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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 September 28, 2023
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Sea Ltd. (Singapore) (SE)5.13%$21.939B4.85%46.87%2.53x
Payoneer Global, Inc. (PAYO)4.65%$2.173B39.51%83.57%1.76x
Grab Holdings Ltd. (Singapore) (GRAB)4.57%$12.665B76.64%33.86%4.87x
Remitly Global, Inc. (RELY)4.56%$4.481B48.82%55.02%4.00x
PagSeguro Digital Ltd. (PAGS)4.49%$1.712B-3.17%48.43%1.56x
DLocal Ltd. (DLO)4.48%$3.088B59.26%43.91%N/A
Bill Holdings, Inc. (BILL)4.45%$10.575B47.83%76.86%10.96x
Tencent Holdings Ltd. (TCEHY)4.42%$365.404B4.86%46.09%5.00x
Wise Plc (WPLCF)4.41%$8.297B77.75%63.47%5.28x
Naspers Ltd. (NPSNY)4.40%$30.091B-14.63%26.56%8.69x
StoneCo Ltd. (STNE)4.38%$2.880B23.60%41.73%4.37x
Adyen NV (ADYEY)4.37%$22.066B32.52%9.76%4.37x
Marqeta, Inc. (MQ)4.33%$2.798B23.80%-19.33%1.47x
Toast, Inc. (TOST)4.32%$7.670B44.89%21.27%3.31x
Coinbase Global, Inc. (COIN)4.28%$13.585B-12.42%76.39%5.48x
MercadoLibre, Inc. (MELI)4.27%$62.942B31.50%50.37%4.95x
PayPal Holdings, Inc. (PYPL)4.24%$62.961B8.27%38.91%2.69x
Cielo SA (CIOXY)4.20%$1.825B3.52%47.16%2.93x
Lightspeed Commerce, Inc. (LSPD)4.12%$2.115B26.48%28.56%2.35x
SoFi Technologies, Inc. (SOFI)4.01%$7.221B73.87%59.98%4.77x
Affirm Holdings, Inc. (AFRM)4.00%$4.856B22.43%84.02%5.50x
Shopify, Inc. (SHOP)3.99%$62.401B30.80%50.94%12.54x
Block, Inc. (SQ)3.92%$24.252B25.67%33.05%1.95x
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