Funds Transfer and Remittance Services Sector Outlook — September 2026

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FINANCIALS › FINANCIAL SERVICES › FUNDS TRANSFER AND REMITTANCE SERVICES

Cross-Border Money Transfer: The Rails Hold the Premium

How the market values six listed funds transfer and remittance platforms, which segments sit at the top of the range, and what buyers agreed to pay in the transaction record.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Funds Transfer and Remittance Services Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   FINANCIALS › FINANCIAL SERVICES › FUNDS TRANSFER AND REMITTANCE SERVICES

   This is the cover page identifying the report as a sector outlook on Funds Transfer and Remittance Services, dated September 2026.

   We're opening our September 2026 view on funds transfer and remittance services, an industry we see as four distinct businesses trading on different terms. The pages that follow show where the cross-border rails sit in that range and what that means for your plan.

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   FINANCIALS › FINANCIAL SERVICES › FUNDS TRANSFER AND REMITTANCE SERVICES Cross-Border Money Transfer: The Rails Hold the Premium How the market values six listed funds transfer and remittance platforms, which segments sit at the top of the range, and what buyers agreed to pay in the transaction record. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Funds Transfer and Remittance Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

   This page lists the five sections of the report plus the appendix.

   This report runs five numbered sections plus an appendix: the bottom line, the landscape, valuation and situations, precedent transactions, and strategic implications. We've structured it so section one carries the full argument on its own — a reader who stops there still gets the whole story. Everything after that builds the evidence and detail behind those conclusions. Use the sections in order, or jump straight to what matters most to you.

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   CONTENTS What This Report Covers 01 The Bottom Line The Shape of This Market, and What It Asks of an Operator 02 The Landscape Cross-Border Rails Hold Half the Set; The Other Three Models Sell to Different Buyer Groups 03 Valuation & Situations The Top of the Range Is Priced on Corridor Growth, the Bottom on Cash Today 04 Precedent Transactions Whole-Company Terms Are Being Agreed Below Older Platform Multiples 05 Strategic Implications Corridor Density and Repeat Senders Are What the Top of This Range Looks Like 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Funds Transfer and Remittance Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

3. 03
   01 · THE BOTTOM LINE

   Funds Transfer and Remittance Services Is Four Businesses, and the Cross-Border Rails Sit at the Top of the Range

   This page summarizes the report's central finding that the sector splits into four business models, with cross-border rails priced at the top of the range.

   We size the funds transfer and remittance sector as four distinct business models, with cross-border payment rails commanding the highest multiples in the set. On our primary basis, EV/EBITDA on CY2027E consensus, the rated names span from 3.9x to 7.9x, with the group's median at 4.9x. That spread tells us the market is already pricing corridor growth and reach, not just today's cash generation, so the calls we lay out next are about where you can still earn that premium.

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   01 · THE BOTTOM LINE Funds Transfer and Remittance Services Is Four Businesses, and the Cross-Border Rails Sit at the Top of the Range The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (3 of 6 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / EBITDA rather than P / E; validated coverage supports the industry standard (3 of 6 companies), so this report follows it. Qualitative characterisations are NeuraCap views. Funds Transfer and Remittance Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Corridor Reach Is Where Half the Set Sits Cross-border payment rails and payout infrastructure is 3 of the 6 listed names, 50% of the set. The middle of that group sits at 6.4x forward EV / EBITDA on CY2027E, on the 2 of those 3 names with an estimate. 2 The Top and the Bottom of This Market Are Priced Two Ways Remitly Global, Inc. (RELY), the single name at the top of the range, carries 7.9x on CY2027E EV / EBITDA; The Western Union Company (WU), the single name at the bottom, carries 3.9x. The middle of the 3 names with a forward EBITDA estimate sits at 4.9x. 3 Growth Is Where This Set Separates Forward growth runs from 22% at Remitly Global, Inc. (RELY) to 2% at The Western Union Company (WU) and -14% at International Money Express, Inc. (IMXI). Across the six names, the top of the valuation range sits with the faster-growing name rather than with the slower ones. 4 Buyers Agreed Whole-Company Terms Below the Older Platform Multiples In August 2025 The Western Union Company announced an agreement to acquire International Money Express, Inc. at a recorded $500M and 4.3x EV / EBITDA. That is what a buyer agreed to pay for a whole retail remitter, and it sits below the platform deals recorded earlier in this record. 4.9x Sector median EV/EBITDA CY2027E consensus · 3 rated of 6 companies 7.9x Premium end EV/EBITDA vs 3.9x at the discount end top quartile (n=1) against bottom quartile (n=1) on EV/EBITDA — the spread the report explains 6 Transactions with disclosed terms 15 recorded in this tier · 2 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces the market map section, which groups the six listed companies by business model.

   We now turn to how the six listed names split by what they actually do — sending versus receiving, and which buyer group each serves. This map sets up the valuation differences we walk through in the following pages.

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   SECTION 02 02 THE LANDSCAPE Cross-Border Rails Hold Half the Set; The Other Three Models Sell to Different Buyer Groups Where the six listed names sit by what they actually do on the send side and the receive side. 02 of 06 Funds Transfer and Remittance Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Half the Listed Value Sits with Cross-Border Rails; The Rest Splits Three Ways

   This page groups the six approved companies into business segments and shows the median EV/EBITDA for each group.

   Cross-border payment rails and payout infrastructure make up 50% of the six listed names we track, and that group's median sits at 6.4x forward EV/EBITDA. The other half splits across three distinct models, each priced differently by the market. That split is the first signal that this is not one industry to value on a single multiple — it's four.

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   02 · MARKET MAP Half the Listed Value Sits with Cross-Border Rails; The Rest Splits Three Ways 6 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Funds Transfer and Remittance Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 CROSS-BORDER PAYMENT RAILS AND PAYOUT INFRASTRUCTURE 3 cos median 6.4x RELY EEFT IMXI The largest group at 3 of 6 names, and the middle of the rated part of it sits at 6.4x on CY2027E EV / EBITDA; licences, payout integrations and corridor density are the assets here. CONSUMER REMITTANCE APPS AND CURRENCY EXCHANGE PLATFORMS 1 cos no rated names CURR App-native origination selling to the sender directly, where acquisition cost and repeat-send behaviour carry the economics. INTERNATIONAL CALLING AND MOBILE TOP-UP-LED REMITTANCE 1 cos no rated names IDT Top-up and calling relationships in diaspora communities used as the route into money movement, with a different customer entry point from cash retail. RETAIL MONEY TRANSFER AND STORED-VALUE CONSUMER SERVICES 1 cos 3.9x · 1 rated WU Agent-network distribution and brand trust in sending communities, where cash pickup reach is the product and channel mix shift is the live question.

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   02 · LANDSCAPE

   Four Ways to Make Money Moving Money, and Buyers Look at Each Group Differently

   This page describes what each of the four business segments does and why buyers value them differently.

   Each of the four models here serves a different buyer group and carries a different cost structure, from cross-border rails to retail agent networks. We think that distinction is what should drive how you frame any conversation about capital allocation or partnership in this space. The segment view in the appendix carries the full company-level detail behind this page.

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   02 · LANDSCAPE Four Ways to Make Money Moving Money, and Buyers Look at Each Group Differently Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Funds Transfer and Remittance Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Cross-border payment rails and payout infrastructure 3 50% 6.4x Remitly Global, Inc. (RELY) · Euronet Worldwide, Inc. (EEFT) · +1 more Licences, corridors and payout reach. Remitly Global, Inc. (RELY), Euronet Worldwide, Inc. (EEFT) and International Money Express, Inc. (IMXI) sit here. What they own is the plumbing: money transmitter licences across send and receive jurisdictions, direct payout network integrations and treasury capability for prefunding and settlement. Strategic consolidators buy this group for corridor complementarity. Consumer remittance apps and currency exchange platforms 1 17% — Currenc Group, Inc. (CURR) Sender relationship, owned digitally. Currenc Group, Inc. (CURR) is the name in this group. The economics turn on acquisition cost, first-send payback and whether the cohort sends again, with take rate blended from fee and FX spread. Payments and fintech platforms look at assets like this to monetise a customer base they already have. International calling and mobile top-up-led remittance 1 17% — IDT Corporation (IDT) Top-up as the entry point. IDT Corporation (IDT) is the name in this group. Calling and mobile top-up build a high-frequency habit within sending communities, and remittance is sold into that relationship rather than acquired cold. Telecom and wallet operators in receive markets are the natural counterparties for the payout leg. Retail money transfer and stored-value consumer services 1 17% 3.9x n=1 The Western Union Company (WU) Agent network and cash pickup. The Western Union Company (WU) is the name in this group. Physical origination and cash payout reach remain the product for senders who do not bank digitally, with agent commissions as the price of distribution. The open question the market watches is how much origination moves to owned digital channels without losing the sender or the take rate.

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   SECTION 03

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   This divider introduces the valuation section, covering public market pricing and what drives it.

   From here we move into how the public market prices this sector today, and what growth and margin have to do with it. Only three of the six names carry a forward EBITDA estimate, so we're explicit about where the coverage ends.

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   SECTION 03 03 VALUATION & SITUATIONS The Top of the Range Is Priced on Corridor Growth, the Bottom on Cash Today Forward EV / EBITDA on CY2027E, on the 3 of 6 names with a forward EBITDA estimate (50%). 03 of 06 Funds Transfer and Remittance Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   A Forward Multiple Already Reflects Forecast Growth, and One Name Still Sits Above the Set

   This page shows EV/EBITDA on CY2027E for every approved company, marking names without an eligible multiple as not available.

   On our primary basis, the rated set carries a median of 4.9x, and one name sits clearly above that line. Names without an eligible multiple are marked n/a rather than estimated, so the comparison stays honest. The gap between the top and the median is the clearest read we have on what the market pays for growth in this sector.

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   03 · PUBLIC MARKET VALUATION A Forward Multiple Already Reflects Forecast Growth, and One Name Still Sits Above the Set EV / EBITDA (CY2027E) · every approved company shown; names without an eligible multiple are marked n/a · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (3 of 6 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / EBITDA rather than P / E; validated coverage supports the industry standard (3 of 6 companies), so this report follows it. A ranked multiple chart is not drawn below four rated names; the readout shows each company against the 4.9x median of the rated set. Funds Transfer and Remittance Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 Company Ticker EV EV/EBITDA (CY2027E) Rev growth EBITDA margin What sets the price Currenc Group, Inc. CURR $130M n/a 12% n/a Consumer remittance app and currency exchange platform; 12% forward growth, without a CY2027E EBITDA estimate in this run. Euronet Worldwide, Inc. EEFT $4.0B 4.9x 6% 17% Payment rails and payout infrastructure across money transfer, top-up and ATM networks; sits in the core band on CY2027E EV / EBITDA. IDT Corporation IDT $1.5B n/a 1% n/a International calling and mobile top-up-led remittance; 1% forward growth and no CY2027E EBITDA estimate in this run. International Money Express, Inc. IMXI $437M n/a -14% n/a US-to-Latin-America retail remitter, and the target of the August 2025 agreement announced by The Western Union Company. Remitly Global, Inc. RELY $4.0B 7.9x 22% 21% Digital-origination remitter; sits at the top of the range on CY2027E EV / EBITDA with forward growth at the top end of the six names. The Western Union Company WU $3.6B 3.9x 2% 21% Retail money transfer and stored-value services on a large agent network; sits at the bottom of the range on CY2027E EV / EBITDA.

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   03 · VALUATION DRIVERS

   Growth, Margin and Corridor Reach: What Moves with Price in This Set

   This page splits the rated names into growth and margin cohorts and compares their median EV/EBITDA.

   We cut the rated set by revenue growth and by EBITDA margin to see what moves with price. The coverage here is thin, so we treat these as directional reads rather than firm conclusions. Where growth and margin line up with the higher multiples, that's an association worth watching, not a causal claim we can prove yet.

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   03 · VALUATION DRIVERS Growth, Margin and Corridor Reach: What Moves with Price in This Set Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Funds Transfer and Remittance Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Forward Growth Across the Six Names Runs from 12% to -14% Currenc Group, Inc. (CURR) shows 12% forward growth and IDT Corporation (IDT) shows 1%, while International Money Express, Inc. (IMXI) shows -14%. The split point for the set sits at 6%, so the six names divide into a faster half and a slower half rather than clustering. Profitability Sits in a Narrow Band Across the Rated Names Euronet Worldwide, Inc. (EEFT) reports a 17% EBITDA margin, below the covered middle, and still sits in the core band on CY2027E EV / EBITDA. On these 3 names with a forward EBITDA estimate, margin position and multiple position do not line up. Corridor Density and Payout Reach Are the Assets Buyers Underwrite Licences held jurisdiction by jurisdiction, direct payout integrations and depth in high-frequency diaspora routes are what a rival cannot replicate quickly. Price competition moves take rate in a corridor; reach and repeat senders are what keep the principal sent flowing through it. Agreed Deal Multiples in This Record Since 2008 Run from 16.2x to 5.5x KAR Global's 2017 agreement for Cambridge Global Payments Inc. was recorded at 16.2x EV / EBITDA, while the 2008 agreement by Thomas H. Lee Partners, L.P. and The Goldman Sachs Group, Inc. for MoneyGram International, Inc. was recorded at 5.5x. The record spans two very different market moments, so it reads as a range, not a rule.

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    03 · SITUATION MAP

    Margin and Price Sort the Rated Names into Groups That Buyers Price Differently

    This page maps the rated names on a two-by-two of EV/EBITDA against EBITDA margin, both split at the covered median.

    We cut the rated set on EV/EBITDA versus the sector median of 4.9x, and on EBITDA margin versus the covered median of 21%. That grid separates names by situation rather than by size, and it's built to describe where each name sits today — not to recommend buying or selling any of them. Where a name lands in this grid is a starting point for the conversation about what capital or a partner could do for it.

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    03 · SITUATION MAP Margin and Price Sort the Rated Names into Groups That Buyers Price Differently Cut on EV / EBITDA vs the sector median (4.9x) (rows) and EBITDA margin vs the covered median (21%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Funds Transfer and Remittance Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced for Corridor Growth Above-median multiple · above-median EBITDA margin 1 names Remitly Global, Inc. (RELY) Remitly Global, Inc. (RELY) sits above the middle of the set on both forward multiple and EBITDA margin. The work that protects that position is repeat-send cohorts, payout breadth and acquisition payback holding as the base of senders grows. Reach Ahead of Reported Margin Above-median multiple · below-median EBITDA margin 1 names Euronet Worldwide, Inc. (EEFT) Euronet Worldwide, Inc. (EEFT) sits above the middle on multiple and below it on margin. The market is pricing the breadth of the rails and the licence footprint, so mix shift toward higher-contribution corridors and channels is what the position rests on. Cash Today, Priced at the Bottom Below-median multiple · above-median EBITDA margin 1 names The Western Union Company (WU) The Western Union Company (WU) sits below the 4.9x middle on CY2027E EV / EBITDA while carrying a 21% EBITDA margin. Pricing at the bottom of the range here is associated with slower forward growth rather than with profitability, so the live question is digital origination mix and sender retention. No Name Here in This Run Below-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date.

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    03 · THE AGENDA

    Four Calls on Channel, Corridor and Capital Mix Add up to One Decision: Where You Earn Your Multiple

    This page frames four strategic questions on channel, corridor and capital mix that follow from the pricing pattern.

    We've distilled the pricing pattern into four questions we think an owner or acquirer should resolve: channel mix, corridor investment, compliance posture and how payout reach gets built versus bought. These are framed as observations to work through, not recommendations to act on immediately. Getting the answers right is what determines where you sit in the range we've just shown.

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    03 · THE AGENDA Four Calls on Channel, Corridor and Capital Mix Add up to One Decision: Where You Earn Your Multiple NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Funds Transfer and Remittance Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Decide How Far Origination Moves to Owned Digital Channels Retail agent send and app send carry different variable cost, different acquisition cost and different fraud exposure. The call is how quickly the mix shifts and whether the sender relationship and take rate travel with it. What changes the answer: First-year sender cohort payback moving against you while retail send volume is still declining. Decide Which Corridors Get the Next Unit of Investment Corridor density in high-frequency diaspora routes is the part of the asset a rival cannot copy on a short timetable. Concentration in a narrow set of corridors is what buyers in this sector discount. What changes the answer: Take rate compression in a top corridor, or a payout partner moving to a direct integration with a competitor. Decide Whether Compliance Scale Is a Cost Line or a Position AML, sanctions screening and agent oversight absorb real money, and they also gate change of control across every licence held. Operators that run this infrastructure at institutional grade sit on the right side of bank de-risking. What changes the answer: An open regulatory finding or remediation programme, or a correspondent bank withdrawing access in a receive market. Decide Where Payout Reach Is Built and Where It Is Bought Direct payout integrations, wallet access and licences can be built slowly or acquired. The record in this sector shows both routes being taken by strategic networks and by platforms wanting regulated permissions faster. What changes the answer: A receive-market rule change on wallet interoperability, or an asset with the licence set you need coming into play.

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    SECTION 04

    04

    This divider introduces the precedent transactions section, covering deals recorded in the sector.

    We now turn to the deal record, where buyers have returned to this space repeatedly at multiples that tell their own story next to the public market. The pages that follow single out the transactions with disclosed terms as case studies.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Whole-Company Terms Are Being Agreed Below Older Platform Multiples Six transactions recorded in total; two carry a recorded deal value. 04 of 06 Funds Transfer and Remittance Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Buyers Have Returned to Money Movement Again and Again Across the 2008 to 2025 Transaction Record

    This page walks through the transactions with disclosed terms as case studies, including the Western Union agreement to acquire International Money Express.

    In August 2025, The Western Union Company agreed to acquire International Money Express, Inc. at a recorded $500M and 4.3x EV/EBITDA. That whole-company multiple sits below the platform deals recorded earlier in this record, which is the clearest signal we have that buyers are pricing retail remittance differently today. The complete transaction list, including deals without disclosed terms, sits in the appendix.

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    04 · DEAL CASE STUDIES Buyers Have Returned to Money Movement Again and Again Across the 2008 to 2025 Transaction Record 2 of 6 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 9 precedent record(s) carry data-quality flags (deal value unit unresolved; no evidence record); figures are shown as recorded in the filing. 9 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Funds Transfer and Remittance Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Aug-2025 $500M The Western Union Company acquires International Money Express, Inc. EV / LTM revenue 0.8x EV / LTM EBITDA 4.3x WHY THE DEAL HAPPENED A retail money transfer and stored-value operator agreeing to acquire a cross-border payment rails business suggests corridor complementarity and payout reach were the prize, with compliance, treasury and technology overhead as the place synergy is usually underwritten in this sector. HOW THE TARGET WAS VALUED The deal was recorded at $500M, 4.3x EV / EBITDA and 0.8x EV / revenue, and it is recorded as announced. That EBITDA multiple sits below the older platform transactions in this record and close to the lower end of where the rated listed names trade on CY2027E EV / EBITDA. n/a $365M FinTech Acquisition Corp. II acquires Intermex Holdings II, Inc. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED An acquisition vehicle taking on a US-to-Latin-America retail remitter suggests the appeal was recurring, high-frequency consumer usage and cash generation in a defined corridor set, backed by a money transmitter licence footprint that is slow to build. The same business later appears in this record as a target for an established transfer network, which is consistent with corridor-dense origination assets holding strategic interest over time. HOW THE TARGET WAS VALUED The transaction is recorded at $365M. Against the disclosed values in this record, it marks the entry point for a business that a strategic network later agreed to acquire at a higher recorded value.

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    SECTION 05

    05

    This divider introduces the strategic implications section on corridor density and repeat senders.

    We close the analysis by connecting the pricing pattern to what it means operationally — corridor density and repeat senders are where the top of this range is built. The next pages translate that into questions for owners, boards and buyers.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Corridor Density and Repeat Senders Are What the Top of This Range Looks Like Where operating effort lines up with the pricing the market is showing. 05 of 06 Funds Transfer and Remittance Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Revenue Mix and Capital Allocation Are Where the Pricing Pattern Lands in Your Operating Plan

    This page sets out the operating questions that the pricing pattern raises for owners, boards and buyers.

    The premium in this sector sits with the fastest-growing name, and that growth traces back to corridor density and senders who come back. We'd work the retention curve and first-year payback before working on price, and treat licence and payout-integration decisions as build-or-buy calls. These are the questions we think belong on the agenda for the next twelve months.

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    05 · STRATEGIC IMPLICATIONS Revenue Mix and Capital Allocation Are Where the Pricing Pattern Lands in Your Operating Plan NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Funds Transfer and Remittance Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Repeat Senders and Corridor Density Are What the Top of the Range Shows The premium in this set sits with the name showing the fastest forward growth, and growth in remittance comes from cohorts that send again. Work the retention curve, the payback on first-year senders and the depth of payout options in your main corridors before working on price. FOR BOARDS Mix, Not Headline Volume, Is Where Value Shows Up Principal sent and revenue move on different curves, and corridor mix carries take rate. Capital allocation questions worth settling are which corridors and channels earn a higher contribution per transaction, and whether licences and payout integrations are built or acquired. FOR BUYERS The Record Favours Acquirers with a Licence and Compliance Base Already in Place In the transactions recorded here, established networks and platforms agreed terms for corridor reach, payout integrations and regulated permissions. Assets with diversified corridors and a clean compliance history attract the broader group of counterparties, including financial sponsors.

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    SECTION 06

    06

    This divider introduces the appendix covering the full comparable universe, methodology and sources.

    The final section carries the full universe behind every figure in this deck, the valuation basis we used, and where each disclosure lives. We include it so any number here can be traced back to its source.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Funds Transfer and Remittance Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This page lists all six public comparables with EV/EBITDA on CY2027E, shaded by tier against the sector median.

    Three of the six names carry a rated multiple against the sector median of 4.9x; the other three are listed without one because they lack an eligible EV/EBITDA. This is the full comparable set behind the valuation pages earlier in the deck, with each ticker linking to its underlying disclosure. Use this table as the reference point for any multiple you want to trace back to source.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (4.9x); amber marks below · 3 rated companies; 3 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 3 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Funds Transfer and Remittance Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥6.4x · median 7.9x · 1 companies Remitly Global, Inc. RELY Cross-border payment rails and payout infrastructure $4.0B 7.9x 22% 21% 41 CORE — 4.4x–6.4x · median 4.9x · 1 companies Euronet Worldwide, Inc. EEFT Cross-border payment rails and payout infrastructure $4.0B 4.9x 6% 17% 22 DISCOUNT — <4.4x · median 3.9x · 1 companies The Western Union Company WU Retail money transfer and stored-value consumer services $3.6B 3.9x 2% 21% 27

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page lists all precedent transactions with disclosed terms, ordered newest first.

    This is the full list of precedent transactions with disclosed terms, ordered from the most recent back to 2008, each linked to its underlying filing. It's the source data behind the case studies and the pricing comparison we drew earlier in the deck. Deal multiples here are LTM at announcement, not directly comparable to the CY2027E public basis we use elsewhere.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 6 transactions with disclosed terms in this tier (15 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 9 precedent record(s) carry data-quality flags (deal value unit unresolved; no evidence record); figures are shown as recorded in the filing. 9 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Funds Transfer and Remittance Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2025 The Western Union Company → International Money Express, Inc. $500M 0.8x 4.3x Announced August 2025: The Western Union Company and International Money Express, Inc., recorded at 0.8x EV / revenue. A retail network adding a focused remitter is the clearest recent read in this record on whole-company terms for send-side origination. May-2017 KAR Global → Cambridge Global Payments Inc. n/a 16.2x 16.2x Announced May-2017: KAR Global and Cambridge Global Payments Inc., recorded at 16.2x EV / EBITDA. The buyer sat outside the sector, and the multiple reads as what a corporate payments capability was worth to an acquirer of that kind at the time. Mar-2015 Optimal Payments plc → Skrill Group Limited n/a 3.7x 13.4x Announced March 2015: Optimal Payments plc and Skrill Group Limited, recorded at 13.4x EV / EBITDA and 3.7x EV / revenue. Digital origination and stored-value capability were the assets in question. Aug-2013 CVC Capital Partners Limited → Skrill Group Limited n/a 3.0x 12.0x Announced August 2013: CVC Capital Partners Limited and Skrill Group Limited, recorded at 12.0x EV / EBITDA and 3.0x EV / revenue. The same business changing hands twice in under two years shows sponsors and strategics competing for the same digital wallet capability. Feb-2008 Thomas H. Lee Partners, L.P. and The Goldman Sachs Group, Inc. → MoneyGram International, Inc. n/a n/a 5.5x Announced February 2008: Thomas H. Lee Partners, L.P. and The Goldman Sachs Group, Inc. with MoneyGram International, Inc., recorded at 5.5x EV / EBITDA. Agent-network retail transfer was being underwritten on cash generation rather than on growth. n/a FinTech Acquisition Corp. II → Intermex Holdings II, Inc. $365M n/a n/a FinTech Acquisition Corp. II and Intermex Holdings II, Inc., recorded at $365M. The transaction put a US-to-Latin-America retail remitter into public-company form, and that same business appears later in this record as a target for a strategic network.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This page explains the report's data sources, assumptions and data-quality treatment.

    Every figure in this report links back to the record it was taken from, and where a link isn't available, the appendix names the source and the basis used. We built this section so the numbers in the earlier pages hold up to scrutiny. That transparency is what lets you use this analysis directly in your own planning.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Funds Transfer and Remittance Services Coverage | September 2026 | Confidential | Not investment advice 19 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (3 of 6 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / EBITDA rather than P / E; validated coverage supports the industry standard (3 of 6 companies), so this report follows it. EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Funds Transfer and Remittance Services and it clears the coverage gate with 3 of 6 companies (50%). EV / Revenue is carried as a cross-check. The set earns: 3 of 6 companies carry a meaningful forward EBITDA on CY2027E, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 5 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 159 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (158) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Corridor Reach and Repeat Senders Sit Alongside the Top of This Range.

    This is the closing page restating that corridor reach and repeat senders sit at the top of this pricing range.

    Corridor reach and repeat senders sit alongside the top of this range, and that's the takeaway we'd carry into any conversation about this sector. The companion tables carry the full universe and source index for any figure you want to trace further.

    Everything on this page

    Corridor Reach and Repeat Senders Sit Alongside the Top of This Range. NeuraCap AI — Funds Transfer and Remittance Services Coverage September 2026 · Prepared by NeuraCap AI · Confidential Funds Transfer and Remittance Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20

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