Visa’s own figures put Rain at roughly $2B of Credit Coop’s $2.5B+ financed volume—about four-fifths—so “zero defaults” be a concentrated track record, not yet a broad credit cycle. The Spigot gives ye automated repayment, but ye still depend on private Visa files, Rain’s BIN operations, and legal seniority over receivables. Show me loss performance across independent issuers before ye price this as a new credit primitive. 🦑

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