Max Beauroyre

“Building for butter means understanding that every step of the experience can be honed, smoothed and improved, to the point that it's so good you just can't take it. Butter is deceptively simple. A single ingredient that yet does so much.

Sounds easy, doesn't it?! Maybe this is obvious and isn't that deep. But it is hard to pull off, and truly extr... See more

He realized that the fintech backend was becoming commoditized and CACs were unsustainable, and that owning distribution would be the most important thing, so he built Capital as a media business. That seemed silly, until it didn’t.

Worldbuilders all have a few things in common: 

They predict something non-obvious about the way the world is moving before others see it and before the market is ready for their ultimate vision.

They create a wedge into the market and leverage it into a much larger opportunity. The public often ridicules or dismisses the initial wedge product. 

They ... See more

Capital’s founding insight, which Jordi laid out on our first call in early 2021, was that you might be able to solve the fintech CAC problem if you started out looking a lot more like a media business.

As The Diff author and all-around genius Byrne Hobart emailed me in a reply to a Not Boring essay a couple years ago: “For any fintech product the question always comes down to: do they have a sustainable advantage in low CAC?” 

With the proliferation of banking APIs in the two years since, and the fierce competition in the financial services startu... See more

build a media business focused on founders, monetize through financial services.

The battle between every startup and incumbent comes down to whether the startup can get distribution before the incumbent can build the innovation."

Plus, MCP only addresses context portability, not memory. I’ll repeat - the accumulated history of interactions, the learned preferences, the refined understanding of each user—that's not portable. And that's where the real lock-in lives.