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This snapshot marks the first in our Embedded Finance Vertical Snapshot series, beginning with a focus on the US Healthcare Providers landscape (excluding payment to payer payment flows). The healthcare sector is notably complex and highly regulated, with widespread software adoption driven in large part by US electronic health record (EHR) mandates. Despite this digital maturity, the embedded finance ecosystem within the vertical remains relatively nascent, with significant room for growth. We see meaningful opportunity for fintech solutions to expand, particularly in patient payments, provider payouts, and financial services integration. Sizable embedded payments market: The vertical is associated with a large and stable card payments volume pool with potential for growth. For example, card acceptance has become order qualifying for healthcare software, but most patients still pay in other ways. High software usage: The healthcare sector is undergoing continued digitization, with approximately 85% of medical providers now using practice management solutions. Moderate embedded lending upside potential: The vertical offers the potential for business and consumer lending, buoyed by provider profitability constraints and an increasing cost of care. Fragmented, but consolidating software market: The provider landscape is consolidating, led by acquisitions from hospital systems, private equity, and large tech companies (e.g., Amazon). 1. Vertical Definition 2. Vertical Spend - US Healthcare Providers Revenue (trillions of USD, 2022-2026) 3. Vertical Dynamics (all sub-segments) 4. Software Landscape - Practice Management / Billing / EHR Healthcare providers often use multiple software products, creating competition for embedded payments and finance. Practice mgmt. and billing modules are the most common payment integration points. Practice mgmt. solutions are increasingly expanding into other software adjacencies (e.g., EHR). Sub-verticals (e.g., dentists, veterinarians, etc.) have specialized software needs and vendors. 5. Embedded Finance Monetization Maturity in the U.S. Embedded Fintech Highlights Most payments are made via insurance, which is more challenging for SaaS to monetize, there remains high volumes of ACH/check, but card acceptance and usage is growing rapidly. Embedded e-billing, POS payments, and consumer financing are the most mature embedded fintech products. Consumer financing is often offered for large patient payments. We also see potential growth in embedded pay-outs (in various forms) and business financing. Please do not hesitate to contact Peter Taylor at Peter@FlagshipAP.com or Amilee Huang at Amilee@FlagshipAP.com with comments and questions.

Introduction The B2B mobility ecosystem continues to evolve rapidly, underpinned by favorable macro factors: huge volumes, unmet customer needs, complexity, and technological innovation. It now encompasses fuel and energy cards, fleet management software, specialized mobility services such as driver and fuel management, route optimization, and field scheduling, among others. To gauge the current state of activity levels in the B2B mobility ecosystem, Flagship examined the press releases of a representative sample of 39 companies from 7 different provider types for a recent 12-month period, and we highlight the results below. Figure 1: Press Releases per Category (number of press releases as advertised on global website, Jan’24 – Feb’25) Overall activity levels in B2B mobility are high. Between January 2024 and February 2025, our sample of 39 mobility providers issued 286 press releases. Most press releases focused on new product/feature launches (27% of total), new client announcements (21% of total), product partnerships (18% of total), and distribution partnerships for electric vehicle (“EV”) charging (12% of total). Announcements for other types of distribution partnerships (e.g., for traditional and alternative fuels) were less prevalent. Figure 2: Press Releases per B2B Mobility Provider (number of press releases as advertised on global website, Jan’24 – Feb’25) EV Charge Point Operators (CPOs) were the most prolific in terms of number of announcements, with the EV CPOs in our sample making 79 announcements, of which 41% were related to new clients. Fuel card providers followed with 71 press releases, with a more even distribution of announcement types. More Frequent Type of Announcements: Product/Features Figure 3: Press Releases Announcing Product/Feature Launches (number of press releases as advertised on global website, Jan’24 – Feb’25) Product/feature announcements were the most prevalent announcement type: Fleet Management Software (FMS) providers were the most prolific, with announcements focused on integrating AI into route optimization and operational efficiency tools, EV integration, and safety tools. EV CPOs announced new solutions to improve the charging experience both at home and en-route (e.g., enhancing the architecture, charging solution for commercial vehicles, omni port adaptable charger, etc.) Fuel card providers and auto manufacturers (“OEMs”) announced new products/features (especially related to EV and alternative fuels), in-car payments, and safety solutions for drivers New Client Announcements Figure 4: Press Releases Announcing New Clients (number of press releases as advertised on global website, Jan’24 – Feb’25) EV CPOs released the highest number of new client announcements, as they sought to highlight expansion of EV charging infrastructure with both private and government clients. Other provider types had markedly fewer new client announcements. Fintechs made announcements regarding new clients for core and expansion use cases, OEMs expanding their reach in EV and driverless trucks, and FMS announced new government agency clients. Product Partnerships Figure 5: Press Releases Announcing Product Partnerships (number of press releases as advertised on global website, Jan’24 – Feb’25) Announcements regarding product partnerships were more evenly distributed: FMS providers announced partnerships that embed with OEMs and fuel systems to centralize data on vehicle status, maintenance, and telematics OEMs partnered with energy providers, AI developers, in-car payment providers, and EV CPOs to push towards higher adoption of EV and vehicle digitization Fuel card card providers partnered to continue in their push to expand from traditional fuel offerings into digital payments, EV integrations and retail services EV CPOs announced partnerships to enlarge and enhance their networks with faster, more reliable, and more accessible charging solutions EV Distribution Partnerships Figure 6: Press Releases Announcing EV Distribution Partnerships (number of press releases as advertised on global website, Jan’24 – Feb’25) Fuel card providers, EV CPOs, and OEMs have been actively investing in EV charging infrastructure expansion and customer experience enhancements. Collaborations between OEMs and EV CPOs are becoming increasingly common, with the goal of accelerating the deployment of faster and more widespread charging stations. Additionally, fuel card providers are forming strategic partnerships with EV CPOs to expand merchant network coverage and to distribute co-branded EV charging cards. Figure 7: Fuel Card Providers Press Releases (number of press releases as advertised on global website, Jan’24 – Feb’25) Fuel card issuers continue to highlight their efforts to expand into EV and sustainability (DKV announced 12 EV distribution partnerships) and alternative fuels, while continuing to partner for fuel distribution (DKV 4 press releases, UTA 6). Fuel card issuers continue to expand geographically (UTA published 3 press releases on the topic, Eurowag, DKV, Radius and Wex 1) and enhance card functionalities (Eurowag and Comdata published 4 press releases each on new products/features, Wex 2), particularly in areas such as in-car payments, seamless EV charging access, and integration with digital payment ecosystems. Conclusion Using press releases as a proxy, activity levels in B2B mobility continue to be high across categories. Payments and fintech underpins or is relevant for many expansion initiatives in the space, and therefore B2B mobility continues to warrant consideration by investors and financial sponsors, different types of fintechs, and software providers. Overall, the topics with the highest announced activities clustered around EV and software, but even “traditional” mobility is still an underpenetrated area in payments with many opportunities for expansion by specialists and non-specialists alike (e.g., why don’t banks offer basic mobility solutions for their huge numbers of SMB customers, many of whom have small fleets?). Although recent macro trends in the mobility space indicate a pullback or at least slowing growth in EV generally, the overall B2B mobility space remains robust and activity levels create a call to action for all types of fintech and payments providers: most types of fintech and payment providers should assess B2B mobility for suitability as a target vertical, and many will have opportunities to grow in the space. Please do not hesitate to contact Erik Howell at Erik@FlagshipAP.com with your comments or questions.

The European office of CFO SaaS remains a fertile ground for investments and M&A. Rapid market consolidation across CFO SaaS domains, key regulatory mandates (e.g., B2B E-invoicing) and increased adoption of embedded fintech across SaaS domains makes the space an attractive investment hotbed. We advise viewing the slides via the "PDF" icon button. General Commentary & Highlights The ‘Office of CFO’ SaaS spans across several segments and operates in a highly fragmented European market today (e.g., accounting & ERP, treasury, cash management & financial planning, AR & e-Invoicing, payroll, AP automation & spend management) CFO workflow automation SaaS continue to demonstrate strong linkages with payments and fintech, seeing embedded fintech as strong monetization growth levers Recent M&A in this B2B "Office of CFO' SaaS segment demonstrate the ongoing convergence between CFO software and B2B fintech services (payments, lending, FX, other). For example, ThomaBravo invested in Coupa and Bottomline to create a global integrated B2B automation + payments powerhouse New regulatory mandates are likely to lead to increased uptake of workflow automation and process digitization: One-Stop Shop (OSS) for VAT Registration: Creating a single VAT registration system to enabling businesses to manage their tax obligations throughout the EU Digital Reporting Requirements (DRR): Standardize e-invoicing processes and exchange of VAT info across the EU Platform Economy: Enhance VAT collection for digital platforms (short-term accommodation rentals, passenger transport etc.) New European (EU) regulatory mandates are likely to lead to increased uptake of workflow automation and process digitation Please do not hesitate to contact Anupam Majumdar at Anupam@FlagshipAP.com or Niko Berank at Niko@FlagshipAP.com with comments or questions.