We are pleased to share with you our latest report on Payments. As commerce increasingly migrates online, the volume of online payments is set to double in the next 10 years, creating more than $200 billion in fee opportunity for all players. Broadening consumer choice, tech innovation, and ample funding have fueled 3,400 new payment start-ups, 850 of which have received new rounds of capital since 2014. The Western status quo is being challenged by a new mobile-first banking ecosystem. Likewise, Blockchain, P2P lending, P2P transfers, and related innovations in core processing are receiving enormous amounts of press. This report takes a closer look into the market as well as companies in the ecosystem, M&A and private placement activity.