5% 6% 7% 8% 9% 10% Q1 09 Q3 09 Q1 10 Q3 10 Q1 11 Q3 11 Q1 12 Q3 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Innovation is unlocking new opportunities for financial inclusion © GENERATION INVESTMENT MANAGEMENT LLP 2019 32 Source: CB Insights; World Bank; Generation * Equity financings into emerging fintech companies.