Rory Driscoll

Capital One bought Discover Card.

Discover Card has a closed network where they get all the money in the interchange.

So that's a really powerful asset for them now that they have Brex.

They will probably be directing as much of that money flow

onto their own rails, as the bankers call it, as they can.

And what that means is they'll be able to extract a lot more of the value from it.

So this could be an example where the asset is worth more to Cap One than it was on a standalone basis.

So I think it's a very shrewd acquisition for Cap One.

Forget, in the last five or six months, they bought Discover less than six months ago.

I think it closed just recently, like for $35 billion at announcement, $50 billion at close.

And now they bought Brex, which they can fold onto Discover.

So they're making a real push.

into this space, which is another thing you ought to think about as the independents.

You're sitting there going, hmm, I'm going to be playing against the A team now with a structural cost advantage.

You had three pieces of news today, investors in Ramp.

You clearly won, and the other guy said you won.

That's good news.

Tick, put that in the positive common.

Second piece of information, people think a company growing a little bit slower than you and roughly the same business is worth seven times and you think yours is worth 30x.

Hmm.