In fintech's short history, attention has always flowed to the interface — the app, the wallet, the checkout screen where a customer taps "pay." But the companies capturing the most durable value are the ones the customer never sees. They own no app icons and no end-user relationships. They sit one layer below, providing the rails, licenses, and decision engines that everything visible runs on top of. They are the picks and shovels — and increasingly, they are what acquirers

When one firm controls a tool the entire industry depends on, financial trouble stops being a private matter. In a supply chain as concentrated as semiconductors, a single distressed node doesn't fail quietly — its stress travels, and firms with no direct relationship to the original shock end up paying for it. Understanding that propagation is the difference between assessing risk and actually seeing it. The concentration is the whole story. Advanced chip production depends

When the cost of capital changes, the entire grammar of dealmaking has to change with it. Between 2023 and 2026, that grammar was rewritten twice — first by the most aggressive rate-hike cycle in four decades, which compressed fintech valuations by more than half, then by artificial intelligence, which silently rebuilt the criteria investors use to decide what is worth funding and what is worth acquiring at all. The numbers tell the story before any narrative does. Global fin

For most of modern financial history, the bank was the destination. Customers went to it for credit, accounts, and payments — and the bank, in return, owned the relationship. That architecture is now quietly being dismantled. Not by a new generation of banks, but by software companies that never set out to be banks at all. Shopify has deployed over $5 billion in merchant financing. Stripe underwrites loans from payment data. Square extends credit to sellers no traditional len

Every cycle in dealmaking is shaped by forces that few notice until they have already moved the market. Interest rates, antitrust posture, the political color of regulatory agencies — these are the invisible currents that decide whether a year produces $50 billion in fintech transactions or $200 billion. 2025 was one of those inflection years, and most observers spent it looking at deal headlines instead of the policy machinery underneath. Within twelve months, the United Sta

Inventor and U.S. Founding Father Benjamin Franklin has been featured on the obverse of the one-hundred-dollar bill (US$100) since 1914. For over half a century, the US dollar has reigned as the undisputed backbone of global finance, powering trade, anchoring reserves, and dictating the flow of capital across borders. But cracks are forming in this monetary order. From BRICS summits to African payment corridors, a quiet revolution is underway. Our report, De-Dollarization vi

European political instability is no longer just a macro headline, it is actively reshaping fintech valuations, VC strategies, and exit routes. In this presentation, we analyze how regulatory uncertainty, higher interest rates, and geopolitical fragmentation across Europe are accelerating fintech consolidation, pushing investors toward compliance-ready models and making M&A the dominant exit path. From MiCA and DORA to Brexit and the French political crisis, the data shows a

Challenges, Alternative Methods, and StoneCo Case Study Fintechs are reshaping the financial landscape, from neobanks and lending...

In the fast-moving world of digital assets, the line between control and ownership is blurrier than ever. From collapses like FTX to...

This year's report delves into how fintech firms are adapting to volatile macroeconomic conditions, emphasizing AI-driven solutions, regulatory shifts, and strategic consolidations. It highlights how players are leveraging high-value deals to drive growth and shape the sector's trajectory. Highlights of the report include: Global Outlook: Notable growth in total deal value ($184.3 billion) and volume (664 deals). Regional Trends: The Americas lead in activity, with EMEA and A

Uncover the strategic depths behind Sophos's acquisition of Secureworks in our latest analysis by the Bocconi Students Fintech Society. This report dives into the merger that's set to reshape the cybersecurity landscape, offering insights into the companies' histories, their evolving business strategies, and the pivotal market trends shaping their paths. Why did Sophos acquire Secureworks, and what does this mean for the industry? Delve into our comprehensive report to explor

This report from the Bocconi Students Fintech Society explores the use of machine learning (ML) to improve credit scoring accuracy....

Embedded Finance is the next big disruption in financial technology services and, more than everything, is the present and future of...