A research agenda, not completed reporting. These are the original topic questions and leads. Named companies, dates and outcomes require verification. Editorial operations and internal schemas remain private.

2. Defining fintech: boundaries and eras

2.1 Definitions to compare

  • Regulator and standard-setter definitions (FSB, BIS, IMF/World Bank "Bali Fintech Agenda," OCC, FCA, RBI — verify wording and dates)
  • Academic definitions and their scope differences
  • "Fintech" vs. "techfin" (big tech entering finance: Apple, Google, Amazon, Meta, Alibaba/Ant, Tencent, Grab, Mercado Libre, Uber — verify current financial products)
  • "Neobank," "challenger bank," "digital bank," "digital-only bank," "virtual bank" (Hong Kong), "digital full bank" (Singapore) — which are legal categories and which are marketing
  • Incumbent tech vendors (core processors, card processors) vs. venture-backed fintechs

2.2 Eras to document (2020–2026)

  • 2020–2021 boom: pandemic digital adoption, stimulus and PPP lending through fintechs, zero-rate environment, SPAC wave, record venture funding, retail trading surge (verify figures from PitchBook/CB Insights/Crunchbase as Tier 4, with methodology)
  • 2022–2023 reset: rate increases, valuation markdowns, layoffs, SVB/Signature/First Republic failures and fintech deposit exposure, BaaS consent orders begin
  • 2024 consolidation and scrutiny: Synapse bankruptcy, sponsor-bank enforcement, profitability focus, IPO window reopening signals
  • 2025–2026 repositioning: U.S. regulatory shift at the CFPB and bank agencies, stablecoin legislation (GENIUS Act — verify enacted provisions and implementation), fintech bank-charter applications, AI and agentic-commerce launches, fintech IPOs (verify each listing and date), consolidation deals

For each era, record the macro drivers, representative events, and measurable indicators (funding totals, IPO counts, charter applications, enforcement counts) with sources.

3. The taxonomy (build and justify)

Produce a hierarchical taxonomy with definitions, inclusion rules, edge cases, and examples. Seed structure (refine it with evidence):

3.1 Layers

  1. Regulated balance-sheet and license holders: banks (national, state member, state non-member), credit unions, industrial loan companies, trust companies, e-money institutions, payment institutions, money transmitters, broker-dealers, registered investment advisers, insurers, NBFCs (India), payment institutions and SCDs/SEPs (Brazil — verify terminology)
  2. Networks and rails: card networks, ACH operators, RTGS, instant-payment systems, cross-border messaging, blockchain networks used for settlement
  3. Processing and infrastructure: acquirers, issuer processors, gateways, PSPs, PayFacs, core banking, ledgers, BaaS middleware, KYC/fraud vendors, data aggregators
  4. Distribution and experience: consumer apps, SMB platforms, vertical SaaS with embedded finance, marketplaces, super apps
  5. Enablement: regtech, suptech, compliance-as-a-service, developer tooling, analytics

3.2 Category definitions to write (each with legal status, money flow, and examples — verify)

  • Banks vs. credit unions vs. neobanks vs. chartered digital banks (e.g., SoFi Bank, Varo Bank, LendingClub Bank; Revolut, Monzo, Starling in the UK; Nubank in Brazil — verify each entity's license)
  • BaaS and sponsor banks (Cross River, Evolve, Column, Lead Bank, Coastal, Pathward, The Bancorp, Sutton, Choice, Blue Ridge — verify current programs and status)
  • Embedded finance (payments, lending, cards, accounts, insurance inside non-financial platforms)
  • Payment facilitators, PSPs, acquirers, processors, gateways, ISOs — with a "who is the merchant of record / who holds the merchant account" diagram
  • Card networks vs. A2A payments
  • Money transmitters (U.S.) vs. e-money institutions (EU/UK) vs. payment institutions
  • Open banking vs. open finance vs. open data
  • Lenders (balance-sheet), marketplaces, originators, servicers, loan buyers, bank-partner lenders
  • Brokerages (self-directed), robo-advisors, hybrid advisers, wealth platforms, wealthtech for advisers
  • Insurtech: carriers, MGAs, brokers/agents, embedded insurance distributors
  • Regtech and suptech
  • B2B fintech: spend management, AP/AR, treasury, payroll, billing, FP&A tools with money movement
  • Crypto-adjacent fintech (stablecoin payments, custody, tokenized deposits) — in payments context only
  • Consumer apps vs. API-first infrastructure companies

3.3 Edge cases to resolve

  • Is a card program manager a fintech or a processor?
  • Is an EWA provider a lender? (Point to Part 06 for regulatory treatment.)
  • When does a SaaS company become a PayFac?
  • Is a stablecoin issuer a payments company, a bank-like entity, or neither under current law? (Point to Part 11.)
  • Big-tech wallets that are not money transmitters in some products but are in others (e.g., Apple Pay vs. Apple Cash; verify structure)

4. Product categories (deep profiles)

For every category in master Section 2, produce a profile using the fields below. Seed players are leads to verify.

Profile fields: definition; who it serves; how money flows; how the provider earns revenue; key players by region; license/charter typically required; consumer protections and gaps; typical user costs; failure modes; evidence of outcomes; market-size estimates with methodology; 2020–2026 changes; links to the relevant part.

Seed categories and players (verify):

  • Digital wallets and mobile payments: Apple Pay/Wallet, Google Wallet, Samsung Wallet, PayPal, Alipay, WeChat Pay, Paytm, PhonePe, Mercado Pago, GCash, M-Pesa (context)
  • P2P apps: Zelle, Venmo, Cash App, PayPal, Revolut, Monzo, Wise, Bizum (Spain), Swish (Sweden), MobilePay/Vipps (Nordics), Twint (Switzerland)
  • Neobanks: Chime, Varo, Current, Dave, MoneyLion, One (Walmart-backed — verify), SoFi, Revolut, Monzo, Starling, N26, bunq, Nubank, Inter&Co, KakaoBank, Tyme, Nu Mexico (verify)
  • EWA: DailyPay, Payactiv, EarnIn, Branch, Rain, Tapcheck, Clair, Wagestream/Stream (UK) (verify)
  • BNPL: Affirm, Klarna, Afterpay (Block), Zip, Sezzle, PayPal Pay Later, Apple Pay Later (discontinued 2024 — verify), Tabby, Tamara
  • Credit builder: Chime Credit Builder, Self, Kikoff, Grow Credit, Tomo, Petal (acquired — verify), Experian Boost, Credit Karma
  • SMB lending: Shopify Capital, Square Loans, Amazon Lending, PayPal Working Capital, OnDeck (Enova), Fundbox, Bluevine, Funding Circle, iwoca
  • Mortgage and home-equity tech: Rocket, Better, Figure, Hometap, Point, Unlock (verify)
  • Robo-advisors and brokerages: Betterment, Wealthfront, Acorns, Stash, Robinhood, Public, Webull, eToro, Trading 212, Freetrade, Zerodha, Groww
  • PFM/budgeting: Mint (shut down 2024 — verify), Credit Karma, Monarch, YNAB, Rocket Money, Copilot, Emma (UK)
  • Remittances/FX: Wise, Remitly, Western Union, MoneyGram, Xoom, WorldRemit/Zepz, Revolut, Intermex
  • Corporate cards/spend: Brex, Ramp, Navan, Airbase, Mercury, Pleo, Spendesk, Payhawk, Expensify
  • AP/AR: Bill, Tipalti, AvidXchange, Melio, Stampli, Coupa, Paystand
  • Payroll/benefits: Gusto, Rippling, Deel, ADP, Paychex, Remote, Justworks
  • Treasury: Modern Treasury, Kyriba, Treasure, Mercury Treasury, Rho
  • Insurtech: Lemonade, Root, Hippo, Oscar, Clearcover, Next Insurance (acquired — verify), Wefox, Zego, Acko
  • Identity/KYC: Alloy, Socure, Persona, Onfido (Entrust), Jumio, Veriff, Trulioo, Middesk
  • Fraud: Sardine, Sift, Featurespace (Visa — verify), Feedzai, BioCatch, Unit21, Hawk
  • Stablecoin/tokenized payments: Circle, Paxos, Bridge (Stripe), BVNK, Zerohash, PayPal PYUSD (verify)

5. Audience mapping

For each audience in master Section 1 (unbanked/underbanked, young adults, freelancers/gig workers, small businesses, startups, mid-market/enterprise finance teams, immigrants/cross-border families, retirement savers, developers, community banks/credit unions), document:

  • Needs and pain points (from Tier 1–2 data: FDIC National Survey of Unbanked and Underbanked Households, Federal Reserve SHED, Fed Small Business Credit Survey, FCA Financial Lives, World Bank Global Findex — verify latest editions and dates)
  • Relevant product categories and why
  • Cost sensitivity and typical fees encountered
  • Risks specific to the group (e.g., fee stacking for thin-file consumers, scam targeting of immigrants and older adults)
  • Protections that apply and gaps
  • Content opportunities for the website (link to Part 12)

6. Business models and unit economics

6.1 Revenue model catalog

For each model, explain mechanics, who pays, margin drivers, regulatory constraints, cyclicality, and example companies with filing-based evidence (verify):

  • Interchange (debit and credit; regulated vs. exempt issuers under Durbin; EU IFR caps; Australia and UK — see Part 02)
  • Net interest income and float (deposits, sweep programs, customer cash at brokerages, safeguarded e-money income)
  • Transaction fees and take rates (merchant acquiring, cross-border, instant transfer fees)
  • FX spreads and markups
  • Subscriptions and premium tiers (Revolut plans, Monzo Plus/Max, Robinhood Gold, Chime-type "optional" tips — verify)
  • Lending spreads, origination fees, loan sales, and securitization (Affirm, Upstart, Pagaya, SoFi)
  • Merchant-funded BNPL fees
  • Payment for order flow and securities lending (Part 07)
  • SaaS plus payments (Toast, Shopify, ServiceTitan, Mindbody — vertical software monetization)
  • Data and API fees (aggregators; bank data-access fees — Part 05)
  • Referral/affiliate and marketplace fees (Credit Karma, NerdWallet)
  • Card program revenue shares between sponsor banks, program managers, and processors
  • Crypto trading revenue (context only), stablecoin reserve income (Part 11)

6.2 Unit economics framework

Build worked, sourced frameworks (clearly labeled as illustrative where inputs are assumptions):

  • Revenue per active user/customer, using the company's defined active metric
  • Customer acquisition cost (CAC) and payback period; where companies disclose sales and marketing spend vs. new customers
  • Contribution margin after transaction costs, fraud losses, credit losses, and funding costs
  • Gross vs. net revenue presentation (e.g., gross-up of processing costs); TPV vs. revenue; take rate calculation
  • Adjusted EBITDA vs. GAAP net income; stock-based compensation effects
  • Rate sensitivity: how a 100-bp change affects float-heavy models (use disclosed sensitivity tables in filings)
  • Compliance, fraud, and support costs as a share of revenue (disclosures and credible estimates only)

6.3 Revenue-mix table (public companies)

Build a table of 40+ public fintechs and incumbents with segment revenue mix from latest filings (verify listing status and fiscal year): Block, PayPal, Adyen, Fiserv, FIS, Global Payments, Shift4, Toast, Affirm, Klarna, Upstart, SoFi, LendingClub, Robinhood, Coinbase (payments/stablecoin revenue context), Circle, Chime, Nubank, Marqeta, Wise, Remitly, Dave, MoneyLion (acquired — verify), Bill, Flywire, dLocal, Payoneer, Lemonade, Root, Hippo, Paytm, PB Fintech, StoneCo, PagSeguro, Inter&Co, Visa, Mastercard, American Express, Capital One (Discover network context), eToro, Wealthfront (verify listing).

7. Market sizing and adoption evidence

  • Collect market-size estimates per category; show range, sponsor, method, definition, and year; flag circular citations.
  • Collect adoption data from official or survey sources: Fed Diary of Consumer Payment Choice, Fed Payments Study, ECB SPACE study, UK Finance payment markets report, NPCI and BCB statistics, RBA consumer payments survey (verify editions).
  • Compare "registered," "funded," "monthly active," and "transacting" customers; build a definitions glossary for metrics.

9. Evaluation protocol: classifying a company

Write a step-by-step protocol that researchers apply to every company record:

  1. Identify the legal entity and jurisdiction from registries.
  2. List licenses held and bank/insurer/custodian partners from terms and registries.
  3. Determine who holds customer funds and what protection applies.
  4. Determine primary revenue source from filings or, for private firms, from fee schedules and disclosures (label as inferred).
  5. Assign primary and secondary taxonomy categories with justification.
  6. Record customer metrics only with the company's verbatim definition.
  7. Assign confidence labels and cite sources.
  8. Flag marketing claims that conflict with legal status (e.g., "bank" wording by a non-bank; verify against U.S. federal and state restrictions on the use of "bank").

10. Timeline 2020–2026

Build a dated, sourced timeline covering:

  • Funding cycle peaks and troughs (quarterly global fintech funding, with Tier 4 sponsor noted)
  • Major IPOs, SPACs, de-SPACs, and take-privates
  • Big-tech entries and exits (e.g., Apple Card partnership changes, Apple Pay Later shutdown, Google Plex cancellation, Amazon lending changes — verify)
  • Category-defining launches and shutdowns (e.g., Mint shutdown, Bench wind-down — verify)
  • Macro/rate cycle milestones and their fintech effects
  • Regulatory inflection points (link to Part 10)
  • Charter approvals and applications (link to Part 04)