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    Jing Zhang • UBS

    Jing Zhang's questions to Paysafe Ltd (PSFE) leadership

    Jing Zhang's questions to Paysafe Ltd (PSFE) leadership • Q2 2025

    Question

    Jing Zhang of UBS inquired about the Fiserv partnership, specifically how the Clover Capital offering reaches merchants and its adoption trends. She also asked about the unit economics of Paysafe's capital offerings compared to the Clover Capital product.

    Answer

    CEO Bruce Lowthers explained that Clover Capital is available directly to merchants through a white-labeled business wallet and that initial merchant response has been positive. Lowthers clarified that the economics are similar for both the Clover Capital and Paysafe's direct capital lines, functioning as a referral fee model where Paysafe assumes no risk.

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    Jing Zhang's questions to Paysafe Ltd (PSFE) leadership • Q4 2024

    Question

    Jing Zhang inquired about the growth drivers for Paysafe's SMB channel in 2025, including potential acceleration and the strategy for direct versus ISO channels. She also asked for clarification on the accounting mechanics of the direct marketing business divestiture, specifically how the earn-out payments would impact the income statement.

    Answer

    CEO Bruce Lowthers explained that SMB growth is driven by strong Clover sales, a strategic move to larger SMB clients, and increased sales personnel. He noted solid performance in both direct and ISO channels. Regarding the divestiture, CEO Bruce Lowthers and CFO John Crawford confirmed the earn-out payments will be recorded below the EBITDA line and are included in the 2025 adjusted EPS guidance, though the expected amount for 2025 is minimal.

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