After the 2008 financial crisis, financial services industry has been reshaped not only by stricter regulatory requirements but also by a digitalization trend mainly driven by Fintech startups, new companies implementing digital technologies to offer innovative solutions for the financial sector. The interest towards Fintech startups generated the need for the design of a startup valuation method, since traditional approaches can’t estimate correctly the value of young ventures. However, existing literature does not provide a valuation framework dedicated to Fintech startups, and the purpose of current research is therefore filling this gap by developing an integrated valuation framework to examine how different characteristics of Fintech startups impact their post-money valuation, with a focus on the Italian Fintech startups, which have not been previously investigated. By identifying 326 Italian Fintech startups and gathering confidential data from 145 of them through a specific survey, it has been possible to study the overall Italian Fintech industry with a quantitative approach, in order to develop in the most complete way a theoretical valuation model. The analysis highlighted the constant growth of Italian Fintech market, with most of the startups not competing with traditional financial players, by offering complementary services or partnering with them. Successively, the valuation framework has been built based previous researches and then tested through an OLS regression model, with explanatory variables related to previous experiences of the founders (in both startups and incumbent companies), Blockchain adoption, venture capitalists presence and insurance services offerings that resulted to be significant in determining Italian Fintech startups’ post-money valuation.
Dopo la crisi finanziaria del 2008, il settore finanziario è stato trasformato non solo da provvedimenti normativi più stringenti ma anche da una forte spinta alla digitalizzazione guidata dalle startup Fintech, nuove aziende che implementano tecnologie digitali per offrire soluzioni innovative all’industria finanziaria. L’interesse verso le startup Fintech ha creato la necessità di sviluppare un metodo di valutazione per queste startup, dato che i metodi tradizionali non possono stimare correttamente il valore di imprese giovani. Tuttavia, la letteratura esistente non comprende un modello di valutazione specifico per le startup Fintech, e l’obiettivo della presente ricerca è proprio quello di riempire questo vuoto nella letteratura sviluppando un sistema integrato di valutazione per comprendere come i differenti aspetti delle startup Fintech impattino la loro valutazione post-money, concentrandosi sulle startup Fintech italiane, che non sono state analizzate da precedenti ricerche. Identificando 326 startup Fintech italiane e raccogliendo dati confidenziali su 145 di loro grazie ad una specifica survey, è stato possibile studiare l’intero settore Fintech italiano con un approccio quantitativo, in modo da sviluppare nel modo più completo possibile un sistema di valutazione teorico. L’analisi ha evidenziato la crescita costante del mercato Fintech italiano, con la maggior parte delle startup che non compete con le tradizionali istituzioni finanziarie, offrendo soluzioni complementari o collaborando con esse. In seguito, il sistema di valutazione è stato costruito sulla base delle precedenti ricerche e successivamente testato da un modello di regressione OLS, con variabili esplicative legate alle precedenti esperienze dei fondatori (sia in startup sia in istituzioni finanziarie tradizionali), all’adozione della Blockchain, alla presenza di venture capital e all’offerta di servizi assicurativi che sono risultate essere significative nel determinare la valutazione post-money delle startup Fintech italiane.
Italian Fintech startups : ecosystem analysis and valuation framework
BIGONI, ALESSANDRO
2018/2019
Abstract
After the 2008 financial crisis, financial services industry has been reshaped not only by stricter regulatory requirements but also by a digitalization trend mainly driven by Fintech startups, new companies implementing digital technologies to offer innovative solutions for the financial sector. The interest towards Fintech startups generated the need for the design of a startup valuation method, since traditional approaches can’t estimate correctly the value of young ventures. However, existing literature does not provide a valuation framework dedicated to Fintech startups, and the purpose of current research is therefore filling this gap by developing an integrated valuation framework to examine how different characteristics of Fintech startups impact their post-money valuation, with a focus on the Italian Fintech startups, which have not been previously investigated. By identifying 326 Italian Fintech startups and gathering confidential data from 145 of them through a specific survey, it has been possible to study the overall Italian Fintech industry with a quantitative approach, in order to develop in the most complete way a theoretical valuation model. The analysis highlighted the constant growth of Italian Fintech market, with most of the startups not competing with traditional financial players, by offering complementary services or partnering with them. Successively, the valuation framework has been built based previous researches and then tested through an OLS regression model, with explanatory variables related to previous experiences of the founders (in both startups and incumbent companies), Blockchain adoption, venture capitalists presence and insurance services offerings that resulted to be significant in determining Italian Fintech startups’ post-money valuation.| File | Dimensione | Formato | |
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2019_12_Bigoni.pdf
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https://hdl.handle.net/10589/151057