Marqeta (NasdaqGS:MQ) Q4 2025 Earnings call February 24, 2026 04:30 PM ET Company ParticipantsConnor Allen - VPCraig Maurer - Managing DirectorDarrin Peller - Managing DirectorMaria Graizer - Director of Investor RelationsMichael Infante - VP of Equity ResearchMike Milotich - CEOPatti Kangwankij - CFOTimothy Chiodo - Managing DirectorConference Call ParticipantsAndrew Schmidt - Fintech, Software, and Payments Equity Research AnalystSanjay Sakhrani - Managing Director and Senior AnalystOperatorLadies and gen ...

Core Insights - Jaris has expanded its partnership with Paysafe to enhance its embedded finance offerings for small- to medium-sized businesses (SMBs) in the U.S. [1][2] - The collaboration allows Jaris' instant payouts solution to be integrated into Paysafe's payment ecosystem, providing SMBs with immediate access to funds from processed card transactions [3][7] Group 1: Partnership and Offerings - The partnership enables Jaris to offer a unified suite of financial tools, including growth capital and instant funding, to Paysafe's merchant network [2][3] - Jaris' financial solution provides near-real-time processing and is accessible 24/7, allowing for instant payouts and loans approved within one business day [3] Group 2: Market Context and Challenges - Cash flow has become a critical concern for many SMBs, affecting their daily operations and long-term viability [7] - Late payments create operational strain, leading businesses to delay payroll or vendor payments, which can erode trust with suppliers and employees [8] - Many SMBs still rely on traditional payment methods like paper checks, which slow down settlement and complicate financial forecasting [9]

© 2026 Fiserv, Inc. or its affiliates Fourth Quarter 2025 Financial Results February 10, 2026 Forward-Looking Statements and Non-GAAP Financial Measures Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated adjusted and organic revenue growth, adjusted earnings per share, capital expenditures, free cash flow, free cash flow conversion, adjusted operating margin, a ...

Core Insights - Adaptability is identified as a key competitive advantage in the payments industry, emphasizing the need for companies to be flexible in response to rapid changes [1][5] Industry Trends - The pandemic accelerated the shift towards digital and contactless payment methods, making speed and convenience essential expectations for consumers [3] - Global digital wallet transaction value reached $10 trillion in 2024, a significant increase from $3.9 trillion in 2020, driven by the dominance of mobile payments and Gen Z adoption [7] - AI-driven tools for fraud prevention, such as tokenization and multi-factor authentication (MFA), have reduced eCommerce fraud by up to 30%, with real-time detection processing over a billion transactions daily [7] - Embedded payments are projected to hit $6.5 trillion in volume by 2025, while open banking adoption is growing, albeit slowly in the U.S. due to regulatory challenges [7] - Cash usage has declined sharply in mature markets, yet it remains resilient globally, indicating diverse consumer preferences for payment methods [7] Merchant Needs - Small and medium-sized businesses (SMBs) are increasingly seeking seamless financial management solutions, expecting immediate access to funds and a consolidated view of their performance [7] Payment Innovations - The anticipated rise of real-time payments has been validated, with UPI in India and Pix in Brazil leading the way, although the U.S. has not scaled as expected [7] - The rapid adoption of AI, particularly following the introduction of ChatGPT in November 2022, has shifted consumer behavior towards seeking advice from AI rather than traditional search engines [7]

Core Insights - The emergence of agentic AI is compelling SaaS companies to redesign their products to focus on outcomes rather than traditional interfaces [1][3] - The integration of payments into SaaS platforms is becoming a significant profit center, enhancing operational efficiency and customer experience [9][10] SaaS Market Dynamics - The traditional SaaS model, characterized by recurring subscriptions and predictable upgrades, is being disrupted by AI technologies that can streamline business operations [2][5] - Recent stock market fluctuations indicate investor concerns regarding the sustainability of SaaS business models in light of AI advancements, with significant declines observed in software and data stocks [4][5][6] Shift in SaaS Economics - IDC predicts that by 2028, approximately 70% of SaaS vendors will transition from seat-based pricing to consumption or outcome-based models, reflecting a fundamental shift in SaaS economics [7] - The current SaaS landscape is described as fragmented, with agent-driven systems promising to simplify workflows by allowing users to interact through a single AI interface [8] Embedded Payments - The trend of "embedded everything" is gaining traction, with SaaS providers increasingly integrating payment solutions into their platforms, which enhances operational efficiency for users [9][10] - Platforms that utilize embedded bank payments report significant reductions in onboarding time and processing costs, demonstrating the operational benefits of this integration [11] Strategic Considerations for SaaS Providers - The decision to build, buy, or partner for payment solutions is critical for SaaS profitability, influencing long-term efficiency and revenue generation [13] - Embedded payments can significantly increase revenue for SaaS firms, with potential revenue from payments reaching up to 40% when supported by partners [15] Benefits of Integration - For SaaS providers, integrating payments diversifies revenue streams and deepens customer engagement, while customers benefit from a streamlined operational environment [16] - The transition to embedded finance tools is essential for SaaS firms to maintain relevance in industries moving away from traditional paper-based processes [17]

Core Insights - The merger between Fifth Third Bancorp and Comerica Incorporated creates a $294 billion institution, reshaping competition in mobile banking, commercial payments, and middle-market services [2][3][4] Group 1: Merger Overview - The merger closed on February 2, establishing the ninth-largest U.S. bank by assets and linking Fifth Third's consumer digital platform with Comerica's commercial franchise, particularly in Texas and California [2][3] - The combined bank operates in 17 of the 20 fastest-growing large U.S. metropolitan areas, with system and brand conversions expected later this year [4] Group 2: Digital and Commercial Integration - Fifth Third enters the merger with a strong digital base, averaging 3.19 million active digital users and 2.49 million active mobile users in the last quarter, with nearly 98% of mortgage applications digitally assisted [5] - The merger connects Fifth Third's consumer digital capabilities to Comerica's dense middle-market relationships, creating a unified platform for retail deposits, commercial lending, and payments [6] Group 3: Competitive Landscape - The integration of Fifth Third and Comerica may pressure regional banks that operate consumer and commercial services separately, as the combined institution allows for streamlined retail acquisition and commercial onboarding [7] - The merger broadens Fifth Third's embedded finance platform, Newline, which is expected to generate a $1 billion recurring fee business [8][10] Group 4: Customer Impact - Near-term service for consumers is expected to remain stable during the integration, with plans to extend mobile tools and digital onboarding processes across Comerica's footprint over time [14] - For middle-market enterprises, the combined platform offers enhanced connections between deposits, payments, and expense management, potentially redefining competitive boundaries in the regional banking sector [15]

As filed with the Securities and Exchange Commission on January 20, 2026. (Primary Standard Industrial Classification Code Number) REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 AfterNext Acquisition I Corp. (Exact name of registrant as specified in its charter) Cayman Islands 6770 N/A (State or other jurisdiction of incorporation or organization) Registration No. 333-292005 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM S-1 (I.R.S. Employer Identifi ...

Core Insights - Global Payments Inc. (GPN) has completed a significant three-way deal, acquiring Worldpay and divesting its Issuer Solutions unit to Fidelity National Information Services, Inc. (FIS), transforming GPN into a dedicated provider of commerce and merchant solutions [1] Group 1: Acquisition and Business Model Transformation - The acquisition of Worldpay enhances GPN's scale and geographic reach, allowing it to serve over 6 million merchant locations and process $3.7 trillion in payment volume across more than 175 countries [2] - The merger combines GPN's strengths in small and medium-sized business (SMB) and integrated software with Worldpay's expertise in enterprise and e-commerce, improving support for merchants at all growth stages [2] Group 2: Strategic Focus and Financial Goals - The divestiture of Issuer Solutions represents a strategic pivot for GPN, allowing it to concentrate on merchant-facing commerce solutions amid strong growth trends in digital payments and omnichannel commerce [3] - GPN aims to invest over $1 billion annually in innovation while simultaneously reducing debt, enhancing capital efficiency and aligning with its strategic goals [3][7] Group 3: Future Execution and Performance - The success of GPN's new strategy will depend on effective execution, including seamless integration and retention of large enterprise clients, which are crucial for sustained earnings growth [5] - A streamlined operating model and clearer strategic focus could lead to improved cash flows and a stronger competitive position in the near term [5] Group 4: Market Performance - Over the past six months, GPN shares have increased by 0.2%, contrasting with a 10.5% decline in the industry [6]

Core Insights - Apple has partnered with Google to enhance Siri with AI capabilities, utilizing Google's Gemini models and cloud technology for the next iteration of Apple’s foundational models [2][3] - The collaboration is expected to lead to a more personalized version of Siri, set to be released this year, while maintaining Apple's privacy standards [2][3] Company Developments - Apple evaluated various options before selecting Google, including testing models from OpenAI and Anthropic, ultimately deciding that Google's AI technology offers the best foundation for its needs [3] - A report indicated that Apple is nearing a $1 billion per year deal with Google for this Siri upgrade [3] Industry Context - Siri, once a revolutionary AI assistant, has fallen behind competitors like Google, Amazon, and Samsung in advanced AI features [4] - Concerns over perfectionism have been cited as a reason for the slower development of Siri's improvements [5] Financial Partnerships - In addition to the Siri upgrade, Apple has formed a new partnership with JPMorgan Chase, which will become the issuer of the Apple Card, replacing Goldman Sachs [5] - This move aligns with broader market trends in embedded finance, where 99.8% of surveyed companies now offer at least one embedded finance capability, with banking features being the most common [6][7]

Core Trends - The transition from reactive, siloed systems to proactive, integrated systems is a key trend, with AI expected to reshape various sectors by anticipating needs rather than merely responding to requests [3][9] - Digital infrastructure is becoming foundational, with real-time processes and embedded services expected to be standard rather than innovative [4][9] - Regulatory environments are maturing but remain fragmented globally, with some regions providing clearer rules while others create uncertainty [5][13] AI and Automation - AI, particularly agentic and conversational AI, is anticipated to become invisible infrastructure, embedded in decision-making processes across industries [3][7] - The importance of trust, resilience, and security is rising as new risks emerge from AI and digitization, leading to increased investment in advanced security technologies [6][9] Financial Services Landscape - The financial services landscape in 2026 will be characterized by agentic AI, digital assets like stablecoins, and divergent regulatory environments [11][12] - Embedded finance is expected to expand beyond payments, allowing non-financial companies to enter financial services profitably [12][20] Market Dynamics - The fintech sector is entering a pivotal moment of convergence and divergence, with traditional institutions and technology firms increasingly overlapping in roles and capabilities [10][8] - The stablecoin market is projected to reach $1 trillion by the end of 2026, indicating its growing importance in bridging traditional and decentralized finance [43] Regulatory Challenges - Regulatory fragmentation is expected to increase cross-border friction, complicating compliance for global fintechs and financial institutions [39][40] - Compliance will become a competitive differentiator, with firms needing to modernize their systems to meet regulatory requirements [33][34] Predictions for 2026 - Predictions indicate that 2026 will be a year of consolidation, with fewer but stronger integrated platforms emerging as experimentation gives way to established models [7][9] - The embedded finance market is forecasted to reach $7.2 trillion by 2030, highlighting the significant growth potential in this area [20]