Visa Inc. To Acquire Plaid Presentation

Visa’s Acquisition of Plaid

January 13, 2020

Forward Looking Statements

This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are

identified by words such as “will,” “is expected,” and other similar expressions. Examples of forward-looking statements include, but are not limited to, statements we make regarding

the timing and likelihood of closing, Plaid’s future success, the impact of the acquisition on Visa’s growth, and the other benefits to Visa, developers, financial institutions and

consumers.

By their nature, forward-looking statements: (i) speak only as of the date they are made; (ii) are not statements of historical fact or guarantees of future performance; and (iii) are

subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from

Visa’s forward-looking statements due to a variety of factors, including the timing and outcome of the regulatory approval process, shifts in the regulatory and competitive

landscape, Plaid's maintenance of relationships with sources of data, cyber incidents, the pace and success of integration, Plaid’s success in international expansion, and various other

factors, including those contained in our Annual Report on Form 10-K for the fiscal year ended September 30, 2019, and our other filings with the U.S. Securities and Exchange

Commission.

You should not place undue reliance on such statements. Except as required by law, we do not intend to update or revise any forward-looking statements as a result of new

information, future developments or otherwise.

Enhances Visa’s role as a partner to

fintech developers globally

Expansion of total addressable market

Acceleration of long-term revenue

growth trajectory

Best-in-class platform and team

Strategic Rationale

75%

50%

18%

2019

2017

2015

Fintechs Serve a Large Addressable Market with

Very High Growth Rates

Fintech Adoption

% of internet enabled consumers

using at least 1 fintech app

Fintech Funding

VC-backed

Users of Select Fintechs

Fintech users growing 50%+

(Millions)

1.7

3.5

3.6

4.5

7.5

100

Stash

Dave

N26

Monzo

Acorns

Chime

MoneyLion

Rainist

Transferwise

Robinhood

Circle

SoFi

Revolut

Etoro

Clearscore

Toss

NuBank

Square Cash

Mint

Coinbase

Venmo

Credit Karma

$120

Billion

(7,688 Deals)

in the last 5 years

Unicorns

Valued over

$200 billion

Internet Enabled Consumers

(Billions)

4.5

3.1

2019

2014

% of World

Population

59%

42%

43%

CAGR

~18%

N/A

~36%

~26%

100%

150%

N/A

~167%

N/A

100%

~50%

N/A

80%

N/A

~137

~96%

N/A

~100%

YoY Growth

Source: 1. Internet World Stats; 2. Ernst & Young; 3. Individual company information; Not all are Plaid customers; 4. CB Insights

Plaid is the Best-in-Class Platform

Connecting Fintech Developers,

Financial Institutions and Consumers

• Plaid is a financial data network that makes it easy for

people to securely connect their financial accounts to

the apps they use to manage their financial lives

• Provides safe, secure connections for 80% of the

largest U.S. fintech apps

– 11,000+ bank and financial services companies

– 2,600+ fintech developers

– 200+ million consumer accounts, including

one in four people with a U.S. bank account

• Headquartered in San Francisco; Founded in 2013

• Currently ~450 employees

Data

Fintech

Products &

Applications

Account

Authentication

& Authorization

Fintech 1 Fin. Instit. 2 Cust. 2,600+

11,000+ Connected Institutions & Data Sources

Fin. Inst. 1 Fin. Inst. 2 Fin. Inst. 11,000+

Integrate With a Single Platform

Linked Accounts

Checking Credit Brokerage

Savings

200+ Million User Accounts

2,600+ Fintech & Financial Institution Developers

Account Information Liabilities Transaction Data

Identity Income Assets Balance

129

200+

2015 2016 2017 2018 2019

Plaid Offers a Compelling Value Proposition to its Partners

Financial

Institution

Coverage

Integrated with 11,000+

financial institutions

Reliability

Uptime and tools result in

fewer errors and higher

approval rates

Accuracy

Standardized data definitions

and classifications drive

better

data accuracy and utilization

User

Experience

Simple and elegant interface

and user experience

Customer

Retention/

Acquisition

Easy and persistent

connections reduce user

attrition and drive higher

satisfaction

Cost

Savings

A single integration gets

developers full coverage of

their users’ financial accounts,

saving time and money

Transaction

Reliability

Fresh, accurate and well-

structured data delivers higher

transaction success rates

Security

Layered security and strong

authentication drive down

both suspected and confirmed

fraud rates

Why Fintechs and FIs

Choose Plaid

Benefits to Fintech

Developers

Accounts Linked to Plaid

(Millions)

115%

CAGR

Source: Plaid

Plaid Expands Visa’s Addressable Market

by Providing High Value Services to High Growth Fintechs

Source: Plaid based on current products for North America

Fintech Market Source: Ernst & Young

Growth Opportunities in Key N.A. Fintech Verticals

Plaid Penetration

Portion of Vertical Not Penetrated

Banking & Investing: 5% of ~$650M TAM

Lending: 2% of ~$1000M TAM

Consumer Payments: 3% of ~$950M

Financial Management: 4% of ~$350M TAM

Business Services: 7% of ~$200M TAM

International Expansion Opportunity

There are ~15x more fintech users in International

markets vs. U.S.

U.S.

Int'l

Plaid Fintech Market

Visa Accelerates Plaid’s

International Expansion

Current Client

Examples

Global Reach Through Integrated Payments

Plaid Accelerates Visa’s Network of Networks Money Movement

Strategy

• Enhanced coverage of P2P and B2C use cases by integrating connector and payment services for fintechs

• Acceleration of cross-border, network of networks money movement strategy by enabling fast and easy

bank account authentication

• Best-in-class solution for our clients in International Open Banking markets

• Integration of value added services – e.g. security, identity, dispute resolution – to payment solutions

offered to fintechs

Customer/

End User

Card

ACH/RTP

Digital Wallets

Financial

Institutions

Fintech and

Other App

Developers

Financial

Consideration

• $4.9B cash consideration

•

Approximately $400M of retention equity and deferred equity consideration in the form

of Visa Restricted Stock units

Expected

Financial Impact

• Fiscal Year 2021 revenue growth acceleration of 80-100 bps

• Fiscal Year 2021 non-GAAP

EPS dilution of 100-150 bps

• Expect transaction will be accretive to non GAAP EPS at the end of year three

Business

Leadership

• Plaid CEO and co-founder Zach Perret will continue to run the business, reporting to

Visa Chief Product Officer, Jack Forestell

Capital

Structure

• Fund cash consideration with cash on hand and new debt issuance at the

appropriate time

• No impact on our capital allocation strategy, including our previously announced stock

buyback program and our dividend policy

Expected

Timing

• Close in 3-6 months

• Subject to required regulatory approvals and other customary closing conditions

Transaction Overview

Non GAAP EPS excludes amortization expense of acquired intangible assets, retention equity and deferred equity consideration expense, as well as non-recurring transaction and integration costs