Top U.S. Merchant Acquirers the Six Largest Acquirers Ranked by Total Purchase Transactions Are Led by Chase and Fiserv

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ISSUE 1193 MARCH 2021

ARTICLES IN THIS ISSUE p5 Largest Merchant Acquirers in p12 Merchant Cash Advances Using the United States QR Codes in India p10 Zwipe and Tag Systems p13 Stablecoin and CBDC Payment Biometric Card Partnership Processing from First Digital p11 Payments-as-a-Service in p14 Forter and Capital One Europe from Modulr eCommerce Authorizations p11 Affirm’s BNPL Debit Card

TRANSACTIONS (BIL.) IN 2020 Top U.S. Merchant Acquirers The six largest acquirers ranked by total purchase transactions are led by Chase and Fiserv. Fiserv includes Citi, Santander, SunTrust, BBVA and six months of its share of the BAMS joint venture. BAMS was dissolved June 30, with 51% ownership of the contracts going to Fiserv and 49% going to Bank of America.

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Top U.S. Merchant Acquirers Merchant Cash Advances The 63 largest acquirers of payment card transactions in the U.S. are ranked on Using QR Codes in India pages 6 and 7 based on their Mastercard and Visa volume handled in 2020. As an incentive for merchants to accept p5 payments via QR codes rather than cash, BharatPe will loan them up to $10,000. p12

Diem Networks U.S. is expected to Stablecoin and CBDC Payment Processing launch its private stablecoin-based from First Digital payment system by midyear. The not-for-profit association behind Diem Networks U.S. is expected to launch the private stablecoin-based payment system by midyear. Initially pegged to the U.S. dollar, other currencies are expected to follow. p13 Zwipe and Tag Systems Biometric Card Zwipe’s third-generation product combines a contactless card’s RFID antenna, a biometric fingerprint sensor, and the EMV chip on a single piece of silicon. Forter and Capital One p10 eComm Authorizations Forter will provide Capital One much of the same data it uses to create a risk- Payments-as-a-Service from Modulr management score for merchants. Customers receive a core payment account they can link to debit and p14 prepaid cards, account-to-account (A2A) payments, and ACH files. p11

Affirm will offer its card to REGULAR FEATURES p3 First Look

p Investments & Acquisitions 4.5 mil. active customers 15 Conferences + Seminars information including discounts available on our website

Affirm’s BNPL Debit Card FEATURED IN OUR UPCOMING ISSUE Cardholders can use the card to pay from their bank account or use an app to set up installment payments after their purchase. General Purpose Cards in p11 Latin America Activity on Visa, Mastercard, American Express and Diners Club brand cards is reported for calendar year 2020.

PHOTO CREDITS: Cover and Back Page Flipboard on Unsplash; p2 Annie Spratt (top) and Crawford Jolly (bottom) on Unsplash; p5 Kenta Kariya on Unsplash; p12 Stefano Bazoli on Unsplash First Look News in brief on payment industry trends around the world.

NOK NOK LABS’ S3 Authentication BNP PARIBAS, the fourth largest MERCHANTE SOLUTIONS, an end- Suite’s FIDO-based passwordless merchant acquirer in France, will offer to-end payment processor and 24th authentication technology will be made instant account-to-account payments largest acquirer in the U.S., will provide available to merchants, PSPs and to its ecommerce merchants through UnionPay card acceptance to its nearly acquirers through a partnership with a single interface to banks provided 20,000 ecommerce merchants. The Netcetera. That company is a global by Token. That company’s Token Pay company will connect to UnionPay’s software firm with more than 2,000 bank service provides access to up to 3,000 SecurePlus two-factor authentication and card issuer customers in addition banks in Europe. Payments are initiated application, which is provided by U.S.- to over 100,000 merchants that use its directly from apps and websites. based Payscout. certified 3-D Secure products. Carlo Bovero is Global Head of Cards and Innovative Sandra Blair is EVP at MerchantE, sblair@ Walter Beisheim is Chief Business Development Payments at BNP Paribas, carlo.bovero@ merchante.com, www.merchante.com. Manpreet Officer at Nok Nok Labs, wbeisheim@ bnpparibas.com, www.bnpparibas.com. Todd Clyde is Singh is President at Payscout, manpreet@ noknok.com, www.noknok.com. Kurt Schmid is CEO at Token, [email protected], www.token.io. payscout.com, www.payscout.com. Marketing & Innovation Director Secure Digital Payments at Netcetera, [email protected], CONSUMER FINANCIAL PROTECTION PAYMENTS LEADERSHIP COUNCIL has www.netcetera.com. BUREAU has filed litigation in federal been formed by U.S.-based companies court against BrightSpeed Solutions including American Express, Discover ACI WORLDWIDE, a global provider of and its founder for knowingly processing Financial Services, FIS, Fiserv, Global real-time digital payment software and payments for companies engaged in Payments, Mastercard and Visa. The PLC services, has formed a partnership with internet-based technical-support scams. will work with policymakers to “promote InComm Payments to provide a barcode BrightSpeed closed down in March the unique and critical role the payments payment token that digitizes cash 2019. The CFPB alleges BrightSpeed’s industry will play in economic recovery in payments of consumer bills. Consumers actions violated the Consumer Financial the U.S. in the aftermath of Covid-19.” can take the barcode to any of more Protection Act of 2010 in addition to Raj Date, former Deputy Director of the Consumer than 60,000 participating retail agents deceptive telemarketing practices in Financial Protection Bureau, will be the PLC’s connected to InComm’s VanillaDirect violation of the Telemarketing Sales Rule. Founding Director, [email protected], Network. The Internal Revenue Service The CFPB seeks injunctions against www.paymentsleadershipcouncil.org. (IRS) is the first customer for the service. BrightSpeed and its founder, as well as “damages, redress to consumers, Sanjay Gupta is EVP at ACI, sanjay.gupta@ which provides cloud- disgorgement of ill-gotten gains, and the E-COMPLISH, aciworldwide.com, www.aciworldwide.com. based payment compliance and imposition of civil money penalties.” Tim Richardson is SVP at InComm Payments, customized acceptance and processing [email protected], www.incomm.com. services, has integrated with Plaid to I2C has announced credit card create a bank-account and balance PAYONEER, provider of a global payment processing partnerships with Archa in verification process. The aim is to reduce and commerce platform used by more Australia as well as Community Bank of ACH returns and increase ACH deposits. the Chesapeake (CBTC) and Credit than five million digital businesses, will Stephen Price is CEO, [email protected], Sesame in the U.S. Archa offers a offer the Payoneer Digital Purchasing www.e-complish.com. Mastercard to SMBs, ecommerce sellers corporate card platform. CBTC and and freelancers worldwide. Last month, Credit Sesame offer consumer and payment Payoneer announced that it will go public commercial card products. BLACKHAWK NETWORK’S platform for prepaid digital and physical through a SPAC transaction, which Amir Wain is CEO at i2c, [email protected], products has added support for Tops values the company at approximately www.i2cinc.com. Oliver Kidd is CEO at Archa, Friendly Markets’ company-branded $3.3 billion. [email protected], www.archa.com.au. Miro cards sold on the store chain’s website. Tim Montgomery is Head of Fintech Partnerships at Pavletic is GM of Global Banking at Credit Sesame, Jennifer Philo is GVP of U.S. Digital Commerce and Mastercard, timothy.montgomery@mastercard.com, [email protected], www.creditsesame.com. Loyalty at Blackhawk, [email protected], www.mastercard.com. Charles Rosenblatt is Chief Jimmy Burke is President at CBTC, [email protected], www.blackhawknetwork.com. Strategy Officer at Payoneer, charlesro@ www.cbtc.com. payoneer.com, www.payoneer.com.

www.nilsonreport.com NILSON REPORT 3 SOFI, a digital personal finance company CARDKNOX, an omnichannel payment PAYSAFE GROUP, a specialized payment with 1.8 million customers, is offering gateway provider, offers merchants Split platform that handles almost $100 a no-annual-fee Mastercard credit Capture, a tool that captures the amount billion in payment volume annually, will card. Cardholders will receive up to 2% of separate shipments of a single order. use Microsoft’s Azure cloud service to unlimited cash back when applied to a Merchants benefit by placing a hold on host its U.S. payment processing and SoFi Money or SoFi Active Investment the total amount of the purchase and merchant services. account or used to pay down a SoFi initiate funding of each shipment as it Roy Aston is CIO at Paysafe, [email protected], personal loan or student loan refinance. occurs. This feature is available on the www.paysafe.com. Trevor Nies is Sr. Director of Global The Mastercard card is issued by the Cardknox Merchant Portal or through a Payments at Microsoft, [email protected], Bank of Missouri. Cardknox software integration. www.microsoft.com. Maria Renz is EVP & Group Business Unit Leader – Mark Paley is VP of Sales, [email protected], Money, Invest & Credit Card at SoFi, [email protected], www.cardknox.com. KEVIN. is a start-up that provides an www.sofi.org. API-based service merchants can use ARCUS, a fintech-as-a-service platform, to identify a debit cardholder’s bank in AMERICAN FINTECH COUNCIL has been has launched Arcus Pay, a network of order to switch the payment away from a formed by the merger of the Marketplace 60,000 retailers in Mexico to support card network into an account-to-account Lending Association with the Online cash-in and cash-out transactions for transaction. In beta testing, 10% of Lending Policy Institute. The mission of customers of fintechs and neobanks. customers approved the A2A payment. AFC is to promote policies that advance Arcus Pay enables access to deposits, Kevin. operates in Finland, Sweden, responsible innovation and inclusivity withdrawals and payment services. Estonia, Latvia, Lithuania, Poland, within financial services. AFC members The company says there is a potential Portugal and the Netherlands. include technology companies that customer base of more than 104 million Pavel Sololovas is Co-founder, [email protected], offer financial products to consumers people in Mexico in need of accessible www.getkevin.eu. and businesses. To inquire about bank services. membership, visit: Rodrigo Trevino is Senior Director of New Business, JPMORGAN CHASE will no longer support www.americanfintechcouncil.com. [email protected], www.arcusfi.com. transactions initiated from its Chase Pay mobile wallet. It stopped promoting the HANDPOINT, provider of a software EFTPOS, the national debit card brand in wallet a year ago in favor of incorporating terminal, gateway and terminal Australia, will roll out a QR code payment most features directly into the Chase management system, will work with network. The pilot will be conducted in mobile app and Chase.com, including MagicCube, provider of Software Defined June with deployment scheduled for paying with points and logging receipts. Trust technology. MagicCube’s softPOS later this year. i-Accept product will be embedded into Stephen Benton is CEO, sbenton@ the Handpoint platform to offer a unified FLOWCAST’S Tillful credit scoring eftposaustralia.com.au, www. eftposaustralia.com.au. user experience across softPOS, mPOS product helps small and midsized and smartPOS channels. companies gain easier and faster access to credit scores for loans. Tillful uses David Gudjonsson is CEO at Handpoint, PAI is the new name of Payment Alliance Flowcast’s AI-based credit risk models to [email protected], www.handpoint.com. International, the largest privately held create a new credit scoring model. Sam Shawki is CEO at MagicCube, sam@ provider of ATM portfolio management magiccube.co, www.magiccube.co. tools and services in the U.S. The Ken So is CEO at Flowcast, [email protected], company, which supports more than www.tillful.com. 100,000 ATMs, provides transaction OPERA, a web browser provider with 380 processing, bank sponsorship, EXPERIAN INDIA has launched Ascend million active users globally including maintenance and more. 50 million in Europe, has launched Market Insights, a business intelligence Aisha Bibbs is Marketing Director, aisha.bibbs@ in-browser ecommerce functionality to platform that offers advanced analytics gopai.com, www.gopai.com. support cash back and payments under to help financial institutions make the brand Dify. In addition to the cash lending decisions. Ascend Market back integration, the initial version of the GALILEO, provider of an API-based Insights integrates Experian India’s Dify app ships with a current account payment processing platform, has credit bureau data with fraud data. and a free virtual Mastercard debit card. opened a Latin America headquarters Steve Griffiths is Managing Director, Decision The cash back service and Dify app are and innovation center in Mexico City. Analytics at Experian Asia Pacific, steve.griffiths@ in beta tests in Spain. Tory Jackson is Head of Business Development and experian.com, www.experian.com. Ashish Singhal Sébastien Piolat is Business Development Director Strategy Latam, [email protected], is Managing Director Experian Credit Information Fintech, [email protected], www.opera.com. www.galileo-ft.com. Company of India, [email protected], www.experian.com.

4 NILSON REPORT March 2021 Issue 1193 Top U.S. Merchant

Acquirers STORY COVER

The 63 largest portfolios of merchant card acceptance Fiserv includes the First Data business it bought in 2019. contracts in the U.S. for acquiring payments from global Figures include its business from merchant contracts for which brands—American Express, Discover, Diners Club, JCB, Fiserv was 100% owner. This includes revenue-sharing and Mastercard, Visa and UnionPay credit, debit, and prepaid agent processing agreements with BBVA, Citi, Santander and cards—in addition to domestic-only debit brands including the SunTrust portion of Truist. Interlink, Star, Nyce, Pulse, Accel and others, are ranked here. Chase Merchant Services, Fiserv, FIS (which includes the Listed are acquirers with direct connections into Mastercard, Worldpay business it purchased in 2019), Global Payments Visa and other settlement systems. Those acquirers settle (which includes the Tsys business it purchased in 2019) and transactions on behalf of payment facilitators and aggregators Wells Fargo were the five largest U.S. merchant acquirers based including Stripe, Square, Adyen and PayPal as well as on total card purchase transactions (payments made for goods independent sales organizations (ISOs). and services) in 2020. Purchase transactions processed by the five largest totaled 99.50 billion in 2020. p6

Transactions at the Top U.S. Acquirers 2010 – 2020 Transactions in Billions

FIFTH THIRD CHASE FIRST DATA WORLDPAY Fiserv FIS BofA VANTIV BAMS FIRST DATA/FISERV FIS buys buys dissolves Vantiv First Data becomes Worldpay BAMS Worldpay 30

Fifth Third becomes 20 Vantiv

0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

www.nilsonreport.com NILSON REPORT 5 COVER STORY CONT. STORY COVER Merchant Acquirers in the U.S. Ranked by Mastercard/Visa Volume

Rank Company Mastercard/Visa Other Credit PIN Debit Merchant ‘20 ‘19 WITH HEADQUARTERS VOLUME (MIL.) CHANGE TRANS. (MIL) VOLUME (MIL.) TRANS. (MIL) VOLUME (MIL.) TRANS. (MIL) Outlets 1 1 Chase Merchant Services, New York $1,205,424.3 5.0% 23,264.9 $158,341.0 2,220.5 $97,056.0 2,079.5 518,936

2 3 FIS, Florida $700,134.9 -1.1% 13,033.2 $121,195.5 1,492.9 $447,915.8 10,590.8 1,788,597

3 4 Wells Fargo Merch. Serv., California 1 $649,924.1 26.6% 8,942.2 $40,239.4 338.7 $19,384.4 292.2 569,171

4 5 Global Payments, Georgia 2 $502,017.8 -1.1% 7,619.6 $41,500.8 463.9 $36,617.9 1,637.1 1,723,100

5 6 Fiserv, Georgia 3 $445,534.4 34.9% 7,794.4 $52,313.6 993.9 $408,503.3 8,578.7 865,680

6 2 BAMS, Georgia 4 $329,512.0 -54.2% 5,630.3 $34,820.4 335.1 $87,792.2 2,097.7 —

7 — Bank of America, Georgia 5 $276,577.4 — 4,917.2 $26,569.5 255.7 $36,071.1 861.9 568,000

8 7 Elavon, Georgia 6 $218,765.4 -22.7% 2,078.1 $40,100.7 164.0 $19,073.4 353.5 1,252,964

9 8 Citi Merchant Serv., Illinois 7 $190,472.4 15.6% 7,658.8 — — — — 235,294

10 9 PNC Merchant Services, Pennsylvania 8 $48,400.9 -6.7% 298.7 $11,579.7 30.5 $6,063.5 81.1 108,364

11 10 Truist Financial, North Carolina 9 $45,267.3 -11.7% 425.4 $1,683.4 8.5 $7,036.3 108.1 133,000

12 11 Paysafe Group, Texas $44,934.9 -1.4% 592.3 $6,860.6 47.9 $7,168.0 251.3 237,000

13 12 Priority Technology Holdings, Georgia $39,845.1 -1.0% 436.4 $7,132.0 34.9 $3,348.9 61.5 223,216

14 13 North American Bancard, Michigan $36,548.9 -2.8% 445.0 $3,248.6 21.4 $2,221.5 68.1 214,158

15 14 Intuit, California $31,743.6 -8.0% 108.5 $8,359.7 16.5 $775.4 15.4 773,000

16 16 Merrick Bank, Utah $28,579.1 4.0% 455.2 $2,843.5 24.3 $1,958.4 51.6 107,849

17 15 EVO Payments, Georgia $27,638.2 -12.5% 287.9 $5,272.0 25.9 $904.6 15.9 257,289

18 18 First American Payment Systems, Texas $24,033.8 -2.4% 215.4 $3,844.9 16.2 $1,357.4 24.7 159,130

19 21 Payroc WorldAccess, Illinois $21,313.1 15.6% 186.9 $2,710.8 14.5 $740.6 8.6 73,691

20 19 Shift4 Payments, Pennsylvania $21,053.6 -10.8% 401.1 $2,510.0 31.4 $391.1 8.9 118,000

21 20 Santander, Massachusetts 10 $20,225.2 -9.7% 300.1 $7,807.6 95.8 $3,000.3 65.9 53,590

22 22 Paya, Georgia $17,964.7 -1.7% 98.7 $2,449.1 8.7 $393.8 6.1 53,898

23 25 Clearent, Missouri 11 $16,735.1 6.2% 176.4 $2,771.3 15.0 $417.8 10.5 63,294

24 23 MerchantE, Georgia $15,991.6 -4.9% 74.5 $1,448.7 3.9 $117.1 1.3 14,300

25 24 Nuvei Technologies, Arizona $15,841.3 -2.5% 178.4 $1,061.7 4.8 $470.6 8.1 55,400

26 27 Electronic Payments, New York $12,723.0 3.7% 222.3 $238.9 0.9 $984.8 34.5 39,000

27 29 KeyBank, Ohio $11,724.4 5.8% 108.1 $2,336.3 23.7 $612.2 10.6 40,520

28 28 i3 Verticals, Tennessee $11,476.8 -1.0% 114.6 $1,217.2 6.8 $462.5 11.2 24,417

29 17 Redwood Merchant Services, California $10,563.2 -58.8% 159.4 $1,602.1 15.8 $354.7 8.1 115,200

30 31 Titanium Payments, Texas $9,504.8 5.4% 147.4 — — $952.6 25.9 22,750

31 30 Gravity Payments, Washington $8,418.6 -13.8% 128.0 $628.5 6.3 — — 20,000

32 38 TabaPay, California $7,633.9 41.8% 101.1 $487.3 6.5 — — 1,400

33 37 Epicor Software, Texas $7,591.0 34.1% 98.1 $694.2 6.8 $1,365.8 20.2 4,211

34 26 BBVA, Texas 10 $7,397.9 -42.4% 65.9 $719.1 4.0 $629.2 12.0 26,470

6 NILSON REPORT March 2021 Issue 1193 Figures listed here for BAMS and Bank of America reflect the ending of the bank’s joint venture with Fiserv

Rank Company Mastercard/Visa Other Credit PIN Debit Merchant ‘20 ‘19 WITH HEADQUARTERS VOLUME (MIL.) CHANGE TRANS. (MIL) VOLUME (MIL.) TRANS. (MIL) VOLUME (MIL.) TRANS. (MIL) Outlets 35 32 M&T Bank, New York $7,270.7 -5.2% 36.5 $1,381.4 3.7 $98.2 1.7 17,300

36 33 NCR Payment Services, Georgia $6,647.8 -2.6% 57.1 $886.8 4.3 $136.8 2.5 58,146

37 39 Basys Processing, Kansas $6,289.6 20.1% 38.2 $1,284.2 2.9 $264.0 6.5 15,994

38 34 Aurora Payments, Arizona $5,892.7 -12.5% 69.1 $939.1 11.0 $1,272.9 14.9 20,337

39 36 Commerce Bancshares, Missouri $5,630.9 -2.2% 42.4 $808.7 3.7 $190.5 3.9 8,376

40 46 Commercial Bank of California, California $5,560.5 41.9% 72.3 — — — — 15,773

41 35 TD Bank Merchant Serv., New Jersey $5,549.5 -7.6% 46.6 $871.5 3.1 $673.2 12.6 22,706

42 40 Rectangle Health, New York $5,434.0 13.8% 27.8 $601.8 2.0 $0.2 <0.1 18,363

43 42 First Citizens Bank, North Carolina $4,367.1 3.5% 22.6 $445.8 1.2 $104.3 1.4 18,100

44 41 Newtek Merchant Solutions, New York $4,313.9 -7.8% 30.2 $837.4 3.2 $379.8 3.2 13,310

45 45 Approval Payment Solutions, Indiana $4,158.5 5.3% 37.3 $1,478.3 11.5 $973.6 16.8 11,795

46 48 Complete Merchant Solutions, Utah $3,390.1 17.2% 33.5 $428.3 2.5 $9.0 0.1 5,917

47 43 BankCard Services, California $3,250.0 -21.7% 72.0 $265.0 2.6 $210.0 10.0 14,500

48 49 Electronic Merchant Systems, Ohio $2,862.3 1.8% 40.8 $334.4 2.6 $55.3 1.2 18,963

49 47 United Merchant Services, New Jersey $2,813.3 -21.3% 62.2 $289.5 4.7 $485.6 14.8 17,175

50 44 First Hawaiian Bank, Hawaii $2,511.7 -37.6% 22.7 $307.2 1.4 $187.8 7.8 4,909

51 51 TransFund Merchant Serv., Oklahoma 11 $2,487.4 13.3% 16.8 $233.0 1.0 $8.3 0.1 5,922

52 56 BankCard USA, California $2,397.4 20.4% 28.7 $555.2 2.2 $6.1 0.2 7,300

53 50 Paragon Payment Solutions, Arizona $2,393.7 -8.5% 22.6 $421.8 4.6 $116.2 1.1 11,100

54 52 Mainstream Merchant Services, Georgia $2,005.9 -5.4% 31.1 $267.1 2.4 $139.2 4.1 5,159

55 53 Fulton Merchant Serv., Pennsylvania $1,943.9 -5.3% 17.0 $205.9 1.1 $32.0 0.5 6,300

56 55 TIB, Texas $1,888.4 -6.2% 13.3 $150.3 0.6 $157.0 2.2 10,048

57 57 Hancock Whitney Bank, Texas $1,786.1 -8.5% 10.3 $230.3 0.7 $89.0 1.4 3,798

58 61 NCMIC Finance Corp., Iowa $1,605.2 2.4% 18.2 $161.8 1.1 $52.6 1.0 10,870

59 54 C&H Financial Services, Illinois $1,439.4 -29.0% 15.2 $86.4 0.8 — — 7,472

60 58 Bank of Hawaii, Hawaii $1,096.1 -39.1% 10.6 $238.9 1.1 $156.4 2.8 2,700

61 64 Defyne Payments, Georgia $1,011.3 85.9% 20.3 $164.9 1.1 $42.3 0.9 4,811

62 63 Arvest Bank, Arkansas $724.0 6.4% 3.4 $98.0 0.2 $4.9 0.1 3,457

63 65 Apogee Payment Systems, Wisconsin $490.5 16.0% 3.8 $45.0 0.2 $27.0 0.4 1,170

Figures are net (gross minus chargebacks). Some prior year ﬁ gures have been restated. Other credit includes American Express, Diners Club, Discover, JCB, UnionPay, and a small amount of private label. 1 Ownership: Wells Fargo 60%, Fiserv 40%. 2 Estimate. 3 Includes Fiserv owned and managed business distinct from alliances/joint ventures. Also includes its portion of the former Bank of America Merchant Services (BAMS) joint venture (6 months of activity). 4 Bank of America Merchant Services prior to its divesture at the end of June 2020. 5 Starting July 1, 2020, the amount 100% owned by Bank of America. 6 Owned by U.S. Bancorp. 7 Revenue sharing alliance with Fiserv. 8 Ownership: PNC 60%, Fiserv 40%. 9 Includes SunTrust, which has a revenue sharing alliance with Fiserv. 10 Powered by Fiserv. 11 Includes some business for which it didn’t own the merchant contract. © 2021 Nilson Report

www.nilsonreport.com NILSON REPORT 7 Card Not Present (CNP) Acquiring

Acquirers ranked 6 through 10 based as Percent of Total on total purchase transactions were Bank of America, Elavon, Paysafe RANK ACQUIRER TRANSACTIONS PCT. OF TOTAL PCT. OF TOTAL VOLUME PCT. OF TOTAL PCT. OF TOTAL (MIL.) 2020 2019 (BIL.) 2020 2019 COVER STORY CONT. STORY COVER Group, North American Bancard and Priority Technology Holdings. 1 Chase 18,110.5 65.7% 58.9% $1,053.72 72.1% 69.1% That group processed 10.59 billion 2 Wells Fargo 8,350.7 87.2% 74.9% $625.81 88.2% 78.6% purchase transactions. 3 FIS 4,151.9 16.5% 12.2% $358.09 28.2% 23.9% The 10 largest acquired 110.09 billion 4 Elavon 676.6 26.1% 19.3% $120.73 43.4% 36.3% purchase transactions in 2020. In 2015, the 10 largest were First Data, Vantiv, 5 Santander 114.6 24.8% 15.9% $9.45 30.5% 22.6% Chase, BAMS, Heartland, Worldpay, 6 No. American Bancard 109.1 20.4% 21.9% $21.93 52.2% 49.4% Wells Fargo, Elavon, Global Payments and North American Bancard. They 7 TabaPay 107.6 100.0% 100.0% $8.12 100.0% 100.0% accounted for 83.85 billion. In 2010, the 8 Paya 79.7 70.2% 62.2% $18.03 86.6% 85.2% 10 largest were First Data, BAMS, Fifth Third, Chase Paymentech, Heartland, 9 Merrick Bank 75.0 14.1% 21.1% $12.05 36.1% 33.1% WorldPay, Elavon, Global Payments, 10 EVO Payments 74.5 22.6% 16.8% $19.61 58.0% 45.0% Wells Fargo and Tsys. They accounted for 54.89 billion. 11 MerchantE 60.5 76.0% 73.8% $15.23 86.7% 86.3%

12 First Amer. Pymt. Sys. 58.2 22.7% 18.5% $10.41 35.6% 31.9% The biggest change among the top acquirers was the dissolution of Bank 13 Commerce Bancshares 45.9 91.5% 92.9% $3.90 58.8% 60.7% of America Merchant Services (BAMS), 14 Clearent 44.7 22.1% 16.1% $9.22 46.3% 36.1% a joint venture between the bank and First Data, which owned 51%. That 15 Payroc WorldAccess 37.2 17.7% 13.5% $6.78 27.4% 22.0% partnership concluded June 30, 2020. In 16 NCR Pymt. Serv. 34.3 53.7% 58.7% $4.84 63.0% 73.3% 2019, it was the fourth largest portfolio ranked by total purchase transactions, 17 Complete Merch. Sol. 24.4 67.5% 56.1% $3.05 79.7% 77.8% third largest ranked by total purchase 18 Basys Processing 23.1 48.5% 60.0% $3.80 48.5% 57.3% volume and second largest ranked by Visa/Mastercard volume. 19 KeyBank 22.0 15.4% 8.6% $5.80 39.5% 22.7%

We only show BAMS business for the 20 Electronic Merchant Sys. 17.5 39.2% 32.8% $1.71 52.7% 47.2% first six months of 2020 in the table 21 Rectangle Health 15.1 50.7% — $3.06 50.7% — on page 6. Bank of America’s figures shown include its portion of the former 22 Titanium Payments 14.7 8.5% 8.3% $0.95 9.1% 9.1% BAMS for the second half of 2020. 23 First Citizens Bank 9.9 39.1% 40.1% $1.99 40.6% 40.0% The business retained by Fiserv and processed in the second half of 2020 is 24 Aurora Payments 8.0 8.4% 8.4% $0.68 8.4% 8.4% counted with Fiserv purchase volume. 25 Hancock Whitney Bank 6.1 49.0% 41.1% $1.51 71.5% 66.5%

When measuring total card purchase 26 BankCard Services 5.9 7.0% 5.2% $0.41 11.0% 9.1% volume in 2020, the five largest 27 Approval Payment Sol. 5.0 7.6% 6.3% $1.28 19.4% 15.6% acquirers were Chase, FIS, Fiserv, Wells Fargo and Global Payments. This group 28 TIB 4.4 27.1% 27.1% $0.62 28.3% 28.3% processed a combined $5.197 trillion. 29 Mainstream Merch. Serv. 3.1 8.3% 28.2% $0.20 8.3% 17.3%

Acquirers ranked 6 through 10 based 30 First Hawaiian 2.4 7.4% 11.2% $1.02 33.9% 27.1% on total purchase volume were Bank 31 Epicor Software 1.3 1.1% 0.9% $0.54 5.6% 6.4% of America, Elavon, PNC, Paysafe and Priority Technology Holdings. Combined 32 Defyne Payments 1.1 4.9% 5.1% $0.07 6.1% 8.7% that group processed $792.49 billion in 33 Apogee Pymt. Syst. 0.5 10.9% 10.9% $0.06 10.9% 10.9% purchase volume. 34 NCMIC Finance Corp. 0.1 0.3% 0.2% $0.37 20.6% 16.2%

8 NILSON REPORT March 2021 Issue 1193 Zwipe and Tag Systems Biometric Card Partnership

Mastercard/Visa Share of The 10 largest acquired $5.980 trillion Purchase Volume at Top Acquirers in purchase volume in 2020. In 2015, the 10 largest were Chase, First Data, Vantiv, MASTERCARD/VISA THE REST © 2021 Nilson Report BAMS, Elavon, Wells Fargo, Global Payments, Heartland, Worldpay and CHASE 83% TransFirst. They accounted for $4.304 trillion. In 2010, the 10 largest were First Data, BAMS, Chase, Fifth Third, FIS 55% Elavon, Global Payments, Wells Fargo, Heartland, WorldPay and Tsys. They FISERV 49% accounted for $2.932 trillion. WELLS The table on pages 6 and 7 (ranked by FARGO 92% Visa and Mastercard purchase volume) and the bar chart at right only includes GLOBAL PAYMENTS 87% business that Fiserv acquired directly. Not counted are purchase volume, BANK OF 82% purchase transactions, etc. for BBVA, AMERICA Citi, Santander and the SunTrust portion of Truist. Those portfolios are listed ELAVON 79% independently. Joint ventures (JVs) in which Fiserv shares ownership of the CITI 100% merchant contracts with bank partners are also counted independently. Wells Fargo and PNC are Fiserv JV partners. PNC 73%

Acquirers with an increase over 10.0% PAYSAFE 76% in Visa and Mastercard volume were Defyne Payments, Commercial Bank of California, TabaPay, Fiserv, Epicor, Wells Fargo, BankCard USA, Basys Processing, Complete Merchant Solutions, Apogee Payment Systems, Payroc, Citi, Top 10 Merchant Acquirers Rectangle Health and TransFund. Purchase Volume Purchase Transactions Acquirers with more than $10.00 billion in other credit purchase volume RANK ACQUIRER BILLION CHANGE RANK ACQUIRER BILLION CHANGE (including American Express, Discover, 1 Chase $1,460.82 4.7% 1 Chase 27.56 11.2% Diners Club, UnionPay, JCB, etc.) 2 FIS $1,269.25 1.0% 2 Fiserv 1 27.53 14.5% shown in the table on pages 6 and 7 in 2020 were Chase, FIS, Fiserv, Global 3 Fiserv 1 $1,167.34 27.1% 3 FIS 25.12 –5.7% Payments, Wells Fargo, Elavon, Bank of 4 Wells Fargo $709.55 23.2% 4 Global Payments 2 9.72 –2.0% America and PNC. 5 Global Payments 2 $580.14 –1.5% 5 Wells Fargo 9.57 10.1% Acquirers with more than $5.00 billion in 3 3 PIN debit purchase volume in 2020 were 6 Bank of America $339.22 — 6 Bank of America 6.03 — FIS, Fiserv, Chase, Global Payments, 7 Elavon $277.94 –21.0% 7 Elavon 2.60 –22.0% Bank of America, Wells Fargo, Elavon, Paysafe, Truist and PNC. 8 PNC $66.04 –6.7% 8 Paysafe 0.89 1.2% 9 Paysafe $58.96 –0.2% 9 No. Amer. Bancard 0.53 2.0% Prior issues: 1171, 1167, 1154, 1150, 1149, 1147, 1146, 1127, 10 Priority Tech. $50.33 –0.9% 10 Priority Tech. 0.53 –9.9% 1105, 1082, 1059, 945 Purchase volume and purchase transactions include all Visa, Mastercard, American Express and Discover cards, all other credit cards such as Diners Club, JCB, UnionPay, etc. and PIN debit cards. 1 Includes Citi, Santander, SunTrust, BBVA and six months of its share of the BAMS joint venture after its dissolution. 2 Estimate. 3 Six months of business retained by Bank of America after dissolution of BAMS joint venture. ©2021 Nilson Report

www.nilsonreport.com NILSON REPORT 9 Top U.S. Merchant Acquirers

Zwipe and Tag Systems Biometric Card Partnership

Manufacturer Tag Systems, which provides Compared to the existing manufacturing IN THIS ARTICLE high-security bank cards to clients in Europe, process used to produce dual-interface is a partner with Zwipe on that company’s contactless cards, Zwipe’s technology “single silicon” fingerprint biometric requires only a slight modification in the technology for contactless payments. Tag milling and embedding process. Sensors used Systems says that prior to the recent release in Zwipe’s Pay One product are supplied by of Zwipe’s Pay One product, it did not see a Idex Biometrics. business case for biometric cards because too many components were needed. The cost Zwipe is a co-investor in the biometric-based was too high to issue at scale. single-silicon EMV chip with Idemia, the second largest card manufacturer. Idemia INTERVIEWED FOR THIS ARTICLE Zwipe’s third-generation product connects will incorporate the technology in all of its André Lovestram is Chief Executive a biometric fingerprint sensor and the RFID biometric cards. Zwipe has exclusive global Officer at Zwipe in Oslo, Norway, antenna on a single-silicon, EMV-compliant marketing rights covering payment cards and [email protected], chip, something not done in a standard wearables for the lifetime of the product. Like www.zwipe.com. dual-interface chip card. Pay One lowers Tag Systems, U.S.-based CPI Card is also a Jon Neeraas is Chief Executive a biometric card’s cost because fewer Zwipe partner. Officer at Tag Systems Group components are required and manufacturers in Barcelona, Spain, Tag Systems says it will be testing biometric can work with existing equipment and [email protected], cards by the third quarter of this year, which it production processes. Manufacturers receive www.tagsystems.net. an EMV chip with biometric components expects to sell to issuers for $15 to $20 each. pre-installed as well as a fingerprint sensor The companies believe that price will drop Prior issues: 1187, 1175, 1174, 1168, 1161, and an inlay which can be embedded into the by half in time after expected exponential 1143, 1141, 1131, 1130, 1124, 1110, 1050 card after the hot lamination process used to growth. While considerably more expensive manufacture all EMV cards. than standard dual-interface contactless cards, which sell for between $1 to $5 each, research suggests consumers will be willing to pay monthly or annual fees to use biometric contactless cards. BNP Paribas is charging its customers a monthly fee of $2.40 (€2) for its biometric Visa Premier card.

For card manufacturers, a conversion of 10% of existing dual-interface cards to biometric- based contactless cards will increase overall revenues by up to 100%. Card issuers could gain from new account acquisition, enhanced loyalty and customer retention in addition to new revenues from annual fees.

Tag Systems merged with AustriaCard in 2019. The companies manufactured and personalized 90 million Visa/Mastercard cards last year. The company opened a card personalization facility in New Jersey in the U.S. last year.

10 NILSON REPORT March 2021 Issue 1193 Merchant Cash Advances Using QR Codes in India

Payments-as-a-Service in Europe from Modulr

Alternative lenders, software platform Modulr can provide a full suite of products IN THIS ARTICLE providers, fintechs and financial institutions including card account processing on a white- looking to create out-of-the-box payment label basis or give customers access to any products or to process payments are module in its technology stack via an API. potential customers of Modulr. The U.K.- based company provides a technology stack Acquirers and payment service providers can INTERVIEWED FOR THIS ARTICLE built around a payment hub that allows partner with Modulr to make settlements Myles Stephenson is Chief more quickly to their small and midsized payments to flow in and out. Executive Officer at Modulr in merchants through a business bank account London, U.K., myles.stephenson@ Customers receive a core payment account as well as provide those customers with A2A modulrfinance.com, they can link to debit and prepaid cards, and ACH payment acceptance. Small and www.modulrfinance.com. account-to-account (A2A) payments and ACH midsized card issuers can use Modulr as files. Modulr, a licensed e-money institution their API-based account processor, saving Prior issue: 1148 in the U.K., settles directly with the Bank of continued investment in technology upgrades England as well as with Visa and Mastercard. and positioning them to offer their customers products available from fintechs. In European Union countries, Modulr operates under an e-money license from the Central Modulr has received $88 million (£63 million) Bank of Ireland with settlement handled in funding since 2017. through wholesale bank partners.

Affirm’s BNPL Debit Card

Affirm is the first buy now, pay later provider to announce a IN THIS ARTICLE BNPL-linked debit card. The product will be available this year. The company is offering a waiting list to interested consumers who will be able to use the card to pay upfront from their own bank account. They will also be able to use an app-based feature to set up installment payments post-purchase. A $2,500 daily transaction limit will apply to the card. Visa has previously partnered with Affirm to issue virtual one- time-use cards for app-based BNPL payments. Affirm positions its debit card for everyday spending, while its BNPL feature is more appropriate for large purchases that Affirm reported 4.5 million active customers in the second would otherwise be made with a credit card. It is expected quarter of its first full fiscal year, up 52%. Gross merchandise that the debit card will be linked to other products in Affirm’s volume of $2.10 billion increased 55% from the prior year. portfolio, including its savings account.

INTERVIEWED FOR THIS ARTICLE The company has not announced a bank or card network Michael Linford is CFO at Affirm in San Francisco, [email protected], partner for the debit card. Affirm’s primary banking www.affirm.com. relationship has been with Cross River Bank. Prior issues: 1183, 1179, 1168, 1149, 1129, 1091, 1052, 1123, 1120, 1100, 1095, 1078, 1075

www.nilsonreport.com NILSON REPORT 11 Affirm’s BNPL Debit Card

Merchant Cash Advances Using QR Codes in India

BharatPe expects to process $14 billion in QR IN THIS ARTICLE code payments this year and lend $2 billion to merchants in 2022 POS terminal users who keep their funds with BharatPe for 15 days are not charged credit card interchange fees. Merchants who do not leave their funds with BharatPe are charged 0.85% per transaction.

Cash is by far the prevailing payment acceptance method BharatPe says that half of the merchants using its POS for small merchants in India. For potential lenders, these terminals are accepting payment cards for the first time. The merchants present a challenge because their income and company has placed more than 65,000 terminals so far, and it creditworthiness is difficult or impossible to verify. expects the POS devices will generate $2.5 billion in purchase volume in the next 12 months. BharatPe provides a lending service to small merchants based on sales of goods and services it handles as a processor of QR Last year, the National Payments Corporation of India lowered code-based payments. Loan payments are collected on the the merchant discount rate and interchange fee for Universal same processing platform. BharatePe retains a percentage of Payments Interface (UPI) mobile payments and RuPay new QR code-based sales. This is an incentive for merchants to domestic debit card payments to 0%. This lets BharatPe offer encourage consumers to pay by QR code instead of cash. free mobile phone and debit card-based payment acceptance.

Loans range from $200 to $10,000. A first-time loan is typically Among the top providers of UPI consumer-to-business offered with a 1.5% to 2% interest rate with payback ranging payment acceptance services, BharatPe trails only PhonePe from 1 to 12 months. BharatPe bases lending decisions and Paytm and is growing faster than those companies. on payment volume, the number of unique customers a merchant has, the merchant’s tenure on the platform as well as Also available from BharatPe is a Mastercard prepaid card information available from credit bureaus. branded as the XtraIncome card. The company expects to launch a credit card in June 2021. The company processed $7 billion in QR code-based payments in 2020 and it expects to handle $14 billion in the next 12 BharatPe’s recent Series D investment round raised $108 months. In 2020, BharatPe loaned $110 million. Loans to million. Investors include Coatue Management, Sequoia merchants are expected to grow to $800 million this year and Capital, Insight Partners and Ribbit Capital. to $2 billion in 2022.

INTERVIEWED FOR THIS ARTICLE In September 2020, BharatPe launched a POS terminal service Suhail Sameer is Group President at BharatPe in New Delhi, with no monthly rental fee. BharatPe charges merchants a $70 India, [email protected], www.bharatpe.com. deposit for their device, which is manufactured by Hitachi.

12 NILSON REPORT March 2021 Issue 1193 Forter and Capital One eCommerce Authorizations

Stablecoins are expected to be popular with merchants in sectors with low profit margins

Stablecoin and CBDC Payment Processing from First Digital

The not-for-profit association behind Diem Stablecoins are expected to be popular with IN THIS ARTICLE Networks U.S. is expected to launch the merchants operating in sectors with low profit private stablecoin-based payment system margins and also with those that want to by midyear. Stablecoins are designed to be trade in micropayments. Merchants can also backed by a basket of fiat currencies. Initially, make payments with Diem. Diem will be pegged only to the U.S. dollar. INTERVIEWED FOR THIS ARTICLE Transactions will be routed on a blockchain. In time, digital currency commerce is expected to offer service not available in Ran Goldshtein is Chief Executive First Digital Assets Group, the first stablecoin traditional merchant acquiring including Officer at First Digital Assets Group in Givate’em, Israel, payment service provider (PSP), will facilitate making smart contracts that automate back- [email protected], payment acceptance for merchants as well office processing and settlement. www.firstdag.com. as conversion from Diem to U.S. dollars and First Digital, which will earn a fraction of (eventually) other fiat currencies. Prior issues: 1192, 1184 the value of the transaction, can handle Diem will expand beyond the U.S. as the peg processing of Diem payments on behalf for its stablecoins. Central banks in every of any PSP or provide only the gateway to country in which Diem launches will have to stablecoin-to-fiat conversion. It does that in first approve it as legal tender. Regulators will partnership with Fireblocks, the New York be the Diem’s biggest challenge. Central bank state-regulated custodial firm that holds concerns include know your customer (KYC) the stablecoins. When providing settlement due diligence. services, First Digital will work with partner banks in the U.S. that support custodianship Members of the Diem association will handle of digital currencies. KYC duties. Those members are Facebook’s Novi Financial digital wallet subsidiary, Facebook’s 2.7 billion members are seen Checkout.com, Lyft, PayU, Shopify, Spotify as potential Diem users. Its WhatsApp and Uber. messenger platform could deploy Diem as a person-to-person money transfer currency. PayU will be first to offer its merchants Diem payment acceptance. Fees merchants will pay First Digital, formed in 2017, has received are expected to be at least 50% lower than $21 million in venture capital funding. their costs to accept payments from Visa, The company’s platform can also support Mastercard and other global brand cards. central bank digital currencies (CBDC). Merchants that accept Diem will also benefit Cryptocurrency customers that have used from a significant drop in costs associated First Digital for liquidity provisions as well with chargebacks. All transactions on the as KYC and anti-money laundering services blockchain are transparent, which makes include Binance and Bitcoin.com. reconciliation easier.

www.nilsonreport.com NILSON REPORT 13 Stablecoin and CBDC Payment Processing from First Digital

Forter and Capital One eCommerce Authorizations

Among U.S. issuers of Visa and Mastercard more transactions. Any gain in new purchase IN THIS ARTICLE payment cards, Capital One ranks 3rd largest volume comes from sales previously lost to for credit cards and 15th largest for debit another issuer’s credit or debit cards. cards. In order to approve more authorization requests from online merchants, Capital In particular, merchants selling digital goods One has integrated its Enhanced Decisioning are expected to see increased authorizations Data platform with Forter, a top provider when they share with issuers in real time that of risk management and fraud prevention their cardholders are attempting a purchase. technology to ecommerce merchants. Issuers too often decline authorization requests for valid transactions. INTERVIEWED FOR THIS ARTICLE Forter will provide Capital One with much Sara Hafner is Head of Financial of the same information it uses to create Over the last year, Forter has moved its card- Partnerships at Forter in Kennett a risk management score for merchants. issuer initiative from concept to product. Square, Pennsylvania, sara.hafner@ The information will arrive before the Capital One is second among the five forter.com, www.forter.com. authorization request from the merchant. largest issuers in the U.S to integrate with Prior issues: 1179, 1177, 1176, 1172, 1169, Issuers and merchants connect to the service Forter’s Trusted Authorization service. Forter 1163, 1161, 1155, 1071 via separate APIs. anticipates offering Trusted Authorization to issuers in Canada and Europe later this year. Forter says issuers that use its Trusted Authorization service will approve up to 3%

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14 NILSON REPORT March 2021 Issue 1193 Message from the Publisher

There were 65 transactions in 20 countries last month

FEBRUARY 2021 Investments & Acquisitions

COMPANY BUYER/INVESTOR AMOUNT (MIL) COUNTRY COMPANY BUYER/INVESTOR AMOUNT (MIL) COUNTRY

Alternative Lending Merchant Processing/Acquiring BharatPe Series D 1 $108.0 India Balance Payments seed funding 10 $5.5 U.S. ePayLater undisclosed venture round 2 $2.5 India eGov Strategies Core Bus. Tech. 3 * U.S. Flexiti Curo Group 3 $121.0 Canada GoodBox undisclosed venture round 30 $12.5 U.K. Klarna undisclosed venture round 4 $1,000.0 Sweden Gravy Solutions Series A 31 $4.5 U.S. KreditBee Series C 5 $75.0 India ICPS Hightech Payment Systems 3 * Mauritius Mobility Capital corporate round 6 $2.0 U.S. Pi Cash Systeme Givex 3 * Switzerland OppFi FG New America 7 $800.0 U.S. Promise Network Series A 32 $20.0 U.S. SoLo Funds Series A 8 $10.0 U.S. RecargaPay Series C 33 $70.0 Brazil B2B Payments Safepay seed funding10 * Pakistan Billhop Series A 9 $4.8 Sweden Secure Instant Payments Core Bus. Tech.3 * U.S. Check Series B 10 $35.0 U.S. Sokin angel round 34 * U.K. Libeo Series A 11 $27.8 France Tap Smart Data ICICI 35 $0.6 India Mesh Payments undisclosed venture round 12 $13.0 U.S. Transaction Services Clearent 36 * U.S. Payoneer IPO 13 $3,300.0 U.S. USA ePay NMI 3 * U.S. Payoneer PIPE deal 14 $300.0 U.S. USA Technologies private placement 4 $55.0 U.S. Paysolute SumUp 3 * Lithuania Mobile Payments Stitch seed funding 4 $4.0 So. Africa Line Pay PayPay37 * Japan Token Series B 15 $15.0 U.K. Mobile Credit Payment Artivision 38 * Singapore UNIPaas Pay. Tech. seed funding16 $10.0 Israel Money Transfers Vendorin Corcentric 3 * U.S. Routefusion seed funding 39 $3.6 U.S. Bill Payments Payment Card Processing Allied Payment Network undisclosed venture round 4 $2.5 U.S. NymCard Series A 40 $7.6 U.A.E. Blockchain/Cryptocurrency Personal Finance Blockchain.com undisclosed venture round 4 $120.0 U.K. Orka Pay undisclosed venture round 41 $40.3 U.K. Bottlepay seed funding 17 $15.3 U.K. P a y o w seed funding 42 $2.2 Spain Celo undisclosed venture round 18 $20.0 U.S. SeedFi Series A 43 $15.0 U.S. Coinsquare Mogo 19 $44.4 Canada Software Stablecorp undisclosed venture round 20 $1.5 Canada AccountScore Equifax 3 * U.S. Synthetix undisclosed venture round 21 $12.0 Australia Benchmark Technology Digital Check 3 * U.S. Card Manufacturing Business Info. Sys. i3Verticals 3 $87.7 U.S. TreeCard seed funding 22 $5.1 U.K. ClientPay A niPay 3 * U.S. Credit Cards *Terms not disclosed. 1 Led by Coatue Management. 2 Led by Pravega Petal debt facility 23 $126.6 U.S. Ventures. 3 Acquisition. 4 Investors not identiﬁ ed. 5 Including Alpine Ramp debt facility 24 $150.0 U.S. Capital. 6 From Mastercard. 7 SPAC deal. 8 Including Impact America Fund. 9 From Element Ventures. 10 Including Stripe. 11 From Breega. 12 Including 25 Stori Series B $32.5 Mexico TLV Partners. 13 SPAC merger on Nasdaq. 14 Private investment in public TomoCredit seed funding 26 $7.0 U.S. equity including Wellington Management. 15 Including SBI Investment. 16 Led by FJ Labs. 17 Led by Aland Howard. 18 Including Andreessen Debit Cards Horowitz. 19 Bought a 20% equity stake. 20 Including DV Private 3 Optimus Cards Uphold * U.K. Investments. 21 Including Coinbase Ventures. 22 Led by EQT Ventures. Zelf pre-seed funding 27 $2.0 Latvia 23 From Silicon Valley Bank and Trinity Capital. 24 From Goldman Sachs. 25 Led by Lightspeed. 26 Including Barclays. 27 Led by 3VC. 28 Including Hardware Softbank Vision Fund. 29 FromTimelo Investment Management. 30 Led by Standard Cognition Series C 28 $150.0 U.S. Andy Murray. 31 Led by Arlington Family Oﬃ ces. 32 Led by Kopoor Capital Loyalty/Offers and XYZ. 33 Led by IDC Ventures and Fuel Ventures. 34 From Rio Gavin Ferdinand. 35 Purchased 5.4% equity stake. 36 Merger to create Xplor 3 Dosh Cardlytics $250.0 U.S. Technology. 37 Merger will operate as PayPay. 38 SPAC deal on the SGX-ST Mobi724 post-IPO equity 29 $1.0 Canada exchange. 39 Led by Silverton Partners. 40 Including VentureSouq. 41 Led by British Business Bank. 42 Including Global Payments and Worldline. 43 Led by Andreessen Horowitz. ©2021 Nilson Report

www.nilsonreport.com NILSON REPORT 15

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