Small business lending is one of the biggest opportunities in financial services. It’s also one of the hardest to get right. In this clip, @Fundbox CEO @pfuloria breaks down why (from sky-high CACs and sparse data to the reality that most small businesses just don’t fit a single underwriting mold). It’s the perfect setup for our new miniseries, Engineering the SMB Capital Stack (presented by @Fundbox), where we explore what’s really driving the next wave of SMB lending innovation. In Episode 1, The State of SMB Lending, we get into: -What the Fed’s latest SMB Credit Survey reveals about SMB lending -Why CAC still kills standalone lenders -How embedded finance is reshaping distribution, data, and risk Dive into the full conversation here, and stay tuned for more!