Why a DeFi platform ditched its consumer app to become the secret backend for tech giants
Revenue fell from $80 million to $20 million in the bear market. OTC lending at $260 million outstanding is the fastest-growing line, targeting $1 billion by year-end.
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Summary
- Spark shelved its consumer app indefinitely and pivoted to B2B2C, supplying yield to firms like Robinhood rather than competing with them for users.
- Robinhood Earn’s $200 million vault runs on Morpho, with Spark as one of three collateral sources. MacPherson calls it proof the infrastructure model works.
- Revenue fell from $80 million to $20 million in the bear market. OTC lending at $260 million outstanding is the fastest-growing line, targeting $1 billion by year-end.
