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    Dan Dolev

    Managing Director and Senior Fintech Equity Research Analyst at Mizuho Financial Group

    Dan Dolev is a Managing Director and Senior Fintech Equity Research Analyst at Mizuho Financial Group, specializing in coverage of the fintech sector with a focus on high-profile companies like SoFi, Robinhood, PayPal, Coinbase, and Affirm. He has analyzed over 50 stocks, maintaining a 52% success rate and delivering an average return of 7.6% per rating, with standout calls including a 458% gain on Robinhood. Dan began his Wall Street career prior to 2013, has held senior research roles at other leading firms, and joined Mizuho as a senior analyst to expand their fintech research franchise. He holds multiple professional securities credentials and is known for his frequent media appearances and deep relationships with company management teams.

    Dan Dolev's questions to Affirm Holdings (AFRM) leadership

    Dan Dolev's questions to Affirm Holdings (AFRM) leadership • Q4 2025

    Question

    Dan Dolev from Mizuho Financial Group inquired about the drivers behind the strong quarterly results and optimistic guidance, asking if the consumer stress mentioned last quarter has eased.

    Answer

    Founder & CEO Max Levchin responded that the strong performance reflects accelerating momentum with the U.S. and Canadian consumer. He highlighted that credit performance remains strong and demand for Affirm's services is growing, leading to record GMV in a non-peak quarter.

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    Dan Dolev's questions to Affirm Holdings (AFRM) leadership • Q3 2025

    Question

    Dan Dolev of Mizuho Securities asked for elaboration on the specific areas of strength driving Gross Merchandise Volume (GMV) and questioned the sustainability of recent growth trends.

    Answer

    CFO Robert O'Hare responded that GMV strength was incredibly broad-based, with growth across nearly all categories and merchants. He highlighted that direct-to-consumer services, led by the Affirm Card, grew faster than the overall business and confirmed that growth accelerated through the quarter, with March hitting 40% year-over-year GMV growth.

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    Dan Dolev's questions to Affirm Holdings (AFRM) leadership • Q2 2025

    Question

    Dan Dolev requested an update on Affirm's U.K. launch and asked about the potential for market share gains against the incumbent leader, given Affirm's more diverse product offerings.

    Answer

    CEO Max Levchin stated that it's early to predict market share but noted past success in the U.S. He highlighted strong market pull in the U.K. for longer-term loans (24-36 months), an area where competitors are less active. He confirmed the U.K. launch is still in a testing phase but mentioned that Shopify will be the first major enterprise integration to go live there soon, which will be a key test of uptake.

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    Dan Dolev's questions to Affirm Holdings (AFRM) leadership • Q1 2025

    Question

    Dan Dolev asked about the primary factors contributing to the recent acceleration in active consumer growth.

    Answer

    CEO Max Levchin attributed the growth to reinvesting strong profits into deeper approvals and more compelling new consumer offers. He also highlighted a deliberate company-wide focus on increasing user activity and transaction frequency, which has pushed transactions per active consumer to a new high.

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    Dan Dolev's questions to Affirm Holdings (AFRM) leadership • Q4 2024

    Question

    Dan Dolev asked for commentary on the Apple Pay partnership, suggesting it highlights the difficulty of the BNPL business and validates Affirm's specialized model in underwriting and merchant acquisition.

    Answer

    CEO Max Levchin reframed the partnership not as Apple 'capitulating,' but as a major endorsement of BNPL as a complex and important product category. He credited Affirm's success to two hard-to-replicate pillars: its sophisticated, real-time underwriting models built over 14 years, and the immense effort required to build a large merchant network that understands and pays for the value of incremental sales.

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    Dan Dolev's questions to Affirm Holdings (AFRM) leadership • Q3 2024

    Question

    Dan Dolev inquired about the specific areas of strength driving Gross Merchandise Volume (GMV), the contribution from Apple Pay, and the sustainability of recent growth trends observed in April.

    Answer

    CFO Robert O'Hare reported that GMV strength was incredibly broad-based across almost all categories and merchant sizes. He highlighted that direct-to-consumer services, led by the Affirm Card, grew faster than the overall business. O'Hare also confirmed that growth accelerated throughout the quarter, with March achieving 40% year-over-year GMV growth.

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    Dan Dolev's questions to eToro Group (ETOR) leadership

    Dan Dolev's questions to eToro Group (ETOR) leadership • Q2 2025

    Question

    Dan Dolev of Mizuho Financial Group inquired about the adoption and usage of the AI assistant 'Tori' among funded accounts and the company's broader vision for AI in investing.

    Answer

    CEO Yoni Assia expressed significant excitement for AI, stating it accelerates product development and enhances efficiency. He highlighted that 'Tori' can analyze market events in real-time and that new AI-powered APIs enable popular investors to build their own quantitative strategies, democratizing tools once reserved for hedge funds.

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    Dan Dolev's questions to eToro Group (ETOR) leadership • Q2 2025

    Question

    Dan Dolev from Mizuho Financial Group inquired about the use of AI tools like 'Tori' by funded accounts, how users are perceiving it, and the company's vision for the future of AI in investing on the platform.

    Answer

    CEO Yoni Assia expressed great excitement for AI, stating it accelerates product delivery and organizational efficiency. He highlighted that the AI assistant 'Tori' can analyze market events and that the company is already testing models like GPT-5. Assia believes these tools will empower retail investors with sophisticated quantitative capabilities previously reserved for hedge funds, leading to higher engagement and success.

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    Dan Dolev's questions to GLOBAL PAYMENTS (GPN) leadership

    Dan Dolev's questions to GLOBAL PAYMENTS (GPN) leadership • Q2 2025

    Question

    Dan Dolev questioned the company's confidence in accelerating merchant growth in the second half and asked for a clarification of the drivers behind the updated capital allocation plan.

    Answer

    CEO Cameron Bready expressed high confidence in the H2 outlook, citing early success with the Genius platform and the revamped sales compensation model. President & COO Robert Cortopassi provided supporting details on the positive reception of Genius across all distribution channels. Bready then clarified that the capital allocation plan includes a $500 million ASR tied to the payroll divestiture, which is incremental to the core $7.5 billion capital return program. This core program was increased due to expected tax benefits from new legislation.

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    Dan Dolev's questions to GLOBAL PAYMENTS (GPN) leadership • Q2 2025

    Question

    Dan Dolev questioned the company's confidence in the Merchant segment's second-half growth acceleration and asked for a clarification of the drivers behind the updated capital allocation plan.

    Answer

    CEO Cameron Bready expressed high confidence in the H2 outlook, citing early success from the Genius platform and the sales force transformation. President & COO Robert Cortopassi provided objective metrics, including a nearly 30% sequential increase in U.S. direct sales. Bready then clarified the capital allocation: the $500 million ASR is incremental and tied to the payroll divestiture, while the core $7.5 billion return plan was reinstated to investor day levels due to favorable tax law changes.

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    Dan Dolev's questions to Toast (TOST) leadership

    Dan Dolev's questions to Toast (TOST) leadership • Q2 2025

    Question

    Dan Dolev asked for details on how the new partnership with American Express enhances Toast's flywheel effect.

    Answer

    CEO Aman Narang explained the partnership has two main benefits: it aggregates reservation inventory from Resy, Tock, and Toast Tables into the Toast Local app for broader discovery, and it leverages reservation data to enable personalized in-restaurant experiences for all guests, including American Express card members, by providing staff with diner preferences and history.

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    Dan Dolev's questions to Toast (TOST) leadership • Q1 2025

    Question

    Dan Dolev asked about the source of confidence for the strong Q2 location net add forecast, particularly in the current macro environment. He also inquired about the drivers behind the increase in payments take rate.

    Answer

    CEO Aman Narang attributed the confidence in location growth to strong sales AE productivity, which was up year-over-year in Q1 and continued through April. CFO Elena Gomez explained that the higher payments take rate was due to a combination of factors, including 2024 pricing initiatives, ongoing cost optimization, and growing traction from product surcharging.

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    Dan Dolev's questions to Toast (TOST) leadership • Q4 2024

    Question

    Dan Dolev pointed out the significant acceleration in payments ARR growth to 35% in the fourth quarter and asked for an explanation of the drivers.

    Answer

    CFO Elena Gomez explained that while payments take rate typically declines in Q4 due to seasonality, it increased quarter-over-quarter in Q4 2024. This was driven by a combination of ongoing cost optimization efforts and the targeted pricing changes that were implemented in September, which together boosted the payments ARR.

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    Dan Dolev's questions to Toast (TOST) leadership • Q3 2024

    Question

    Dan Dolev of Mizuho asked a high-level strategic question about whether there has been any re-prioritization of initiatives for the upcoming year, such as international expansion or new products, based on recent developments.

    Answer

    CEO Aman Narang stated that the strategy remains consistent with what was outlined at the Investor Day. The foundational priority is scaling the core U.S. business to achieve market leadership. Concurrently, Toast will continue investing to expand its TAM in areas with a right to win and good unit economics, such as international and retail, and will allocate more go-to-market capacity to these areas next year. He also mentioned a portion of R&D is dedicated to exploring longer-term opportunities.

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    Dan Dolev's questions to Upstart Holdings (UPST) leadership

    Dan Dolev's questions to Upstart Holdings (UPST) leadership • Q2 2025

    Question

    Dan Dolev of Mizuho Financial Group asked about the key factors that could potentially cause the Upstart Macro Index (UMI) to move either up or down in the coming year.

    Answer

    CFO Sanjay Datta explained that the UMI could improve (decrease) if consumer savings rates rise and consumption moderates relative to income. Conversely, the UMI could worsen (increase) due to factors like a reacceleration of inflation or a significant increase in unemployment.

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    Dan Dolev's questions to Upstart Holdings (UPST) leadership • Q2 2025

    Question

    Dan Dolev asked about the key factors that could cause the Upstart Macro Index (UMI) to either increase or decrease throughout the remainder of the year.

    Answer

    CFO Sanjay Datta explained that the UMI could improve (decrease) if consumer savings rates rise and consumption patterns normalize relative to income. Conversely, factors like reaccelerating inflation or a significant rise in unemployment could cause the UMI to worsen (increase).

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    Dan Dolev's questions to Upstart Holdings (UPST) leadership • Q1 2025

    Question

    Dan Dolev inquired about the recently announced partnership with Walmart's fintech, OnePay, and asked for an update on business trends observed in April and early May.

    Answer

    CEO David Girouard described the Walmart OnePay agreement as a one-year deal to offer Upstart's products to Walmart customers, aligning with the company's strategy to provide the 'best rates and best process'. CFO Sanjay Datta noted that any recent business trends are already incorporated into the company's Q2 guidance.

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    Dan Dolev's questions to Upstart Holdings (UPST) leadership • Q4 2024

    Question

    Dan Dolev from Mizuho Financial Group requested a breakdown of the operating levers driving the strong 18% adjusted EBITDA margin guidance for 2025 and asked for management's perspective on the current credit cycle.

    Answer

    CFO Sanjay Datta highlighted the company's operating leverage, explaining that with stable take rates and contribution margins, revenue growth efficiently drops to the bottom line against contained fixed costs. CEO David Girouard commented that he wouldn't call it a 'supercycle,' as loan pricing and the UMI remain elevated, suggesting room for macro improvement. He emphasized that growth is primarily driven by fundamental model enhancements, not macro tailwinds.

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    Dan Dolev's questions to Shift4 Payments (FOUR) leadership

    Dan Dolev's questions to Shift4 Payments (FOUR) leadership • Q2 2025

    Question

    Dan Dolev posed a high-level question about the role of stablecoins in merchant acquiring and their potential to disrupt the existing payments ecosystem.

    Answer

    CEO Taylor Lauber explained that Shift4's role is to enable merchants to accept any currency they deem valuable, including stablecoins. However, he believes widespread disruption in markets like the U.S. is unlikely, as traditional card networks provide significant value to consumers—such as fraud protection and rewards—that stablecoins currently lack.

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    Dan Dolev's questions to Fidelity National Information Services (FIS) leadership

    Dan Dolev's questions to Fidelity National Information Services (FIS) leadership • Q2 2025

    Question

    Dan Dolev from Mizuho Financial Group asked about the drivers behind the accelerated growth at Worldpay and to what extent this growth was organic.

    Answer

    CEO Stephanie Ferris explained that Worldpay's strong performance was due to lapping a soft prior-year quarter, some seasonality from tax processing, and most significantly, the successful onboarding of large e-commerce clients. She acknowledged it was a seasonally high quarter but noted their overall expectations were increasing.

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    Dan Dolev's questions to Fidelity National Information Services (FIS) leadership • Q1 2025

    Question

    Dan Dolev inquired about the outlook for Worldpay's Equity Method Income (EMI) and its revenue growth trajectory, as well as its EBITDA margin cadence.

    Answer

    CEO Stephanie Ferris stated that the Worldpay EMI outlook remains consistent with prior guidance, with no signs of softening. She expressed satisfaction with Worldpay's revenue acceleration, noting its growth has returned to be consistent with the market. Regarding margins, Ferris confirmed Worldpay is ramping up investments as planned but did not provide specific guidance on its EBITDA cadence.

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    Dan Dolev's questions to Fidelity National Information Services (FIS) leadership • Q4 2024

    Question

    Dan Dolev asked for a detailed breakdown of the Q4 banking growth drivers to understand the underlying performance, and also inquired about management's satisfaction with the current business portfolio.

    Answer

    CFO James Kehoe provided a breakdown, explaining that after adjusting for Worldpay, M&A, pandemic revenue headwinds, and contract recognition items, the underlying core growth for banking was around 3%. CEO Stephanie Ferris expressed satisfaction with the portfolio, highlighting a strategy to create a differentiated niche in commercial lending and the 'office of the CFO' space, distinct from traditional competitors.

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    Dan Dolev's questions to Fidelity National Information Services (FIS) leadership • Q3 2024

    Question

    Dan Dolev requested color on the expected Q4 organic growth acceleration in the Banking segment, asking how FIS is performing with different customer types and referencing chatter about recent competitive success.

    Answer

    CEO Stephanie Ferris expressed confidence in the Banking segment's growth, supported by an easier prior-year comparison. She highlighted significant competitive progress in core banking and digital solutions, noting that FIS has already signed more core deals in 2024 than in all of 2023. Ferris emphasized success across all three strategic core platforms (IBS, Horizon, and Modern Banking Platform) within the company's target market of banks with over $2 billion in assets.

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    Dan Dolev's questions to Robinhood Markets (HOOD) leadership

    Dan Dolev's questions to Robinhood Markets (HOOD) leadership • Q2 2025

    Question

    Dan Dolev from Mizuho Financial Group asked about the long-term strategic opportunities with the tokenization of private assets, following Robinhood's recent event in France.

    Answer

    CEO Vlad Tenev explained that the event served as a blueprint for what's possible with regulatory clarity, aiming to solve the inequity of private market access for retail investors. He noted the positive reception and the roadmap to make it a real product in both the EU and US, which has accelerated their European business. CFO Jason Warnick added that the event highlights the company's high product velocity.

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    Dan Dolev's questions to Robinhood Markets (HOOD) leadership • Q1 2025

    Question

    Dan Dolev from Mizuho inquired about the rapid growth of Robinhood Gold subscriptions, asking for more color on its growth trajectory and ultimate potential given its impressive velocity.

    Answer

    CEO Vladimir Tenev explained that the aspiration is for Gold to be on par with top loyalty programs like Amazon Prime, not just financial services peers. He emphasized the high value proposition and noted that the product roadmap, including the credit card and the upcoming Gold-only banking product, is very solid and expected to drive continued growth.

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    Dan Dolev's questions to Robinhood Markets (HOOD) leadership • Q4 2024

    Question

    Dan Dolev inquired about the long-term plans for event and prediction markets, such as sports contracts, noting internal survey work that showed a massive opportunity among Robinhood's user base.

    Answer

    CEO Vladimir Tenev described prediction markets as the future for both active trading and information, positioning Robinhood to be a leader in the space. He cited the success of the presidential election market and confirmed plans for a comprehensive events platform later in the year, while noting that regulatory clarity is still needed for certain areas like sports.

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    Dan Dolev's questions to Robinhood Markets (HOOD) leadership • Q3 2024

    Question

    Dan Dolev asked for details on the new presidential election market, seeking information on its performance, its contribution to user retention, and any other available color.

    Answer

    CEO Vlad Tenev stated that the product had just completed its rollout to 100% of customers. He positioned it as a key part of the strategy to win the active trader market by offering innovative products unavailable at most competitors. Tenev shared early volume metrics, noting 10 million contracts were traded the previous day, but said it was too early to provide data on retention.

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    Dan Dolev's questions to AUTOMATIC DATA PROCESSING (ADP) leadership

    Dan Dolev's questions to AUTOMATIC DATA PROCESSING (ADP) leadership • Q4 2025

    Question

    Dan Dolev asked for color on mid-market software bookings performance versus expectations and inquired about any changes to the competitive landscape following a recent competitor merger.

    Answer

    CFO Peter Hadley and President & CEO Maria Black characterized mid-market tech-only bookings as satisfactory, performing between the strong results in PEO and the softer finish in ES HRO. Ms. Black asserted that the competitive landscape remains unchanged following the competitor merger, stating that ADP continues to compete effectively and is confident in its Workforce Now NextGen offering.

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    Dan Dolev's questions to AUTOMATIC DATA PROCESSING (ADP) leadership • Q3 2025

    Question

    Dan Dolev sought to clarify the nature of the 'macro uncertainty,' asking whether it reflects general concern or tangible actions from clients, such as holding back on hiring.

    Answer

    CFO Don McGuire responded that ADP is seeing stability in its client base, with pays per control (PPC) growth at 1%, indicating hiring continues. He clarified that the uncertainty primarily manifests as apprehension in decision-making for very large, multi-country deals, while day-to-day business activity remains strong.

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    Dan Dolev's questions to AUTOMATIC DATA PROCESSING (ADP) leadership • Q2 2025

    Question

    Dan Dolev pointed out a subtle change in language regarding hiring pace, from 'moderate' last quarter to 'slower' this quarter, and asked for a long-term perspective on this slowing trend.

    Answer

    CFO Don McGuire contextualized the comment by emphasizing the continued strength and stability of the overall macroeconomic and labor environments. He cited low unemployment and general business optimism as strong fundamentals that support pays per control and overall growth for ADP, alongside opportunities in their international business.

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    Dan Dolev's questions to AUTOMATIC DATA PROCESSING (ADP) leadership • Q1 2025

    Question

    Dan Dolev asked for quantification of the EBIT drag from incremental amortization related to the WorkForce Software deal and for an update on pricing strategies.

    Answer

    CFO Don McGuire guided that the amortization could be estimated by taking about 30% of the $1.2 billion deal value and amortizing it over 7-8 years. On pricing, he stated the strategy is unchanged, with an expectation of about 100 basis points of contribution this year as inflation moderates, though he noted a minor unexpected benefit in Q1 from inflation-indexed contracts in Europe.

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    Dan Dolev's questions to VISA (V) leadership

    Dan Dolev's questions to VISA (V) leadership • Q3 2025

    Question

    Dan Dolev of Mizuho Financial Group asked if strong Value-Added Services growth was being driven by monetized consulting on stablecoins and also requested guidance on incentive trends for Q4 and fiscal 2026.

    Answer

    CEO Ryan McInerney confirmed that Visa's advisory business is performing well, and engagements on topics like stablecoins often lead to opportunities to sell products and services. CFO Chris Suh addressed incentives, reiterating that Q4 was always expected to be the highest growth quarter due to lapping effects and deal timing, but the overall adjusted net revenue outlook for Q4 remains unchanged.

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    Dan Dolev's questions to VISA (V) leadership • Q3 2025

    Question

    Dan Dolev of Mizuho Financial Group asked if the strong growth in Value-Added Services (VAS) was being helped by monetizing consulting services related to stablecoins. He also asked for guidance on the trajectory of client incentives for Q4 and into 2026.

    Answer

    CEO Ryan McInerney confirmed that Visa's advisory business is seeing strong growth and that clients rely on its expertise for complex topics like stablecoins, which can lead to opportunities for Visa's products like the Tokenized Asset Platform. CFO Chris Suh reiterated that Q4 incentives were always expected to be the highest growth quarter of the year due to lapping effects and deal timing, but the overall Q4 adjusted net revenue view remains unchanged.

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    Dan Dolev's questions to VISA (V) leadership • Q3 2025

    Question

    Dan Dolev of Mizuho Financial Group questioned if strong Value-Added Services growth was being driven by monetized consulting on stablecoins and asked for guidance on how to model client incentives for Q4 and fiscal 2026.

    Answer

    CEO Ryan McInerney confirmed that Visa's advisory business is performing well, with client engagements on topics like stablecoins and AI leading to opportunities for Visa's products. CFO Chris Suh reiterated that Q4 was always expected to have the highest incentive growth of the year due to lapping and deal timing, but the overall Q4 net revenue outlook remains unchanged.

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    Dan Dolev's questions to PayPal Holdings (PYPL) leadership

    Dan Dolev's questions to PayPal Holdings (PYPL) leadership • Q2 2025

    Question

    Dan Dolev of Mizuho Financial Group asked for a quantification of the benefits from the upgraded checkout experience and the expected uplift in the second half of the year.

    Answer

    President, CEO & Director Alex Chriss reiterated that the cohorts on the new experience (15% of global TPV) are seeing the previously discussed 'point of uplift.' He emphasized that overall branded checkout momentum is a combination of the new experience, strong BNPL growth (over 20% YoY), and rapid Pay with Venmo growth (45% YoY), expecting improvement to materialize through year-end and into 2026.

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    Dan Dolev's questions to PayPal Holdings (PYPL) leadership • Q1 2025

    Question

    Dan Dolev inquired about the traction and specific drivers behind the strong performance of the branded experiences TPV strategy.

    Answer

    CEO Alex Chriss explained that the strategy focuses on driving consumer habituation by leveraging the strong PayPal and Venmo brands everywhere. He highlighted key drivers including the improved online checkout, flexible payment options like BNPL, and significant growth in off-line TPV from debit cards, which was up over 100% in Q1. He emphasized that the 8% growth in branded experiences TPV demonstrates the strategy is working effectively.

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    Dan Dolev's questions to PayPal Holdings (PYPL) leadership • Q3 2024

    Question

    Dan Dolev requested a 'sneak preview' of the company's outlook for 2025, noting it remains a significant topic of debate for investors.

    Answer

    CFO Jamie Miller indicated that the revenue impact from Braintree contract renegotiations will continue through 2025, and that full-year 2025 OpEx growth should be similar to 2024's low single-digit rate, but more balanced quarterly. CEO Alex Chriss emphasized the focus on controllable, durable growth levers like branded checkout and Braintree economics. He expects transaction margin dollars (ex-interest income) to grow in 2025 from the new, positive baseline established in 2024.

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    Dan Dolev's questions to SoFi Technologies (SOFI) leadership

    Dan Dolev's questions to SoFi Technologies (SOFI) leadership • Q2 2025

    Question

    Dan Dolev from Mizuho Financial Group asked for an update on the Tech Platform, specifically regarding the status of the Chime client migration and its potential impact on total accounts.

    Answer

    CFO Chris Lapointe stated that while the migration is not yet complete, SoFi has made significant progress in signing new partners. He reiterated the 2025 revenue growth guidance of low-double-digits to teens for the segment and noted that approximately 10 new clients are expected to contribute revenue in Q1 2026. A more detailed update on the net impact will be provided after the Q4 2025 earnings report.

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    Dan Dolev's questions to SoFi Technologies (SOFI) leadership • Q1 2025

    Question

    Dan Dolev from Mizuho asked for perspective on the strength of the capital markets for SoFi's assets, particularly in light of recent high market volatility.

    Answer

    CEO Anthony Noto noted he was pleasantly surprised that recent volatility did not slow down any deals. CFO Chris Lapointe added that capital markets demand is 'extremely strong,' with over $3 billion in loans sold or transferred in Q1. He highlighted over $8 billion in new LPB partnerships that will accelerate volume in Q2. Noto also emphasized the untapped opportunity in the $100 billion of loan applications SoFi currently declines annually.

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    Dan Dolev's questions to SoFi Technologies (SOFI) leadership • Q4 2024

    Question

    Dan Dolev of Mizuho Securities USA LLC asked for examples of operating leverage that could increase confidence in SoFi achieving its medium-term EPS guidance, given the plan to increase investments.

    Answer

    CEO Anthony Noto expressed high confidence in the company's long-term 30% EBITDA and 20% net income margin targets. He clarified that after demonstrating margin expansion in 2024, the company is now tilting back to a 30% incremental EBITDA margin in 2025 to reinvest for durable, long-term revenue growth, which supports higher future revenue expectations.

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    Dan Dolev's questions to SoFi Technologies (SOFI) leadership • Q3 2024

    Question

    Dan Dolev asked for more details on the loan platform business, including its monetization strategy and how the current model differs from prior quarters.

    Answer

    CFO Chris Lapointe explained that the loan platform is a capital-light, fee-based business with no loss-share agreements. He outlined four revenue streams: referral fees, originating on behalf of partners for an upfront fee plus servicing, originating for third-party investors, and servicing assets not originated by SoFi. CEO Anthony Noto added that with 70-80% of loan applicants being declined, there is a significant latent pool of customers to serve through this platform.

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    Dan Dolev's questions to Coinbase Global (COIN) leadership

    Dan Dolev's questions to Coinbase Global (COIN) leadership • Q1 2025

    Question

    Dan Dolev of Mizuho Securities asked about the opportunity presented by the USDC rewards program and what trends the company is observing from its implementation.

    Answer

    CFO Alesia Haas explained that the rewards program is a key driver of user engagement and balance growth, citing a 49% quarter-over-quarter increase in on-platform USDC balances to $12 billion. She noted that customers who hold USDC tend to trade more and engage with other products, creating a flywheel effect that is amplified by deep integrations into platforms like the international exchange and Base.

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    Dan Dolev's questions to Coinbase Global (COIN) leadership • Q4 2024

    Question

    Dan Dolev of Mizuho Securities USA LLC asked if Coinbase has a view on entering the prediction markets space, similar to some competitors.

    Answer

    CEO Brian Armstrong said there was nothing to announce but expressed excitement for the category, highlighting its potential as a source of truth in an era of misinformation. President and COO Emilie Choi added that Coinbase is comfortable not always being first-to-market, preferring to use its ventures arm to monitor emerging trends and strategically decide whether to build, buy, or partner when the time is right.

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    Dan Dolev's questions to FISERV (FI) leadership

    Dan Dolev's questions to FISERV (FI) leadership • Q1 2025

    Question

    Dan Dolev requested a specific quantification of the impact from the 'Dolar Turista' program in Argentina, separate from other factors like inflation and interest rates.

    Answer

    CFO Robert Hau clarified that while the broad impact from Argentina was zero in Q1 2025, the 'Dolar Turista' program specifically contributed 7 percentage points to the Merchant segment's 22-point growth from Argentina in the prior-year quarter (Q1 2024). He also stated that Fiserv expects the program to be discontinued in the current quarter.

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    Dan Dolev's questions to FISERV (FI) leadership • Q4 2024

    Question

    Dan Dolev asked for a strategic update on the Walmart partnership, particularly regarding the potential use of FedNow and the Now network to innovate payment methods.

    Answer

    Chairman and CEO Frank Bisignano described the 27-year relationship with Walmart as a tremendous, deep partnership. He highlighted their work powering Walmart's 'one financial' JV on the Finxact core as an example of their collaboration. He emphasized that Fiserv works side-by-side with Walmart on their strategic initiatives, rather than focusing on a single project.

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    Dan Dolev's questions to FISERV (FI) leadership • Q3 2024

    Question

    Dan Dolev asked for an update on the strategy and early market traction for the new Clover Go and Clover Compact products, which seem targeted at micro-sellers.

    Answer

    Chairman, President and CEO Frank Bisignano explained that these products are seen not just for new micro-merchants but also as augmentation products for the existing client base, expanding the total addressable market (TAM). He highlighted their role in international expansion, where they can cater to different market needs and distribution channels while still driving software and VAS revenue.

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    Dan Dolev's questions to WEX (WEX) leadership

    Dan Dolev's questions to WEX (WEX) leadership • Q4 2024

    Question

    Dan Dolev inquired about the macroeconomic environment, specifically the 'trucking recession' and its impact on same-store sales, and asked about the expected returns on new sales and marketing investments.

    Answer

    CEO Melissa Smith noted that same-store sales trends improved sequentially in Q4 and were returning to more historical norms. CFO Jagtar Narula explained that sales and marketing investments have a strong LTV to CAC ratio, with an expected payback period of two years or less, driven by WEX's high customer retention rates.

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    Dan Dolev's questions to WEX (WEX) leadership • Q3 2024

    Question

    Dan Dolev asked for details on the impact of pricing initiatives within the Mobility segment, especially given flat gallon volumes. He also inquired about any changes to the company's share buyback cadence.

    Answer

    CFO Jagtar Narula quantified the positive impact from pricing at $40-$50 million for the current year, with an expected $10-$20 million carry-over benefit into the next year. CEO Melissa Smith stated that share repurchases remain a very attractive use of capital, highlighting the recent $1 billion authorization increase and the 12% reduction in share count since Q1 2022, reflecting confidence in WEX's long-term value.

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    Dan Dolev's questions to Accenture (ACN) leadership

    Dan Dolev's questions to Accenture (ACN) leadership • Q4 2024

    Question

    Dan Dolev inquired whether GenAI conversations are shifting towards incremental spending versus reallocation and asked about the margin profile of GenAI services compared to Accenture's traditional business.

    Answer

    CEO Julie T. Sweet responded that the client dynamic remains 'save to invest,' where cost savings from other IT areas are used to fund GenAI and data initiatives, without a change in overall spending levels. She also noted that GenAI is a small but growing part of the business and does not have a materially different margin profile, as it is often embedded within larger transformation deals.

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