UBS Napa Recap "Rainforest presents the 2026 Vertical SaaS Embedded..."

Research evidence excerpt

UBS Napa Recap "Rainforest presents the 2026 Vertical SaaS Embedded..."

Global Research

30 June 2026ab

UBS Napa Recap Equities

AmericasRainforest presents the 2026 Vertical SaaS

Embedded Payments Benchmarking Study Diversified Technology Services

Timothy E. Chiodo, CFA

Analyst

timothy.chiodo@ubs.com

Insights & discussion with Rainforest: As part of our 9th Annual UBS Private +1-415-352 4500

Company FinTech Conference Networking event in Napa, we hosted Rainforest founder

Chris Zhang, CFA

and CEO Joshua Silver for a discussion on the company's 2026 Vertical SaaS Embedded

Payments Benchmarking Study. Rainforest framed the study as the first independent chris.zhang@ubs.com

benchmarking study of embedded payments performance in vertical SaaS that aimed to +1-212-713 4911

improve transparency across the broader embedded payments ecosystem. Topics of

Kyle Crews

discussion included an overview of the methods that vertical SaaS companies currently

use to benchmark payments performance, why those methods (such as historical trend kyle.crews@ubs.com

analysis and benchmarks provided by payment processors) are often insufficient, and a +1-212-882-0088

deeper look into Rainforest's proprietary benchmarking study.

Jing Zhang

Associate Analyst

Broader industry context: Rainforest and its recently published benchmarking study is jing.zhang1@ubs.com

potentially relevant for investors seeking to understand embedded payments +1-212-882 0091

performance across vertical SaaS, particularly as embedded payments and adjacent Pat Ennis, CFA

financial services (i.e., lending, payroll services, bill pay, expense management, etc.) Associate Analyst

become increasingly important to software platform economics. The discussion is patrick.ennis@ubs.com