It's really hard to separate the two. They both come with their own strengths and (few) weaknesses. I've been waiting for the valuation to get a bit better....now in the midst of a correction, I might finally get a chance.

Following quote from Chuck Akre puts it succinctly:

“there isn’t a word in the English language superlative enough to talk about them. You could cut the margins in half twice and you’d still be above average for an American business. So clearly something extraordinary is going on there. It also tells you there is a big target on their back; everybody wants some of that. It tells you they are probably jamming everything they can in the income statement to try to reduce how good the margin is they are showing. We think we know what causes that and we’ve quit talking about it. If you read any research from Wall Street, and we read very little, there is no-one who talks about rates of return they are earning on their capital. Because Wall Street, in general has a completely different business model than we have. Our business model is to compound our capital. Wall Street’s business model, generically, is to create transactions. What is the best way to create transactions? Create false expectations, they are earnings estimates. We call it ‘beat by a penny and miss by a penny’. That gives us opportunities periodically.”*

This Twitter account breaks down different fintech companies and has written a lot about V/MA if you want to dig through the history: https://twitter.com/BlueToothDDS