There are a lot of fintech companies which are a wrapper of varying thickness over an underlying provider which was willing to do a smart bizdev deal but wasn't capable of shipping their own modern mobile/web experience.
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Can you explain in one tweet what the hell Brex is and why folks are creaming their pants about it?
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Brex is a charge card (credit card one pays in full every month) which a) will underwrite startups in a sensible fashion and b) offers rewards (effectively cash back) which are mathed out to be attractive to the likely charge mix and emotional buttons of a startup.
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One notable thing about big tech companies is that when they get mature, they run out of things to invest in and start piling up cash. So if they’re not your counterparts, and what you bring to the table is a big balance sheet, it’s a scary position.
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I think the thing most of the underlying provides for AppAmaGooFaceSoft is a regulatory firewall, of the general shape "We know you could duplicate our [bank/brokerage/insurer/etc] or buy a competitor. So do you. But if we're independent, our regulator never sees your roadmap."
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You could say the same thing about banks, networks, payment processors, program managers, can’t you? In some cases they begin blending, in some cases they don’t. Understanding why is often much more difficult than it appears.
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Interesting side effect of this: regardless of their actual position, both sides of the negotiation generally must pretend to believe the sophisticated option
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Often the galaxy brain is not undertaken or achieved by the original two players, but by a third party that comes along and eats them both. Except in fintech nothing ever really dies, so the third party more constricts future growth vs eating the first two players.
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