Embedded lending is a credit business with a software channel, not a software business with a credit feature. The models differ by who eats the loss.
Private credit grew into a multi-trillion asset class on spreadsheets and email. The plumbing is being rebuilt as software, and that is the real story.
BNPL quietly became a balance sheet business. Who funds the receivables, who eats the credit cycle, and where the margin survives as banks move in.
BNPL Explained: How Buy Now Pay Later Actually Works Buy Now Pay Later, or BNPL, processed over $300 billion in global transaction volume in 2023 - and
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