Private Markets Research and Data, Reimagined, pvtIQ

Ben Lim

Private Markets Research and Data, Reimagined

pvtIQ

pvtIQ leverages Smartkarma’s technology and distribution to deliver high-quality research and data on Asian private markets.

Private Capital Markets

<ul>
<li>
Ecosystem-Driven Strategy: As the digital banking subsidiary of Sea Limited, MariBank leverages a high-efficiency customer acquisition model by embedding its financial services directly into the Shopee ecosystem.</li>
<li dir="ltr" style="list-style-type: disc;" aria-level="1">
Rapid Market Traction: Since its soft-launch in March 2023, the bank has demonstrated exponential growth, scaling its deposit base from S$2 million (2022) to S$1.5 billion (2024), adapting to market needs and adhering to regulatory progression requirements.</li>
<li>
Product Differentiation via Simplicity: In contrast to peers like GXS Bank that utilize loyalty programmes and Trust Bank that gamifies rewards, MariBank Singapore (“MariBank”) captures market share through radical transparency, simplicity and speed.</li>
</ul>



Ecosystem-Driven Strategy: As the digital banking subsidiary of Sea Limited, MariBank leverages a high-efficiency customer acquisition model by embedding its financial services directly into the Shopee ecosystem.

Rapid Market Traction: Since its soft-launch in March 2023, the bank has demonstrated exponential growth, scaling its deposit base from S$2 million (2022) to S$1.5 billion (2024), adapting to market needs and adhering to regulatory progression requirements.

Product Differentiation via Simplicity: In contrast to peers like GXS Bank that utilize loyalty programmes and Trust Bank that gamifies rewards, MariBank Singapore (“MariBank”) captures market share through radical transparency, simplicity and speed.


MariBank Singapore: Leveraging Integration and Growth (Initiation)

Specialising in Fintech - Research and Development, Kiitot

Tatja Karkkainen

Specialising in Fintech - Research and Development

Kiitot

Tatja specialises in digital assets and machine learning. She has authored a number of academic papers relating to network effects, financial inclusion, crypto futures and FOMO. Her interest lies especially in predicting long term value. She has had a long and successful track record in institutional investor relationship management, IT and alternative investments. PhD in (Finance) Fintech, MA in Politics, BA in International Relations and Politics. CAIA, IMC, Series 3.

Thematic (Sector/Industry)

<ul>
<li>Wise reports a stickier deposit mix than Revolut and is likely to outline an evolutionary service roadmap when it releases FY-25 results on 5 June.</li>
<li>FTSE-100 lift-off in dollar terms Wise’s September promotion is set to trigger roughly $0.7 – $1.1 billion of forced buying from index-tracking funds.</li>
<li>Management is willing to fund a selective business product push, adding payroll, treasury and deeper API integrations for SMEs.</li>
</ul>


Wise reports a stickier deposit mix than Revolut and is likely to outline an evolutionary service roadmap when it releases FY-25 results on 5 June.
FTSE-100 lift-off in dollar terms Wise’s September promotion is set to trigger roughly $0.7 – $1.1 billion of forced buying from index-tracking funds.
Management is willing to fund a selective business product push, adding payroll, treasury and deeper API integrations for SMEs.


Wise Plc: Low-Cost Brand, High-Quality Client Base for an EMI

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul>
<li>Wise plc, the company covered in this call, delivered a financial year marked with both growth and strategic moves, contributing to its mission of transparent, low-cost international money transfers.</li>
<li>The company continues to gain momentum, driven by its unique infrastructure and a strong market presence, even as it aims to lower costs and improve service speed.</li>
<li>During the fiscal year, Wise experienced a 21% increase in active customers, indicating a healthy customer acquisition rate primarily through word of mouth, which accounted for over 70% of new clients.</li>
</ul>


Wise plc, the company covered in this call, delivered a financial year marked with both growth and strategic moves, contributing to its mission of transparent, low-cost international money transfers.
The company continues to gain momentum, driven by its unique infrastructure and a strong market presence, even as it aims to lower costs and improve service speed.
During the fiscal year, Wise experienced a 21% increase in active customers, indicating a healthy customer acquisition rate primarily through word of mouth, which accounted for over 70% of new clients.


Wise’s Expansion Blueprint: How Its Platform, Automation, & Pricing Edge Could Change Everything!

Smartkarma's AI Co-Pilot, Smartkarma

αSK

Smartkarma's AI Co-Pilot

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
Exceptional Growth Profile: Wise is exhibiting hyper-growth, evidenced by a 3-year revenue CAGR of 47.86% and a net income CAGR of 133.10%. This is driven by a disruptive, low-cost business model that continues to attract a growing base of personal and business customers in the massive cross-border payments market.</li>
 <li>
Strong Financials and Profitability: The company has demonstrated a strong trend of improving profitability, with net margins expanding significantly to 22.98% in the most recent fiscal year. Wise maintains a robust financial position, generating substantial free cash flow and operating without significant debt.</li>
 <li>
Intense Competition and Regulatory Scrutiny: The company operates in a highly competitive fintech landscape, facing pressure from both traditional banks and emerging digital players. Additionally, increasing regulatory oversight in the payments sector, particularly concerning anti-money laundering (AML) controls, presents a significant operational and compliance risk.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Exceptional Growth Profile: Wise is exhibiting hyper-growth, evidenced by a 3-year revenue CAGR of 47.86% and a net income CAGR of 133.10%. This is driven by a disruptive, low-cost business model that continues to attract a growing base of personal and business customers in the massive cross-border payments market.
  
Strong Financials and Profitability: The company has demonstrated a strong trend of improving profitability, with net margins expanding significantly to 22.98% in the most recent fiscal year. Wise maintains a robust financial position, generating substantial free cash flow and operating without significant debt.
  
Intense Competition and Regulatory Scrutiny: The company operates in a highly competitive fintech landscape, facing pressure from both traditional banks and emerging digital players. Additionally, increasing regulatory oversight in the payments sector, particularly concerning anti-money laundering (AML) controls, presents a significant operational and compliance risk.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our outlook remains bullish on MSCI ACWI. Discussed in latest Int’l Compass (1/9/2025) how viewed the pullback as buying opportunity and were watching for $116-$117 support to hold on ACWI-US.</li>
<li>$116 support held perfectly and we expect upside to continue following 1+ month bull flag breakouts, followed by successful retests of support, on ACWI-US and the S&amp;P 500.</li>
<li>We also upgraded Germany to overweight last week, with RS on the DAX breaking out from a 2-year base. U.S. (SPX) and Germany are our only two country overweights.</li>
</ul>


Our outlook remains bullish on MSCI ACWI. Discussed in latest Int’l Compass (1/9/2025) how viewed the pullback as buying opportunity and were watching for $116-$117 support to hold on ACWI-US.
$116 support held perfectly and we expect upside to continue following 1+ month bull flag breakouts, followed by successful retests of support, on ACWI-US and the S&amp;P 500.
We also upgraded Germany to overweight last week, with RS on the DAX breaking out from a 2-year base. U.S. (SPX) and Germany are our only two country overweights.


Remain Risk-On With Market Dynamics Improving; 6+ Month Base Breakouts for MSCI ACWI Ex-US and EAFE

United Kingdom

Wise PLC designs and develops software solutions. The Company offers platform to make international multi-currency money transfers. Wise serves customers worldwide.

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Wise PLC (WISE LN)

MariBank Singapore: Leveraging Integration and Growth (Initiation)

Ecosystem-Driven Strategy: As the digital banking subsidiary of Sea Limited, MariBank leverages a high-efficiency customer acquisition model by...

pvtIQ

Wise Plc: Low-Cost Brand, High-Quality Client Base for an EMI

Wise combines the low cross-border fees in fintech with a stickier, higher-quality deposit base, and its FY-25 results are due tomorrow with colour...

Tatja Karkkainen

Wise’s Expansion Blueprint: How Its Platform, Automation, & Pricing Edge Could Change Everything!

The company continues to gain momentum, driven by its unique infrastructure and a strong market presence, even as it aims to lower costs and...

Baptista Research

Primer: Wise PLC (WISE LN) - Sep 2025

Exceptional Growth Profile: Wise is exhibiting hyper-growth, evidenced by a 3-year revenue CAGR of 47.86% and a net income CAGR of 133.10%....

αSK

Remain Risk-On With Market Dynamics Improving; 6+ Month Base Breakouts for MSCI ACWI Ex-US and EAFE

Remain Risk-On With Market Dynamics Improving; 6+ Month Base Breakouts for MSCI $ACWI ex-US and $EAFE; U.S. Dollar $DXY and 10-Year Yields $TNX...

Vermilion Research

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