A decade ago, obtaining a payments or e-money licence in a growth market was itself a defensible advantage. Regulators have since built clearer, faster pathways — and in several markets, instant-payment rails are publicly operated. The moat moved.
What now defines an advantage
Three things: the ability to settle across borders without pre-funding every corridor, compliance tooling that scales without linear headcount growth, and distribution embedded in a channel the customer already uses.
The investor lens
Allocators are increasingly asking what happens to the business if the incumbent rail becomes free. Companies with an answer to that question raise on better terms.
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