The Fintech Growth Talk Podcast: The Year So Far

It’s been a busy year so far for Fintech, but that’s to be expected, given that it’s one of the fastest-growing startup categories. In just the first quarter of the year, fintechs raised a record $22.8 billion. And while Q2 isn’t over yet, it’s likely the industry will see significant activity with the pent-up demand fueled by the pandemic.

Perhaps unsurprisingly, it’s also been a busy year so far for the Fintech Growth Talk podcast. We’ve had the opportunity to talk to a number of industry leaders and visionaries, and we’ve been able to glean a few trends that are emerging. Here are a few highlights from my conversations with these key industry players.

Community Impact

Many fintechs are founded based on the goal to have a wider impact in underserved communities. It’s been apparent for many years now that lower-income households and geographically distant communities often don’t have access to traditional banks. Conversely, traditional banks frequently don’t pursue these groups because they aren’t particularly lucrative.

This has created many opportunities for fintechs to develop and deploy specialized services focused on these groups. For example, Quontic Bank is a challenger bank specifically designed to serve underbanked communities with a mobile-only approach. Similarly, the Blend Network is a rapidly growing P2P lending platform for real estate intended to provide new financing options for those not served by traditional banks.

Big Banks Operating Like Startups

While challenger banks are thriving, traditional banks aren’t simply ignoring the trend. In fact, Goldman Sachs, one of the largest financial institutions in the world, has developed Marcus, a digital-first consumer banking platform. The LendingClub is a peer-to-peer (P2P) lending service that’s now expanding its portfolio of banking services by acquiring another fintech, propelling its evolution into a marketplace bank.

New Challenger Solutions

Many new challenger banks are making a name for themselves, attracting the attention of both consumers and investors alike. We’ve had the pleasure of hearing from leadership at One, Oxygen, and Zeta, and we can expect to hear a lot more from them. Many of these banks were founded with the vision of broadening access to banking services.

Diversity Is Winning

Perhaps one of the most exciting trends in Fintech is its embrace of diversity. I’ve talked with founders and leaders from various backgrounds and target markets — from Europe, Latin America, India and the Middle East. Additionally, I have also spoken with many female founders who are leading the way. They all seem to have in common: Experiencing banking issues firsthand inspired them to develop technology solutions to the challenges they faced.

What does the rest of 2021 hold for fintech? While no one can fully predict the future, if it’s an emerging trend, we will definitely uncover it in our talks with the industry’s top movers and shakers on the Fintech Growth Talk podcast!

— Christina shares candid insights and ideas based on her work, network and passion for mobile, payments and financial services. She focuses on the latest innovations from products and growth to people during the day while teaching students and mentoring entrepreneurs at night. Connect with her on LinkedIn or Twitter. All views are my own. —