It's like WeWork. These "fintech" companies are primarily in the business of taking money from giant investors who have too much cash (Softbank, Saudi Arabian sovereign wealth fund etc.)
These investors love to make oversized bets in WeWork-style startups which are actually just tech-colored lipstick on an old unprofitable industry, because it ticks the boxes on their "disruption" checklists.
Yep! These companies have quite deep pockets but they systematically ruin the opportunities for smaller players to make an organic growth.
Most of the "Uber, but for *" startups get funding with these companies, and I don't even feel bad about using their 60% off codes if 8t provides something I'd pay otherwise anyway. When the promotions stop, I stop using the app too.
These investors love to make oversized bets in WeWork-style startups which are actually just tech-colored lipstick on an old unprofitable industry, because it ticks the boxes on their "disruption" checklists.