The DivGro Weekly—05.12.25

201 Consecutive dividend increases

Weekly Dividend Progress

This week we received further real-time, tangible evidence of outstanding business progress when we collected our quarterly dividends from Visa and Zoetis and became entitled to our quarterly dividend from Interactive Brokers, all meaningfully higher than this time last year.

How We Are Tracking

Since DivGro's inception we have predicted and benefited from 201 consecutive dividend increases across our portfolio companies, with no decreases. The average rate of these dividend increases is 14.3%.

DivGro in the Press

This week, we featured in Morningstar.

Visa

How has Visa, which began as a cooperative of banks, continued to expand and consolidate its enormously profitable payments processing fiefdom? By keeping a twin focus on accuracy and efficiency. For example? Visa processes more than 300 billion transactions per year, identifying, approving or rejecting, and processing each payment correctly near-instantaneously — a number that has grown by 50% from just a couple of years ago. This growth demonstrates not only a continued shift from cash towards digital payments, but also Visa’s ability to keep scaling and improving its transaction capability and capacity, maintaining and extending its dominant position even as payment applications and use cases evolve. In the last five years alone, Visa has invested more than $13 billion into its infrastructure, fortifying its processing leadership, security technologies and systems to safeguard consumers and merchants. It is no surprise that aspirant competitors default to partnering or paying Visa for use of its infrastructure rather than competing head on. As these advantages become more entrenched, and as Visa keeps developing the leading position in emerging payment flows, it appears set to build upon its impressive dividend growth record, having raised its dividend each year in the order of 20% per annum compounded since its 2008 IPO.