... what I learned and what I'd do differently. The EMI rabbit hole. Getting FCA-regulated payment infrastructure as a pre-revenue startup is genuinely hard. I've been through the commercial proposals from Equals Money (Railsr), Modulr, and Mangopay. The pricing structures are opaque, the setup fees are significant, and nobody talks openly about what the negotiation actually looks like. If you're building anything in payments, I have thoughts. Raising without a deck first. I built the whole ...