Founder, payments infrastructure
Three of the last five payment companies I looked at had the same gap in the pack: they could tell me their take rate to the basis point, but not how much of their volume depended on a single integration partner.
Concentration risk hides in plumbing, not in the revenue table.
If one renegotiation can move your gross margin by a third, that number belongs on page one, not in an appendix. The founders who put it there are telling me they understand their own business better than the ones with the cleaner deck.
Written for a fintech founder, from their own deal notes — companies and figures changed.