As the famous quote goes, ‘business is about bundling or unbundling’. New networks create opportunities to unbundle incumbent offerings. In fintech (especially post the financial crisis, where traditional companies curtailed or even eliminated parts of their stacks) much of the value created over the last decade has been in startups picking off parts of those stacks. This won’t last forever, and eventually we will see a re-bunding of services and products (consolidation). But not yet.

Meanwhile, many non-fintech companies, worn down by the lethargy and friction of securing services (or their customers securing services), are themselves becoming financial institutions of a sort. From ride-sharing to food delivery, durables purchases and medical services, an array of businesses (not all startups) are themselves offering ‘financial services’ in one form or another. This is most true in the developed world, but private industry in developing countries are stepping in as well. Financing, lending, investing, insurance and payments are all good examples.


unbanked and underbanked people globally.


of US GDP made up of fintech and insurance.


in fintech mergers and acquisition in 2018 (4x the 2017 totals).

Additional Reading

RRE named top fintech investorsNerdwallet navigates growthAvant in the Chicago Tribune

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