While international markets have more volatility and lower trust, their biggest advantage is inefficiency. Many basic services are underdeveloped, creating enormous 'low-hanging fruit' opportunities. Providing a great, reliable service in a market where few things work well can create immense and durable value.

Stripe data shows the median top AI company operates in 55 countries by its first year, double the rate of SaaS companies from three years prior. This borderless nature from day one requires financial infrastructure that can immediately support global payment methods and compliance.

Legacy industries are often slow to adapt due to inertia and arrogance, creating massive opportunities. Flexport built a simple duty calculator in three days that the entire trade industry adopted, proving that a startup's key to success can be entering a field where competitors are technologically complacent.

The owner of Canada's only real estate trade publication is delaying U.S. expansion. He's choosing to solidify his monopoly and become the 'big fish' in his home market rather than becoming a 'little fish' in the crowded U.S. market where his brand has no equity and he'd face established competitors.

While many investors hunt for pure monopolies, most tech markets naturally support a handful of large players in an oligopoly structure. Markets like payments (Stripe, Adyen, PayPal) demonstrate that multiple large, successful companies can coexist, a crucial distinction for market analysis and investment strategy.

Large incumbents struggle to serve newly-formed startups because these customers offer low initial revenue but require significant sales and support. This P&L constraint creates a protected 'greenfield' market for new vendors to capture customers early and grow with them.

Platforms like ChatGPT achieve global scale in years, not decades. This speed means relying on a single payment service provider (PSP) is no longer viable. Companies now need a multi-PSP strategy to optimize routing and maintain leverage, creating a market for orchestrators like Basis Theory.

The US banking system is technologically behind countries in Eastern Europe, Asia, and Latin America. This inefficiency stems from a protected regulatory environment that fosters a status quo. In contrast, markets like the UK have implemented fintech-friendly charters, enabling innovators like Revolut to thrive.

For global operators, the core complexity of international payments lies in the final "on-ramp and off-ramp" to local fiat currencies, not the underlying transfer rails. The real customer value comes from minimizing foreign exchange (FX) fees by keeping revenue and expenses within the same local currency.