How does Bond compare to competitors in issuer processing and BaaS markets such as Marqeta, Lithic, Highnote, Treasury Prime, Unit, and Synapse?

Roy: We partner with issuer processors, so we're actually agnostic to them. Right now, we partner with an issuer processor that does both credit and debit for us, but we've been in discussions with others, including some of those that you just listed, around potential partnerships because different issuer processors are good at different things. Certain issuer processors only do debit -- for example, you mentioned Marqeta, they're generally a debit processor -- versus others may do credit. We want to be agnostic to that.

Back to my original thesis around enterprise-grade, you don't want to be stuck with one processor. You want to be able to work with multiple processors as you continue to address your customer's needs.