78 Vertical Software Platforms Are Consolidating Consumer Services Vertical software platforms are not only enabling vast merchant networks but also building consumer networks using digital wallets. By scaling merchant and consumer networks simultaneously, vertical software platforms are becoming operating systems for these two-sided networks. Consumer* Merchant Payments Checking Savings Debit Buy Now Personal E- Loyalty Digital S Card** Pay Later Lending commerce Wallet T E L L A Block W L A T I G DI Shopify Toast *We consider Block’s Cash App and Toast’s MyToast mobile app as consumer digital wallets, and we consider Shopify’s Shop mobile app and Toast’s Toast Takeout mobile app as digital wallets in their early stages. **We consider the Toast Pay Card a form of consumer debit cards. 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.