Doing just payments is a really low margin industry, and the larger the contract you are after, the lower the margins. Therefore, it makes a lot of sense to try to sign up startups, as their growth is your growth. And to win in the startup market, you don't win by lowest costs, but by how much generic work you can save them. Cut their headaches, and they'll be happy giving you a wider cut.

Thus, a million little acquisitions to make the possible Stripe bundle for small companies stronger, as they become the moat. The opposite of, say, the Adyen play, when you want to lower your own costs, and make money on tiny margins to do processing for really large companies.

> controls all of the early incorporation infrastructure

You don't need to rely on Stripe to do anything. There are other payment gateways, and you can file things yourself (or hire someone).

Do they make things very easy and accessible for a smaller fee than doing it yourself, yes.

Thank you!

Thank you, and thank you for being a part of our journey!