FT Partners Research - The Race To The Super App 2

The Race to the Super App
FT PARTNERS FINTECH INDUSTRY RESEARCH | February 2022
The Race to the

Super App
Table of Contents
I. Executive Summary ................................................................... 4
II. History of the Super App ........................................................... 6
III. Super App Models ..................................................................... 9
IV. Regional Focus .......................................................................... 15
i. Europe
ii. US
iii. International
V. Executive Interviews .................................................................. 70
VI. Overview of FT Partners ............................................................ 113

Table of Contents (cont.)
Selected Companies Featured
Company Profiles
Executive Interviews
Matt Bochenek Sarah Levy Stuart Sopp Shachar Bialick Art Agrawal
CEO CEO Founder & CEO Founder & CEO Co-founder & CEO
Shane Holdaway Dee Choubey Rodrigo Teijeiro Renaud Laplanche Colin Walsh
CEO Founder & CEO Founder & CEO Founder & CEO Founder & CEO
I. Executive Summary
Executive Summary
Following the lead of Alipay and WeChat Pay This battle to control the “front end” that consumers will use for
in China, the race is on to develop Super Apps financial services is a critical one as this will determine who
around the globe. While the Super Apps in the ultimately owns the customer relationship. Maintaining ownership of
West may not encompass as many everyday the customer relationship is vital, otherwise financial service
activities as the leading Chinese Super Apps providers face the risk of becoming commoditized.
given structural market differences across
regions, there is a clear battleground Outside of China, early leaders are emerging in key markets: Revolut
emerging to provide one seamless app with initially built a massive customer base in Europe, but has since built
all of the key financial services needed by a truly global presence. Curve has also gained significant
mainstream consumers. momentum in Europe with its over-the-top model and planned global
expansion, while PayPal, SoFi, and Robinhood have Super App
We see two Super App models emerging
ambitions in the U.S. However, it appears that many companies are
across the globe: the financial services-led,
pursuing a Super App strategy, whether it’s new FinTech consumer
winner-take-all model, and the aggregator
brands, large banks, or even Walmart. With Open Banking,
model.
essentially anyone has the potential to become a Super App,
Companies taking the winner-take-all although a large customer base is an obvious prerequisite for
approach typically start by offering banking building a world-class leader.
or other consumer financial services to build
a devoted customer base, and then gradually There are numerous examples where some combination of savings,
expand their offerings to include additional lending, brokerage, wealth management, crypto trading, and
services, aiming to become their users’ personal financial management solutions are all coming together
primary financial relationship. Examples under one roof. Big Tech has been relatively quiet in this space, but
include Revolut, SoFi, Square, and Robinhood. Google and Apple are already dipping their toes in the water with
much more likely to come from them and others.
Companies taking an aggregator approach
are creating digital experience layers or This report discusses the history of the Super App, the various Super
marketplaces to connect users to the existing App models that have emerged globally, and examines the global
ecosystem of digital banking and financial landscape and the players that are leading the way as well as new
services. Examples include Curve, PayPal, potential entrants across all key geographies.
Google, and Apple.
II. History of the Super App

History of the Super App
The Super App trend originated in China, as WeChat Pay and Alipay – the mobile wallets for Chinese tech giants Tencent
and Alibaba, respectively – provide single interfaces for users to manage money, pay friends, transact online and in-store,
order food and transportation, access credit or purchase financing, and even pay taxes or sign up for insurance.
• Alipay, China’s largest digital payments platform, is a technology • WeChat Pay was launched in 2013 by Tencent’s popular social
company owned and operated by Ant Group, which is dedicated to messaging app, WeChat
using technology to expand access to financial services and “bring the • WeChat already had 1.1 billion social messaging users when WeChat
world equal opportunities” Pay was launched, which enabled it to rapidly develop into a formidable
• While Ant Group also sells digital infrastructure to traditional banks, competitor to Alipay
insurance companies, and investment groups, Alipay is its consumer- • WeChat’s Pay feature has over 900 million monthly active users
facing app, which has well over a billion users globally
• WeChat Pay offers many of the same features and third-party services
• Alibaba originally set up Alipay in 2004 to help Chinese buyers pay for as Alipay, but since it is positioned as a feature of the WeChat social
online purchases - similar to eBay’s relationship with PayPal - and spun messaging service, WeChat Pay has become more popular for peer-to-
off the unit in 2011 while retaining a 33% ownership stake peer payments than Alipay
• Alipay now allows its users to access a wide variety of services • In addition to popular peer-to-peer payments services, WeChat Pay
including: offers a wide variety of payments services including:
POS and e-commerce payments Quick Pay Official Account Payment

Present WeChat payment code Pay for goods and services inside
Deposit accounts to merchant, merchants scan the merchant’s Official Account
the code to take payment
Credit and debit accounts
Virtual credit scoring QR Code Payment In-App Payment
Use WeChat to scan code, confirm Users make purchases in
Wealth management amount, and make the payment merchant apps using WeChat Pay
after passing security checks
Food and transportation
Web Payment Credit Solutions
Bills and tax payments Use WeChat’s “Scan” feature to AI-driven credit scoring enables
scan a payment code on a web credit purchases and expanded
AI credit scoring, enabling Buy Now Pay Later page to make a payment product rental solutions
History of the Super App
Two primary factors contributed to the early development of Super Apps in China:
1. Rapid pace of technological innovation and 2. Limited regulation on the provision of

limited existing infrastructure payments and mobile wallets
• While North America and Europe are heavily reliant on • Chinese regulation of deposit holding, payment processing,
payment cards and card networks, China was still a money transmitting, and data collection has historically
relatively cash-based society until very recently; two years been lax compared to other geographies, which enabled
after Alipay was founded, China still relied on cash to Alipay and WeChat Pay to innovate rapidly and become
complete 54% of transactions (1) pillars of the country’s payments ecosystem
• China never developed the robust credit and debit card • Super Apps in China were able to grow in a nurturing
networks that are the backbone of cashless payments in regulatory environment, which allowed:
Europe and North America
Uncapped QR code payments
China Union Pay (CUP), the card network with a
Unlimited transferring of data to third-party feature
functional monopoly in mainland China, was
providers
founded in 2002, compared to 1958 and 1966 for
Visa and Mastercard, respectively Limited customer due diligence
As of 2021, CUP is supported by over 27 million Processing payments and holding balances without
merchants in Mainland China (2) a formal license
• Without resistance from merchants who already had card • This period of lax regulation appears to be coming to an
POS infrastructure or CUP issuing banks who stood to lose end, however, as new proposed rules will introduce:
vast sums of interchange revenue, AliPay’s QR code Transaction limits for QR codes
payment system was able to surpass CUP acceptance and
reach 30 million merchants by 2018 Reserve funds requirements for deposits (phased
process to 100%)
Interest rate caps for borrowing done on Super
Apps’ marketplaces
III. Super App Models

What is a Super App?
A Super App is a single application that enables a consumer to access multiple financial products in an
integrated fashion, providing greater value than the consumer would achieve by going to individual apps
for each product instead.
• In order to truly own the customer relationship, Super Apps The Super App Business Model
must clearly provide greater value than the consumer would
receive by going to individual apps for each product instead • The Super App business model is dependent on cross-selling
• This value can be achieved by: and gaining customer acquisition cost (CAC) efficiencies
– Offering a superior overall user experience so a • Every incremental product sold to an existing customer
consumer is incentivized to purchase more products comes with essentially zero CAC, making these cross-selling
and services directly from the app opportunities highly profitable
– Providing a compelling single view of multiple products
that otherwise could not be easily achieved and “Super apps are going to intermediate dozens of other apps across
leveraging consolidated data to provide value back to multiple verticals. We all have like 30, 40, 50 apps on our phones, but
the consumer we really only use 8 to 10 of them every day or every week. And
nobody wants to remember 40 or 50 different passwords or... put in
– Offering unique loyalty offers or rewards to incentivize all their payment details across every single one of those apps.
the consumer to consolidate their products in the app
[W]hat a super app wants to do is turn all of those separate apps into
– Offering product discounts so consumers trust that they a connected ecosystem where you can streamline and control data
are getting the best or the close to the best value, even if and information between those apps. Between the act of shopping,
they were to shop around the act of paying for that, all of your financial services can all come
• To morph into a Super App, an app typically must already have together where you create a simple way through this super app to
a large and engaged base of customers who are willing to enable to pay and to track transactions across all touch points. And
expand their interactions with the app then you have this common platform and common data that allows
– Examples of these initial “hook” products include machine learning and artificial intelligence to kick in and give
Revolut’s travel card, PayPal’s payment products, personalized recommendations to those consumers.” (1)
Robinhood’s trading app, and SoFi’s lending products
Dan Schulman
President & CEO
Super App Models
Aspiring Super App players have largely taken one of two primary approaches to building a
financial Super App:
1. Winner-Take-All Approach
Companies taking this approach first offer banking or other consumer financial services to build
a devoted customer base, and then gradually expand their offerings to include additional
services, aiming to become their users’ primary financial relationship.
2. Aggregation Approach
Companies with an aggregation model are creating digital experience layers or marketplaces to
connect users to the existing ecosystem of digital banking and financial services. Two primary
aggregation models have gained traction: 1) The “over-the-top” model, a largely tech-only
approach taken most notably by Curve; and 2) A hybrid model that connects customers to third-
party offerings as well as in-house products, with notable examples including Apple and Google.
Super App Models (cont.)
While each approach has key advantages and challenges, arguably the most valuable asset for any
aspiring Super App – regardless of approach – is a large and engaged base of existing users who are
willing to expand their interaction with the app, and potentially make it their primary financial relationship.
Winner-Take-All Approach Aggregation Approach
SELECTED ADVANTAGES SELECTED ADVANTAGES

• High retention and lifetime value for customers who are already • By sitting between users and their various financial relationships,
using the app for financial services over-the-top apps have access to robust data sets, can be easier
• Cross-selling and up-selling proposition is straightforward for to scale quickly, and aren’t competing directly with major banks
existing users • Hybrid players often have a customer acquisition advantage, as
SELECTED CHALLENGES users may come for a variety of financial or non-financial products
• Convincing more affluent users to leave existing financial SELECTED CHALLENGES

relationships and embrace the Super App as their primary • Need a strong “hook” product to build a meaningful customer base
financial relationship remains a challenge • Over-the-top players can face resistance from legacy providers
• Super Apps offering all in-house financial products face that do not want to participate in their ecosystem or experience
significant competition from large, deep-pocketed financial • The Hybrid approach can lead to inherent conflict between being a
institutions discovery platform and prioritizing owned products
SELECTED EXAMPLE: REVOLUT SELECTED EXAMPLE: CURVE
• Revolut launched in 2015 in the UK offering money transfer and • Curve is a London-based FinTech company aiming to build a
exchange; today, more than 16 million customers around the consumer Super App
world use Revolut’s innovative products to make more than 150 • Curve’s card aggregation technology is a strong hook to attract
million transactions a month customers, own relationships, and use data to help them make
• Revolut is one of the top five most valuable private FinTech better financial decisions
companies in the world • While Curve has historically been an over-the-top player, recent
news around offering installment loans could indicate that the
Company is taking a hybrid approach
The Super App Endgame
The financial services market is massive and can support multiple Super Apps, but clearly far fewer than
the number of financial institutions that exist today. The race to the Super App will likely present key
challenges to traditional financial institutions as they decide between building their own Super Apps and
both offering their own products on other marketplaces and offering others’ products on their platforms.
• Incumbent banks with large, entrenched customer bases

have a clear opportunity to cross-sell products to their
own customers and thus pursue a winner-take-all model “The ‘Copernican Leap’ in Banking: 1) Be willing to offer your best
in competition with other Super Apps. However, smaller products and capabilities to other institutions’ customers; 2) Be
banks may have to pursue a hybrid approach, both willing to replace non-core products and capabilities with best-in-
class offerings from third parties.”
offering their products on other marketplaces and
offering third-party products to their clients. “There are many full-service banks and credit unions today, most of
which are too small to deliver a suite of products profitably… What
• The Aggregation model poses the clear risk of
if the 5,000+ banking institutions substituted their current offerings
commoditization for banks, as under this model, they
with third-party best-in-class products and infrastructure?” (1)
face the risk that they are not their customers’ primary
financial relationship and will often be competing strictly
on price with other third-parties on the platform. Frank Rotman
• Super Apps will have to prove enough value for their Co-founder, Partner
customers in order to keep them in their ecosystem,
otherwise, the environment will likely remain fragmented.
“Banks fiercely compete with each other and now face fierce competition from multiple vectors.
Jamie Dimon
Banks already compete against a large and powerful shadow banking system. And they are facing
Chairman & CEO
extensive competition from Silicon Valley, both in the form of FinTechs and Big Tech companies
(Amazon, Apple, Facebook, Google and now Walmart), that is here to stay. As the importance of
cloud, AI and digital platforms grows, this competition will become even more formidable. As a
result, banks are playing an increasingly smaller role in the financial system.” (2)
Vertical-Focused Players
In addition to consumer FinTech platforms and tech giants, potential Super Apps are emerging that aim to serve a
specific vertical. Many consumer-facing companies that have access to data and spending patterns for customers in a
specific category – such as car ownership, homeownership, travel, or healthcare – could eventually aim to become a
comprehensive one-stop shop for consumers in that market.
Jerry Overview Alan Overview
Co-founder & CEO: Art Agrawal Co-founder & CEO: Jean-Charles Samuelian-Werve
Headquarters: Palo Alto, CA Headquarters: Paris, France
Founded: 2017 Founded: 2016
• Jerry is an AI and machine learning based car insurance comparison platform • Alan is an online insurance platform that unlocks frictionless, fair and friendly
serving 1 million+ car owners across the US healthcare for everyone
• The Company provides customized quotes from more than 50 insurance carriers • Its platform offers insurance coverage with reimbursements, easy claim
with minimal customer input, and has generated over 25 million quotes to date handling, and gives users access to medical professionals through in-person and
• Jerry’s vision is to become a Super App addressing the daily needs of car video call appointments
owners in areas such as insurance, loans, maintenance and repairs – The Company distributes its own health insurance plans directly to
• Jerry has raised over $100 million in financing, most recently a $75 million companies and individuals, and also offers consumer wellness tools and
Series C led by Goodwater Capital in June 2021 coverage, and will likely continue to expand its product offerings
• Alan has raised over $350 million in financing, most recently a €185 million
Overview of Current Offerings (~$223 million) Series D at a €1.4 billion (~$1.7 billion) valuation in April 2021
Speedy sign-up process Overview of Consumer Offerings

Customers only need to enter a few pieces of information, and Well Being Optical Hospitalization
will never need to fill out any other forms with Jerry
€25 refunded for meditation Includes single and complex Totality of the costs of stays in
Analysis of current coverage with Petit Bambou and lenses and frames, contact the majority of hospitals
Headspace lenses, and eye surgery reimbursed in full
Jerry retrieves a customer’s current insurance program and
provides insights to make sure it continues to match their needs Soft
Dental Specialists
Medicines
New quotes before every renewal
Consultation fully refunded Includes osteopathy, Consultation fully reimbursed
except in exceptional cases chiropractic, etiopathy in most cases
A customer receives 3 options from different insurance carriers
before every renewal comparing prices and coverage Freelancers and self-employed can cover themselves and family members
IV. Regional Focus

i. Regional Focus –
Europe
The Super App Concept Reaches Europe
This section details major

contenders in the European
Super App race, profiling The EU’s regulatory landscape – including legislation such as PSD2, which
FinTech companies with the
required banks to open their APIs and consumer data – has enabled consumer-
most comprehensive, Super
App-like product offerings focused FinTech companies to broaden their product offerings and gain
and stated intent to continue massive scale, setting them up as prime Super App candidates to watch in the
expanding, including:
coming years.
European Super App contenders include diversified FinTech giants such as

Revolut and Klarna, over-the-top players such as Curve, Challenger Banks
including Starling, N26 and Monzo, as well as other players including
comparison sites and other large tech companies.
With varying consumer preferences between countries, one major challenge to

developing a single app solution across Europe is the need for a localized
approach to build a user base. However, leaders are emerging including Revolut
and Curve. This, coupled with stringent regulatory standards, has thus far
prevented a clear leader from emerging in the Super App race, though Revolut
and Klarna have made substantial progress. As challengers mature and assess
ways to navigate the regulatory frameworks, a single app solution has become
more of a possibility.
Case Study – Revolut
Products and Services
CEO: Nikolay Storonsky

Headquarters: London, UK
Founded: 2014
• Revolut is a consumer FinTech platform “building the world’s first truly global
Super App,” offering a broad range of digital banking products
• The Company differentiates itself from other competitors by offering interbank
exchange rates, zero-fee international money transfer and an account that can
hold/exchange several different currencies, in addition to many other features • • •
• • •
• Revolut boasts among the most expansive product offerings of its peers, and its • • •
dozens of financial products are used by 18 million customers around the world •
who make more than 150 million transactions each month
• In June 2020, Revolut launched its updated financial Super App with the stated
aim of allowing users to view and manage their entire financial lives from its app
• Revolut has built upon its core offering significantly and recent momentum
signifies a shift in its stride to become the first truly global financial Super App • •
• •
Revolut announced a partnership with Chubb in January 2021 in a move
that diversifies the Company’s insurance offering
In May 2021, the Company launched Revolut Shopper Chrome Extension
which helps customers get discounts at checkout
Soon after, Revolut announced that its Metal paid customers will get
• • •
access to a cryptocurrency transfer feature
•
In July 2021, the Company launched Stays, a new feature that allows users • •
to book hotels and other accommodations directly through the app
In August 2021, it launched Payday, a feature that allows customers to
access up to 50% of their earned salary just a day after the pay cycle ends “The ambition is that everybody anywhere can enjoy the value of the
In September 2021, CEO Nikolay Storonsky told the Evening Standard that
Revolut FinTech ‘super app’, regardless of where they are, regardless of
Revolut was developing a Buy Now Pay Later feature (1) who they are.”
In January 2022, the Company launched as a bank in 10 European markets,
and announced that it was expanding its US offerings to include
commission-free stock trading
• In July 2021, Revolut raised $800 million in financing at a $33 billion valuation
Case Study – Curve

Cards
CEO: Shachar Bialick
Founded: 2015
• Curve is an “over-the-top” banking platform that consolidates users’ credit and debit cards and
accounts into one smart card and connected app
Application Capabilities
The platform provides instant cashback rewards and eliminates fees for spending
abroad
✓ Anti-Embarrassment ✓ Contactless
• Curve provides real-time alerts on how much customers are spending, and helps them budget
by showing what they are spending it on Mode
✓ Travel
The Company also offers a Go Back in Time feature that allows customers to
retroactively switch the credit card that is charged in case of accidental purchases on ✓ Loyalty
the wrong card, up to 30 days after the payment was made ✓ Spending Insights
• Curve lets customers select their favorite retailers to receive 1% cashback on everything ✓ Your Wallet in One
• The Company also offers users the ability to fit their cards into Google Pay, Apple Pay and
✓ Curve Fronted
Samsung Pay, even if their banks don’t support this ✓ Go Back in Time
• Its mission is to be a one-stop shop for all consumer financial services needs, offering a wide
range of products through its app ✓ 1% Cashback
• Curve has come closer to fulfilling its long-term vision with recent announcements:
In May 2021, Curve announced its enhanced rewards offering in partnership with
Cardlytics
“2021 was a transformational year for Curve… as we fulfil our mission
The Company released Curve Wallet Balances in April 2021
Earlier in April, Curve re-introduced its Red Metal Card which offers benefits such as
to build a financial super app. With increasing fragmentation in
double cashback on up to six retailers, mobile and travel insurance, fee-free ATM financial services, and growing demand from consumers for a simpler
withdrawals, car hire waiver insurance, discount access to VIP airport lounges, and more way to control and manage their finances, the scene is set for Curve
In October 2021, the Company launched a Buy Now Pay Later product to seize a global opportunity.”
Curve also announced in October 2021 that users can use their Curve cards to buy
cryptocurrency at certain merchants including BANXA, Bitpanda, Coinbase, Crypto.com,
Kraken, Moonpay, and Uphold
• Curve’s offering as described here represents the Company’s UK and European product – Curve
is amid its US launch, through which the Company intends to expand its crypto capabilities and
offer additional rewards, including a fiat-based cash back offering
Case Study – Klarna

For Consumers
CEO: Sebastian Siemiatkowski

Headquarters: Stockholm, Sweden
Founded: 2005
• Klarna is one of the fastest-growing companies in Europe and the U.S.,

providing payment and banking solutions for consumers and businesses
• Klarna offers buy now, pay later payments and financing options, neobanking
services, and an Open Banking platform For Businesses
The Company’s payments products cover the entire shopping
experience, offering installment payments and financing options, its own
app to shop and track purchases, and loyalty rewards
The Company recently rolled out a bank account in Germany that allows
customers to receive money, set up a direct deposit, and use an Apple
Pay and Google Pay compatible debit card with plans to launch the
offering more widely in the future
Klarna also offers businesses access to its Open Banking platform via a Moving Toward a Super App Offering
single API that helps them build smart financial services and user
experiences for their customers
With several new product rollouts and recent acquisitions, Klarna’s
offering is beginning to resemble that of a Super App
Klarna’s acquisition of Toplooks, an AI business which transforms
content into shoppable experiences, signifies a shift beyond FinTech
In late 2021, Klarna acquired digital investing service Dreams Securities
from Swedish savings app Dreams, furthering its Super App strategy
“…we know that there’s still massive room for improvement
• The Company reaches nearly 100 million consumers, has over 250,000 to the way many people bank and save their money today.”
merchant partners, and processes ~2 million transactions per day
• Launched in September 2020, Vibe was the first shopper loyalty program
globally within the BNPL industry
Vibe has more than 3 million customers signed up to date
Case Study – Lydia

CEO: Cyril Chiche
Headquarters: Paris, France
Founded: 2013
• Lydia is a 100% mobile and digital current account allowing its

customers to receive, spend, and manage money
Checking Account Moneypots
• Lydia began as the “Venmo of France,” but has evolved into a broadly
capable digital wallet and underwent a complete redesign in 2020 to
resemble a messaging application and enhance customer engagement Virtual Cards
• The Company recently re-launched its premium plan, offering insurance
products to its highest-tier customers Remunerated
Lydia Roulette
Accounts
• In June 2021, Lydia announced that it will offer savings accounts to its
5.5 million+ users through a partnership with Cashbee; this move is the
latest in its product expansion efforts which include a debit card,
Real-time Alerts
account aggregation, donations and loans
• Lydia has raised over $250 million in financing, most recently a $100 Shared Accounts Enhanced Security
million Series C in December 2021 at a valuation of over $1 billion
Mobile Payments
“[W]e came up with the idea that we should make one interface where users
can easily create money pockets for different financial purposes (one for salary,
one for taxes, for example) while also see their balances from different bank Monitor all Bank Free Transactions
accounts. Accounts Abroad
Around this innovative current account we’ve built, we’re now adding credit, Instant Loan
insurance, donation to charities, and all kind of additional services in a
marketplace today, all of them are using the same attention to user experience
and complying with what is expected from an app like Lydia… Our goal is to Stock and Crypto
become the financial hub for the users, a super app that empowers users to
Lydia Cards
Trading
control their money.” (1)
Pay a Friend
Case Study – Monzo

CEO: TS Anil
Founded: 2015
• Monzo offers a digital, mobile bank account for individuals to

spend, transfer and exchange money to its more than 5 million Consumer Product Business Banking
customers
Loans
• The Company began as a mobile app with a pre-paid debit card Overdraft
before receiving its full U.K. Banking License in 2017 Monzo Flex BNPL
Accounts Borrowing (Beta) Tax Pots Integrated Business
• Monzo then launched its Current Account, which provides users Accounting Debit Card
with accounts, direct debits, standing orders, a Mastercard debit Subscription Accounts
Pots
card as well as FSCS protection
Travel
Energy Switching
• In early 2020, Monzo launched business accounts and within six Bill Splitting
Savings Features Multi-User Mobile & Invoicing
months had amassed around 50,000 business customers Web Access
– The Company had surpassed 100,000 business banking
users as of September 2021 “We’ll start to grow our lending options again this year, in line with
our core values of fairness and transparency. We have the right
• Monzo generated £79 million (~$109 million) in revenue in fiscal
2021, compared to £67 million (~$92 million) in fiscal 2020 (1)
infrastructure in place to scale this carefully and have exciting new
products in the pipeline. We’ll continue to scale our recently
• The Company has raised over $1 billion in financing since its launched products, and deliver some awesome new features
founding in 2015 already in the pipeline. We’ll continue to create a one-stop financial
control centre for our customers.” (1)
– The Company’s $600 million Series H round in December
2021 valued it at more than $4.5 billion
Case Study – Tinkoff
Products and Services Overview

CEO: Oliver Hughes
Headquarters: Moscow, Russia Tinkoff Consumer Banking
Founded: 2006
• Credit/debit cards • Refinancing
• Cash loans • Car loans
• Tinkoff is Russia’s leading provider of online financial services • Payments • Deposits
• The Company’s broad suite of products includes customer current

accounts; savings, deposits, and investment savings products; custody Tinkoff Business Banking
services; credit and debit cards; consumer loans; brokerage services;
and more
• Payment account • Government procurement
– Tinkoff also provides insurance products, including accident, • Acquiring • Sales tracking and CRM
property, travel, and auto insurance products • Loans • Bookkeeping
• In addition to its wide array of consumer-focused services, Tinkoff also

provides banking services to small and medium-sized businesses Tinkoff Investments Tinkoff Mobile
• Tinkoff’s Super App has over 4 million daily active users, and Tinkoff
Bank has over 10 million retail current account customers as of • Stock trading • Free mobile data
September 30, 2021 • Premium • SIM card
subscriptions management
• Tinkoff is a publicly traded company with a market cap of nearly $20
billion (1)
“Tinkoff Black, our viral debit card product, which is adding 1 million Tinkoff Insurance Marketplace
active customers per quarter… remains the main gateway into the
ecosystem as customers increasingly move on to using other
• Auto insurance • Offerings from third
products like brokerage, credit, insurance, and many more.” (2) party partners
• Travel insurance
• Property insurance including health and
beauty, food and
• Personal accident delivery, recreation,
insurance and more
Case Study – Starling Bank

CEO: Anne Boden
Founded: 2014
Starling offers personal and joint current accounts, Euro bank
accounts in the UK, Starling Kite debit cards for kids, and teen
• Starling is a digital-only consumer and business bank based in the accounts
UK
✓ Online Banking ✓ No-fees Travel
• The Company offers an extensive suite of in-house financial
products in addition to Starling Marketplace, an in-app space where ✓ Mobile Deposits ✓ Billing Manager
customers can connect to third-party products and services
✓ Connected Cards ✓ Personal Finance
• In recent years, Starling has added a number of services to its
Marketplace
marketplace including bookkeeping, HR software, digital wealth
management, payments and POS solutions, business insurance,
pension savings and more
• Starling has opened over 2.5 million accounts to date, including over For businesses and the self-employed, Starling offers business
400k business accounts accounts, sole trader accounts, and multi-currency accounts
• In April 2021, Starling announced that it had raised ~$450 million in ✓ Business Toolkit ✓ Business Spending
Series D financing from investors including Fidelity and Goldman Insights
Sachs, at a post-money valuation of nearly $2 billion ✓ Online Banking
✓ Business
✓ Mobile Deposits Marketplace
“The future of Starling is going to involve a lot of integrated
services, not to be foisted onto customers. Rather customers
have greater control over their data and money with access to a
suite of financial services; that currently doesn’t exist within Starling offers personal and business overdraft protection to
banking in the UK.” (1) customers, in addition to business loans
✓ Personal Overdraft ✓ Fair and Flexible

Business Loans
✓ Business Overdraft
Case Study – N26

Co-founder and CEO: Valentin Stalf
Co-founder and Co-CEO Maximilian Tayenthal
Headquarters: Berlin, Germany
Founded: 2013
• N26 began as a “mobile-first” online bank and has since expanded

to offer a variety of financial products and services to its 7 million+
customers
• In early 2021, N26’s Co-CEO said the Company will focus on a
marketplace model, a strategy that broadens its product offering
and increases customer engagement without the need for
significant internal development efforts, in addition to
opportunistically considering strategic acquisitions (1)
• N26 has announced a number of new products recently, including
an expansion of its rewards program through a partnership with
Dosh and its entry into insurance through a partnership with
Simplesurance
• N26 launched services in the U.S. in 2019, but announced in late
2021 that it would be shutting down its U.S. operations in January
2022
• In October 2021, the Company announced that it had raised $900
million in financing at a valuation of $9 billion
A Different Approach: From Comparison Website to Super App
Commentary Alternative Entrants in the Super App Race
• In Europe, the current leaders in the Super App race

largely fall into the Challenger Bank and diversified • Monva is an AI and machine learning-enabled platform
FinTech categories Features designed to compare financial products
• Currently, the app allows users to compare gas and
• Given Europe’s archaic banking infrastructure and electricity, credit card, and loan options
fragmented landscape, the FinTech-led takeover was • Monva was founded in 2018 with the express goal of
inevitable using comparison as a starting point for a Super App play
• As these players have matured, their user bases have • The Company is led by former executives of Virgin
Money, Money Super Market, and MBNA
grown and access to capital has expanded, leading to
the emergence of supplemental creative solutions for • Money Super Market (LON: MONY) is a UK-based company
consumers in order to drive additional engagement providing comparison services through three brands
and improve retention Expertise
• In addition to its core comparison services, the Company
offers several expense monitoring tools and a free credit
• Though FinTech companies have led this race thus monitor with personalized tip to improve scores
far, several other players are becoming increasingly • The Company recently acquired CYTI, one of its major
competitive in the space, some with the express goal insurance partners, allowing it to control this channel
directly
of launching Super Apps
• With connections to thousands of providers and extensive
• Interestingly, some companies that started off as consumer data on hand, the firm could quickly become a
contender in the European Super App race
comparison sites have begun to look more like Super
Apps
• Yandex (Nasdaq: YNDX) is a Russian internet and
The strategy makes sense, as many Products & Services technology company whose core product is a search
engine
comparison tools connect consumers with
• In August 2020, the Company launched Yandex Go, an
vendors across industries app that combines key aspects of on-demand
transportation and delivery
• Comparison websites have historically struggled to
• Yandex acquired Acropol Bank in April 2021, providing it
own and engage with users, but newcomers have with a banking license and a clear path to developing
learned from their difficulties additional financial products
ii. Regional Focus –

U.S.
Regional Focus – U.S.
This section profiles major

players in the Super App race in
the U.S., profiling companies
with the most comprehensive,
The Super App race in the U.S. has been heating up in recent years, with legacy
Super App-like product
offerings and/or stated intent financial institutions, fast-growing Challenger Banks and consumer FinTech
to offer a wide variety of digital players, and potentially tech giants such as Apple and Google looking to become
financial services, including:
the first true financial Super App in the fragmented U.S. market.
PayPal and Walmart have been especially vocal about their Super App
aspirations and have invested significant resources in order to help achieve
them. Walmart announced a partnership with leading FinTech investment firm
Ribbit Capital and hired several key executives from Goldman Sachs’ Marcus
unit, while PayPal has continued to expand its product offerings in its quest to be
consumers’ primary financial relationship.
Financial institutions and consumer PFM apps will also seek to become a one-
stop shop for all of a consumer’s financial needs, so the competition will be
fierce over the coming years.
Case Study: PayPal’s Super App End Game
“No consumer is going to have 40 or 50 apps on their phone. We don’t want to

• PayPal is one of the largest FinTech companies in the world, boasting
over 416 million active accounts and processing over $310 billion in total use the same password for every single one of them, even though we do.
payment volume in Q3 2021
That’s why a consumer’s information is stolen every two seconds, and that’s a
• The Company enables individuals and businesses to securely, easily and
quickly send and receive payments online and through a broad range of disaster. And so there must be super apps that come together to consolidate
mobile devices all of your financial instruments. And by the way, those financial instruments
PayPal also offers discount shopping solutions, small business
include rewards points, and the ability to choose buy now, pay later, or even use
lending, buy now pay later, crypto investing, and other solutions
• PayPal is positioned well to achieve its Super App ambitions, as its QR codes.” (1)
services have achieved widespread adoption and expanded capabilities
• CEO Dan Schulman has made PayPal’s goals to become a Super App “What a super app wants to do is turn all of those separate apps into a
clear, as the Company continues to focus on building out and integrating
new products and services in order to consolidate consumer needs into connected ecosystem where you can streamline and control data and
one place and using M&A to accelerate this strategy
information between those apps, between the act of shopping, the act of
• In September 2021, PayPal introduced its new app with many new
features including a high-yield savings account, direct deposit, a bill paying for that. And then you have this common platform and common data
payments management tool, in-app shopping tools, Buy Now Pay Later that allows machine learning and artificial intelligence to kick in and give
and access to credit, crypto investing, and more, in addition to its well-
known payment offerings personalized recommendations to those consumers.” (1)
“It’s difficult to become a super app. I think we have a chance if we execute

extremely well against this. But it’s obviously a place that a lot of companies
are thinking about as well… This needs massive scale. Half a billion to 1 billion
people, at a minimum. One billion people would be ideal.” (2)
Case Study: PayPal’s Super App End Game (cont.)
• At its July 2021 Analyst Day, PayPal CEO Dan Schulman mentioned
“Super App“ 16 times – the Company has been very clear in its intentions
• PayPal’s vision includes three major areas: payments, financial services,
and shopping; interestingly, PayPal’s take will include messaging
capabilities like the first successful Super Apps out of Asia
Messaging capabilities drive user engagement and thus have
been mission-critical for Asia-based players
• The Company’s new digital wallet fully rolled out in September, 2021 and
data from its first two weeks suggested early success:
Discoverability of Deals up 25x
PayPal cash card enrollments increased 35%
First time crypto users increased 15%
First time donation / giving users increased 35%
• Despite a decline in eBay marketplace transactions, PayPal processed
$4.9 billion payment transactions during Q3 2021 and continued to grow
Transactions per Account (TPA) through its Braintree, Venmo and PayPal
core offerings
Case Study: PayPal’s Super App End Game (cont.)
Payments Payment Processing

Unbranded
Charitable Checkout
Checkout P2P QR Code Processing
Giving
Financial Services Merchant Services

Consumer
Merchant
Business PayPal
Debit Check Direct Remittan- Business Point of Inventory
Goals Debit Working
Card Cashing Deposit ces Loans Sale Mgmt
Card Capital
Crypto
Credit Money Consumer Risk
Credit BNPL Buy/Hold Payouts Invoicing QR Code
Card Pools Financing Services
/Sell
Shopping Tools Marketing Tools
Deals and Price Shopper Dynamic Deals Store Business

Droplist Rewards
Offers Tracking Insights Banners Engine Cash Profiles
Common Platforms
Case Study: Square’s Path to the Super App
Square Ecosystem Cash App Ecosystem

• Square was founded by Twitter CEO Jack Dorsey and his co-founder Jim
McKelvey in 2009 to create technology capable of aggregating merchant Point Of Sale P2P
Payroll
services and mobile payments into a single user-friendly service Direct Cross-
• Its key product lines are Square POS, a free app which allows merchants to Deposit Border
Managed
process mobile payments, and Cash App, its consumer platform Hardware
Payments
• Since its founding, Square has made significant developments, investments,
and acquisitions to broaden its product suite with the express intent of
Cash Bitcoin
increasing engagement – which has led to strong revenue diversification Online CRM Card
The Company acquired online delivery application Caviar in 2014
In 2015, Square launched Square Cash which became the peer-to- Team Business
Boost Stocks
peer mobile payments application Cash App Management Banking
Developer
Square launched Bitcoin Trading services in 2017 Platform
In 2018, the Company acquired website creation platform Weebly

Square announced multiple significant acquisitions in 2021,
including music streaming platform Tidal and, most notably, its $29
billion acquisition of BNPL giant Afterpay (ASX: APT)
✓ $100 billion market opportunity, <3% penetrated
✓ $12 billion in GPV processed over the last 12 months
• Though Cash App began as a way for users to send money, a significant
✓ $606 million in Gross Profit during Q3’21, up 48% YoY
portion of its revenue now comes from spending and investing as well,
attributable to increased customer engagement and successful cross-sell
✓ Net Promoter Score of 64, ~2x the average for
banking service providers
• In December 2021, Square announced that it is changing its name to Block to
distinguish the corporate entity from its various businesses
✓ $60 billion market opportunity, <2% penetrated

✓ 40 million monthly transacting customers with two-
thirds transacting on a weekly basis (June ’21)
✓ 7 million weekly Cash Card activities on average, up
2x YoY (March ’21)
✓ <$5 Customer Acquisition Cost
✓ $512 million in Gross Profit during Q3’21, up 33% YoY
Case Study: Square’s Path to the Super App (cont.)
Cash App Teen
Cash App Pay
Square began by revolutionizing payments for micro Acquired Afterpay

merchants and other small businesses. The Company Square Financial
enabled these merchants to accept card payments without Services
having to pay the hefty costs typically associated with POS Acquired Tidal and
Credit Karma Tax
infrastructure and compliance. Instead, businesses could
Orders API
use a Square Reader to turn their mobile device into a POS
system and sign up as a sub merchant under Square’s Square Scheduling
master merchant account.
Square Card Square Card
Over time, Square developed additional services and Square Invoices Square Invoices
eventually expanded to serving consumers directly with Bitcoin trading Bitcoin trading Bitcoin trading
Cash App, a consumer-focused mobile wallet. During Q2 (Cash App) (Cash App) (Cash App)
2021, Cash App comprised 48% of the Company’s gross Customer interfaces Customer interfaces Customer interfaces
via API via API via API
profit, generating ~$546 million in gross profit for the Self-contained Self-contained Self-contained
quarter. Cash App growth is continuing to outpace the terminal terminal terminal
Company’s seller ecosystem, as it benefited greatly from US SME Cash Register SME Cash Register SME Cash Register
stimulus payments during the pandemic and the build out of
additional products, including crypto and stock investing. Cash App Cash App Cash App Cash App
Square Payroll Square Payroll Square Payroll Square Payroll

Square has built two significant
ecosystems that pave the way for a Bluetooth Reader Bluetooth Reader Bluetooth Reader Bluetooth Reader
valuable closed-loop ecosystem.
Apple Pay Reader Apple Pay Reader Apple Pay Reader Apple Pay Reader
Its $29 billion acquisition of leading Buy
Now Pay Later provider Afterpay, Acquired Caviar Acquired Caviar Acquired Caviar Acquired Caviar Acquired Caviar
announced in August 2021, will further Online booking tool Online booking tool Online booking tool Online booking tool Online booking tool
diversify the Company’s offerings and aid
in its efforts to become a Super App. Physical gift cards Physical gift cards Physical gift cards Physical gift cards Physical gift cards
Square Capital Square Capital Square Capital Square Capital Square Capital
Chip & contactless Chip & contactless Chip & contactless Chip & contactless Chip & contactless
card reader card reader card reader card reader card reader
Virtual gift cards Square Stand Square Stand Square Stand Square Stand Square Stand
Square Wallet Virtual gift cards Virtual gift cards Virtual gift cards Virtual gift cards Virtual gift cards
Square Reader Square Reader Square Reader Square Reader Square Reader Square Reader Square Reader
2009 – 10 2011 – 12 2013 – 14 2015 – 16 2017 – 18 2019 – 20 2020 – 21

Case Study: Walmart Joins the Race
• Retail giant Walmart signaled its intent to launch a financial Super App
through a series of moves announced in early 2021
– In January, the Company announced the creation of a FinTech
startup in partnership with FinTech investment firm Ribbit
Capital, which will aim to deliver financial services targeted at
Walmart’s customers and associates by pairing Walmart’s
retail knowledge and scale with Ribbit’s FinTech expertise
– In February, Walmart hired two Goldman Sachs executives who
helped grow its FinTech unit, Marcus, to over $97 billion in
deposits: Omer Ismail, previously head of Goldman’s consumer
business, and David Stark, previously head of Apple Card (1)
• Given the variety of Walmart’s products and services, in addition to its
large and loyal customer base, it is sensible that the Company is
looking to evolve into a full digital ecosystem as it already interacts
with consumers on a variety of different touchpoints, which could give
it an edge in becoming a focal point for its existing customers
– Walmart offers a wide range of products and services in
addition to its brick-and-mortar retail presence, including:
eCommerce, in-house advertising via Walmart Connect, supply
chain and fulfillment capabilities to online marketplace sellers
via Walmart Fulfillment Services, as well as accessible
healthcare via Walmart Health
– Walmart also offers financial services such as money orders,
prepaid cards, money (wire) transfers, installment financing,
check cashing and bill payment
• Walmart faces significant competition from FinTech companies, tech
giants, and financial institutions in the race to become the leading Omer Ismail David Stark
consumer digital ecosystem, but the Company has clearly Former Head of Consumer Former Head of Apple Card,
demonstrated its commitment to building a Super App Business, Goldman Sachs Goldman Sachs
Case Study: Walmart Joins the Race (cont.)
• In January 2022, Walmart’s FinTech project with Ribbit Capital, formerly deemed Hazel, signaled the
end of its stealth mode period with two acquisitions
– The Company announced its acquisition of online banking and overdraft protection provider
ONE Finance and earned wage access platform Even Responsible Finance
– Following the combination, the Walmart-backed startup will use the ONE brand
• According to Walmart’s FinTech executives, the new company ONE will be a central access point for
a range of digital financial services that appeal to customers across the socioeconomic spectrum
– Its partnership with Walmart offers a massive customer acquisition advantage as the retailer
boasts 1.6 million employees and 100 million weekly shoppers
Newly Acquired FinTech Capabilities
• ONE is a neobank aiming to unify the • Even Responsible Finance is a mobile budgeting
banking experience and improve app helping employees to build financial resilience
financial wellness through its mobile and • The Company offers a tech platform, integrated
desktop account, IOS- and Android- with attendance, payroll, and banking systems, to
Fees avoided by members
compatible app, and the ONE Card create products that address financial health
• Among other features, ONE offers: – For users, Even enables on-demand pay
Contributed to savings by
– Credit Lines access, high interest savings, budgeting tools Even members
– Credit Manager and Builder and more to benefit financial wellness
– ‘Pockets’ Budgeting – For employers, Even boosts retention
– Direct Deposit • Even has several notable partners and, in addition Average saved by members in
– Overdraft Protection to Walmart, serves employees at PayPal, Humana, first three months
– Fee-Free Transfers Noodles & Co., and UNFI

– Early Wage Access • Even has helped members save over $750 million
• As of August 2021, the Company had in credit card, overdraft, and loan fees and interest Of employees who try it are
using Even six months later
‘hundred of thousands’ of customers (1)
• The platform has 650k monthly active users
Case Study – SoFi
o
CEO: Anthony Noto
Headquarters: San Francisco, CA
o
Founded: 2011
o
• SoFi (Nasdaq: SOFI) is a digital financial services company operating through
three segments: Lending, Financial Services, and Technology
o
• SoFi began as a student loan refinancing platform and has since grown its
offering to include online financial services such as mortgages, personal loans,
credit cards, insurance, investing and deposit accounts o
• The Company offers a membership that comes with benefits such as loan rate
discounts, waived investing fees, financial advisor guidance, career coaching
programs, deferments on payments through unemployment protection and more
o o o
• In Q3 2021, SoFi added 377k members, bringing its total member base to 2.9
million, a year-on-year increase of 96%
• SoFi has made a concerted effort to increase customer engagement, launching a
daily podcast and newsletter for its members and bringing in third-party content,
using data to select relevant content for users
• In April 2020, SoFi announced its acquisition of Galileo, which uses APIs to
enable companies to build financial services offerings, for $1.2 billion
o o o
Galileo’s APIs enable account setup, funding, direct deposits, money
transfers, bill payment, and more; the acquisition positions the combined
entity to benefit from a broader shift toward digital banking
• The Company announced its intent to acquire Golden Pacific Bancorp on March 9,
2021, and applied for a change in control application to be granted a national
bank charter, which was approved in January 2022
• SoFi recently announced two key product launches:
IPO Investing – Gives users with $3,000+ in deposits the ability to invest in
private companies going public at their IPO price
o o o o
SoFi Credit Card – the first credit card allowing users to redeem points in
Cryptocurrency
Case Study – Varo
No-Fee Banking
• Free checking account
CEO: Colin Walsh • No overdraft fees
• No ATM fees at 55,000+ Allpoint® ATM
Headquarters: San Francisco, CA • No monthly maintenance fees
Founded: 2015 • No foreign transaction fees
• No minimum balance fees
• Varo integrates banking products (deposits, checking account, savings,
and lending) with financial health tools (cash flow projections, spend Early Payday / Advance
tracking, and smart alerts) to offer a unique, consumer-friendly banking
• Users receive their paychecks up to two
offering
days early
• Varo’s social mission is to advance financial inclusion and opportunity • Varo Advance allows users to receive a
for all cash advance of up to $100 within seconds
• Varo acquired a national bank charter in July of 2020 Instant Money Transfer
• The Company has raised nearly $1 billion in capital to date, most • Send money to anyone with a Varo account
recently its $510 million financing in September 2021, and tripled its
valuation over the prior twelve months High-Yield Savings Account
• Varo doubled its customer base to 4 million accounts in the 13 months • Automatic savings tools including Save
after securing its bank charter Your Pay and Save Your Change
• Up to 3.0% APY
Bank Charter
• Varo is the first challenger bank to secure a US banking license Varo Believe
• Varo has a full OCC national bank charter and is a direct member of • Secured charge card designed to safely
the FDIC and Federal Reserve build or repair credit
• Users select their dynamic spending limit,
• Allows Varo to own back-end tech stack, for a superior product
with no minimum
offering and value proposition • Payment history is reported to the three
• Improves unit economics by eliminating reliance on a sponsor bank major credit bureaus and users can monitor
their score in the Varo app
• Enables product line expansion into lending, payments, investments,
• No credit check to apply, no annual fees,
and subscription products and no APR
• Critical to building brand and trust in Varo as a community-oriented
financial institution
Case Study – Upgrade
Products and Services (cont.)
2. Upgrade Checking Account: Online checking for mainstream consumers
CEO: Renaud Laplanche
• Easier path to Upgrade Loans and Card
• No ATM fees, no account fees, no transfer fees
Founded: 2017 • 2% cash back on everyday purchases, 1% on everything
else
• Upgrade has been quietly building a neobank on a credit foundation • Up to 20% lower rate on Upgrade loans & Cards with
(cards and loans) that will help the Company better serve its customers Rewards Checking Account
and secure better economics
• Full integration of products through neobank creates a
• Upgrade has delivered over $10 billion in credit which includes the one-stop shop for consumers
Company’s personal loan product and Upgrade Card, which brings
installment lending to millions of points of sale
3. Upgrade Loans: Affordable and responsible credit for mainstream customers
• Upgrade has over 750 employees and has raised over $500 million in
equity financing since inception $
✓ Low fixed rates

• The Company raised $280 million in Series F financing in November
2021 at a valuation of $6 billion Debt Consolidation Major Purchase ✓ Affordable
monthly payments
Products and Services ✓ No prepayment
fees
1. Upgrade Card: A hybrid between traditional credit cards and BNPL that Home Improvement Refinance Credit Cards
offers a significantly lower cost than traditional credit cards, more transparency,
and a fixed period and cost to the consumer
• Credit lines from $500 to $25,000

• Affordable monthly payments with no annual fee
• Use wherever Visa is accepted
• Lower cost than traditional credit cards — rates
start at 8.99% APR
• Monthly balances turn into installment plans paid
over 12 to 36 months
• New Bitcoin Rewards Card allows users to earn
unlimited 1.5% back in Bitcoin on all purchases
Case Study – Robinhood
Stocks, Funds and Crypto

• Ability to trade cryptocurrencies, stocks, ETFs, options and
Co-Founder: Vladimir Tenev fractional shares in one place
Headquarters: Palo Alto, CA • Instant access to funds
Founded: 2013 • Secure and trusted platform
Options Trading
• Robinhood provides a new way to invest in the stock market through a
mobile, no-fee trading platform • Buy calls and puts
• Allows users to take larger positions with less funds
The Company’s mission is to democratize access to the financial
markets Robinhood Instant
• The Company began by offering easy access to stock market trading • Instant access to deposits and immediate access to funds
via an intuitive and well-designed mobile app that made it easy for • Transfer up to $1,000 instantly
amateur investors to begin their investing careers • Eliminates the friction from settlement periods or bank transfers
Robinhood has since expanded over time to offer options trading, Robinhood Snacks
crypto investing, cash management, a debit card, and a financial
• Daily Financial news podcast and newsletter to bring
market newsletter that aims to educate readers on important
synthesized top stories affecting the markets
finance news
• Introduced through the acquisition of MarketSnacks in May
In late May, the Company also announced the roll out of IPO 2019
Access, a product that gives investors the opportunity to buy
shares of companies at their IPO price, before they start trading Cash Management
on public exchanges • Get your paycheck, pay bills, send check and more
• Robinhood has experienced rapid growth recently as the pandemic and • Use the Robinhood debit card nearly anywhere Mastercard® is
day-trading phenomenon brought more users to its platform, accepted
• Earn 0.30% APY
While the meme-stock frenzy may have dampened customer
• Accounts have no overdrafts, minimums, transfer fees, and
satisfaction temporarily, the Company has the opportunity the
foreign transaction fees
retain loyal users and democratize access to more than just the
financial markets IPO Access
• The Company is poised to be a strong contender in the Super App race • Participate in upcoming IPOs with no account minimums
as it builds out its financial services capabilities and continues to brand • Buy shares of companies at IPO price before trading on public
itself as a financial services hub for the everyday investor exchanges
Case Study – MoneyLion
Selected Products and Services
RoarMoney
Modern mobile banking that enables members to get paid
up to two days early and manage their day-to-day spending,
CEO: Dee Choubey
with no hidden fees, cashback rewards, and robust security
Headquarters: New York, NY
controls
Founded: 2013
• MoneyLion is a mobile banking and financial membership platform that Investing

empowers people to take control of their finances Full featured, automated investing tools with a variety of
• Since its launch in 2013, MoneyLion has engaged with over 9 million investment options, including ESG portfolios, so members
Americans and has earned its members' trust by building a full-service can invest in strategies that match their personal preference
platform to deliver mobile banking, lending, and investment solutions
MoneyLion’s data-driven, digital financial platform provides access
to a comprehensive suite of products that help members bank,
Instacash
borrow, save, invest, and grow – all in one app Interest free salary advances with no monthly fee to help
The Company plans to roll out a number of new features in the members bridge short-term timing gaps in their income,
coming months, including Buy Now Pay Later, crypto, and a enabling them to pay their bills on time or cover unexpected
marketplace that matches users with third-party products expenses without incurring costly overdraft fees
In December 2021, the Company acquired embedded finance
marketplace Even Financial in order to provide its members with
access to even more financial products Credit Builder Plus
• In addition to offering a complementary suite of financial products, A program designed to help members build or rebuild their
MoneyLion has pioneered a new approach to personal financial credit – more than half of the members in this program
management with Financial Heartbeat, an intelligent, automated advice increase their credit score by 60 points in the first 60 days
platform that guides members on their financial journey
Financial Heartbeat evaluates members’ financial situations and
delivers personalized advice that helps them decide what actions
“Our overall vision is to be a daily destination. We're really transcending financial
to take and which products to use to improve their financial health
transactions to life transactions [and that] allows us over time to go from being
• In February 2021, MoneyLion announced that it had agreed to merge a platform of single products ultimately to being an aggregator." (1)
with Fusion Acquisition Corp., a special purpose acquisition company
(SPAC), at a post-transaction equity value of $2.9 billion
– After the close of the transaction, MoneyLion’s stock began
trading on the NYSE under the ticker ‘ML’ on September 23, 2021
Case Study – Current
CEO: Stuart Sopp

Headquarters: New York, NY
Founded: 2015
• Current is a multi-product FinTech company that offers accounts for all

Americans (including teens) and builds products designed to enable
more people to improve their financial outcomes
• The Company offers checking accounts, no hidden fees, no minimum
balance, money management tools, spending notifications, early
deposits on paychecks, free ATM withdrawals, savings pods for
different savings pools, and more
• In April 2021, Current announced that it had raised $220 million in Series
D financing led by Andreessen Horowitz at a $2.2 billion valuation
– The Company has over 3 million users as of December 2021,
compared to just 1 million users in June 2020
• Current partners with many ‘Current Creators’, including social media
influencers, in order to build its brand and expand its user base,
particularly among young consumers
• In May 2021, Current announced a partnership with Acala, a
decentralized platform built on the Polkadot blockchain network, to
establish a new category of “hybrid finance” combining traditional and
decentralized financial applications
– Current will run its own infrastructure on Polkadot and also
joined the active validator set
– The partnership will allow Current to build products that provide
more value to its members
Case Study – Chime
Chime offers its members a Chime Visa

CEO: Chris Britt
Debit Card, a Spending Account, an optional
Founded: 2013
Savings Account, and other products and
tools all managed through a mobile banking
• Chime offers no-fee mobile banking accounts and debit cards as well
as ATM access, targeting Americans who earn between $30,000 and
app
$75,000 per year
• The Company’s challenger bank offering helps people avoid fees, save No hidden fees, no overdraft, no minimum
money automatically, and improve their finances through several
innovative features balance, no monthly service fees, no foreign
• Instead of making money via loans and user fees in the mold of a transaction fees or no transfer fees
traditional bank, Chime primarily collects revenue when customers use
their credit or debit cards
• On August 13, 2021, Chime announced that it raised $750 million in
Series G financing Users always know their financial situation
– Chime has now raised over $2.2 billion in financing, and the with daily notifications and instant alerts
latest round gives the Company a $25 billion post-money
valuation, according to The Wall Street Journal (1)
– The Company’s valuation grew by more than $10 billion since its
Series F round in September 2020 Reach financial goals faster by saving money
• During the COVID-19 pandemic, Chime crossed into EBITDA automatically with market-leading interest
profitability, driven largely by the Company adding hundreds of
thousands of new accounts per month (2) rates
• After its Series G funding round, the Company is well-positioned for a
potential IPO in the first half of 2022, according to The Wall Street Access and navigate unemployment benefits,
Journal (1) manage and improve credit, and instantly
send money, all via mobile devices
Case Study – Avant
Credit Card
• Variable APR of 24.99%-29.99%
CEO: Matt Bochenek
• Annual fees ranging from $0-$59
Headquarters: Chicago, IL
• Credit limit increases & cash advances available
Founded: 2012
• Zero hidden fees, zero deposit required, zero
foreign transaction fees and and zero fraud liability
• With over 1 million customers currently on the platform, Avant provides
for unauthorized charges
access to a full ecosystem of digital financial products, including personal
loans, auto refinance, credit cards, and deposit accounts targeted to non-
prime consumers
• Through a combination of technology, analytics, and superior customer Auto Refinance
service, with an addressable market of nearly 125 million adults, Avant
• Auto Refinance product with unique cash-out
gives underserved and unbanked consumers access to credit with
option available
innovative products that simplify and improve their financial journey
• Since 2012, Avant has connected 2+ million customers to $7.5 billion in
• Provides ability to lower monthly payment or
loans and to 1+ million credit cards provide immediate liquidity
• On April 7, 2021, the Company announced its acquisition of Zero Financial, • Cash out between $500 - $2,500 with loans
Inc. and its neobanking brand Level, which was relaunched as Avant ranging from $7,500 - $40,000
Banking in December 2021
Products and Services Avant Banking

Personal Loan • No hidden fees & get paid up to 2 days early
• Personal loans ranging from $2,000 to $35,000 • Feature rich mobile app allowing you to instantly
• APRs ranging from 9.95% - 35.99% lock your card, change PIN, and receive real-time
notifications of purchases, refunds, and transfers
• Fixed monthly payment with no prepayment fees
• Connects to Apple Pay and Google Pay
• Funds are deposited as soon as the next business day
after approval • Banking services are provided by Evolve Bank &
Trust, Member FDIC
Case Study – Oportun
CEO: Raul Vazquez Personal Loans

Headquarters: San Carlos, CA Offering affordable APRs up to 35.99% on loans ranging from $300
to $10,000; secured personal loans available in CA, TX and FL
Core Lending Products

Founded: 2005
Lending-as-a-Service
• Founded in 2005, Oportun (Nasdaq: OPRT) is a mission-driven provider of Offers credit products through third-party strategic partnerships
loans and financial services to low-to-moderate income individuals,
including those without a traditional credit score Credit Cards
– Using AI, Oportun offers affordable credit products to individuals Credit lines up to $1,000 accepted worldwide with no credit
outside of the “credit mainstream” at a lower cost history needed to apply
– Oportun’s core product offering is unsecured, personal installment

Mobile Banking
loans that help customers establish a credit history
AI-enabled savings and debit platform enabling budgeting, saving
– According to its website, Oportun has over 2 million customers and investing
• On November 16, 2021, Oportun announced it has agreed to acquire Digit
– a neobanking platform that provides savings, investing, and banking Early Direct Deposit
Up to two days early
Newly-Acquired Capabilities from Digit

tools – for a total consideration of $238 million
– Digit launched the first truly personalized and automated savings
Personal Financial Management
app in 2015 and has since helped members save more than $7
Algorithmic analysis of customer cashflows to manage savings
billion and pay off $300 million in debt
– Digit’s FDIC-insured savings platform allows members to define and Overdraft Monitoring
achieve savings goals for small purchases and long-term goals Automated transfers to prevent fees
alike, with members having saved more than $7 billion to date
– The Company’s upcoming offerings include an AI-managed bank Automated Investing and Brokerage
account through partnership with MetaBank, that intelligently Effortless, daily investments in a diversified portfolio of ETFs
budgets, saves, and invests for members based on pre-selected risk level
– This transaction grows Oportun’s US footprint by more than 600k

paying members and is expected to increase daily engagement, Long-Term Savings
enhance funnel conversion, and create a profitable and FDIC-insured managed savings product, accessible by web or
differentiated neobanking platform smartphone
Case Study – Mission Lane
Mission Lane Credit Card

• Clear pricing & no hidden fees
CEO: Shane Holdaway
• Higher credit lines over time
Headquarters: Richmond, VA
Founded: 2018
• Tools to help users build and track credit
• Instant credit decision
• Mission Lane is a digital platform for personal finance that provides a • All the coverage of Visa
comprehensive suite of products for underserved consumers
• The Company considers itself the neobank for the half of America left
behind by traditional banks
Mission Money
• No account fees, no minimum balances
– Mission Lane’s credit-first platform is tailored to provide high-
quality products to the ~140 million Americans with poor credit or • Access to 55,000+ ATMs nationwide, fee-free
no credit at all
• Uses data to approve users for more credit on their
– Mission Lane’s products help its 1+ million customers build their Mission Lane credit card
credit and improve their financial wellness
• Visa debit card benefits, FDIC insurance
– The Company’s digital self-service tools make it easier for
customers to monitor spend and improve, or build, their credit
scores Honeydue Capabilities
• Mission Lane has raised more than $1 billion in debt and equity, most • Mobile application for couples to coordinate finances
recently in its $150 million financing led by Oaktree Capital Management
• Joint bank accounts insured through Sutton Bank
announced on October 26, 2021
• On May 24, 2021, the Company announced its acquisition of money
management application Honeydue Earn
– Aiding money management between couples, Honeydue tracks all • Mobile application for optimizing earnings through job
balances and categorizes money spent across accounts discovery engine and income tracker
– Honeydue has over 500,000 registered users and operates in six

countries and in three languages Mission Lane Junction
– The transaction marks a significant expansion of Mission Lane’s • Personal finance content portal for financial literacy
debit and digital banking capabilities and education
Case Study – Figure
Home Equity Line

CEO: Mike Cagney
Tap into equity & receive up to $250k
Founded: 2018 Mortgage Refinance
• Figure’s platform uses blockchain technology to facilitate loan Refinance with cash-out up to $500k
For Individuals
origination, equity management, private fund services, banking, and
payments with greater speed, efficiency and savings for both Personal Loan
consumers and institutions
– Figure leverages Provenance, a public, open source,
Apply online & get up to $50k
permissionless, decentralized blockchain, for its digital asset
marketplaces Figure Pay
• Figure was co-founded by Mike Cagney, former Co-founder and CEO of
Consumer finance app and potential Super App
SoFi
– Fee-free deposit and payment account
• In early 2021, the Company launched Figure Pay, a consumer mobile – Easy money transfer
payments app that will likely become a Super App over time – Access to 55,000 ATMs nationwide
– For consumers, Figure Pay offers a fee-free deposit and – Buy Now Pay Later offerings
payment account with a prepaid Visa debit card, easy money
transfer capabilities, access to a nationwide network of 55,000
ATMs, and a Buy Now Pay Later loan product that enables users Digital Fund Services
to access point-of-sale financing
– Figure Pay is available in 26 states as of September 2021, and is
For Institutions Raise capital seamlessly with a digital experience
continuing to expand nationwide
Equity Solutions
– Coupled with the Company’s mortgage, home equity and
personal loan offerings, Figure is clearly aiming to become the
primary financial relationship for its users End-to-end cap table management solution
• Figure has raised over $400 million in financing, most recently a $200 Marketplace
million Series D co-led by 10T Holdings and Morgan Creek Digital that
valued the Company at $3.2 billion
Discover unique private investment opportunities
Case Study – Betterment
Automated Investing
CEO: Sarah Levy Portfolio rebalancing, dividend reinvesting, and more
Headquarters: New York, NY Portfolio Options
Individual Investing
Founded: 2008 Set an investing strategy for every goal
Socially Responsible Investing

• Betterment is a leading provider of digital investment advisory services
through a mobile application with guided investing, cash management Choose how your money can make an impact
and financial planning capabilities
IRAs, 401(k) and HSA
• The Company has over $33 billion in assets under management and
more than 700k customers Prepare for the future
• While primarily known for its direct-to-consumer offering, Betterment Cash management
also provides solutions to registered investment advisors and small
Checking, cash reserve and rewards
businesses
• Betterment has raised over $430 million in financing, most recently a Retirement Planning
$160 million (debt & equity) Series F financing in September 2021 led
by Treasury which valued the Company at $1.3 billion Customized planning to keep users on track
• Betterment has made several recent product-related announcements,
Planning
CFPs/Human Advisors
expanding its product suite and committing to personalization goals
In-person guidance for customers who opt in
– The Company launched an Innovative Tech Portfolio in
December 2021, adding to other new portfolios like SRI,
providing customers additional choice
All-in-One Dashboard
– CEO Sarah Levy announced exploration of long-term crypto

Platform to manage earnings, deposits and more
investments in July 2021, though further details were not
provided
Registered Investment Advisors
Business
– The Company acquired Wealthsimple’s US Investment Advisory

Digital platform for small-to-medium advisor segment
business in March 2021
– Betterment added checking and savings products to its product Small and Medium Businesses
suite in April 2020
Retirement and financial wellness solutions
Case Study – Wealthfront
Wealthfront Invest
CEO: David Fortunato ✓ Automated investing
Headquarters: Palo Alto, CA ✓ Personalized portfolios
Founded: 2007 ✓ Sustainable investing
✓ Zero account or trading fees
• Wealthfront is a robo-advisor offering a combination of automated
financial planning, investment management and banking-related services
all via mobile application Wealthfront Cash
• The Company has amassed more than 450,000 customers and manages ✓ No account, overdraft or transfer fees
over $28 billion in client funds
✓ Pay bills, send & deposit checks
• Wealthfront has made several recent announcements which suggest it is
moving toward a super app offering ✓ Direct deposit, debit card, and 19k+ ATMs
– In August 2021, Wealthfront became the first automated investment ✓ Instant transfers to investing portfolio
firm to offer Bitcoin price exposure and made Grayscale Ethereum
Trust available to its clients Wealthfront Borrow
– In June 2021, the Company announced that it would demote its
robo-advisor to put decision making power in the hands of its retail ✓ Portfolio Line of Credit
investors in a move to increase engagement
– Borrow up to 30% portfolio value
– The Company announced its ‘self-driving money’ product in April
2021 to automate user direct deposits in their Wealthfront Cash – Automatic approval for portfolios >$25k
Account and ensure bills are paid and savings are instantly routed – Cheaper than credit card alternatives
into proper accounts based on pre-set goals
• Wealthfront’s recent moves have made it look more and more like a digital
“We chose to join forces with UBS because we both saw the value this strategic
bank, capturing more of its end users' fees with services like insured
partnership could bring. We are motivated by UBS’s vision to leverage the power
savings accounts
of technology to expand their leading wealth management business, reach a
• The Company has raised over $200 million in funding across several broader audience, and offer clients greater convenience and personalization.”
rounds, most recently in its 2017 Series G led by Tiger Global Management
• On January 26, 2022, the Company announced that it has agreed to be
acquired by UBS for $1.4 billion
Case Study – Affirm
Shop Pay
Founder & CEO: Max Levchin
• Shop favorite stores • Make 4 interest-free
Headquarters: San Francisco, CA online or in-store and payments with no fees
pay later with Affirm
Founded: 2012 • Set up easy,
• Select or request automatic payments
Affirm at the checkout • Select a monthly
• Affirm is a Buy Now Pay Later company that offers fixed-rate installment and pay later
loans to consumers at checkout or the point-of-sale payments option for
big-ticket items
As of FY Q3’21, Affirm had ~5.4 million active consumers on its
platform, growing 60% over the prior year Earn For Businesses
• Affirm also offers a mobile app to manage accounts and payments along
with interest-bearing savings accounts, and recently announced plans to • Save with the Affirm • Increase awareness
offer a U.S. debit card that has direct access to pay-over-time functionality high—yield savings
• Increase conversion
account (0.65% APY)
– The Affirm Card will enable users to make purchases using the card • Increase consideration
• No minimum
either online or in-store, and easily manage their payments in the
dedicated app • No fees
– In September 2021, the Company announced that it will begin
offering users the ability to buy and sell cryptocurrencies directly in
the Affirm app “We know that consumers want a one-stop shop to manage their
• In January 2022, Affirm debuted its new Super App through which finances. Affirm saw this firsthand when we added Savings to our app,
consumers can:
which has since attracted more than $300 million in total deposits while
– View a snapshot of and manage Affirm-related spend, savings,
rewards and outstanding payments driving meaningful engagement. By evolving the Affirm app into a super
– Access a single-use Affirm virtual card to shop online or in stores app, we have launched the ultimate destination for consumers to shop
– Shop exclusive offers their favorite brands and smartly manage their finances, while also
– Earn cash back rewards delivering a seamless, rewarding, and increasingly personalized
• The Company also introduced a Chrome browser extension to allow experience.” (1)
consumers to use its payment solutions at virtually any online retailer
• As Affirm continues to gain consumer trust and increases the breadth of its
product offerings, it should be able to attract even more users and could
potentially become the front door to many consumer financial services
Other US Super App Contenders
CEO: Jeff Jones CEO: Jason Wilk

Headquarters: Kansas City, MO Headquarters: Los Angeles, CA
• H&R Block provides both DIY and assisted income tax preparation • Dave began as an expense tracking application, helping users avoid overdraft
services to customers across the US, Canada, and Australia fees charged by traditional banks with its 2017 launch of ExtraCash and
Insights
• Its tax preparation platform offers several ancillary products
including tax tips, tax news, various tax preparation calculators, error • Today, Dave is a financial platform helping its 10+ million customers with
checking, and electronic filing banking, financial insights, overdraft protection, credit building, and finding
side gigs
• H&R Block also offers several lesser-known products including a
prepaid Mastercard, lines of credit, and small business solutions • The Company estimates that it has helped customers avoid nearly $1 billion in
overdraft fees through its ExtraCash feature and earn over $200 million in
• In 2021, H&R Block was used to file 21.6 million US tax returns (1)
income through its gig-economy job board, Side Hustle
• In January 2022, H&R Block announced the launch of Spruce – Dave’s ExtraCash product has been utilized over 30 million times since
– Spruce is a mobile banking and money management platform product launch in 2017
targeted at low-to-moderate-income Americans
• The Company launched Dave Banking in December 2020
– H&R Block’s Spruce solution includes a spending account – Dave Banking is a spending account and debit card with no monthly fees
with a debit card, and a connected savings account that
allows for budgeting and specific goals – It has accumulated more than 1.3 million members
– With Spruce, customers will be able to access pay checks
early, earn cash rewards, monitor credit, and allocate refunds
– The Spruce product is enabled via partnership with MetaBank
Other US Super App Contenders
CEO: Haroon Mokhtarzada CEO: Brian Barnes

Headquarters: San Francisco, CA Headquarters: Chicago, IL
• Truebill was founded with the mission to make it easy for people to take • M1 Finance is an aspiring financial Super App offering automated
control of their finances and improve their financial health investing, borrowing, and banking products
• The Company’s core feature was initially to enable users to find, track, • M1 was initially started as a free investment platform, and has expanded
and cancel paid subscriptions they might not have been aware of its product offerings significantly in recent years
Truebill has expanded its services to assist its users across The Company empowers self-directed investors to open accounts
various aspects of their financial lives, and now allows people to and improve their financial well-being through investing, digital
optimize their spending, manage subscriptions, lower their bills, checking, and portfolio lines of credit
get insights into their spending and credit scores, and more M1 offers a premium service called M1 plus that provides
checking accounts, low-interest loans, smart transfers, custodial
• In December 2021, Truebill announced that it had agreed to be acquired
accounts, and more
by Rocket Companies for $1.275 billion
• M1 has raised over $300 million in financing, most recently a $150 million
Selected Features Series E round at a $1.45 billion valuation in July 2021
• While the Company is well known for its digital investment functions, M1’s
CEO acquired a small Minnesota-based bank in October 2021
– He stated “M1 will ideally own a bank in the future but has work to
do before it’s ready to become a bank holding company” (1)
Key US Super App Contenders – Tech Giants
• Several leading U.S. consumer tech companies have launched or announced plans to launch financial products in recent
years, aiming to cross-sell services to their massive user bases and create even stickier ecosystems
• None of the U.S. tech players have fully moved in the Super App direction yet, and potential conflicts do exist for several of
them – such as Apple and Google’s app stores, and the fact that Facebook and Google would be directly competing with
some of their customers – but many of them are making gradual progress
– Amazon’s financial services offerings are largely aimed at businesses, though it does offer a number of branded
credit cards and checking accounts, and has discussed plans to expand its financial offerings to consumers
– Apple launched the Apple Card in 2019, and offers mobile payments and digital wallet services (Pay and Wallet)
– Facebook announced the launch of Facebook Pay in 2019, offers in-app payments via WhatsApp in several major
markets, and plans to launch a stablecoin called Diem as well as a digital wallet called Novi
– Google has continued to grow its Google Pay ecosystem, and plans to offer other services in partnership with banks
– Uber has deprioritized its Uber Money initiatives, but is pursuing a Super App approach in the Middle East through its
acquisition of Careem (discussed in next section)
Case Studies: Google and Apple
• In November 2020, Google unveiled its redesigned Google Pay app, with • On March 25, 2019, Apple announced a partnership with Goldman
a greater focus on personal financial management tools beyond its core Sachs and Mastercard to offer the Apple Card, a digital and physical
payments offerings credit card designed to live out of the Apple Wallet
– New offerings include an Insights tab that allows users to – The card utilizes Mastercard’s payment network, and
connect all of their bank accounts to get a holistic view of their charges no annual, late, cash-advance, international, or
finances and track their spending and saving patterns other fees
• At the same time, the Company also announced plans to launch its Plex • In 2021, Coinbase announced that its Coinbase Card can be used to
services, whereby it planned to partner with a number of banks to offer make purchases with crypto via Apple Pay
online checking and savings accounts through the Google Pay app
• Between the Apple Card, the widely used Apple Pay services, crypto
– However, in October 2021, The Wall Street Journal reported purchases, and other customer-friendly features such as storing
that the Company was abandoning its plans for Google Plex (1) travel and event tickets, the Apple Wallet has a chance to eventually
– Google plans to focus on digital enablement for financial become a financial Super App for iOS users
institution partners rather than offering bank accounts directly
to consumers
iii. Regional Focus –

International
Regional Focus – Southeast Asia
Southeast Asia consists of 11 nations –

Brunei, Cambodia, Indonesia, Laos, Malaysia,
Co-CEOs: Kevin Aluwi & Andre Soelistyo
Myanmar, the Philippines, Singapore, Timor-
Headquarters: Jakarta, Indonesia
Leste, Thailand, and Vietnam – most of which
are developing countries. As many of these Founded: 2010
developing nations lack fully developed
financial services and have large • Gojek is a Southeast Asian super app that offers products such as ordering
food, commuting, digital payments, shopping, and hyper-local delivery
underbanked and unbanked populations,
there is space for a single app to become a • Gojek is live in 4 countries, offers 20+ products, and power 3 super apps –
consumer, driver, and merchant applications
one-stop shop. (1)
• In May 2021, Gojek merged with Tokopedia, an e-commerce company, to
Super Apps have been prevalent in Southeast form GoTo Group, a globally unique and highly complementary ecosystem,
Asia since Gojek was founded in 2010. Grab for a total group gross transaction value of over $22 billion in 2020 (2)
and Gojek, the region’s two largest platform Products and Services
companies and most valuable tech startups,
have followed WeChat and Alipay’s models
by offering food delivery, ridesharing,
payments, and messaging services, all in one
app.
Grab and Gojek have achieved massive
success in the region, even beating Uber at
its own ridesharing game: in March 2018,
Uber announced that it was selling its
Southeast Asian business to Grab.
Case Study – Grab
Co-Founder & CEO: Anthony Tan

Headquarters: Singapore
Founded: 2012
• Grab is a Southeast Asian super app that offers a suite of services

including deliveries, mobility, financial services and enterprise
• The Company’s mission is to drive Southeast Asia forward by creating
economic empowerment for everyone
Since its inception, Grab has entered 8 out of 11 Southeast Asian
markets and expanded its product offering from a taxi calling
service into a super app, offering deliveries, ride sharing, smart
payments, and digital banking among other services
Through its services, Grab is deeply integrated into its consumers’ Category Leadership
lives
Years of
• In April 2021, Grab announced that it has agreed to public through a Operation
SPAC merger with Altimeter Growth Corp., in a deal that values the
company at $39.6 billion — which was the largest blank-check merger
to date at the time of the announcement 8
Key Metrics
3
Case Study – BigPay
Co-Founder & CEO: Salim Dhanani

Headquarters: Singapore
Founded: 2017
• BigPay is a neobank operating in Malaysia and Singapore

• BigPay offers card payments, ATM withdrawals, P2P transfers, micro-
insurance, bill payments, a budgeting tool, as well as domestic and
international transfers across Asia Pacific
– In the near future, BigPay is planning to launch fully digital personal
loans, transactional lending, wealth and saving products, along with
an offering for mSMEs and freelancers Scalable deployment across multiple highly
• BigPay’s best-in-class products, in-house fully scalable tech stack, bank- regulated markets
grade eKYC processes and easy onboarding have driven rapid growth
across current markets
• BigPay was chosen by the Malaysian Government to be a partner in the Rapid deployment of new features – micro
eBelia program, and was the only partner that offered a physical card to
spend at more than 800,000 merchants within the country insurance, loans, P2P, international transfers
– The eBelia program is an initiative of the Malaysian Government,
whereby the government provides RM150 of e-wallet credit to
Malaysian citizens who are between the ages of 18 and 20 or are Moving up the financial services value chain –
full-time students
additional credit products, investments, savings
• BigPay has exclusive access to the AirAsia partner ecosystem consisting
of consumers and businesses
• On June 30, 2021, BigPay applied for a Digital Banking License in Malaysia
Next-gen digital bank tech stack
• On August 6, 2021, BigPay announced that it raised up to $100 million in
Series A financing led by SK Group to further its mission to become the
leading neobank in Southeast Asia
Other Key Southeast Asia Players
CEO: Punnamas Vichitulwongsa CEO: Greg Krasnov

Headquarters: Bangkok, Thailand Headquarters: Singapore
• Ascend Money is a provider of digital financial services for the • Tonik is a Singapore-based Challenger Bank focused primarily on
underserved in Southeast Asia serving consumers in the Philippines
• The Company provides an e-wallet application for e-payments, as well • The Company provides retail financial products to customers including
as a number of other financial services, and serves over 50 million deposits, loans, current accounts, payments, and cards on a highly
users across six countries: Thailand, Indonesia, Vietnam, Myanmar, secure digital banking platform
Cambodia, and the Philippines
• According to Tonik, 70% of consumers in the Philippines remain
• In September 2021, Ascend Money raised $150 million in Series C unbanked, representing a massive market opportunity
financing at a $1.5 billion valuation
• Tonik is the Philippines’ first Challenger Bank to secure a digital bank
Products and Services license from the Bangko Sentral ng Pilipinas (BSP)
• Tonik has raised over $40 million in financing to date from investors
including Sequoia Capital India, Point72 Ventures, and Insignia Venture
The TrueMoney wallet can be used at leading stores in Thailand. Services Partners
focus on food, shopping, entertainment, paying bills, and travel.
Ascend Nano provides financial services to consumers or businesses that Tonik Account Debit Card
do not have access to loans from financial institutions. Receive money, send money, or pay for Virtual Debit Mastercard that can be used
online purchases using virtual immediately upon account opening for
Mastercard, with a variety of cash-in online purchases and bill payment,
and cash-out options physical card coming soon
Ascend Wealth provides digital wealth management services.
Time Deposit Stashes
Up to 6% interest per annum for Dedicated savings pockets that allow
deposits set aside for specific periods users to separate certain amounts in
of time between 6 and 24 months their savings for specific saving
Ascend Assurance is an insurance brokerage firm. It provides protections
purposes
ranging from travel and mobility to health.
Regional Focus – India
India’s Super App ecosystem is relatively advanced, with a number of FinTech giants offering a broad range of financial
products, including Paytm, Flipkart, PhonePe, and MobiKwik, in addition to global companies like Amazon and
Facebook, all seeking to be the primary financial relationship for India’s massive, largely mobile-first population
CEO: Kalyan Krishnamurthy Founder & CEO: Bipin Preet Singh

Headquarters: Bangalore, India Headquarters: Haryana, India
• Flipkart operates an e-commerce shopping portal offering a wide range of • MobiKwik operates consumer payments, financial services and payment gateways
consumer products
• The Company’s payments network is one of the largest in India with 120 million
• Since inception, Flipkart has enabled millions of consumers, sellers, merchants users, 3 million merchants, and 300+ billers
and small businesses to be a part of India’s e-commerce revolution • MobiKwik has pre-approved 20 million users for its Digital Credit Card, a Buy Now
• Flipkart has pioneered services such as Cash on Delivery, No Cost EMI and easy Pay Later product, MobiKwik ZIP, which is available to users for making payments
returns – customer-centric innovations that have made online shopping more via the MobiKwik Walllet and the MobiKwik Blue Amex Card
accessible and affordable in India • MobiKwik planned to raise between $200 and $250 million in an IPO that could value
• The Company is 77% owned by Walmart, another notable Super App contender the company at more than $1 billion – the offering was subsequently postponed (1)
• In July 2021, the Company announced that it had raised $3.6 billion at a $37.6 Products and Services
billion post-money valuation in a pre-IPO financing round
•
Products and Services •
•
• •
•
•
•
•
•
•
• •
•
Regional Focus – India (cont.)
CEO: Vijay Shekhar Sharma CEO: Sameer Nigam

Headquarters: New Delhi, India Headquarters: Bangalore, India
• Paytm is an Indian mobile e-commerce platform; originally started as a provider • Operating historically as the digital payments unit of Indian e-commerce giant
of mobile recharge and utility bill payments, it now offers a full marketplace to Flipkart, PhonePe provides an app-based mobile payments platform built on
consumers through its mobile application India’s UPI payments infrastructure
• In addition to e-commerce and recharge services, the Company offers Paytm • Founded with a mission of financial inclusion within India, the Company offers a
wallet, a mobile wallet and payment gateway core consumer-facing “super app” alongside payment acceptance tools,
advertising integrations, and other solutions for a wide variety of merchants
• The Company has over 220 million mobile wallet users who carry out over $4
billion transactions per month (1) • Focused entirely on India for now, PhonePe has amassed over 100 million active
monthly users in a market increasingly shared with players like Google,
• In November 2021, Paytm raised ~$2.5 billion in its IPO at an implied market cap WhatsApp, and Paytm and fraught with evolving regulatory challenges (3)
of around $18 billion, though its stock subsequently fell by over 25%
• PhonePe was valued at $5 billion at the end of 2020, after having raised $1.6
Products and Services billion including $700 million from Walmart and other existing Flipkart investors (4)
Paytm Wallet
Consumers: PhonePe App
• RBI-approved digital wallet with over ~10 million daily One accessible “Super App”
transactions Pay bills, top-up, transfer money, and more
• Enables online payments and P2P money transfer Flexible payment options and channels
Merchants: Choose from options like BHIM UPI, the PhonePe wallet, or debit and credit cards
• Provides a payment gateway with a dashboard for PhonePe Switch
tracking payments, chargebacks, and refunds Shop, order food, and more on a wide selection of apps without downloading them via
the PhonePe interface
Online Recharging
PhonePe for Business
Payment Acceptance Tools
• Provides instant recharges for mobile, DTH and data Provides integrated cashless payment solutions for in-store and online merchants
card services for all Indian providers Advertising and Loyalty Solutions
• Bill payment services for mobile, landline, data cards Enables targeted campaigns, reward coupons, and more centered around the PhonePe
services as well as electricity and gas utilities app
• Available 24/7 from any location with no extra cost PhonePe Switch
Easily integrate an app onto PhonePe platform and get access to millions of users
Key Korean Super App Contenders
Korea has two primary Super Apps: Kakao and Toss. Kakao has followed a similar strategy to WeChat, focusing on its
home market, building a mass of messaging users, offering them an e-wallet and then a digital bank. Kakao’s success
can be attributed to this network effect; Kakao Talk has 46 million monthly active users in Korea, or 88% of the
country’s population. Launched after Kakao, Viva Republica’s Toss was launched in 2015. Toss was awarded a
preliminary license to operate an online bank and has a growing suite of digital banking services. (1)
Co-CEOs: Su-Yong Joh & Min-Soo Yeo CEO: Seunggun Lee

Headquarters: Seongnam, South Korea Headquarters: Seoul, South Korea
• Kakao is a global mobile lifestyle platform with services spanning • Viva Republica launched Korea’s first P2P money transfer service, Toss
messaging, mail, search, news, advertising, gaming, e-commerce, music, • In addition to the platform’s P2P money transfer and payments system, Toss
maps and more provides a suite of more than 40 financial services including banking services, a
• The Company plans to center its focus on creating an environment of real- financial dashboard, credit score management tools, and investment products
time interconnectivity, enriching lives and delivering value to consumers, • The Company is the number one P2P transfer service in Korea with 20 million
businesses, partners, and shareholders registered users, and 11 million active users
• Kakao is listed on the Korean Stock Exchange and has a market cap of $45 • As of August 2020, Toss had processed more than $84 billion in cumulative
billion as of December 2021 remittance transactions since its launch and surpassed $100 million in revenue in
2019
• In October 2021, its payments unit Kakao Pay raised over $1 billion in its
IPO at an implied market cap of around $10 billion • In June 2021, the Company raised ~$410 million at a valuation of $7.4 billion, and
stated that it planned to launch a neobank in Q3 2021 that will be “the final key
component” of its Super App strategy (2)
Key Japanese Super App Contenders
CEO: Takeshi Idezawa CEO: Hiroshi Mikitani

Headquarters: Tokyo, Japan Headquarters: Tokyo, Japan
• LINE operates an app which allows users to enjoy free calls and • Rakuten is a leading Japanese e-commerce company that has expanded
messaging with other users, regardless of their location or mobile into a wide range of products and services, including a messaging app,
provider streaming offerings, a mobile carrier, as well as financial services such
as credit cards, banking, securities, e-wallet and payments services,
• LINE also offers products including news, healthcare, payment, music,
insurance, and more
and an AI assistant
• The Company’s financial services offerings have gained popularity in
• In late 2019, the Company merged with Yahoo! Japan, combining two of
recent years which, coupled with its massive e-commerce footprint and
Japan’s leading QR code-based payment services and positioning LINE
wide variety of offerings, positions it well to become a leading Super App
to become Japan’s first Super App, creating a $30 billion tech group (1)
in Japan
Products and Services • Rakuten has issued over 23 million cards to date, with over 10 million
Rakuten bank accounts as of July 2021, and a market cap of over $15
LINE News billion as of December 2021
Offers one of the most popular news content curation services in Asia
Selected Financial Services Offerings
LINE Healthcare Rakuten Bank Rakuten Card
Chat-based medical consultation service, enabling users to consult directly
with doctors through the LINE app • Rakuten Bank became the first • A leading credit card in Japan with
online bank in Japan to reach 10 over 23 million cards issued to date
LINE Pay million accounts in January 2021 • Leads the industry in terms of
Easy, convenient, and safe payment system – allows users to make payments • Rakuten Bank app enables easy shopping transaction volume in
without a wallet access to a wide variety of financial Japan
services
LINE Music Insurance Rakuten Securities

Streaming service with over 70 million songs
• Offers a variety of insurance • Online brokerage services that
products, with Life and General enable users to easily invest in the
LINE CLOVA Insurance businesses all in the financial markets, including U.S.
Offers a wide range of AI services to help solve the challenges of life and Rakuten Ecosystem stocks
business
Case Study – Careem
Co-Founder & CEO: Mudassir Sheikha

Headquarters: Dubai, UAE Ride Share Food Delivery
Founded: 2012 Allows customers to set a Brings meals directly from
pickup location, choose a partner restaurants to
car type, and select a drop- customers wherever they
• Careem is a Middle Eastern super app that is operational in 15 off location are
countries and 120 cities
• Careem provides a host of daily services that people need to move
around, order things and transfer money in one unified smartphone app
to simplify and improve people’s lives
• The Company was acquired by Uber in 2019 for $3.1 billion
Package Delivery E-Payments
Allows neighborhood stores Allows customers to use
Uber Acquisition and e-commerce companies Careem Pay for ride
to leave delivery logistics to bookings, package
• In March 2019, Uber announced that it had reached an agreement to Careem purchases, food orders, and
acquire Careem for $3.1 billion, a deal that closed in January 2020 send credit
• Uber acquired Careem’s mobility, delivery, and payments business
Other Products and Services
across the greater Middle East region, with major markets including
Egypt, Jordan, Saudi Arabia, and the United Arab Emirates
• With the acquisition, Careem became a wholly-owned subsidiary of
Uber and continues to operate as an independent brand
• The acquisition provides an opportunity to expand the variety and
reliability of services offered through Careem’s application as well as
Taxi Services Top up Grocery Delivery Bike Share
provide better economic opportunities and more predictable earnings
through greater utilization of drivers’ time on the road (1)
Phone
Regional Focus – Latin America
This section details major players in the Latin American Super App race, profiling FinTech
companies with the most comprehensive, Super App-like product offerings with stated intent to
continue expanding their product suites
Latin America is an especially compelling region for the emergence of Super Apps. Latin America is home
to over 650 million people and has a younger population than most developed economies. The region has a
mobile-first population, with 70% smartphone penetration according to the GSM Association. (1) Many
markets in Latin America also have outdated financial systems that are largely dominated by a few banks,
which provides a significant opportunity for digital consumer-focused platforms.
The COVID-19 pandemic led consumers to spend more time shopping and ordering food delivery on their
mobile devices, and led to a significant increase in online banking activities. According to App Annie,
finance app downloads in Brazil and Mexico in 2021 were around 91% and 136% higher than the pre-
pandemic levels from 2019, respectively. (2) Latin America is a particularly attractive market for aspiring
Super App players due to the large unbanked populations in many markets, in addition to the
aforementioned smartphone penetration.
Latin America has seen a rise of Super App contenders over the years, including Nubank, Neon, RecargaPay,
Magazine Luiza, Banco Inter, Kueski, PicPay, Mercado Libre, WhatsApp and Rappi.
Key Latin American Super App Contenders
Founder & CEO: Rodrigo Teijeiro Founder & CEO: David Velez
Headquarters: São Paulo, Brazil Headquarters: São Paulo, Brazil
• RecargaPay is Brazil’s largest payments and mobile money ecosystem, • The need for a consumer-friendly digital bank in Brazil arose from two situations
dedicated to providing secure and easy access to mobile payments and – a large unbanked population (still roughly 50%) and a highly-concentrated,
financial services for all restrictive banking climate
• Nubank’s core products include a no-fee credit card managed by a mobile app (20
• The RecargaPay mobile app allows users to apply for and get micro- million users) and NuConta, a tax-free digital bank account (30 million users)
loans; replenish their cell phone payment plans, city bus and metro
• According to the Company, Nubank is the largest independent digital bank in the
accounts; pay bills; send and receive money; buy gift cards, and more
world by number of customers
• The Company’s microloan segment in Brazil grew more than 500% • Nubank also offers business accounts for SMEs, instant payments, personal
annually in 2020, and it raised $70 million in Series C financing in loans, and a benefits program
February 2021 in order to help further expand its financial services • In June 2021, Nubank announced a $750 million extension to its Series G,
offerings to small businesses and consumers bringing the round total to $1.5 billion and its valuation to $30 billion (1)
Products and Services • On December 8, 2021, the Company raised approximately $2.6 billion in its IPO,
with an implied market cap of over $41 billion
Financial Services including
Recharge any cell
P2P Payments, Installment Products and Services
phone, no fees
Payments, and Loans NuConta
Tax-free digital account that allows users to receive, move, and save money
currently servicing 30+ million users
Pay highly recurring bills Prepaid Card: Physical and
including water and power Credit Card
Virtual
No-fee credit card controlled entirely by mobile application and held by 20+ million
people
PJ Account
Recharge transit cards Parking: Zona Azul Digital A digital account catered toward small business owners, entrepreneurs, and
freelancers
Pix
Nubank’s free-of-charge instant payments and transfers application
Gift Cards for Uber, Merchant Payment Solutions
Google Play, & More (mPOS) Additional Services
Digital investments, benefits that don’t expire, personal loans, and more
Key Latin American Super App Contenders (cont.)
CEO: Frederico Trajano Inacio Rodrigues CEO: João Vitor Menin

Headquarters: São Paulo, Brazil Headquarters: Belo Horizonte, Brazil
• Magazine Luiza, or Magalu, is a Brazilian e-commerce company with • Banco Inter is an online bank that provides a range of financial products
retail, credit, insurance, and consortium management segments and services including a portfolio of credit and financing solutions, and
investment products
• The Retail segment is engaged in the resale of goods and provides
services to the company's stores and e-commerce website • The Company focuses on real estate credit, personal credit, corporate
credit and credit card products
• The Credit segment deals with credit granting through Luizacred
• The Company’s product lines include day to day banking, credit,
• The Insurance segment offers insurance and extended product warranty
shopping, investments, and insurance
through Luizaseg
• The Company is listed on the Brazilian Stock Exchange and has a market
• The Consortium management segment provides customers access to its
cap of over $5 billion as of December 2021
letters of credit through Consorcio Luiza
• The Company is listed on the Brazilian Stock Exchange and has a market
cap of nearly $10 billion as of December 2021
Retail
Offers retail services through physical stores, virtual stores, telesales,
e-commerce platform, and corporate sales, allowing customers to
buy anything they want
Luizacred
Offers products such as the Co-Branded Credit Card, called Luiza
Card, Direct Consumer Credit (CDC), personal loans, payroll loans,
among other services
Luizaseg
Offers extended product warranty, unemployment insurance, loss and
theft, safe purchase, and other insurance products
Consortium Luiza
Offers letter of credit options in all stores which enables customers
to achieve their dreams in order to achieve a better future
CEO: José Antonio Batista Costa CEO: Marcos Galperin

Headquarters: São Paulo, Brazil Headquarters: Buenos Aires, Argentina
• PicPay is the largest Brazilian Super App in terms of registered users • MercadoLibre is the largest online commerce ecosystem in Latin
America present in 18 countries
• PicPay offers a technology-enabled multipurpose ecosystem for daily
needs, providing financial, communication and consumer services to • The Company offers users an ecosystem of six integrated e-commerce
about 50 million registered users and digital payments services
• The Company operates as an open platform empowered with social • The platform provides buyers and sellers a robust and safe environment
features that connect users, affiliated merchants and commercial that fosters the development of a large e-commerce community in Latin
partners America
• In April 2021, PicPay filed for its IPO, but subsequently postponed it • The Company is listed on the NASDAQ Stock Exchange and has a market
indefinitely cap of approximately $60 billion as of December 2021

CEO: Adalberto Flores CEO: Pedro Conrade

Headquarters: Guadalajara, Mexico Headquarters: São Paulo, Brazil
• Kueski is a leading Buy Now Pay Later and financial services platform • Neon Pagamentos is a digital financial services platform with the goal of
for consumers and businesses across Mexico uniting technology and design to simplify users’ financial experience
• The Company is the largest online consumer lender in Mexico, targeted • The Company launched with a simple digital account and has since
at users who are ineligible for traditional bank loans expanded its offerings to include products including investment
products, credit cards, and personal loans, serving both consumer and
• Kueski provides consumers and businesses with a suite of financial
business clients
services focused on 3 products: Kueski Cash (online personal loans),
Kueski Pay (Buy Now Pay Later), and Kueski Up (earned wage access) • Neon has over 10 million customers, and has raised over $400 million in
financing, most recently a $300 million Series C led by General Atlantic
• According to CEO Adalberto Flores, the Company’s “goal is to become a
in September 2020
financial super app focused on the Mexican consumer” (1)
• Kueski has granted over 5 million loans since inception, and has raised Products and Services
over $130 million in equity financing in addition to $100 million in debt
financing

Head of Whatsapp: Will Cathcart CEO: Simón Borrero

Headquarters: Menlo Park, CA Headquarters: Bogotá, Colombia
• WhatsApp, a Facebook subsidiary, has continued to expand its • Rappi is an on-demand delivery platform that connects consumers with
payments and financial services products in recent years, and has been local stores
making inroads in the Latin American market
• Customers can order groceries, food, and drugstore medications as well
• In May 2021, the Company relaunched its peer-to-peer money transfer as send money to someone or have couriers withdraw money from an
service in Brazil, enabling its 120 million Brazilian users to send each ATM
other money
• Rappi’s platform enables users to shop for any item and get it delivered
• WhatsApp had previously launched payments in Brazil in 2020, before to their home in minutes
shutting down due to concerns raised by the country’s central bank
• With the Company’s “Prime” membership, customers are able to
• WhatsApp was acquired by Facebook in October 2014 for $19 billion experience free shipping, premium support, a surprise once-a-month gift
for $250, and exclusive offers
• The Company raised over $500 million in July 2021 at a valuation of over
Products and Services $5 billion (1)

Regional Focus – Africa
Africa’s Super App ecosystem is still nascent, though a number of players are looking to establish themselves as
comprehensive financial services providers and capitalize on the continent’s rapid economic growth, high mobile
penetration, and massive underbanked and unbanked population.
Co-founders & Co-CEOs: Jeremy Hodara & Sacha Poignonnec Founder & CEO: Mounir Nakhla
Headquarters: Lagos, Nigeria Headquarters: Cairo, Egypt
• Jumia is the leading pan-African e-commerce platform, based in Nigeria and • MNT-Halan is a leading FinTech company in Egypt providing financial services to
active in 11 countries across Africa the underbanked and unbanked
• Jumia’s platform – which consists of its e-commerce marketplace, its logistics • MNT-Halan connects consumers, vendors, and micro-enterprises through its
service, and its payment service – has over 10,000 active vendors, and gets over consumer app, merchant app, payment solutions, and lending and payment
15 million monthly visitors processing software
• In 2015, the Company launched JumiaPay, a payment gateway, and has since • The Company’s offerings include lending, BNPL, e-commerce, payments, and
expanded into other financial products such as lending to merchants logistics
• Jumia completed its IPO on NYSE in April 2019, and has a market cap of over $1 • MNT-Halan has over 4 million customers in Egypt, has disbursed over $1.7 billion
billion as of December 2021 in loans to date, and raised $120 million in financing in September 2021
Products and Services Products and Services
• • •
• •
• • •
• •
• • •
• • •
•
• •
• •
V. Executive Interviews
FT Partners – Focused Exclusively on FinTech
Interview with Avant
Matt Bochenek is the CEO of Avant, which provides access to a full ecosystem of digital financial
products, including personal loans, auto refinance, credit cards, and deposit accounts targeted to
non-prime consumers. Matt was previously the COO of Avant, and was one of the Company’s first
Matt Bochenek employees. Prior to joining Avant, Matt spent over a decade at Superfund Asset Management, a
CEO global provider of alternative investment products.
Can you talk about the founding of Avant, what the goal/mission was for the
company when it first started and whether that has changed over time?
Avant was founded in 2012 with a mission to lower the costs and barriers of borrowing for the 100M+
consumers who are generally underserved by the traditional banking system. We achieved this through
“Avant was expanding access to credit on our platform with our flagship unsecured personal loan product. The
founded in 2012 essence of our founding mission is still the same today although it has evolved over the last 9+ years
with a mission to as our company and product offering has diversified and evolved.
lower the costs Today, our mission is to empower our customers to reach their goals with innovative solutions they
need to move their financial lives forward. Simply put, we understand each financial journey is unique
and barriers of and it’s our goal to provide access to a suite of products and services that meet the needs of our
borrowing for the customers throughout their journey. Our offering today includes personal loans, credit cards, banking,
100M+ consumers and auto refinance.
who are generally How is Avant able to serve unbanked and underbanked consumers better than
underserved by the “traditional” financial institutions? What are your key differentiators?
traditional banking Almost 40% of U.S. adults are unable to cover a $400 emergency expense. The legacy system does not
work and the reality is that “traditional” financial institutions are not developing products to meet the
system.” needs of non-prime consumers. Access is our primary differentiator when compared to “traditional”
institutions. At Avant, we do not look at a customer as only a FICO score- our AI and Machine Learning
models consider a richer set of behaviors when determining creditworthiness allowing us to serve
consumers who “traditional” institutions generally stay away from. Additionally, our commitment to
delivering transparent and fairly priced products in a superior digital experience has resulted in a Net
Promoter Score in the 70s which is considerably more favorable than a “traditional” financial institution
and a testament to the value we bring to the underserved consumer.
Interview with Avant (cont.)
Exclusive CEO Interview – Matt Bochenek
How have Avant’s offerings evolved over time? What are you doing with these to
create differentiation?
We originally built and launched the platform around our flagship unsecured installment loan product
“The evolution to fill a major market gap for the non-prime consumer. Since, we have expanded our platform offering
from a one-product to include credit cards, banking, auto refinance and will soon launch and pilot a point-of-sale product.
to a multi-product The evolution from a one-product to a multi-product platform enables us to build lasting relationships
with our customers by delivering solutions that meet their financial needs. As we deepen the
platform enables relationship and learn more about our customers, we are able to create tailored experiences and
us to build lasting customized product offerings given the expanded data and history we collect on the platform.
relationships with
In the context of this report, how do you think about the term Super App? Should we
our customers by
consider Avant to be one since you already have card, personal loan and banking
delivering capabilities? What is your strategy for prioritizing new features / products?
solutions that
meet their financial The context of the report is important here as the term “Super App” can be described in a number of
different ways. For us, we see a shift underway in how consumers engage with financial service
needs.” providers. All else being equal, no one wants to manage their finances across a dozen different
applications. We are building our platform to provide one seamless experience across products and
services with the goal of developing long-term relationships with our customers. With that, the
products and services on our platform will continue to expand over time to cover the broad-based
needs of our customers which is a key component of any “Super App” strategy.
Our strategy for prioritizing investments in features or products is centered around the customer. We
are a customer-driven organization and are relentless in our pursuit of understanding their needs and
prioritize accordingly. Our customer-centric approach means that we are not always focused on
building direct revenue generating features and products, but rather on a strategy that is anchored
against the customer relationship and lifetime value. And with this strategy we must continue to
provide value and a superior experience at all times.
Interview with Avant (cont.)
Exclusive CEO Interview – Matt Bochenek
Avant acquired Zero Financial, and its neobank brand Level, building on your banking
capabilities. What was the rationale behind that transaction?
Our goal is to build lasting relationships with our customers by providing value through innovative
“We are of the view products and services across ones’ financial journey. The focus of the business since launch has
largely been on developing credit and lending capabilities which is a core need of the non-prime
that extending into consumer segment and we believe we do that exceptionally well. We have always planned to bring a
Banking further Banking product to market to complement our core credit offering. Acquiring Zero Financial Inc., and
differentiates our its neobank Level accelerated our go-to-market strategy and created near-immediate product and
revenue diversification for the business. We are of the view that extending into Banking further
platform and differentiates our platform and delivers tremendous value to our customers across the key financial
delivers categories: Savings, Spending, and Borrowing.
tremendous value Will acquisitions remain part of your growth strategy going forward? How do you think
to our customers about buy vs. build as you look to deploy additional features?
across the key We will continue to aggressively invest in the growth of the business and are constantly evaluating
financial opportunities to deliver more value to our customers. One thing we’ve learned over the years is that
we don’t have to build everything in-house. It’s important for us to control components of the platform
categories: which deliver differentiation and that can be achieved through both acquisition, in-house development,
Savings, Spending, and partnerships. We have a framework to evaluate potential deals and will stay disciplined in our
and Borrowing. ” approach as we move forward.
What’s next for the Company? Do you see it remaining private, going public or
becoming part of a larger financial institution?
Remaining private has given us the flexibility to continue to scale and innovate rapidly to get us to
where we are today. Given our attractive business and financial profile, we have a lot of flexibility in
terms of raising capital in the public and private markets. We regularly evaluate all options - while
there’s no rush to do anything specific, we’ll continue to monitor all avenues and act in the best
interest of our shareholders.
Interview with Betterment
Sarah Levy is the CEO of Betterment, a leading digital investment advisor. Prior to joining
Betterment, Sarah spent over 20 years in the media industry, most recently as Chief Operating
Sarah Levy Officer of Viacom Media Networks.
CEO
What is your background and what led you to join Betterment?

I have over 20 years of experience in the media industry, and before joining Betterment I was Chief
Operating Officer at Viacom Media Networks. Above all else, I was drawn to Betterment’s mission:
making people’s lives better. The Millennial Generation (and Gen Z behind them) seeks to associate
“Increasingly, with brands they believe in and that share their values. Having spent two decades connecting with
personalization is niche audiences via iconic brands like SpongeBob SquarePants, I saw in Betterment an opportunity to
build a resonant brand and a substantial financial services business. I have a passion for building
where we continue teams, super-serving niche audiences and scaling good ideas. At Betterment, I saw an opportunity to
to break away from do all three. Jon and the board were ready to take the company to its next phase of growth, so it was a
perfect fit for me.
the competitive set
-- from leading ESG Betterment launched in 2010 offering users access to two portfolios, and now offers
a broad range of products including checking accounts and IRAs. How have
portfolios to
Betterment’s offerings evolved over time, and how does that help differentiate it from
holistic financial competing platforms?
guidance.” Betterment pioneered a category. With more than a decade of experience, we are now a trusted brand
with an innovative DNA. The team has built a scalable, vertically integrated platform, capable of
launching new products and serving multiple audiences (retail investors, employers via 401(k), and
RIAs). Our focus remains true to our roots -- providing easy-to-use, diversified investment and savings
products so our customers can build towards long-term financial security. Our multipronged
distribution is a meaningful differentiator as a business. Our product differentiation continues to
evolve. At the core, we offer great performance, ease of use, automation (e.g., tax loss harvesting,
fractional shares, no cash drag, rebalancing) and trust (as a fiduciary). But, increasingly,
personalization is where we continue to break away from the competitive set -- from leading ESG
portfolios to holistic financial guidance.
Interview with Betterment (cont.)
Exclusive CEO Interview – Sarah Levy
With all the attention paid to crypto and individual stock trading over the past year,
Betterment has remained focused on long-term, diversified investing solutions. Was
there a temptation to capitalize on the meme stock craze? What makes long-term
“We’ve seen our investing a more attractive focus area?
assets under We’ve been around long enough to experience a fair share of market volatility, and we have stuck to
management and our guiding principles. On average and over time, customers do better when they start early, stay
diversified, and don’t try to time the market. Some of our customers are going to seek exposure to
customers grow individual securities with a portion of their savings and we’re fine with that. We’ve seen our assets
significantly under management and customers grow significantly throughout the meme stock phenomenon,
throughout the which validates our focus on building long-term, diversified portfolios as the right path forward.
meme stock Betterment’s direct-to-consumer offerings are well-known, but you also have a sizable
phenomenon, B2B business, including a 401(k) offering for SMBs and a wealth management
which validates our platform for RIAs. How do you see the B2B offerings complementing your B2C
focus on building offerings and what else do you intend to add to your platform?
long-term, We see substantial white space in both financial wellness offerings and investment solutions for
small to medium growing businesses and RIAs. The growth here has already exceeded our
diversified expectations and we are investing behind both businesses in 2022 and beyond. Our 401(k) offering is
portfolios as the the anchor of an expanding financial wellness opportunity that small and medium businesses are
right path craving. We’ve built this business by leveraging a best-in-class consumer offering, enabling us to
deliver a fantastic employee experience. Both incumbents and challengers in this space cater to
forward.” employers but have failed to invest in the end-user. Our retail business gives us know-how and years
of experience in super-serving both the employer and the end consumer. These offerings are
increasingly popular with employees and in the competitive hiring landscape, and we help our clients
shape compelling benefits strategies.
Continued on next page

Continued from prior page

For RIAs, we are similarly able both to solve their needs and their clients’ needs. Here we leverage our
“[P]erhaps counter substantial retail footprint to innovate on behalf of advisors’ end-users. At the same time, practice
to others’ theses in management is an important and under-served area where small RIAs are seeking easy-to-use tech
the market, we solutions. We’ve developed a turn-key product for their needs while delighting their clients.
think tech
Consistent with the topic of this report, how should we think about Betterment’s
solutions make it
strategy in the context of a Super App?
easy and practical
for customers to Our philosophy is centered on our fiduciary duty of providing the best long term investment advice to
have a small our customers. To do that well, we’ve enabled customers to connect their entire financial picture to
their Betterment account. This enables us to personalize their advice. But -- perhaps counter to
handful of financial others’ theses in the market -- we think tech solutions make it easy and practical for customers to
institutions have a small handful of financial institutions supporting their needs. We are laser focused on product
supporting their excellence in investing-first, meaning depth not breadth. You should expect to see continued
innovation from us in service of customers’ long term financial well-being.
needs. We are
laser focused on Betterment acquired Wealthsimple’s U.S. Investment Advisory book in March 2021.
product excellence Will acquisitions remain a part of your strategy going forward, whether to grow your
in investing-first, customer base or expand the product suite?
meaning depth not
The Wealthsimple acquisition worked well for us as their customer base was a good match with ours
breadth.” and the economics made sense. Provided a company has a clear strategy, which we do, acquisitions
can be strong growth catalysts. We will continue to be opportunistic in seeking ways to build the
product, the team and the customer base via acquisition.
Are there any KPIs or growth metrics you can share with us?
“Over the last year
our assets under We look at growth in assets under management, customer net deposits and small business retirement
management have plan adoption as key growth metrics, and all have seen substantial growth. Over the last year our
assets under management have grown to $33 billion, net deposits are up 240% through September
grown to $33 and 401(k) plan adoption has expanded by 370%.
billion, net
deposits are up What’s the long-term vision for Betterment? What do you think the Company looks
240% through like 5-10 years down the road?
September and I think we are on the road to becoming an enduring financial services brand and making a real impact
401(k) plan on how the next generation builds a secure financial future. More specifically, I believe we have an
opportunity to impact society by redefining baseline expectations for small business benefits across
adoption has the country, making lives better for hundreds of thousands (and someday millions) of Americans.
expanded by
370%.”
Interview with Current
Stuart Sopp is the CEO and Founder of Current, a leading U.S. financial technology platform, serving
Americans working to create a better future for themselves. From 1999 - 2014 he spent his career
developing and trading financial systems at Morgan Stanley, Citi and Deutsche Bank. He started
Stuart Sopp Current after recognizing that the growing inequality gap could be addressed through innovation in
Founder and CEO technology to improve financial outcomes for everyone.
Please talk to us about the vision behind founding Current.

“Even though there Not being from the U.S. has helped me bring an outside perspective on access to the financial system
are still so many here and also not accepting that status quo. I’ve lived in 6 countries before settling here in NYC and I
banks and credit have a lot of personal experiences to draw from when it comes to getting started in a financial system
from scratch. The problems we identified early were centered around access, liquidity and simplicity.
unions in the U.S., Even though there are still so many banks and credit unions in the U.S., they actually run on a handful
they actually run of technology providers which makes the product offerings totally commoditized and lacking key
features. We knew we could solve most of those problems we identified by building our own
on a handful of technology stack to bring a first class banking experience to the majority of Americans.
technology
providers which What are the key attributes of Current’s offerings that are differentiated relative to
makes the product other Challenger Banks?
offerings totally
We have focused on a younger demographic than most of our competitors, with both a full checking
commoditized and account product and teen banking product. This has necessitated a different ordering and focus in our
lacking key product to most. Control, budgeting and insights were all key features built early. As well as the first
challenger to bring points and savings pods to help our members get ahead in life and be rewarded for
features.” their loyalty. We have recently announced our move into DeFi to bring higher yields to people who need
it the most and are working with Acala and Polkadot on this integration.
Interview with Current (cont.)
Exclusive CEO Interview – Stuart Sopp
Along the lines of this report, is Current pursuing a Super App strategy? What do you
think are the key ingredients for a successful Super App?
The definition of a Super App is probably quite important with respect to the market direction, and we
think there are 3 main types of “Super App.” Building all the products to retain engaging users and
economics of those products is one way to look at a Super App, which is where most FinTechs and
“Current is banks are going. Another is by marketplace, having the same goal of lots of engaged customers in
pursuing a Super various products but to then displace the traditional financial networks, which looks like Square and
PayPal. Finally, there is a Super App that looks like a financial marketplace, having all the options of
App strategy and financial products but all third party, like Credit Karma. Current is pursuing a Super App strategy and
we think having we think having clear direction is important as well as focusing on best-in-class products that
seamlessly integrate.
clear direction is
important as well Current targets consumers at the lower end of the wealth and credit spectrum, many
living paycheck-to-paycheck. Can you talk to us about your customer demographics.
as focusing on
What are the key products that resonate best with this audience?
best-in-class
Our members are largely essential workers and work at big-box retailers, delivery and logistic services,
products that and they largely live in cities such as Atlanta, Chicago, Houston and Brooklyn. Our members trend a
seamlessly little younger than our competitors, with an average age of 27, and earn an average of about $45,000
per year. For people who live paycheck to paycheck, getting paid on a Wednesday instead of a Friday
integrate.” with our early direct deposits, is critical. The access we provide to forms of microcredit is really
important for our members, including up to $100 in overdraft without fees, and instantly removing gas
holds. When you fill up on gas with a debit card, gas stations immediately put a $50-$75 hold on your
account that can take several days to fall off. If you have a lot of money you wouldn’t notice it but for
example, someone who drives for Uber fills up several times a week, it could potentially mean all their
money being held. It means not only that they can’t pay their bills or buy groceries but they can’t even
fill up on gas again to do their jobs and earn money.
We were also proud to be the first FinTech in the U.S. to credit stimulus payments for each round of
stimulus in 2020 and 2021, using our own balance sheet, which was five days faster than traditional
banks and got much-needed funds immediately to our members.
Interview with Current (cont.)
Exclusive CEO Interview – Stuart Sopp
Current has a multi-product acquisition strategy and you have been successful
leveraging social media. Can you discuss your customer acquisition playbook?
For all brands, and in particular financial services, establishing trust and relevancy is critical. You first
need to identify where the customers you’re looking to acquire spend their time and that’s where you
need to be. That is social media for our members. We’re on Facebook and Instagram but we’re also
“As a company, heavily into working with influencers like MrBeast on platforms like YouTube, TikTok and Snapchat.
Many of the biggest stars on social media are the most relevant people in our members’ lives. They
we’re focused on already know and trust them so to see Current integrated into their content adds legitimacy and an
growth and extra layer of trust. That’s as important as building products that meet their needs. To ask someone
becoming our who doesn’t make a lot of money to switch their direct deposit and give us all their money requires an
enormous amount of trust and makes building a strong brand presence incredibly important.
members’ primary
financial How do you size your market opportunity?
relationship, so The market and its participants are always changing and so does the size. As we add more products
to our financial platform the addressable market increases significantly. Right now we are targeting
recurring deposits more than 100 million Americans.
is a key metric for
Can you share some key financial metrics and any other KPIs with us?
us.”
We’ve now raised over $400 million in funding, including a $220 million Series D led by Andreessen
Horowitz this year. As a company, we’re focused on growth and becoming our members’ primary
financial relationship, so recurring deposits is a key metric for us.
As the banking marketplace evolves in the years ahead and a limited number of
Super Apps potentially gain substantial traction, how do you expect the long-tail of
small-to-midsize banks to respond?
I think it's going to be very hard for many small to midsize banks to compete in the future. The obvious
play is for them to be acquired and rolled up into large regionals. Also a technology player like Google
offering a front end and banking platform could be something that works for a time but lacks the
cohesive nature needed to win longer term.
Interview with Curve
Shachar Bialick is the Founder and CEO of Curve. Prior to founding Curve, he was the Head of
Product at Checkout.com. Shachar is a serial entrepreneur, having built and led a multitude of
Shachar Bialick companies across several verticals including healthcare, finance, e-commerce, and mobile
telecommunications.
Founder and CEO
Please describe Curve’s business model to us. What is the core value proposition for
consumers? Why did you decide to pursue the Over-the-Top model?
“We decided to The overarching positioning is ‘All Your Cards in One’, which translates in people’s minds to “All Your
take on the [over Money in one Place”, which highlights the convenience and control we offer customers. However,
the top] strategy… Curve has sufficient number of ‘hooks’ which brings them into Curve aside from All Your Cards in One,
such as: (a) Enabling all their cards to work with any xPay; (b) Earning double dip rewards - 1%
because we deeply cashback on their everyday spend on top of their underlying cards; (c) More flexibility and control with
believe that it is our patented Going Back in Time offering, which allows customers to change the account which the
purchase was made from; (d) Saving money on FX on all their cards; and (e) Splitting any purchase
almost impossible they’ve made on Curve up to a year later into installments. We use these hooks to attract various target
to ask customers audiences into the Curve platform.
to leave their We decided to take on the OTT strategy to de-facto build the first ever global Open Banking platform
existing financial because we deeply believe that it is almost impossible to ask customers to leave their existing
financial relations and services that they use today in order to bring all their money into one place (e.g
relations and the challenger banks’ approach). We can support this hypothesis today with a lot of data:
services that they
a) Since Curve sees all the spending of our customers, we know firsthand how few (~7%) of
use today in order challenger bank customers use their challenger bank as their primary account. They prefer to
to bring all their continue to trust their traditional banks.
money into one b) European challenger banks perform even worse in the US market where legacy players (e.g Chase,
place.” BofA, Capital One) already offer strong UX and CX. This has made the market more difficult and
costly to make customers change their relationships.
Interview with Curve (cont.)
Exclusive CEO Interview – Shachar Bialick
Curve’s OTT approach is unique in the market, and allows Curve to solve for all of the following
challenges:
1) Curve doesn’t require the customer to change their behavior or the products they’re using or even
“Curve’s OTT ask for people to trust us with their money. It allows the customers to keep using the same
Strategy positions products they love and trust, but through a new interface.
Curve closest to 2) This in turn provides Curve with a much lower acquisition hurdle (and therefore costs), as well as
the customer, much more robust data on the customer, which in turn enables Curve to provide a better customer
experience and proposition in the market.
owning the
relationship with 3) Curve’s OTT Strategy positions Curve closest to the customer, owning the relationship with the
customer across all their finances. In other words, as the financial space is accelerating with
the customer choice (i.e fragmentation) it merely acts as a tailwind in Curve’s sails.
across all their 4) Curve’s unique product strategy allows Curve to offer customers truly original products, such as
finances.” the ability to make all your cards Zero FX (rather than buying currency in advance), Go-Back-In-
Time, Splitting any transaction into instalments, etc etc.
5) Curve’s product strategy is designed to support a Marketplace strategy, as Curve is not a bank, and
therefore its internal products do not necessarily compete with external offerings. It means Curve
doesn’t view the market as a zero-sum game and can help all players access their target audience
more effectively.
6) As Curve is not a bank, it allows us to move faster as we have less regulatory hurdles and capital
requirements.
How have Curve’s offerings evolved over time? What features of your solution are
most popular?
Curve’s most valuable feature is our simplicity; all your cards in one. Customers come to us because
they are fragmented and frustrated with checking multiple statements each month, and want to see all
their spending in a single place. After this, our customers love Go Back in Time because it is the kind
“Customers come of functionality you only dream about being able to have when you make a spending mistake, and we
to us because they made it real.
are fragmented What are the key challenges you’ve faced in building Curve’s unique solution? Have
and frustrated with you faced pushback to your model from any of the incumbents?
checking multiple Like any new business, it comes with challenges, even more so when you embark on building a new
category. As such, Curve has faced several challenges throughout its lifetime, and those challenges
statements each changed over time. At first it was securing the relevant licenses and changing rules of relevant
month, and want to participants to enable such a product. Then it was obviously the technical challenge of doing
see all their something no one has done before (and not for lack of trying). Then it was the challenge of educating
the ecosystem. We have been fortunate in many ways - our transparent approach has enabled us to
spending in a earn trust with major incumbents in the market, while the innovation the market has experienced in the
single place.” past five years has enabled us to collaborate and move fast across many of our initiatives, resulting in
phenomenal YoY growth in the past 3 years since we launched out of Beta.
What is your distribution strategy -- how are you acquiring customers? What is the
profile of your typical customer?
Our growth strategy relies on 3Ps - Product, Partnerships and PR Outreach. To date, we were able to
phenomenally by leveraging this strategy. The majority of our growth stems from Word of Mouth,
Referral, and Partnership activities. What’s unique about Curve customers vs. other FinTechs is our
customer profile - our customers are more affluent than most FinTech experiences in the market.
Their median age is 30, they earn well, well-educated, and well-travelled. They join Curve to enjoy more
convenience and control over their finances, they spend between £1000 and £3000 per month on the
platform, consolidating all their finances in one place.
What is Curve’s revenue model?

Curve has 3 categories of revenue streams: (a) Transaction-related Revenue: Income Curve receives
“Super Apps are every time a customer spends money with the Curve card; (b) Subscriptions: A significant percentage
the central of our cohort pays a monthly fee to be able to access premium capabilities Curve offers; (c) Platform:
This is a catch-all category for all new revenue lines Curve introduces to its category such as Curve
component in a Credit (lending products), Curve Insurance, Curve Fronted (paying your bills with your credit cards), and
person’s financial many others. We are at the beginning of our journey in terms of revenues, and we look to introduce
life. They are several other (known) significant revenue streams in the coming years.
closest to the How do you define the term Super App? What are the key ingredients required to truly
customer, and the build a Super App?
focal point of In our view, Super Apps combine two key aspects. Firstly, they are a self-contained and curated
access to marketplace where customers know they can reliably find high-quality financial products and
suppliers. Secondly, Super Apps are the central component in a person’s financial life. They are closest
everything money - to the customer, and the focal point of access to everything money - it is their go-to source of truth for
it is their go-to spending, sending, seeing, and saving their money.
source of truth for How do you see the market ultimately evolving? How many Super Apps can the
spending, sending, market support?
seeing, and saving
Personal finance is a colossal market. It would be highly improbable that a single Super App takes
their money.” over the world. More likely is that we will have regional winners: a Super App for Europe, a Super App
for LATAM, a Super App for the US. The far Eastern market is already moving this way, and with the
dominance of both AliPay and WeChatPay (as well as Grab), shows the category is likely to be able to
support more than one winner, due to the size and complexity of the market.
“We hope that by What’s the long-term vision for Curve? What’s next in the Company’s product
offering our own roadmap? What about geographic expansion?
product in Curve, Curve has successfully made itself indispensable for its customers. Features such as 0% FX, Go Back
we can encourage in Time, and enhanced rewards have meant that our customers go to us first for all of their jobs to do
with spending. Our next mission is to bring other things that people do with their money into our
other providers to ecosystem and begin to curate a marketplace with third-party offerings. Curve Credit is our first step
join and begin on this path; we hope that by offering our own product in Curve, we can encourage other providers to
join and begin competing on the platform leveraging the experience we’ve built and the robust data we
competing on the hold (with customers’ permission of course). While we are adding these features, we also plan to bring
platform Curve to more people and expand globally both organically and inorganically. Our ambition is to be the
leveraging the Super App for the European and North American markets.
experience we’ve
built and the
robust data we
hold.”
Interview with Jerry
Art Agrawal is the Co-founder and CEO of Jerry. Prior to co-founding Jerry, he co-founded and led
Art Agrawal two other technology startups, and previously worked at SAP Americas.
Co-founder and CEO
What was the vision behind founding Jerry? What problems are you solving for your
customers?
Jerry was founded based on our own personal, frustrating experiences with all car ownership hassles
— from determining what car to buy, financing a vehicle, finding insurance, licensing, titles, warranties,
“That was the repairs, parking, and maintenance. That was the basis of our mission … to make it really easy for
people to save time and money on car expenses. We’re building a super app that reduces hours of
basis of our calls and stacks of pages to a click, a text or a swipe, and uncovers money-saving opportunities at the
mission … to make same time.
it really easy for How has Jerry simplified the auto insurance purchasing process?
people to save Jerry asks two questions, serves up quotes from major brand insurers faster than any other
time and money on marketplace (45 seconds) and lets you complete the entire transaction without talking to a human.
Other sites make you fill out pages upon pages of information. Jerry delivers competitive quotes in 45
car expenses.” seconds, and if you want to switch carriers, you can complete the transaction in the app and you’ll
have new insurance cards in the time it takes you to walk your dog. Our proprietary AI, machine
learning and bots make this possible.
What makes the experience at Jerry different than other auto-related marketplaces?
I’ll break down how we are different in the auto insurance category first, there are 5 main factors … a
lot of differences:
1. FAST - Other sites make you fill out pages upon pages of information, Jerry delivers competitive
quotes in 45 seconds, and if you want to switch carriers, you’ll have new insurance cards in minutes;
our proprietary AI, machine learning and bots make this possible.
Interview with Jerry (cont.)
Exclusive CEO Interview – Art Agrawal
2. Complete transaction - You buy your policy through us. We don’t send you to other websites.
3. Privacy - There’s no human interaction unless you want it.
4. Cancel your old policy - Not only can you conduct the whole new policy transaction with us, but we
go one step further and cancel your previous policy for you.
“… there isn’t a 5. Ongoing price monitoring - We offer to re-shop for you every six months to make sure you are still in
competitor right the best policy for your needs. And we’re here to help you with a policy change.
now that is And, in the car ownership super app category, there isn’t a competitor right now that is developing an
developing an end- end-to-end solution like we are.
to-end solution like Why did you decide on personal auto insurance as the product line to initially start
we are.” with? What makes this market attractive?
We looked across the industry and saw an e-commerce experience for comparing and buying car
insurance didn't exist. Jerry is still the only service that allows consumers to compare and buy
instantly. That said, the entire automotive industry is attractive. Services for car owners are lagging
behind the ease and convenience offered in other industries and we are removing the friction and
making the transactions seamless and less expensive.
What measures are taken to ensure customer information stays up to date if

consumers only need to fill out their personal information once?
Jerry uses proprietary data sources to keep track of customer information. Our customers also have
the ability to update their information in the app.
Interview with Jerry (cont.)
Exclusive CEO Interview – Art Agrawal
You talk about Jerry becoming a Super App for car owners. Please talk to us about
“We believe in what exactly this entails and why you are in a great position to move in this direction.
marketplace
Super apps have been very popular in Asia and are just starting to gain traction here. What we’re
models. That said, building is a super app specific to car ownership. Think of all the services you need, end-to-end, as a
we’re building a car owner and a driver. That’s where we’ll help customers. Jerry is a marketplace. For any car service
you need, we’ll provide you a number of options and you can choose the best price and product that
Super App to save works for you. We save you the time of searching, inputting your personal information and/or needs
customers time due to our AI, and pull a number of quotes. For car loans, for example, we’ll serve up a number of APR
and money on the options with various terms and from a variety of partners. When you choose one, we’ll handle all the
heavy lifting like we do with our insurance product. We’re automating the majority of the process and
entire car cutting the time and effort it takes customers from weeks to days.
ownership journey.
We may find there What is the full breadth of products and services you intend to offer under your Super
are services or App model? What should we expect next?
products that are We have an aggressive launch timeline that I can’t share right now but I can tell you that you will see us
better suited to add new services every few months over the next year. If you own a car and think about all the pain
points, you can bet they’re on our list.
come directly from
Jerry rather than Jerry has a marketplace model today, offering consumers choice among multiple
creating a providers. Are you considering offering any of your own products whether insurance
marketplace as we related or not?
enter new
We believe in marketplace models. That said, we’re building a Super App to save customers time and
categories.” money on the entire car ownership journey. We may find there are services or products that are better
suited to come directly from Jerry rather than creating a marketplace as we enter new categories.
Interview with Mission Lane
Shane Holdaway is the CEO of Mission Lane, a digital platform for personal finance that provides a
comprehensive suite of products for underserved consumers. Prior to joining Mission Lane, Shane
Shane Holdaway was CEO of Barclays U.S. Consumer Bank, and also President of Capital One Canada. Prior to
moving into financial services, he was a consultant with McKinsey & Company.
CEO
Can you provide a little bit of background on Mission Lane and its “mission”? What
are the key pain points the company is solving for its customers?
“There are over Mission Lane’s founding belief is that people want to – and can – improve. We are dedicated to
100 million adults combining the power of advanced data and technology with deep human insight and connection to
help people improve and make progress in their financial lives.
in America trying
to solve an array of Our initial focus has been on giving people a chance who don’t typically get one. These people are
often called “underserved” or “underbanked”, but whatever label you use, there are over 100 million
personal finance adults in America trying to solve an array of personal finance pain points but who are often overlooked
pain points but by traditional financial institutions. They need to make the same financial decisions as everyone else
who are often but have fewer options, and the options they do have are typically a lot more expensive.
overlooked by We started by trying to solve one of the most acute pain points for these consumers – access to
quality, transparent credit. While many banks may view these consumers as a monolith of low credit
traditional financial scores who are difficult to underwrite, Mission Lane recognizes that this is a multi-faceted, generally
institutions.” responsible group of consumers who need more than a one-size-fits-all approach.
Many of these customers are faced with high fees and confusing terms and must jump through hoops
for access to even low-quality services. Mission Lane alleviates these pain points by offering
consumers access to transparent and reasonably priced financial products that help build credit, earn
more money and improve financial literacy.
Interview with Mission Lane (cont.)
Exclusive CEO Interview – Shane Holdaway
With your deep background in financial services, what was it about Mission Lane that
led to you joining the company?
“The thought of
building a When I first heard the idea of Mission Lane, I had spent the better part of two decades helping large
financial institutions in two countries grow and expand. My worldview was shaped by the constant
company with the tensions I observed like the power of scale versus the need for nimbleness, and the desire to help the
people, data, and underserved clashing with regulatory and reputational concerns.; universal acknowledgment of the
power of modern software and data approaches colliding with legacy systems and layers of
technology that bureaucratic sediment.
could finally
I got a call out of the blue from Nigel Morris, erstwhile co-founder of Capital One (where I worked for a
resolve all those decade and a half) and current managing partner of QED Investors. Nigel explained that he and some
tensions I had so other investors had spun Mission Lane out of another company with the hope of building something
often observed in special. He asked if I would be interested in being the company’s founding CEO.
mainstream To say this was an unlikely move is an understatement. I had just moved my family to run the US retail
bank division of a large international bank holding company, and Mission Lane at the time had about
financial services 1/50th of the personnel and revenue of the business unit I was then leading.
was an opportunity
However, I was immediately consumed by the prospect of building a financial company designed from
I could not forgo. ” inception to serve the underserved population in America. The thought of building a company with the
people, data, and technology that could finally resolve all those tensions I had so often observed in
mainstream financial services was an opportunity I could not forgo. And what an amazing journey it
has been so far!
How is Mission Lane able to serve consumers that are historically underserved by
traditional financial institutions? What are your key differentiating factors?
“We started our The short answer is found in the almost alchemical way we combine people, data, and technology to
business focusing offer better products and experiences to credit-challenged consumers across America. It is not the
result of just one factor. We often talk internally about “0.9 to the 6th power”: that is, you can look at
on unsecured any one component of what we do – our data infrastructure and org design, our rigorous testing
credit cards regime, our obsessive hiring and talent practices, our techniques for surfacing deep experiential
because these insights, our modular architecture, our risk-management culture, etc. – and say that you could copy
that one component with a 90% probability of success. But the real magic is in how we combine all
products, when these elements to create incredible outcomes for our customers.
done well, have In other terms, the real differentiating factors of Mission Lane are (1) our proprietary data generated
incredibly high through continuous, rigorous testing; (2) our company’s operating system; and (3) how we are
constantly tinkering to improve the system.
utility for
customers and How have Mission Lane’s offerings evolved over time?
great unit
We started our business focusing on unsecured credit cards because these products, when done well,
economics. But to have incredibly high utility for customers and great unit economics. But to do credit cards well takes a
do credit cards lot of expertise, technology, data, and capital (harkening back to “0.9 to the 6th power”!), which we felt
would provide a sustainable growth platform upon which we could build out other offerings for
well takes a lot of underserved consumers.
expertise, As we continue to grow our card offerings, we have also started to expand into other products and
technology, data, services. In 2021, we launched Mission Money (leveraging the core technology from our acquisition of
Honeydue) which is our debit product focused on no hidden fees or minimum balances. We also
and capital.” launched Earn, an app that helps users optimize their earnings through a customizable job discovery
engine and automated income tracker, and Junction, a portal for financial education and
empowerment. Next on our roadmap is a suite of credit-builder offerings and other tools for helping
customers manage short-term liquidity challenges.
Mission Lane has experienced nearly triple digit annual account growth over the
“We have… three years, reaching 1.5 million total accounts recently. What is resonating so well
leveraged with consumers and how do you expect to continue this pace of growth going
Honeydue’s strong forward?
banking Our customers realize that we put them first and have the expertise and resources to support their
capabilities to situations. We put ourselves in our customers’ shoes and want to work with them for the long-term,
rather than just providing one band-aid solution or product. Everything we create is part of our mission
bring additional to empower people with the tools needed to improve their financial lives and achieve their goals.
financial products, Additionally, we’ve started to develop a reputation of treating customers exceptionally well. Superior
such as our debit customer service is at the core of everything we do, and we train our representatives to strive to
card Mission understand the unique financial situation of every person with whom they interact. Our advancements
in data also give us quantitative and qualitative insights that enable us to tailor the Mission Lane
Money, to experience to each customer.
consumers, and
Can you provide some context around the Honeydue acquisition? What is the overall
the expertise of
strategy and do you expect to launch any new features for your customers in the
our combined near-term?
teams will be vital
In May 2021, we acquired Honeydue, a financial technology company providing digital applications
as we continue to and banking services to help couples better manage their joint finances and develop stronger financial
build out a literacy and habits. For us, it was a natural fit. Both Honeydue and Mission Lane shared the goal of
comprehensive improving people’s lives by reducing financial stress by providing transparent and reliable products
and services. Further, we gained a team of talented individuals with tech expertise that can help us
digital banking keep up with our growth and serve our customers efficiently and effectively. We have since leveraged
suite.” Honeydue’s strong banking capabilities to bring additional financial products, such as our debit card
Mission Money, to consumers, and the expertise of our combined teams will be vital as we continue to
build out a comprehensive digital banking suite.
In the context of this report, how do you think about the term Super App? Does
Mission Lane aspire to be one? What is your strategy for prioritizing new features /
products outside of credit cards?
“Our customers
need more than The term “Super App” typically connotes the idea of having all financial services in one mobile app. But
I think the topic is far more nuanced and interesting than this. Our customers need more than credit
credit cards to help cards to help them improve in their financial lives, but do they want these other products and features
them improve in in one app or data-linked separate apps, or do they prefer to spread their financial lives across multiple
their financial lives, providers and apps?
Our view is that if we deliver great solutions to acute “jobs to be done” for our customers, and then
but do they want treat them really, really well after they sign up with us, then they will want us to provide them with more
these other and more services over time. The key then becomes how well these discrete point solutions work
products and together. Whether the solutions are all housed in one app or multiple apps is a design/interface
question – an important question to be sure, but more of the “tail” than the “dog.” The real question is,
features in one app and always will be, how well are your solutions helping customers? And what is the undeniable
or data-linked customer benefit of getting that second and third product with you rather than from some other
provider? These are the questions we use to guide our product prioritization decisions.
separate apps, or
do they prefer to How has COVID-19 impacted your strategic roadmap?
spread their Not as much as I would have thought at the beginning of the pandemic. While COVID-19 has had
financial lives immense economic and social impacts, the core needs of our customers haven’t changed. They still
across multiple need to pay for things, they still have occasional short-term liquidity needs (though less so
immediately after each stimulus check got sent out!), and they still want to plan for a better future. Our
providers and customers continued to face uncertainties, but they always had uncertainties. So, if anything, the
apps?” pandemic has only served to reaffirm our mission to be a digital provider of high-quality financial
services that can respond efficiently and quickly to the changing needs of our diverse customer base,
wherever they are in their financial journey. We’ve established a completely seamless, digital offering
that includes personalized customer support for individuals at each step of their financial journey.
What’s the long-term vision for the Company? Do you see it remaining private, going
“We want public or becoming part of a larger financial institution?
consumers to look We are thrilled with the rapid pace of growth and expansion we’ve experienced over the past three
to Mission Lane years. Triple-digit growth three years running is a great start! We have some great things coming down
not just as a credit the pipeline in 2022, with plans to continue rolling out innovative and data-driven products tailor-made
for our target customer base. We want consumers to look to Mission Lane not just as a credit and
and debit provider debit provider but as a digital operating system to help them improve their financial lives. We look
but as a digital forward to eventually going public but are in no rush; right now, we are laser-focused on providing
operating system more and better products and services to even more Americans currently underserved by what’s out
there.
to help them
improve their
financial lives.”
Interview with MoneyLion
Dee Choubey co-founded MoneyLion in 2013 and has been its CEO since inception. Prior to co-
founding MoneyLion, Dee was a senior investment banking professional at Barclays, a Vice
Dee Choubey President at Citadel Securities, and was previously an investment banking professional at Goldman
Sachs and Citigroup.
Founder and CEO
Please talk to us about the vision behind founding MoneyLion, and how has the
Company’s offering evolved?
“At MoneyLion, We founded MoneyLion because incumbent banks weren’t creating products for the changing needs
we’re working to of hardworking Americans. We started with the goal of rewiring the consumer finance system, with the
vision of building a private bank for the working middle class. At MoneyLion, we’re working to own the
own the culture of culture of money where consumers learn, aspire and earn at a one-stop, daily financial destination. The
money where idea was to allow consumers to leverage good behaviors from times when they have excess cash (e.g.
consumers learn, investing) to get better, cheaper products when they need help to solve a real life need (e.g. most likely
banking and credit products). And of course, we wanted to combine AI, machine-learning technology,
aspire and earn at and behavioral science to reduce as much friction as possible for the user.
a one-stop, daily
We are very proud of our evolution. We used our beachhead in algorithmic credit and our unique
financial experience in lending to then build a full suite of FinTech products including investing, banking, crypto,
destination.” rewards and advice. Since inception, we’ve seen more than 14 million bank accounts connect to
MoneyLion’s platform. With this data, we've been able to build models of financial behaviors by diving
deeply into the finances of consumers, giving our users an understanding of how others are tackling
financial situations similar to theirs. We find that there's significant engagement when we're able to
uncover those types of insights for our customers. We’re now poised to make MoneyLion a daily
destination for all hard working Americans, combining our robust financial products and services with
highly personalized content and advice to help our customers take control of their finances and
achieve their life goals.
Interview with MoneyLion (cont.)
Exclusive CEO Interview – Dee Choubey
How is MoneyLion differentiated from both traditional banks and new Challenger
Banks?
We are executing one of the most interesting strategies in FinTech by marrying our first party products,
“We are executing with the ability to provide advice, and connect all of that to a network of third party products
one of the most consumers want and already use. We’re a technology company first, and we are continually looking
for new ways to better leverage the trove of consumer behavior data we have access to in order to
interesting better service the needs of our customers. While incumbent banks and other FinTechs are able to
strategies in offer good single-point solutions to consumers, there is no other FinTech or bank that properly
FinTech by provides contextualized and personalized advice the way MoneyLion can on how the financial product
fits into a user’s long term game plan.
marrying our first
party products, Beyond that, we want to be a destination where users jot down their aspirations daily, come to learn
about finance, and engage with interactive and engaging financial insights and content powered by
with the ability to their own behavior and daily transactions. We stand out because we think about our customers’
provide advice, and financial needs and goals holistically and across a vector of time, supporting their needs across
spending, savings, investing, lending and advice with both innovative products and best-in-class
connect all of that content.
to a network of
third party Who is your core target audience? What is the profile of the typical MoneyLion
products customer?
consumers want We’re a platform for people that are unhappily banked. We see consumers that have stressful
and already use.” relationships with traditional financial institutions; these people are getting a one-size-fits-all approach
from traditional banking relationships. We’re leveraging the power of data and technology to
personalize their experience and re-introduce the idea that your financial service provider should care
about you as an individual.

The unhappily banked exist across a range of income and credit scores – whether they are $40,000 to
$150,000 households, 550 or 700+ FICO scores. While the demographics may vary across our
“A financial customer base, our users have one thing in common: their bank doesn’t know, or care, who they are as
a customer and isn’t able to offer tailored solutions that address the consumers’ individual situation.
customer at We use our data capabilities to have a precise conversation around each customer’s needs - what
MoneyLion, on their spending power is, what they can do to improve their credit score, how much they should start
saving and investing today to meet their long term goals, etc.
average, uses 2.6
of our products. You were one of the first digital banks to take a multi-product approach, which was a
With the precursor to the Super App. How do you think the consumer appetite for this Super
proliferation of a App has changed in the US over the last few years?
myriad of apps,
Initially, the market was skeptical this strategy would work. We were called a “jack of all trades” and
consumers end up were told it’s better to focus on a single wedge product. But we had a clear insight : consumers don’t
trusting one brand, operate their finances one product at a time and a platform should reflect the interconnectedness of
their financial lives. Consumers don’t think of their lives in terms of tech products; they only care about
and want to positive outcomes. An all-in-one financial platform that leverages user behaviors across financial
expand their wallet products helps consumers reach those outcomes faster and with greater rates of success; this was
with that our key insight and why we built MoneyLion. A financial customer at MoneyLion, on average, uses 2.6
of our products. With the proliferation of a myriad of apps, consumers end up trusting one brand, and
trustworthy brand.” want to expand their wallet with that trustworthy brand.
Hard working people are tired of paying billions of dollars in overdraft and other banking fees every
year. That hasn’t changed. But consumers have come to expect that their bank will help protect their
interests and that financial product offerings should reflect that. MoneyLion has been that since the
beginning: an all in one platform that gives consumers access to the planning, advice, and financial
products to bolster their financial lives without the private banking cost.

Across your product portfolio, is there a particular product that draws in customers as
the hook?
Our products are designed to work together, but our RoarMoney full service banking, spending account
is where most users start their journey. From there, it’s about meeting the customer where they are at,
“Our products are whether in times of excess or times of need. For those looking for a platform to help direct where to put
excess cash, users look to our investing products where they can get access to both a managed
designed to work investing account or exposure to cryptocurrencies. For those who come to MoneyLion in times of need,
together, but our they will be drawn to our credit building membership to increase credit scores or use our salary advance
product, Instacash. Instacash is very popular payments product with our customers as it allows them to
RoarMoney full access their paycheck early, on their terms, with no credit check, no monthly fee, and no interest. In the
service banking, coming months, we’ll be adding a ‘Buy Now Pay Later’ offering to our platform. Our version of BNPL will
spending account be merchant agnostic, providing our customers with financial flexibility on any transactions where their
RoarMoney debit cards are accepted.
is where most
Do you have any key proof points you can provide around successfully cross-selling
users start their
across your customer base?
journey. From Since 2013, MoneyLion has amassed over 9.5 million registered users and 2.7 million users with financial
there, it’s about accounts. Since the beginning of 2021, we’re up across all key financial and operating metrics, including
meeting the 119% year over year growth in adjusted revenue. Our user growth has also accelerated this year, with total
customers increasing almost 131% by the third quarter to 2.7 million. This is a fast growth story: we will
customer where increase revenue from $76 million in 2020 to our confirmed guidance of $155 million in 2021.
they are at, What does the long-term revenue and profitability model look like for MoneyLion?
whether in times of This past September we raised our annual revenue guidance for fiscal years 2021, 2022, and 2023. The
excess or times of revised guidance reflects higher projected user growth, along with the expected revenue contribution of
our new products, including our Crypto and Buy Now Pay Later offerings, that are expected to ramp
need.” through 2022 and reach full scale in 2023. We maintain strong unit economics ending Q3 2022 with a
61% contribution profit margin. We are forecasting 80% year on year top line growth in both 2022 and
2023, reaching $525 million in revenue and profitability in FY 2023. These figures don’t include revenue
from a recent acquisition. We’re still in the growth phase, and see a continued opportunity to profitably
grow, but we have imminent control over the cash flow and profitability levers.
How do you see the banking market ultimately evolving? How many Super Apps can
the market support? How do you expect the long-tail of small-to-midsize banks to
respond?
“We’re going to see We believe payments, banking, lending, investing and engaging with content will all converge into one
conversation.
companies that
offer not only The seeds were planted more than a decade ago. Following the 2008 financial crisis, we saw a
number of regulatory changes that created an opportunity for new FinTech companies to create
financial products innovative financial products that reached the customer at different inflection points of the financial
and services, but life. Incumbent banks were facing challenges from new companies that gave consumers new choices
for the way they banked, took out a loan, or traded securities. This is what we call FinTech 1.0 --
extend beyond the companies typically had monoline offerings, transactional relationships with customers, and very little
normal offerings real impact on incumbent banks. We’re now in the FinTech 2.0 phase, where we’re seeing more of the
and move into fairly basic bundling approaches being adopted by folks. These “super apps” are focused on building a
more holistic relationship with their customer by offering a broader suite of services, but still have had
broader consumer fairly limited impact on incumbents.
services, lifestyle,
As we enter FinTech 3.0, we expect this to be a very interesting period for both the FinTech providers
education, and and incumbents. Going beyond the holistic relationship built during the 2.0 phase, we’re going to see
entertainment.” companies that offer not only financial products and services, but extend beyond the normal offerings
and move into broader consumer services, lifestyle, education, and entertainment. Payments, banking,
investing and engaging with content will all converge into one conversation. This is the direction
MoneyLion is headed in and where we expect to see real impact on the incumbents.
As one of the first digital banks to go public, are you anticipating any changes in
terms of your approach to operating the company?
This has been a historic year for the company. Since announcing we were going public via a SPAC
merger in February, to listing on the NYSE with the iconic “ML” symbol on September 23, we have
continued to see consistent growth and a validation of our business strategy. Entering the public
“Our members will markets now has enabled us to reinforce our balance sheet with over $300 million in cash which will
get a holistic view power our growth ambitions, enabling us to scale and reach even more hardworking Americans and
of their finances, make MoneyLion an iconic American brand. Our mission remains the same, but going public gives us
the rocket fuel we need to realize it for millions of Americans at an accelerated pace.
get access to
engaging advisory What’s the long-term vision for MoneyLion? What’s next in the Company’s product
roadmap? What about geographic expansion?
content, and take
The future of MoneyLion is owning the culture of money. We want to live at the intersection of lifestyle
action with both and finance. What does that mean ? We think financial decision making needs to be contextualized in
MoneyLion and life outcomes and with the help of a community. We’ll continue adding financial features as well as
third-party unlocking learnings of a bigger community to create content that informs, educates, and engages
consumers. We’ve got a lot of exciting things on our roadmap. We just launched our new crypto
financial products offering, which provides members an easy way to learn about and own digital currencies by either
all in one app.” selling Bitcoin and Ethereum directly on our platform or rounding up their RoarMoney debit card
purchases into Bitcoin. We’ll continue expanding on our ability to provide credit to consumers in
unique ways as well, including scaling our BNPL offering in 2022.
As part of our FinTech 3.0 offering, we’ve been hard at work to expand our Marketplace partner
network, which matches MoneyLion members with advice on optimizing daily expenditure and making
sure they have the optimal basket of financial products. Ultimately, our vision is not just connecting
members with offers that can lower their expenses, but a personalized, unlimited content feed tailored
to their individual financial picture. Our members will get a holistic view of their finances, get access to
engaging advisory content, and take action with both MoneyLion and third-party financial products all
in one app.
Interview with RecargaPay
Rodrigo Teijeiro is the Founder and CEO of RecargaPay, a leading Brazilian FinTech company.
Rodrigo is a serial entrepreneur, having founded and led several successful online businesses prior
Rodrigo Teijeiro to RecargaPay. He has a Bachelor’s in Business Administration from the University of Southern
California and also studied Economics at Universidad de San Andrés in Argentina.
Founder and CEO
What was the vision behind founding RecargaPay?

Our mission is to democratize mobile payments and financial services in Brazil. This came about when
“We started with in early 2010 we saw that +80% of ALL mobile phone users in Brazil were prepaid customers and could
the quest of only pay these digital top ups in physical stores with cash. This accounted for 100+ million individuals
waiting in lines and paying in cash, something that we believed could be solved digitally and from the
facilitating the comfort of your home. So we started with the quest of facilitating the payments of digital services with
payments of digital any type of digital funding source. This meant building from scratch the entire payments stack to allow
customers to pay their mobile top up with a credit card. Our first innovation was really about extending
services with any the capabilities of the credit card that up to that date, nobody could pay for mobile top ups with a
type of digital credit card.
funding source. Later on we extended the use cases, from just mobile top ups into new verticals that brought users the
This meant same frustrations, so we launched the capability of paying bills directly from our app, and quickly
spread to taxes, public transportation, gift cards, parking and many more. Eventually, with time, we
building from extended the funding sources from just credit cards to debit cards, wires, boletos, we also started
scratch the entire lending and now we allow PIX.
payments stack to Why is the Brazilian Ecosystem ripe for disruption, and why is RecargaPay poised to
allow customers to serve banked and unbanked consumers better than others?
pay their mobile Brazil is fertile ground for FinTech disruption because ease of payment and access to efficient
top up with a credit financial services are elusive to all demographics. A well entrenched banking oligopoly was the long-
card.” time scapegoat for lack of innovation in these aspects, but by now it's also clear that challenger banks
don’t necessarily tackle the root of the problem by just offering a cheaper credit card. The root of the
problem is getting the right solutions to the people who need them most, and at the most critical time.
Interview with RecargaPay (cont.)
Exclusive CEO Interview – Rodrigo Teijeiro
That’s why RecargaPay started from the payments angle, tackling not just any payment but actually
“We are a the most common, everyday payments which for some reason are the most inefficient for common,
payments everyday people.
ecosystem that Offering efficient payments is tackling the everyday problems of people at their source. If you are there
aims to make the with them at the moment of that chronically problematic payment, turning their daily transport top up
into a click they perform while hopping on the bus, turning their traditionally over-the-counter bill
financial life of payment into a digital instant payment, then you will also be there when they need their next
Brazilians easier, innovation. And it might be the loan they can’t get at their bank, or the time-sensitive payment they
offering a need to make now and pay later, or the insurance product offered at the right time. The right time to be
there for those users is all the time, solving their everyday needs.
complete platform
accessible to the RecargaPay has the advantage of unmatched integrations with service providers on the one hand, and
with payment methods on the other, offering a digital wallet that truly transcends the divide between
banked and banked and unbanked, offering funding options and financial services for all.
unbanked. Taking Additionally the payments and financial services tech stack in Brazil is being re-written with PIX and
advantage of Open Banking. The launch of PIX has been nothing short of incredible. What was accomplished in just
technological one year was a tremendous disruption benefiting millions of Brazilians by making their payments
easier, faster and cheaper. PIX has affected the revenue of banks regarding the old wire transfer
breakthroughs and system of TED and DOC, but it does not stop here; the next step for PIX is becoming a serious
favorable competition to the credit/debit card rails in Brazil as well, where high interchange fees have fed the
industry for a long time. Moreover, the credit card for decades has helped accelerate the trend of cash
regulation to offer going digital, PIX will now strengthen that trend of cash going mobile. A huge blessing for RecargaPay.
better, cheaper
We are a payments ecosystem that aims to make the financial life of Brazilians easier, offering a
and faster complete platform accessible to the banked and unbanked. Taking advantage of technological
solutions.” breakthroughs and favorable regulation to offer better, cheaper and faster solutions. The ultimate
winner is the Brazilian consumer.
RecargaPay aims to be a Super App for Brazilians – what is the strongest component
of your value proposition? How are you winning customers?
“Most customers Clearly users use us as a one-stop shop for payments, something they’d had difficulty consolidating
add all their credit efficiently in the past elsewhere. One thing that illustrates this is that no matter the initial use case, the
cards in particular vertical that brought a user to us, we see a persistent trend towards users becoming
multiproduct - for example, bringing their larger bills into our platform after having started with a
RecargaPay and transport top up.
consolidate all
Most customers add all their credit cards in RecargaPay and consolidate all their spending through our
their spending app, that is why we see our average user performing consistently higher payments volume month after
through our app, month on RecargaPay. In other words, engagement seems to grow on more than one front. First, more
service providers integrated on our platform means more use cases available, elevating user retention
that is why we see over time. Second, as users turn into multi product users, there is a clear trend of bringing their larger
our average user bills on-app. Now that financial services are gaining share of our users, it’s becoming a dual reason to
performing stay on our platform. We see clear proof that as RecargaPay extends more credit facilities it is also
expanding its share of wallet and user retention.
consistently higher
payments volume The majority of our new users (80%) are typically organic as they are actively seeking a digital means
to perform a payment that is basic to them, be it a top up or bill payment. What we see now is that
month after month initial use cases are more diversified, as first time users perform a wider range of bill payments, or
on RecargaPay.” even perform multiple payments their first month on the platform. It is also evident that financial
services are becoming their own entryway to our platform, as access to credit is more demanded from
the start.
Capital access is at the center of RecargaPay’s core – can you discuss the future of
lending/installments in Brazil?
The game is on. FinTech has already brought new players into the arena, and Brazilian regulation and
Central Bank innovation have done a lot to level the playing field and make the future of credit
“The platforms offerings in Brazil increasingly competitive. This applies to traditional loan formats or new ways of
making BNPL options appear to users exactly when they need them. That’s where players like
that manage to RecargaPay have an important role to play, spreading these tools and streamlining them with the
insert themselves buying experiences that really make a difference in people’s everyday payments and everyday
into the flow of finances. Average Brazilians don’t just need financial flexibility when purchasing consumer electronics
or white goods, they need the right installment plans tailored to their basket of recurring services.
people’s everyday
lives will be those I think the rails are set for a more efficient credit market going forward, but the future will be about
spreading the benefits to the vast majority of the population that has still to see the positive effect on
best prepared to their lives. The platforms that manage to insert themselves into the flow of people’s everyday lives will
bring the next be those best prepared to bring the next wave of credit solutions to Brazil’s population, and Open
Banking will be a great instrument for players like RecargaPay to know their clients even better and
wave of credit bring them the financial solutions that best meet their needs.
solutions to
Brazil’s Who are the major incumbents and why do they struggle to effectively serve the
population.” market?
I think we’re still talking about traditional banks but by now also some large challenger banks that
already count as incumbents too. Challenger banks have done a lot to bring price and user experience
efficiencies to those that were traditionally already being served and being extended credit by banks.
But they struggle just as much as traditional banks in solving multiple friction points that arise at the
moment of paying, or in streamlining financial services into everyday use cases, or allowing new
audiences to develop a credit history based on their everyday payments.
How do you see the nature of payments changing in the future and what
“We want to be a
opportunities or challenges can this create for RecargaPay?
one stop shop in
people’s mobile Payments will be, with time, even more accessible, easy and frictionless, integrated with everyday
services. QR Code payments is a disruption that took time to become popular but today with PIX it has
payments and become ubiquitous in just one year.
financial lives, a Since we have built a vertically integrated payment platform with embedded financial services from
problem solver in scratch that is very efficient and scalable, RecargaPay is easily able to adapt to any innovation and
these complex and leverage any opportunities that might arise.
dynamic markets. PIX has become an integral part of RecargaPay; 85% of cash-in is now coming in from PIX, and cash-
We want our out 35+%. We are a payments ecosystem that aims to make the financial life of Brazilians easier,
offering a complete platform accessible to the banked and unbanked. Taking advantage of
payments technological breakthroughs and favorable regulation to offer better, cheaper and faster solutions. The
solutions, which ultimate winner is the Brazilian consumer.
grow organically What is the long-term vision for RecargaPay?
because of the
We want to be a one stop shop in people’s mobile payments and financial lives, a problem solver in
pain points they these complex and dynamic markets. We want our payments solutions, which grow organically
solve, to be just because of the pain points they solve, to be just the jump-off point of a partnership with our
customers, where we are able to accompany them along their financial journey, finding the multiple
the jump-off point solutions they will need along the way. Simplifying their everyday lives through payments is a
of a partnership reputation-builder, giving them their first loan as we are increasingly doing is the start of the
with our partnership, and bringing them a full suite of financial products as they grow will clearly be our
mandate as we strive to democratize mobile payments and build the platform that is central to their
customers.” financial lives.
Interview with Upgrade
Renaud Laplanche is the Co-founder and CEO of Upgrade. Prior to co-founding Upgrade, Renaud co-
founded and ran Lending Club, America’s largest online marketplace connecting borrowers and
Renaud Laplanche investors. Renaud holds an MBA from HEC and London Business School and a JD from Montpellier
University.
Co-founder and CEO
When you founded Upgrade, what was the overall vision for the product and how did
you see the product roadmap evolving over time? Has that vision changed over the
last few years?
“We believe that The Upgrade vision has always been to create a credit-first neobank that designs products that are
appealing to a broad swath of the population. While there are very good FinTech options available to
affordable and underbanked, lower-income or simply younger consumers, we found an opportunity to compete more
responsible credit directly with the largest banks by offering a mainstream product that delivers more value and a better
products help experience than the large banks.
attract the right You are one of the only digital banks in the U.S. to start with credit first. How much of
type of consumers an emphasis will credit and lending play in Upgrade’s future offering?
to our platform, This is the core of our value proposition. Credit is 70% of banks’ revenue and is often the #1 reason
why mainstream consumers will seek a new bank relationship, so we focus a lot of our attention on
generating positive designing affordable and responsible credit products.
selection and As you add more products and features to the platform, will you continue to use credit
building a large products as the hook and cross-sell other features, or will you change the marketing
prospect message for consumers and compete more directly with debit-led digital banks?
database.” We believe that affordable and responsible credit products help attract the right type of consumers to
our platform, generating positive selection and building a large prospect database. Over 7 million
users applied for an Upgrade card or loan in the last quarter alone. Not everyone will qualify for credit
when they first apply, but that first application can be the starting point of a relationship with Upgrade
either through mobile banking or our free credit monitoring and credit education product Credit Health.
Either product gives us the opportunity to collect more data about declined applicants and help them
qualify for credit over time.
Interview with Upgrade (cont.)
Exclusive CEO Interview – Renaud Laplanche
A key differentiator for Upgrade has been the strong financial profile. Given the
tremendous growth and strong profitability, how much of a push is there to add more
products / features vs. continuing to gain market share with your current offerings?
“Our profitability is
the result of our Our profitability is the result of our focus on credit, which provides greater monetization per user than
debit or payment products. Our take rate is 7%, compared to typically 1.4% for a debit-focused
focus on credit, neobank relying on debit interchange. That high take rate puts us in the fortunate situation that we
which provides don’t need to choose between fast growth and profitability: over the past year we’ve grown 400% while
greater recording 80% gross margin and strong GAAP profitability.
monetization per Are there any proof points you would point to around cross-selling across your
user than debit or customer base?
payment products. We’re already seeing 20% of our card customers coming from our personal loan customer base, and
Our take rate is 7%, another 30% coming from our prospect database.
compared to Upgrade was the first to market with an installment-based credit card offering. Are
typically 1.4% for a you seeing more competition now with the market focus on BNPL? What do you
debit-focused intend to do to stay ahead of the market?
neobank relying on We plan to keep innovating. Upgrade Card is now the fastest growing credit card in America according
debit interchange.” to Nilson Report, and the first fintech company to ever crack the top 50 US credit card issuers. So there
is clearly a lot of excitement for the basic version of Upgrade Card that was launched 2 years ago, and
now we continue innovating and already released 4 new versions of the card over the last year,
including a unique and exciting bitcoin rewards card.
Interview with Upgrade (cont.)
Exclusive CEO Interview – Renaud Laplanche
Do you see a different value proposition for a Super App targeted at your
demographic, which is higher-FICO / higher-income compared to some of the other
“Our core expertise digital banks that have targeted more of the underbanked market?
lies in payment Our customers are in their late thirties or early forties, earn $100k individual income and $140k as a
and credit, so it’s family. When you look at that mainstream population, you realize that it is fertile ground for a Super
App: they are financially and commercially active, often use credit and payment products, have
unlikely we will significant purchasing power and (in normal times) travel and consume materially more than average.
plug in third-party
How much of the product roadmap is driven by customer feedback and demand? For
payment or credit
example, for the crypto rewards card that you launched recently, were you getting
products. We are demand for that from your existing customers or did you independently identify this
much more likely as an opportunity?
to integrate third-
We like to give a voice to our customers, but also recognize that truly disruptive innovation is rarely
party apps and demand-driven, as consumers might not know they want a product until that product exists. So, I’d say
products in a lot of our new features and tweaks to existing features are customer-driven, but fundamental
‘lifestyle’ areas product innovation that gives birth to entirely new products like Upgrade Card remains supply-driven.
such as shopping As you continue to add more features and products, how much will you look to build
and travel that fall in-house vs. partner with others?
outside of our core
Our approach is to leverage core expertise. Our core expertise lies in payment and credit, so it’s
expertise.” unlikely we will plug in third-party payment or credit products. We are much more likely to integrate
third-party apps and products in “lifestyle” areas such as shopping and travel that fall outside of our
core expertise.
Interview with Varo
Colin Walsh founded Varo with a specific vision: to help millions of people improve their financial
lives. Colin is uniquely positioned to lead the mobile bank revolution and has more than 25 years of
experience in consumer banking at large financial institutions. He led Europe’s largest credit and
Colin Walsh charge card business as an EVP at American Express. Colin also led the UK’s largest mortgage and
savings businesses at Lloyds Banking Group and served as Managing Director for the firm’s retail
Founder and CEO
bancassurance, credit debit and merchant acquiring businesses.
What was the vision behind founding Varo? What are the key pain points you are
solving for your customers?
“[Varo’s ARPU] Before starting Varo, I worked for over two decades in traditional financial services and found that the
system did a good job serving the haves, but fell far short for the have nots.
grows as
customers use Traditional banks struggle to make the economics work for middle income consumers. Varo was
designed from the outset to super serve customers who are largely middle class folks who are trying
more products. to climb a broken wealth ladder and working toward a more stable financial future. Varo has the
This is evidenced premium banking products to uniquely help these customers and can grow with them over time.
by the extremely • Varo as a bank can meet more and more of their banking needs without the fees and
high “take-rates” of charges that are common for traditional banks.
new products we • The ARPU then grows as customers use more products. This is evidenced by the extremely
introduce to our high “take-rates” of new products we introduce to our customers, e.g. Savings, Varo
Advance, Varo Believe.
customers, e.g.
• And we can power wider societal benefits as more and more individuals build a better
Savings, Varo relationship with their money.
Advance, Varo
Varo is designed to be the trusted banking partner of our customers for years to come. That’s why
Believe.” we’re building Varo the right way - with a bank charter, centered around consumer trust, supported by a
sustainable business model, and rooted in an obsessive customer first ethos.
Varo is a banking trailblazer in hyper-growth and on a mission to advance financial inclusion, financial
resilience and opportunity for all.
Interview with Varo (cont.)
Exclusive CEO Interview – Colin Walsh
How have Varo’s offerings evolved over time?
Varo is designed to help consumers improve their financial stability and resilience across core needs:
cashflow, credit, savings, and wealth building.
From the outset, Varo has offered premium transaction banking services like our Varo Bank Account
“Varo is designed which includes a Visa Debit Card, access to over 55,000 fee free ATMs around the country, up to two
day early payday, instant and free Varo to Varo transfers – all without the typical fees and charges of a
to help consumers traditional bank like overdraft fees or account maintenance fees. Varo also offers a Savings Account
improve their with one of the highest base APY rates in the country plus a high yield 3.0% APY rate for early savers.
financial stability In the wake of getting our charter and the customer growth we’ve experienced over the past year plus,
and resilience we have expanded our offering to address a broader range of consumer needs. This expansion is
across core needs: powered by our nimble and efficient technology stack, an agile and customer-focused product ethos,
and inclusive design principles:
cashflow, credit,
• At the end of 2020, we launched Varo Advance, a new short term small dollar line of credit
savings, and that allows customers to request up to $100 right in the Varo app and get the money in
wealth building. ” their Varo account in seconds
• In May 2021, we released our Perks cashback program which offers rewards of up to 15%
cashback from our merchant partners and is among the first rewards programs of its kind
that isn’t limited to holders of expensive credit cards.
• This year, we also launched the Varo Believe Program, a credit building credit card that
makes it easier to build or repair credit without the high APR or risk of runaway debt that
many first-time credit card holders have faced.
• We’re continuing to expand and innovate across our product roadmap, largely based on
insights derived from close engagement with our customer base.
In the context of this report, how do you think about the term Super App? Should we
consider Varo to be one? What’s your strategy for prioritizing new features / products?
It’s clear that consumers don’t want dozens of apps on their phone to manage their financial lives.
“Varo was the first Technology is enabling a rebundling of the products and experiences consumers value, which I call
and still the only FinTech 2.0. But winning here is not as simple as putting the kitchen sink into an app. It’s about being
FinTech to obtain a able to super serve the customer; to meet their needs and create a delightful experience now and well
into the future. Varo has a massive strategic advantage enabled by our bank charter and can offer a
de novo bank broader range of products than others - e.g., entering the Zelle network.
charter from the Unlike many neobanks, Varo has a banking license in the U.S. What key advantages
OCC back in July does this bring to Varo, and will it help you succeed vs. others that are vocally pursuing
2020. The bank a Super App strategy?
charter supports Varo was the first and still the only FinTech to obtain a de novo bank charter from the OCC back in July
our long-term 2020. The bank charter supports our long-term business model and allows us to pass through
exceptional value back to consumers while building a sustainably profitable business. Particularly as we
business model move toward a new Super App or FinTech 2.0 era, being a bank matters.
and allows us to • Varo can directly offer a holistic product set – without needing to partner across multiple
pass through service providers and sponsor banks – meaning we can move and innovate quickly across a
full set of products like credit and lending, credit cards, mortgages, investments
exceptional value
back to consumers • With the bank charter, we own our data and can leverage it for advanced underwriting, fraud
detection and prevention, BSA/AML, and personalization.
while building a
• As a full service bank, Varo has a better business model that benefits from economies of
sustainably scale, the ability to directly negotiate costs, the elimination of significant expenses
profitable associated with a series of intermediaries. We don't pay a toll for every transaction or move
money through ACH rails as FinTechs do who rent their access to the banking system.
business.”
• From a margin perspective Varo can offer a Super App experience with better unit economics
and the ability to access low cost deposits that we can deploy to efficiently grow our lending
activities.
Can you talk about the feedback from some of your recent brand campaigns, which
have been getting a lot of attention? What in particular is resonating in the market?
We know there is a massive opportunity for further growth. Varo is at only 11% unaided awareness
“We closed an among consumers. That’s why we’re going big on integrated marketing to amplify our mission and
oversubscribed core value proposition to customers through brand building
$510 million E • In 2021, we launched our new award-winning brand campaign with our new tagline - A Bank
for All of Us. The campaign features Americans of all walks of life on the face of the $20
Round in bill and challenges how we see our relationship with money, showing what could be when
September, which financial empowerment is available for everyone.
more than doubled • In the first few months of the campaign we saw an 84% boost in customer acquisition.
our valuation from Consumers are hungry for a viable alternative to traditional banks.
the Series D to • We also forged an extensive partnership with NBA All Star and philanthropist Russell
Westbrook after he invested in the company – in addition to amplifying our work through
$2.51 billion. That marketing campaigns, we are co-creating an impact platform aimed at building financial
valuation is also resilience in lower-income and communities of color.
higher than most You recently had a very successful financing round. What’s next for Varo with this
other large capital?
FinTech at a We closed an oversubscribed $510 million E Round in September, which more than doubled our
similar stage of valuation from the Series D to $2.51 billion. That valuation is also higher than most other large FinTech
time in the at a similar stage of time in the market. The funds will be deployed toward growth and scaling to tens of
millions of consumers as well as building Varo into a beloved brand recognized for its social impact
market.” mission and accelerating our innovation and product roadmap. We’re continuing to invest and deliver on
our promise of trust, innovation, and delighting our customers.
I’m excited to see the investor enthusiasm for FinTech overall and more investment will ultimately drive
better outcomes for more consumers. I strongly believe that the Varo playbook is the right path ahead
for the future of the banking industry and our customers and investors clearly share that perspective.
VI. Overview of FT Partners

Leading Advisor to High-Growth FinTech Companies
Significant Experience Advising Large Financing Rounds and “Unicorns”
Company Amount Raised Selected Prominent Investors in FT Partners Led Rounds

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FT Partners Research - The Race To The Super App 2

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The Race to the Super App

FT PARTNERS FINTECH INDUSTRY RESEARCH | February 2022

The Race to the

I. Executive Summary ................................................................... 4

II. History of the Super App ........................................................... 6

III. Super App Models ..................................................................... 9

IV. Regional Focus .......................................................................... 15

V. Executive Interviews .................................................................. 70

VI. Overview of FT Partners ............................................................ 113

Selected Companies Featured

II. History of the Super App

POS and e-commerce payments Quick Pay Official Account Payment

1. Rapid pace of technological innovation and 2. Limited regulation on the provision of

III. Super App Models

Winner-Take-All Approach Aggregation Approach

SELECTED ADVANTAGES SELECTED ADVANTAGES

• Convincing more affluent users to leave existing financial SELECTED CHALLENGES

SELECTED EXAMPLE: REVOLUT SELECTED EXAMPLE: CURVE

• Incumbent banks with large, entrenched customer bases

Jerry Overview Alan Overview

Speedy sign-up process Overview of Consumer Offerings

IV. Regional Focus

This section details major

European Super App contenders include diversified FinTech giants such as

With varying consumer preferences between countries, one major challenge to

Products and Services

CEO: Nikolay Storonsky

Products and Services

Products and Services

CEO: Sebastian Siemiatkowski

• Klarna is one of the fastest-growing companies in Europe and the U.S.,

Products and Services

• Lydia is a 100% mobile and digital current account allowing its

Products and Services

• Monzo offers a digital, mobile bank account for individuals to

Products and Services Overview

• The Company’s broad suite of products includes customer current

• In addition to its wide array of consumer-focused services, Tinkoff also

Products and Services Overview

✓ Personal Overdraft ✓ Fair and Flexible

Products and Services Overview

• N26 began as a “mobile-first” online bank and has since expanded

Commentary Alternative Entrants in the Super App Race

• In Europe, the current leaders in the Super App race

ii. Regional Focus –

This section profiles major

“No consumer is going to have 40 or 50 apps on their phone. We don’t want to

“It’s difficult to become a super app. I think we have a chance if we execute

Payments Payment Processing

Financial Services Merchant Services

Shopping Tools Marketing Tools

Deals and Price Shopper Dynamic Deals Store Business

Square Ecosystem Cash App Ecosystem

In 2018, the Company acquired website creation platform Weebly

✓ $60 billion market opportunity, <2% penetrated

Cash App Pay

Square began by revolutionizing payments for micro Acquired Afterpay

Square Payroll Square Payroll Square Payroll Square Payroll

2009 – 10 2011 – 12 2013 – 14 2015 – 16 2017 – 18 2019 – 20 2020 – 21