The Three-Body Problem
#1: The Three-Body Problem What happened? Ramp launched some new capabilities: As Ramp has continued to move more up market, it has worked to expand its product suite. In response to the needs of Shopify and other large companies, for example, Glyman said Ramp created an additional tier to its flagship product offering, with new…
Read MoreBaaS + BSAaaS
We’re gonna do some problem-solving in today’s newsletter. Specifically, I think there’s a way for us to feed two birds with one scone.1 Problem #1: Banks’ Balance Sheets are Out of Balance Banking is an inherently cyclical business. Interest rates go up. Interest rates go down. Deposits ebb and flow. Loan defaults wax and wane.…
Read MorePayment Now, Fraud Never?
The Payment of the Tithes (The tax-collector), also known as Village Lawyer (1617-1622) by Pieter Breughel the Younger. 3 FINTECH NEWS STORIES #1: Sell To Banks! What happened? Heron Data launched a neat product: PDF Bank Statements are the universal standard for underwriting an SMB but are the bane of many business lenders’ Chief Risk…
Read MoreShould Consumers Trust Generative AI? Wrong Question.
ChatGPT, OpenAI’s chatbot powered by generative AI, reached 100 million global monthly active users in just two months, which was seven months faster than any other consumer technology product in history. (For the purposes of this essay, kindly ignore the fact that Threads, Meta’s soulless Twitter clone, has since beaten this record by reaching 100…
Read MoreWildest Dreams
3 Fintech News Stories #1: All You Had to Do Was Stay What happened? Karat has raised a $70 million Series B and is expanding its product: Y Combinator-backed Karat’s first product was a business credit card that provides creators higher limits based on their social and financial stats instead of FICO scores. But the…
Read MoreThe Fog of (Deposit) War
Do you hear that? That dull, almost imperceptible roar? Like a giant engine quietly idling? Or a massive storm, just creeping over the horizon? Yeah, what you’re hearing there is actually the sound of thousands of banks jostling with each other over deposits. The Wall Street Journal reports: Deposit costs jumped sharply at all four…
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