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      "text": "We don't believe that's the best way to maximize long term value creation. Our opinion is that corporate cards of the future are primarily workflow-driven software products.",
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      "text": "We issue our own cards today. But, we started with that approach because there was no other way to showcase our view that a corporate card system is a software product. We have no interest in competing in the corporate card wars long term and have built the system to issue either our own cards, or integrate with other card issuers. We think it's better to focus on the software layer and partner with the incumbent card issuers like the banks with large commercial card portfolios. By partnering with us, they can offer a high-quality card spend management experience to their customers, while keeping at bay the emerging competition from players like Brex. We are going to launch our integrated offering with XYZ mid 2021, and are in advanced discussions with ABC.",
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      "text": "With the availability of mature card issuing platforms, anybody who can plausibly offer a corporate card will do so. There is a glut of corporate card offerings in the market and this will only continue. We believe that trying to acquire customers on the promise of rewards and size of the line of credit is a race to the bottom. Yes, there is an opportunity to go head-to-head against the legacy card issuers like Amex and the banks with a better product, rewards and line of credit, take some market share and build a valuable business. But, we don't believe that's the best way to maximize long term value creation. Our opinion is that corporate cards of the future are primarily workflow-driven software products where the real value is in deeply understanding the entire lifecycle of how businesses spend money on cards and to support that in software workflows. Also, corporate card spend is just one piece of the larger problem finance and accounting teams have to solve.",
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      "text": "Airbase is the system of record which contains every detail of the lifecycle of how a business spends money. This is very sticky and strategic real estate and valuable on its own, but it allows us to target a number of large adjacent opportunities in the future. Refer to the last section for how we think about this.",
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      "text": "but we expect financial services revenue to grow faster as transaction volume increases across payment methods on the platform. That makes it a no-brainer for us to continue investing deeply in owning the spend related workflows.",
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