It's also really fucking hard. Running a regulated business is really hard. It is capital intensive. What I've seen over and over again is VCs being attracted to the appeal of a capital light model, and then the hammer comes down.

I think that the caveat is it's also really fucking hard. Running a regulated business is really hard. It is capital intensive. You don't whether you're a bank or not, it's a capital intensive business because satisfying compliance is hard. And what I've seen over and over again is VCs being suckered into the appeal of a capital light model where, like, the capital light part of this just means we're not going to invest in compliance. And, like, you can grow really quickly up through, like, series b, series c, and then the hammer comes down, and that's it for the next, like, five years for you. And so it it is what it is. Right? Like, if you're gonna be a fintech investor, you need to be a little bit different from your normal VC.