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Pa yments,
Processors,
&
Fi n T ech If
Soft ware
Is
Eatin g
th e
W orl d… Pa ymen ts
Is
T akin g
a
Bite
23
Ja nuary
2020 E quit y
Resea rch Amer ic as
Re se a rch
An a ly st s
T i mo t h y
E .
C h i o d o ,
C F A
N i k C r e mo
J u s t i n
F o r s y t he ,
C P A
M o s he
O r e n bu c h
+ 1
415 - 249 - 7921
+ 1
415 - 249 - 7922
+ 1
415 - 249 - 7924
21 ` 2 - 538 - 6795
t i m o t h y .c h i o d o @ c r e d i t - s u i ss e .c o m
n i k o l a i .c r e m o @ c r e d i t - s u i ss e .c o m
j u s t i n . f o r s y t h e @ c r e d i t - s u i ss e .c o m
m o s h e . o r e nbu c h @ c r e d i t - s u i ss e .c o m
D ISC L OS U RE
APP E NDIX
AT
T H E
B ACK
OF T H IS
REPOR T
CO N T A INS
IMPOR T ANT
D I SC L OSUR E S,
ANA L YS T
CE R T IF ICA T IONS,
L E G AL
E N T IT Y
D ISC L OS U RE
AND
T H E
S T A T U S
OF N ON - US
A N AL YSTS .
US
D is cl o s u re :
C red it
S u iss e
d o es
a n d
s eek s
to
do b u s iness with
compa nies
co v ered
in
its
re s earch
rep o rts .
As
a res u lt, inv es tors
s h o u ld
be
a w a re
t h a t
the
F irm
ma y
h a v e
a co nflict
of
inter es t
tha t
co u l d
a ff ect
the
o b jectiv ity
of
thi s
re p o rt .
Inv es tor s
s h o u l d
co ns i d er
thi s
re p o rt
as
o nly a s ing le
fa ctor
in
ma k ing
thei r
inv es tm ent
d ecis io n .
Pa yments,
Processors,
&
Fi n T ech T able
of
C onte nts
P ayments,
P roces s or s ,
&
Fin T ech
Over vi ew
3
Cov erage
Over vi ew
4
Market
Siz in g
9
Subs ect or
Themes
12
V aluation
32
Company
Specific
39
P ri vate
Company
Map
52
Cre di t
Suiss e
P ayments ,
P roces s ors ,
&
Fin T ech
T op 40
Themes
53
Global
eCo mm erc e
&
Softw are - le d
P ayments
(Themes
1 - 9 )
54
Nex tG en
Fin T ech
E cos yst em s
(Themes
10 - 18 )
91
D ri ver s
of
Cas h - to - Card Con ver s ion
(Themes
19 - 23 )
124
B 2 B/C orp orate
Paym ent s
(Themes
24 - 26 )
149
Bac k - E nd
Banking I nnov ation
(Themes
27 - 30 )
159
Regul ation
&
L iti gation
(Themes
31 - 35 )
190
Threats
to
Moni tor
for
the
E x isting
E cos yst em
(Themes
36 - 40 )
204
I ndu s try
P ri mer
224
Appendi x
240
Cre di t
Suiss e
P ayments
I nnov ation
E ven t
Seri es
260
Pa yments,
Processors,
&
Fi n T ech
coverage
ove rview
Network s,
merchant
acqui rers,
bank
te ch,
B2B - relat ed,
and
mo ney
transf er
T h e
i n i tial
p aym e n t s
c o v e r age
un iv e r se
c on sis ts
of
ne tw o rk s
(V
a nd
M A,
co - c o ver e d
with
M o s h e Ore nbu c h ),
m e rch an t
ac qu ir e rs
&
b an k
t e c hno l o gy
p r o vid e rs
( GPN ,
FI S V ,
FI S,
P YP L ,
SQ,
an d
RP A Y ), B 2 B - r e late d
bu sin e sse s
( F L T ,
WEX,
an d
VRR M ) ,
an d
mo n e y
tr an sf e r
p latfo r ms
( WU an d
I M XI ) .
Glo b al
p aym ent s
net w o rks
Merc h ant
acq u i rers
(i nc l u d i ng MSP,
PSP ,
et c . )
&
b ank t ec h no l o g y
p ro vid ers
B 2B - rela t ed
b u si nesses
and p aym ent s
net w o rks
Mo ney
t ransfer (int ernatio nal
rem i tt ances )
Pa yments,
Processors,
&
Fi n T ech
company
reports Lin ks
to
our
detai led
company - specifi c reports
V isa
( V ) :
Exp an d in g
mo ats of
the
4 - p art y
mod e l
--
Co - cov e r e d
wit h
Mo sh e O r e nbu ch
Maste r ca r d
(MA) :
E xp and in g
mo ats of
the
4 - p art y
mod e l
--
Co - cov e r e d
wit h
Mo sh e O r e nbu ch
PayPal
(P Y PL) :
Th e b e st
wa y
to
win
a fi gh t … Is
not
to
ge t
in t o
a fi g h t
Fid e li t y
N ati on al
In f o r mati on
S e r v ice s
( FIS ) :
A ccel e r ati n g
at
sca le
Fise r v
( FIS V ) :
S ca le
b e ge t s
sca le
Glo b al
Payme n t s
( GPN) :
In
all
the
r ig h t
swim
lan e s
S qu a re
(SQ ) :
S qu a re
st a nd s
a p a rt ;
e cosyst e m
sca li n g
Fle e t Co r
T e ch no lo g ie s
( F L T) :
Ki n g
of
t h e Cr o ss - S e ll
W e st e r n
Un io n
( WU) :
Th e t r adi t io n al
mon e y
r e mit t ance
po we r
WEX
( WEX) :
O p e r ati n g
in
att r ac t iv e Fi n T e ch
swim
lan e s
V e rr a Mob il it y
(VR R M) :
Ma rket
le a d e r
in
t o ll in g
p a yme n t s
p ro cessin g
a nd
t raf fi c
sa fe t y
so lu t io n s
R e p ay
( R P A Y ) :
In t e gr ated
p ayme n t s
p lat f o r m
se r v in g
n ich e ( bu t
e x p an d in g )
v e r t icals
In t e r n ational
Mo n e y
E xp r e ss
( IMXI ) :
Fo cus e d
com p e t ito r
gain in g
sh are
in
imp o r t an t
r e mit t an ce
cor r id o r s
Pa ymen ts, Processors ,
&
Fi n T ech
cov erag e
&
ratin gs
8
Outpe rform,
4
Neut ral,
1
Under perform
Ti c ke r
C om p an y
N am e
M ar ke t C ap
( $ b )
C S
R at i n g
M ar ke t Pr i c e
C S
Tar g e t
B ri e f
t ake
o n
s t oc k
V
V i s a,
I n c .
$459
O P
$205
$228
U S
c ont a c t l es s
r ol l out
li k ely
t o
ben ef i t
V
t o
a g r ea t er
ex t ent
v s .
M A
( due
t o
m i x) ;
E m pha s i s
on
a tt r a c t i ng
new
pa yment s
f l ow s
ont o
bot h
c a r d
a nd non - c a r d
r a il s
( V i s a D i r ec t
+
E a r t hpo r t ,
ef f or t s
i n
bot h
c r os s - bor der
a nd
B 2 B ,
r ec ent l y
a nno unc ed
[pen di ng ]
a c qui s t i on
of
P l a i d)
MA
Mas t e r c ar d ,
I n c .
$330
O P
$324
$350
H i g her
expos ur e t o
f a s t er
g r ow t h
i nt er na t i ona l
m a r k et s ;
A c qui s i t i ons
( V oca li nk ,
T r a ns f a s t ,
N et s ,
T r a ns a c t i s )
s upp or t
m ul t i - r a il
a ppr oa c h, B 2 B ( M a s t er c a r d
T r a c k ) ,
a nd
bi ll - pa y
( M a s t er c a r d
B ill
P a y
E x c ha ng e) ;
M a es t r o
c a r d
c onv er s i ons
P Y P L
Pay Pal
H o l d i n g s ,
I n c .
$140
O P
$116
$135
S ha r e g a i ner
&
eC ommer c e pur e- pl a y
w i t h
a l ong
li s t
of
na s c ent
a r ea s
of
ups i de
( i . e. ,
B r a i nt r ee bec om i ng
m or e g l oba l ,
V enm o
f li ppi ng
t o
EP S
boo s t ,
pa r t ner s hi ps
[ M E L I ,
U ber ] ,
bi ll - pa y, C hi na ,
i Z et t l e,
H one y) ,
eB a y
m a na g ea bl e F I SV
Fi s e r v ,
I n c .
$84
N E U TR A L
$121
$133
F D C
under v a l ued
t hes i s
now
v a li da t ed
by
m a r k et
( v a l ua t i on) ;
E x pos ur e t o
a tt r a c t i v e s w i m
l a nes
( I S V ,
eC ommer c e I nt er na t i ona l )
a l bei t
a t
l ow er
l evel s
of
t ot a l
r ev enu e v s .
O ut per f or m - r a t ed
a c qui r er s ;
G B S
t oug her
c om pa r es
a hea d
( f ol l ow i ng
i m pr es s i v e a cc eler a t i on
i n
2019 )
SQ
S q u ar e ,
I n c .
$33
O P
$69
$84
I nt er s ec t i on
of
s of t w a r e +
pa yment s ,
" 3 x
r ec yc li ng " ;
S ent i ment
a nd
number
r es et
a hea d
of
a na l ys t
da y
i n
M a r c h;
T w o
r ec ent
pr i c e i nc r ea s es
help
a ll ev i a t e a deg r ee of
t he
i nv es t ment
pr es s ur es
( e. g. ,
~ 50 bps on
I ns t a nt
T r a ns f er )
WU
Th e
W e s t e r n
U n i o n
C o .
$12
U P
$28
$26
V a l ua t i on
a t
a m ea ni ng f ul
pr em i um
t o
hi s t or i c a l
a v er a g es ,
div i den d
( ~ 3 % )
a t
l ow
end
of
r a ng e;
M a r k et
di g es t ed
r ec ent
g ood
new s
( $150 mm
c os t
s a v i ng s ,
3 - yea r
t a r g et s / g ui da nc e) ;
C ompet i t i on
f r om
t r a di t i ona l
&
F i nT ec hs;
P l a t f or m / a ss et
v a l ue
&
onl i ne
w hi t e l a bel li ng
s upp or t i v e of
v a l ue
V RR M
Ve rr a M o b ili t y
C o r p .
$2.5
O P
$15
$17.5
P os i t i v e on
t he
m oa t s
a nd
s us t a i ned
m i d- s i ng l e di g i t +
g r ow t h
( g ui da nce G ov ernment
+ 2 - 4 % ,
C ommer c i a l
+ 6 - 8 % ,
+
boo s t
v i a M & A ,
E ur ope ,
a nd
new
i ni t i a t i v es ) ;
A w a i t i ng
f ur t her
det a il
on
t i m i ng / ex ec ut i on
of
r a mp
i n
E ur ope
( r ec ent
a c qui s t i on
of
P a g et el i a pot ent i a l
t o
i m prov e t i mel i ne)
I M X I
I n t e r n at i o nal
M o n e y
E x p r e ss ,
I n c .
$0.5
N E U TR A L
$12
$14.5
O per a t es
w i t hi n
a l a r g e T A M ,
s ha r e g a i ner ,
a nd
numer ous
na s c ent
i ni t i a t i v es
( A f r i c a ,
C a nada ,
w hi t e l a bel i ng
w i t h
L a t i n
A mer i c a n
ba nk s ,
G P R c a r ds ) ;
M ex i c o
&
G ua t em a l a c onc ent r a t i on
( vol a t il e da t a / end - m a r k et ) ;
A w a i t
f ur t her
c l a r i t y
on
2020
out l ook
g i v en
r ec ent
da t a poi nt s
I nt eg r a t ed
pa yment s
i n
ni c he
v er t i c a l s ;
I nc r ea s i ng
deb i t
pen et r a t i on
i n
c or e v er t i c a l s ,
a ddi ng
v er t i c a l s ,
new
mer c ha nt s
&
I S V
pa r t ner s
a s
dr i v er s ( or g a ni c
~ m i d- t een s
+
M & A ,
e. g. ,
B 2 B
a nd
H ea l t hca r e)
$19
$16
O P
RP A Y
R e p ay
H o l d i n g s
C o r p .
$0.9
E x pec t a t i on
f or
a cc eler a t i ng
t opl i ne
i n
2020 ,
2021 ,
a nd
pos s i bl y
2022 ,
r a r e; ~ 45 %
of
mer c ha nt
a c qui r i ng
i n
g l oba l
eC omm
&
I S V ;
T w o
dea l s w or t h
of
r ev enu e s yner g i es
i n
2020 ;
L ong er - t erm
i n- s t or e ex pa ns i on
i n
new
c oun t r i es
$170
$147
O P
$91
Fi d e li t y
N at i o nal I n f o r m at i o n
S e r v i c e s , I n c .
F I S
H i g hes t
r el a t i v e expos ur e t o
t he
f a s t es t
g r ow i ng
c ha nne l s
( ow ned
&
pa r t ner ed
s of t w a r e,
g l oba l
eC ommer ce/ O m ni
c ha nne l
w i t h
l oca l
s upp or t
i n
33 m a r k et s ) ;
L ea di ng
c r edi t
i ss uer
pr oc es s or
v i a T S Y S ;
P ot ent i a l
f or
m or e ba nk / J V
pa r t ner s hi ps
$230
$199
O P
G P N
G l o b al
Pay m e n t s ,
I n c .
$60
F uel ,
C or por a t e P a yment s ,
L odg i ng ,
&
T ol l s
a ll
r ec ur r i ng
r ev enu e,
hi g h
m a r g i n, net w or k
ef f ec t s ,
s i m il a r
di s t r i but i on;
B es t
a t
c r os s - s el ...