Copy of Thematic Payments Innovation Index



Index Performance




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.

  • TickerDAVE
  • Inception Date09/05/2023
  • WeightingEqual
  • # of holdings23
What's inside?


All holdings as of February 29, 2024
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Coinbase Global, Inc. (COIN)5.65%$39.80B-2.69%86.47%13.37
Toast, Inc. (TOST)5.61%$9.87B41.52%21.35%2.24
Sea Ltd. (Singapore) (SE)5.58%$25.29B5.51%43.54%1.71
PagSeguro Digital Ltd. (PAGS)5.15%$2.84B6.95%47.78%1.96
Adyen NV (ADYEY)5.02%$49.14B-78.55%49.98%15.42
Cielo SA (CIOXY)4.97%$2.96B2.51%35.52%2.84
Remitly Global, Inc. (RELY)4.74%$3.89B44.48%54.83%3.53
Wise Plc (WPLCF)4.68%$11.91B77.75%63.47%5.28
Block, Inc. (SQ)4.40%$44.12B25.01%32.52%2.07
Marqeta, Inc. (MQ)4.20%$3.05B-9.63%-26.74%3.66
DLocal Ltd. (DLO)4.20%$2.70B46.54%38.48%8.49
Payoneer Global, Inc. (PAYO)4.16%$1.79B32.42%81.97%-5.93
StoneCo Ltd. (STNE)4.14%$4.84B29.61%36.71%3.30
Shopify, Inc. (SHOP)4.08%$92.22B26.07%49.39%13.81
MercadoLibre, Inc. (MELI)4.08%$80.88B37.35%48.03%5.48
PayPal Holdings, Inc. (PYPL)4.05%$64.67B9.70%45.23%2.20
Grab Holdings Ltd. (Singapore) (GRAB)4.00%$11.50B64.62%36.46%3.77
SoFi Technologies, Inc. (SOFI)3.94%$8.77B65.20%62.47%3.75
Naspers Ltd. (NPSNY)3.63%$30.63B-14.63%26.56%8.69
Tencent Holdings Ltd. (TCEHY)3.58%$331.07B4.38%48.08%4.54
Affirm Holdings, Inc. (AFRM)3.50%$9.74B47.94%84.74%9.99
Bill Holdings, Inc. (BILL)3.42%$6.66B22.50%77.05%6.62
Lightspeed Commerce, Inc. (LSPD)3.21%$2.15B27.44%30.98%2.86
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