Rory Driscoll

They're very thin markets.

And we hope they're roughly right.

And sometimes we're surprised to the upside when they go public.

And then sometimes we're surprised to the downside.

Hard comment here.

If you're doing your mark to market on ramp right now, how do you factor in a recent transaction at seven times to your multiple of 30 times?

I'm not saying it's dispositive because you're faster growing.

And you did, as you put it, win.

But it does make you think maybe when you go public in two years and you want to monetize, let's say at that stage, a $2 billion revenue company, maybe you're still growing a little faster.

I don't know.

Or if I was the investor who just wrote the $32 billion check, I'd at least pause and go, hmm, let me check my assumptions one last time here.

Maybe it can still work, but I've got to be a big company.

You ain't going to get the M&A outcome anymore.

You've just got to be the big company and trade in the public markets at a significantly higher multiple than the other financial services companies.

The only way you can do it is if you keep the growth up, if you keep the growth up.

So it's not like it's impossible, but it's just a significant data point that weighs the other way as you think about value.

It's a super good outcome.

I think Capone has played a very shrewd hand here.

Because remember, all of these businesses, Ramp, Divi, which my former company was formerly involved with, Billboard, Brex, they all monetize on interchange.

And most interchanges, Visa and MasterCard, which is third-party network, you have Visa, the issuer bank, and the accepting bank.