@font-face{font-family:Aeonik;src:url('/assets/fonts/Aeonik-Regular.woff2');font-weight:400;font-display:swap}
@font-face{font-family:Aeonik;src:url('/assets/fonts/Aeonik-Medium.woff2');font-weight:500;font-display:swap}
@font-face{font-family:Aeonik;src:url('/assets/fonts/Aeonik-Bold.woff2');font-weight:700;font-display:swap}
@font-face{font-family:'Fira Sans';src:url('/assets/fonts/Fira-Sans.woff2');font-weight:400;font-display:swap}
@font-face{font-family:'Fira Mono';src:url('/assets/fonts/Fira-Mono.woff2');font-weight:400;font-display:swap}
:root{--ink:#0f172a;--muted:#475569;--rule:#cbd5e1;--soft:#e2e8f0;--page:#f8fafc;--paper:#fff;--cobalt:#0045e6;--display:Aeonik,Arial,sans-serif;--body:'Fira Sans',Arial,sans-serif;--mono:'Fira Mono',monospace}
*{box-sizing:border-box}html{scroll-padding-top:24px}body{margin:0;background:var(--paper);color:var(--ink);font:16px/1.5 var(--body)}
a{color:inherit;text-decoration:none}a:hover{text-decoration:underline;text-underline-offset:4px}button,input,select{font:inherit}button,a,input,select{touch-action:manipulation}button{cursor:pointer}
:focus-visible{outline:2px solid var(--cobalt);outline-offset:4px}::selection{background:var(--cobalt);color:white}
h1,h2,h3,p,figure{margin:0}h1,h2,h3{font-family:var(--display);font-weight:500}img{display:block;width:100%;height:auto}svg{width:22px;height:22px;flex-shrink:0}[hidden]{display:none!important}
.wrap{max-width:1440px;padding:0 48px;margin:auto}.skip{position:fixed;top:8px;left:16px;transform:translateY(-150%);background:var(--ink);color:white;padding:10px 16px;z-index:100}.skip:focus{transform:none}
.site-header,.reading-header{position:relative;border-top:3px solid var(--ink)}.utility{display:flex;align-items:center;gap:24px;min-height:46px;font:500 13px var(--display)}.utility nav{display:flex;gap:24px}.utility nav a{display:flex;align-items:center;min-height:44px}.network{margin-left:auto;color:var(--muted);font-size:12px}.header-actions{display:flex;align-items:center;gap:5px}.icon-button{border:0;background:none;color:var(--ink);display:inline-flex;align-items:center;justify-content:center;gap:8px;min-width:44px;min-height:44px;padding:8px;border-radius:2px}.icon-button:hover{background:var(--page)}.button-label{font:500 13px var(--display)}
.masthead{display:grid;grid-template-columns:1fr 360px 1fr;align-items:center;gap:36px;padding:8px 0 22px;border-bottom:1px solid var(--ink)}.wordmark{display:block;text-align:center;justify-self:center}.wordmark img{width:300px;margin:auto}.wordmark>span{display:block;font:13px/1.4 var(--body);margin-top:9px;color:var(--muted)}.wordmark:hover{text-decoration:none}
.beat-nav{display:flex;justify-content:center;gap:28px;border-top:1px solid var(--rule);border-bottom:1px solid var(--rule);font:500 15px/1.3 var(--display)}.beat-nav a{display:flex;align-items:center;min-height:44px;white-space:nowrap}.beat-nav a:hover,.reading-navigation a:hover{color:var(--cobalt);text-decoration:none}
.mobile-menu{position:absolute;right:48px;top:48px;z-index:10;background:var(--paper);border:1px solid var(--rule);padding:16px 24px;width:290px;box-shadow:0 12px 28px rgb(15 23 42 / .08)}.mobile-menu a{display:block;padding:10px 0;font:500 17px/1.4 var(--display);min-height:44px}.menu-publication{border-top:1px solid var(--rule);margin-top:12px;padding-top:12px}.menu-publication a{font-size:14px;color:var(--muted)}
.edition{display:flex;gap:10px;align-items:center;padding:16px 0 20px;font:11px/1.5 var(--mono);color:var(--muted)}
.front-grid{display:grid;grid-template-columns:minmax(200px,.85fr) minmax(0,2.1fr) minmax(240px,1fr);gap:32px;align-items:start}.lead{grid-column:2;grid-row:1;min-width:0}.support{grid-column:3;grid-row:1;min-width:0}.latest{grid-column:1;grid-row:1;padding-right:24px;border-right:1px solid var(--soft);min-width:0}
.lead img{aspect-ratio:1.6;object-fit:cover}.image-credit{font:11px/1.5 var(--body);color:var(--muted);text-align:right;margin-top:6px}.story-kicker,.page-kicker{display:flex;flex-wrap:wrap;gap:6px;font:11px/1.5 var(--mono);color:var(--muted);margin:16px 0 8px}.story-kicker strong{font-weight:400;color:var(--ink)}
.lead h1{font-size:42px;line-height:1.08;letter-spacing:-.02em;text-wrap:pretty}.dek{font-size:17px;line-height:1.55;margin-top:12px}.lead .dek{font-size:19px;line-height:1.5}.byline{font:11px/1.6 var(--mono);color:var(--muted);margin-top:14px}.byline time{white-space:nowrap}
.company-link{display:flex;flex-direction:column;gap:3px;margin-top:24px;padding-top:13px;border-top:1px solid var(--rule);font:500 14px/1.5 var(--display)}.company-link>span{font:11px/1.5 var(--mono);color:var(--muted)}.company-link a{display:flex;justify-content:space-between;gap:12px;align-items:center;min-height:32px}.company-link a span{color:var(--cobalt)}
.support article+article{border-top:1px solid var(--rule);margin-top:24px;padding-top:24px}.support img{aspect-ratio:1.5;object-fit:cover}.support h2{font-size:25px;line-height:1.12;letter-spacing:-.01em}.support .story-kicker{margin-top:13px}.support .byline{font:12px/1.5 var(--body);margin-top:10px}.support .image-credit{font-size:11px}
.latest h2{font:500 18px/1.2 var(--display);padding-bottom:16px;border-bottom:1px solid var(--ink)}.latest ol{list-style:none;padding:0;margin:0}.latest li{padding:16px 0;border-bottom:1px solid var(--soft)}.latest li:last-child{border:0}.latest time{display:block;font:11px/1.5 var(--mono);color:var(--muted);margin-bottom:6px}.latest h3{font-size:17px;line-height:1.23}.news-format{font:11px/1.5 var(--mono);color:var(--muted);display:block;margin-bottom:5px}.text-link{display:flex;justify-content:space-between;gap:12px;align-items:center;min-height:44px;font:500 13px var(--display);margin-top:8px}.text-link span{color:var(--cobalt)}
.section{margin-top:56px;padding-top:24px;border-top:1px solid var(--ink)}.section-heading{display:flex;justify-content:space-between;align-items:baseline;gap:24px;margin-bottom:24px}.section-heading h2{font-size:28px;line-height:1.15;letter-spacing:-.015em}.section-heading>a{display:flex;align-items:center;gap:14px;min-height:32px;font:500 13px var(--display)}.section-heading>a span{color:var(--cobalt)}
.funding-grid{display:grid;grid-template-columns:1fr 1fr 1fr;gap:32px}.funding-grid article+article{border-left:1px solid var(--soft);padding-left:32px}.funding-grid img{aspect-ratio:1.6;object-fit:cover}.funding-grid h3{font-size:27px;line-height:1.13;letter-spacing:-.01em}.funding-grid .no-image .story-kicker{margin-top:0}.funding-grid .no-image h3{font-size:34px;line-height:1.1;letter-spacing:-.02em}.funding-grid .no-image .dek{color:var(--muted);margin-top:16px}
.ground-grid{display:grid;grid-template-columns:1.6fr 1fr;gap:40px}.ground-grid article+article{padding-left:32px;border-left:1px solid var(--soft)}.ground-grid img{aspect-ratio:1.7;object-fit:cover}.ground-grid h3{font-size:34px;line-height:1.12;letter-spacing:-.015em}.ground-grid article+article h3{font-size:27px}.ground-grid .dek{max-width:590px;color:var(--muted)}
.profile-quote{margin:32px 0 0;padding-top:24px;border-top:1px solid var(--rule)}.profile-quote p{font:400 26px/1.4 var(--display)}.profile-quote cite{display:block;font:12px/1.5 var(--body);font-style:normal;color:var(--muted);margin-top:18px}
.fintech-card{display:grid;grid-template-columns:1fr 1fr;gap:40px;align-items:center}.fintech-card img{aspect-ratio:1.6;object-fit:cover}.fintech-card .story-kicker{margin-top:0}.fintech-card h3{font-size:37px;line-height:1.1;letter-spacing:-.02em}.fintech-card .dek{max-width:540px;color:var(--muted)}
.companies-grid{display:grid;grid-template-columns:1fr 1fr;gap:40px}.companies-grid article+article{padding-left:32px;border-left:1px solid var(--soft)}.companies-grid img{aspect-ratio:1.8;object-fit:cover}.companies-grid h3{font-size:32px;line-height:1.12;letter-spacing:-.015em}
.publication-footer{margin-top:72px;padding:36px 0 26px;border-top:1px solid var(--ink);background:var(--page)}.colophon{display:flex;gap:80px;align-items:start}.footer-wordmark{display:block;width:230px;flex-shrink:0}.colophon>div{max-width:440px}.colophon p{font:500 22px/1.3 var(--display)}.colophon>div>a{display:inline-flex;align-items:center;gap:12px;min-height:44px;font-size:13px;margin-top:12px}.footer-links{display:flex;justify-content:space-between;gap:24px;align-items:center;border-top:1px solid var(--rule);padding-top:20px;margin-top:32px;font-size:12px;color:var(--muted)}.footer-links nav{display:flex;gap:22px;flex-wrap:wrap}.footer-links a{display:inline-flex;align-items:center;min-height:32px}
.reading-header{display:flex;align-items:center;gap:36px;min-height:90px;border-bottom:1px solid var(--rule)}.reading-logo{display:block;flex-shrink:0}.reading-logo img{width:210px}.reading-navigation{display:flex;align-items:center;justify-content:center;gap:24px;margin-left:auto;font:500 14px/1.4 var(--display)}.reading-navigation a{min-height:44px;display:flex;align-items:center}.reading-navigation [aria-current]{color:var(--cobalt)}.reading-header .mobile-menu{top:78px}
.publication-page{max-width:1020px;margin:64px auto 0;padding:0 48px}.page-intro{max-width:800px;margin-bottom:40px}.page-intro .page-kicker{margin-top:0}.page-intro h1{font-size:48px;line-height:1.1;letter-spacing:-.02em}.page-intro>p:last-child{font-size:20px;line-height:1.5;margin-top:18px;color:var(--muted)}.archive-filters{display:flex;gap:18px;align-items:center;border-top:1px solid var(--ink);border-bottom:1px solid var(--rule);padding:18px 0;font-size:14px}.archive-filters select{border:1px solid var(--rule);background:white;padding:10px 36px 10px 12px;border-radius:2px;max-width:100%;color:var(--ink)}.archive-count{margin-left:auto;color:var(--muted);font:11px var(--mono)}.archive-row{display:grid;grid-template-columns:140px minmax(0,1fr);gap:24px;padding:28px 0;border-bottom:1px solid var(--rule)}.archive-date{font:11px/1.6 var(--mono);color:var(--muted);padding-top:3px}.archive-story .page-kicker{margin:0 0 8px}.archive-story h2{font-size:28px;line-height:1.16;letter-spacing:-.01em}.archive-story>p:not([class]){margin-top:12px;color:var(--muted);max-width:650px}.archive-story .byline{margin-top:12px}.empty-state{padding:32px 0}.about-prose{max-width:680px;font-size:19px;line-height:1.7}.about-prose p{margin-bottom:22px}.about-prose section{margin-top:36px}.about-prose h2{font-size:28px;line-height:1.2;margin-bottom:14px}.about-prose a{ text-decoration:underline;text-decoration-color:var(--rule);text-underline-offset:4px}
dialog{width:min(660px,calc(100% - 32px));max-height:85vh;border:1px solid var(--rule);padding:28px;color:var(--ink);background:var(--paper);border-radius:2px}dialog::backdrop{background:rgb(15 23 42 / .4)}.dialog-top{display:flex;justify-content:space-between;align-items:center;gap:20px}.dialog-top h2{font-size:28px;line-height:1.1}dialog label{display:block;font-size:14px;margin:20px 0 8px}dialog input{width:100%;border:1px solid var(--rule);border-radius:2px;height:48px;padding:10px 12px}.search-scope{font-size:12px;color:var(--muted);margin-top:10px}#search-results{margin-top:12px}#search-results>a{display:block;border-top:1px solid var(--soft);padding:18px 0;font:500 21px/1.2 var(--display)}#search-results>a>span{display:block;font:11px/1.6 var(--mono);color:var(--muted);margin-top:8px}.result-format{display:block;font:11px/1.6 var(--mono);margin-bottom:6px;color:var(--muted)}#search-results>p{padding:18px 0}
@media(max-width:1200px){.wrap{padding:0 32px}.masthead{grid-template-columns:1fr 320px 1fr;gap:24px}.beat-nav{gap:20px;font-size:14px}.wordmark img{width:280px}.front-grid{grid-template-columns:190px minmax(0,2fr) minmax(210px,1fr);gap:24px}.latest{padding-right:20px}.lead h1{font-size:37px}.support h2{font-size:23px}.latest h3{font-size:16px}.reading-header{gap:24px}.reading-navigation{gap:16px;font-size:13px}.reading-logo img{width:190px}.funding-grid{gap:24px}.funding-grid article+article{padding-left:24px}.funding-grid h3{font-size:25px}.funding-grid .no-image h3{font-size:30px}.fintech-card h3{font-size:32px}}
@media(max-width:980px){.network{display:none}.utility .header-actions{margin-left:auto}.masthead{grid-template-columns:1fr 280px 1fr;gap:16px}.wordmark img{width:250px}.wordmark>span{font-size:12px}.beat-nav{gap:14px;font-size:13px}.front-grid{grid-template-columns:190px minmax(0,1fr);gap:28px}.lead{grid-column:2;grid-row:1}.support{grid-column:2;grid-row:2;display:grid;grid-template-columns:1fr 1fr;gap:24px}.support article+article{margin:0;padding:0;border:0}.support h2{font-size:23px}.latest{grid-row:1/3}.reading-navigation{display:none}.reading-header .header-actions{margin-left:auto}.ground-grid{gap:28px}.ground-grid article+article{padding-left:24px}.ground-grid h3{font-size:30px}.ground-grid article+article h3{font-size:25px}.companies-grid h3{font-size:28px}.colophon{gap:48px}.footer-links{align-items:start;flex-direction:column;gap:12px}.footer-links nav{gap:18px}}
@media(max-width:700px){
 .wrap{padding:0 20px}.utility{min-height:46px}.utility nav{gap:18px;font-size:12px}.header-actions{gap:0}.button-label{display:none}.masthead{display:flex;flex-wrap:wrap;gap:0;padding:2px 0 0}.wordmark{order:0;width:100%;margin-bottom:20px}.wordmark img{width:250px}.wordmark>span{font-size:12px;margin-top:8px}.beat-nav{order:1;width:50%;border-bottom:0;gap:18px;justify-content:flex-start;font-size:14px}.beats-right{justify-content:flex-end;gap:16px}.beat-nav a{min-height:44px}.mobile-menu{right:20px;top:48px;max-width:calc(100% - 40px)}
 .edition{padding:14px 0 18px;font-size:11px}.front-grid{display:flex;flex-direction:column;gap:0}.lead,.support,.latest{width:100%}.lead h1{font-size:36px;line-height:1.1}.lead img{aspect-ratio:1.5}.story-kicker{font-size:11px;margin-top:14px}.lead .dek{font-size:18px;line-height:1.55}.byline{font-size:11px;margin-top:12px}.image-credit{font-size:11px;text-align:left}.company-link{margin-top:20px;padding-top:12px}.support{display:block;margin-top:32px}.support article+article{margin-top:28px;padding-top:28px;border-top:1px solid var(--rule)}.support h2{font-size:29px;line-height:1.12}.support img{aspect-ratio:1.65}.support .byline{font-size:12px}.latest{margin-top:36px;border-right:0;border-top:1px solid var(--ink);padding:22px 0 0}.latest h2{font-size:24px;border-bottom:0;padding-bottom:4px}.latest li{padding:18px 0}.latest h3{font-size:22px;line-height:1.2}.latest .text-link{margin-top:12px;font-size:14px}
 .section{margin-top:38px;padding-top:20px}.section-heading{align-items:start;gap:16px;margin-bottom:22px}.section-heading h2{font-size:28px;max-width:220px}.section-heading>a{font-size:12px;line-height:1.4;text-align:right;max-width:125px;gap:8px}.funding-grid,.ground-grid,.companies-grid{display:block}.funding-grid article+article,.ground-grid article+article,.companies-grid article+article{border-left:0;border-top:1px solid var(--soft);padding:26px 0 0;margin-top:26px}.funding-grid h3,.ground-grid h3,.ground-grid article+article h3,.companies-grid h3{font-size:29px;line-height:1.13}.funding-grid .no-image h3{font-size:32px}.funding-grid img,.ground-grid img,.companies-grid img{aspect-ratio:1.65}.ground-grid .dek{font-size:17px}.fintech-card{display:block}.fintech-card .story-kicker{margin-top:14px}.fintech-card h3{font-size:32px;line-height:1.12}.fintech-card .dek{font-size:17px}
 .publication-footer{margin-top:44px;padding:28px 0 20px}.colophon{display:block}.footer-wordmark{width:210px;margin-bottom:24px}.colophon p{font-size:22px;max-width:340px}.footer-links{margin-top:22px;padding-top:18px;font-size:12px}.footer-links nav{gap:8px 20px}.reading-header{min-height:78px;gap:12px}.reading-logo img{width:195px}.reading-header .mobile-menu{top:70px}.publication-page{margin-top:32px;padding:0 20px}.page-intro{margin-bottom:30px}.page-intro h1{font-size:36px}.page-intro>p:last-child{font-size:19px;margin-top:14px}.archive-filters{flex-wrap:wrap;gap:12px}.archive-filters label{width:100%}.archive-count{font-size:11px}.archive-row{display:block;padding:24px 0}.archive-date{display:block;margin-bottom:12px}.archive-story h2{font-size:28px}.archive-story>p:not([class]){font-size:16px}.about-prose{font-size:18px}.about-prose h2{font-size:27px}dialog{padding:22px}.dialog-top h2{font-size:26px}#search-results>a{font-size:21px}
}
@media(max-width:370px){.wrap,.publication-page{padding-left:16px;padding-right:16px}.beat-nav{font-size:12px;gap:15px}.beats-right{gap:12px}.wordmark img{width:230px}.lead h1{font-size:33px}.reading-logo img{width:175px}.reading-header{gap:4px}.section-heading h2{font-size:26px}.section-heading>a{font-size:11px;max-width:108px}.archive-filters select{max-width:210px}}

/* Local publishing and reader utility states. */
.preview-banner{background:var(--cobalt);color:white;padding:12px 20px;text-align:center;font-size:14px;line-height:1.5}.preview-banner a{text-decoration:underline;text-underline-offset:3px}
.content-list{max-width:960px;margin:0 auto}.content-list article{padding:24px 0;border-top:1px solid var(--rule)}.content-list h2{font-size:28px;line-height:1.15}.content-list .dek{color:var(--muted)}.draft-label{color:var(--cobalt);margin-left:10px}
@media(prefers-reduced-motion:reduce){*,*::before,*::after{scroll-behavior:auto!important;animation:none!important;transition:none!important}}

/* Discovery keeps the publication's open rules, typography and reading edges. */
.listing-tools{display:flex;align-items:center;gap:8px 24px;flex-wrap:wrap;padding:12px 0;border-top:1px solid var(--ink);border-bottom:1px solid var(--rule);font:500 14px/1.4 var(--display)}.listing-tools>a,.category-picker summary{display:flex;align-items:center;min-height:44px}.listing-tools [aria-current]{color:var(--cobalt)}.category-picker summary{cursor:pointer;display:list-item;padding-top:12px}.category-picker ul{list-style:none;padding:12px 0;margin:0;display:grid;grid-template-columns:repeat(2,minmax(0,1fr));gap:4px 24px}.category-picker[open]{flex-basis:100%}.category-picker a{display:flex;justify-content:space-between;gap:16px;min-height:44px;align-items:center}.category-picker a span{font:12px var(--mono);color:var(--muted)}.listing-range{font:12px/1.6 var(--mono);color:var(--muted);margin:20px 0 4px}.page-kicker strong{font-weight:400;color:var(--ink)}.archive-story .byline a{text-decoration:underline;text-decoration-color:var(--rule);text-underline-offset:3px}
.pagination{display:flex;align-items:center;justify-content:space-between;gap:12px;flex-wrap:wrap;margin-top:28px;padding-top:20px;border-top:1px solid var(--rule);font:500 14px/1.4 var(--display)}.pagination ol{display:flex;gap:4px;align-items:center;list-style:none;padding:0;margin:0}.pagination a{display:inline-flex;min-width:44px;min-height:44px;align-items:center;justify-content:center;padding:6px}.pagination [aria-current]{background:var(--ink);color:var(--paper)}.pagination>span{color:var(--muted)}.discovery-index{list-style:none;padding:0;margin:24px 0 0;display:grid;grid-template-columns:repeat(2,minmax(0,1fr));gap:0 32px}.discovery-index a{display:flex;align-items:center;justify-content:space-between;gap:20px;min-height:60px;border-bottom:1px solid var(--rule);font:500 19px/1.4 var(--display);padding:12px 0}.discovery-index a>span:last-child{font:12px var(--mono);color:var(--muted);white-space:nowrap}
.reader-search label{display:block;font-size:15px;margin-bottom:10px}.search-controls{display:flex;gap:10px}.search-controls input{min-width:0;flex:1;height:48px;border:1px solid var(--rule);padding:10px 12px;border-radius:2px;background:var(--paper);color:var(--ink)}.search-controls button{background:var(--ink);border:1px solid var(--ink);color:var(--paper);padding:10px 18px;min-height:48px;border-radius:2px;font:500 15px var(--display)}.search-controls .search-reset{background:var(--paper);color:var(--ink);border-color:var(--rule)}.search-status{color:var(--muted);font-size:14px;line-height:1.6;min-height:24px;margin:22px 0 6px}.search-help{margin-top:36px;color:var(--muted);font-size:14px;line-height:1.8}.search-help a{display:inline-block;min-height:36px;text-decoration:underline;text-underline-offset:4px}
@media(max-width:700px){.listing-tools{gap:4px 20px}.category-picker ul{grid-template-columns:1fr 1fr;font-size:13px;gap:4px 18px}.pagination{font-size:13px;gap:8px}.pagination ol{order:3;flex-basis:100%;justify-content:center;margin-top:8px}.discovery-index{grid-template-columns:1fr;gap:0}.discovery-index a{font-size:19px}.search-controls{flex-wrap:wrap}.search-controls input{flex-basis:100%;font-size:18px}.search-controls button{flex:1}.search-page .page-intro{margin-bottom:26px}.reader-search{margin-top:24px}}
@media(max-width:370px){.category-picker ul{grid-template-columns:1fr}.listing-tools{gap:2px 18px}.pagination a{min-width:40px}}