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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.

Full methodology
  • TickerTPAIN
  • Inception Date08/24/2022
  • WeightingEqual
  • # of holdings23
What's inside?


All holdings as of December 1, 2023
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Coinbase Global, Inc. (COIN)6.54%$26.925B14.20%81.36%5.58x
Adyen NV (ADYEY)6.25%$37.987B32.52%9.76%3.83x
Affirm Holdings, Inc. (AFRM)6.21%$9.247B37.31%84.76%6.12x
StoneCo Ltd. (STNE)5.80%$4.558B29.61%36.71%3.30x
Block, Inc. (SQ)4.95%$35.921B24.40%32.78%1.19x
PagSeguro Digital Ltd. (PAGS)4.84%$2.124B6.66%48.30%1.53x
Shopify, Inc. (SHOP)4.76%N/A25.46%52.57%10.11x
MercadoLibre, Inc. (MELI)4.75%$80.117B39.78%53.06%4.77x
Wise Plc (WPLCF)4.68%$10.325B77.75%63.47%5.28x
Naspers Ltd. (NPSNY)4.36%$33.209B-14.63%26.56%8.69x
Lightspeed Commerce, Inc. (LSPD)4.31%$2.541B28.72%29.98%1.76x
Cielo SA (CIOXY)4.22%$2.434B6.72%35.91%2.43x
Tencent Holdings Ltd. (TCEHY)4.08%$372.226B4.38%48.08%4.54x
Marqeta, Inc. (MQ)3.98%$2.875B-43.17%-42.65%2.47x
Sea Ltd. (Singapore) (SE)3.83%$19.807B5.51%43.54%1.71x
PayPal Holdings, Inc. (PYPL)3.73%$62.446B10.78%38.97%2.21x
DLocal Ltd. (DLO)3.53%$2.728B59.26%43.91%N/A
Grab Holdings Ltd. (Singapore) (GRAB)3.48%$11.766B60.99%39.02%4.46x
SoFi Technologies, Inc. (SOFI)3.47%$7.660B62.98%63.45%4.06x
Payoneer Global, Inc. (PAYO)3.43%$1.831B30.91%82.18%2.24x
Remitly Global, Inc. (RELY)3.24%$3.740B42.76%54.13%5.05x
Toast, Inc. (TOST)3.06%$6.328B37.23%21.90%2.51x
Bill Holdings, Inc. (BILL)2.50%$7.390B32.65%76.98%9.50x
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