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The future of SME finance

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The future of SME finance

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The future of SME finance

  1. 1. Ronald Kleverlaan Director European Centre for Alternative Finance Utrecht University ronald@kleverlaan.com || @kleverlaan || http://www.uu.nl/ecaf Future of Finance Alternative Finance trends and main obstacles for growth ACCIÓ, Barcelona - Alternative Finance trends - 19-11-2019 @kleverlaan || www.altfinance.eu
  2. 2. Global market Alternative Finance - USA (10%) China (87%) Source: 4th EU Alternative Finance Industry Report (2019), Cambridge Centre for Alternative Finance @kleverlaan || www.altfinance.eu
  3. 3. Alternative Finance in Europe €10 billion (2017) Source: 4th EU Alternative Finance Industry Report (2019), Cambridge Centre for Alternative Finance @kleverlaan || www.altfinance.eu
  4. 4. Source: Expanding Horizons, The 3rd European Alternative Finance Industry Report (2016), Cambridge Centre for Alternative Finance Market volume per capita @kleverlaan || www.altfinance.eu
  5. 5. Source: 5th UK Alternative Finance Industry Report (2017), Cambridge Centre for Alternative Finance 29% of financing for small SMEs by AltFin (UK) @kleverlaan || www.altfinance.eu
  6. 6. Alternative Finance 20+ different new financing solutions and 100s of providers @kleverlaan || www.altfinance.eu
  7. 7. Traditional Finance @kleverlaan || www.altfinance.eu
  8. 8. Alternative Finance Online Leasing Online Factoring P2P business lending Equity crowdfundingSocial Impact Bonds Real-estate lending Business angels Debt based securities STO/ICORevenue sharing @kleverlaan || www.altfinance.eu
  9. 9. P2P/Marketplace business lending @kleverlaan || www.altfinance.eu
  10. 10. Funding Circle £4,2 billion – 42.000 companies @kleverlaan || www.altfinance.eu
  11. 11. Crowdfunding Community of investors @kleverlaan || www.altfinance.eu
  12. 12. Crowdfunding = Community Funding An involved community providing more then money @kleverlaan || www.altfinance.eu
  13. 13. Brewdog – Equity Crowdfunding £25 million in equity - 42,000 investors – 5 rounds @kleverlaan || www.altfinance.eu
  14. 14. Monzo Crowd & VC co-investment • 2016 - £7 million (VC) + £1 million (Crowd) • 2017 - £22 million (VC) + £2,5 million (Crowd) • 2018 - £85 million (VC) + £20 million (Crowd) (valuation 40x higher then 2016) @kleverlaan || www.altfinance.eu
  15. 15. @kleverlaan || www.altfinance.eu
  16. 16. Bigger/traditional companies using crowdfunding Fragmented financial landscape with specialized financial suppliers Co-funding and multiple funding rounds New independent “trusted advisors” support companies Citizens and government will work together on societal challenges Future of crowdfunding @kleverlaan || www.altfinance.eu
  17. 17. Not just for start-ups and small companies @kleverlaan || www.altfinance.eu
  18. 18. Philips €6 million for new product introduction @kleverlaan || www.altfinance.eu
  19. 19. BD Bacata (Colombia) $150 million by 3.000 retail investors @kleverlaan || www.altfinance.eu
  20. 20. Multiple funding rounds @kleverlaan || www.altfinance.eu
  21. 21. Pebble watch $10,3 million by 68,929 backers @kleverlaan || www.altfinance.eu
  22. 22. $10,3M $20,3M $12,8M @kleverlaan || www.altfinance.eu
  23. 23. Societal challenges: - Energy transition - Local food production - Social housing - Cleaner and greener cities @kleverlaan || www.altfinance.eu
  24. 24. 24 Energy Transition Challenges: NIMBY, high-risk pre-financing, profits external partners
  25. 25. 25 Windfarm Nijmegen-Betuwe 1.076 local investors for € 18,5 million windfarm
  26. 26. 26 United Downs £5,2 million crowd investment
  27. 27. Social housing Local food production Challenges: small scale projects, sales for farmers
  28. 28. 28 Herenboeren 200 local citizens invest €2.000 each to start and own their own farm
  29. 29. 29 Social housing Challenges: bottom-up projects difficult to finance
  30. 30. 30 Knarrenhof Small groups of elderly people co-finance local private+social housing
  31. 31. 31 Nature based solutions for urban sustainability goals Challenges: alternative business models and non-financial returns
  32. 32. 32
  33. 33. 33
  34. 34. Immature and young alternative finance eco-system Good financial regulation for Alternative Finance Lack of knowledge about Alternative Finance at entrepreneurs and companies Lack of knowledge about Alternative Finance at SME financial advisors Biggest obstacles for growth @kleverlaan || www.altfinance.eu
  35. 35. Market Government Source: Current State of Crowdfunding in Europe 2016 – Alternative Finance Maturity Index @kleverlaan || www.altfinance.eu
  36. 36. It takes two to tango @kleverlaan || www.altfinance.eu
  37. 37. Introduction Growth Competition Consolidation Maturity Alternative Finance Maturity Model (5 phases) @kleverlaan || www.altfinance.eu
  38. 38. Immature and young alternative finance eco-system Good financial regulation for Alternative Finance Lack of knowledge about Alternative Finance at entrepreneurs and companies Lack of knowledge about Alternative Finance at SME advisors Biggest obstacles for growth @kleverlaan || www.altfinance.eu
  39. 39. Government/regulator Investor protection vs Access to Finance Professionality of new industry players European vs National Regulation UK & German market up to €8m campaigns Experiment with sandboxes @kleverlaan || www.altfinance.eu
  40. 40. Introduction Growth Competition Consolidation Maturity Alternative Finance Maturity Model (Government) Open dialogue with industry Create clear regulations + public support Investor protection + transparency on defaults Integrated completely in financial regulations @kleverlaan || www.altfinance.eu
  41. 41. Immature and young alternative finance eco-system Good financial regulation for Alternative Finance Lack of knowledge about Alternative Finance at entrepreneurs and companies Lack of knowledge about Alternative Finance at SME advisors Biggest obstacles for growth @kleverlaan || www.altfinance.eu
  42. 42. Industry Promotion and Education Educational programs for Entrepreneurs, Investors and Advisors. Independent Research on industry data Transparancy on defaults, risks Certification program for platforms and advisors Co-financing by government and banks @kleverlaan || www.altfinance.eu
  43. 43. Introduction Growth Competition Consolidation Maturity Alternative Finance Maturity Model (Industry) Industry roundtables and work with independent advisors Collective promotion of success stories. Regular publications of growth in industry. Training advisors. Launch industry association Support independent (academic) research, certification of advisors, transparency on defaults, several industry associations, combine AltFin with traditional finance Integration in traditional (institutional) finance industry, specialized (academic) research centre. @kleverlaan || www.altfinance.eu
  44. 44. Immature and young alternative finance eco-system Good financial regulation for Alternative Finance Lack of knowledge about Alternative Finance at entrepreneurs and companies Lack of knowledge about Alternative Finance at SME advisors Biggest obstacles for growth @kleverlaan || www.altfinance.eu
  45. 45. Alternative Finance in Europe is growing rapidly Fragmented financial landscape New group of independent “trusted advisors” Alternative Finance market needs to become more mature Conclusions @kleverlaan || www.altfinance.eu
  46. 46. Ronald Kleverlaan Director European Centre for Alternative Finance Utrecht University ronald@kleverlaan.com || @kleverlaan || http://www.uu.nl/ecaf Future of Finance Alternative Finance trends and main obstacles for growth ACCIÓ, Barcelona - Alternative Finance trends - 19-11-2019 @kleverlaan || www.altfinance.eu
  47. 47. http://www.altfinance.eu Weekly Alternative Finance newsletter @kleverlaan || www.altfinance.eu
  48. 48. Digital Business Angels @kleverlaan || www.altfinance.eu
  49. 49. Social Impact Bond Outcome payment by government @kleverlaan || www.altfinance.eu
  50. 50. SME factoring Sell individual invoices @kleverlaan || www.altfinance.eu
  51. 51. Profit sharing Receive % of future profits @kleverlaan || www.altfinance.eu
  52. 52. STO/ICO Security token offerings – digitized stocks @kleverlaan || www.altfinance.eu
  53. 53. Smart (energy) contracts Raise funding upfront for future (energy) usage @kleverlaan || www.altfinance.eu

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