1/4 We& #39;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& #39;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& #39;re going to see multiple billion $+ outcomes of single point solutions bc open banking doesn& #39;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& #39;s so hard. The knee jerk reaction to these point solutions is that TAM is too small. I& #39;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.