Bauch's Bullets

Research evidence excerpt

Bauch's Bullets

June 19, 2026 | 14:14 ET~

Payments, Processors, & FinTech

Bauch's Bullets Payments, Processors, & FinTech

Andrew Bauch, CFA, CPA Analyst

andrew.bauch@bmo.com (929) 594-1731

Conan Leon VP Associate

Bottom Line: conan.leon@bmo.com (212) 671-8003

This week, we caught up with investors and management teams, and tracked company Andrew Estes Associate

updates from peer conferences. Next week we will be marketing in Chicago. andrew.estes@bmo.com (646) 438-3717

Bauch's Bullets is our weekly unpacking of the week that was in Fintech, and a source Legal Entity: BMO Capital Markets Corp.

for activities/events for our team in the week ahead.

Global X Fintech ETF

Key Points

• A Potential Clearing Event - Our coverage rose +3% (+4% ex-FISV) this week

30 900

(+1% prior) as the initial deal to end the war served as the clearing event. 800700

Dispersion was high, led by KLAR (+16%), AFRM (+12%), ADYEN (+9%), XYZ 25 500400

(+8%), and CHYM (+5%), reflecting easing low-end consumer concerns and a 200100

20 0

potential rebound in Middle East cross-border and luxury spend. Ex-FISV (-11%, Dec Jun Dec Jun

LHS: Price / RHS: Volume (k) Source: FactSet

CEO exit), most names were broadly flat.

• FISV Leadership Changes - FISV announced CEO Mike Lyons will step down to

become Truist CEO, with Takis Georgakopoulos named successor. We had viewed

Takis as a leading successor to former CEO Frank Bisignano in early 2025 given

his deep industry experience. While investor focus has shifted to execution risk

and the Banking turnaround post-Lyons, we believe the MT strategy remains

intact given a deep bench and a collaborative effort in constructing the “One

Fiserv” plan. Notably, we believe the drawdown in shares on Monday was more