I am shocked that nobody has mentioned adverse selection here. Stripe presumably has some sophistication that allows them to predict the probability of future cashflows. They're not going to lend to companies that are going to 'default' with crappy future revenue. They'll just choose to lend to the 'winners.'

It's an interesting twist, because this makes the terms relative to a standard loan worse: PC mentioned that customers are asking for downside protection, but under the assumption of adverse selection, it's being extended to those that need it least.