How does Productfy differentiate in a crowded BaaS space & avoid commoditization?

Aaron: I think it's very similar to a lot of other ecosystems, which is: Tech arguably commodifies products and features, and that's actually a good thing. If you look at it horizontally and look at other incumbent vendors out there like Galileo and Synapse, from a pure product marketing standpoint, everyone says they have the right things.

But if you peel back the layers of the onion, the question is: Who is doing what well? If you talk to folks at Unit, they have a certain thesis. I think their thesis is actually more on the neobank or the gig economy side, which is great -- I think there needs to be a lot of innovation there. I think Galileo was starting to go super point solution heavy on charge cards. Companies like Cardless, who you may not think about as a BaaS vendor but are an iteration of Marqeta, are going super hard on loyalty programs.

So there are two facets when we think about this, which is: Are they innovating on programs, or are they innovating on user experience? The middle layer there is all the features that you need to build the right recipes. The question is: What recipe are they optimizing for, and which recipe are FinTechs optimizing for? I think that's the better question to ask.