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German FinTech Investments 2017: New Record, But Harder Money?

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German FinTech Investmens 2017: New Record, But Slowing Growth

The state of global FinTech VC is subject to continuous debate. While international data points for 2017 are not yet out, we review the German numbers below:

FY 2017 Trends

  • Equity investments came in at €716m up 9% yoy
  • Investment growth is slowing for the second year in a row (2016: +45% yoy, 2015: +135% yoy)
  • Investment growth is low in international context with UK, for instance, expected to treble yoy in 2017
  • Number of equity deals were unchanged yoy at 126, revisions throughout the year are likely to push growth into positive territory, however
  • Funding environment getting tougher: Ratio of VC deals to number of Startups declines markedly from 23% in 2016 to 18% in 2017
  • Top 10 deals accounted for 44% of German FinTech VC or €319m
  • The largest deal (Kreditech) alone was worth 15% of German FinTech VC or €110m

Q4 2017 Trends

  • Equity investments in Q4 came in at €135m up 5% qoq and more than doubling over Q4 2016, nevertheless investments are below the quarterly average of €152m since 2012
  • Number of equity deals in Q4 came in at 25, one deal lower qoq but 25% higher than Q4 2016, the quarterly average since 2012 stands at 29
  • We count 7 large deals in Q4 with a funding volume of  €10m or more
  • Top Deals: Deposit Solutions, Compeon, Treasury Intelligence Systems & Global Savings Group

ICOs in Q4 2017

  • We observed 5 ICO announcements
  • NAGA ICO successfully raised €42m