common QR code for
Singapore, The Business Times
Mar 2018 QR code payment now via credit card, Bangkok Post
Mar 2018
LazyPay extends its 'Pay Later' offering for consumer
durables, newKerala.com
Mar 2018 PayU ties up with Samsung, Croma for LazyPay, Livemint
Mar 2018
Polish payments company PeP acquires rival PayLane,
Tech.eu
Feb 2018
Flutterwave launches Rave to enable merchants across
Africa accept PayPal and any other kind of payment, Innov8tiv
Feb 2018
Coinsquare Partners with Processing.com to Broaden its
Payments System Offering, PR Newswire
Feb 2018
TrustPay Launches Virtual IBANs to Facilitate Transfers,
Finance Magnates
Feb 2018 Venture capital deals of the week, Seeking Alpha
News
0
5
10
15
20
25
30
$0k
$100M
$200M
$300M
$400M
$500M
2013 2014 2015 2016 2017
YoY Funding Rounds
10
15
43
90
402
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Payment Gateway > APIs: Market Factsheet
Market: APIs
80
Exits
Most Active Investors
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)
WePay
(2008, Palo Alto, $73.8M)
Braintree
(2007, Chicago, $70M)
Top Companies
#1 Top Markets of Investment Activity
Payments > Market Details > Market: APIs
Companies Created 402 | Funded 90 | Total Funding $1.7B

Payment Gateway > APIs: Top Companies
Market: APIs (1/2)
Analyst’s Pick
JPMorgan Chase & Co., Goldman Sachs, Morgan
Stanley and 34 Other Investors
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
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
Transerv (2011, Mumbai, $19.3M)
Digital payments solution provider
Minicorn. Stage: Series C
Nirvana Ventures Advisors, Faering Capital,
Micromax Informatics, IDFC Mutual Fund
Analyst’s Pick
2C2P (2008, Singapore, $17M)
Provider of payment gateway and alternative
payment solutions
Minicorn. Stage: Series D
SafeCharge, GMO Venture Partners, Amun Capital
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, $5M)
Payment gateway API and analytics dashboard
Minicorn. Stage: Acquired
Anaxago, Timezone Ventures, ACE and Company

Payment Gateway > APIs: Top Companies
Market: APIs (2/2)
Analyst’s Pick
CyberSource (1994, San Francisco)
eCommerce Payment Management
Upfront Ventures, Batterson Venture Capital
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
Analyst’s Pick
IMSolutions (2011, Madrid)
API-linked payment gateway
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
Analyst’s Pick
TranzCrypt (2011, West Fargo)
API-linked payment gateway for merchants
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
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
$735k - Series A
$1.6M - Seed
FinPay (2012, King Of Prussia, $1.6M)
$1.4B - Series F
Series A
PE
$173k - Series A
Sightline Payments (2009, Las
Vegas, $8.8M)
$60M - Series E
$1.1M - Seed
CoinTent (2013, San Francisco, $1M)
$253k - Angel
$250k - Seed
PaySur (2014, Leon, $525k)
$1.5M - Seed
Mar 2018
Paytm is the Exclusive Ticketing Partner for Delhi
Daredevils’ Home Games in the Upcoming VIVO IPL Season,
Dataquest
Mar 2018
Paytm stops 'root access' on Android phones after flagged by
French security researcher, Indiatimes
Mar 2018
Paytm Set To Launch Wealth Management Products By April,
Bloomberg
Mar 2018
Paytm Has Quietly Removed The Option To Add Money
Through Paytm Voucher For Non-KYC Users, OfficeChai
Mar 2018
Why Flipkart’s payments platform PhonePe is lashing out at
rival Paytm, Financial Express
Mar 2018
Paytm gift vouchers circumvent mandatory KYC but usability
is limited, MediaNama
Mar 2018
Paytm registers 6.8 crore UPI transactions in February,
Diligent Media Corporation
Feb 2018
Education finance app attracts $735,000 investment, The
Business Observer
Feb 2018
Nearbuy and Little acquired by Paytm, combines both, Legal
Media Group
Feb 2018
Singapore Tourism Board, Paytm partner to engage with
Indian travelers, Business Standard
Feb 2018
Paytm to Launch its Own Credit Scoring Product ‘Paytm
Score’, Entrepreneurs of India
Feb 2018
Paytm Ranked Among Top 50 Global Companies , Core Sector
Communique
Feb 2018 Whatsapp and Paytm competing for UPI, The Indian Wire
News
0
2
4
6
8
10
$0k
$200M
$400M
$600M
$800M
$1.B
$1.2B
$1.4B
$1.6B
2013 2014 2015 2016 2017
YoY Funding Rounds
-
3
8
19
45
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Wallet > Semi-Closed > Cash-based: Market Factsheet
Market: Cash-based
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, $4.2M)
Top Companies
Payments > Market Details > Market: Cash-based
Companies Created 45 | Funded 19 | Total Funding $2.2B

Wallet > Semi-Closed > Cash-based: Top Companies
Market: Cash-based
Payments > Market Details > Market: Cash-based
Analyst’s Pick
Unicorn. Stage: Series F
SoftBank Group, MediaTek, ICICI Bank and 17 Other
Investors
Leetchi (2009, Paris, $7.9M)
Group expense sharing platform
Minicorn. Stage: Acquired
360 Capital Partners, Idinvest Partners, Kima
Ventures
Minicorn. Stage: Series A
Florida Funders, Brentwood Associates, Techstars
Open wallet service provider for payments
Minicorn. Stage: Funded
Ant Financial
Kopilka (2016, Moscow)
Online cash loaded wallet.

Incubators 500 Startups (#3), Y Combinator (#3)
Seed Sandbox Industries (#1), OCA Ventures (#1)
Series A/B Susquehanna Growth Equity (#1), Aurionpro (#1)
Series C+ Goldman Sachs (#2), TA Associates Management (#2)
BluePay Dec - 2017
Acq by First Data for $760M
2Checkout Apr - 2017
Acq by Avangate
Citrus Pay Sep - 2016
Acq by PayU for $130M
PayPal Jul - 2015
IPO'd on NASDAQ
LML Payment Systems Corp.
Sep - 2012
Acq by Digital River for $103M
VersaPay Jun - 2008
IPO'd on CVE
$30M - Series B
EBANX (2010, Curitiba, $30M)
$5M - Series C
Emergent Payments (2007, Palo
Alto, $44.5M)
PE
Interswitch Group (2002, Lagos)
$5.3M - Series A
Dimebox (2014, Amsterdam, $5.3M)
$1.3M - Seed
Paystack (2015, San Francisco, $1.4M)
$115M - PE
Mar 2018
PATA welcomes PayPal as its brand new industry member,
Travel And Tour World
Mar 2018
PayMaxx Pro Auto Dealer Payments Platform Acquired by
REPAY, PR Newswire
Mar 2018
As PayPal Slowly Weans From eBay, Is Buyback Or Merger In
Cards?, Investor's Business Daily
Mar 2018
Interswitch to Deploy Mobile Apps and Payment Gateways
for Telkom’s T-kash, Techweez
Mar 2018
BisB and PayPal Partner to Expand E-Commerce in Bahrain,
AlBawaba
Mar 2018
DSCI-PayPal India report lays out digital payments security
measures, Business Line
Mar 2018 PayPal to scrap Pay after Delivery in the US, Tamebay
Mar 2018
Payment security provider Bluefin to partner with
RevolutionEHR, Bankless Media Inc
Mar 2018
Universe Group Signs Agreement With NetPay Merchant
Services, London South East
Mar 2018
Paypal Files Patent for Expedited Cryptocurrency
Transaction System, profitmaker.tips
Mar 2018
PayPal Seeks Patent For Faster Cryptocurrency Payment
Technology, RTTNews
Feb 2018 PayPal Office in Scottsdale Sells for $30.5M, REBusinessOnline
Feb 2018
PayPal's Dan Schulman Has a Plan for Monetizing Venmo,
Fortune
Feb 2018
PayPal settles U.S. charges over alleged Venmo disclosure
failure, Reuters
News
0
1
2
3
4
5
6
7
8
$0k
$20M
$40M
$60M
$80M
$100M
$120M
$140M
$160M
2013 2014 2015 2016 2017
YoY Funding Rounds
7
8
15
29
142
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Payment Gateway > Horizontal: Market Factsheet
Market: Horizontal
85
Exits
Recent Investments
Companies developing payment
gateways that provide a
combination of APIs, hosted pages
and white label
PaySimple
(2006, Denver, $137M)
2Checkout
(2000, Columbus, $60M)
Emergent Payments
(2007, Palo Alto, $44.5M)
Citrus Pay
(2011, Mumbai, $32.5M)
EBANX
(2010, Curitiba, $30M)
Top Companies
Payments > Market Details > Market: Horizontal
Companies Created 142 | Funded 29 | Total Funding $579M

Tracxn - Payments Startup Landscape

Tracxn - Payments Startup Landscape

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