FINTECH'S MOATS DON'T COMPILE

Summary from the TLDR Founders newsletter

Fintech's primary moats reside in regulatory permissions, credit data, and risk-bearing capacity rather than replicable software code. While AI compresses margins for pure SaaS by commoditizing code, it strengthens fintechs that own their licenses and underwriting history. Competitive advantage is shifting away from UI toward those who control the "fin" side by managing money movement and proprietary risk models that AI optimizes but cannot replace.