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The thermodynamics of risk
Fintechs reduce cost and friction—but risk is conserved. The winners don't avoid risk. They transform it into a type they're built to manage.
Jan 12
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Matt Brown
Your data model is your destiny
Your product's core abstractions determine whether new features compound into a moat or just add to a feature list. Here's how to get it right.
Oct 14, 2025
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Matt Brown
Embedded fintech in 1,000 words
What do airline loyalty plans, tractor loans, and iPhone insurance tell us about the future of financial services and the evolving role of fintech in…
Aug 13, 2025
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Matt Brown
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Your data model is your destiny
Oct 14, 2025
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Matt Brown
B2B payments aren’t payments, they’re workflows
Nov 6, 2023
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Matt Brown
Payfac in 1,000 words
Feb 7, 2024
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Matt Brown
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Stablecoins in 1,000 words
Jan 7, 2025
Vertical AI: beware what you wrap
Mar 26, 2025
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Matt Brown
Cross-border payments in ~1,000 words
Nov 21, 2024
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Matt Brown
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Why VC and software have PE envy
Gone are the days of minority investments in high-growth, asset-light, software-led startups. Why do so many VCs and VC-backed companies seem to be…
May 13, 2025
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Matt Brown
Vertical AI: beware what you wrap
Forget being dismissed as a ChatGPT wrapper. Anyone building vertical AI should fear being a wrapper around a system of record.
Mar 26, 2025
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Matt Brown
Stablecoins in 1,000 words
Stablecoins are an exciting and powerful upgrade to financial technology, both in their own right and complementing traditional fiat money movement…
Jan 7, 2025
Cross-border payments in ~1,000 words
A gentle introduction to correspondent banking, money transmission, payment aggregation, and stablecoins, as well as cross-border payment business…
Nov 21, 2024
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Matt Brown
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The secrets to pricing payments in vertical software
Payments are the secret weapon of the best vertical software companies. It’s not uncommon to see 2-5x increases in revenue, retention, and other metrics…
Nov 6, 2024
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Matt Brown
VerticalSoftware.FYI
A new community-driven list of 450+ vertical software companies, along with embedded financial products and other info, now available at…
Sep 23, 2024
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Matt Brown
Invisible asymptotes in vertical software
Vertical software is a great category to build and invest in. But the label and strategies behind it are quickly becoming irrelevant. The opportunity to…
Aug 29, 2024
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Matt Brown
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Matt Brown's Notes
Notes on fintech, vertical software, and VC.
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