Lex Sokolin

September 2019

I. About

II. The Frontiers of Payments

III. The rise of Augmented

Commerce

2

Mixed Reality

Payments Commerce

3

2009-2016; Roboadvisor 2016-2019; Crypto & AI Invest 2019+

The Frontiers of

Payments

5

Party getting the payment

Consumer Business Government

Pa

rty s

en

din

g th

e p

aym

en

t Consumer

Business

Government

C2C C2B C2G

B2C B2B B2G

G2C G2B G2G

6

Party getting the payment

Domestic

Consumer

Domestic

Business

International

Consumer

International

Business

Pa

rty s

en

din

g th

e p

aym

en

t

Domestic

Consumer

Domestic

Business

Geographic frontier

7

Cash Cards + Banking Adoption of Banking

(% population with account)

51%

69%

35%

80%

89%94%

44%

67%

0%

25%

50%

75%

100%

2011 2014 2017

Word

India

High Income Economies

Developing Economies

8

Retail Transactions

($B in Payment Method)

Retail Transactions Value, ex. e-

Commerce (Payment Method) UK China

54% 54%48%

43% 41%

34% 33%38%

43% 43%

12% 13% 14% 15% 15%

2013 2014 2015 2016 2017

Cash Debit Cards Credit Cards

64%

48%42%

36%

52%58%

2010 2015 2020E

Cash Card

9

E-Commerce as % of Retail Sales 10 Year Marketcap Performance

Amazon, +2,715%

Sears, -98%

1.0%

10.0%

100.0%

1000.0%

10000.0%

10

90120 125 120 130

15

60

160

250

350

105

180

285

370

480

2013 2014 2015 2016 2017

Desktop Mobile

Global Digital Commerce

(volume by Mobile App vs Browser)

China B2C e-Commerce Gross

Merchandise Value ($B)

69%62%

70%

84%91%

31%38%

30%

16%9%

3.1T 1.6T 0.7T 0.6T 0.1T

Global Asia-Pacific

NorthAmerica

Europe,MiddleEast,Africa

LatinAmerica

Desktop and Mobile Browser Mobile App

% in Mobile

14% 33% 56% 68% 73%

11

195

465520

575625 655

38

50

58

6268

72

297

205

252

293

337

388

530

720

830

930

1,030

1,115

2016 2017 2018 2019E 2020E 2021E

China US Other

Mobile Proximity Payments:

Estimated Users Globally (million)

12

BBVA open banking, built on $117 million Simple

acquisition

13

Asian Big Tech

Evolution of frontier / long tail

$100,000+

$10,000

$1,000

$100

Domestic

cash

Domestic

electronic

Cross-

Border

Developed

Cross-

Border

Developing

Web-first Mobile-first Internet of

Things / AI

Mixed

Reality

Crypto

Currency

Correspondent

banking & Wires

Consumer

Fintech &

Enabling Tech

Card Networks,

Banks, ACH,

Government

rails E-C

om

me

rce

&

Wa

lle

ts

Remittance

Tra

ns

ac

tio

n V

alu

e

What is

Augmented

Commerce?

14

15

Physical

Digital

Digital Becomes Physical

16

Attention

Community

Self-Identity

Social Hierarchy

Social Value

Purchasing Status

17

1 million users

3 million downloads

$45 million valuation

18

390

505

598

632645

190

35

2014 YE 2015 YE 2016 YE 2017 YE 2018 YE USEstimate

VR/ARHeadsets

Non-ARKit ready iPhones* ARKit ready iPhones**

Augmented Reality (ARKit) ready iPhone

Installed Base Globally (millions) & VR/AR Headsets

19

Payment

system

Ikea AR App

20

21

22

Physical

Digital

Digital Becomes Physical

Physical Becomes Digital

23

Physical

Bike

Digital

Twin

Social

Activity

24

Dynamic Price, Customer &

Merchandise Tracking

25

26

Payments

Hook

Payments

Hook

27

Walmart Patents for VR-Based Shopping

28

Identity for

Digital System

& Payments

Mechanism

Machine

Vision to

Digitize your

Activity

29