Intuit 🇺🇸 (excerpt from my upcoming deep dive)

If I had to summarise the Intuit investment case in a single table, it would be this comparison against Square, Stripe and Shopify.

While many investors focus on the competitive threats facing QuickBooks, I believe they are underestimating the breadth and depth of its ecosystem. Today, QuickBooks remains the default financial operating system for millions of American small businesses.

As the table illustrates, QuickBooks is arguably the most vertically integrated software platform serving US SMBs, across accounting, payroll, payments, lending, banking, compliance and customer acquisition.

As I discuss in the deep dive, there’s still potential to grow each of these. Payments for example has doubled to $1.4 billion in the past two years, only just scratching the surface of its long-term TAM.