@yehoshzl.bsky.social
The payments industry is undergoing a complete rewiring. Embedded finance, e-commerce fraud, omni-channel complexity, and dozens of payment rails globally. Here’s my favorite deep dive yet.
open.substack.com/pub/therese...
open.substack.com/pub/therese...
Payments industry 101, 102 and beyond
History, trends and impact going forward
thereservist.substack.com
August 5, 2025 at 5:45 PM
The payments industry is undergoing a complete rewiring. Embedded finance, e-commerce fraud, omni-channel complexity, and dozens of payment rails globally. Here’s my favorite deep dive yet.
open.substack.com/pub/therese...
open.substack.com/pub/therese...
$ADBE: Powerful moats around their business.
But future growth looks more questionable as Figma, Canva and a plethora of lower end solutions eat away at future growth.
But future growth looks more questionable as Figma, Canva and a plethora of lower end solutions eat away at future growth.
July 15, 2025 at 12:45 PM
$ADBE: Powerful moats around their business.
But future growth looks more questionable as Figma, Canva and a plethora of lower end solutions eat away at future growth.
But future growth looks more questionable as Figma, Canva and a plethora of lower end solutions eat away at future growth.
The Payments processing value chain. Lots of players especially in EMs.
$DLO
Do you know what each player in the value chain does?
$DLO
Do you know what each player in the value chain does?
July 14, 2025 at 2:00 PM
The Payments processing value chain. Lots of players especially in EMs.
$DLO
Do you know what each player in the value chain does?
$DLO
Do you know what each player in the value chain does?
Stripe processes $1.4T. $ADYEY same. PayPal $1.7T.
$dlo process only $27 billion but offers some unique value add the others don't.
dLocal deep dive on The Reservist is coming but until then, recommend you read the background on the industry here.
thereservist.substack.com/p/payments-...
$dlo process only $27 billion but offers some unique value add the others don't.
dLocal deep dive on The Reservist is coming but until then, recommend you read the background on the industry here.
thereservist.substack.com/p/payments-...
Payments industry 101, 102 and beyond
History, trends and impact going forward
thereservist.substack.com
July 13, 2025 at 3:00 PM
Stripe processes $1.4T. $ADYEY same. PayPal $1.7T.
$dlo process only $27 billion but offers some unique value add the others don't.
dLocal deep dive on The Reservist is coming but until then, recommend you read the background on the industry here.
thereservist.substack.com/p/payments-...
$dlo process only $27 billion but offers some unique value add the others don't.
dLocal deep dive on The Reservist is coming but until then, recommend you read the background on the industry here.
thereservist.substack.com/p/payments-...
Always curious how investors assess management teams.
It's one of the hardest, least process driven item on an investment check list.
It's one of the hardest, least process driven item on an investment check list.
July 6, 2025 at 12:45 PM
Always curious how investors assess management teams.
It's one of the hardest, least process driven item on an investment check list.
It's one of the hardest, least process driven item on an investment check list.
Reviewed my performance for H1.
My writing performance that is!
Some clear articles were outliers in readership: Payments industry, $ADBE research, $SPOT fundamental analysis and price targets, $INVZ: and the entire automotive industry.
All still very very relevant. Links below.
My writing performance that is!
Some clear articles were outliers in readership: Payments industry, $ADBE research, $SPOT fundamental analysis and price targets, $INVZ: and the entire automotive industry.
All still very very relevant. Links below.
July 1, 2025 at 1:30 PM
Reviewed my performance for H1.
My writing performance that is!
Some clear articles were outliers in readership: Payments industry, $ADBE research, $SPOT fundamental analysis and price targets, $INVZ: and the entire automotive industry.
All still very very relevant. Links below.
My writing performance that is!
Some clear articles were outliers in readership: Payments industry, $ADBE research, $SPOT fundamental analysis and price targets, $INVZ: and the entire automotive industry.
All still very very relevant. Links below.
A tumultuous first half is in the books. Shared some thoughts, introspection and even performance updates (on the portfolio and writing)
thereservist.substack.com/p/june-h1-r...
thereservist.substack.com/p/june-h1-r...
June +H1 recap at The Reservist portfolio
up 38% in H1 and lots of introspection
thereservist.substack.com
July 1, 2025 at 12:45 PM
A tumultuous first half is in the books. Shared some thoughts, introspection and even performance updates (on the portfolio and writing)
thereservist.substack.com/p/june-h1-r...
thereservist.substack.com/p/june-h1-r...
👀
Article out on The Reservist
Article out on The Reservist
June 30, 2025 at 5:00 PM
👀
Article out on The Reservist
Article out on The Reservist
Why does Adyen beat Stripe in Europe, but not in the US?
Why are so many startups unbundling $PYPL…?
I mapped out the payments landscape, trends and strategic overview.
thereservist.substack.com/p/payments-...
Why are so many startups unbundling $PYPL…?
I mapped out the payments landscape, trends and strategic overview.
thereservist.substack.com/p/payments-...
Payments industry 101, 102 and beyond
History, trends and impact going forward
thereservist.substack.com
June 30, 2025 at 8:00 AM
Why does Adyen beat Stripe in Europe, but not in the US?
Why are so many startups unbundling $PYPL…?
I mapped out the payments landscape, trends and strategic overview.
thereservist.substack.com/p/payments-...
Why are so many startups unbundling $PYPL…?
I mapped out the payments landscape, trends and strategic overview.
thereservist.substack.com/p/payments-...
Selling local sounds simple but isn't.
Compare and contrast Adyen local payments with $dlo. dLocal offers 3x more payment methods than $ADYEY in Brazil, a large EM.
Compare and contrast Adyen local payments with $dlo. dLocal offers 3x more payment methods than $ADYEY in Brazil, a large EM.
June 29, 2025 at 12:45 PM
Selling local sounds simple but isn't.
Compare and contrast Adyen local payments with $dlo. dLocal offers 3x more payment methods than $ADYEY in Brazil, a large EM.
Compare and contrast Adyen local payments with $dlo. dLocal offers 3x more payment methods than $ADYEY in Brazil, a large EM.
What's changed on $ADBE since I wrote this in January?
Not much IMO. Happy to hear other thoughts.
thereservist.substack.com/p/adobe-a-d...
Not much IMO. Happy to hear other thoughts.
thereservist.substack.com/p/adobe-a-d...
Adobe: A Deep Dive into the Creative Tech Giant
My journey sleuthing this SaaS beast
thereservist.substack.com
June 29, 2025 at 12:32 PM
What's changed on $ADBE since I wrote this in January?
Not much IMO. Happy to hear other thoughts.
thereservist.substack.com/p/adobe-a-d...
Not much IMO. Happy to hear other thoughts.
thereservist.substack.com/p/adobe-a-d...
Anyone disagree?
June 28, 2025 at 8:21 AM
Anyone disagree?
Every vertical SaaS company is turning into a fintech.
$TOST, Slice, Lightspeed… they’re not just POS software. They’re payment processors in disguise.
But they're up against a LOT of competition 👇🏼
open.substack.com/pub/therese...
$TOST, Slice, Lightspeed… they’re not just POS software. They’re payment processors in disguise.
But they're up against a LOT of competition 👇🏼
open.substack.com/pub/therese...
Payments industry 101, 102 and beyond
History, trends and impact going forward
thereservist.substack.com
June 27, 2025 at 2:00 PM
Every vertical SaaS company is turning into a fintech.
$TOST, Slice, Lightspeed… they’re not just POS software. They’re payment processors in disguise.
But they're up against a LOT of competition 👇🏼
open.substack.com/pub/therese...
$TOST, Slice, Lightspeed… they’re not just POS software. They’re payment processors in disguise.
But they're up against a LOT of competition 👇🏼
open.substack.com/pub/therese...
Selling local sounds simple but isn't.
Compare and contrast Adyen local payments with $dlo. dLocal offers 3x more payment methods than Adyen in Brazil, a large EM.
Compare and contrast Adyen local payments with $dlo. dLocal offers 3x more payment methods than Adyen in Brazil, a large EM.
June 27, 2025 at 8:18 AM
Selling local sounds simple but isn't.
Compare and contrast Adyen local payments with $dlo. dLocal offers 3x more payment methods than Adyen in Brazil, a large EM.
Compare and contrast Adyen local payments with $dlo. dLocal offers 3x more payment methods than Adyen in Brazil, a large EM.
$SPOT reaching all time highs.....again.
How much is too much, what's priced in and what isn't?
open.substack.com/pub/therese...
How much is too much, what's priced in and what isn't?
open.substack.com/pub/therese...
Deep Dive: Spotify & music's long term value
10,000 words, 15 charts, 4 price targets: all you need to understand this company
thereservist.substack.com
June 26, 2025 at 2:00 PM
$SPOT reaching all time highs.....again.
How much is too much, what's priced in and what isn't?
open.substack.com/pub/therese...
How much is too much, what's priced in and what isn't?
open.substack.com/pub/therese...
Was $ADBE's $25b buyback good or bad capital allocation?
June 26, 2025 at 1:30 PM
Was $ADBE's $25b buyback good or bad capital allocation?
A payment service provider can be losing market share without losing logos.
How many matching logos can you find that use different payment processors? Slides are from $ADYEN, $PYPL and $DLO
A dynamic I explore in depth in my article on payments (link in next post)
How many matching logos can you find that use different payment processors? Slides are from $ADYEN, $PYPL and $DLO
A dynamic I explore in depth in my article on payments (link in next post)
June 26, 2025 at 12:45 PM
A payment service provider can be losing market share without losing logos.
How many matching logos can you find that use different payment processors? Slides are from $ADYEN, $PYPL and $DLO
A dynamic I explore in depth in my article on payments (link in next post)
How many matching logos can you find that use different payment processors? Slides are from $ADYEN, $PYPL and $DLO
A dynamic I explore in depth in my article on payments (link in next post)
Adyen's going omni channel is another part of their payment processing strategy.
Fits with the underlying industry trends I've been writing about.
From Adyen's Investor day:
Fits with the underlying industry trends I've been writing about.
From Adyen's Investor day:
June 26, 2025 at 8:17 AM
Adyen's going omni channel is another part of their payment processing strategy.
Fits with the underlying industry trends I've been writing about.
From Adyen's Investor day:
Fits with the underlying industry trends I've been writing about.
From Adyen's Investor day:
The shift to online payments has meant that there are a whole host of new problems to solve across the payments space.
From my article breaking down the payments sector on The Reservist
$ADYEN $PYPL $dlo $TOST $FOUR $XYZ $FI $FIS
From my article breaking down the payments sector on The Reservist
$ADYEN $PYPL $dlo $TOST $FOUR $XYZ $FI $FIS
June 25, 2025 at 1:00 PM
The shift to online payments has meant that there are a whole host of new problems to solve across the payments space.
From my article breaking down the payments sector on The Reservist
$ADYEN $PYPL $dlo $TOST $FOUR $XYZ $FI $FIS
From my article breaking down the payments sector on The Reservist
$ADYEN $PYPL $dlo $TOST $FOUR $XYZ $FI $FIS
$V and $MA don’t handle your payments end-to-end.
They license that job to an army of middlemen. Ever wondered how it all actually works?
This will help: Payments 101, 102 and beyond (link in next post)
They license that job to an army of middlemen. Ever wondered how it all actually works?
This will help: Payments 101, 102 and beyond (link in next post)
June 24, 2025 at 2:00 PM
$V and $MA don’t handle your payments end-to-end.
They license that job to an army of middlemen. Ever wondered how it all actually works?
This will help: Payments 101, 102 and beyond (link in next post)
They license that job to an army of middlemen. Ever wondered how it all actually works?
This will help: Payments 101, 102 and beyond (link in next post)
Article breaking down the entire payments industry incoming on The Reservist!
$ADYEN $PYPL $dlo $TOST $FOUR $XYZ $FI $FIS
$ADYEN $PYPL $dlo $TOST $FOUR $XYZ $FI $FIS
June 24, 2025 at 1:30 PM
Article breaking down the entire payments industry incoming on The Reservist!
$ADYEN $PYPL $dlo $TOST $FOUR $XYZ $FI $FIS
$ADYEN $PYPL $dlo $TOST $FOUR $XYZ $FI $FIS
Did I go too far back in my article on the payments sector?
June 24, 2025 at 12:45 PM
Did I go too far back in my article on the payments sector?
$DIS sues Midjourney over AI generated images and soon video.
Is this the bullish case for $ADBE firefly?
storage.courtlistener.com/recap/gov.u...
Is this the bullish case for $ADBE firefly?
storage.courtlistener.com/recap/gov.u...
June 19, 2025 at 2:00 PM
$DIS sues Midjourney over AI generated images and soon video.
Is this the bullish case for $ADBE firefly?
storage.courtlistener.com/recap/gov.u...
Is this the bullish case for $ADBE firefly?
storage.courtlistener.com/recap/gov.u...
$SPOT has had content for health and wellness for a while, but a full charge into it could expand TAM.
Calm and Headspace's success is Spotify's opportunity :-)
Calm and Headspace's success is Spotify's opportunity :-)
June 19, 2025 at 1:30 PM
$SPOT has had content for health and wellness for a while, but a full charge into it could expand TAM.
Calm and Headspace's success is Spotify's opportunity :-)
Calm and Headspace's success is Spotify's opportunity :-)
Mattel and OpenAI announce.... something. Looks like this 'strategic collaboration' announcement was generated by chatGPT.
It would be more interesting to see a real partnership that brings toy brands and IP to life.
It would be more interesting to see a real partnership that brings toy brands and IP to life.
June 19, 2025 at 12:45 PM
Mattel and OpenAI announce.... something. Looks like this 'strategic collaboration' announcement was generated by chatGPT.
It would be more interesting to see a real partnership that brings toy brands and IP to life.
It would be more interesting to see a real partnership that brings toy brands and IP to life.