What are the differences between BaaS 1.0 and BaaS 2.0, and how does Productfy fit into these categories?

Aaron: The 1.0 -- I think you can also probably bucket Marqeta and Dwolla in there. There's a bunch of companies that are doing that. There's already starting to be a 3.0 version, but I'll talk about the 2.0 version, which is, in our parlance, fully distributed decentralized financial architecture, which means that one of the factors in terms of scale is the fact that your back office and your backstop is still the bank. I think Marqeta's run into this a few times. LendingClub with WebBank. All of these companies initially partnered with some Durbin Amendment banks that were thirty to fifty people. Now WebBank is eight hundred people, I think. Sutton Bank is a few hundred. But when they first started, their thesis was: We need a charter, we'll get a bank, and we need to scale.

The second iteration of that is essentially our view of the world, which is: In a world where it is hard to get a charter in the US, you have the scarcity value, but you have a constraint. And how you get around that constraint is you have to build an interoperable financial architecture that sits across multiple banks. That alleviates a few things. Not all banks do all things well, and certain banks have both compliance, regulatory and operational risks that need to be mitigated with technology. That's the second piece. There's a 3.0 version popping up and we're keeping an eye on that as well.