CDLX presents an interesting setup worth monitoring. The parallels to BLND's early stage are striking—solid product traction with users, but revenue growth getting hammered by external headwinds outside the team's control.

The real story here: a major institutional player's outdated system is creating friction in the ecosystem. That legacy infrastructure is widely acknowledged as subpar, which actually works in CDLX's favor long-term. Users are feeling the pain.

What's not yet reflected in price action is the continuation play. The institutional side of this hasn't fully priced in what happens next. That's where the opportunity sits.