1/4 We're seeing a complete bifurcation of fintech infra across geos driven by open banking regs. In geos where open banking is embraced (Brazil, Europe) there's an opp for first movers to consolidate 10+ fintech infra applications in a data++ model. The value accrues w what you

2/4 do w the data that is made available. The knee jerk reaction is that they wont be able to monetize bc the data is open. In the US, we're going to see multiple billion $+ outcomes of single point solutions bc open banking doesn't exist (I think never will).

3/4 The value there lies less so in the analysis of the data, but simply the integrations bc it's so hard. The knee jerk reaction to these point solutions is that TAM is too small. I'm taking the over in both cases. These are the biggest markets on the planet and I genuinely

4/4 believe disruption for financial services products for both consumer and business is in its 1st inning. These layers are fundamentally enabling that next gen.