How does Bond balance aggregating demand and maintaining supplier relationships, given that aggregating demand can disintermediate suppliers?

Roy: Because there is so much demand out there, I think part of it is we drive a lot of volume to the supply side. We get them free business in some ways. In fact, one of the banks that we work with pays us to basically drive demand onto their platform. From my perspective, it's a win-win for them, because on their own they may not have the reach and the distribution that they have with a platform like Bond. We go out there and talk to brands, we know what are the latest use cases and where users are getting a lot of benefits, and we introduce these kinds of ideas to the people that come to us. So be it a processor partner or KYC partner, we bring them a lot of business through embedding on our platform.

One piece is economies of scale. The second is, if we do see that there's a gap in the market on certain capabilities, we'll build our own. Right now our idea is: if there are best of breed players out there that know what they're doing in a specific area, we'll leverage them to make sure that our customer gets the highest quality product that's available today. But over time, as we see that a particular vendor is not particularly fast on one thing, we may go build that ourselves to make sure that the entire end-to-end process is a very smooth line.

If you think about embedded finance and what we do, there are many steps and many things that need to happen in order to launch a program live. To think that you could build it soup to nuts, from the very beginning to the very end, it's near impossible. It's going to take you many, many years. I think the best approach to doing it is looking at best of breed and then thinking about where we're going to augment ourselves to make the entire experience the best.