The Distribution Problem
New banks struggle to acquire customers. CACs are $300+, and the products feel commoditized. Meanwhile, non-bank brands have audiences who already trust them.
Distribution > Product
When a brand with 10M monthly users embeds a card or account, adoption is instant. The bank's product becomes the brand's feature — and the brand wins the customer relationship.
Where the Margin Goes
The Inevitable Shift
Every vertical SaaS, marketplace, and content platform is a future bank. BaaS is how they get there without becoming one.