Bringing It to a Close We believe all the changes we have talked about in this paper and observed in the world are inexorably moving the FinTech ecosystem toward a more open architecture. As FinTech infrastructure has 昀氀ourished, it has decoupled the consumer brand from the capital source. We are now seeing an explosion of FinTechs driving underwriting and product innovation to meet the needs of heretofore underserved or underserviced communities while leveraging the balance sheets of capital providers that are freed from the burden of investing millions into developing their own brand to secure product distribution. While we are unsure what exactly the future is going to bring, we feel con昀椀dent in our opinion of the direction in which it is headed. We Think We’ll See 5 Key Changes in FinTech: New cohort of consumer-facing FinTechs take over distribution Consumer FinTechs have captured signi昀椀cant attention with simplicity and elegance, and they have also eclipsed the scale of most banks. Moreover, the rise of FinTech infrastructure players has lowered the barriers to launching a consumer FinTech company, adding to the proliferation of consumer-facing FinTechs. New entrants in the banking space become fast-growing sources of capital New entrants are not obliged to spend millions on brand-building to compete with banks that have a large consumer presence, like BofA and Wells Fargo, as they can now rely on FinTechs to scale distribution. This has allowed little-known regional banks to see explosive deposit and loan growth. New categories of consumers are better served We are seeing the beginnings of a more inclusive 昀椀nancial ecosystem as this explosion of consumer FinTech players tap into the economic potential of heretofore underserved segments. Vertical neobanks – for instance, those targeting immigrants and thin-昀椀le consumers - are bringing new consumers into the 昀椀nancial fold with a focus on building long-term 昀椀nancial health. New categories of B2B are eliminating friction We expect that B2B FinTechs will remove friction from the underserviced. We have long tolerated extensive settlement dates, costly FX, multiple payment methods, and complexity with international payments. We expect innovation to eliminate friction and invent elegant experiences similar to consumer-based ones. Cryptocurrency will 昀椀nd use cases that enable broader market acceptance We expect that cryptocurrency will enable payment systems to interoperate seamlessly and 昀椀at will begin to replicate many features of crypto. Today crypto still feels like a solution in search of a problem, but that seems like a temporary concern as use-cases continue to evolve. BRINGING IT TO A CLOSE SHARE VISIT PG 45