Ann: Strategic Acquisition & Capital Raising, page-24

Often with these types of infrastructure-as-a-service plays, the strongest players are super engaged with the wider fintech and business ecosystem.

Their platforms have been developed with developer-first, data-feedback rich APIs that provide strong capabilities above the atypical POST or GET requests. Marqeta's offering combines a multitude of players to compliment the niches in the wider offering, and mixes with a range of useful capabilities that the platforms would normally have to figure out themselves including fraud, transaction monitoring, screening and reporting.

Finally, they're engaged in the development community and work hand in hand with the platforms to develop improvements or solve tickets together.

No doubt the Wirecard acquisition enabled Change with the 'essentials' of the payment and card infrastructure to develop out from and a clientbase that's eager to do as little as possible in services they deem not to offer a competitive advantage. The difficulty will be in attracting market growth with the next wave of innovative companies looking for more than the basics. Companies like Marqeta or Railsbank (entering market in AU) who have years of building customer-centric solutions, not minimum requirements for big banks.

Just my two cents.