Fintech brands - Evolve or die

by Dan Salkey


Fintech Brand - Evolve or Die Banner

The past couple of years have been a rough ride for Fintech brands. From Neobanks, to payment providers and Investment Platforms, everybody has had different dilemmas.

I remember the first time I saw a Monzo card, it felt fresh, colourful and I needed an invite to get one. The kicker I could dodge withdrawal fees abroad. Now everyone has a colourful card and the benefits aren’t as great.


COVID-19 led to the original challenger bank Monzo posting record losses as people ceased contactless payments during lockdown and put their money in savings accounts with traditional banks. Trading apps like Robin Hood and Trading 212 had great years financially but the Gamestop saga and accusations of gamified features similar to slot machines hit a heavy blow to how people saw their brands. And Klarna, the Swedish payment solution unicorn, reported its first-ever annual loss amid claims that they encourage debt amongst young people. Although not completely fair to say this was a result of COVID-19.


In the short-term these companies will survive with fresh investment poured into Fintech at every opportunity, but the next few years are absolutely critical. When we look at Binet & Field’s classic brand marketing piece Effectiveness in Context it’s clear that short-term sales tactics by these Fintech brands won’t get them out of a hole. It’s time to double down on brand. They’ll all need a point of difference to the historic financial institutions who themselves are bolstering their