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Online payments and credit are on rise and so is the capital injected Insurance & Finance ($7.6bn) 2006 300 282 273 263 177 172 148 145 115 90 Adyen Klarna Funding Circle Kreditech Powa Technologies Borro WorldRemit Wonga iZettle eToro 2005 2009 2012 2007 2008 2010 2007 2010 2010 2012 1,600 1,262 766 628 591 307 200 130 91 89 Avant Lending Club Sofi Ondeck Square Mozido Stripe Wealthfront Taulia Coupa Software 2007 2007 2009 2008 2010 2011 2009 2009 Europe - Capital Raised ($m) / HQ / Year Founded US - Capital Raised ($m) / HQ / Year Founded Online Payments Online Payments Peer-to-peer financing Online credit Mobile payment Online loans Money transfer Online credit Mobile payment Money transfer Online loan Online loan Online loan Business loan Mobile payment Mobile payment Online & mobile payment Wealth management Invoicing and payments Payment software 26% $1.9bn 74% $5.7bn Europe US 6 Source: Company disclosures, websites and press releases, Crunchbase, NOAH Advisors. Note: Data only includes the 10 largest funding in the segment considered. Funding - Europe vs. US Most Active Investors in Europe Most Active Investors in the US Presenting at 2011

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