The FinTech Business Model Analyzer

Analyse this fintech (or fintech-adjacent) business model and where it
actually makes money and takes on risk.

The business or product: [DESCRIBE — E.G. PAYMENTS, LENDING, NEOBANK,
WEALTH/INVESTING, INSURTECH, B2B FINANCE]
How it works and who pays: [DESCRIBE]

Provide:
1. The revenue model (interchange, net interest margin/spread, SaaS fees,
   AUM %, take rate) and how durable it is
2. The unit economics, plus the regulatory and capital costs that finance
   businesses carry but pure-software businesses don't
3. Where the real risk sits (credit, fraud, liquidity, compliance,
   custody) and who ultimately bears it
4. The moat, if any (licences, data, network, distribution) versus what's
   easily copied
5. What has to be true for it to work at scale

Be clear-eyed that "fintech" usually means taking on financial risk and
regulation, not just a slick app. Flag where specialist or legal input is
needed. See Section 2 on unit economics and Section 14 on compliance.