79 Two-Sided Networks Can Close The Financial Loop Between Consumers And Merchants Closed-loop payment ecosystems incorporate in-network money transfers in three ways: from consumers to merchants, from merchants to employees, and from employees—cum consumers—to merchants. To build these payment ecosystems, platforms must have: 1) large and engaged two-sided networks, 2) end-to-end visibility over merchant operations and finances, and 3) vertical industry expertise. S Consumer Merchants T E L L A W L A In-Network $ Vertical $ In-Network T I G Consumer Software Merchant DI Digital Wallet Platform Digital Wallet In-Network Payroll Service $ Provider $ Employees Sources: ARK Investment Management LLC, 2024. 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.