The New Capital Stack
- Sean Graham
- Nov 4
- 3 min read
Updated: 9 hours ago
By Sean Graham — Product & GTM Monetization Architect for Fintech + B2B
1. Executive Summary
The winners in fintech and FI modernization over the next 5 years will not be defined solely by product features, network adoption, or transaction volume. Capital orchestration is the new competitive moat.
Platforms that intelligently layer liquidity across AP, payments, vendor networks, embedded credit, and partner flows unlock both revenue and strategic advantage.
This paper introduces the New Capital Stack framework, detailing four critical layers, benchmarks for incremental revenue capture, and case examples from both fintech operators (Stripe, Brex, Bill.com, Adyen) and traditional banks (PNC, US Bank, JP Morgan).
Executives will gain a blueprint for aligning AP modernization, payments velocity, working capital, and embedded finance to maximize monetization and retention.
2. Why Capital Orchestration Is Critical Now
Liquidity inefficiency in legacy systems
Delays in settlement, fragmented vendor networks, and siloed credit products create cash drag and lost opportunity.
Working capital is strategic, not operational
CFOs increasingly view early payment, dynamic discounting, and AP financing as sources of internal capital and competitive leverage.
Embedded credit and settlement velocity drive retention
Offering faster settlement or credit lines creates stickiness with top vendors and clients, while also unlocking incremental revenue.
Benchmark example: A mid-market FI with $2B in AP volume can generate $8–12M incremental revenue annually by layering settlement velocity tiers and embedded credit offerings.
3. The Four Layers of the New Capital Stack
Layer 1 — Workflow Efficiency Layer
Concept: Optimize AP, payments, and vendor workflows for speed, accuracy, and transparency.
Benchmarks / Metrics:
Automated reconciliation: saves 3–7 FTE per $1B AP volume
Premium workflow tier: +5–10 bps per transaction
Case Examples:
Bill.com: High-touch AP automation as a monetized product tier
US Bank Treasury Services: Subscription pricing for advanced compliance workflows
Execution Principles:
Map workflows to measurable financial outcomes
Tier pricing according to labor or cycle-time reduction
Layer 2 — Vendor Network Layer
Concept: Monetize the density and adoption of your vendor network.
Benchmarks / Metrics:
Premium vendor onboarding: $250–$750 per high-volume vendor
Early payment revenue share: 1–3% of invoice volume
Case Examples:
Stripe Treasury / Issuing: Vendor participation in priority onboarding and early pay
PNC Bank: Structured early payment programs for key suppliers
Execution Principles:
Prioritize high-value vendors
Layer monetization into premium onboarding, early pay, and analytics
Layer 3 — Capital Flow Layer
Concept: Monetize liquidity velocity through settlement, embedded credit, and financing rails.
Benchmarks / Metrics:
Same-day ACH settlement: +$0.50–$2 per transaction
Instant RTP / card rails: 10–15 bps
AP financing / BNPL: 10–25 bps per transaction
Case Examples:
Brex: Embedded supplier credit based on AP predictability
JP Morgan pilot: Tiered settlement revenue capture via capital velocity
Execution Principles:
Match settlement tiers with strategic vendors
Layer credit products for predictable flows
Use transaction and vendor insights to optimize offering mix
Layer 4 — Partner Orchestration Layer
Concept: Leverage external partners to capture revenue without assuming full balance sheet risk.
Benchmarks / Metrics:
Interchange revenue share: 15–25 bps per transaction
Co-branded card revenue: $50–$150 per active account annually
Embedded lending revenue split: 5–10% of financed volume
Case Examples:
Stripe + Partner Banks: Co-branded card revenue sharing
Adyen + Regional Banks: Early pay programs with revenue splits
Execution Principles:
Build transparent measurement for partner contribution
Align incentives across workflow, credit, and settlement products
4. How the Stack Generates Revenue
The New Capital Stack layers are interdependent:
Workflow Layer: reduces operational friction → enables premium pricing
Vendor Layer: increases adoption density → expands monetization footprint
Capital Flow Layer: converts AP and payments into financing revenue
Partner Layer: scales monetization with minimal balance sheet risk
Benchmark example: Integrated capital stack can add 12–20% incremental revenue on top of existing transaction volumes when fully deployed.
5. Implementation Maturity Curve
Stage | Layer Focus | Revenue Potential |
1 | Workflow & Vendor Network | 2–6% incremental revenue |
2 | Capital Flow Integration | 6–12% |
3 | Partner Orchestration & Optimization | 12–20% |
Execution should follow iterative adoption: start with measurable workflow improvements, expand network monetization, and integrate capital flows before scaling partner revenue.
6. Operationalization Guidance
Org Structure: Cross-functional monetization and treasury squad (product, finance, ops, analytics)
Metrics: Revenue per lever, adoption %, credit utilization, settlement tier uptake, partner revenue
Process: Quarterly roadmap alignment, monetization sprints, dashboards to measure contribution of each layer
Key Advice: Capital orchestration is not just a finance or product problem; it requires cross-functional governance and measurable KPIs across the full stack.
7. Closing POV
Fintech and FI modernization winners will be those that treat capital as a product:
AP & payments workflows drive measurable revenue
Vendor networks are monetized for adoption density
Settlement and credit velocity are leveraged for stickiness and margin
Partners amplify monetization without full capital risk
Contact Us today: I provide a Capital Stack Diagnostic mapping your AP, payments, and capital flows to potential incremental revenue. Or Message “CAPITAL STACK” on LinkedIn to schedule.
Additional Resources:
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