Grown-Up FinTechs Are Turning Into Banks: The Great Rebundling Has Started

Have you seen a FinTech founder pitch his company? Since 2011, I have been witnessing a whole lot of them across the world. There was one common thing irrespective of whether you saw the pitch in the US or Europe or Asia: everyone talked about disrupting banks and displacing incumbents. When MEDICI started in 2013, this space was still in its infancy. Nobody cared about the mushrooming FinTech startups or their founders. So these founders had to try harder; they did what they had to do: pitch hard and talk about total disruption. The FinTech founders challenged the traditional offerings by the banks & FIs and believed that over-the-top (unlicensed) products would win. This kind of thinking stemmed from the fact that this was happening in other industries like transportation (Uber/Ola/Grab), communication (WhatsApp & Skype) and   (Airbn ...

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