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Making Convenience Safe and Secure

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Making Convenience Safe and Secure Making Convenience Safe and Secure Zwipe Full Year Report 2020 25 February 2021 | André Løvestam, CEO and Lars Kristian Solheim, CFO Zwipe is a biometric fintech company pioneering the next generation contactless payment experience ISO contact plate module Fingerprint sensor with biometric SE Passive inlay* Zwipe has the most widely piloted solutions in the biometric payment marketplace * A passive inlay has no components mounted on it, it only contains an antenna to do the energy harvesting and 2 communication lines to handle the encrypted communication between the sensor and the secure element. Strong operational momentum in 2020 and YTD 2021: Customers • 9 new customers: card manufacturers with a total 200 million payment cards shipped annually • Go-to-Market partnerships with TietoEvry, areeba, Inkript and Veritech Partnerships • Engaged with Idex to collaborate on Zwipe Pay ONE, as well as 4 other eco-system partners Technology • The Zwipe Pay ONE project has passed its most critical milestones and major risk points • The first two Zwipe Pay ONE pilots announced in the Nordics, with OP Bank in Finland and Vopy in Commercial Sweden piloting Zwipe Pay ONE from Q3 2021 • Zwipe and partners conducted several insights studies from the Nordics, UK and the United States showing Consumer insights strong consumer interest for safer and more secure payments with high willingness to pay Organization • Significantly strengthened the organization to meet the demand for our solutions Investor relations • Listed on Nasdaq First North Growth Market in Stockholm • Strong value creation 3 Strong financial development 2020 Revenues • MNOK 1.8 (MNOK 1.5) OpEx • MNOK 63.7 (MNOK 96.8), reduced 38% with constant currency EBITDA and earnings • EBITDA was MNOK -59.9 (MNOK -92.0), and earning per share NOK -1.89 (-5.98) per share Cash flow • Operating cash flow improved by 39% Bank deposits, cash • MNOK 125.3 (MNOK 23.2) at the end of 2020, up MNOK 102 Cash run way • Average operating cash flow below MNOK 5 per month, down 39% • MNOK 122.6 (MNOK 80.4), equity ratio of 89% (73%), and total outstanding shares Equity and shares more than doubled to 32.9 million shares 4 This is the Zwipe investment case: 1. Addressing a 4-billion-unit market characterized by growth from innovation 2. Mass-market price inflection point in sight, with Zwipe positioned for technology and cost leadership thanks to exclusive global rights to disruptive technology and strong IP portfolio 3. Unique one-stop-shop offering, with end-to-end systems integrator approach and trusted advisor role 4. Soaring demand due to COVID-19, strong consumer willingness to pay 5. Fast-growing customer base with global coverage 6. Strong management and board 7. Lean and scalable business model ready for growth 5 1. Addressing a 4-billion-unit market characterized by growth from innovation 2020: . Biometric payment 1995: EMV smartcard (chip & pin) 2007: Contactless payment card 2013: Biometrics introduced cards introduced. introduced in Europe. Contact only. first launched by Barclays UK, new in iPhone 5S, now ubiquitous! NO need for new New POS infrastructure needed POS infrastructure needed again 2014: Apple Pay introduced POS infrastructure Prices ~5x higher than predecessor 2019: Apple Card introduced 4Bn at launch 3Bn 2Bn 1Bn Time for new innovation to reach 1bn volume 18 years 8 years x years? ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ‘22 Total Smartcards Chip & PIN (contact) Contactless Biometric payment cards Source: Eurosmart 2000-2018, ABI 2019-2022 6 2: Mass-market price inflection point in sight Zwipe poised for cost and technology leadership with single silicon solution 2021 onwards Zwipe’s strategic partnership with 2020 - ? IDEMIA is on track to deliver this radical unit cost reduction. 2017 - 2021 Most major risk points are already passed, and we are targeting first commercial deployments for 2021. Single Silicon replaces the Secure Element, Microcontroller and >30 components with a Multi-die single chip System in Package (SiP) offers best in class biometric performance and energy efficiency Discrete Components enables radical cost reduction, highly competitive prices and mass volume market take-off high bill of material Zwipe retains worldwide exclusive distribution rights for the lifetime of the high production costs product to all manufacturers of payment cards, wearables and other payment (due to cold lamination process) Expensive yield loss solutions (except IDEMIA), and also to their suppliers Industry Progression: Component Integration with radical complexity-down, size-down, cost down 7 3: The cornerstones of Zwipe’s competitive position Our platform towards mass market deployments of biometric payment cards and wearables The first-of-its-kind solution Zwipe Pay ONE will offer card manufacturing customers a solution with superior energy Zwipe’s competitive position is efficiency and excellent biometric performance built on the combination of our: at highly competitive prices A basic package consists of: • A packaged ISO contact plate module (with ✓ technology cost and the single silicon secure element) performance leadership • a biometric Java Card OS • inlay and card reference designs • integration support ✓ one-stop-shop offering with With Options value-adding trusted advisor • Passive inlay/prelaminated sheets • biometric-aware payment applets for e.g. and end-to-end systems VISA and Mastercard integrator role • enrolment solutions. • If customers want a fully-blown turn-key solution, we can even offer the IDEX sensor directly Completely end-to-end We also offer professional services to banks and issuers on biometric payments, consumer insights, marketing, presentation and pilot execution services 8 4. Soaring demand due to COVID-19, leading to consumer willingness to pay We have now surveyed 3 of 4 want their 800+ cardholders in Norway, next payment card Sweden, UK and the US about to be biometric their payment habits and concerns in the pandemic… 4 out of 5 are concerned about touching the pin pads 1 in 2 would pay an annual fee of $10 or more for a biometric payment card (without additional benefits) Main take-away: 1 in 2 say they would even switch Biometric payment cards are a banks if another mass-market proposition bank offered a biometric payment card A strong business case for issuers - an opportunity to accelerate customer acquisition, uplift loyalty and create new revenue streams , A conservative estimation from higher card fees for an issuer with 1 million cards converted to biometrics* # Card holders with biometric solution 1,000,000 Monthly fee card holders are willing to pay $ 2/month (vs. $ 1-5/month in Nordic study) > Revenues per year from higher card fees = 1,000,000 x $ 2 x 12 months = $ 24 million Additional positive revenue effects ($m)** Additional revenues (not included here) will come from Fraud prevention 1.5 - Accelerated customer acquisition (almost Top of wallet effect 1.5 50% end users expected to connect with a new Increased card transactions 0.4 bank for biometric payment cards) = Total $ 3.4m per year in additional revenues for the issuers - Higher transaction volumes (due to improved user experience) Total additional revenues per year: $ 27.4 million * Based on Zwipe insights ** RedEye analysis and calculations in report as of 24 November 2020 11 TietoEVRY and Zwipe webinar poll on 17 Nov 2020 (~70 participants from Nordic & Baltic banks): Q: Which biometric payment card value proposition is most compelling to you? Main take-away: Key drivers for banks are customer needs and concerns (which is how you build a business case anyway…) 12 TietoEVRY and Zwipe webinar poll on 17 Nov 2020 (~70 participants from Nordic & Baltic banks): Q: Would you be interested piloting/launching biometric payment cards in 2021? Main take-away: 72 % of respondents interested in pursuing biometric payment cards in 2021 5. Global go-to-market partner and customer network Agreement with 21 card manufacturers, as well as several personalization bureaus and processors Partnership with TietoEVRY to Partnership with Idex to collaborate on strengthen position in the Nordic and Zwipe Pay ONE Baltic markets and UK Selected by Giesecke + Devrient to develop biometric wearable Partnership with Idemia to offer disruptive biometric payments card platform Long standing relation with Thales Partnership with Publicenter to offer biometric payment solutions Partnership with TAG Systems, to unlock the fast-mover approach of Partnership with VeriTech to strengthen position in Kuwait and European-based Challenger Banks region Partnerships with Goldpac, XH Smart Partnership with areeba, to strengthen Technology, Silone Cardtech, position in the Middle EastAfrica Toppan Forms Card Technologies, Asia Credit Card and Watchdata Long standing collaboration with Partnership with Inkript, to strengthen solidifying ability to service issuers in CPI Card Group, largest position in the Middle East, Africa and Partnership with Masria APAC region domestic card manufacturer in Central Asia Digital Payments, to the United States strengthen position in the Partnership with AllCard Inc. to Middle East, Africa address opportunities in the Philippines Partnership with dz card, strengthening capacity to support issuers in Southeast Asia Exclusive partnership with Thomas Greg & Sons do Brasil, to enable Latin American marketplace 14 6. Dedicated Management Team with a deep understanding of ecosystem, industry, technology, and
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