"Even at scale, not all financial technology companies manage their own ledger. Many don’t."

This was surprising for me to hear. Yes, it's a lot of work to build and manage your own ledger, but I'd think it's a core capability at FinTech?

When I worked at Uber, we built/managed our own ledger there. Operating with dozens of PSPs, many of them settling in bulk, on a less frequent basis, I'm not sure it would have been feasible not do so so.