Payments – Are Cross Border Payments A Benefactor In The Pandemic Affected World

Dear Clients and Friends,

Marlin & Associates (M&A) is pleased to share our latest report on m&a values and trends in the Payments Technology sector.

As you will see in the report, after a few slow months, m&a activity and values in this sector have come back strong - driven in part by (i) significant shifts to online spending during a never-ending pandemic that has accelerated trends across the B2B, B2C and P2P spaces that were already in place well before the coronavirus upended daily life; (ii) customer demand for ever more speed and transparency for these transactions; (iii) regulations that are driving more banks to partner with payment tech companies to facilitate transactions; and (iv) small and medium sized businesses (“SMEs”) increasingly seeking cross border opportunities due to access to more efficient (and less expensive) cross border payment solutions. Our own client pipeline largely mimics these trends.

As you also will see in this report, market values for publicly traded firms have continued to remain robust. Several notable deals have been announced including acquiring Nigeria’s Paystack for $200mm to expand to the African continent, Italy’s Nexi SpA agreed to buy SIA SpA to in an all-share deal that values closely-held SIA at EUR 4.56 billion ($5.3 billion), and U.K. based online money transfer company, World Remit, is buying Africa-focused, app- based remittance ​​​​​firm Sendwave in a cash and stock deal worth more than $500mm.

​​Marlin & Associates is one of the most active investment banking and strategic advisory firms, providing trusted counsel to middle market companies worldwide that offer enterprise and vertical application software, services, data and analytics including firms across the FinTech ecosystem (Payments, Real Estate Tech, Payments, BankTech, WealthTech, InsurTech, LegalTech, GRC, Capital Markets Tech, Digital Tech, Business Intelligence, and Market Intelligence).

Over the course of 18+ years Marlin & Associates has advised more than 200 fintech, data and analytic companies on m&a transactions in 27 countries. We enjoy helping CEOs and their shareholders achieve their most important strategic objectives.

Please reach out to me ([email protected]) with any questions or to discuss this in further detail. We are keen to hear from you and happy to share what we are witnessing in the markets and how that could relate to your company.

Kind regards,

Aalap

Proprietary & Confidential 1 © Copyright Marlin & Associates Holding LLC 2020 Payments Technology Cross Border Payments Update November 2020

© 2020 Marlin & Associates All Rights Reserved – Proprietary & Confidential Marlin & Associates Securities LLC, a wholly owned subsidiary of Marlin & Associates Holding LLC, is a broker-dealer registered with the Securities and Exchange Commission and is a FINRA/SIPC member firm (www.finra.org). Investment banking and/or securities are offered through Marlin & Associates Securities LLC. Marlin & Associates: Advisor Of Choice To Fintech, Data & Analytics Companies And Investors Worldwide

▪ Domain expert – advised on 200+ relevant transactions for over 18 years. Marlin & Associates (“M&A”) has been the domain expert in providing independent and unbiased strategic counsel and advisory services to global sellers and buyers of middle-market FinTech and Data & Analytics firms ▪ Local yet global – successfully served clients from 27 countries from the New York City headquarters and Toronto office ▪ Well recognized – “Middle Market IB of the Year,” “TMT Advisory Firm of the Year,” and “Cross Border Boutique IB of the Year,” and more than 20 “Deals-of-the-Year”

Full Range of Transaction Services Industry Recognition and Awards Sector Coverage

Payments ▪ TMT Advisory Firm of the Year Sell-side & ▪ Middle Market IB of the Year Buy-side M&A Bank Tech

Regulatory Tech

▪ Cross Border Boutique IB of the Year Data & Analytics

DebtCapital ▪ Advisory Firm of the Year

Equity& Raise

Capital Markets Tech Fairness Fairness Opinions Digital Lending ▪ FinTech Deal of the Year ▪ Corporate M&A Deal of the Year Insurance Tech

Joint Ventures Wealth Tech & Partnerships ▪ Middle Market IB of the Year Enterprise Software ▪ Middle Market Tech Deal of the Year Business Intelligence

Proprietary & Confidential 3 © Copyright Marlin & Associates Holding LLC 2020 Several Cross Border Payments Themes Are Evolving In The Pandemic Affected World

M&A Activity Has Picked Up

Increased Customer Demand For Speed And Transparency

Regulators Continue To Drive Changes In The Payment Ecosystem

SME’s Continue To Adopt Cross Border Payment Alternatives

Major Shifts In Spending Habits Drive Innovation

Proprietary & Confidential 4 © Copyright Marlin & Associates Holding LLC 2020 Continued Consolidation Amongst All Parts Of The Payments Value-chain

▪ The payments landscape is becoming more complex and Illustrative Companies changing rapidly; large incumbents are getting pushed further down the value chain …recently acquired Paystack to geographically expand API-based ▪ Lockdown utilization levels have encouraged cross border payments services operators to scale up and private equity investors to jump in M&A Activity Has Picked Up …recently acquired SIA to create a  Global incumbents have resorted to partnerships (8+ European giant in the rapidly- new partnerships for Visa, including with Safaricom, consolidating payments sector Qatar National Bank, Currencycloud, Fold, Rapyd, Flutterwave)

▪ Cross border players have favored scale through mergers, …recently acquired Wameja, its led by U.S. rivals seeking to build up share of digital joint venture partner in the transactions (Worldline / , Far Point / Global Blue) HomeSend global payment hub

▪ Unicorns opted for both vertical and horizontal expansion ('s acquisitions of Moneymour and Nuji) …recently acquired Sendwave to better-address customer needs for fast and secure digital payments ▪ New entrants have stockpiled growth capital (15+ successful funding rounds) Relevant Transactions

Date Target Acquirer Description

▪ SIA designs, creates, and manages technology infrastructure for card & merchant solutions, digital 10/04/20 payment solutions, and capital market & network solutions

▪ Sendwave provides a remittance platform designed to help users complete cross border 08/25/20 transactions seamlessly

▪ Paya provides integrated payment and frictionless commerce solutions that help customers accept 08/03/20 and make payments, expedite the receipt of money, and increase operational efficiencies

Source: Marlin & Associates Internal Analysis, PitchBook Proprietary & Confidential 5 © Copyright Marlin & Associates Holding LLC 2020 Increasing Customer Demand Along With The Push For Greater Transparency Act As Key Catalysts For Tech Innovation

Illustrative Companies

▪ Customers continue to demand a seamless and transparent ….leverages cryptographically- payment experience, specifically “request to pay” secured distributed networks to transactions reduce friction in making and receiving payments Increased Customer ▪ Retail and corporate customers desires technology that can Demand For Speed be adapted to various use cases across the payments value …enables SME’s to send low- value cross border payments at And Transparency chain the same speed and transparency as larger banks  SME’s prefer adaptive, easy-to-use platform solutions while large incumbents place higher value on speed, delivery guarantee’s, and ancillary services (e.g., …streamlines peer-to-peer currency hedging options, trade or procurement) (P2P) payments among account holders at U.S. banks ▪ Independent of size, the market seeks reliable payments delivery, access to preferred payment methods, and the ... Enhances real time data-rich ability to track exchange rates and schedule payments payments platform for the Australian digital economy

Relevant Transactions

Date Target Acquirer Description

▪ Paysley enables customers to use their smartphone as a point-of-sale device – without having to 10/21/20 setup an account with the merchant in advance

▪ Bankgirot is Sweden’s only clearing house for mass payments 10/06/20 ▪ P27 plans to create a single clearing and settlement platform across the Nordic region

▪ Associated Foreign Exchange (AFEX) offers a range of global payment, foreign exchange, and risk 09/17/20 management services

Source: Marlin & Associates Internal Analysis, PitchBook, McKinsey & Company Proprietary & Confidential 6 © Copyright Marlin & Associates Holding LLC 2020 Regulatory And Compliance Initiatives Are Driving Banks To Partner With FinTechs

▪ Recent regulatory initiatives, such as PSD2 in Europe and Illustrative Companies open banking in the UK, result in greater supervision of new entrants and increased compliance costs for banks …recently partnered with crypto currency Paxos to enable PayPal ▪ At the same time, however, smaller banks are increasingly users in the U.S. to buy, hold and sell cryptocurrencies Regulators Continue finding options to reduce regulatory pressure by working with fintech companies to tap into regulatory arbitrage or working To Drive Changes In …announced new payment The Payment with other banks to build utilities to insulate against payments standard changes gateway functionalities (SNAP Ecosystem EBT) following expansion of NSDA pilot program in mid-2020 ▪ Regulation has begun to differentiate between the front end and back end …recently debuted Tap to Phone, enabling businesses to accept  On the front end, data aspects become the focus of contactless payments on any regulation, similar to tech companies with lighter NFC-enabled Android device requirements as to AML/sanctions …recently banned by executive  On the back end, regulation looks to be more 'ringfenced’ order; may remove WeChat Pay concerning balance sheet commitments, counterparty as a payment option in the U.S. exposure, and liquidity for millions of consumers

Relevant Transactions

Date Target Acquirer Description

▪ Joko provides a rewards platform on the open data initiative enabled by PSD2 10/08/20 ▪ The app detects transactions at partner brands and automatically credits cashback

▪ The Payment Group serves the payment processing needs of more than 600 municipal courts and 09/21/20 utility companies across the U.S.

▪ Oversight’s AI-based platform digitally analyses auditing and risk management processes 09/02/20 ▪ Monitors corporate card and vendor transactions to spot fraud, errors, and wasteful spending

Source: Marlin & Associates Internal Analysis, PitchBook Proprietary & Confidential 7 © Copyright Marlin & Associates Holding LLC 2020 SME’s Increasing Cross Border Presence Due To Payment Technology Advancements

Illustrative Companies ▪ SME’s historically comprise a lower share of cross border payments relative to their GDP contribution, although the …provides global financial development of affordable international payment frameworks settlement solutions to enable the and technology advancements has slowly converged the gap world to exchange value, similar to how it exchanges information SME’s Continue To  SME’s benefit the most from cross border payment Adopt Cross Border convergence and simplification, each of which are …operates as a foreign exchange market cross border payment Payment occurring and are likely to continue to gain traction Alternatives company focused on Asia Pacific Markets ▪ Online marketplace usage has led to payment transactions growth in recent months ...enables small business to quickly and securely pay and  Large players such as Amazon, eBay, Expedia, and receive payments from business Airbnb continue to drive growth in travel and e- partners world-wide commerce, fueling cross border commerce, and expanding C2B and B2C payments …delivers fast, safe, and cost- effective cross border money ▪ Proliferation of mobile devices is also driving an explosion in transfers to more than 25 digital content in global app store spending, a market countries expected to double over the next five years to $171bn Relevant Transactions

Date Target Acquirer Description

▪ Paystack enables the integration of payments services into an online or offline transaction by way of 10/15/20 an API, and serves over 60,000 businesses in Nigeria and Ghana

▪ Wameja enables cross border transfers between bank accounts, cards, mobile wallets, and cash 09/10/20 outlets

▪ FXPress Payment Services offers a cloud-based platform that facilitates the sending and receiving 09/01/20 of international payments across currencies

Source: Marlin & Associates internal analysis, PitchBook Proprietary & Confidential 8 © Copyright Marlin & Associates Holding LLC 2020 Secular Change In Customer Spending Patterns Drives A Shift In Payment Methods

Illustrative Companies ▪ The sizeable impact of a global pandemic and subsequent shift in customer spending patterns has changed the …provides online financial services payments landscape (payments for online storefronts, direct payments, post-purchase  Online sales have surged, leading to a shift in payment payments) Major Shifts In methods, favoring digital wallets and enhanced digital Spending Habits services over cash and physical credit cards …operates a payment platform that Drive Innovation gives shoppers the choice to pay  In the first six months of 2020, customers spent $348bn via four installments spread over online with U.S. retailers, representing a 30% increase six weeks from $267bn during the same period in 2019 …offers customers interest-free ▪ To stay afloat, companies are gearing towards digitizing a monthly payment plans for existing plastic credit card and creating a platform of symbiotic Visa and MasterCard credit and digital services debit card holders

 Notable examples include PayPal (honey and QR Codes), Square (), and PagSeguro Digital …unveiled a digital credit card to (PagBank App) leverage smartphone use

Relevant Transactions

Date Target Acquirer Description

▪ Sentral helps track debit network transactions in the card-linked offer space 09/22/20 ▪ Provides a single point of integration for CLO program providers to reach all debit networks

▪ RentPayment facilitates the payment and collection of rent online through credit cards, debit cards, 09/01/20 e-checks via ACH, and mobile

▪ 2Checkout is an all-in-one monetization platform that allows businesses to expand internationally 08/01/20 and optimize recurring revenue streams across channels by simplifying back-end complexities

Source: Marlin & Associates internal analysis, PitchBook Proprietary & Confidential 9 © Copyright Marlin & Associates Holding LLC 2020 The Cross Border Payments Market Landscape Continues To Evolve

Select market participants:

Established Remittance Providers

Emerging Remittance Providers

Cross Border Payment Specialists

Source: PitchBook, Tracxn Proprietary & Confidential 10 © Copyright Marlin & Associates Holding LLC 2020 Digital Payments Continues To Lead The Pack Among Payment Participants

160%

140%

120%

100%

80%

60%

40%

20%

0%

(20%)

(40%)

(60%)

8.9% Networks 23.4% Merchant Acquiring 126.7% Digital Payments 27.4% Transaction Processing 25.5% B2B Payments 39.4% POS Solutions 10.1% Payments Infrastructure (4.8%) Core Bank Solutions 8.6% S&P 500

Source: PitchBook as of market close on November 16th, 2020 Proprietary & Confidential 11 © Copyright Marlin & Associates Holding LLC 2020 The Majority Of Public Payments Technology Verticals Expect Revenue Growth And EBITDA Margin Expansion In 2021 (1/2)

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E Networks Visa $461,288 $470,403 22.2x 19.5x 32.0x 28.5x (10%) 14% 69% 69% MasterCard 334,000 336,034 22.1x 18.6x 38.9x 30.8x (10%) 19% 57% 61%

Median 22.1x 19.1x 35.4x 29.6x (10%) 16% 63% 65% Merchant Acquiring Square $79,901 $77,837 8.3x 6.4x n.m. n.m. 100% 30% 5% 6% Global Payments 56,398 64,103 9.4x 8.5x 20.9x 17.8x 38% 12% 45% 48% Worldline 23,941 24,702 9.0x 3.9x 36.4x 31.3x 3% 134% 25% 12% PagSeguro 14,312 13,760 11.0x 8.5x 33.6x 23.7x (11%) 29% 33% 36% Nexi SpA 10,901 14,992 12.3x 11.1x 21.6x 18.8x (33%) 10% 57% 59% Cielo (Brazil) 1,849 3,034 1.4x 1.3x 6.8x 7.0x (25%) 7% 21% 19% Realtime Electronic Payments 1,633 1,751 11.5x 9.5x 27.1x 21.6x n.a. 21% 42% 44% Tyro Payments 1,440 1,367 8.7x 6.5x n.m. n.m. n.a. 33% (5%) 1% EVO Payments International 1,026 2,169 4.8x 4.3x 14.9x 12.0x (8%) 14% 33% 35% Net 1 UEPS Technologies 187 n.a. n.a. n.a. n.a. n.a. (35%) 13% (34%) (3%) Median 9.0x 6.5x 21.6x 18.8x (10%) 18% 29% 27% Digitial Payments PayPal Holdings $221,005 $215,828 10.1x 8.5x 35.2x 29.9x 21% 19% 29% 28% Shopify 112,467 107,249 37.6x 29.0x n.m. n.m. 81% 30% 15% 11% 58,225 56,020 69.7x 50.1x n.m. n.m. (73%) 39% 56% 58% Afterpay 20,982 20,890 42.9x 24.7x n.m. n.m. 125% 73% 11% 13% Pushpay 1,410 1,438 8.4x 7.2x 28.5x 23.1x n.a. 17% 30% 31% 951 933 17.0x 10.6x n.m. n.m. 243% 60% (21%) (13%) GreenSky 666 1,260 2.4x 2.1x 10.6x 8.6x (2%) 12% 23% 25% Boku 439 382 6.9x 5.7x 31.0x 21.2x 10% 21% 22% 27% Median 13.5x 9.5x 29.7x 22.2x 21% 25% 23% 26% POS Solutions Ingenico Group $9,344 $11,177 3.6x 3.3x 15.8x 13.9x (17%) 9% 23% 23% PAX Global Technology 655 265 0.4x 0.4x 2.4x 2.1x 4% 14% 17% 17% Median 2.0x 1.8x 9.1x 8.0x (7%) 12% 20% 20%

Source: PitchBook as of market close on November 16th, 2020 “n.a.” stands for “Not Available” and “n.m.” stands for “Not Meaningful” Proprietary & Confidential 12 © Copyright Marlin & Associates Holding LLC 2020 The Majority Of Public Payments Technology Verticals Expect Revenue Growth And EBITDA Margin Expansion In 2021 (2/2)

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E Tranascation Proccessing Western Union $8,732 $7,990 1.7x 1.6x 6.5x 6.1x (9%) 4% 26% 26% International Money Express 611 592 1.7x 1.5x 8.9x 7.8x 10% 11% 19% 19% Moneygram International 545 n.a. n.a. n.a. n.a. n.a. (5%) 5% 20% 19% PayPoint 499 515 2.9x 3.5x 7.2x 7.6x n.a. (16%) 40% 45% Median 1.7x 1.6x 7.7x 7.0x (5%) 5% 20% 19% B2B Payments FleetCor Technologies $21,709 $25,413 10.7x 9.5x 19.0x 16.6x (10%) 12% 56% 57% Edenred 13,444 15,349 8.9x 8.1x 22.1x 20.1x (5%) 10% 40% 40% Bill.com 7,730 7,088 40.1x 32.2x n.m. n.m. 32% 24% (8%) (10%) WEX 7,364 8,968 5.8x 5.2x 15.5x 12.6x (10%) 11% 37% 41% Median 9.8x 8.8x 19.0x 16.6x (7%) 11% 39% 41%

Core Bank Solutions Fidelity National Information Services $89,800 $108,177 8.5x 7.9x 20.5x 17.5x 22% 8% 42% 45% Fiserv 72,977 94,296 6.7x 6.3x 17.2x 14.7x 38% 7% 39% 43% Jack Henry and Associates 12,324 12,129 7.0x 6.6x 21.4x 20.7x 6% 6% 33% 32% ACI Worldw ide 3,711 4,899 3.9x 3.7x 15.7x 14.1x 0% 6% 25% 26% Bottomline Technologies 1,976 1,980 4.4x 4.0x 20.8x 18.4x 3% 10% 21% 22%

Median 6.7x 6.3x 20.5x 17.5x 6% 7% 33% 32% Payments Infrastructure Euronet Worldw ide $6,342 $6,223 2.6x 2.2x 21.8x 12.2x (12%) 17% 12% 18% NCR 3,018 6,649 1.1x 1.0x 7.4x 6.3x (10%) 4% 15% 16% 1,005 589 1.7x 1.7x 3.3x 3.0x (44%) 5% 52% 56% Cardtronics 949 1,656 1.5x 1.4x 6.4x 5.9x (19%) 10% 23% 23% Diebold Nixdorf 632 2,809 0.7x 0.7x 6.3x 5.6x (11%) 5% 11% 12% CPI Card Group 44 334 1.2x n.a. 8.1x n.a. 3% n.a. 14% n.a. Median 1.3x 1.4x 6.9x 5.9x (11%) 5% 14% 18%

Source: PitchBook as of market close on November 16th, 2020 “n.a.” stands for “Not Available” and “n.m.” stands for “Not Meaningful” Proprietary & Confidential 13 © Copyright Marlin & Associates Holding LLC 2020 Revenue Multiples Across The Payments Technology Sector Have Largely Returned To Pre-Pandemic Levels

Enterprise Value / 2020E Revenue as of January 1, 2020 vs November 16, 2020

EV/2020E Revenue 24x Multiple as of 1/1/20 EV/2020E Revenue 22.1x Multiple as of 22x 11/16/20 20.5x 10.4% 20x 20.0x

18x

16x

172.0% 14x

12x 10.1x 10x (3.4%) 9.0x 9.8x 8x 50.4% 6.3x 7.5x 6x (4.4%)

6.0x 6.1x 4x 2.3x 2.0x 1.7x 2x (26.2%) 26.8% (21.3%) 1.7x 1.6x 1.4x 0x Digital Payments Networks B2B Payments Merchant Acquiring Core Bank POS Solutions Transaction Payments Solutions Processing Infrastructure

Source: PitchBook as of market close on November 16th, 2020 Proprietary & Confidential 14 © Copyright Marlin & Associates Holding LLC 2020 EBITDA Multiples Have Similarly Returned To Pre-Pandemic Levels

Enterprise Value / 2020E EBITDA as of January 1, 2020 vs November 16, 2020

40x EV/2020E EBITDA Multiple as of 1/1/20

EV/2020E EBITDA Multiple as of 35.4x 11/16/20 35x 10.4%

32.1x 29.7x 30x

25x 23.6x 59.2%

20.9% 20.7x 19.5x 20x (8.0%) 1.2% 19.5x 19.3x 19.0x 18.7x 15x

10x 9.1x 8.9x 8.6x 27.3% (19.4%) (17.9%)

5x 7.1x 7.2x 7.1x

0x Networks Digital Payments Merchant Acquiring Core Bank B2B Payments POS Solutions Transaction Payments Solutions Processing Infrastructure

Source: PitchBook as of market close on November 16th, 2020 Proprietary & Confidential 15 © Copyright Marlin & Associates Holding LLC 2020 M&A Activity Has Picked Up Over the Last Few Months

Date Acquirer(s) Target Target Location Comments Enterprise Value

▪ Leading European payments provider, Nets, agreed to buy the renowned Swiss 10/23/20 Opfikon, Switzerland payment infrastructure provider, CCV Schweiz, for an undisclosed amount - the n/a Swiss subsidiary acquisition continues Net Group’s pan-European growth and expansion strategy ▪ U.S. acquirer of disruptive payment solutions companies, Syncapay, agreed to buy 10/22/20 Conshohocken, PA compensation, disbursement, customer incentive, and refund card issuer, n/a North American operations , for an undisclosed amount ▪ Canada’s leading customer-centric order-to-cash solutions provider, VersaPay, 10/20/20 Twinsburg, OH agreed to buy U.S. enterprise centric order-to-cash solutions provider, SoulPay, for n/a an undisclosed amount ▪ U.S. provider of online payment processing for e-commerce businesses, Stripe, 10/15/20 Lagos, Nigeria agreed to buy the operator of a payment process platform, Paystack, for $200mm $200mm to expand into the African content

▪ Italy’s Nexi SpA agreed to buy SIA SpA to in an The all-share deal that values Milan, Italy 10/04/20 closely-held SIA at 4.56 billion euros ($5.3 billion) $5,300mm

▪ PNC-owned fintech incubator, Numo, agreed to buy the leader in the card-linked Pittsburgh, PA 09/22/20 offer (SLO) space, Sentral, for an undisclosed amount n/a

▪ U.S. specialized payments provider, FleetCore, agreed to buy Nigeria commodity 09/17/20 Woodland Hills, CA exchange platform that offers payment, foreign exchange, and risk mgmt services, n/a AFEX, for an undisclosed amount ▪ Second-largest payment processor, MasterCard, agreed to buy Australia’s leading 09/10/20 Millers Point, Australia provider of mobile financial technology solutions relating to cross-border transfers, $126mm Wameja, for $126mm ▪ U.K. online money transfer company, World Remit, is buying Africa-focused, app- 08/25/20 Boston, MA based remittance firm, Sendwave in a cash and stock deal worth more than $500mm $500mm ▪ U.S. integrated payment and commerce solutions provider, Paya, merged with 08/03/20 Dunwoody, GA Fintech Acquisition Corp. III in a deal totalling $1.3bn - the new entity will trade $1,300mm under the ticker “PAYA” ▪ U.S. electronic payment systems and services provider, , agreed to buy 08/01/20 Atlanta, GA Atlanta-based operator of a monetization platform that simplifies back-end payment n/a complexities, 2checkout, for an undisclosed amount

Source: PitchBook, Tracxn Proprietary & Confidential 16 © Copyright Marlin & Associates Holding LLC 2020 Financing Activity Has Also Rebounded

Date Acquirer(s) Target Target Location Comments Transaction Size

▪ India’s first full-stack financial solutions company, Razorpay, raised $100mm from 10/11/20 Bangalore, India Sequoia Capital and Singapore-based sovereign wealth fund, GIC, for the purpose $100mm of increasing the size of it’s team and to target select acquisitions and investments

▪ U.S. payment processing solutions provider and card issuer, Marqeta, raised an 10/08/20 Oakland, CA undisclosed amount from MasterCard, to expedite its international expansion n/a through streaming its global network certification process

▪ U.S. cloud-based B2B payment automation platform provider, Tipalti, raised 10/06/20 San Mateo, CA $150mm from Durable Capital Partners to double down on its product roadmap, $150mm accelerating its growth path and extending Its global presence

▪ U.S. operator of accounts payable and B2B payments software, MineralTree, 09/25/20 Cambridge, MA raised $54mm between Great Hill Partners and Eight Roads to build out its product $54mm capabilities and to expand its distribution

▪ U.S. provider of smart debit cards that help parents monitor their child’s spending 09/24/20 Atlanta, GA habits, Greenlight, raised $215mm between Canapi and TTV Capital to accelerate $215mm the roll-out of new features and upgrades

▪ U.S. global payments network provider for businesses, , raised $31mm from 09/16/20 San Francisco, CA Truist to develop a robust channel partner program that will widen the company’s $31mm geographic footprint

▪ Swedish online payment platform company designed to facilitate cashless 09/08/20 Stockholm, Sweden payments through installments, Klarna, raised $650mm from Silverlake to invest in $650mm U.S.-based companies and to develop the company’s products for customers

▪ Israeli B2B payments company designed for small businesses, Melio, raised 09/08/20 Tel Aviv, Israel $80mm between General Catalyst, Accel, and Bessemer Venture Partners to $80mm accelerate growth, expand reach, and provide B2B payment abilities to new parties

▪ Singapore cross border payment network provider, Thunes, raised $60mm 09/08/20 Singapore between Helios Investment Partners and Checkout.com to grow its operations $60mm across Africa, Asia, and Latin America and expand its team and product offerings

▪ South Korea financial services app, Toss, raised $173mm between Sequoia, 08/28/20 Seoul, South Korea Greyhound Capital, and Altos to further the company’s plans to consolidate $173mm customer finance services on a single platform

▪ U.S. B2B payments processing platform, Finix, raised $75mm between Lightspeed 08/26/20 Cincinnati, OH and Sequoia to double its team as it purses its goal of turning all software $75mm companies into payment companies

Source: PitchBook, Tracxn Proprietary & Confidential 17 © Copyright Marlin & Associates Holding LLC 2020 Leading Advisor To FinTech, Digital Tech, Data & Analytics Companies And Investors Worldwide

Proprietary & Confidential 18 © Copyright Marlin & Associates Holding LLC 2020 Marlin & Associates: Advisor Of Choice To Fintech, Data & Analytics Companies And Investors Worldwide

▪ Domain expert – advised on 200+ relevant transactions for over 18 years. Marlin & Associates (“M&A”) has been the domain expert in providing independent and unbiased strategic counsel and advisory services to global sellers and buyers of middle-market FinTech and Data & Analytics firms ▪ Local yet global – successfully served clients from 27 countries from the New York City headquarters and Toronto office ▪ Well recognized – “Middle Market IB of the Year,” “TMT Advisory Firm of the Year,” and “Cross Border Boutique IB of the Year,” and more than 20 “Deals-of-the-Year”

Full Range of Transaction Services Industry Recognition and Awards Sector Coverage

Payments ▪ TMT Advisory Firm of the Year Sell-side & ▪ Middle Market IB of the Year Buy-side M&A Bank Tech

Regulatory Tech

▪ Cross Border Boutique IB of the Year Data & Analytics

DebtCapital ▪ Advisory Firm of the Year

Equity& Raise

Capital Markets Tech Fairness Fairness Opinions Digital Lending ▪ FinTech Deal of the Year ▪ Corporate M&A Deal of the Year Insurance Tech

Joint Ventures Wealth Tech & Partnerships ▪ Middle Market IB of the Year Enterprise Software ▪ Middle Market Tech Deal of the Year Business Intelligence

Proprietary & Confidential 19 © Copyright Marlin & Associates Holding LLC 2020 We Have An “Unfair” Competitive Advantage

▪ Unrelenting focus on the financial technology sector (20+ professionals exclusively focused on FinTech) FOCUS ▪ Deep understanding of industry structure and drivers of value ▪ Extensive contacts at multiple levels among industry participants and financial investment firms

▪ Diverse team based in New York and Toronto TEAM ▪ Execution experience from some of the most highly regarded firms in the industry

▪ Real world and relevant operating experience EXPERTISE ▪ 18+ years of transaction success ▪ Our partners have worked at leading FinTech firms

▪ The industry we serve is not defined geographically, nor are we GLOBAL ▪ Half of our transactions are cross border ▪ 1/3rd of our clients are international

▪ We are long-term thinkers and believe in partnering with our clients through their entire evolution PARTNERS ▪ We are domain experts and offer independent and unbiased strategic counsel and advisory services to our clients ▪ We stay with you until the end

▪ 200+ closed transactions TRACK RECORD ▪ Numerous awards and accolades ▪ Recognized as an industry leader and expert by our peers and clients

Proprietary & Confidential 20 © Copyright Marlin & Associates Holding LLC 2020 We Deliver Exceptional Results

Advisory Firm of the Year (US) TMT Advisory Firm of the Year (US)

Gamechanger of the Year (US), Ken Marlin Deal of the Year (Parthenon / BillingTree)

Middle-Market Investment Bank of the Year (US) Boutique Investment Banking Firm of the Year

Capital Raising Advisory Firm of the Year Small Tech Fund Raising of the Year for CRM

Professional Services (B2B) Deal of the Year Boutique Investment Banking Firm of the Year (2017)

Gamechanger of the Year (US), Ken Marlin Boutique Investment Banking Firm of the Year

Middle-Market Investment Bank of the Year Cross Border Deal of the Year (2016)

“Bringing on the Marlin & Associates team “The team at Marlin & Associates helped us get “We have been delighted with the service remains one of our great decisions. The the best value for our company. They know the provided to us by Ken Marlin and his team. They dedication of the team was on full display as we players and values of this industry at a level few have been diligent and thorough, and also a approached this latest chapter for ClearStructure. can match. They guided us and brought multiple pleasure to work with. The Marlin team’s deep The guidance, creativity and true value-add that highly qualified buyers into the process - knowledge of our industry makes them the they brought to the table helped ClearStructure including FNZ, with whom we look forward to number one go-to firm when you want to sell your achieve goals we didn’t think were possible.“ joining. We thank the Marlin & Associates team business. They have seen and managed more or and look forward to working with them again in less every possible situation and know the play the future.” book on how to deal with them. The process was meticulously planned and executed.”

-Scott Turley, CEO of ClearStructure -Rob DeDominicis, CEO of GBST -Justin Wheatley, CEO of StatPro

Proprietary & Confidential 21 © Copyright Marlin & Associates Holding LLC 2020 Our Team Brings Relevant Transaction and Operating Experience

Ken Marlin Michael Maxworthy Anup Agarwal Founder & Managing Member Managing Director Managing Director

Tom Selby Aalap Merchant Managing Director Managing Director

Peter Manuselis Billy Adams

New York City Toronto, Canada

Luke Hsieh Jordan Wittbrot

Al Sisca Sam Wilcox

Woolley Capital Partners Samuel Martinez Neil Chadda

22 Clients Choose Us For Their Most Important Strategic Decisions (1/2)

Reston, VA

has been acquired by Denver, CO Danbury, CT New York, NY Phoenix, AZ Salt Lake City, UT has been acquired by has received a majority equity investment has been acquired by has completed a majority has been acquired by from recapitalization with Mclean, VA

A portfolio company of New York, NY Lake Success, NY

Troy, MI Boston, MA and San Francisco, CA Chicago, IL Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to Zoomdata, NinjaTrader ClearStructure Financial Technology, LLC. SALIDO, Inc. BillingTree iTransact Group, LLC Inc.

London, UK Wilton, CT Brisbane, Australia London, UK has sold a minority equity interest in its New York, NY Orlando, FL has agreed to be acquired by has agreed to be acquired by has received a majority equity subsidiary investment from Secures Minority Investment in has received growth capital from

Pittsburgh, PA London, UK A portfolio company of to New York, NY Vancouver, BC Edinburgh, UK New York, NY Singapore Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as financial Marlin & Associates acted as strategic strategic and financial advisor to strategic and financial advisor to Private Marlin & Associates acted as exclusive strategic and financial advisor to Goldman advisor to and financial advisor to Kore.ai Client Resources, LLC. strategic and financial advisor to Sachs. GBST Holdings Limited StatPro Group plc TradingScreen Inc.

Charlotte, NC Toronto, Canada has received an equity investment from has received an equity investment from New York, NY New York, NY San Francisco, CA Vienna, Austria

has received a $30 million equity has acquired has led a $60 million investment in received a majority investment from investment from

Jacksonville, FL Boston, MA & San Francisco, San Francisco, CA New York, NY CA New York, NY New York, NY Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to financial advisor Francisco Partners. strategic and financial advisor to AIM RapidRatings Zenmonics Aquiline Holdings LLC Tier1CRM Software.

Proprietary & Confidential 23 © Copyright Marlin & Associates Holding LLC 2020 Clients Choose Us For Their Most Important Strategic Decisions (2/2)

Pleasanton, CA New York, NY a division of Greenwich Associates, was Barcelona, Spain New York, NY Stamford, CT Chicago, IL has sold Financial Engineering acquired by Associates, Inc. to has been acquired by has been acquired by has agreed to be acquired by has received a majority equity investment from

Livonia, MI Dallas, TX A portfolio company of A portfolio company of Mumbai, India Los Angeles, CA Bologna, Italy Chicago, IL Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as strategic strategic and financial advisor to Hanweck strategic and financial advisor to Marlin & Associates acted as strategic strategic and financial advisor to InRule Marlin & Associates acted as exclusive and financial advisor to Strands, Inc. Associates, LLC Greenwich Associates and financial advisor to Greenwich Technology, Inc. strategic and financial advisor to MSCI Associates Inc.

Darien, CT London, United Kingdom has received an equity investment from Chicago, IL New York City, NY San Mateo, CA received an investment from Port Talbot, United Kingdom has been acquired by has been acquired by received a strategic received an investment from investment from Atlanta, GA

New York, NY London, United Kingdom Boston, MA Lake Success, NY Tokyo, Japan Marlin & Associates acted as exclusive strategic and financial advisor to Marlin & Associates acted as exclusive Marlin & Associates acted as Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive strategic and financial advisor to M&O OptionsCity Software strategic and financial advisor to exclusive strategic and financial strategic and financial advisor to strategic and financial advisor to Investment Metrics advisor to OpenGamma Systems, Inc. Vizolution Xignite.

has sold the assets of Campbell, CA Boston, MA New York, NY Dublin, Ireland New York, NY

received an investment from has been acquired by has invested in has been acquired by has entered into a strategic alliance with

to

Windsor, CT Dublin, Ireland London, United Kingdom New York, NY Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as financial Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive strategic and financial advisor to strategic and financial advisor to Varden advisor to Aquiline Capital Partners. strategic and financial advisor to CNO strategic and financial advisor to strategic and financial advisor to Alacra Trunomi. Technologies. Financial Group. Information Mosaic. Inc.

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For more than 18 years, Marlin & Associates has been the domain expert - providing independent and unbiased professional investment banking and strategic counsel to worldwide buyers and sellers of middle-market FinTech, data and analytics technology firms.

Headquartered in New York City, with an office in Toronto, the Marlin & Associates team of professionals has advised on more than 200 information-technology transactions in 27 countries. More than 20 transactions on which Marlin & Associates has advised have been recognized as “Deal-of-the-Year”. The firm has won numerous awards including the “Middle- Market Investment Bank of the Year,” “Middle-Market Financing Agent of the Year – Equity,” and “TMT Advisory Bank of the Year.”

Marlin & Associates Securities LLC, a wholly-owned subsidiary of Marlin & Associates Holding LLC, is a broker-dealer registered with the Securities and Exchange Commission and is a FINRA/SIPC member firm (www.finra.org). Investment banking and/or securities are offered through Marlin & Associates Securities LLC.

Marlin & Associates is one of the most active investment banking and strategic advisory firms providing trusted counsel to worldwide buyers and sellers of middle-market Fintech, Data and Analytics firms including those that offer FinTech, WealthTech, InsurTech, BankTech, LegalTech, RegTech, Business Intelligence, Market Intelligence and related enterprise software.

New York City / Toronto, Canada

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