Andrew Jeffrey

Ron described expanding beyond virtual cards to eChecks, debit at lower interchange, ACH plus, and instant payments. Research shows merchants prefer choice and some will accept new methods where they won't accept virtual cards. Expects Q2-Q3 2026 impact. Creates more long-term legs for the business.

Peter confirmed U.S. Vehicle approximately 5% organic, Europe and Brazil consistent with earlier quarters. Combined to 10% overall organic for Vehicle Payments.

Ron described two-part opportunity: serving crypto firms needing USD routing back to investors, and attaching stablecoin wallets to existing beneficiaries receiving hundreds of billions in payouts. Key question is take rate when enabling merchants with stablecoin wallets. Off-cycle 24/7 availability is the magic use case.

Ron explained wide yield range: average 50-60bps on normal conversion work, but super-large transactions can be single-digit basis points. These large one-off transactions are high absolute profit because minimal work. Emphasized normal book pricing is not moving; breaking out to prevent misinterpretation.

Ron said growth is function of sales investment, could tick up another couple of points. Diversity across end accounts, banks, asset managers, and digital players extends runway.

Ron confirmed reciprocal: Corpay uses Circle's blockchain/wallet in certain use cases; Corpay helps Circle with geographic on/off-ramp services.

Ron noted Avid has advanced ACH monetization well. Focus is on buyer-side spend growth and operating leverage at scale rather than network confidence.

Ron confirmed mega enterprise account is live and ramping. Consulting firm partners already introducing additional prospects. Waiting for referenceable success before scaling.

Tom confirmed 10-11% card penetration with high variability across clients. Ron noted testing into ACH+ monetization and Corpay Complete software subscription value.

Ron articulated three competitive advantages: superior tech platform, virtual card network economics, and dedicated sales team. Emphasized massive TAM opportunity.

CEO said all three levers are working, with SoFi Plus and Crypto driving products-per-member organically at near-zero acquisition cost.

CEO said LPB is the incremental volume SoFi would not put on its own balance sheet, so the choice balances near- and long-term revenue, not fee maximization.

CEO framed brand awareness rising from 2% to 9.6% as a durable driver of member growth and improving marketing efficiency toward virality.

CEO said deposit dependency will decline over time and blockchain-based funding initiatives will further diversify balance-sheet funding.

CEO said the goal is an optimized ROE mix; CFO said deposits grow with balance-sheet loans and LPB opens a capital-light frontier.

CEO said the mix will move above 50% fee-based over time, driven broadly by LPB, interchange, referrals and other fee streams, not just LPB.

CEO declined a specific target but stressed pushing more lending into the capital-light, high-ROE fee model over time.

Mark pointed to continued MyPay opportunity but flagged a slight uptick in loss rates in Q3/Q4.

Mark quantified MyPay yield gains from the pricing change and framed it as a scaling lever.

Mark detailed Instant Loans originations, attach rate, and 50% lower loss rates for repeat borrowers.

Mark explained the loss-rate trajectory but declined to give a specific transaction-margin target.

Rob said not to read into the top-five stat since the composition changed and a large partner transitioned off; diversification is healthy.

Max said zeros are lower RLTC but higher credit quality and feed future card users, a lifetime-value booster with delayed gratification.

Management said they benefit from favorable conditions but credit performance makes the improvement durable; little of it is rate-driven.

Emilie emphasized Coinbase has a vertically integrated stack (USDC, Base, payments APIs, x402) that no other company owns end-to-end.

Alesia pointed to derivatives as 2026 growth driver, cited momentum from Deribit integration. Prediction markets and equities just weeks old, too early for data. 12 products over $100M annualized, 6 over $250M.

Brian said economics haven't changed yet despite growth. Cited $40T cross-border payments market with B2B being 75%. Described x402 protocol for web payments and AgentKit for AI agent payments as frontier innovations.

Paul Todd indicated yield maintenance in 2026 with medium-term 15-20% revenue growth against 10-15% volume growth implying yield improvement over time.

Mike Lyons acknowledged international markets have less robust VAS today but sees it as growth opportunity. Emphasized <10% US share with massive TAM remaining.

Frank Bisignano contrasted current integrated model with pre-merger JVs, citing expanded product suite enabling deeper partnerships. Mike Lyons emphasized product quality over structure.