Europe’s Fintech Future Looks a Lot Like Traditional Banking
- Firms are branching out amid rising interest rates and losses
- Business banking and interest-bearing loans are on the cards
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Europe’s fintech giants were built on the promise of new ways to do finance. Under pressure from rising interest rates and nervous investors, their next steps are looking more like tried-and-tested traditional banking.
Dutch payments firm Adyen NV began lending to small companies this year following US-Irish rival Stripe, while the UK’s Revolut has looked beyond fee-free offers into more lucrative interest-bearing services and Swedish group Klarna is outsourcing more of its technology.