Great conversation. The moment that stuck with me was the AR/AP tension. Google borrows at 3%, their vendor borrows at 20%, and nobody connects the two because each side's description of the transaction lives in a different system. The real margin isn't in aggregating buyer demand, it's in providing the shared ledger that both sides of a transaction can trust.

You guys talked about "selling time" and "selling money," but is there not a third thing hiding in the data? When you hold the buyer's spend patterns and the seller's invoice data, you can construct a picture of the transaction that neither side possesses alone? The vendor's lender can't see that the receivable is backed by a Fortune 500 buyer. The buyer's finance team can't see that they're paying 20% above market for a contract that renewed on autopilot. Looks like a spread compression play. Find the geometric mean and profit?