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    Andrew Jeffrey

    Managing Director and Senior Analyst at William Blair & Company

    Andrew Jeffrey is a Managing Director and Senior Analyst at William Blair, specializing in financial services and technology with a particular focus on digital finance and payments. He covers major companies including Visa, Affirm Holdings, and SoFi Technologies, earning a 64% success rate and an average return of 13.8% per stock recommendation according to TipRanks. Jeffrey joined William Blair in July 2024 after spending 19 years at Truist Securities and holding prior positions at Needham & Company, Robertson Stephens, Rodman & Renshaw, Mabon Securities, and Volpe Welty & Co; he holds a B.A. in economics from the University of Pennsylvania and is a Chartered Financial Analyst (CFA) charterholder. Jeffrey is recognized for his insightful research on fintech adoption and corporate strategy, and he maintains active FINRA registration and the necessary securities licenses.

    Andrew Jeffrey's questions to Chime Financial (CHYM) leadership

    Andrew Jeffrey's questions to Chime Financial (CHYM) leadership • Q2 2025

    Question

    Andrew Jeffrey asked two housekeeping questions regarding the outlook for interchange rates for the remainder of the year and the company's current fully diluted share count.

    Answer

    CFO Matt Newcomb responded that interchange rates are expected to remain stable, with a key opportunity being the continued adoption of the higher-rate secured credit card. He also provided the issued share count as of the end of Q2, which was approximately 370 million.

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    Andrew Jeffrey's questions to CORPAY (CPAY) leadership

    Andrew Jeffrey's questions to CORPAY (CPAY) leadership • Q2 2025

    Question

    Andrew Jeffrey inquired about the potential for Corpay's Corporate Payments organic growth to accelerate beyond the current high-teens rate, given recent acquisitions like GPS and Alpha. He also asked for details on the new partnership with Circle, specifically if it would be a reciprocal relationship.

    Answer

    President, Chairman & CEO Ronald Clarke stated that while accelerating Corporate Payments growth is possible with continued investment, the company avoids overspending. He emphasized that the main attraction is the diversity of new client segments (FIs, asset managers, digital asset providers). Clarke confirmed the Circle partnership is reciprocal, with Corpay providing on/off-ramp services and utilizing Circle's stablecoin, rails, and wallet for certain use cases.

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    Andrew Jeffrey's questions to CORPAY (CPAY) leadership • Q2 2025

    Question

    Andrew Jeffrey inquired about the potential for Corporate Payments' organic growth to accelerate beyond current high-teens levels in 2026-2027, driven by recent acquisitions. He also asked for details on the reciprocal nature of the Circle partnership, questioning if Corpay would use USDC and also provide on/off-ramp services.

    Answer

    President, Chairman & CEO, Ronald Clarke, stated that accelerating Corporate Payments growth is possible and depends on investment levels, highlighting the diversity of new client segments as a key attraction. He confirmed the Circle partnership is reciprocal, with Corpay planning to use Circle's technology for certain use cases and providing on/off-ramp services in return.

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    Andrew Jeffrey's questions to SoFi Technologies (SOFI) leadership

    Andrew Jeffrey's questions to SoFi Technologies (SOFI) leadership • Q2 2025

    Question

    Andrew Jeffrey of William Blair & Company questioned SoFi's strategy for its future funding mix, asking how the company will balance the capital-light Loan Platform Business against on-balance-sheet loan growth funded by deposits.

    Answer

    CEO Anthony Noto explained the strategy is to optimize return on equity by balancing both business models. The capital-light LPB offers high returns, especially with new originations outside SoFi's traditional credit box. CFO Chris Lapointe added that deposits, targeted at 85-90% of funding, will grow in line with the balance sheet, and that the LPB model can be expanded to other asset classes, ensuring growth is not constrained.

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    Andrew Jeffrey's questions to SoFi Technologies (SOFI) leadership • Q1 2025

    Question

    Andrew Jeffrey from Truist Securities asked about the long-term potential of the Loan Platform Business and whether SoFi could evolve into a predominantly fee-based company, and what the implications would be for its deposit and lending strategy.

    Answer

    CEO Anthony Noto explained that while the mix of fee-based revenue will meaningfully increase beyond 50%, SoFi will not become entirely fee-based. He highlighted that growth will come from the Loan Platform Business (especially if it expands to near-prime), interchange fees, and potential crypto offerings. However, Noto stressed the strategic importance of holding loans on the balance sheet to achieve a target ROE of 20-30%, requiring a balanced business model.

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    Andrew Jeffrey's questions to SoFi Technologies (SOFI) leadership • Q4 2024

    Question

    Andrew Jeffrey from William Blair & Company, L.L.C. asked about SoFi's long-term target for fee-based revenue as a percentage of total revenue and its potential composition, in the context of its ROE goals.

    Answer

    CEO Anthony Noto stated that while there isn't a specific target number, they want fee revenue to be 'very significant' due to its capital-light, high-ROE nature. He noted they have even considered moving all lending to the fee-based LPB model over time. He emphasized that growing the $970 million annual fee business is a key strategy to drive high ROE.

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    Andrew Jeffrey's questions to WEX (WEX) leadership

    Andrew Jeffrey's questions to WEX (WEX) leadership • Q2 2025

    Question

    Andrew Jeffrey from William Blair inquired about secular trends in Mobility, such as fuel efficiency and the EV mix. He also asked about the competitive environment and WEX's right to win in the virtual card space for fintechs.

    Answer

    Chair, CEO & President Melissa Smith noted that while the EV market is moving slower than anticipated, WEX is well-positioned with its mixed-fleet offering. Regarding virtual cards, she explained that WEX's right to win in this new TAM expansion area is based on its strong technology, deep integration experience, and its ability to provide end-to-end processing as a bank, which is resonating strongly in the market.

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    Andrew Jeffrey's questions to WEX (WEX) leadership • Q2 2025

    Question

    Andrew Jeffrey asked about secular trends in the Mobility segment, specifically fuel efficiency and the EV mix, and whether EV could be a material driver soon. He also inquired about the competitive environment and WEX's right to win in the embedded finance space for fintechs.

    Answer

    CEO Melissa Smith explained that while the EV market is moving slower than anticipated, WEX is well-positioned with its mixed-fleet offering, and that fuel efficiency is a long-standing, baked-in headwind. For embedded finance, she highlighted that WEX's right to win stems from its deep experience in complex B2B payments, strong virtual card technology, and its ability to provide an end-to-end solution as a bank owner, which is expanding its TAM and driving a strong pipeline.

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    Andrew Jeffrey's questions to WEX (WEX) leadership • Q4 2024

    Question

    Andrew Jeffrey questioned WEX's confidence in a travel volume rebound amid competition and asked how the Benefits segment can outgrow a maturing market, probing if it should remain part of the company.

    Answer

    CEO Melissa Smith expressed confidence in travel, noting that customer multi-sourcing is a long-standing practice and that volumes should grow with the market. She asserted that the Benefits segment can outgrow the market through various revenue levers beyond account growth and that its long-term growth profile aligns with the company's overall targets.

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    Andrew Jeffrey's questions to WEX (WEX) leadership • Q3 2024

    Question

    Andrew Jeffrey requested a detailed breakdown of the full-year earnings guidance reduction, seeking to understand the drivers beyond the fuel price impact. He also asked about the cause of the higher credit loss assumption for Q4 and questioned the timing of these issues emerging late in the year.

    Answer

    CFO Jagtar Narula broke down the Q4 revenue reduction into three parts: macro factors (fuel/rates), Mobility softness (same-store sales/late fees), and a Benefits revenue timing issue. CEO Melissa Smith addressed the visibility question by explaining that the negative drivers—a sharp fuel price drop, sudden volume softness in August/September, and last-minute contract deferrals—were all recent and unusual developments that were not apparent earlier.

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    Andrew Jeffrey's questions to FISERV (FI) leadership

    Andrew Jeffrey's questions to FISERV (FI) leadership • Q2 2025

    Question

    Andrew Jeffrey from William Blair & Company asked about Clover's value-added services (VAS), questioning if the attach rate might dip during international expansion where VAS is less mature. He also inquired about the competitive environment for software-integrated payments in the U.S.

    Answer

    Mike Lyons, President, CEO & Director, stated the strategy is to build out the VAS portfolio in new international markets concurrently with expansion, with the goal of growing both. He described the competitive landscape as robust but emphasized Fiserv's focus on the vast, underpenetrated TAM. Robert Hau, CFO, added that VAS maturity varies globally, with markets like Australia being more advanced, presenting a future growth opportunity as Fiserv introduces more capabilities worldwide.

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    Andrew Jeffrey's questions to FISERV (FI) leadership • Q2 2025

    Question

    Andrew Jeffrey of William Blair & Company inquired about Clover's value-added services (VAS), asking if international expansion into less mature markets could temporarily dilute the VAS attach rate, and also requested commentary on the U.S. competitive landscape.

    Answer

    President, CEO & Director Mike Lyons stated the strategy is to actively build out the VAS portfolio internationally, not just expand geographically, as it's a hallmark of the Clover platform. He described the competitive landscape as less of a race and more of an opportunity to serve a vast, underpenetrated market. CFO Robert Hau added that while the U.S. VAS market is more mature, Fiserv sees a significant opportunity to introduce these capabilities to new global markets, with working capital being a particularly strong global offering.

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    Andrew Jeffrey's questions to FISERV (FI) leadership • Q1 2025

    Question

    Andrew Jeffrey asked for a comparison of Fiserv's current bank distribution channel for merchant services against its historical joint ventures, questioning if the partnerships have improved along with the products.

    Answer

    Chairman and CEO Frank Bisignano described the current model as completely different from 5-7 years ago, built on the premise of the First Data merger to bundle core processing, bill pay, and Clover. President and incoming CEO Michael Lyons added that success is now driven less by the partnership structure and more by the quality of the product and Fiserv's ability to help banks serve their clients with integrated, value-added solutions.

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    Andrew Jeffrey's questions to Affirm Holdings (AFRM) leadership

    Andrew Jeffrey's questions to Affirm Holdings (AFRM) leadership • Q3 2025

    Question

    Andrew Jeffrey of Truist Securities inquired about the economic balance of 0% APR loans versus interest-bearing loans and the potential for increased merchant contributions to the 0% APR product.

    Answer

    CEO Max Levchin explained that Affirm aggressively pursues 0% APR opportunities from merchants due to the significant brand halo, conversion lift, and incremental volume. While acknowledging a lighter revenue take, he highlighted the superior credit quality of these loans and their long-term value in acquiring prime candidates for the Affirm Card, calling it a "lifetime value booster."

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    Andrew Jeffrey's questions to Affirm Holdings (AFRM) leadership • Q2 2025

    Question

    Andrew Jeffrey asked about the durability of Affirm's funding cost improvements, questioning how much is structural versus cyclical, and inquired about the penetration of direct deposit among Affirm Card holders.

    Answer

    COO Michael Linford acknowledged that favorable market conditions are a benefit but asserted that Affirm's demonstrated credit performance has created a durable advantage with capital partners. CEO Max Levchin stated that while not many cardholders currently use direct deposit, it represents a significant opportunity. He explained that customers who do use it benefit from an increased ability to borrow as it gives Affirm a better understanding of their financial state.

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    Andrew Jeffrey's questions to Affirm Holdings (AFRM) leadership • Q3 2024

    Question

    Andrew Jeffrey asked about the economics of 0% APR loans versus interest-bearing loans, the potential for increased merchant contributions, and the implications for loan mix and lifetime customer value.

    Answer

    CEO Max Levchin explained that Affirm aggressively pursues 0% APR opportunities from merchants due to the significant brand halo and high conversion rates. He noted that while these loans have lighter revenue, they attract prime and super-prime borrowers, making them a powerful customer acquisition channel for the Affirm Card and boosting long-term value.

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    Andrew Jeffrey's questions to Mastercard (MA) leadership

    Andrew Jeffrey's questions to Mastercard (MA) leadership • Q1 2025

    Question

    Andrew Jeffrey of William Blair asked about the economics of tokenization, questioning how high the 35% tokenization rate could go and what the financial implications are for Mastercard.

    Answer

    CEO Michael Miebach detailed a strategy of first scaling tokenization globally, then building and pricing value-added solutions on top, such as lifecycle management. He highlighted that the next phase of digital commerce, like agentic AI, is centered on token technology, which will create further value and future pricing opportunities. He also noted the development of a local tokenization solution for the China market.

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    Andrew Jeffrey's questions to Shift4 Payments (FOUR) leadership

    Andrew Jeffrey's questions to Shift4 Payments (FOUR) leadership • Q1 2025

    Question

    Andrew Jeffrey of William Blair questioned the strategic fit of Global Blue and sought confidence in the $80 million synergy target, noting it implies a low conversion rate of the addressable volume.

    Answer

    Taylor Lauber, President and incoming CEO, emphasized that Global Blue is a phenomenal standalone business with rare capabilities. He described the $80 million synergy forecast as intentionally conservative, based on converting less than 10% of the largest customers, to provide a high-confidence floor. He stated the significant capital deployed reflects their true conviction in achieving a much better result.

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    Andrew Jeffrey's questions to VISA (V) leadership

    Andrew Jeffrey's questions to VISA (V) leadership • Q1 2025

    Question

    Andrew Jeffrey asked if the recent acquisitions of Pismo and Featurespace signal a philosophical change or a shift in emphasis within Visa's value-added services strategy, such as prioritizing security over processing.

    Answer

    Ryan McInerney, Chief Executive Officer, stated there has been no change in emphasis and that Visa remains focused on all areas of value-added services. He explained that acquisitions like Pismo and Featurespace are part of a strategy to unbundle Visa's core capabilities (fraud, processing, network) and deliver them to a broader set of clients, often for non-Visa transactions.

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    Andrew Jeffrey's questions to SQ leadership

    Andrew Jeffrey's questions to SQ leadership • Q3 2024

    Question

    Asked about the progression of Cash App monetization, specifically the composition of its drivers today and whether interchange is expected to become a greater contributor with increased direct deposit adoption.

    Answer

    Amrita Ahuja highlighted that growth is broad-based across multiple products. Cash App Card is the largest revenue stream and primary growth driver. Borrow, Buy Now Pay Later, and Cash App Pay are also showing strong momentum and growth. She concluded that they see multiple levers for continued growth and monetization from both existing and new products, implying a diversified approach rather than reliance on a single driver.

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