FT Partners Research - The Race to the Super App.pdf

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

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 .................................................................. 73
VI. Overview of FT Partners ............................................................ 116
Table of Contents

Table of Contents (cont.)
Company Profiles
Selected Companies Featured
Executive Interviews
Stuart Sopp
Founder & CEO
Shachar Bialick
Founder & CEO
Art Agrawal
Co-founder & CEO
Renaud Laplanche
Founder & CEO
Shane Holdaway
CEO
Matt Bochenek
CEO
Colin Walsh
Founder & CEO
Dee Choubey
Founder & CEO
Sarah Levy
CEO
Rodrigo Teijeiro
Founder & CEO

I. Executive Summary

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

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.
• WeChat Pay was launched in 2013 by Tencent’s popular social
messaging app, WeChat
• WeChat already had 1.1 billion social messaging users when WeChat
Pay was launched, which enabled it to rapidly develop into a formidable
competitor to Alipay
• WeChat’s Pay feature has over 900 million monthly active users
• WeChat Pay offers many of the same features and third-party services
as Alipay, but since it is positioned as a feature of the WeChat social
messaging service, WeChat Pay has become more popular for peer-to-
peer payments than Alipay
• In addition to popular peer-to-peer payments services, WeChat Pay
offers a wide variety of payments services including:
Quick Pay
Present WeChat payment code
to merchant, merchants scan
the code to take payment
QR Code Payment
Use WeChat to scan code, confirm
amount, and make the payment
after passing security checks
Credit Solutions
AI-driven credit scoring enables
credit purchases and expanded
product rental solutions
Official Account Payment
Pay for goods and services inside
the merchant’s Official Account
In-App Payment
Users make purchases in
merchant apps using WeChat Pay
Web Payment
Use WeChat’s “Scan” feature to
scan a payment code on a web
page to make a payment
• Alipay, China’s largest digital payments platform, is a technology
company owned and operated by Ant Group, which is dedicated to
using technology to expand access to financial services and “bring the
world equal opportunities”
• While Ant Group also sells digital infrastructure to traditional banks,
insurance companies, and investment groups, Alipay is its consumer-
facing app, which has well over a billion users globally
• Alibaba originally set up Alipay in 2004 to help Chinese buyers pay for
online purchases - similar to eBay’s relationship with PayPal - and spun
off the unit in 2011 while retaining a 33% ownership stake
• Alipay now allows its users to access a wide variety of services
including:
POS and e-commerce payments
Deposit accounts
Credit and debit accounts
Virtual credit scoring
Wealth management
Food and transportation
Bills and tax payments
AI credit scoring, enabling Buy Now Pay Later

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
limited existing infrastructure
• While North America and Europe are heavily reliant on
payment cards and card networks, China was still a
relatively cash-based society until very recently; two years
after Alipay was founded, China still relied on cash to
complete 54% of transactions (1)
• China never developed the robust credit and debit card
networks that are the backbone of cashless payments in
Europe and North America
China Union Pay (CUP), the card network with a
functional monopoly in mainland China, was
founded in 2002, compared to 1958 and 1966 for
Visa and Mastercard, respectively
As of 2021, CUP is supported by over 27 million
merchants in Mainland China (2)
• Without resistance from merchants who already had card
POS infrastructure or CUP issuing banks who stood to lose
vast sums of interchange revenue, AliPay’s QR code
payment system was able to surpass CUP acceptance and
reach 30 million merchants by 2018
2. Limited regulation on the provision of
payments and mobile wallets
• Chinese regulation of deposit holding, payment processing,
money transmitting, and data collection has historically
been lax compared to other geographies, which enabled
Alipay and WeChat Pay to innovate rapidly and become
pillars of the country’s payments ecosystem
• Super Apps in China were able to grow in a nurturing
regulatory environment, which allowed:
Uncapped QR code payments
Unlimited transferring of data to third-party feature
providers
Limited customer due diligence
Processing payments and holding balances without
a formal license
• This period of lax regulation appears to be coming to an
end, however, as new proposed rules will introduce:
Transaction limits for QR codes
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
must clearly provide greater value than the consumer would
receive by going to individual apps for each product instead
• This value can be achieved by:
– Offering a superior overall user experience so a
consumer is incentivized to purchase more products
and services directly from the app
– Providing a compelling single view of multiple products
that otherwise could not be easily achieved and
leveraging consolidated data to provide value back to
the consumer
– Offering unique loyalty offers or rewards to incentivize
the consumer to consolidate their products in the app
– Offering product discounts so consumers trust that they
are getting the best or the close to the best value, even if
they were to shop around
• To morph into a Super App, an app typically must already have
a large and engaged base of customers who are willing to
expand their interactions with the app
– Examples of these initial “hook” products include
Revolut’s travel card, PayPal’s payment products,
Robinhood’s trading app, and SoFi’s lending products
• The Super App business model is dependent on cross-selling
and gaining customer acquisition cost (CAC) efficiencies
• Every incremental product sold to an existing customer
comes with essentially zero CAC, making these cross-selling
opportunities highly profitable
The Super App Business Model
“Super apps are going to intermediate dozens of other apps across
multiple verticals. We all have like 30, 40, 50 apps on our phones, but
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
all their payment details across every single one of those apps.
[W]hat a super app wants to do is turn all of those separate apps into
a connected ecosystem where you can streamline and control data
and information between those apps. Between the act of shopping,
the act of paying for that, all of your financial services can all come
together where you create a simple way through this super app to
enable to pay and to track transactions across all touch points. And
then you have this common platform and common data that allows
machine learning and artificial intelligence to kick in and give
personalized recommendations to those consumers.” (1)
Dan Schulman
President & CEO

Super App Models
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.
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.
Aspiring Super App players have largely taken one of two primary approaches to building a
financial Super App:

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
• By sitting between users and their various financial relationships,
over-the-top apps have access to robust data sets, can be easier
to scale quickly, and aren’t competing directly with major banks
• Hybrid players often have a customer acquisition advantage, as
users may come for a variety of financial or non-financial products
SELECTED CHALLENGES
• Need a strong “hook” product to build a meaningful customer base
• Over-the-top players can face resistance from legacy providers
that do not want to participate in their ecosystem or experience
• The Hybrid approach can lead to inherent conflict between being a
discovery platform and prioritizing owned products
SELECTED ADVANTAGES
• High retention and lifetime value for customers who are already
using the app for financial services
• Cross-selling and up-selling proposition is straightforward for
existing users
SELECTED CHALLENGES
• Convincing more affluent users to leave existing financial
relationships and embrace the Super App as their primary
financial relationship remains a challenge
• Super Apps offering all in-house financial products face
significant competition from large, deep-pocketed financial
institutions
• Revolut launched in 2015 in the UK offering money transfer and
exchange; today, more than 16 million customers around the
world use Revolut’s innovative products to make more than 150
million transactions a month
• Revolut is one of the top five most valuable private FinTech
companies in the world
SELECTED EXAMPLE: REVOLUT SELECTED EXAMPLE: CURVE
• Curve is a London-based FinTech company aiming to build a
consumer Super App
• Curve’s card aggregation technology is a strong hook to attract
customers, own relationships, and use data to help them make
better financial decisions
• 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

Jamie Dimon
Chairman & CEO
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.
“The ‘Copernican Leap’ in Banking: 1) Be willing to offer your best
products and capabilities to other institutions’ customers; 2) Be
willing to replace non-core products and capabilities with best-in-
class offerings from third parties.”
“There are many full-service banks and credit unions today, most of
which are too small to deliver a suite of products profitably… What
if the 5,000+ banking institutions substituted their current offerings
with third-party best-in-class products and infrastructure?” (1)
Frank Rotman
Co-founder, Partner
• 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
in competition with other Super Apps. However, smaller
banks may have to pursue a hybrid approach, both
offering their products on other marketplaces and
offering third-party products to their clients.
• The Aggregation model poses the clear risk of
commoditization for banks, as under this model, they
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.
• Super Apps will have to prove enough value for their
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.
Banks already compete against a large and powerful shadow banking system. And they are facing
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
Co-founder & CEO: Art Agrawal
Headquarters: Palo Alto, CA
Founded: 2017
• Jerry is an AI and machine learning based car insurance comparison platform
serving 1 million+ car owners across the US
• The Company provides customized quotes from more than 50 insurance carriers
with minimal customer input, and has generated over 25 million quotes to date
• Jerry’s vision is to become a Super App addressing the daily needs of car
owners in areas such as insurance, loans, maintenance and repairs
• Jerry has raised over $100 million in financing, most recently a $75 million
Series C led by Goodwater Capital in June 2021
Overview of Current Offerings
Co-founder & CEO: Jean-Charles Samuelian-Werve
Headquarters: Paris, France
Founded: 2016
• Alan is an online insurance platform that unlocks frictionless, fair and friendly
healthcare for everyone
• Its platform offers insurance coverage with reimbursements, easy claim
handling, and gives users access to medical professionals through in-person and
video call appointments
– The Company distributes its own health insurance plans directly to
companies and individuals, and also offers consumer wellness tools and
coverage, and will likely continue to expand its product offerings
• Alan has raised over $350 million in financing, most recently a €185 million
(~$223 million) Series D at a €1.4 billion (~$1.7 billion) valuation in April 2021
Jerry Overview Alan Overview
Overview of Consumer Offerings
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.
Speedy sign-up process
Customers only need to enter a few pieces of information, and
will never need to fill out any other forms with Jerry
Analysis of current coverage
Jerry retrieves a customer’s current insurance program and
provides insights to make sure it continues to match their needs
New quotes before every renewal
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
Well Being Hospitalization
Optical
Dental Specialists
Soft
Medicines
€25 refunded for meditation
with Petit Bambou and
Headspace
Includes single and complex
lenses and frames, contact
lenses, and eye surgery
Totality of the costs of stays in
the majority of hospitals
reimbursed in full
Consultation fully refunded
except in exceptional cases
Includes osteopathy,
chiropractic, etiopathy
Consultation fully reimbursed
in most cases

IV. Regional Focus

i. Regional Focus –
Europe

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

Case Study – Revolut
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
In September 2021, CEO Nikolay Storonsky told the Evening Standard that
Revolut was developing a Buy Now Pay Later feature (1)
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
Products and Services
•
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•
•
•
•
•
•
•
•
•
•
•
•
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“The ambition is that everybody anywhere can enjoy the value of the
Revolut FinTech ‘super app’, regardless of where they are, regardless of
who they are.”

Case Study – Curve
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
The platform provides instant cashback rewards and eliminates fees for spending
abroad
• Curve provides real-time alerts on how much customers are spending, and helps them budget
by showing what they are spending it on
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
the wrong card, up to 30 days after the payment was made
• Curve lets customers select their favorite retailers to receive 1% cashback on everything
• The Company also offers users the ability to fit their cards into Google Pay, Apple Pay and
Samsung Pay, even if their banks don’t support this
• Its mission is to be a one-stop shop for all consumer financial services needs, offering a wide
range of products through its app
• 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
The Company released Curve Wallet Balances in April 2021
Earlier in April, Curve re-introduced its Red Metal Card which offers benefits such as
double cashback on up to six retailers, mobile and travel insurance, fee-free ATM
withdrawals, car hire waiver insurance, discount access to VIP airport lounges, and more
In October 2021, the Company launched a Buy Now Pay Later product
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
“2021 was a transformational year for Curve… as we fulfil our mission
to build a financial super app. With increasing fragmentation in
financial services, and growing demand from consumers for a simpler
way to control and manage their finances, the scene is set for Curve
to seize a global opportunity.”
Cards
Application Capabilities
✓ Anti-Embarrassment
Mode
✓ Loyalty
✓ Your Wallet in One
✓ Go Back in Time
✓ 1% Cashback
✓ Contactless
✓ Travel
✓ Spending Insights
✓ Curve Fronted

Case Study – Klarna
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
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
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
• The Company reaches nearly 100 million consumers, has over 250,000
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
“…we know that there’s still massive room for improvement
to the way many people bank and save their money today.”
For Consumers
For Businesses
Moving Toward a Super App Offering

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
• 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
• The Company recently re-launched its premium plan, offering insurance
products to its highest-tier customers
• 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,
account aggregation, donations and loans
• Lydia has raised over $250 million in financing, most recently a $100
million Series C in December 2021 at a valuation of over $1 billion
Case Study – Lydia
“[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
accounts.
Around this innovative current account we’ve built, we’re now adding credit,
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
become the financial hub for the users, a super app that empowers users to
control their money.” (1)
Monitor all Bank
Accounts
Moneypots
Shared Accounts
Pay a Friend
Remunerated
Accounts
Instant Loan
Checking Account
Mobile Payments
Lydia Cards
Lydia Roulette
Virtual Cards
Enhanced Security
Real-time Alerts
Free Transactions
Abroad
Stock and Crypto
Trading

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

CEO: Oliver Hughes
Headquarters: Moscow, Russia
Founded: 2006
• Tinkoff is Russia’s leading provider of online financial services
• The Company’s broad suite of products includes customer current
accounts; savings, deposits, and investment savings products;
custody services; credit and debit cards; consumer loans; brokerage
services; and more
– Tinkoff also provides insurance products, including accident,
property, travel, and auto insurance products
• In addition to its wide array of consumer-focused services, Tinkoff
also provides banking services to small and medium-sized
businesses
• Tinkoff’s Super App has over 4 million daily active users, and
Tinkoff Bank has over 10 million retail current account customers
as of September 30, 2021
• Tinkoff is a publicly traded company with a market cap of nearly $20
billion (1)
Case Study – Tinkoff
Products and Services Overview
Tinkoff Consumer Banking
• Credit/debit cards
• Cash loans
• Payments
• Refinancing
• Car loans
• Deposits
Tinkoff Business Banking
• Payment account
• Acquiring
• Loans
• Government procurement
• Sales tracking and CRM
• Bookkeeping
Tinkoff Investments
• Stock trading
• Premium
subscriptions
Tinkoff Mobile
• Free mobile data
• SIM card
management
Tinkoff Insurance
• Auto insurance
• Travel insurance
• Property insurance
• Personal accident
insurance
Marketplace
• Offerings from third
party partners
including health and
beauty, food and
delivery, recreation,
and more
“Tinkoff Black, our viral debit card product, which is adding 1 million
active customers per quarter… remains the main gateway into the
ecosystem as customers increasingly move on to using other
products like brokerage, credit, insurance, and many more.” (2)

CEO: Anne Boden
Founded: 2014
Case Study – Starling Bank
✓ Online Banking
✓ Mobile Deposits
✓ Connected Cards
✓ Business Toolkit
✓ Online Banking
✓ Mobile Deposits
Starling offers personal and joint current accounts, Euro bank
accounts in the UK, Starling Kite debit cards for kids, and teen
accounts
✓ Business Spending
Insights
✓ Business
Marketplace
✓ No-fees Travel
✓ Billing Manager
✓ Personal Finance
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
banking in the UK.” (1)
• Starling is a digital-only consumer and business bank based in the
UK
• The Company offers an extensive suite of in-house financial
products in addition to Starling Marketplace, an in-app space where
customers can connect to third-party products and services
• In recent years, Starling has added a number of services to its
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
400k business accounts
• In April 2021, Starling announced that it had raised ~$450 million in
Series D financing from investors including Fidelity and Goldman
Sachs, at a post-money valuation of nearly $2 billion
For businesses and the self-employed, Starling offers business
accounts, sole trader accounts, and multi-currency accounts
✓ Personal Overdraft
✓ Business Overdraft
✓ Fair and Flexible
Business Loans
Starling offers personal and business overdraft protection to
customers, in addition to business loans

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
Case Study – N26

CEO: Alexander Emeshev
Headquarters: Berlin, Germany
Founded: 2019
• Vivid is a Germany-based financial Super App offering checking
accounts, money management services, investing, and additional
financial products
– The Company was founded by former Tinkoff executives
• Vivid Leverages Solarisbank for its banking infrastructure and has
forged multiple partnerships to launch ancillary financial products
• The Company first announced its Super App intentions concurrently
with its $73 million Series B financing in April 2021
• Vivid has raised more than $200 million in equity financing to date,
most recently a $114 million February 2022 Series C which valued
the Company at $1 billion
• Its user base grew 5x from April 2021 to February 2022 to reach
500,000, and its revenue grew 25x over the same timeframe (1)
– Vivid co-founder Alexander Emeshev noted that the Company
expects to reach 1 million users by the end of 2022 (1)
• The Company is active in Germany, France, Italy, and Spain and
plans to be available across Europe by the end of 2023
• In addition to its core products, Vivid intends to offer credit cards
and is rolling out a broad insurance offering through partnerships (1)
Case Study – Vivid
“We saw a huge gap between old and new stuff, and so we saw an
opportunity to create a super app to give users access to products
that intersect between these two worlds.” (1)

CEO: Ken Villum Klausen
Headquarters: Aarhus, Denmark
Founded: 2015
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Case Study – Lunar
“We don’t really identify ourselves as a bank… We see ourselves building
more of an engagement platform for everything money — a platform where
you can conduct all aspects of your business, whether that is savings or
accounts, or it’s payments or tapping into the crypto space, or stock
trading and even [B2B] payments” (1)
Ken Villum Klausen
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A Different Approach: From Comparison Website to Super App
Alternative Entrants in the Super App Race
Commentary
• In Europe, the current leaders in the Super App race
largely fall into the Challenger Bank and diversified
FinTech categories
• Given Europe’s archaic banking infrastructure and
fragmented landscape, the FinTech-led takeover was
inevitable
• As these players have matured, their user bases have
grown and access to capital has expanded, leading to
the emergence of supplemental creative solutions for
consumers in order to drive additional engagement
and improve retention
• Though FinTech companies have led this race thus
far, several other players are becoming increasingly
competitive in the space, some with the express goal
of launching Super Apps
• Interestingly, some companies that started off as
comparison sites have begun to look more like Super
Apps
The strategy makes sense, as many
comparison tools connect consumers with
vendors across industries
• Comparison websites have historically struggled to
own and engage with users, but newcomers have
learned from their difficulties
• Monva is an AI and machine learning-enabled platform
designed to compare financial products
• Currently, the app allows users to compare gas and
electricity, credit card, and loan options
• Monva was founded in 2018 with the express goal of
using comparison as a starting point for a Super App play
• The Company is led by former executives of Virgin
Money, Money Super Market, and MBNA
Features
Expertise
• Money Super Market (LON: MONY) is a UK-based company
providing comparison services through three brands
• In addition to its core comparison services, the Company
offers several expense monitoring tools and a free credit
monitor with personalized tip to improve scores
• The Company recently acquired CYTI, one of its major
insurance partners, allowing it to control this channel
directly
• With connections to thousands of providers and extensive
consumer data on hand, the firm could quickly become a
contender in the European Super App race
• Yandex (Nasdaq: YNDX) is a Russian internet and
technology company whose core product is a search
engine
• In August 2020, the Company launched Yandex Go, an
app that combines key aspects of on-demand
transportation and delivery
• Yandex acquired Acropol Bank in April 2021, providing it
with a banking license and a clear path to developing
additional financial products
Products & Services

ii. Regional Focus –
U.S.

This section profiles major
players in the Super App race in
the U.S., profiling companies
with the most comprehensive,
Super App-like product
offerings and/or stated intent
to offer a wide variety of digital
financial services, including:
Regional Focus – U.S.
The Super App race in the U.S. has been heating up in recent years, with legacy
financial institutions, fast-growing Challenger Banks and consumer FinTech
players, and potentially tech giants such as Apple and Google looking to become
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
• PayPal is one of the largest FinTech companies in the world, boasting
over 416 million active accounts and processing over $310 billion in total
payment volume in Q3 2021
• The Company enables individuals and businesses to securely, easily and
quickly send and receive payments online and through a broad range of
mobile devices
PayPal also offers discount shopping solutions, small business
lending, buy now pay later, crypto investing, and other solutions
• PayPal is positioned well to achieve its Super App ambitions, as its
services have achieved widespread adoption and expanded capabilities
• CEO Dan Schulman has made PayPal’s goals to become a Super App
clear, as the Company continues to focus on building out and integrating
new products and services in order to consolidate consumer needs into
one place and using M&A to accelerate this strategy
• In September 2021, PayPal introduced its new app with many new
features including a high-yield savings account, direct deposit, a bill
payments management tool, in-app shopping tools, Buy Now Pay Later
and access to credit, crypto investing, and more, in addition to its well-
known payment offerings
“No consumer is going to have 40 or 50 apps on their phone. We don’t want to
use the same password for every single one of them, even though we do.
That’s why a consumer’s information is stolen every two seconds, and that’s a
disaster. And so there must be super apps that come together to consolidate
all of your financial instruments. And by the way, those financial instruments
include rewards points, and the ability to choose buy now, pay later, or even use
QR codes.” (1)
“What a super app wants to do is turn all of those separate apps into a
connected ecosystem where you can streamline and control data and
information between those apps, between the act of shopping, the act of
paying for that. And then you have this common platform and common data
that allows machine learning and artificial intelligence to kick in and give
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
Financial Services Merchant Services
Shopping Tools Marketing Tools
Common Platforms
Consumer
Merchant
Checkout P2P
Charitable
Giving
QR Code
Checkout
Unbranded
Processing
Debit
Card
Check
Cashing
Direct
Deposit
Goals
Remittan-
ces
Credit BNPL
Credit
Card
Crypto
Buy/Hold
/Sell
Money
Pools
Business
Debit
Card
PayPal
Working
Capital
Business
Loans
Point of
Sale
Inventory
Mgmt
Consumer
Financing
Risk
Services
Payouts Invoicing QR Code
Deals and
Offers
Droplist
Price
Tracking
Rewards
Shopper
Insights
Dynamic
Banners
Deals
Engine
Store
Cash
Business
Profiles

Case Study: Square’s Path to the Super App
• Square was founded by Twitter CEO Jack Dorsey and his co-founder Jim
McKelvey in 2009 to create technology capable of aggregating merchant
services and mobile payments into a single user-friendly service
• Its key product lines are Square POS, a free app which allows merchants to
process mobile payments, and Cash App, its consumer platform
• Since its founding, Square has made significant developments, investments,
and acquisitions to broaden its product suite with the express intent of
increasing engagement – which has led to strong revenue diversification
The Company acquired online delivery application Caviar in 2014
In 2015, Square launched Square Cash which became the peer-to-
peer mobile payments application Cash App
Square launched Bitcoin Trading services in 2017
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)
• Though Cash App began as a way for users to send money, a significant
portion of its revenue now comes from spending and investing as well,
attributable to increased customer engagement and successful cross-sell
• In December 2021, Square announced that it is changing its name to Block to
distinguish the corporate entity from its various businesses
Hardware
CRM
Payroll
Managed
Payments
Point Of Sale
Online
Team
Management
Business
Banking
Developer
Platform
Cross-
Border
Bitcoin
Direct
Deposit
P2P
Cash
Card
Boost Stocks
Square Ecosystem Cash App Ecosystem
✓ $100 billion market opportunity, <3% penetrated
✓ $12 billion in GPV processed over the last 12 months
✓ $606 million in Gross Profit during Q3’21, up 48% YoY
✓ Net Promoter Score of 64, ~2x the average for
banking service providers
✓ $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.)
2009 – 10
Square Reader
2011 – 12
Square Reader
Square Wallet
Virtual gift cards
2013 – 14
Square Reader
Chip & contactless
card reader
Physical gift cards
Acquired Caviar
Virtual gift cards
Square Capital
Online booking tool
Square Stand
2015 – 16
Square Reader
Chip & contactless
card reader
Physical gift cards
Acquired Caviar
Bluetooth Reader
Cash App
Virtual gift cards
Square Capital
Online booking tool
Apple Pay Reader
Square Payroll
Square Stand
2017 – 18
Square Reader
Chip & contactless
card reader
Physical gift cards
Acquired Caviar
Bluetooth Reader
Cash App
Bitcoin trading
(Cash App)
Virtual gift cards
Square Capital
Online booking tool
Apple Pay Reader
Square Payroll
Customer interfaces
via API
SME Cash Register
Self-contained
terminal
Square Stand
2019 – 20
Square Reader
Chip & contactless
card reader
Physical gift cards
Acquired Caviar
Bluetooth Reader
Cash App
Bitcoin trading
(Cash App)
Virtual gift cards
Square Capital
Online booking tool
Apple Pay Reader
Square Payroll
Customer interfaces
via API
SME Cash Register
Self-contained
terminal
Square Invoices
Square Card
Square Stand
Square began by revolutionizing payments for micro
merchants and other small businesses. The Company
enabled these merchants to accept card payments without
having to pay the hefty costs typically associated with POS
infrastructure and compliance. Instead, businesses could
use a Square Reader to turn their mobile device into a POS
system and sign up as a sub merchant under Square’s
master merchant account.
Over time, Square developed additional services and
eventually expanded to serving consumers directly with
Cash App, a consumer-focused mobile wallet. During Q2
2021, Cash App comprised 48% of the Company’s gross
profit, generating ~$546 million in gross profit for the
quarter. Cash App growth is continuing to outpace the
Company’s seller ecosystem, as it benefited greatly from US
stimulus payments during the pandemic and the build out of
additional products, including crypto and stock investing.
Square has built two significant
ecosystems that pave the way for a
valuable closed-loop ecosystem.
Its $29 billion acquisition of leading Buy
Now Pay Later provider Afterpay,
announced in August 2021, will further
diversify the Company’s offerings and aid
in its efforts to become a Super App.
2020 – 21
Square Reader
Chip & contactless
card reader
Physical gift cards
Acquired Caviar
Bluetooth Reader
Cash App
Bitcoin trading
(Cash App)
Virtual gift cards
Square Capital
Online booking tool
Apple Pay Reader
Square Payroll
Customer interfaces
via API
SME Cash Register
Self-contained
terminal
Square Invoices
Square Card
Square Stand
Square Scheduling
Orders API
Acquired Tidal and
Credit Karma Tax
Square Financial
Services
Acquired Afterpay
Cash App Pay
Cash App Teen

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
consumer digital ecosystem, but the Company has clearly
demonstrated its commitment to building a Super App
Omer Ismail
Former Head of Consumer
Business, Goldman Sachs
David Stark
Former Head of Apple Card,
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
banking experience and improve
financial wellness through its mobile and
desktop account, IOS- and Android-
compatible app, and the ONE Card
• Among other features, ONE offers:
– Credit Lines
– Credit Manager and Builder
– ‘Pockets’ Budgeting
– Direct Deposit
– Overdraft Protection
– Fee-Free Transfers
– Early Wage Access
• As of August 2021, the Company had
‘hundred of thousands’ of customers (1)
• Even Responsible Finance is a mobile budgeting
app helping employees to build financial resilience
• The Company offers a tech platform, integrated
with attendance, payroll, and banking systems, to
create products that address financial health
– For users, Even enables on-demand pay
access, high interest savings, budgeting tools
and more to benefit financial wellness
– For employers, Even boosts retention
• Even has several notable partners and, in addition
to Walmart, serves employees at PayPal, Humana,
Noodles & Co., and UNFI
• Even has helped members save over $750 million
in credit card, overdraft, and loan fees and interest
• The platform has 650k monthly active users
Fees avoided by members
Contributed to savings by
Even members
Average saved by members in
first three months
Of employees who try it are
using Even six months later

Case Study – American Express
CEO: Stephen Squeri
Headquarters: New York, NY
Founded: 1850
• American Express (NYSE: ASX) provides charge and credit payments
card products and several travel-related services worldwide
• It operates through three segments: Global Consumer Services, Global
Merchant and Network Services, and Global Commercial Services
• The Company’s scale and cash reserves give it the power to foray into
any space, and early indicators suggest the Super App approach is in its
sights
• Historically, Amex has taken a careful approach to new product add-ons
– rather than pursue multiple partnerships, the Company has preferred to
leverage its internal Digital Lab
For example, Amex internally developed a P2P payments
competitor to Venmo and PayPal, deemed “Send & Split,” in late
2020
• Amex has engaged several companies to expand its product offering
including:
Opy, the US subsidiary of Openpay, to allow users to finance larger
purchases over longer periods of time
BodesWell for financial planning services
Aena for priority boarding for Amex cardholders
• In February 2022, Amex launched an all-in-one digital consumer
checking account
Known as American Express Rewards Checking, the services is
currently available only for eligible US Consumer Card Members
• The new account offers perks such as Membership Rewards points, an
APY 10x the national rate, purchase protection for eligible purchases,
and no minimum or maintenance fees
o Mobile HCE: Deploy mobile NFC Independent of Mobile Network Operator
o Mobile NFC: Increase speed of payment with NFC-enabled devices
o EMV Chip Card Payments: POS Fraud prevention via increased transaction security
o Online PIN: Card member authentication at the POS
o Tokenization Service: Secure online payment solutions for digital and mobile commerce
o SafeKey: 3-D Secure program to help reduce online fraud
o Verify-It: Easy-to-use, browser-based tool that validates billing name and address
o Cash Access: Worldwide cash access for card members
o Contactless Payments: Convenient and touch-free payment option
o Contactless in Transit: For use at the subway terminal and elsewhere
o Mobile POS: Flexible, secure, and touch-free ways to pay
o Amex QR Code Payment Solutions: Touch-free digital payment solutions
o Click to Pay with Amex: Consistent checkout all in one streamlined payment experience

Case Study – SoFi
CEO: Anthony Noto
Headquarters: San Francisco, CA
Founded: 2011
• SoFi (Nasdaq: SOFI) is a digital financial services company operating through
three segments: Lending, Financial Services, and Technology
• 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
• 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
• 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
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
SoFi Credit Card – the first credit card allowing users to redeem points in
Cryptocurrency
o
o
o
o
o o o
o o
o o o o
o
o

Case Study – Varo
CEO: Colin Walsh
Founded: 2015
• Varo integrates banking products (deposits, checking account, savings,
and lending) with financial health tools (cash flow projections, spend
tracking, and smart alerts) to offer a unique, consumer-friendly banking
offering
• Varo’s social mission is to advance financial inclusion and opportunity
for all
• Varo acquired a national bank charter in July of 2020
• The Company has raised nearly $1 billion in capital to date, most
recently its $510 million financing in September 2021, and tripled its
valuation over the prior twelve months
• Varo doubled its customer base to 4 million accounts in the 13 months
after securing its bank charter
Bank Charter
• Varo is the first challenger bank to secure a US banking license
• Varo has a full OCC national bank charter and is a direct member of
the FDIC and Federal Reserve
• Allows Varo to own back-end tech stack, for a superior product
offering and value proposition
• Improves unit economics by eliminating reliance on a sponsor bank
• Enables product line expansion into lending, payments, investments,
and subscription products
• Critical to building brand and trust in Varo as a community-oriented
financial institution
No-Fee Banking
• Free checking account
• No overdraft fees
• No ATM fees at 55,000+ Allpoint® ATM
• No monthly maintenance fees
• No foreign transaction fees
• No minimum balance fees
Early Payday / Advance
• Users receive their paychecks up to two
days early
• Varo Advance allows users to receive a
cash advance of up to $100 within seconds
Instant Money Transfer
• Send money to anyone with a Varo account
High-Yield Savings Account
• Automatic savings tools including Save
Your Pay and Save Your Change
• Up to 3.0% APY
Varo Believe
• Secured charge card designed to safely
build or repair credit
• Users select their dynamic spending limit,
with no minimum
• Payment history is reported to the three
major credit bureaus and users can monitor
their score in the Varo app
• No credit check to apply, no annual fees,
and no APR

Case Study – Upgrade
CEO: Renaud Laplanche
Founded: 2017
• Upgrade has been quietly building a neobank on a credit foundation
(cards and loans) that will help the Company better serve its customers
and secure better economics
• Upgrade has delivered over $10 billion in credit which includes the
Company’s personal loan product and Upgrade Card, which brings
installment lending to millions of points of sale
• Upgrade has over 750 employees and has raised over $500 million in
equity financing since inception
• The Company raised $280 million in Series F financing in November
2021 at a valuation of $6 billion
Products and Services (cont.)
1. Upgrade Card: A hybrid between traditional credit cards and BNPL that
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
2. Upgrade Checking Account: Online checking for mainstream consumers
• Easier path to Upgrade Loans and Card
• No ATM fees, no account fees, no transfer fees
• 2% cash back on everyday purchases, 1% on everything
else
• Up to 20% lower rate on Upgrade loans & Cards with
Rewards Checking Account
• Full integration of products through neobank creates a
one-stop shop for consumers
3. Upgrade Loans: Affordable and responsible credit for mainstream customers
✓ Low fixed rates
✓ Affordable
monthly payments
✓ No prepayment
fees
$
Debt Consolidation
Home Improvement
Major Purchase
Refinance Credit Cards

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

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

Case Study – Current
CEO: Stuart Sopp
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
CEO: Chris Britt
Founded: 2013
• Chime offers no-fee mobile banking accounts and debit cards as well
as ATM access, targeting Americans who earn between $30,000 and
$75,000 per year
• The Company’s challenger bank offering helps people avoid fees, save
money automatically, and improve their finances through several
innovative features
• Instead of making money via loans and user fees in the mold of a
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
– Chime has now raised over $2.2 billion in financing, and the
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
• During the COVID-19 pandemic, Chime crossed into EBITDA
profitability, driven largely by the Company adding hundreds of
thousands of new accounts per month (2)
• 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
Journal (1)
Chime offers its members a Chime Visa
Debit Card, a Spending Account, an optional
Savings Account, and other products and
tools all managed through a mobile banking
app
No hidden fees, no overdraft, no minimum
balance, no monthly service fees, no foreign
transaction fees or no transfer fees
Reach financial goals faster by saving money
automatically with market-leading interest
rates
Users always know their financial situation
with daily notifications and instant alerts
Access and navigate unemployment benefits,
manage and improve credit, and instantly
send money, all via mobile devices

Case Study – Avant
CEO: Matt Bochenek
Headquarters: Chicago, IL
Founded: 2012
• With over 1 million customers currently on the platform, Avant 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
• Through a combination of technology, analytics, and superior customer
service, with an addressable market of nearly 125 million adults, Avant
gives underserved and unbanked consumers access to credit with
innovative products that simplify and improve their financial journey
• Since 2012, Avant has connected 2+ million customers to $7.5 billion in
loans and to 1+ million credit cards
• On April 7, 2021, the Company announced its acquisition of Zero Financial,
Inc. and its neobanking brand Level, which was relaunched as Avant
Banking in December 2021
• Personal loans ranging from $2,000 to $35,000
• APRs ranging from 9.95% - 35.99%
• Fixed monthly payment with no prepayment fees
• Funds are deposited as soon as the next business day
after approval
Personal Loan
• Auto Refinance product with unique cash-out
option available
• Provides ability to lower monthly payment or
provide immediate liquidity
• Cash out between $500 - $2,500 with loans
ranging from $7,500 - $40,000
• Variable APR of 24.99%-29.99%
• Annual fees ranging from $0-$59
• Credit limit increases & cash advances available
• Zero hidden fees, zero deposit required, zero
foreign transaction fees and and zero fraud liability
for unauthorized charges
Credit Card
• No hidden fees & get paid up to 2 days early
• Feature rich mobile app allowing you to instantly
lock your card, change PIN, and receive real-time
notifications of purchases, refunds, and transfers
• Connects to Apple Pay and Google Pay
• Banking services are provided by Evolve Bank &
Trust, Member FDIC
Avant Banking
Auto Refinance

Case Study – Oportun
CEO: Raul Vazquez
Headquarters: San Carlos, CA
Founded: 2005
• Founded in 2005, Oportun (Nasdaq: OPRT) is a mission-driven provider of
loans and financial services to low-to-moderate income individuals,
including those without a traditional credit score
– Using AI, Oportun offers affordable credit products to individuals
outside of the “credit mainstream” at a lower cost
– Oportun’s core product offering is unsecured, personal installment
loans that help customers establish a credit history
– According to its website, Oportun has over 2 million customers
• On November 16, 2021, Oportun announced it has agreed to acquire Digit
– a neobanking platform that provides savings, investing, and banking
tools – for a total consideration of $238 million
– Digit launched the first truly personalized and automated savings
app in 2015 and has since helped members save more than $7
billion and pay off $300 million in debt
– Digit’s FDIC-insured savings platform allows members to define and
achieve savings goals for small purchases and long-term goals
alike, with members having saved more than $7 billion to date
– The Company’s upcoming offerings include an AI-managed bank
account through partnership with MetaBank, that intelligently
budgets, saves, and invests for members
– This transaction grows Oportun’s US footprint by more than 600k
paying members and is expected to increase daily engagement,
enhance funnel conversion, and create a profitable and
differentiated neobanking platform
Personal Loans
Offering affordable APRs up to 35.99% on loans ranging from $300
to $10,000; secured personal loans available in CA, TX and FL
Lending-as-a-Service
Offers credit products through third-party strategic partnerships
Credit Cards
Credit lines up to $1,000 accepted worldwide with no credit
history needed to apply
Early Direct Deposit
Up to two days early
Personal Financial Management
Algorithmic analysis of customer cashflows to manage savings
Overdraft Monitoring
Automated transfers to prevent fees
Automated Investing and Brokerage
Effortless, daily investments in a diversified portfolio of ETFs
based on pre-selected risk level
Long-Term Savings
FDIC-insured managed savings product, accessible by web or
smartphone
Mobile Banking
AI-enabled savings and debit platform enabling budgeting, saving
and investing
Core
Lending
Products
Newly-Acquired
Capabilities
from
Digit

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

Case Study – Figure
CEO: Mike Cagney
Founded: 2018
• Figure’s platform uses blockchain technology to facilitate loan
origination, equity management, private fund services, banking, and
payments with greater speed, efficiency and savings for both
consumers and institutions
– Figure leverages Provenance, a public, open source,
permissionless, decentralized blockchain, for its digital asset
marketplaces
• Figure was co-founded by Mike Cagney, former Co-founder and CEO of
SoFi
• In early 2021, the Company launched Figure Pay, a consumer mobile
payments app that will likely become a Super App over time
– For consumers, Figure Pay offers a fee-free deposit and
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
to access point-of-sale financing
– Figure Pay is available in 26 states as of September 2021, and is
continuing to expand nationwide
– 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
• Figure has raised over $400 million in financing, most recently a $200
million Series D co-led by 10T Holdings and Morgan Creek Digital that
valued the Company at $3.2 billion
Home Equity Line
Tap into equity & receive up to $250k
Mortgage Refinance
Refinance with cash-out up to $500k
Personal Loan
Apply online & get up to $50k
For
Individuals
Figure Pay
Consumer finance app and potential Super App
– Fee-free deposit and payment account
– Easy money transfer
– Access to 55,000 ATMs nationwide
– Buy Now Pay Later offerings
For
Institutions
Digital Fund Services
Raise capital seamlessly with a digital experience
Equity Solutions
End-to-end cap table management solution
Marketplace
Discover unique private investment opportunities

Case Study – Betterment
CEO: Sarah Levy
Founded: 2008
• Betterment is a leading provider of digital investment advisory services
through a mobile application with guided investing, cash management
and financial planning capabilities
• The Company has over $33 billion in assets under management and
more than 700k customers
• While primarily known for its direct-to-consumer offering, Betterment
also provides solutions to registered investment advisors and small
businesses
• Betterment has raised over $430 million in financing, most recently a
$160 million (debt & equity) Series F financing in September 2021 led
by Treasury which valued the Company at $1.3 billion
• Betterment has made several recent product-related announcements,
expanding its product suite and committing to personalization goals
– The Company launched an Innovative Tech Portfolio in
December 2021, adding to other new portfolios like SRI,
providing customers additional choice
– CEO Sarah Levy announced exploration of long-term crypto
investments in July 2021, though further details were not
provided
– The Company acquired Wealthsimple’s US Investment Advisory
business in March 2021
– Betterment added checking and savings products to its product
suite in April 2020
Automated Investing
Portfolio rebalancing, dividend reinvesting, and more
Individual
Investing
Business
IRAs, 401(k) and HSA
Prepare for the future
Portfolio Options
Set an investing strategy for every goal
Socially Responsible Investing
Choose how your money can make an impact
Registered Investment Advisors
Digital platform for small-to-medium advisor segment
Small and Medium Businesses
Retirement and financial wellness solutions
Cash management
Checking, cash reserve and rewards
Retirement Planning
Customized planning to keep users on track
CFPs/Human Advisors
In-person guidance for customers who opt in
All-in-One Dashboard
Platform to manage earnings, deposits and more
Planning

Case Study – Wealthfront
CEO: David Fortunato
Founded: 2007
• Wealthfront is a robo-advisor offering a combination of automated
financial planning, investment management and banking-related services
all via mobile application
• The Company has amassed more than 450,000 customers and manages
over $28 billion in client funds
• Wealthfront has made several recent announcements which suggest it is
moving toward a super app offering
– In August 2021, Wealthfront became the first automated investment
firm to offer Bitcoin price exposure and made Grayscale Ethereum
Trust available to its clients
– In June 2021, the Company announced that it would demote its
robo-advisor to put decision making power in the hands of its retail
investors in a move to increase engagement
– The Company announced its ‘self-driving money’ product in April
2021 to automate user direct deposits in their Wealthfront Cash
Account and ensure bills are paid and savings are instantly routed
into proper accounts based on pre-set goals
• Wealthfront’s recent moves have made it look more and more like a digital
bank, capturing more of its end users' fees with services like insured
savings accounts
• The Company has raised over $200 million in funding across several
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
Wealthfront Invest
✓ Automated investing
✓ Personalized portfolios
✓ Sustainable investing
✓ Zero account or trading fees
Wealthfront Cash
✓ No account, overdraft or transfer fees
✓ Pay bills, send & deposit checks
✓ Direct deposit, debit card, and 19k+ ATMs
✓ Instant transfers to investing portfolio
Wealthfront Borrow
✓ Portfolio Line of Credit
– Borrow up to 30% portfolio value
– Automatic approval for portfolios >$25k
– Cheaper than credit card alternatives
“We chose to join forces with UBS because we both saw the value this strategic
partnership could bring. We are motivated by UBS’s vision to leverage the power
of technology to expand their leading wealth management business, reach a
broader audience, and offer clients greater convenience and personalization.”

Case Study – Affirm
Founder & CEO: Max Levchin
Founded: 2012
• Affirm is a Buy Now Pay Later company that offers fixed-rate installment
loans to consumers at checkout or the point-of-sale
As of FY Q3’21, Affirm had ~5.4 million active consumers on its
platform, growing 60% over the prior year
• Affirm also offers a mobile app to manage accounts and payments along
with interest-bearing savings accounts, and recently announced plans to
offer a U.S. debit card that has direct access to pay-over-time functionality
– The Affirm Card will enable users to make purchases using the card
either online or in-store, and easily manage their payments in the
dedicated app
– In September 2021, the Company announced that it will begin
offering users the ability to buy and sell cryptocurrencies directly in
the Affirm app
• In January 2022, Affirm debuted its new Super App through which
consumers can:
– View a snapshot of and manage Affirm-related spend, savings,
rewards and outstanding payments
– Access a single-use Affirm virtual card to shop online or in stores
– Shop exclusive offers
– Earn cash back rewards
• The Company also introduced a Chrome browser extension to allow
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
“We know that consumers want a one-stop shop to manage their
finances. Affirm saw this firsthand when we added Savings to our app,
which has since attracted more than $300 million in total deposits while
driving meaningful engagement. By evolving the Affirm app into a super
app, we have launched the ultimate destination for consumers to shop
their favorite brands and smartly manage their finances, while also
delivering a seamless, rewarding, and increasingly personalized
experience.” (1)
Shop
Earn
Pay
For Businesses
• Shop favorite stores
online or in-store and
pay later with Affirm
• Select or request
Affirm at the checkout
and pay later
• Make 4 interest-free
payments with no fees
• Set up easy,
automatic payments
• Select a monthly
payments option for
big-ticket items
• Save with the Affirm
high—yield savings
account (0.65% APY)
• No minimum
• No fees
• Increase awareness
• Increase conversion
• Increase consideration

Other US Super App Contenders
CEO: Jason Wilk
Headquarters: Los Angeles, CA
Founded: 2016
• Dave began as an expense tracking application, helping users avoid overdraft
fees charged by traditional banks with its 2017 launch of ExtraCash and
Insights
• Today, Dave is a financial platform helping its 10+ million customers with
banking, financial insights, overdraft protection, credit building, and finding
side gigs
• 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
income through its gig-economy job board, Side Hustle
– Dave’s ExtraCash product has been utilized over 30 million times since
product launch in 2017
• The Company launched Dave Banking in December 2020
– Dave Banking is a spending account and debit card with no monthly fees
– It has accumulated more than 1.3 million members
• H&R Block provides both DIY and assisted income tax preparation
services to customers across the US, Canada, and Australia
• Its tax preparation platform offers several ancillary products
including tax tips, tax news, various tax preparation calculators, error
checking, and electronic filing
• H&R Block also offers several lesser-known products including a
prepaid Mastercard, lines of credit, and small business solutions
• In 2021, H&R Block was used to file 21.6 million US tax returns (1)
• In January 2022, H&R Block announced the launch of Spruce
– Spruce is a mobile banking and money management platform
targeted at low-to-moderate-income Americans
– H&R Block’s Spruce solution includes a spending account
with a debit card, and a connected savings account that
allows for budgeting and specific goals
– 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
CEO: Jeff Jones
Headquarters: Kansas City, MO
Founded: 1955

Other US Super App Contenders
CEO: Brian Barnes
Headquarters: Chicago, IL
Founded: 2015
• M1 Finance is an aspiring financial Super App offering automated
investing, borrowing, and banking products
• M1 was initially started as a free investment platform, and has expanded
its product offerings significantly in recent years
The Company empowers self-directed investors to open accounts
and improve their financial well-being through investing, digital
checking, and portfolio lines of credit
M1 offers a premium service called M1 plus that provides
checking accounts, low-interest loans, smart transfers, custodial
accounts, and more
• M1 has raised over $300 million in financing, most recently a $150 million
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)
• Truebill was founded with the mission to make it easy for people to take
control of their finances and improve their financial health
• The Company’s core feature was initially to enable users to find, track,
and cancel paid subscriptions they might not have been aware of
Truebill has expanded its services to assist its users across
various aspects of their financial lives, and now allows people to
optimize their spending, manage subscriptions, lower their bills,
get insights into their spending and credit scores, and more
• In December 2021, Truebill announced that it had agreed to be acquired
by Rocket Companies for $1.275 billion
CEO: Haroon Mokhtarzada
Founded: 2015
Selected Features

Key US Super App Contenders – Tech Giants
Case Studies: Google and Apple
• 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)
• On March 25, 2019, Apple announced a partnership with Goldman
Sachs and Mastercard to offer the Apple Card, a digital and physical
credit card designed to live out of the Apple Wallet
– The card utilizes Mastercard’s payment network, and
charges no annual, late, cash-advance, international, or
other fees
• In 2021, Coinbase announced that its Coinbase Card can be used to
make purchases with crypto via Apple Pay
• Between the Apple Card, the widely used Apple Pay services, crypto
purchases, and other customer-friendly features such as storing
travel and event tickets, the Apple Wallet has a chance to eventually
become a financial Super App for iOS users
• In November 2020, Google unveiled its redesigned Google Pay app, with
a greater focus on personal financial management tools beyond its core
payments offerings
– New offerings include an Insights tab that allows users to
connect all of their bank accounts to get a holistic view of their
finances and track their spending and saving patterns
• At the same time, the Company also announced plans to launch its Plex
services, whereby it planned to partner with a number of banks to offer
online checking and savings accounts through the Google Pay app
– However, in October 2021, The Wall Street Journal reported
that the Company was abandoning its plans for Google Plex (1)
– Google plans to focus on digital enablement for financial
institution partners rather than offering bank accounts directly
to consumers

iii. Regional Focus –
International

Regional Focus – Southeast Asia
Co-CEOs: Kevin Aluwi & Andre Soelistyo
Headquarters: Jakarta, Indonesia
Founded: 2010
• Gojek is a Southeast Asian super app that offers products such as ordering
food, commuting, digital payments, shopping, and hyper-local delivery
• Gojek is live in 4 countries, offers 20+ products, and power 3 super apps –
consumer, driver, and merchant applications
• In May 2021, Gojek merged with Tokopedia, an e-commerce company, to
form GoTo Group, a globally unique and highly complementary ecosystem,
for a total group gross transaction value of over $22 billion in 2020 (2)
Southeast Asia consists of 11 nations –
Brunei, Cambodia, Indonesia, Laos, Malaysia,
Myanmar, the Philippines, Singapore, Timor-
Leste, Thailand, and Vietnam – most of which
are developing countries. As many of these
developing nations lack fully developed
financial services and have large
underbanked and unbanked populations,
there is space for a single app to become a
one-stop shop. (1)
Super Apps have been prevalent in Southeast
Asia since Gojek was founded in 2010. Grab
and Gojek, the region’s two largest platform
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’
lives
• In April 2021, Grab announced that it has agreed to public through a
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
Key Metrics
Category Leadership
Years of
Operation
8
3
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
• BigPay’s best-in-class products, in-house fully scalable tech stack, bank-
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
eBelia program, and was the only partner that offered a physical card to
spend at more than 800,000 merchants within the country
– 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
full-time students
• 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
• 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
Scalable deployment across multiple highly
regulated markets
Rapid deployment of new features – micro
insurance, loans, P2P, international transfers
Moving up the financial services value chain –
additional credit products, investments, savings
Next-gen digital bank tech stack

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