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Very thorough analysis, and thank you Vladimir Krasik, for sharing it. I'm sure there are a few more questions still to be answered in this discussion. I am particularly wondering about the impact of the apparent dissolution of the Goldman/Apple partnership. I know it's just one example, and maybe not the best one, but will other high-flying fintech/banking partnerships grab such headlines, or scrutiny, as it has? And how will they be more fruitful for both parties? Supposedly, the bad blood is due to the link-up's reported unprofitability for Goldman and perhaps also to Apple's own discontent with the arrangement. What's next for Apple, a link with a larger, more established player in cards or retail banking? Also, I think a continuing question for many fintechs is how they get paid, i.e., if they provide 'free' services to customers, where is the revenue coming from to do so? In traditional banking models, it's from the spread between deposit and lending rates, fees for services, and in the case of credit card issuers, from interchange and related fees on purchases. You outline well how Wise and others decided that accounts and lending (cards especially) were an excellent opportunity for growth beyond their initial product offerings.

For a fintech becoming a bank - and especially for its present and future investors - this may be looked at as a more stable opportunity for growing revenue as opposed to building volumes on a potentially 'teetering' or vulnerable source of income, like credit card interchange (under significant attack recently in the courts), subscription fees, advertising revenue, or sale of customer data to others.

Ummm. I think a reality check is in order for Elon. Victory for Musk in so many ways, is fleeting. He has tremendous competition already outdoing Tesla now despite massive price cuts and the Cybertruck is a disaster as has been several of the solar roof and other initiatives. As Tesla falls to at best a competitor in a crowded and just-as or more-innovative field of well-heeled providers in EVs and battery tech, he'll need to pivot to something else to soothe his ego...so not surprised with his latest "X comments". As usual, his comments are half-explained (and maybe half-baked) hype. But that hasn't stopped him or his friends from claiming lots of things and lining up lemmings to invest in the past!

Very thorough analysis, Joris Lochy! Perhaps we can chat on further issues here, some of which we've previously explored in Finextra articles?

Great overview and analysis of the situation and opportunity for BNPL. The question is, who/what is really paying for paying later? Is it the company's price to the BNPL client (higher)? Is it some sort of fee to the referrer/storefront? (partial probably), and/or is it lower margins for the product seller for which BNPL is the chosen way to process the transaction? Most importantly, what does 'buying on impulse' do to help build proper financial behavior and reduce consumer debt while increasing savings for real things? Like experiences and homes or business capital, or paying down other debt, for example? These questions need answers from BNPL providers.

Silicon Valley Bank has failed and the FDIC is now stepping in to take charge and manage an orderly process. Look for a potential buyer to emerge/be acknowledged by the regulators shortly, per usual procedures in such cases.