2015年，从借贷到个人储蓄再到支付与保险，风投支持的金融科技创业公司收获的投资总额超过了130亿美元。
随着金融服务领域的创业公司数量不断攀升，为了避免损失，最好的方式应该就是跟随著名风投的方向进行投资，押宝新兴的商业模式和技术手段（比如汽车保险和人寿保险，销售点信贷，以及为机构投资者的解决方案）。
（关于我们如何选择23家VC公司的更多信息，请参看文末注释。）
2015年风投在金融科技领域的投资脚步有所放缓
仔细观察不难发现，2014年到2015年是本文列举的这23家风投公司过去五年在金融科技领域的交易活跃度的低谷时段。如下图所示，交易总量在2013到2014年上升26%之后，却在2014到2015年同比下降了15%。
照目前的发展速度，在风投参与下，2016年金融科技领域的交易量（包括新增和后续的交易）将会上涨15%。这意味着2016年的交易量水平将与2014年大致相当。
然而，2016年第一季度早期金融科技领域的交易量与去年同期相比却下降了29%，这意味着今年交易量的增长会由后期的交易活动推动。本季度早期交易包括对以下公司的融资活动，以非洲为目标市场的手机小额融资创业公司Branch International(Andreessen Horowitz)，资金转账的手机app Revolut(Index Ventures)，以及中小型企业融资项目Blispay（NEA）。
领军风投资金都流向了哪些金融科技项目？
我们利用CB Insights的Business Social Graph分析了几家领军风投机构的金融科技投资走向。在23家投资机构中，Accel Partners, Index Ventures, 和 Andreessen Horowitz自2011年开始就已经活跃在了金融科技领域。
具体来说，这些领军风投机构的资金主要流向了以下几个方面：
保险技术：包括Sequoia Capital, First Round Capital, Khosla Ventures, Founders Fund 和 NEA 在内的多家机构都投资了健康保险领域，投资对象包括Oscar Health, Clover Health, 和 Bright Health，以及健康保险代理机构Gusto, Namely和Zenefits。近期的投资则倾向于汽车保险领域，例如比较网站Insurance Zebra(Floodgate)和尚未推出的P2P租房保险与人寿保险创业公司Lemonade (Sequoia Capital), Jetty (Social Capital), 以及 Ladder Life (Lightspeed Venture Partners).
房地产投资：提供房地产众筹平台的创业公司在英国境内和海外都有，比如RealtyShares (Union Square Ventures) 和 Property Partner (Index Ventures)，以及房地产交易撮合商Cadre，它从Founders Fund, Khosla Ventures,和 General Catalyst三家风投机构中筹集了6830万美元。
机构投资工具：这类工具通过替代数据和分析帮助资产管理者找寻投资机会，由Accel和NEA投资的Kensho公司以及Bessemer Venture Partners投资的Second Measure都属于这一类别。
针对无银行账户或难以获得金融服务群体的金融服务：该领域的近期交易包括非洲移动小额金融创业公司Branch International (Andreessen Horowitz) 和金融稳定性 app Even (Khosla Ventures)。
销售点信贷/另类贷款：销售点融资平台Affirm目前融资总额已经超过了2.3亿美元。投资者包括Andreessen Horowitz, Founders Fund, Lightspeed Venture Partners, Khosla Ventures, 以及 Spark Capital。另外，直接贷款平台Bread在2015年11月A轮融资中也筹集了1430万美元，投资者是Bessemer Venture Partners。
Business Social Graph工具用图表化方式向我们展示了风投资金的走向。
注释：我们观察的这23家VC公司是根据投资组合估值和投资结果选择出来。一些投资机构与其他相关研究有关联。以下是23家smart money投资机构的完整名单：
Sequoia Capital
Benchmark Capital
Accel Partners
Greylock Partners
Andreessen Horowitz
Union Square Ventures
First Round Capital
Bessemer Venture Partners
Kleiner Perkins Caufield & Byers
New Enterprise Associates
Founders Fund
Lightspeed Venture Partners
Foundry Group
Index Ventures
Khosla Ventures
Social Capital
Emergence Capital Partners
True Ventures
Floodgate Fund
General Catalyst Partners
CRV
Spark Capital
Battery Ventures
以下为英文原文：
Investment to venture-backed startups across the fintech ecosystem — from lending and personal savings to payments and insurance — rose to over $13B in 2015.
As the number of startups across the financial services space continues to expand, one way to help separate signal from noise is to follow where smart VC money is placing bets on emerging business models and technologies. Some of the hot areas, as we’ll see below, include auto and life insurance, point-of-sale credit, and solutions for institutional investors.
(For more on how we selected the 23 VC firms, see the note at the end of this post.)
Smart money VC investment into fintech slowed down in 2015
Looking at fintech deal activity by these 23 VC firms over the last five years highlights a notable drop in total investments between 2014 and 2015. As the chart below shows, deal activity decreased 15% on a year-over-year basis between 2014 and 2015, after rising 26% between 2013 and 2014.
At the current run-rate, 2016 will see a 15% rise in year-over-year fintech deal activity, including new and follow-on deals, with smart money VC participation. That means 2016 deal activity would finish the year roughly equal with 2014 levels.
Interestingly, early-stage fintech deal activity in Q1’16 is down 29% from the same quarter last year, meaning the gain in activity this year is being pushed by later-stage deals. Early-stage deals in the quarter included financings to Africa-targeted mobile micro-finance startup Branch International (Andreessen Horowitz), mobile money transfer app Revolut (Index Ventures), and small- and medium-sized business financing program Blispay (NEA).
Visualizing smart money fintech investment
We used CB Insights’ Business Social Graph to visualize how smart money VC investors and target fintech companies are connected. Of the 23 investors, Accel Partners, Index Ventures, and Andreessen Horowitz were the most active in fintech since the start of 2011.
We identified several different fintech categories that the cohort of 23 smart money VCs are placing newer bets, which include:
Insurance tech: Smart money VCs including Sequoia Capital, First Round Capital, Khosla Ventures, Founders Fund and NEA have all bet on the health insurance space including Oscar Health, Clover Health, and Bright Health as well as health insurance brokers Gusto, Namely and Zenefits. More recent investments have gone to auto insurance-comparison site Insurance Zebra (Floodgate) and yet-to-launch peer-to-peer renter’s insurance and life insurance startups Lemonade (Sequoia Capital), Jetty (Social Capital), and Ladder Life (Lightspeed Venture Partners).
Real estate investing: Startups providing real estate crowdfunding platforms both in the UK and abroad such as RealtyShares (Union Square Ventures) and Property Partner (Index Ventures) as well as real estate deal-matchmaker Cadre, which has raised $68.3M from investors including three smart money VCs: Founders Fund, Khosla Ventures, and General Catalyst.
Institutional investing tools: Startups in this area have attracted smart money VC investment for tools helping asset managers identify investment opportunities with alternative data or analytics include Kensho (Accel, NEA) and Second Measure (Bessemer Venture Partners).
Financial Services for the underbanked/underserved: Recent deals in this category include African mobile micro-finance startup Branch International (Andreessen Horowitz) and financial stability app Even (Khosla Ventures).
Point-of-sale credit/alternative lending: Point-of-sale financing platform Affirm has raised over $230M from investors including Andreessen Horowitz, Founders Fund, Lightspeed Venture Partners, Khosla Ventures, and Spark Capital. Separately, direct-lending platform Bread raised a $14.3M Series A from Bessemer Venture Partners in November 2015.
译者：朱孔达
原文：CB INSIGHTS
来源：未央网
联系客服
