Consumer Finance Weekly: AXP, V, KLAR, Auto, Aircraft Leasing, Student

Research evidence excerpt

Consumer Finance Weekly: AXP, V, KLAR, Auto, Aircraft Leasing, Student

TD Cowen

Global Research July 10, 2026

AXP: In its 2Q26 earnings, Delta noted that Amex remuneration to the company

was $2.4 Bn in the quarter, up 16% y/y, helped by accelerating card acquisitions

and the seventh consecutive quarter of double-digit y/y growth in Delta

cardholder spend. Our Take: This was up 10% y/y in 1Q and up 11% y/y in 2025.

Amex remuneration to Delta is now close to $10 Bn annual runrate, and is

growing faster than AXP's revenue, so will be a drag on VCE ratio over time.

Source: delta

V: Travel subscription company eDreams ODIGEO (eDO) is working with V to

enable AI agents to initiate transactions on its platforms. The integration

enabled by this collaboration will enable general AI interfaces to complete

purchases directly on eDO’s eDreams, Opodo, GO Voyages and Travellink travel

brands. Our Take: The card networks continue to invest in agentic commerce.

Source: pymnts

KLAR: KLAR has established its first forward flow and warehouse financing

agreement in Germany. This is a EUR900 mil facility that will be used to originate

up to EUR5 Bn worth of German Fair Financing loans over the course of a 2-year

term. Our Take: KLAR is mostly deposit funded though has continued to add

more forward flow capacity to boost growth, particularly in Fair Financing.

Source: company

KLAR: KLAR announced a long-term partnership to bring its financing solutions

to Southwest Airlines. This partnership will start later this year. Our Take: An

incremental win for KLAR, particularly when Southwest is one of the major U.S.

airlines. This will likely require continued growth of Fair Financing. Source:

company

KLAR: KLAR and Flix, a bus company, announced an expanded partnership that