In 2020, I wrote “All Roads Lead to Rome,” where I explored the state of consumer fintech and predicted where things might go. Since then, it feels like everything has changed. We’ve seen regulatory shifts, new and fading players, macroeconomic changes, emergent platforms and technology arise, and ecosystems such as crypto ballooning and condensing, leaving behind valuable pockets like stablecoins. In this essay, I want to explore the state of building in today’s climate given all of these changes.

We’re in a unique time for builders, especially those in fintechs, but I believe there are a few key attributes of those that find themselves with momentum and effectiveness, and some key tools they’ll be using.

Scaling a financial services business—fintech or traditional—takes time. Revenue models based on interest, fees, or investment income need massive growth before they approach anything close to venture scale. Infrastructure has grown to support this, but between regulatory obstacles and the scale required for valuations of $10B+, today’s market sets a steep, but not impossible, climb.

But building a company and raising venture capital comes with an implicit deal: