Payment, Processors & IT Services
ADP Automatic Data Processing Inc'
AFRM Affirm Holdings Inc
BTGO BitGo Holdings, Inc.
XYZ Block Inc
CRCL Circle Internet Group, Inc.
CPAY Corpay Inc
COIN Coinbase Global Inc
ETOR eToro Group Ltd.
FMCC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
FIS Fidelity National Information Services Inc
FIGR Figure Technology Solutions, Inc.
FISV Fiserv Inc
GEMI Gemini Space Station, Inc.
GPN Global Payments Inc
MQ Marqeta Inc
MA Mastercard Inc
MSTR MicroStrategy Inc
PYPL PayPal Holdings Inc
PAYP PayPay Corporation
HOOD Robinhood Markets Inc
FOUR Shift4 Payments Inc
SOFI SoFi Technologies Inc
TOST Toast Inc
UPST Upstart Holdings Inc
V Visa Inc
WEX WEX Inc
Differentiated Product
Highlights include our initiations (PAYP, PICS, BTGO, FNMA and FMCC), thematic research, like our Stablecoin vs. Bitcoin deep dive, survey on prediction markets, meetings with key players (Adam Back, Michael Saylor). Granular, sub-segment analytical approach, like dissecting each company’s revenue drivers at a level most competitors don’t. Examples include modeling Visa’s LT exposure to US cash-to-card conversion reaches saturation, building a sub-segment revenue-driver framework for Block, and decomposing PYPL’s rev streams by their individual funding mixes.
Key Reports
- Prediction Markets Survey: HOOD Sees Sales Upside as Users Deploy Fresh Capital
- Stablecoins vs. Bitcoin: Who Fulfills Satoshi’s Vision of Electronic Cash?
- Adam Back on Bitcoin Quantum Risk, Use Cases and Satoshi; Meeting Notes
- Michael Saylor Meeting Takeaways
- 2026 Initiations: PICS, PAYP, FNMA/FMCC, BTGO
- The X-Factor in Payments: Downgrade PYPL to Neutral
- CEO Meeting Shows Promising Tone on MT Opportunities
- Notes from the Road with Figure’s Management
Notable Events
We host many important management teams for epic events & dinners, including AFRM’s Max Levchin, HOOD’s Vlad Tenev, SOFI,’s Anthony Noto, ex PYPL CEOs Dan Schulman and Alex Chriss, ADP CEO Maria Black, potential Satoshi/BSTR CEO Adam Back, FIS CEO Stephanie Ferries, ETOR CEO Yoni Assia, MSTR’s Founder Michael Saylor, FISV Ceo Mike Lyons, FIGR’s CEO and CFO, and Chamath Palihapitiya from Social Capital.
Analyst Bio
Dan joined Mizuho in May 2020 as a senior analyst based in New York, covering Payments, Processors & IT Services. Prior to Mizuho, Dan worked at Macquarie, where he served as senior analyst, equity research, covering payments and business services, and has held similar roles at Nomura Instinet and Jefferies. He has 13+ years of experience and began his equity research career at Banc of America Securities. He was voted Rising Star by Institutional Investor (II) in Business Services, and has been recognized by II with a #1 vote (both team and individually). Dan holds a Bachelor of Arts degree in Economics, Cum Laude, from Columbia University and an MBA in Finance from Columbia Business School.