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.
Following the high transaction activity in H218, FinLab has since focused on value creation within its existing fintech portfolio companies. In H119, a positive impact from revaluations offset the c 25% decline in Heliad Equity Partner’s share price in the period and NAV per share remained broadly stable at €20.21 vs €20.44 at end 2018. Significant developments at its largest holdings in H219 include Deposit Solutions becoming a fintech unicorn following the funding round with Deutsche Bank and Kapilendo transitioning to a digital banking partner for medium-sized businesses in September 2019. Notably, Heliad’s share price has increased 30% since end-June 2019, presumably driven by stock catalysts at its largest portfolio holding, flatex.