1、1Institutional Research GroupAnalysisPublishingDesigned by Jenna OMalleyContentsDataNick Zambrano Data APublished on November 27,2024EMERGING TECH RESEARCHQuarterly Fintech M&A Review:Tracking Big Bank M&AM&A by the 30 largest US banks and by publicly traded fintech companiesPitchBook is a Morningst

2、ar company providing the most comprehensive,most accurate,and hard-to-find data for professionals doing business in the private markets.James Ulan Lead Analyst,Emerging Technology Rudy Yang Senior Analyst,Emerging Technology Key takeaways1All fintech acquisitions2PE buyouts5Envestnet Q&A with Rajiv

3、Bhatia6Corporate acquisitions11Acquisitions by publicly traded fintechs13Large bank M&A18PitchBook Data,Inc.Nizar Tarhuni Executive Vice President ofResearch and Market IntelligencePaul Condra Head of Emerging Technology ResearchKey takeaways Corporate M&A begins to gain steam:Corporate acquisitions

4、 of B2B fintechs rose by an estimated 42%YoY in Q3 after several quarters of minimal growth.We believe we are in the early innings of a sustainable corporate M&A recovery.Recall that C-suite and board appetite to make acquisitions rises and falls with stock price,revenue growth,FOMO,and the confiden

5、ce that comes from stable-to-improving performance over time.Q3s rebound was led by acquisitions from Stripe,Shift4 Payments,Pagaya,US Bank,and Paylocity.PE buyouts jump,and the rise appears sustainable:We believe we are observing a real recovery in PE fintech buyouts.Q3s buyout count rose by an est

6、imated 77%YoY after declining by 14%YoY in the prior four quarters.We see another sign of PEs strength in Q3s disclosed platform deal value,which rose to$13.8 billion compared with an average of$7.7 billion in the prior four quarters and an average of$3.9 billion per quarter from 2019 to 2024.Lower