FinTech Launch Delayed in Australia
Paul Bennetts
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As always Paul, a great read.

Don’t agree with the FB v Big4 comparison though. A better analysis of a banks value is their return on assests, because they’re a different beast entirely from a product/tech biz. Asset sizes are marge larger in one big4 ($120b) v Facebook ($64b).

But in general, the unbundling startup obsession is one of the great mythologies in Fintech. The banks dominate early pipeline products (personal banking) to get you into the later high margin pipeline products (lending, HNW).

I wonder if there’s an opportunity for Spaceship to start bundling?

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