Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 10

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 10
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 prime (83% are between 25-54 years old)
with a strong financial position (80% have prime credit and 65% make over $100K income per year). This demographic is on the cusp of some
of the most important financial decisions of their lives: starting families, starting businesses, buying homes, preserving wealth, and
making long-term financial plans. Select customer demographic information based on historical company data and customer surveys from 2022–2024
includes:

Despite the relative financial strength of Fold’s
core customer base, Fold is able to service other customer demographics no matter where they are on their financial journey. Our FDIC-insured
checking account and prepaid debit card provide a lower-risk, responsible way for any customer to navigate their financial lives compared
to high interest-rate credit products.

Our Strategic Partners

We have strategic partnerships with a number of
third-party service providers to operate certain of our products and services, including:

Marqeta, Inc. (“Marqeta”) — Marqeta
powers the modern card-issuing platform that enables Fold to create, distribute, and manage customized payment cards and financial products.
Marqeta serves as the program issuer for the Fold Card.

7

Visa U.S.A. Inc. (“Visa”) — Visa
is a global payment technology company that facilitates electronic funds transfers, primarily through credit, debit, and prepaid cards,
enabling secure and efficient payments worldwide for Fold. The Fold Card can be used on the Visa Network (“Payment Network”)
to spend funds wherever Visa is accepted.

Sutton Bank — USD
funds deposited in the Fold Checking Account and available to fund purchases using the Fold Card are held at Sutton Bank, an FDIC-insured
bank. As long as specific deposit insurance requirements are met, Fold customer funds held at Sutton Bank are insured up to $250,000 by
the FDIC in the event Sutton Bank fails. Fold does not directly hold or control any of its customers’ USD funds.

Bitcoin Service Providers — Fold
partners with Fortress Trust LLC, a Nevada-chartered trust company (“Fortress”), and BitGo Trust Company, Inc., a South Dakota-chartered
trust company (“BitGo”) (collectively, the “Bitcoin Service Providers”), to offer eligible customers the ability
to buy, sell, store, and withdraw Bitcoin through Fold. These Bitcoin Service Providers are both qualified custodians, meaning they are
qualified under applicable state banking,