Does Ramp consider speed to market a differentiating factor for newer issuer processors like Lithic, Bond, and Unit?

Karim: It's hard to say exactly, but I would say yes. The speed to market is not the biggest differentiator between these players. Although I do think that some players, by the virtue of being smaller, have some advantages, in that if you're a small team, a small startup, and you're just getting started, you’re just a bunch of engineers and product people, then it can sometimes be a lot faster to work with one of these smaller players. Because you're working with the engineering team very closely, and you're working with the core engineers that are building the product that you're using.

With some of the larger players, I'll use Marqeta and Galileo as an example, it may not be as fast for a small team, because you're not working directly with the engineers. But you have other advantages, like the support of essentially project managers. And, on the operational side, I would say, these players are probably stronger. Because when you're running the card program, you're not just building the technical integration. You're also having to figure out how I'm going to manage your relationship with the bank, which cards I'm going to manufacture, how long is it going to take to manufacture the card?

That experience that some of the more established players have is very valuable, in that case. So it really depends on what speed you're talking about. Do you want a speed to get to this super innovative new product? Or do you care about the speed of all the other operational things that come with it? And I think that's probably an interesting way to differentiate some of the new players as well.