Bill Ackman's Pershing Square invests $1.1B in fintech

Bill Ackman's Pershing Square has invested roughly $1.1 billion in a major fintech company.
The size of the position suggests high conviction rather than a small tactical trade.
Fintech remains one of the most competitive areas in financial services, with payments, lending, brokerage and digital banking increasingly converging on the same platforms.
For investors, the key question is what structural advantage Pershing Square sees that the broader market may still be underpricing.