The Equation Series
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Topic

The business of finance

9 articles drawn from The Money Equation, its 24 industry studies and 100 companies profiles.

Guide

Fintech Unit Economics: How to Evaluate a Fintech Business

How to judge a fintech's unit economics: net take rate, contribution payback, CAC, churn, funding and concentration, with Chime, Affirm and Visa as examples.

8 min read

Explainer

How Do Insurance Companies Make Money? Float and Combined Ratio

Insurers earn from underwriting and from investing float, the premiums they hold before paying claims. Here is how the combined ratio and float work.

7 min read

Case study

How Does Visa Make Money? The Business Model Explained

Visa lends nothing and issues no cards, yet kept about $23.5 billion of profit in fiscal 2026. Here is how its take rate, fees and interchange work.

7 min read

Guide

How to Analyze a Bank's Financial Statements: A 7-Step Guide

A practical way to read a US bank's 10-K and call reports: deposits, unrealized losses, NIM, credit, capital and governance, with the lessons from 2023.

8 min read

Comparison

Neobank vs Traditional Bank: How the Business Models Differ

Neobanks like Chime earn mostly from debit interchange through partner banks; traditional banks earn from deposit spread and loans. Here is how they compare.

7 min read

Case study

What Happened to Synapse? The BaaS Collapse That Froze $219M

Synapse sat between fintech apps and their banks. When it failed in 2024, over 100,000 people were frozen out of about $219 million. Here is why.

8 min read

Explainer

What Is Net Interest Margin? How Banks Really Make Money

Net interest margin is a bank's interest income minus interest paid, divided by earning assets. US banks earned about 3.32% in 2026. Here is what moves it.

7 min read

Case study

Why Silicon Valley Bank Failed: The 36-Hour Collapse Explained

SVB put a deposit boom into long-dated bonds at near-zero rates, lost about $15 billion when rates rose, then lost $42 billion of deposits in a day.

9 min read