「 下一代价值网络长什么样子？ 」 文 ｜ 任倩 「暗涌Waves」独家获悉，全球AI驱动的数字金融基础设施平台 PhotonPay光子易（以下简称"光子 易 " ） 近 日 完 成 数 千 万 美 元 B 轮 融 资 ， 由 IDG 资 本 领 投 ， 高 瓴 创 投 （ GL Ventures) 、 Enlight Capital、Lightspeed Faction、Shoplazza跟投，Blacksheep Technology担任独家财务顾问。 光子易创始人陈敏在创立光子易之前，曾在百度国际化部门负责海外支付系统的搭建。2014年前后，正 值百度尝试将其多元化业务矩阵推向全球市场。而在那个互联网出海起步的拓荒期，陈敏作为架构师， 第一线直面了全球支付基础设施的极度碎片化与复杂性。 "很多人以为全球支付的问题在于慢，但本质上，它从来就不是一个完整的系统。"陈敏直言，"光子易的 初衷不只是把钱汇得更快一点，而是在思考：全球化企业到底需要什么样的金融基础设施？我们能否推 导出那个能兼容全球复杂性的根本解？" 正是这种Day1的思考，这家在支付赛道里声量也许不是最大、甚至尚处早期的玩家——从创立起就选了 ...

Global Payments《2026 年商业与支付趋势报告》指出，AI 赋能、场景融合与技术革新成为驱动行业变革的核心力量，六大趋势重塑商业支付生态，企业需 精准把握机遇以应对效率提升与风险防控的双重需求。 核心趋势一：AI 代理 commerce 崛起 AI 购物代理成为新增长点，87% 的企业对其有所了解，零售行业熟悉度最高（25%）。消费者可通过 AI 代理完成搜索、比价、下单全流程，预计能减少 66% 的电商购物车遗弃率，为全球电商带来 2400 亿美元新增收入。OpenAI、沃尔玛、亚马逊等企业已推出相关功能，通过 Agent Payments Protocol 实现安 全支付。但安全欺诈、纠纷解决与算法偏见仍是主要顾虑，42% 的企业对此表示担忧，目前仅 11% 的消费者允许 AI 代理完成支付。 核心趋势二：POS 革命全面展开 移动 POS 与云端系统成为主流，85% 的美国中型零售商依赖移动 POS 解决方案。现代 POS 系统整合实时数据分析（57% 企业优先选择）、库存管理、 CRM 等功能，支持动态定价与个性化服务。生物识别技术广泛应用，指纹、声纹支付提升效率与安全性，部分餐厅通过 ...

Group 1 - The Estonian and Lithuanian Competition Authorities have approved AS Inbank's acquisition of an additional 33% stake in Mobire Group OÜ, making it the sole owner of the company [1] - The agreement signed in November resulted in Inbank increasing its ownership in Mobire Group OÜ to 100%, thus making it a wholly owned subsidiary [1] Group 2 - Inbank is a financial technology company with an EU banking license, connecting merchants, consumers, and financial institutions through its embedded finance platform [2] - The company partners with over 5,900 merchants and has more than 915,000 active contracts, collecting deposits across 7 markets in Europe [2] - Inbank bonds are listed on the Nasdaq Tallinn Stock Exchange [2]

Core Insights - The article discusses the evolution of payment systems in the context of AI, highlighting a shift from traditional user-interface-based payments to AI-driven, context-aware transactions [2][3][14] - It emphasizes that AI is becoming a new economic participant, capable of understanding intent and executing transactions autonomously, which could redefine the internet economy [3][4][5] Group 1: AI Payment Evolution - The concept of "Embedded Payment 2.0" is introduced, where payments are triggered by AI understanding user intent rather than manual clicks [2][14] - AI is expected to act as an individual agent, managing tasks and making purchases autonomously, thus transforming the shopping experience into a more efficient process [5][6] - The traditional internet economy, which has been based on human interaction, is facing a paradigm shift as AI becomes a primary consumer of web content [7][9] Group 2: New Economic Models - The article outlines a potential transition from "attention economy" to "access measurement economy," where AI's content access could generate new revenue streams for content providers [7][10] - Companies like FluxA are working to bridge the gap between AI capabilities and existing economic structures, creating a network that allows AI to engage in economic activities legally [10][11] - The need for a new payment infrastructure that accommodates AI's unique operational characteristics is highlighted, with various companies exploring standards for AI payment protocols [12][17] Group 3: Future of Financial Services - The integration of financial services into AI's operational framework is anticipated, leading to a more seamless and personalized user experience [16][17] - Financial activities are expected to become more dynamic and context-aware, moving away from static products to real-time, personalized services [16] - The role of traditional financial institutions may evolve, with a shift towards AI and agents becoming the primary interface for financial transactions [16][17]

Summary of Adyen Conference Call (November 13, 2025) Company Overview - **Company**: Adyen (OTCPK:ADYE.Y) - **Industry**: Payment processing and financial technology Key Points and Arguments Platform Foundations - Adyen has built a single global technology platform that allows customers to process payments worldwide, both online and in-person, since its inception [1][2] - The company has added banking licenses in the U.K., Europe, and the U.S. since 2017, providing end-to-end control over its services [1] Payment Volume and Fraud Management - Adyen processed EUR 1.3 trillion in payment volume over the last 12 months, which enhances its ability to analyze individual shopper behavior [2] - The company emphasizes the importance of real-time fraud detection, leveraging behavioral patterns to authenticate users dynamically [3][4] Data Utilization - Adyen possesses significant data on transaction behaviors, which aids in fraud detection and onboarding merchants [5][6] - The company can assign risk levels to different behavioral patterns, enhancing customer security [6][7] Market Dynamics - The complexity in the payments industry is increasing, driven by technology evolution and the rise of agentic commerce, which presents opportunities for Adyen to gain market share [9][11] - Adyen's unique single-platform structure allows it to innovate more rapidly than legacy competitors [15][18] Product Innovations - The Adyen Uplift product suite optimizes the payments conversion funnel, focusing on authorization rates, payment costs, and fraud management [12][19] - Two-thirds of new customers are adopting the Protect fraud tooling product, which utilizes machine learning for real-time fraud detection [20] Unified Commerce - Adyen is seeing a trend of digital customers moving into unified commerce, where both online and in-person payments are processed through one integration [24][26] - The company has successfully expanded into various verticals, including luxury retail, hospitality, and food and beverage, which are among its fastest-growing sectors [28][29] Addressable Market - The total payments market is estimated at EUR 34 trillion, with Adyen capturing a 5% share (EUR 1.3 trillion) of the addressable market of EUR 26 trillion [31][32] - The payments market is expected to double over the next decade, providing significant growth opportunities for Adyen [32] Financial Products and Growth Strategy - Adyen is expanding into financial products, with a revenue opportunity of EUR 127 billion expected to grow at 20% annually [32][44] - The company aims for a 20% growth framework over the next few years, supported by its long-term market potential and new product offerings [56][58] Profitability and Investment - Adyen targets an EBITDA margin of over 55% by 2028, balancing growth investments with operational efficiencies [61][62] - The company plans to invest heavily in its tech and commercial teams while leveraging automation to maintain operating leverage [62] Future Outlook - Adyen is focused on navigating the complexities of the payments landscape, positioning itself to thrive as consumer expectations and technological advancements continue to evolve [55][62] Additional Important Insights - The company is actively engaging with various stakeholders, including Visa, Mastercard, and tech companies, to shape the future of agentic commerce [53][54] - Adyen's strategy emphasizes a customer-first approach, ensuring that merchants maintain brand integrity and customer loyalty in evolving transaction environments [53][54]

Financial Data and Key Metrics Changes - Total Processing Volume (TPV) reached $98 billion in Q3 2025, representing a 33% increase year-over-year and an acceleration of over 3 percentage points from Q2 2025 [4][15][17] - Q3 net revenue was $163 million, growing 28% year-over-year, with gross profit of $115 million, a 27% increase year-over-year [5][18] - Adjusted EBITDA for Q3 was $30 million, achieving a margin of 19%, marking another all-time high for adjusted EBITDA dollars [6][22] Business Line Data and Key Metrics Changes - Lending use cases, including Buy Now, Pay Later (BNPL), saw TPV growth accelerate by 10 percentage points compared to Q2, with year-over-year growth rates approximately double that of the overall company [17][20] - Non-Block TPV is now growing 2.5 times faster than Block TPV, with Europe TPV continuing to grow over 100% year-over-year [16][18] - Expense management growth continues to outpace overall company growth, driven by customer acquisition of new end users [16][20] Market Data and Key Metrics Changes - The international business, particularly in Europe, is experiencing strong growth, with non-U.S. business representing a high teens percentage of TPV, up 5 percentage points from Q3 of the previous year [62] - Europe continues to deliver over 100% TPV growth, although this rate may not be sustainable as the base increases [62][66] - The on-demand delivery segment is growing significantly, with acceleration into double digits in Q3, primarily due to merchant category and geographic expansion [16][20] Company Strategy and Development Direction - The company aims to deepen customer relationships by enabling innovative programs and expanding geographic reach, while increasing bank supply [7][10] - The acquisition of TransactPay is expected to enhance the company's ability to serve enterprise customers in Europe, providing a complete offering comparable to North America [12][66] - The company is focused on diversifying its business beyond debit and expanding internationally to drive future growth [14][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's trajectory, noting that TPV growth has accelerated for two consecutive quarters, indicating strong demand across various use cases [54][56] - The company anticipates challenges in Q4 due to the impact of contract renewals and potential changes in customer behavior, particularly with Cash App diversifying its new issuance [56][58] - Management expects to finish the year strong, raising expectations for Q4 and the full year based on Q3 results [25][28] Other Important Information - The company repurchased 3.2 million shares at an average price of $6.12 in Q3, with a total of 64.6 million shares repurchased year-to-date [24] - The company ended Q3 with over $830 million in cash and short-term investments, driven by strong operating cash flows [23] Q&A Session Summary Question: What does the pipeline for new business look like? - Management indicated that much of the growth is driven by existing customers launching new programs, with new cohort business expected to contribute over $40 million in revenue in 2025 [33][34] Question: How significant is the TransactPay acquisition for European market expansion? - The acquisition simplifies the process for customers to expand into Europe and allows the company to compete in the premium market for enterprise customers [35][36] Question: What is the sustainability of the 100%+ growth in Europe? - While the growth rate may not be sustainable at over 100%, the company expects TPV growth in Europe to continue at a materially faster rate than the overall company [62][66] Question: Are there any anomalies in the current growth trajectory? - Management noted that while the trajectory is strong, there are factors such as contract renewals and unusual items that may impact future growth [56][58]

Financial Data and Key Metrics Changes - Total Processing Volume (TPV) reached $98 billion in Q3 2025, representing a 33% increase year-over-year and an acceleration of over three points from Q2 2025 [4][16][18] - Net revenue for Q3 was $163 million, growing 28% year-over-year, with gross profit at $115 million, a 27% increase year-over-year [5][19] - Adjusted EBITDA was $30 million, achieving a 19% margin, marking another all-time high for adjusted EBITDA dollars [5][24] Business Line Data and Key Metrics Changes - Lending use cases, including buy now, pay later (BNPL), saw significant growth, with TPV growth accelerating 10 points versus Q2, and year-over-year growth about double the overall company rate [18][50] - Commercial programs, particularly those enabling SMBs, also experienced increased demand, highlighted by signing a Fortune 500 customer for electronic supplier payments [9][10] - Non-Block TPV is now growing two and a half times faster than Block TPV, with Europe TPV continuing to grow over 100% year-over-year [17][50] Market Data and Key Metrics Changes - Europe continues to deliver strong results, with TPV growth remaining over 100% year-over-year, driven by neobanking, lending, and BNPL use cases [11][50] - The international business now represents a high teens percentage of total TPV, up five percentage points from Q3 of the previous year [50] Company Strategy and Development Direction - The company aims to expand customer relationships by enabling innovative programs and seamless geographic expansion while increasing bank supply [6][10] - The acquisition of TransactPay is expected to enhance the company's ability to serve enterprise customers in Europe, providing a complete offering comparable to North America [12][36] - The company is focused on diversifying its business beyond debit and expanding internationally to drive future growth [15][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business trajectory, noting that TPV growth has accelerated for two consecutive quarters, with strong performance expected to continue [44][46] - The company raised its expectations for Q4 and the full year based on Q3 results, anticipating net revenue growth of 22%-24% in Q4 [27][29] - Management acknowledged potential headwinds from contract renewals and macroeconomic uncertainties but remains optimistic about growth prospects [47][48] Other Important Information - The company repurchased 3.2 million shares at an average price of $6.12 in Q3, with a total of 64.6 million shares repurchased year-to-date [26] - The GAAP net loss for Q3 was $3.6 million, influenced by interest income and a non-recurring litigation-related expense [25] Q&A Session Summary Question: Inquiry about new business and contract ramping - Management noted that much of the growth is driven by existing customers launching new programs, with new cohort business expected to contribute over $40 million in revenue in 2025 [31][33] Question: Sustainability of growth rates - Management indicated that while growth rates may not be sustainable at current levels, they expect continued strong performance, particularly in lending and on-demand delivery [44][50] Question: Impact of TransactPay on European market expansion - The acquisition facilitates easier transitions for customers between North America and Europe, allowing the company to compete in the premium market [36][52] Question: Details on card-to-card relationships and market expansion - Management highlighted the strong relationship with Klarna and the significant growth observed in existing markets, with expectations for continued expansion into new markets [40][41] Question: Revenue yield comparisons across different markets - Management explained that gross profit take rates are relatively consistent across use cases, with variations primarily due to customer size rather than fundamental pricing differences [63][65]

Core Insights - Inbank achieved a record originated volume of 204 million euros in Q3 2025, marking a 14% year-on-year increase and a consolidated net profit of 5 million euros, up 62% from the previous year [1][6] - The total net income for the first nine months of 2025 reached 63.3 million euros, reflecting a 15% increase year-on-year [6] - The company successfully completed a Tier 2 bond issue on Nasdaq Tallinn, raising 8 million euros to support future growth [3] Financial Performance - Total assets as of September 30, 2025, were 1.59 billion euros, with a loan and rental portfolio of 1.24 billion euros and customer deposits of 1.32 billion euros [5][9] - Return on equity improved to 12.5% in Q3 2025, with an average of 11.4% for the first nine months [1][5] - The cost/income ratio declined to 52.3%, indicating improved efficiency [6] Growth Drivers - The growth in originated volume was driven by high demand for green financing products in Poland, expansion of buy-now-pay-later (BNPL) sales in the Baltics, and steady growth in direct lending across all markets [6] - Green financing sales reached a record 39.3 million euros, growing 57% year-on-year, while direct lending sales increased by 48% to 35.1 million euros [6] Customer and Market Engagement - Inbank serves over 5,900 partners and has 625,000 active customers, with a total of 915,000 active customer contracts by the end of Q3 2025 [4][6] - The company is focused on expanding its embedded finance solutions to more merchants and customers across existing and new European markets [4]

Core Insights - Festi's Q3 2025 performance exceeded expectations, confirming operational strength and momentum across subsidiaries [2][3][7] Financial Performance - Sales of goods and services reached ISK 47,093 million, a 6.4% year-over-year increase, and a 9.1% increase when excluding currency and fuel price effects [3] - Margin from sales amounted to ISK 12,057 million, reflecting an 11.3% increase from the previous year [3] - Profit margin improved to 25.6%, up by 1.1 percentage points from Q3 2024, with a 0.5 percentage point increase when excluding currency and fuel price effects [3] - EBITDA for the quarter was ISK 5,319 million, a 12.2% increase year-over-year [3] - Profit for the quarter was ISK 2,651 million, an 18.8% increase compared to the previous year [3] - Net cash from operating activities increased by 43.5% to ISK 6,664 million [3] - Equity at the end of Q3 2025 was ISK 46,097 million, with an equity ratio of 39.2% [3] Strategic Developments - Festi raised its EBITDA guidance for 2025 by ISK 400 million, now projected between ISK 15,600 million and ISK 16,000 million [3] - ELKO launched ELKO Smart Payments, allowing customers to spread payments flexibly, and plans to introduce a digital advisor powered by AI [4][5] - Krónan opened a new flagship store and plans to expand its store network further [4] - N1 introduced fast-charging for electric vehicles, receiving positive customer feedback [4] - A new refrigerated warehouse is set to open in Q1 2026 to enhance internal efficiency [4] Market Outlook - Despite macroeconomic uncertainties, Festi's outlook remains strong, with a focus on customer service and sustainable products [6][7] - Potential challenges include the impact of recent Supreme Court rulings on interest rates and reduced fishing quotas affecting key export industries [6]

Financial Data and Key Metrics Changes - Total adjusted revenue for Q3 grew 1% to $4.9 billion, while adjusted operating income decreased 7% to $1.8 billion, resulting in an adjusted operating margin of 37%, a decrease of 320 basis points [36] - Year-to-date adjusted revenue grew 5% to $14.9 billion, and adjusted operating income grew 5% to $5.7 billion, maintaining an adjusted operating margin of 38.2% [36] - Adjusted EPS for Q3 was $2.04, down 11% from $2.30 in the prior year [36] Business Line Data and Key Metrics Changes - Merchant Solutions segment organic revenue growth was 5% for the quarter and 7% year-to-date, with adjusted revenue growth also at 5% [38] - Financial Solutions segment organic revenue declined 3% in Q3 but grew 3% year-to-date, impacted by lower periodic license revenue [42][44] - Clover revenue grew 26% in Q3, with GPV growth of 8% reported, and 11% excluding the 2023-2024 gateway conversion [39][17] Market Data and Key Metrics Changes - Argentina contributed over 5 percentage points to the company's 12% organic growth rate in 2023 and roughly 10 percentage points to the 16% organic growth in 2024 [9] - The organic growth rate in Argentina was 56% year-to-date, adding approximately 2 percentage points to the overall organic growth rate of just over 5% [9] Company Strategy and Development Direction - The company is shifting its strategic focus to prioritize sustainable, client-focused opportunities, which may negatively impact near-term results but is expected to position the company for predictable growth [4][6] - The "One Fiserv" action plan includes investments in client-first operations, enhancing Clover as a small business operating platform, and leveraging AI for operational excellence [22][24] - The company aims to return to consistent mid-single-digit revenue growth with potential for acceleration over time, targeting double-digit adjusted EPS growth starting in 2027 [33] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that recent performance issues were largely self-inflicted and are being addressed through investment and operational improvements [14][53] - The company is confident in its ability to generate free cash flow and maintain a disciplined capital allocation strategy, which supports long-term growth [54] - Management emphasized the importance of aligning structural growth with sustainable revenues and expenses, moving away from short-term initiatives [14][13] Other Important Information - The company announced several leadership changes, including new Co-Presidents and a new CFO, to drive the strategic initiatives forward [27][28] - Three acquisitions were made during the quarter to enhance client service and expand into new markets, including the acquisition of Smith Consulting Group [46] Q&A Session Summary Question: How long was Fiserv over earning with deferred investments and short-term initiatives? - Management indicated that the analysis revealed a need for recalibration and that the company is focused on addressing self-inflicted issues to return to double-digit EPS growth [50][52] Question: What changed specifically in the Financial Solutions segment? - Management noted that the segment experienced a decline due to lower periodic license revenue and emphasized the strength of the issuing business and ongoing investments to improve performance [57][68] Question: Is Clover's 10% revenue growth a decent proxy for next year? - Management expressed confidence in Clover's growth trajectory and highlighted ongoing investments to enhance competitive positioning across Merchant Solutions [73]