Manole Capital is a boutique asset manager, entirely focused on the emerging FinTech industry. Most investors make FinTech investments through illiquid, private companies. Manole offers a transparent and liquid way to gain FinTech exposure. We avoid a strict definition of FinTech and define the category as any company that utilizes technology to improve or alter an established process. Our concentrated portfolio of FinTech companies employs a bottom's up, fundamental investment approach. Instead of investing in traditional financial companies, like banks or insurance companies, Manole Capital avoids opaque balance sheets and credit sensitivity. We prefer to own transparent, transaction-based business models, generating predictable free cash flow. In the technology sector, Manole Capital avoids hardware and one-time sales; Instead, the portfolio has significant exposure to the payment sector, which has strong secular growth opportunities, recurring revenues and sustainably high operating margins.