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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 February 23, 2024
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Sea Ltd. (Singapore) (SE)5.29%$23.17B5.51%43.54%1.71
Toast, Inc. (TOST)5.26%$8.96B41.52%21.35%2.23
Adyen NV (ADYEY)5.16%$49.25B-78.55%49.98%15.42
PagSeguro Digital Ltd. (PAGS)4.98%$2.64B6.66%48.30%1.53
Remitly Global, Inc. (RELY)4.97%$3.86B44.48%55.02%3.53
Cielo SA (CIOXY)4.96%$2.89B2.51%35.52%2.84
Payoneer Global, Inc. (PAYO)4.81%$1.93B30.91%82.18%2.24
Coinbase Global, Inc. (COIN)4.71%$33.42B-2.69%86.47%13.37
Block, Inc. (SQ)4.47%$37.62B25.01%32.52%2.08
Wise Plc (WPLCF)4.44%$11.04B77.75%63.47%5.28
Marqeta, Inc. (MQ)4.31%$3.03B-43.17%-42.65%2.47
MercadoLibre, Inc. (MELI)4.26%$91.92B39.78%53.06%4.77
DLocal Ltd. (DLO)4.22%$2.64B46.54%38.48%8.49
Grab Holdings Ltd. (Singapore) (GRAB)4.21%$11.84B64.62%36.46%3.77
Shopify, Inc. (SHOP)4.17%$90.57B26.07%49.39%13.81
StoneCo Ltd. (STNE)4.14%$4.64B29.61%36.71%3.30
PayPal Holdings, Inc. (PYPL)4.06%$62.54B9.70%45.23%2.20
Naspers Ltd. (NPSNY)3.94%$31.39B-14.63%26.56%8.69
Tencent Holdings Ltd. (TCEHY)3.87%$348.18B4.38%48.08%4.54
SoFi Technologies, Inc. (SOFI)3.67%$7.82B65.20%62.47%3.93
Affirm Holdings, Inc. (AFRM)3.53%$9.69B47.94%84.74%9.99
Bill Holdings, Inc. (BILL)3.50%$6.49B22.50%77.05%6.62
Lightspeed Commerce, Inc. (LSPD)3.06%$2.00B27.44%30.98%2.86
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