🍞 Toast Feels the Heat. Clear Street Shuts the IPO Window. Fiserv Builds the Rails.

Toast isn’t just restaurant software anymore — it’s a fintech engine hiding behind POS screens, and its latest earnings show why margins and payments penetration matter more than table turns. We also break down Clear Street hitting pause on its IPO and what that says about whether the window is quietly closing again, plus why Fiserv’s new settlement push could be a bigger infrastructure flex than it looks. If you care about publicly traded fintech, IPO timing, and who really owns the money rails, this 15-minute stack is for you.