What is the current competitive landscape and market trends of the BaaS industry?

Aaron: The biggest idea that we have for BaaS was this notion of distributive financial architecture. I know we talk about DeFi a lot in the crypto space. Our thesis is the fact that decentralized finance is happening in traditional finance as well. And for anyone that's worked in FinTech or actually dealt with the financial services industry, there's a very logical reason for this. Our thesis on the market is: We are building distributive financial architecture. We're essentially trying to democratize access to financial products and services, in some ways, at some point beyond the API layer.

Our view of the space is it's pretty nascent. There are some 1.0 and 2.0 players in the market, which we've learned a lot from. But the further we can architect in a distributive fashion, the better. We spent a good amount of time in stealth mode building out many of the core components of this architecture. Our founder and CEO Duy is a guy that I used to work with at a previous company, where we built distributed architectural systems for highly regulated industries in insurance and healthcare, so we have a bit of a masochistic bend in terms of wading into highly regulated industries and trying to simplify them.

The go-to-market has got to be more product-driven. It's going to be lower ASP. Obviously the lower ASP, the higher margins will come with operating efficiencies and robotic process automation, but you have to have product-driven growth. You can't necessarily build too much of an outbound. Number one, from a timing perspective, you're going to have a pretty long sales cycle. Number two, it's just not going to back out with the model that we have. I think there is some outbound. Arguably, you need that in the early stage. But the model that we have is going to be as product-driven and product-led-growth as much as possible.