✒ Some prices paid may be unjustifiably high, and founders’ departure after vesting periods may leave competition and innovation stifled. But The Economist has summed it up nicely:

“Fintechs are inexorably gaining critical mass: their value has risen to $1.1trn, equivalent to 10% of the value of the global banking and payments industry, and up from 4% in 2018. Prices may be stretched today and some firms may flop, but in the long run it seems likely that this share will only rise further.”