WIXLIB

ACCION VENTURE LABSoftware, Systems, & ToolsDECEMBER 2020

Overview Between August and September 2020, Venture Lab surveyed 21 early-stage fintech companies to understandwhat tools and systems they use to power their companies’ operations Respondents represent companies operating around the world, including the US, Latin America, Europe, Southeastand South Asia, and AfricaRespondents also represent various sectors of fintech, including MSME and Consumer Credit, Insurance, Payments,Neobank, and Personal Financial Management Respondents answered two surveys: Business Operations (“biz ops”) Survey: Answered by CEO, asked for information about overall spend on softwareand focused on specific business operations including sales, marketing, recruiting, compliance, and HR (N 17)Developer Survey: Answered by Head of Technology/CTO, asked for information about software related to managingsoftware development and teams (N 14) The following definitions and terminology are used throughout the materials: Customer satisfaction is based on the Net Promoter Score: “Would you recommend this to a friend?” (0-10) “Promoters” rate a system very highly – must be either a 9 or 10“Neutral” customers rate a system 7 or 8“Detractors” rate a system 6 or lessCustomers rated systems by their value for money on a score of 1-5 Excellent value for money (5.0), Good value (4.0), Average value (3.0), Fair value (2.0), Poor value (1.0)2

Executive Summary: Survey Insights Later-stage companies tend to spend more on software; early-stage companies should planfor step-change increases in their IT budgets especially at the Series A stage Most companies, regardless of stage, more commonly use: Internal communications, CRM, help desk, and document collaboration biz ops tools Version control, cloud hosting, continuous integration, and data management tools Later-stage companies are more likely to use certain tools related to: Talent management (e.g., employee management, recruiting tracking) Marketing (e.g., social media management, email management) Web domain management User testing Deployment orchestration Commonly used vendors for each type of tool and user satisfaction with those platforms isdetailed in the materials that follow3

Executive Summary: Most Commonly Used ToolsBusiness Operations ToolsDeveloper ToolsCRMInternalComms.Help DeskVersion ControlCloud HostingWeb DomainProject MgmtData AnalyticsRecruitingUser TestingIncident MgmtContinuous Int.Employee MgmtSocial MediaEmail MgmtDeploy. Orch.Config. MgmtData Mgmt.VariousVariousDoc Collaboration4

Business Operations Survey

Overall software spend increases with companyfundraising stageApproximately how much do you spend overall on a MONTHLY basis onsoftware, systems, & tools? Please consider all monthly licensing fees andinclude both spend on developer and BizOps software, systems & tools.% of respondents100%90% 10K 50K80%70% 10K 50K 50K 100K60%50% 1K 5K40% 5K 10K30%20%10% 1K 1K 5KPre-Seed/SeedSeries A 50K 100K 10K 50KPercentage of totalsoftware spend dedicatedto Biz Ops tools variedsignificantly by companyKey Takeaways Monthly software spendis consistently higheramong later-stagecompanies Companies should planfor IT costs to increaseconsiderably as theygrow0%Series BSeries C6Source: August 2020 AVL Biz Ops Tools & Systems Survey, N 17

Later stage companies saw the largest increase inBiz Ops IT spend vs. 2020 plans due to COVID-19Did you plan to spend more or less on BizOps software,systems & tools in 2020 compared to 2019? (Consideryour 2020 plans as they were developed prior to theCOVID-19 shutdown.)% of respondentsHow has COVID-19 impacted your planned 2020 spendon BizOps software, systems & tools?% of respondentsCompanies thatincreased spenddue to COVIDtypically addedremote work tools(e.g.,conferencing, helpdesk) or additionalcloud capacity100%100%90%90%Most commonreason forincreased spendwas increasedbandwidth tosupportcompany %10%0%0%Pre-Seed/SeedSeries ASignificantly more than 2019Series BSeries CModerately more than 2019Pre-Seed/SeedSame amountSeries ASeries BModerately moreSeries CSignificantly more7Source: August 2020 AVL Biz Ops Tools & Systems Survey, N 17

Later-stage companies are more likely to usevarious Biz Ops software systemsKey Takeaways% of respondents usingDo you use the following software, systems, and tools? Most companies, regardlessof size, use internal comms,CRM, help desk, anddocument collaborationtools Later-stage companies aremore likely to use certaintools related to: Talent management(e.g., employeemgmt., recruitingtracking) Marketing (e.g., socialmedia mgmt., emailmgmt.)100%90%80%70%60%50%40%30%20%10%Series diaSocialoyeeMgmtgSeries AEmplngtrackinticsPre-Seed / SeedRecruitiAnalytDatagmectMCall CoteProjenterskDepHelRemInternalCommsCRM0%Series C8Source: August 2020 AVL Biz Ops Tools & Systems Survey, N 17

Customer relationship management (CRM)Internally built solutions andSalesforce are most common CRMs% of software usersCompany (#of users)100%90%Other80%70%Internally builtsoftware (5)HubspotSatisfaction Zoho60%50%Though more common, companies using internal solutions and Salesforceare generally less satisfied than those using Hubspot and Zoho0% 4.5 / 5.0 FlexibilityLow costCons 50% of usersare detractors 3.25 /5.0 ReliabilityAdd-on/upgradeavailability ExpensiveImplementationcan be difficultOther* (3) 33% of usersare promoters 4.33 /5.0 Value formoney ConfigurationrequiredLack of major brandname InternallybuiltsoftwareSlow / expensive tomodifyRequires significanttech resourcesSalesforce (4)30%10%40% of usersare promoters60% of usersare detractorsProsSalesforce40%20%Value formoneyHubspot (1) User isneutral 4.0/ 5.0 Reliability Limited datacomparison abilityZoho (1) User is apromoter 4.0/ 5.0 Ease to use /implement Limitedcustomization9*Other includes Vtiger, Zendesk, and Kontak (Zendesk user is promoter); Source: August 2020 AVL Biz Ops Tools & Systems Survey, N 17

Internal CommunicationsSlack and WhatsApp are mostcommon communication tools% of software users100%90%80%70%OtherCompanies are satisfied with their internal comms tools; none have negativeexperiencesCompany(# of users) SatisfactionValue formoneySlack (10) 70% of usersarepromoters 4.5 / 5.0 User friendlyEasy collaborationIntegration withother tools CostSome video/appbugsWhatsApp (3) 100% ofusers arepromoters 5.0 / 5.0 FreeWidely used byemployees andcustomers LimitedintegrationPrivacy onsMicrosoftTeams (2) 100% ofusers arepromoters 4.5 / 5.0 User friendlyEasy collaboration NoneOther* (2) 100% ofusers arepromoters 5.0 / 5.0 Seamlessintegration withother G-Suitetools Limited nonGoogleintegrationsSlack10%0%10*Other includes Google Chat and Hangout; Source: August 2020 AVL Biz Ops Tools & Systems Survey, N 17

Help DeskFreshdesk and Zendesk are mosthelp desk tools% of software users100%90%80%70%IntercomCompanies are generally satisfied with their help desk tools; none havenegative experience, though value for money variesCompany(# of users) SatisfactionValue formoneyFreshdesk (6) 83% ofusers arepromoters 4.33 / 5.0 Easy to useHelps with internalorganization Limited flexibilityZendesk (3) 100% ofusers arepromoters 4.0 / 5.0 Easy to use /implementIntegrates well withother tools 50%FreshdeskConsInternally builtsoftware (2) 100% ofusers arepromoters 5.0 / 5.0 CustomizedInexpensive Difficult / timeconsuming todevelopOther* (2) 50% ofusers arepromoters 3.5 / 5.0 Integration w/ othertools (e.g., sameprovider as CRM) Limitedfunctionality /customizationIntercom (1) User isneutral 4.0 / 5.0 Easily accessible inbrowser Less structured30%10%0% Zendesk40%20%Pros11*Other includes Abacus Call Manager and Qontak; Source: August 2020 AVL Biz Ops Tools & Systems Survey, N 17

Project ManagementJira is the most common projectmanagement tool% of software users100%90%AsanaCompanies are satisfied with their project management tools; none havenegative experiences, though value for money variesCompany(# of users) SatisfactionValue formoneyJira (6) 80%70%Trello60%30%Jira20%3.83 / 5.0 ConsComprehensivefunctionalityWidely used by Agileteams Less user friendlyfor non-techteamsWeak mobile appexperienceTrello (3) 100% ofusers arepromoters 4.33 / 5.0 Easy to useHelpful forstakeholdermanagement More limitedfunctionalityAsana (2) 50% ofusers arepromoters 3.5 / 5.0 FlexibilityVisibility acrossdifferent projects Not as applicableto waterfallprojectsSome features areless valuable50%40%67% ofusers arepromotersPros 10%0%12Source: August 2020 AVL Biz Ops Tools & Systems Survey, N 17

Data AnalyticsTableau is the most commonproject management tool% of software users100%90%80%Companies’ satisfaction with data analytics tools varies; though mostcommon, Tableau users are least satisfiedCompany(# of users) SatisfactionValue formoneyTableau (3)33% ofusers aredetractors 50% ofusers arepromoters OtherMetabase (2)70% 60%50%40%30%Internallybuiltsoftware10%Tableau 4.0 / 5.0 ConsHigh powerfunctionalityHelpful in visualizingdata ExpensiveDifficult to buildEasy to integrate withother toolsBasic functionality iseasy to use FunctionalityglitchesQuery mappingcan be difficult Internally builtsoftware (2) 100% ofusers areneutral 5.0 / 5.0 Customizable LimitedfunctionalityOther* (5) 60% ofusers arepromoters 5.0 / 5.0 Free / inexpensiveEasy to use Functionality canbe limitedMetabase20%3.67 / 5.0Pros0%13*Other includes Superset, Google Data Studio, Quicksight, and Periscope; Source: August 2020 AVL Biz Ops Tools & Systems Survey, N 17

Recruiting trackingBreezy HR is the most commonrecruiting tracking tool% of software users100%90%80%Value formoneyBreezy HR (2)50% ofusers arepromoters User isneutral Greenhouse(1)60%40%Company(# of users) Satisfaction Other70%50%Companies’ satisfaction with recruiting tracking tools varies, driven by lowervalue for money scores than other software systems 3.5 / 5.0Pros 3.0 / 5.0 ConsStreamlines hiringprocessRelativelyinexpensive Automatedscorecard process Workable User is adetractor 3.0 / 5.0 Basic functionalitymeets needs Functionality islimited and notalways reliableOther* (3) 33% ofusers arepromoters33% ofusers aredetractors 4.0 / 5.0 Easy to use Manualmanagementprocess30%10%0%Implementationwas difficultRelatively expensiveWorkable (1)Greenhouse20%LimitedfunctionalityUser interface isn’talways intuitiveBreezy HR *Other includes LinkedIn, Asana, and Rozee.pk; Source: August 2020 AVL Biz Ops Tools & Systems Survey, N 1714

Employee ManagementCompanies use a variety ofemployee management tools% of software usersCompany (#of users)SatisfactionBambooHRGreatDay HR (1) Neutral 4.0 / 5.0 Easy to use Simple functionalitySimplePayBreatheHR (1) Detractor 4.0 / 5.0 n/a n/aTalentaAir (1) Detractor 3.0 / 5.0 Easy to use NoneNamelyGreythr (1) Detractor 3.0 / 5.0 Easy to use Limited functionalitySage Payroll andTeam HubLattice (1) Promoter 3.0 / 5.0 Automatedprocesses Significant trainingrequiredSage Payroll /Team Hub (1) Promoter 4.0 / 5.0 n/a n/aNamely (1) Neutral 4.0 / 5.0 Meets basicneeds Limited functionalityBreatheHRTalenta (1) Neutral 4.0 / 5.0 Inexpensive NoneGreatDayHRSimplePay (1) Promoter 5.0 / 5.0 Easy to use Doesn’t integrateBambooHR (1) Neutral 3.0 / 5.0 Easy to use Manual �� satisfaction with employee management tools varies; Lattice,Sage Payroll / Team Hub, and SimplePay users are most satisfiedLatticegreythrAirValue formoneyProsCons15Source: August 2020 AVL Biz Ops Tools & Systems Survey, N 17