Thematic Payments Innovation Index

Index Overview
3 Months
  • TickerTPAIN
  • Inception Date08/24/2022
  • WeightingEqual
  • Number of holdings23

The Thematic Payments Innovation Index (TPAIN) tracks the performance of companies innovating across the payments landscape. Unlike other payment and fintech indices, TPAIN intentionally tracks companies that are focused on payments and driving growth through innovation. The companies included were selected for their best-in-class product offerings for these high-growth use cases - from consumer payments to business to business, from credit underwriting to payments infrastructure. Developed by experienced product developers in the payments space, having built the global payment and commerce systems at Airbnb, PayPal, Eventbrite, Brex, and Plaid.

Full Methodology


Thematic Payments Innovation Index



Quick Stats

What's inside?
Top 10 Holdings
Company% of Index
1Tencent Holdings Ltd. (TCEHY)4.88%
2Naspers Ltd. (NPSNY)4.82%
3DLocal Ltd. (DLO)4.73%
4Remitly Global, Inc. (RELY)4.64%
5Affirm Holdings, Inc. (AFRM)4.58%
6SoFi Technologies, Inc. (SOFI)4.58%
7Sea Ltd. (Singapore) (SE)4.55%
8Adyen NV (ADYEY)4.52%
9Cielo SA (CIOXY)4.51%
10Shopify, Inc. (SHOP)4.44%


All Holdings as of March 24, 2023
CSV download
Tencent Holdings Ltd. (TCEHY)4.88%$457.305B-9.68%42.65%N/A
Naspers Ltd. (NPSNY)4.82%$37.442BN/AN/AN/A
DLocal Ltd. (DLO)4.73%$4.552B62.96%48.16%15.66x
Remitly Global, Inc. (RELY)4.64%$2.924B41.24%51.15%2.56x
Affirm Holdings, Inc. (AFRM)4.58%$3.037B10.68%83.35%4.01x
SoFi Technologies, Inc. (SOFI)4.58%$5.364B82.84%57.47%8.85x
Sea Ltd. (Singapore) (SE)4.55%$42.525B7.99%49.17%2.25x
Adyen NV (ADYEY)4.52%$47.626BN/AN/AN/A
Cielo SA (CIOXY)4.51%$2.478B-6.82%36.02%2.66x
Shopify, Inc. (SHOP)4.44%$57.421B25.72%46.05%7.24x
Lightspeed Commerce, Inc. (LSPD)4.39%$2.230B23.59%30.32%1.94x
PayPal Holdings, Inc. (PYPL)4.36%$83.586B4.55%41.18%3.04x
Payoneer Global, Inc. (PAYO)4.33%$2.144B31.85%80.84%2.25x
MercadoLibre, Inc. (MELI)4.32%$59.670B40.89%48.57%4.14x
Wise Plc (WPLCF)4.22%$6.552BN/AN/AN/A
Coinbase Global, Inc. (COIN)4.20%$15.392B-74.82%79.16%1.95x
PagSeguro Digital Ltd. (PAGS)4.19%$2.559B30.46%49.41%1.56x
StoneCo Ltd. (STNE)4.14%$2.682B43.41%38.70%3.62x
Toast, Inc. (TOST)4.14%$8.489B50.20%20.16%3.08x
Grab Holdings Ltd. (Singapore) (GRAB)4.09%$10.322B311.48%22.71%6.07x
Bill Holdings, Inc. (BILL)3.97%$7.366B66.16%75.83%12.42x
Marqeta, Inc. (MQ)3.88%$1.946B31.14%-12.21%2.28x
Block, Inc. (SQ)3.53%$36.532B14.03%33.92%2.08x
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