How does Passthrough differentiate itself from startups like Compound and Savvy, who are also targeting identity in the wealth management space?

My guess is that these people should just be our customers. The way that they make money isn’t by solving things like subscription document and KYC AML and investor onboarding workflows. What I'd rather them do is focus on the things that are the reason why investors give them money, and they can build on top of us instead.

Passthrough is an API business. We already have people building on top of that API. Compound and Savvy and others want to own the customer relationship, but what they don't want to do is solve all the nitty-gritty work of building investor profiles and making sure data moves seamlessly. They've got enough things to worry about.

If we turn it into a solved problem, then great, they can focus on making their clients money and preserving their wealth. We can focus on how to actually run these really annoying workflows that are more like check-the box-things for them and we can actually make it really nice.