To enlighten investors on the impact of these breakthroughs and the opportunities they should create, we began publishing Big Ideas in 2017. This annual research report seeks to highlight

At Maturity, Each Digital
Wallet User Could Be Worth 
Roughly $20,000
$9,400 
$2,700 
$2,600 
$2,500 
$1,700 
$1,000 
$0
$5,000
$10,000
$15,000
$20,000
$25,000
Total
Offline/Online
Commerce
Payments
Insurance
Personal Credit
and Mortgage
Saving and
Spending
Account
Brokerage
Value Per Customer (USD)
Potential Value Per Average Digital Wallet Customer Across 
Commercial and Financial Products in the US
Total
Offline/
Online 
Commerce
Payments Insurance
Personal 
Credit
and 
Mortgage
Saving 
and 
Spending 
Account
Brokerage
$19,900

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•
Forecasts are inherently limited and cannot be relied upon. 
For informational purposes only and should not be considered investment advice, or a recommendation to buy, sell or hold any particular security. 
Source: ARK Investment Management LLC, 2020. ARK's estimate of PayPal's and Square's market capitalization is attributable to each estimated monthly active Venmo and Cash App user, respectively. ARK's estimate of Robinhood's and 
Chime's most recent post-money valuation is attributable to each estimated monthly active Robinhood and Chime user, respectively. For $19,900 potential digital wallet value per customer, see sourcing on prior slide. 
36
Digital Wallets
$250
$700
$1,000
$2,000
$0
$5
$10
$15
$20
$25
Venmo
Cash App
Robinhood
Chime
Potential
Digital Wallet
Va
lu
e 
pe