TLDR Tech / Crypto
Everyone Can Launch a Bank Now; That's Exactly Why 90% Will Fail
Modular fintech infrastructure, including KYC APIs, card-as-a-service programs, stablecoin accounts, and payment rails, has made launching a neobank accessible to nearly any company or creator, mirroring the commoditization of website creation two decades ago. The same collapse in barriers raises the failure rate, since cashback, metal cards, crypto rewards, and fee compression offer no durable advantage when any competitor using the same rented stack can replicate every feature. Creators with tens of millions of followers and gaming platforms with millions of active users can now deploy card products overnight, shifting competitive advantage from technology to pre-existing distribution, user trust, and network effects.
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