sources 1. Google Image Search as of April-21, Publicly Available Company Information 38. Credit Suisse Research: “Stripe - Payment Facilitation and Beyond... The as of April-21; For Illustrative Purposes Only Next Frontier Monetization” as of October-20, Stripe Website; For Illustrative 2. For Illustrative Purposes Only Purposes Only 3. For Illustrative Purposes Only 39. Coupa Pay Website as of February-21 (https://www.coupa.com/products/ 4. Analysis based of Bloomberg and CapIQ as of February-21. For Illustrative pay/); For Illustrative Purposes Only Purposes Only 40. FDIC website as of March-21, St Louis Fed as of March-21; For Illustrative 5. Analysis based on Bloomberg and CapIQ as of February-21. For Illustrative Purposes Only Purposes Only. Calculations were made assuming that FinTech market cap 41. For Illustrative Purposes Only (including private VC-backed companies and innovative public companies 42. 2020 McKinsey Global Payments Report as of October-20 like Square and Adyen can scale up to the size of global legacy 昀椀nancial 43. E-marketer as of December-21, Digital Commerce 360 as of January-21, market cap as tech-led distribution grows across verticals over time. Fortunly as of February-21, Statista as of February-21, Trade Gecko as of 6. CapIQ analysis as of March-21 March-21, Keybanc Payments Primer as of July-10; For Illustrative Purposes Only 7. CapIQ analysis as of March-21 44. Digital Commerce 360 and US Department of Commerce Data as of Febru- 8. Respective Company Websites as of April-21; For Illustrative Purposes Only ary-21; For Illustrative Purposes Only 9. Respective Company Websites as of April-21; For Illustrative Purposes Only 45. JDSports checkout page as of February-21; For Illustrative Purposes Only 10. Cashapp App Screenshots as of April-21; For Illustrative Purposes Only 46. CBInsights as of March-21 11. Direct quote from Matan Bar, CEO/Founder of Melio, as of February-21 47. Sample checkout page with an A昀케rm BNPL option as of June-21; For Illustrative 12. Categorization based on description of services provided as set forth in the Purposes Only applicable public websites as of April-21; For Illustrative Purposes Only 48. Estimates are based on publicly available information from company websites 13. Direct quote from Pankaj Bengani, CEO/Founder of Meld.io, as of February-21 as of April-21; For Illustrative Purposes Only 14. Twitter screengrab as of February-21 49. CBInsights as of March-21; For Illustrative Purposes Only 15. Analysis of CapIQ Data as of March-21 50. Visa Investor Day 2020; For Illustrative Purposes Only 16. Headlines from news articles in Bloomberg as of March-17, Fortune as of 51. World Bank-KNOMAD Sta昀昀 Estimates, World Development Indicators, March-21, NPR as of February-20, Compliance Week as of October-20, De- International Monetary Fund (IMF) Balance of Payments Statistics, Migration cember-20, Fenergo as of August-20, The Block Crypto as of November-20, and Development Brief as of October-20 Reuters as of June-20, Forbes as of January-21, Forbes as of January-21 52. World Bank Sta昀昀 Estimates, World Development Indicators, IMF Balance of 17. Statista Research Dept as of January-21 Payments Statistics, Migration and Development Brief as of October-21 18. Charli D’Amelio as featured in Step Marketing Materials as of February-21 53. Upwork Website as of April-21; For Illustrative Purposes Only 19. Direct quote from CJ MacDonald, CEO/Founder of Step, as of February-21 54. Tipalti company data as of February-21; For Illustrative Purposes Only 20. Twitter screengrab as of February-21 55. Tipalti company data as of February-21; For Illustrative Purposes Only 21. Categorization is based on analysis of various 昀椀nancial products and their 56. Pitchbook data as of April-21; For Illustrative Purposes Only ability to drive LTV and engagement i.e. on the high end of the scale, we have 57. Credit Suisse: “If Software is Eating the World...Payments is Taking a Bite” products like the credit card that drive both high consumer engagement and as of January-20; For Illustrative Purposes Only large customer lifetime values (LTVs) and on the low end of the scale, we 58. The Power of Bitcoin’s Network E昀昀ect, NYDIG as of November-20 have products like the savings account that score low on both metrics; For 59. Coinmetrics.io April-21 Illustrative Purposes Only. 60. CoinGecko as of 14-April-21; For Illustrative Purposes Only 22. Google Trends, Square Press Search as of April-21; For Illustrative Purposes 61. For Illustrative Purposes Only Only 62. Institutions at Heart of Latest Bitcoin Market Movement, Nasdaq as of 23. Product descriptions and products are based on publicly available information February-21 from company websites as of April-21 63. Square, Inc. Invests $50 Million in Bitcoin, Square Press Release as of October-20 24. Product descriptions and products are based on publicly available information 64. Top DeFi Tokens by Market Capitalization, CoinMarketCap.com as of April-21 from company websites as of April-21 65. Twitter screengrab as of February-21; For Illustrative Purposes Only 25. Square Annual Reports FY20, PayPal Annual Report FY20; For Illustrative 66. PayPal allows Bitcoin and crypto spending (BBC as of October-20); For Illustra- Purposes Only tive Purposes Only 26. Product descriptions and products are based on publicly available information 67. Product descriptions and products are based on publicly available information from company websites as of April-21 from company websites as of April-21; For Illustrative Purposes Only 27. Categorization based on observed data inputs used across 5 key categories of 68. Taxbit Web and App Screenshots as of March-21; For Illustrative Purposes data: Credit, Banking, Payments, Financial, and Behavioral data; For Illustrative Only Purposes Only 69. Singapore’s government launches blockchain innovation program with $8.9 28. Experian as of February-20 million in funding, TechCrunch as of December-20 29. Consumer Financial Protection Bureau, as of July-20 70. President Xi Says China Should ‘Seize Opportunity’ to Adopt Blockchain, 30. myFICO.com, as of March-21 Coindesk as of October-19 31. Knowing the Score: New Data, Underwriting, and Marketing in the 71. The Regulatory Bodies that Matter for Crypto SFOX as of November-19, Consumer Credit Marketplaces (Robinson+Yu as of October-14); Regulations & Governance Frameworks as of June-18; For Illustrative For Illustrative Purposes Only Purposes Only 32. Explorium data screen as of February-21; For Illustrative Purposes Only 72. Paul Tudor Jones May-20 Letter to Investors, Seeking Alpha as of May-20; 33. Explorium data screen as of February-21; For Illustrative Purposes Only For Illustrative Purposes Only 34. Analysis based on milestone 昀椀nancial events over a customer’s lifetime 73. Startup Robinhood to launch commission-free cryptocurrency trading, and illustrative vendors in each vertical that service the customer need; For Reuters as of January-18; For Illustrative Purposes Only Illustrative Purposes Only 74. 7kn Comments and Counting: Crypto Industry Fights ‘Arbitrary’ Treasury Rule, 35. American Banker, as of October-17 Coindesk as of January-21 36. Credit Suisse Research: “Stripe - Payment Facilitation and Beyond... The Next 75. Analysis based on observed changes in the 昀椀nancial landscape in recent Frontier in Saas Monetization” as of October-20; For Illustrative Purposes Only years as providers and types of FinTech products have proliferated, allowing 37. Credit Suisse Research: Credit Suisse Payments Innovation Event Series as of previously under-served demographic segments to be better served by the December-20, In昀椀ncept Research; For Illustrative Purposes Only industry; For Illustrative Purposes Only. SOURCES SHARE VISIT PG 47