What is the current state and future trajectory of the banking-as-a-service market?

Banking-as-a-service is a more modern term, but obviously, the sponsorship model has been around for quite a while, especially on the debit side. 

Recently, you've seen an evolution of it. It started with prepaid debit, where we had a lot of leveraging different services from different providers. Now we’re seeing credit cards as a service, for example from platforms like Deserve, Railsbank, and various others that are in the space. 

You're definitely seeing a broader range of solutions that are coming through, not just from a card perspective but in banking in general. 

If you look at the holistic set of products we do at Cross River, it's not just about issuing cards—it's about moving money and making sure you have all the rails needed to get money to where it needs to go. 

In addition to debit and credit, you also need to have lending capabilities: you need to have that infrastructure in place where a loan could be provided, could be dispersed, and could be leveraged potentially by an account. Now, crypto is coming into place. 

The evolution has really broadened where you can go with these financial services, which is really exciting because nowadays you can go to several players like ourselves to get all you need. It's almost like a one-stop shop approach.

I think we'll continue to see additional services being added to players such as ourselves as we look to broaden and think about all the things we need, or our customers need, to really be successful.