What is Highnote's target customer base for their product, and which segments offer the most promising growth opportunities?

We are just getting started. As I mentioned, our go-to market is focused on digital enterprises that want to embed card payments into their core digital product roadmap. That definition sort of covers all of the examples of customer segments that you gave, which are fintech, digital brands, embedded finance platforms, and so on. Definitionally, that's what our go-to market is today. In terms of what we are building ahead, we’re building this unified platform for both issuance and acquiring. 

There are super successful companies in the space today that have built $100 billion in market value on just the acquiring side or just on the issuance side. We’re building both of these capabilities from day one on a unified platform. We feel like that unlocks a super massive market in front of us.

The second piece that we haven't scratched the surface on is unsecured revolving credit. 

Today, unsecured revolving credit is primarily dominated by issuance from the large banks, the top three or four banks in the US today, and then some standalone financial services companies like Synchrony Financial. We strongly believe in the way we are building the infrastructure. For example, on the credit issuance side, we’re building everything, including servicing loan management and so on, soup to nuts, and we’re building it from a scalability perspective from day one. Over time, we can compress the costs on the credit side by a magnitude, unlocking a multi-trillion dollar market in front of us. 

Those two taken together, as you can imagine, is a big ambitious market strategy.