In this episode, we discussed:

* Alex and I recorded this before “Liberation Day” and thus before Klarna chose to delay its IPO; that said, our analysis of Klarna’s F-1 registration statement stands!

* A return to BaaS Island: a first-hand account of Mercury and Evolve’s abrupt public parting of ways; what other banks, fintechs, and regulators can learn from the chaotic split.

* It’s charter time: a brief discussion of SmartBiz, OakNorth, and OneMain’s progress on charters; prescient, given the news this week that Stripe has applied for Georgia’s merchant acquirer limit purpose bank (MALPB) charter (more on Stripe’s news from me here, including a copy of the public portion of its application.)

* And, as always, what Alex and I just can’t let go of.

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