FinLab

DB: A7A

€91.7m market cap

€17.6 last close

FinLab is an incubator and builder of fintech companies based in Germany. It also has holdings in two relatively mature asset management businesses, Heliad and Patriarch, which gives it stable cash flows and a strong balance sheet. It currently has four fintech investments.

Investment summary

Deposit Solutions, FinLab’s largest fintech holding (which until recently made up nearly 30% of its NAV), has completed a new funding round with Deutsche Bank, which acquired a c 4.9% stake in the business. Although the deal volume is relatively small (and may be partially non-cash), we note that the transaction values Deposit Solutions at more than €1.0bn, which means it has now reached ‘unicorn’ status (ie a privately held company valued in excess of US$1.0bn) and has become one of the most highly valued fintech companies in Germany. We estimate that this translated into a significant write-up of FinLab’s c 7% stake of over €40m (c €7.6/share).

Share price graph
Price performance
%
1m
3m
12m
Actual 3.2 34.6 (16.3)
Relative* (3.6) 34.0 (17.8)
52-week high/low €21.4/€12.6
*% relative to local index
Key management
Juan Rodriguez Member of the Board
Stefan Schuetze Member of the Board