Digital Payment Acceleration shopify gmv ($B)41 Covid-led inflection 2020 $119B +96% 2019 $61B +49% 2018 $41B +56% 2017 $26B +71% 2016 $15B If we were forced to pick a single trend within FinTech that was accelerated by COVID-19, it would be the digitization of payments. The industry was pulled forward by 5+ years in both B2C and B2B. For consumers, paying with cash became immediately unsanitary and, in many cases, impossible. For businesses, gone were the days with fully sta昀昀ed back o昀케ces opening invoices and licking envelopes 昀椀lled with checks. Even prior to the pandemic, payments businesses tended to outpace other areas of 昀椀nancial services when it came to value creation. It is a category that continues to receive growing interest from VCs in part because its TAM is measured in trillions. DIGITAL PAYMENT ACCELERATION SHARE VISIT PG 29