76 Vertical software refers to a suite of solutions tailored to the needs of specific industries. Leading vertical software platforms are expanding rapidly into financial services for consumers and merchants. With two-sided networks, such software could facilitate closed loop transactions from consumer to merchant, merchant to employee, and employee to merchant. ARK believes that digital wallets on these platforms will enable fully closed payment ecosystems. S T E L L A Block, Shopify, and Toast are compelling platforms likely to use digital wallets as W L A T I the nucleus of their consumer, merchant, and employee ecosystems. According to G DI our research, closed loop consumer payments, merchant banking, and employee payroll/payments could increase their revenues by 22-33% at an annual rate during the next seven years, from $7 billion in 2023 to $27-$50 billion in 2030.* *In this exercise, we forecast the core revenues of Block, Shopify, and Toast to grow 22% at an annual rate over the next seven years. Summing the mentioned revenue opportunities on top of our core revenues forecast increases the annual growth rate from 22% to 33% over the next seven years. We primarily model Block’s historical revenue and future revenue opportunity across its Square merchant ecosystem and do not incorporate Cash App or Afterpay revenues independent of Square. Sources: ARK Investment Management LLC, 2024. This ARK analysis is based on a range of underlying data from external sources, which may be provided upon request. Forecasts are inherently limited and cannot be relied upon. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security. Past performance is not indicative of future results.