85 Employee Digital Wallets Represent A Potential $25 Billion Revenue Opportunity Like their consumer counterparts, employee digital wallets could evolve into full-scale financial apps customized for specific industries. Employee payroll and payments could become compelling monetization streams for Block, Shopify, and Toast. According to our research, employee digital wallets could generate $25 billion of gross revenue on the $1 trillion in addressable payroll opportunities in 2030.* If these platforms were to capture 100% of this opportunity, employee digital wallet revenue could grow 123% at an annual rate during the next seven years. S T E US Employee Digital Wallet Revenue Opportunity For Block, Shopify, And Toast** L L A Payroll Software Revenue Employee Debit Revenue Employee Credit Revenue W L ) A $30 T ns I G io $25 DI l il B $20 ($ 123% CAGR $15B e $15 nu e v $10 e R $6B s $5 s o ~$100M $5B Gr $- 2023E 2030E *Our forecasted ~$1 trillion in annual payroll aggregates our forecasts for Block, Shopify, and Toast’s merchant base, employee base, and average payroll across addressable verticals such as retail, accommodations and food services, other consumer services, professional services, and other consumer entertainment. **All revenue is represented on a gross basis and will be shared between the software platforms and all enabling market participants such as other fintechs or sponsoring financial institutions. Payroll software revenue does not include float revenue, and we do not adjust for duplicate employee debit and credit revenues that may already be embedded in consumer payment revenue. 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.