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Bernard Moon, Techcrunch contributor and SparkLabs Global venture investor, believes that fintech companies are playing the long game. While the first layer of disruption was focused on banking, lending, and payment, the long-term and more game-changing disruptions are to follow. The articles includes a SparkLab's slide deck with SparkLab's accumulated knowledge on the fintech space.
The financial sector represents 7 percent of the U.S. economy, and has grown over the past decade. But with the loss of trust since the last economic crisis, and rapid pace of innovation, nothing is too big to fail. Wells Fargo had more than $86 billion in revenues in 2015 with a market cap of $254 billion, but Nokia in 2000 had a market cap of $300 billion with $28 billion in revenues. Today, Nokia is down to a market cap of $26 billion and a shell of its former self. In 2008, Nokia had 38 percent of the global mobile phone market; today it’s down to a couple of percentage points of the global smartphone market.
