Catalyst Investors has a long-standing history investing in businesses at the intersection of SaaS and financial services & technology, with most recent examples including MINDBODY (payments & business management SaaS for health & wellness businesses), Clinicient (revenue cycle management collections, EMR, and practice management SaaS for physical & occupational therapists), and Fusion Risk Management (business continuity SaaS sold to financial institutions and other F1000 enterprises). Lately, Catalyst has spent more time researching the FinTech sector and has published two reports to broadcast the team’s findings: • FinTech Market Overview – a primer that segments the FinTech ecosystem based on end-market and business model (e.g., enablers vs. replacers) • Enterprise Financial Management: Solutions for the Office of the CFO – a deeper look into software and tech-enabled services enabling businesses and their finance function to work more efficiently

1. FinTech Market Overview
September 2018
Kirk Mahoney, Grady Kidder & Todd Clapp

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▪ Investor’s Perspective:
• Due to unabated Venture Capital interest and a talented pool of entrepreneurs, there is a large
supply of businesses ready for Growth Equity investment
• The recent increase in FinTech acquisitions by technology companies and financial services
companies give credence to the viability of strategic exits
• Recent regulatory developments including the creation of the OCC FinTech charter in the US and
PSD2 in Europe have created an inflection point for the industry
▪ Market Size
• US Financial Services is a $1.45TN industry, representing 7.5% of the US economy [1], growing at
a rate of ~5% annually [2]
• Employs 6.3mm people [1]
FinTech Overview
▪ The Financial Services Technology (“FinTech”) industry is comprised of:
• Enablers: applications, information services and tech-enabled services provided to financial
services companies (e.g., banks, lenders, insurance companies, asset managers, broker-dealers,
etc.) and to the Office of the CFO of businesses of all sizes (SMB – Enterprise)
• Replacers: tech-enabled financial services businesses for businesses, consumers, non-profits,
and government entities
1. Source: BEA, 2017, industry designation 55; 2. 2012-2017 CAGR

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FinTech Market Opportunity
Provide Existing Services Better Provide New Services
Replacers
Enablers
Tech-Enabled
Alternative
Lenders
Robo
Advisors
Neobanks
Banking-as-a-
Platform
Back Office
SaaS & Data
Provided to
Fin. Services
InsurTech
Carriers
Lending
Marketplaces
Challenger
Banks
Alternative
Data
Providers
▪ FinTech businesses fill two fundamental market gaps:
• Provide existing financial services better or to a broader population
• Provide new financial services
Front Office
SaaS & Data
Provided to
Fin. Services
Tech Enabled
Outsourced
Services

4. 4
Insurance Technology “InsurTech”
Financial Services Technology “FinTech” Market Map
Note: this landscape is intended to be a representative sampling and is not an exhaustive list.
Please direct inquiries to kirk@catalyst.com.
Enterprise Financial Management / Office of the CFO Financial GRC
Banking & Lending Tech
Next Generation Transfers & Payments Capital Markets & Asset Mgmt. Tech

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Financial Services Technology “FinTech” Market Map
Insurance Technology “InsurTech”
• Includes applications and information services
delivered to insurance brokers and carriers; IoT
systems generating alternative underwriting data;
tech-enabled outsourced services; insurance
comparison marketplaces; and tech-enabled
insurance companies
Enterprise Financial Management / Office of the CFO
• Applications and information services delivered to
finance & accounting departments; and tech-
enabled outsourced services
Financial GRC
• Applications and information services delivered to
the compliance & risk departments of corporations
and financial institutions; payments compliance
solutions; and tech-enabled risk-related services
Banking & Lending Tech
• Comprised of applications and information services
delivered to banks, credit unions and non-bank
lenders; digital banks including challenger banks and
neobanks; tech-enabled alternative lenders; and
lending marketplaces
Next Generation Transfers & Payments
• Next-generation physical and digital payments
gateways; merchant acquirers; payment processors;
payments infrastructure providers; and money
transfer services
Capital Markets & Asset Mgmt. Tech
• Applications and information services delivered to
capital markets companies; alternative wealth
managers, including “robo advisors”; next gen capital
markets infrastructure; alternative broker-dealers;
and alternative data solutions

6. Please send any inquiries to kirk@catalyst.com