Last year, I coined the word “fintechnolization” – a construct that every digital platform must have a maturity state of offering a fintech solution. I had watched all great digital platforms on how they ended up providing fintech solutions even when they began in an unrelated sector. It was also on that framework that I started Tekedia Capital since Tekedia itself is a platform. In that piece, I made a call that in 2021, I would start a financial services solution on Tekedia!
In our last investment cycle, we deployed $3.5 million, validating that call. Yes, if you have thousands of people coming to your platform, you must find a way to offer a financial services solution if indeed you are a platform.
From one of the best in the world, Andreessen Horowitz, the experts just put out a piece titled “Every Company Will Spin Out a Fintech Company”. Thank you Nnamdi for sharing that piece today. It validates my hypothesis that our digital startups must incorporate elements of financial services irrespective of whatever they do, upon becoming organic platforms.
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Fintechnolization of Platforms – Expect This Redesign in Startups
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The probable endangered species here are the fintech companies anyway, but it’s also a blessing for the viable ones, because they would be bought off…
Once a digital platform is known for something, with considerable user base and transaction volumes, it makes sense to have a fintech arm, because it already controls demands.
When you see Flutterwave branching into ecommerce, it’s a survival strategy, because a standalone payment platform may not have a long future, since any digital platform can easily incorporate that into its service stack.
There are many things we are hailing today that won’t make sense in another decade, the real digital custodians and empires are building something much deeper and stickier.
Game on…