They are low level infra companies that exist because of regulatory capture. I am referring to companies like X1 and to some extent Ramp. The high level fintechs driving consumer innovation like electronic wallets, interesting rebate card models, better banking UXes all require interchange fees. This is also why most consumer fintechs start in the US and UK first before expanding elsewhere.

> Adyen (Dutch, $ADYEY)

I never realised Adyen was Dutch. The name had me thinking they were from a country in Asia!