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Americas Payments, Processors & ITServicesPOSITIVEU.S. Brokers, Asset Managers & ExchangesPOSITIVEAmericas Payments, Processors & ITServicesRamsey El-Assal+1 212 526 7144ramsey.el-assal@barclays.comBCI, USShray Gurtata+1 212 526 8904shray.gurtata@barclays.comBCI, USU.S. Brokers, Asset Managers &ExchangesBenjamin Budish, CFA+1 212 526 2418benjamin.budish@barclays.comBCI, USMason Fleming+1 212 526 7025mason.fleming@barclays.comBCI, US Buy Now, Pay Later:Affirm,Afterpay,and KlarnaAFRM:According to Apptopia, MAUs increased 30.3% y/y in April, in-line with March.Afterpay:According to Apptopia, MAUs were up 8.4% y/y in April (vs. 9.7% y/y in March), thoughgrowth has been decelerating since peak levels in summer 2021 (around the time of theannouncement of XYZ's acquisition of the company).Afterpayhas the third largest global MAUcount of the BNPL competitors we track, with Klarna being the largest both globally and in theUS.Klarna:According to Apptopia, Klarna MAUs were up 42.2% y/y, up ~9% m/m and above theLTM average y/y growth of ~29%.FIGURE 2. Buy Now Pay Later MAU Y/Y Growth - April 2023 - April 2025-50%0%50%100%150%Apr-23Jun-23 Aug-23 Oct-23 Dec-23 Feb-24 Apr-24 Jun-24 Aug-24 Oct-24 Dec-24 Feb-25 Apr-25AffirmAfterpayKlarnaSource: Bloomberg, Apptopia, Barclays Research 2 FIGURE 3. Crypto Exchanges Monthly Downloads, April 2024 - AprilFIGURE 4. Crypto Exchanges MAU Y/Y Growth April 2024 - April 2025-20%0%20%40%60%80%100%120%Y/Y GrowthBinanceCrypto.comCoinbaseKrakenSource: Apptopia, Barclays ResearchCrypto: Coinbase, Crypto.com, Binance, Kraken, andGeminiWe include app download and usage metrics from Apptopia for various crypto exchanges,including Coinbase, Crypto.com, Kraken, and Binance. On a y/y basis, MAUs mostly rose acrossmost the apps, with Kraken increasing the most, with Crypto.com being the exception.Similarly, downloads fell across most the apps y/y.Coinbase:According to Apptopia, Coinbase MAUs fell ~9% m/m, but rose ~17% y/y. Separately,downloads fell ~15% m/m and ~21% y/y. We note the decrease m/m in downloads followedtrends in crypto exchange volumes, as Coinbase spot USD-supported exchange volumes fell17% m/m (see R&B's Crypto Monthly: March 2025, 5/2/25).Others:MAUs across all of the other apps fell on a m/m basis, as Kraken (-15%), Crypto.com(-8%), and Binance (-1%) fell. On a y/y basis, most of the other apps saw a rise in MAUs, withKraken and (+30%), Binance (+30%) rising, but Crypto.com fell (-12%). Separately, downloadsacross the other apps were negative m/m, as Binance (-25%), Crypto.com (-22%) and Kraken(-17%) fell . Similarly, on a y/y basis, most of the other apps fell , with Crypto.com (-50%),Binance (-22%) falling, but Kraken (+31%) rising .Fintech BrokersRobinhood:According to Apptopia, Robinhood was downloaded ~ 887k times in April, up ~19%m/m, and ~47% y/y. HOOD's MAUs were up 3% m/m, and rose 17% on a y/y basis. Regarding in-app activity, we find the correlation before transaction revenues and daily sessions is strong,with an R-squared of 81%, which may be a good leading indicator for each quarter's totaltransaction revenue.Charles Schwab:According to Apptopia, Schwab was downloaded ~219k times in April, up ~16% m/m, but down ~45% y/y. MAUs were up 4% m/m and 2% y/y.Interactive Brokers:According to Apptopia, Interactive Brokers was downloaded ~393k timesin April, up 13% m/m, and ~78% y/y. Separately, MAUs rose 6% m/m, and rose 58% y/y.Others:According to Apptopia, MAUs for the other brokers were positive m/m, as Webull (+3%),Fidelity (+2%), and Public (+2%) rose. Regarding downloads, the other brokers mostly rosem/m, as Webull (+26%) and Fidelity (+13%) rose, but Public (-6%) fell. On a y/y basis, most of the 3 FIGURE 5. Brokers Monthly Downloads, April 2024 - April 2025FIGURE 6. Brokers MAU Y/Y Growth, April 2024 - April 2025-40%-20%0%20%40%60%80%100%120%Y/Y GrowthSCHWFidelityHOODIBKRWebullPublicSource: Apptopia, Barclays ResearchFIGURE 7. Neobank App Downloads Y/Y Growth - LTM Through AprilFIGURE 8. Neobank MAU Y/Y Growth - April 2023 - April 2025Dave0%10%20%30%40%50%60%Green DotDaveSource: Bloomberg, Apptopia, Barclays Researchother brokers were positive, as Public (+389%) and Fidelity (+28%) rose, while Webull (-24%)fell.Neobanks/Prepaid: Green Dot (All Company Apps),DaveGreen Dot:According to Apptopia, downloads of apps across Green Dot Corp were down 7.9%y/y in April (vs. -10.7% y/y in March). MAU growth on apps across Green Dot Corp came in at6.1% y/y in April vs. 8.8% y/y in March.Others:According to Apptopia, of the other Neobanks included in our analysis, Dave (notcovered) had high app-based MAU growth, growing 7.5% y/y during the month of April.Payroll Processors: Paychex Flex, ADP MobileSolutions, DayforceADP:According to Apptopia, ADP Mobile Solutions downloads during April were ~5% belowMarch levels, and roughly flat y/y (vs. 0.5% y/y in March). MAU growth increased 14.6% y/y in FIGURE 9. Payroll Processor App Downloads Y/Y Growth - LTM ThroughFIGURE 10. Payroll