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B2B payments aren’t payments, they’re workflows
B2B payments is a ghost market because everyone focuses on the “payments” part. The real problem is in the workflows and data that precede the actual…
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Matt Brown
Vertical, horizontal, and ghost markets
Ghost markets seem real. They have an enormous TAM and a clear need for new solutions. So a wave of companies go after the opportunity, and then… it…
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Matt Brown
Fundraising for fintech infra is different
Fintech infra and embedded fintech are so unique that much of the generalist fundraising advice out there doesn't apply to them. Here's what I've…
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Matt Brown
The iron triangle of embedded fintech
The next big fintechs will win with novel distribution, not novel products. In the 2010s the biggest fintechs were product innovators. They closed the…
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Matt Brown
Bundling, unbundling, and timing
The tech industry loves bundling and unbundling. There’s been a lot written on how it works, but little on when it works. Here are some factors that may…
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Matt Brown
The best fintechs turn risk into leverage
Fintech startups must grow fast but manage risk. Most fintechs get good enough it by limiting the downside of risk, but cap their upside in doing so…
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Matt Brown
Why aren’t there more winner-take-all dynamics in fintech?
This question has bugged me for a while. I don’t have an answer to it, but I have a few hypotheses. I’m publishing this to solicit feedback, so please…
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Matt Brown
Matt's Notes
Matt's Notes
Occasional notes on tech and investing, heavy on the fintech.

Matt's Notes

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