HIGHOutside partyCounterparty
bank sponsor / Visa and Mastercard networks
“10-K Item 1A: 'if we were precluded from processing Visa and Mastercard electronic payments, we would lose substantially all of our payments-related revenues'”
IIIV · Concentration risk · 10-K extracted
i3 Verticals (IIIV) concentration risks
Updated
The most significant concentration i3 Verticals discloses is bank sponsor / Visa and Mastercard networks, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
Show full disclosure ▾Hide full disclosure ▴
About TrendMatrix. TrendMatrix is a publisher of general securities research and market commentary. We publish on a regular schedule. All content is the same for every subscriber in a tier — we do not provide personalized investment advice and we do not take into account any individual subscriber's financial situation, investment objectives, risk tolerance, tax situation, or holdings.
Not investment advice. TrendMatrix is not a registered investment adviser. Our content is for informational and educational purposes only. Consult your own licensed investment adviser, broker, or tax professional before making any investment decision.
Conflicts and positions. The TrendMatrix editorial team frequently holds personal long-term positions in securities discussed. We disclose positions held at the time of publication on each piece. We maintain a trading-window policy: we do not initiate or close positions in the same direction as a TrendMatrix publication within 24 hours before or 72 hours after publication.
No paid promotion. TrendMatrix does not accept payment from any issuer, broker, or third party in exchange for coverage of any security. Our sole compensation is subscription revenue.
No fiduciary duty. No fiduciary, advisory, or agency relationship is created between you and TrendMatrix by reading our content or subscribing to our service.
Performance. Past performance is not indicative of future results. Performance figures reflect the published model only and do not reflect any individual subscriber's actual results.
Source: i3 Verticals’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH1
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partyCounterparty
Payroc
“10-K Item 1A: 'If our processing services agreement with Payroc is terminated and we are not able to enter into replacement processing relationship with another party'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06i3 Verticals' concentration risk centers on two counterparty dependencies of different scale. The larger is network-level: if the company were precluded from processing Visa and Mastercard electronic payments, it would lose substantially all of its payments-related revenues — a high-scale dependency on continued access to the card networks. The second is a specific processing agreement with Payroc; if that agreement were terminated and i3 Verticals were unable to enter into a replacement processing relationship with another party, the business would be affected, a moderate-scale exposure. These two risks are related but distinct. The network dependency is closer to a structural feature of operating in the payments industry — nearly every payments company relies on Visa/Mastercard access, so this risk is shared across the sector rather than unique to i3 Verticals. The Payroc relationship, by contrast, is a more idiosyncratic, replaceable dependency: the filing itself frames the risk in terms of whether a replacement processing relationship could be found, implying the exposure is manageable if handled proactively. The card-network access issue is the one that would matter most if it ever came into question, given its larger disclosed scale.
For the engine’s reasoning on IIIV’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Software - Infrastructure
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| AI | C3.ai, Inc. | 1 | 2 | 0 | 3 |
| IIIV● | i3 Verticals, Inc. | 1 | 1 | 0 | 2 |
| AEVA | Aeva Technologies, Inc. | 1 | 0 | 0 | 1 |
| AIOT | PowerFleet, Inc. | 0 | 2 | 0 | 2 |
| ACIW | ACI Worldwide, Inc. | 0 | 0 | 0 | 0 |
| AKAM | Akamai Technologies, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.