Probing the Privates in Payments

Research evidence excerpt

Probing the Privates in Payments

Equity Research

Industry Update — June 9, 2026

Payments, Processors, and IT Services

Our Call Jason Kupferberg

Our Private Company Tracker profiles 15 privately-held Payments/Fintech companies Equity Analyst | Wells Fargo Securities, LLC

Jason.Kupferberg@wellsfargo.com | 212-214-5457

across e-commerce pymts, B2B, neobanks, core banking software, and restaurant POS.

Melissa Chen, CFAEach company profile includes key financial and operating metrics, where available.

Associate Equity Analyst | Wells Fargo Securities, LLC

Melissa.Chen@wellsfargo.com | 212-214-5346

We are launching our Private Company Tracker, which profiles 15 private payments Cassie Chan

companies across e-commerce payments (Stripe, Checkout.com), restaurant POS/ Equity Analyst | Wells Fargo Securities, LLC

software (SpotOn, TouchBistro, sunday), B2B-focused platforms (Airwallex, Ramp, Cassie.Chan@wellsfargo.com | 212-214-5331

Plaid, Ripple), neobanks (Revolut, Monzo), and core banking software (Finastra, Mambu, Tyler DuPont, CFA

Thought Machine, 10x). Each profile includes a company overview as well as key financial Associate Equity Analyst | Wells Fargo Securities, LLC

and operating metrics, where available. Tyler.J.Dupont@wellsfargo.com | 212-214-5431

Prominent private e-commerce payments companies include Stripe and

Checkout.com. Both compete head-to-head with Adyen on different ends of the

merchant spectrum, with Stripe predominantly on the SMB side (though moving

upmarket) and Checkout.com on the digital enterprise merchant side. In '25, Stripe

processed $1.9T of volumes (+35% y/y growth) vs. Checkout.com at ~$0.3T (+64%

y/y), Adyen at $1.6T (+8% y/y, 21% ex. Cash App), and Braintree at $0.6T (+5% y/y),

respectively.