In 2020 Angela Strange wrote that Every Company Will Be a Fintech Company. The thesis set the stage for the rapid growth of financial infrastructure as a service. While much of this prediction still holds, the fintech landscape is evolving in two significant ways—through stablecoins and self-custodial wallets, which are redefining financial infrastructure.

We have seen the meteoric rise of neobanks like Revolut, Monzo, Nubank, and others reaching profitability with over 1 billion combined customers. Many of the leading neobanks leveraged Banking-as-a-Service (BaaS) as a launch pad and then later moved on to either partner with banks directly or become banks themselves.