Hooked on Fintech: The Weekly Catch 5/16: AFRM Investor Day recap, CLARITY Act u

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Hooked on Fintech: The Weekly Catch 5/16: AFRM Investor Day recap, CLARITY Act u

Technology | Payments, Processors & IT Services

May 16, 2026

Adam Frisch Hooked on Fintech: The Weekly Catch 5/16:

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Adam.Frisch@evercoreisi.com AFRM Investor Day recap, CLARITY Act

Deniz Gasimli updates, 1Q26 earnings summary, and

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Deniz.Gasimli@evercoreISI.com more...

Connor O'Brien

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connor.obrien@evercoreisi.com All new/updated text in the attached slides is in blue for your

convenience

• Quick take: After a rebound in April, pressure on fintech stocks

resumed and were driven by lingering concerns about macro outside Click here to enter text.

the US, and the AI “source of funds” trade roaring back. Consumer

spend remains resilient enough to support steady volume

projections, but the Middle East conflict continues to cast an

uncertain outlook outside the US. That backdrop keeps the group

investable, but it is not enough to save stories where investors still

lack confidence in organic growth, disclosure, or strategy. Our bias

remains toward companies where the growth algorithm is clearer and

product direction is improving. We continue to prefer AFRM. XYZ,

ADYEN, CHYM and TOST.

• Key focus point this week: CLARITY Act back from the brink:

After looking effectively dead only weeks ago, CLARITY gained real

momentum this week, as the Senate Banking Committee released

updated text, worked through a crowded amendment process, and

advanced the Bill 15-9, with two Democrats (Alsobrooks and Gallego)

joining Republicans, though both caveated that a committee vote

does not necessarily guarantee floor support. The bill now gets

combined with the Ag Committee text and moves toward the Senate

floor, where Cloture remains the key hurdle - our DC checks suggest