A FinTech doesn’t have to worry about those things. They choose the most digital savvy customers, they don’t have legacy processes or systems, and they have investors more concerned about their ability to scale than profitability. Look at Amazon, they didn’t really start making big profits until they’d been in business for a good 10 years. Incumbent banks can’t commit to 10 years of losses to rebuild. FinTechs just need to worry about raising the next round, and that comes down to scale and growth, not profitability.
