FinTech An IP Perspective

Relecura IP Intelligence Report
Relecura Inc.
www.relecura.com
contact@relecura.com
October 2015
FinTech sector Current scenario

The financial services sector is experiencing a great deal of churn. There are several start-ups and newer companies challenging the incumbents. These new
entrants are using digital platforms to deliver products and services more efficiently, employing newer business models. The points given below elaborate on the
current scenario.
Incumbent players are facing cost-cutting and increasing regulation.
New players are providing financial products and services that are digital ready.
Incumbent players like banks have traditionally used a product-based sales approach.
New players are focusing on selling along with enhancing convenience and user experience.
The above trends are forcing the existing financial services players to reinvent themselves and invest in technology for a digital future.
To prepare themselves for these changes, the incumbent players are doing a combination of the following - all of which have IP implications.
Investing in FinTech start-ups.
Eyeing other FinTech start-ups as potential acquisitions.
Changing their business models around delivering products and services.
The IP focus is around technology that delivers financial products and services.
More conveniently.
Better customer experience.
Lower cost.
With new, more efficient business models.
20-10-2015
Copyright 2015 Relecura Inc., All rights reserved.
FinTech sector Investment activity

FinTech financial activity has grown from around $928 million in 2008 to
$2.97 billion in 2013 and $12.21 billion in 2014.
In the first half of 2015,

There have been 192 FinTech mergers and acquisitions - valued totally
at $18.9 billion across 192 deals.
Global FinTech investment jumped 201% between 2013 and 2014, breaking
$12 billion mark with more than 730 deals.
M&A in the Capital Markets segment showed the largest increase in
volume 31% rise, from 58 to 76 deals.
US made up the lions share and is leading the world in FinTech investments.
The aggregate capital invested into top FinTech companies working in
The rate of the value of startup financing rose nearly 200% from 2013 to
capital markets is $600 million as of April, 2015.
2014.
Four out of top 10 deals occurred in the Capital Markets segment.
Europe showed the highest growth with an increase of 215% YOY to $1.48
o SS&C Technologies acquisition of Advent Software (19 patent
billion in 2014.
documents) for $2.6 billion.
Payments are the fastest growing segment under the FinTech umbrella.
o Playtechs acquisition of Plus500 for $697 million.
FinTech related M&A activity in 2014:
Two of the significant deals of 2014
Transaction volume rose by 8% over 2013, from 343 to 371.
First Data Corp, a provider of payment processing services found in
Transaction value increased by 5% over 2013, from $27.37 billion to
1971, raised $3.5 billion in private equity led by KKR.
$28.70 billion.
Lending Club, a peer-to-peer lending platform founded in 2006 raised
Payment category transaction volume increased by 44% over 2013,
$865 million on the New York Stock Exchange, valuing its business at
from 95 to 137 and the deals totaled more than one-third of the
$8.5 billion and hitting the record for the biggest US tech IPO of 2014.
aggregate volume. (Berkery Noyes Report).
Since 2009, six major banks Bank of America, Citigroup, Goldman Sachs,
JPMorgan Chase, Morgan Stanley and Wells Fargo have made strategic
investments in 30 FinTech tech companies.
20-10-2015
FinTech patents - Overview

Analysis
Key patent holders Banks
Top forward cited assignee
Key findings
Key patent holders Other

sectors
Top cited patents
Key patent holders

Unicorns
Top holders of high quality

patents
FinTech patents - Dashboard
Patent transaction trends
Filing trends overall
Top patent buyers & sellers
Filing trends Financial

categories
Key transacted companies
Filing trends Top patent

holders
Appendix A - Methodology
Top patent holders

Financial categories
Technology categories
Technology categories vs.
Financial categories
Assignee Topic Map

Comparative Topic Map
Assignees, Concepts
Key patent holders FinTech
companies
20-10-2015
Filing trends By jurisdiction
Patent quality
References
Appendix B - Search details
FinTech patents - Analysis

FinTech categories employed for analysis:
o Financial Categories
By analyzing these patents we determine the key companies

holding patents, key companies citing patents, market areas for
patent filings, various sector companies active in filing patents,
filing trends, holders of patents with high Relecura patent quality,
key patents that are heavily cited.
Payment
Banking
Wealth Management
Capital Market
Insurance
Lending
Patent assignments are analyzed to determine transaction trends,

thus identifying key companies buying and selling patents.
For the key transacted companies, details of funding raised or M&A
information (if available) are provided.
o Technology Categories
Data and Analytics

IOT (Internet of Things)
Mobile Platform
Security
Cloud Computing
Cryptocurrency
Sub searches are conducted using the classification codes and

keywords to arrive at the results for each of the FinTech financial
and technology categories.
20-10-2015
FinTech patents Key findings

Visa, Bank of America, Hitachi followed by Shinhan Bank and Bizmodeline
are the top patent holders of FinTech Patents.
period.
Top Patent holders such as Visa, Bank of America, and MasterCard have
The top 200 patent holders own only 39% of the FinTech patents in the key
significantly increased their FinTech patent filings after 2007.
categories. Thus the FinTech patents are spread over many assignees.
The active markets for FinTech as indicated by the preferred jurisdictions for
Key financial entities holding patents include Bizmodeline, First Data,
patent filings by the top players. These are U.S.(#1), Japan (#2), Korea (#3),
Diebold followed by Intuit, Chicago Mercantile Exchange and Hartford.
China (#4) and Europe (#5).
Key banks holding patents include Visa, Bank of America, Shinhan Bank
(Japan), MasterCard and JPMorgan.
Other sectors active in FinTech include telecom, IT, software, and electronics.
NTT, Nokia, KT Corp and Qualcomm are some of the Telecom companies with
FinTech patent holdings.
In the IT and software sector - SAP, Accenture, Oracle, Microsoft, Google and
Apple have patent assets in the FinTech domain.
IP commercialization firms like Intellectual Ventures, CFPH, Elwha LLC and Island
Intellectual Property LLC are present in this space.
An increase in patent assignments is seen after 2007, indicating an increased

number of transaction activity in recent times.
Companies acquiring FinTech patents include III holdings, EBay, Western Union,
JPMorgan, Google and Inventor Holdings.
Companies selling FinTech patents include American Express, IBM, Walker Digital,
First Data, Bank One and US Bank.
American Express is involved in both buying and selling patents. It has bought
patents from Serve Virtual Enterprises and sold patents to multiple companies
including III holdings, Xatra Fund and Propulsion Remote Holdings LLC.
IBM has sold patents to eBay, Google and Toshiba.
E-commerce companies like eBay, Amazon and Alibaba are FinTech patent
holders.
Patent filings in FinTech have shown a steady increase in the post 1999
20-10-2015
FinTech patents Top holders
Key finding:
The FinTech patent holdings are spread out over several players. There are no players that hold an
overwhelming majority of the patents.
The above results* are based on 145,589 relevant patent documents for FinTech comprising of 79,798 equivalents**.
* Results are based on non-expired patents filed in the last 20 years.
** An EQUIVALENT refers to a set of patent filings with the same priority documents, representing a single invention.
20-10-2015
Patent Holders
No of
Equivalents
VISA
BANK OF AMERICA
HITACHI
SHINHAN BANK
BIZMODELINE CO LTD
MASTERCARD
EBAY
IBM
OKI
FIRST DATA
FUJITSU
SONY
TOSHIBA
DIEBOLD
JPMORGAN CHASE
MICROSOFT
NEC
NTT
SAP
INTUIT
1,342
1,052
1,048
907
867
808
758
747
734
603
596
594
586
566
532
476
419
415
373
370
% Share of
FinTech
Equivalents
1.60
1.25
1.25
1.08
1.03
0.96
0.90
0.89
0.87
0.72
0.71
0.71
0.70
0.67
0.63
0.57
0.50
0.49
0.44
0.44
FinTech patents Financial Categories
20-10-2015
FinTech patents Key patent holders (Financial

Categories)
Relecura Assignees
VISA
HITACHI
BANK OF AMERICA
OKI
JPMORGAN CHASE
FUJITSU
MASTERCARD
FIRST DATA
SONY
PAYPAL INC
IBM
DIEBOLD
TOSHIBA
CITI
SHINHAN BANK
BIZMODELINE
AMERICAN EXPRESS
WESTERN UNION
NEC
CHICAGO MERCANTILE EXCHANGE
NTT
III HOLDINGS 1 LLC
MICROSOFT
NOKIA
GOLDMAN SACHS
QUALCOMM
GOOGLE
NCR CORPORATION
THE HARTFORD
EBAY
Payment
3,437
1,540
1,070
952
760
1,115
1,628
1,451
1,351
1,143
1,049
1,158
979
646
290
617
622
828
732
18
805
622
807
724
48
658
629
627
31
590
Key findings:
Visa holds a large number of filings in the payment
category.
20-10-2015
Wealth Management
20
167
258
30
282
32
10
28
23
109
103
3
33
140
229
85
120
16
39
494
19
14
15
3
261
6
3
8
156
10
Capital Market
4
295
86
68
218
125
5
8
86
20
90
1
70
106
71
8
8
7
80
530
37
6
9
0
273
1
4
2
9
18
Oki holds a majority of their filings in banking.

The Chicago Mercantile Exchange holds a significant
number of filings in wealth management and capital
Insurance
71
114
74
10
50
73
7
50
19
43
78
1
55
8
22
1
96
4
24
59
20
4
4
1
128
2
4
2
468
4
Lending
3
102
208
23
155
46
4
10
53
64
67
2
16
92
235
160
78
48
28
7
29
3
3
2
10
0
1
7
8
6
Banking
815
1,133
802
1,046
489
557
275
393
334
383
239
285
300
371
790
431
319
250
287
14
267
207
55
7
29
11
24
37
28
41
market.
Hartford is the key patent holder in the insurance category.
FinTech patents Top 10 holders (Financial

Categories)
Rank (based on # of
equivalents held)
20-10-2015
Payment
Banking
Wealth Management
Capital Market
Insurance
Lending
VISA
OKI
CHICAGO MERCANTILE
EXCHANGE
CHICAGO MERCANTILE
EXCHANGE
THE HARTFORD
SHINHAN BANK
HITACHI
HITACHI
SHINHAN BANK
HITACHI
USAA
BIZMODELINE
MASTERCARD
SHINHAN BANK
JPMORGAN CHASE
DAIWA SECURITIES
GROUP INC
HITACHI
BANK OF AMERICA
EBAY
BANK OF AMERICA
GOLDMAN SACHS
GOLDMAN SACHS
ACCENTURE
JPMORGAN CHASE
OKI
BIZMODELINE CO LTD
BANK OF AMERICA
JPMORGAN CHASE
SWISS RE
FANNIE MAE
BANK OF AMERICA
FUJITSU
HITACHI
TRADING TECH INT INC
GOLDMAN SACHS
WOORIBANK
SONY
VISA
MORGAN STANLEY
FUJITSU
IBM
HITACHI
BIZMODELINE CO LTD
JPMORGAN CHASE
DAIWA SECURITIES
GROUP INC
MUFG
TOKIO MARINE
MUFG
FIRST DATA
MUFG
ACCENTURE
CFPH LLC
STATE FARM
CAPITAL ONE
10
DIEBOLD
NEC
BIZMODELINE
ITG SOFTWARE
SOLUTIONS INC
BANK OF AMERICA /
THE TRAVELERS
COMPANIES
GE
10
FinTech patents Key findings (Financial

Categories)
FinTech financial categories considered for this study include payment, banking, wealth management, capital market, insurance and lending.
There has been increased filing in many of these categories, starting in late 90s and early 2000s. The filings were flat till 2010-2011, after which they have been
steadily increasing.
Payment is the key FinTech financial category garnering over 60% of FinTech patents we studied.
A summary of the key findings by FinTech financial category is given below.
FinTech Category
No of Equivalents
Payment
50,446
Visa, Hitachi, MasterCard, Ebay, Oki and Visa, IBM, Bank of America, Microsoft and Visa, First Data, Diebold and JPMorgan
Bank of America
American Express
eBay, HP, Verizon, PayPal, Google, Visa,

Qualcomm,
21,571
Oki, Hitachi, Shinhan Bank, Bank of

America, Bizmodeline and Fujitsu
Bank of America, IBM, JPMorgan, Visa and JPMorgan, Visa, Bank of America and
American Express
First Data
JPMorgan, PayPal, MasterCard and Intuit
Banking
Chicago Mercantile Exchange, Shinhan

Bank, JPMorgan, Goldman Sachs and
Bank of America
IBM, Bank of America, JPMorgan and

Chicago Mercantile Exchange
Chicago Mercantile Exchange, Trading E*trade Financial Corp, Verisign and Fair
Tech Int Inc, JPMorgan, Goldman Sachs Isaac Corp
and Bank of America
Chicago Mercantile Exchange, Hitachi,

Daiwa Securities, Goldman Sachs and
JPMorgan
BGC Partners, Chicago Mercantile

Exchange, Trading Technologies Int Inc,
CFPH LLC and JPMorgan
Chicago Mercantile Exchange, Trading

Tech Int Inc, JPMorgan, CFPH LLC and
BCG Partners Inc
Wealth management
Capital market
12,011
9,489
Insurance
6,652
Lending
6,592
20-10-2015
Top Patent Holders
Top Cited Companies
Patent Holders of high Quality
Key companies Buying Patents
Thomson Reuters, ITG Software, Chicago

Mercantile Exchange
Hartford, USAA, Hitachi, Accenture

Hartford, IBM, Genworth, USAA and Bank
followed by Swiss RE and Goldman Sachs of America
Hartford, IBM, Genworth, USAA, Bank of Massachusetts Mutual Life Insurance

America and Allstate
Company, AIG, Swiss Reinsurance Company
Ltd, Trizetto Group and Prudential Financial
Shinhan Bank, Bizmodeline, Bank of

America, JPMorgan and Fannie Mae
Fannie Mae, JPMorgan, Metabank, Bank Barclays, First Data Corp, Bank of America,
of America, PayPal and American
Verifone, Altisource Solutions
Express
Bank of America, Fannie Mae, IBM,

JPMorgan, USAA and American Express
11
FinTech patents Technology Categories

Key enabling technology categories in the FinTech space include Data and Analytics, Internet-of-Things (IOT), Mobile platform, Security,
Cloud Computing, and Cryptocurrency.
The FinTech patents have been partitioned based on the above and some quick facts are given below.
20-10-2015
Technology
No of FinTech Equivalents
Key Patent holders
Data & Analytics
29,955
HITACHI, OKI, SHINHAN BANK, TOSHIBA, SONY, BIZMODELINE,

FUJITSU, NTT, NEC, VISA
IOT
29,946
HITACHI, VISA, SONY, MASTERCARD, NTT, NEC, PAYPAL INC,

BANK OF AMERICA, SHINHAN BANK, IBM
Mobile Platform
19,412
VISA, BIZMODELINE, MASTERCARD, BANK OF AMERICA, PAYPAL

INC, QUALCOMM, FIRST DATA, DIEBOLD, SHINHAN BANK, NOKIA
Security
11,674
Cloud Computing
7,230
Cryptocurrency
714
VISA, HITACHI, BANK OF AMERICA, IBM, OKI, FIRST DATA,

MASTERCARD, TOSHIBA, MICROSOFT, NTT
IBM, VISA, DIEBOLD, AMERICAN EXPRESS, MICROSOFT,
MASTERCARD, BIZMODELINE, ACCENTURE, III HOLDINGS 1 LLC,
INTUIT
VISA, BANK OF AMERICA, MASTERCARD, PAYPAL INC, OBOPAY
INC, ELWHA LLC, KONAMI, QUALCOMM, APPLE, SEARETE
12
FinTech patents - Technology vs. Financial Categories

(Patent counts)
Relecuras Bucketing Module has been used to partition the FinTech patents based on (i) Financial Categories (financial product or
service) and (ii) Enabling technologies employed, i.e. Technology Categories.
Patent counts for the intersection of each of the Financial Categories (Columns) and Technology Categories (Rows) are shown below.
Technology Categories
Financial Categories
20-10-2015
Payment
Banking
Wealth Management
Capital Market
Insurance
Lending
Data & Analytics
18,447
8,736
4,154
3,278
2,679
2,353
IOT
21,994
6,738
2,708
2,856
1,443
1,957
Mobile Platform
16,426
3,229
827
567
609
763
Security
8,540
2,602
1,330
1,424
639
790
Cloud Computing
4,585
1,365
984
612
556
516
Cryptocurrency
597
113
57
28
15
58
13
FinTech patents Technology vs. Financial Categories

(Key patent holders)
Technology Categories
Financial Categories
Payment
Banking
Wealth Management
Capital Market
Insurance
Lending
Data & Analytics
18,447
Hitachi (475)
Sony (391)
8,736
Hitachi (360)
Oki (353)
4,154
Shinhan Bank (85)
Hitachi(68)
3,278
Daiwa Securities Group (91)
MUFG (48)
2,679
The Hartford (163)
Hitachi (46)
2,353
Shinhan Bank (91)
Bizemodeline (77)
IOT
21,994
Hitachi (390)
Visa (322)
6,738
Hitachi (200)
Shinhan Bank (176)
2,708
Trading Tech Int Inc (43)
JPMorgan Chase (40)
2,856
Hitachi (67)
Trading Tech Int Inc (57)
1,443
The Hartford (37)
Accenture (15)
1,957
Shinhan Bank (37)
Bizemodeline (32)
Mobile Platform
16,426
Visa (654)
MasterCard (257)
3,229
Visa (126)
Shinhan Bank (93)
827
Bizmodeline (24)
Woori Bank (20)
567
Mitake Co Ltd (19)
Orbis Patents Lts (10)
609
The Hartford (32)
State Farm (21)
763
Bizemodeline (30)
Shinhan Bank (19)
Security
8,540
Visa (245)
Hitachi (144)
2,602
Hitachi (111)
Oki (82)
1,330
ITG Software (29)
Goldman Sachs (28)
1,424
Hitachi (35)
Goldman Sachs (33)
639
The Hartford (19)
ITG Software (18)
790
Shinhan Bank (35)
Freddie Mac (18)
Cloud Computing
4,585
Visa (107)
Diebold (89)
1,365
American Express (44)
Capital One (25)
984
GE (32)
612
Accenture (12)
Blackbird Holdings (12)
556
The Hartford (39)
State Farm (21)
516
Rawllin International (12)
Cryptocurrency
597
Bank of America (13)
MasterCard (12)
113
PayPal (4)
Sony (4)
57
Content Technologies (3)
28
Phone1 Inc (2)
15
Zynga Inc (4)
Digonex Technologies (2)
58
IBM (3)
Socolof Alex (3)
20-10-2015
14
FinTech patents Assignee Topic Map
Key findings:
The size of the bubble denotes the number of patent assets held by the
company and the proximity of the bubbles indicates the similarity
between the portfolios, in terms of technologies addressed.
For example Visa and Hitachi are far apart, indicating that their patents
address dissimilar technologies, whereas the proximity between Visa
and American Express points to a similarity in the technologies
addressed by their individual portfolios.
20-10-2015
15
FinTech patents Comparative Topic Map (Assignees)

The Comparative Topic Map of patent holders for the
FinTech categories.
Absolute count comparison: The size of each bubble
represents the number of patent equivalents across
portfolios and the colored sectors represent relative
number of equivalents in the respective portfolios of each
category.
20-10-2015
16
FinTech patents Comparative Topic Map (Concepts)

The Comparative Topic Map of concepts for the FinTech
categories.
Absolute count comparison: The size of each bubble

represents the number of patent equivalents across
categories and the colored sectors represent relative
number of equivalents in the respective portfolios of
each category.
20-10-2015
17
FinTech patent holders Pure-play FinTech companies

FinTech Companies
No. of Equivalents
FinTech Companies
No. of Equivalents
FinTech Companies
No. of Equivalents
BIZMODELINE CO LTD
867
BOKU, INC.
76
PRUDENTIAL FINANCIAL
49
FIRST DATA
603
CHECKFREE CORP
75
BITWALLET INC
48
DIEBOLD
566
FMR LLC
75
FISERV
48
INTUIT
370
WINCOR NIXDORF
74
BLACKHAWK NETWORK
47
297
SHACOM COM INC
61
MONEYGRAM INTERNATIONAL, INC.
43
THE HARTFORD
292
DISCOVERY HOLDINGS LTD
58
USAA
278
T MONET CO LTD
58
METAVANTE CORP
42
KOREA INF & COMM CO LTD
202
BCCARD CO LTD
56
YODLEE INC
41
DAIWA SECURITIES GROUP INC
164
GENWORTH
56
KOREA SMART CARD CO LTD
40
GLORY KOGYO
163
STATE FARM
55
SHINHAN CARD CO LTD
38
CHINA UNIONPAY CO LTD
121
SYNCADA LLC
52
KOREA FINANCIAL TELECOMM & CLEARINGS INST
37
GIESECKE & DEVRIENT
121
THINKPOOL CO LTD
52
TRADING TECHNOLOGIES INT INC
37
NAUTILUS HYOSUNG INC
104
FAIR ISAAC CORPORATION
51
TENDYRON TECHNOLOGY CO LTD
36
ITG SOFTWARE SOLUTIONS INC
98
TOKIO MARINE
51
CUMMINS ALLISON CORP
97
VERIFONE INC
51
FANNIE MAE
97
ALLSTATE
50
96
FREDDIE MAC
50
SQUARE INC
83
OMX TECHNOLOGY AB
50
SWISS RE
80
THE TRAVELERS COMPANIES
50
BGC PARTNERS INC
78
AIG
49
CHARLES SCHWAB
35
AMERIPRISE FINANCIAL
34
MS&AD INSURANCE
34
CHICAGO BOARD OPTIONS EXCHANGE, INCORPORATED
33
FUJIAN LANDI COMMERCIAL EQUIP
33
HAREXINFOTECH INC
33
NIPPON CONLUX
33
PAYPAL, INC.
33
The above list is arrived by considering the top 200 patent holders from the overall FinTech patents set, and then categorizing the type of patent holder.
20-10-2015
18
FinTech patent holders - Banks
20-10-2015
Banks
No of Equivalents
Banks
No of Equivalents
VISA
1,342
INDUSTRIAL COMMERCIAL BANK OF CHINA
153
BANK OF AMERICA
1052
BARCLAYS
138
SHINHAN BANK
907
MORGAN STANLEY
130
MASTERCARD
808
HANA BANK
120
JPMORGAN CHASE
532
WELLS FARGO
111
CITI
353
CHINA CONSTRUCTION BANK
101
INFOBANK
99
AMERICAN EXPRESS
335
MIZUHO BANK LTD
89
WESTERN UNION
301
UBS
80
CAPITAL ONE
245
BNY MELLON
59
GOLDMAN SACHS
245
KOOKMIN BANK CO LTD
55
INDUSTRIAL BANK KOREA
232
METABANK
55
MUFG
232
TORONTO-DOMINION BANK
39
WOORIBANK
206
HSBC
37
19
FinTech patent holders Other sector companies I

Includes sectors such as Telecom, Information Technology, Electronics, conglomerates and others.
Telecom
Company
NTT
NOKIA
KT
QUALCOMM
ERICSSON
SK TELECOM
ZTE
ALCATEL-LUCENT
AT&T
HUAWEI
VERIZON
ORANGE
BLACKBERRY
DEUTSCHE TELEKOM
BELLSOUTH
SPRINT
VODAFONE
KONINKLIJKE KPN
BROADCOM
MOTOROLA
SWISSCOM AG
CHINA MOBILE
CUBIC CORP
CISCO
20-10-2015
No of Equivalents
415
221
218
202
181
280
131
125
120
115
111
107
86
77
72
59
51
48
44
44
42
32
61
50
Information Technology
Company
No of Equivalents
SAP
373
ACCENTURE
302
ORACLE
213
NOMURA RES INST LTD
136
YAHOO
95
JAPAN RES INST LTD
70
BEIJING PARAGON TECH CO
61
LTD
COMPUTER SCIENCES
54
CORPORATION
INTERTRUST TECH CORP
47
TATA CONSULTANCY SERVICES
45
SK C&C CO LTD
40
INFOSYS LTD
34
FACEBOOK
53
Electronics manufacturing
Company
No of Equivalents
OKI
734
NEC
419
NCR
344
CANON
129
SEIKO
103
INTEL
98
RICOH
82
CASIO
72
SHARP
72
FUJI ELECTRIC
60
FOXCONN
50
KYOCERA
37
NXP
38
Multi Industry companies

Company
No of Equivalents
IBM
747
SONY
594
TOSHIBA
586
LG
271
SAMSUNG
258
PANASONIC
257
GE
246
SIEMENS
239
SUMITOMO
170
MITSUBISHI
86
PHILIPS
64
20
FinTech patent holders Other sector companies II

IP commercialization firms
Company
No of Equivalents
III HOLDINGS LLC
303
CFPH LLC
148
INVENTOR HOLDINGS, LLC
81
INTELLECTUAL VENTURES
66
SIGNATURE SYSTEMS LLC
50
SEARETE
40
ELWHA LLC
36
ISLAND INTELLECTUAL
35
PROPERTY LLC
Hardware & Software
Company
No of Equivalents
FUJITSU
596
MICROSOFT
476
GOOGLE
289
HP
274
APPLE
142
20-10-2015
Others
Company
DNP
TENCENT
GEMALTO
THOMSON REUTERS
E-commerce
Company
No of Equivalents
EBAY
758
AMAZON
162
ALIBABA
143
No of Equivalents
143
130
110
91
PITNEY BOWES
138
JINFU HUANG
74
RAKUTEN
SK PLANET CO LTD
88
83
FUJIFILM
XEROX
OMRON
CUBIC CORP
ETRI, KOREA
SILVERBROOK RESEARCH
GILBARCO INC
TOPPAN
UNITED PARCEL SERVICE
DIGIMARC
HYUNDAI
HEADWATER PARTNERS I LLC
SYMBOL TECHNOLOGIES
SCHLUMBERGER
WALKER DIGITAL
RAWLLIN INTERNATIONAL INC.
70
68
64
61
55
54
53
50
45
45
42
39
38
35
34
33
Gaming
Company
No of Equivalents
IGT
114
SANKYO
75
UNIVERSAL
47
ENTERTAINMENT
CANTOR INDEX LLC
37
Retailers
Company
No of Equivalents
TARGET
70
WALMART
41
21
FinTech patents Unicorns* and Near-Unicorns

Unicorns (valuation >
$1 Billion)
FinTech category operating in
# Patent Equivalents
held
Valuation
($ Billion)
Square
Payments
143
6.0
Stripe
Powa Technologies
Klarna
Wonga
Zuora
On Deck Capital
Payments
Payments
Payments
Lending
Payments
Lending
1
17
2
16
4
5
FinTech category operating in
# Patent
Equivalents held
Valuation
($ Billion)
iZettle
Payments
16
0.8
Kabbage
Lending
12
0.8
Ezbob
Lending
0.6
Zopa
Lending
0.5
Bill.com
Payments
16
0.5
Wepay
Payments
0.5
Receivables Exchange
Lending
0.1
5.0
2.7
2.2
2.2
1.5
1.3
Mozido
Payments
58
1.2
IEX Group
Capital Market / Investing
0.9
20-10-2015
Near Unicorns
(valuation $500
Million - $ 1 Billion)
*Unicorn a term currently in vogue for a start-up that has a

US $1 billion valuation or more.
22
Pure-play FinTech patents Dashboard snapshot
Click here to see the Relecura Dashboard for the patents of the pure-play FinTech
players. (May take some time to load. No Relecura account is required).
Relecura Dashboards provide a dynamic snapshot of the key parameters of a
portfolio.
Dashboards can be customized by selecting the preferred widgets to display
information of interest to viewers.
Relecura Dashboards may be shared with collaborators and external parties.
20-10-2015
23
FinTech patents Filing trends
Key findings:
An initial increase in filings is observed from 1999 to 2001, followed by a plateau.
A more recent spurt in filings is shown from 2011 onwards.
20-10-2015
24
FinTech patents - Filing trends (Financial categories)
Key findings:
An initial increase in filings is observed from 1999 to 2001 in all the sectors, followed by a plateau.
Payment is the most actively filed sector throughout, followed by wealth management and capital markets.
20-10-2015
25
FinTech Filing trends of the top patent holders

Key finding:
Top Patent holders like Visa, Bank of America, and
MasterCard have ramped up their filings post 2007.
There is a large spike in the filings of Shinhan Bank
between 2006 and 2009 which has hence tapered off.
IBM which had a decrease in its FinTech patent filings after
2001, have again started filing FinTech related patents in
2012.
Interestingly Sony filed for a number of FinTech patents in
the period 2000-2004. The filing decreased subsequently.
MasterCard significantly increased its FinTech patent filings
in 2013.
eBay increased its patent filings in this area post 2011.
First Data was very active in filing in this area between
2002 2008 followed by a decrease thereafter.
20-10-2015
26
FinTech Filings by jurisdiction

Top Countries
Key finding:
More than 70% of the FinTech patent filings are in the following jurisdictions i.e. USA, Japan,
Korea, China and Europe indicating the key markets for this area.
20-10-2015
US
JP
WO
KR
CN
EP
CA
AU
DE
GB
TW
IN
MX
RU
FR
NZ
ES
BR
SG
AT
Others
No of
Applications
45,410
16,978
13,958
9,902
8,178
7,630
4,596
4,491
1,516
1,087
887
589
526
470
463
318
309
292
225
162
221
% Share of FinTech
Applications
38.07
14.23
11.70
8.30
6.86
6.40
3.85
3.76
1.27
0.91
0.74
0.49
0.44
0.39
0.39
0.27
0.26
0.24
0.19
0.14
0.19
27
FinTech patents - Top forward cited assignee
Key finding:
IBM, Bank of America, Visa, Microsoft and American Express are the top forward citers of FinTech
patents indication active on-going research in this area.
20-10-2015
28
FinTech patents - Top cited patents

Publication
Number
Title
Filing Date
Star Relecura Assignee Forward Citations

Rating
Count
Self
Citations
Cited by Others
US5892900A
Systems and methods for secure transaction

management and electronic rights protection
1996-08-30
INTERTRUST
2617
120
MICROSOFT(211), SONY(156), DIGIMARC(133), CONTENTGUARD HOLDINGS INC(104), HEADWATER

PARTNERS I, LLC(61)
US5794207A
Method and apparatus for a cryptographically

assisted commercial network system designed to
facilitate buyer-driven conditional purchase offers
1996-09-04
PRICELINE.COM LLC
2029
40
JPMORGAN CHASE(147), EBAY(65), CITRIX SYSTEMS(53), INVENTOR HOLDINGS LLC(44), WESTERN

UNION(43), ORACLE(39)
1995-08-29
3.5
BROADVISION
1701
1997-09-12
AMAZON
1621
78
US5710887A
US5960411A
Computer system and method for electronic

commerce
Method and system for placing a purchase order via a
communications network
JPMORGAN CHASE(134), RPX(105), MICROSOFT(66), IBM(40), INGENIO, LLC(40), EWINWIN INC(37),

EBAY(34), ORACLE(34), USA TECH INC(32)
RPX(106), JPMORGAN CHASE(82), ROVI(58), CASCADE MICROTECH INC(46), MUSIC CHOICE(34),
IBM(31), III HOLDINGS 1, LLC(31), EWINWIN, INC(30)
MILLENNIAL MEDIA INC(68), JPMORGAN CHASE(51), METABANK(40), GOLDMAN SACHS(36),
MICROSTRATEGY INC(30)
US6021397A
Financial advisory system
1997-12-02
FINANCIAL ENGINES,
INC.
962
11
US5883810A
Electronic online commerce card with

transactionproxy number for online transactions
1997-09-24
3.5
MICROSOFT
937
JPMORGAN CHASE(194), III HOLDINGS LLC(62), VISA(41), FIRST DATA(40), LEAD CORE FUND LLC(38),
XATRA FUND MX LLC(28)
US5757917A
Computerized payment system for purchasing goods

and services on the internet
1995-11-01
3.5
PAYPAL, INC.
916
RPX(103), JPMORGAN CHASE(90), FIRST DATA(66), WESTERN UNION(65), III HOLDINGS LLC(36),
PRICELINE.COM LLC(28), XATRA FUND MX LLC(25), TRANSACTION HOLDINGS LTD LLC(23), GOOGLE(21)
US5794219A
Method of conducting an on-line auction with bid

pooling
1996-02-20
3.5
GENERALE MICRO
FR LLC
872
EBAY(137), SANOFI(92), BOSCH(47), ARIBA INC(37), PRICELINE.COM LLC(28), LIVE NATION(25))
US5815665A
System and method for providing trusted brokering

services over a distributed network
1996-04-03
3.5
MICROSOFT
867
36
CISCO(57), AMAZON(49), SONY(34), VERIZON(33), HP(30), JPMORGAN CHASE(29), FACEBOOK(26),

IBM(21), INTEL(21)
US6260024B1
Method and apparatus for facilitating buyer-driven

purchase orders on a commercial network system
1998-12-02
OPEN INVENTION
NETWORK LLC
836
EWINWIN INC(38), APPLE(36), FIRST DATA(36), WESTERN UNION(34), SAP(33), RESTAURANT SERVICES
INC(30), JUNE RAY LTD(29), EBAY(23), IBM(22), GOOGLE(17)
Key findings:
All of the top cited patents were filed in the late 1990s.
The top cited patent by Intertrust addresses secured financial transactions and is cited a lot by Microsoft, Sony and Digimarc.
Microsoft holds two patents in the list of top cited patents.
20-10-2015
29
FinTech patents Patent quality
Key findings:
Very few patents in this technology area have a star rating* of 3 and above
Oki, Shinhan Bank and Bizmodeline doesnt hold any patents with a Relecura Patent Quality of 3 or above.
* The Relecura Patent Quality is a star rating (out of 5) calculated for each patent using proprietary algorithms.
20-10-2015
30
FinTech high quality* patents Top holders

Key finding: Visa, Diebold, First Data, Bank of America and JPMorgan are the top holders of the high quality* FinTech patents.
Patent Holder
VISA
DIEBOLD
FIRST DATA
BANK OF AMERICA
JPMORGAN CHASE
PAYPAL, INC.
MASTERCARD
III HOLDINGS 1, LLC
WESTERN UNION
GOOGLE
IBM
MICROSOFT
AMERICAN EXPRESS
QUALCOMM
CITI
ACCENTURE
THE HARTFORD
AMAZON
CUMMINS ALLISON CORP
SAP
Number of high quality*

applications
352
186
183
180
167
138
124
118
107
98
91
91
86
81
78
76
76
70
68
68
Share** of high quality

applications
3.46
1.83
1.80
1.77
1.64
1.36
1.22
1.16
1.05
0.96
0.90
0.90
0.85
0.80
0.77
0.75
0.75
0.69
0.67
0.67
Patent Holder
SONY
CAPITAL ONE
ORACLE
GOLDMAN SACHS
CFPH LLC
AT&T
IGT
INVENTOR HOLDINGS, LLC
INTUIT
APPLE
NOKIA
VERIZON
GE
HP
EBAY
BOKU, INC.
COMPUTER SCIENCES CORPORATION
YAHOO
Number of high quality*

applications
67
54
53
52
51
50
50
49
48
47
47
46
45
45
44
44
37
31
31
30
Share** of high quality

applications
0.66
0.53
0.52
0.51
0.50
0.49
0.49
0.48
0.47
0.46
0.46
0.45
0.44
0.44
0.43
0.43
0.36
0.31
0.31
0.30
* High quality patent Patents with a Relecura Patent Quality star rating of 3 or above (out of 5).
* 10,161 filings are deemed high quality.
** Percentage of high quality patent filings owned by the organization.
20-10-2015
31
FinTech patents Transaction trends
Key findings: FinTech transactions show a steady upward trend with a spurt after 2007.
The above results* are based on transactions of 7,946** FinTech patent documents.
* Results are based on non-expired patents filed in the last 20 years. The results set is cleaned by removing the patent transactions between the same
company, patents mortgaged to bank and inventor transactions.
** The results set is grouped by applications, which gives one transaction for both the published application and granted document together
20-10-2015
32
FinTech Top patent buyers
20-10-2015
33
FinTech Top patent sellers
20-10-2015
34
FinTech Patent transaction summary

Buyer
Seller
No of Applications
III Holdings 1, LLC
Inventor Holdings, LLC

Toshiba
American Express
IBM
Others
Walker Digital
First Data
Bank One
IBM
Motorola Mobility
Walker Digital
IBM
378
128
39
34
154
113
14
28
79
72
Bank of America
Merrill Lynch & CO INC
42
Xatra Fund MX, LLC
American Express
69
Barclays
Lehman Brothers INC
49
IGT
Lead Core Fund, L.L.C.
Walker Digital
American Express
55
56
HP
Electronic Data Systems
32
Syncada LLC
Wells Fargo
US Bank
Wachovia
50
40
American Express
Serve Virtual Enterprises
31
Nant Holdings IP, LLC
Evryx Acquisition, LLC
40
Propulsion Remote Holdings, LLC

Teradata US INC
American Express
NCR
23
30
eBay
Western Union
JPMorgan Chase
Google
20-10-2015
Key findings:
American Express sold patents to multiple companies

including III Holdings 1 LLC, Xatra Fund and Propulsion
Remote Holdings LLC.
IBM sold patents to eBay, Google and Toshiba.
Google acquired patents from IBM and Motorola Mobility.
Key patent buys by Banks
JPMorgan from Bank One Corp.

Bank of America from Merrill Lynch & Co Inc.
Barclays from Lehman Brothers Inc.
Wells Fargo from Wachovia
American Express from Serve Virtual Enterprises
Key patent buys from Banks

III Holdings 1 LLC, Xatra Fund MX LLC, Lead Core Fund LLC,
Propulsion Remote Holdings LLC from American Express
US Bank to Syncada LLC
35
References
References for the overall FinTech sector:
April 2015, http://goo.gl/aHLy6h
Bank Systems & Technology Connecting The Banking Community,

InformationWeek, June 2014, http://goo.gl/RFemXV
The Future of FinTech and banking: Digitally disrupted or reimagined?,

Accenture, http://goo.gl/gZyID9
The Future of FinTech and Banking: Global Fin Tech Investment Triples In
2014, CB Insights, March 2015, https://goo.gl/uqMt3E
Global FinTech Financing Activity, Business Insider, June 2015,

http://goo.gl/U2GDlh
Growth in FinTech Investment Fastest in European Market, Accenture Study,

March 2015, http://goo.gl/ZsUO6b
Financial Technology and Information Industry Trends Report 2014 Full Year ,
Berkery Noyes, January 2015, http://goo.gl/ZWSByb
Payments and capital markets sectors dominate FinTech M&A activity,

Berkery Noyes, July 2015, http://goo.gl/FWcLEK
The Future of FinTech and Banking: Global Fin Tech Investment Triples In
2014, CB Insights, March 2015, https://goo.gl/uqMt3E
Heres Where 6 Banking Giants Are Placing Their Bets On FinTech Startups,
CB Insights, July 2015, https://goo.gl/lbIaHs
Benzinga FinTech Awards aim to create wealth in capital markets, Futures,
20-10-2015
Fintech Unicorn List Q2 2015: An Estimated 46 Have Arrived + 38 On Their

Trails, Finovate, July 2015,http://goo.gl/aZ0EPF
References for the FinTech categorization to determine the Financial categories

and Technology categories:
The Future of Financial Services: How disruptive innovations are reshaping

the way financial services are structured, provisioned and consumed, World
Economic Forum, June 2015, http://goo.gl/IMLxPz
Innovation and changing consumer behaviours driving FinTech investment

and M&A, Mergers Alliance, April 2015, http://goo.gl/vxnvAF
FinTech blog - http://reubenlevy.me/
36
Appendix A Patent Search - Methodology
Patent search is conducted using keywords and classification codes related to FinTech.
The patents filed in the last 20 years are considered for analysis.
The expired patents are omitted from the analysis.
Sub-searches on the FinTech superset are conducted to identify patents related to the various categories based on
the specific financial product or service they address.
The categories searched for include payment, banking, wealth management, capital market, insurance, and
lending.
An assignment search is conducted to get a list of transfer records for FinTech patents and its categories - to
identify the key companies involved in transacting patents in this domain.
20-10-2015
37
Appendix B Patent search - Classification codes used with keywords
FinTech Complete
CPC Codes
Description
G06Q 20/00 Data processing systems for payment architectures, schemes or protocols
G06Q 40/00 Data processing systems for finance, insurance, tax strategies
G06Q 2220/00 Business processing using cryptography
IPC Codes
Description
G06Q 20/00 Data processing systems for payment architectures, schemes or protocols
G06Q 40/00 Data processing systems for finance, insurance, tax strategies
Payment
CPC/IPC Codes
G06Q 20/00
Description
Data processing systems for payment architectures, schemes or protocols
Banking
CPC/IPC Codes
G06Q 40/02
CPC/IPC Codes
G06Q 40/06
Description
Banking
Capital Market & Wealth Management
Description
Investment
Insurance
CPC/IPC Codes
G06Q 40/08
Description
Insurance
Lending
CPC/IPC Codes
G06Q 20/24
CPC Code
G06Q 40/025
20-10-2015
Description
Credit schemes
Description
Credit processing or loan processing,
38
Disclaimer
This document is provided for information purposes only and the contents hereof are subject to change without notice. This document,
including the information and analysis and any opinion or recommendation, is neither legal advice nor intended for investment purposes. This
document is not warranted to be error-free, nor subject to any other warranties or conditions, whether expressed orally or implied in law,
including implied warranties and conditions of merchantability or fitness for a particular purpose. Relecura Inc. specifically disclaims any
liability with respect to this document and no contractual obligations are formed either directly or indirectly by this document.
Relecura is a web-based patent and portfolio analysis platform that uses a knowledge discovery framework to simplify IP analysis for prior-art
search, technology landscaping, competitive intelligence, and IP commercialization activities. For more details visit www.relecura.com or write
to info@relecura.com.
www.twitter.com/relecura
www.facebook.com/relecura
www.linkedin.com/company/relecura-inc-
20-10-2015
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FinTech An IP Perspective

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Relecura IP Intelligence Report

FinTech sector Current scenario

Copyright 2015 Relecura Inc., All rights reserved.

FinTech sector Investment activity

In the first half of 2015,

Copyright 2015 Relecura Inc., All rights reserved.

FinTech patents - Overview

Key patent holders Banks

Top forward cited assignee

Key patent holders Other

Top cited patents

Key patent holders

Top holders of high quality

FinTech patents - Dashboard

Patent transaction trends

Filing trends overall

Top patent buyers & sellers

Filing trends Financial

Key transacted companies

Filing trends Top patent

Top patent holders

Assignee Topic Map

Filing trends By jurisdiction

Copyright 2015 Relecura Inc., All rights reserved.

FinTech patents - Analysis

By analyzing these patents we determine the key companies

Patent assignments are analyzed to determine transaction trends,

Data and Analytics

Sub searches are conducted using the classification codes and

Copyright 2015 Relecura Inc., All rights reserved.

FinTech patents Key findings

An increase in patent assignments is seen after 2007, indicating an increased

Copyright 2015 Relecura Inc., All rights reserved.

FinTech patents Top holders

Copyright 2015 Relecura Inc., All rights reserved.

FinTech patents Financial Categories

Copyright 2015 Relecura Inc., All rights reserved.

FinTech patents Key patent holders (Financial

Oki holds a majority of their filings in banking.

FinTech patents Top 10 holders (Financial

TRADING TECH INT INC

Copyright 2015 Relecura Inc., All rights reserved.

FinTech patents Key findings (Financial

eBay, HP, Verizon, PayPal, Google, Visa,

Oki, Hitachi, Shinhan Bank, Bank of

JPMorgan, PayPal, MasterCard and Intuit

Chicago Mercantile Exchange, Shinhan

IBM, Bank of America, JPMorgan and

Chicago Mercantile Exchange, Hitachi,

BGC Partners, Chicago Mercantile

Chicago Mercantile Exchange, Trading

Top Patent Holders

Top Cited Companies

Patent Holders of high Quality

Key companies Buying Patents

Thomson Reuters, ITG Software, Chicago

Hartford, USAA, Hitachi, Accenture

Hartford, IBM, Genworth, USAA, Bank of Massachusetts Mutual Life Insurance

Shinhan Bank, Bizmodeline, Bank of

Bank of America, Fannie Mae, IBM,

Copyright 2015 Relecura Inc., All rights reserved.

FinTech patents Technology Categories

Key Patent holders