Select an investment thesis to view its most attractive themes
Continued tailwind of rising digital payment penetration, with varying intensity by geography
Integrated payment and embedded finance momentum intensifies
Money movement infrastructure build-out and demand for lower-cost and data-rich transactions
Value-add services augment transaction revenue and increasingly are a key source of differentiation
Established market positions reward operational excellence
Most attractive themes
More merchant services consolidation and capability building, including:
Acquirer
consolidation
•
Smaller payment service provider scale-up
•
Geographic expansion and localization tools
•
Deal examples:
Stripe–Lemon Squeezy/Bridge
•
GlobalPayments–
Takepayments
•
Dgpays/Arcapita–
Neopay
•
Most attractive themes
Deal examples:
Vertical-specific capabilities
Talus Pay–Jobox.ai/ Clarus
•
Paylocity–Airbase
•
Corpay–Paymerang
•
Most attractive themes
Deal examples:
Fraud and risk management tools for account-to-account transfers and to mitigate bad actor use of generative AI
Tarabut–Vyne
•
Mastercard–Minna
•
Most attractive themes
Deal examples:
Identity and fraud detection
American Express– Rooam
•
Visa–Featurespace
•
Mastercard– Recorded Future
•
Most attractive themes
Potential acquirer examples:
Modernization of legacy hardware businesses
NCR
•
Compliance and underwriting assets that foster trust and mitigate risk of
bank-fintech partnerships
Open banking, interoperability of schemes, monetizing ISO 20022 investments
Working capital for small and midsize businesses
Verifone
•
Continued tailwind of rising digital payment penetration, with varying intensity by geography
Integrated payment and embedded finance momentum intensifies
Money movement infrastructure build-out and demand for lower-cost and data-rich transactions
Value-add services augment transaction revenue and increasingly are a key source of differentiation
Established market positions reward operational excellence