Fintech Startups Need Industry Partners to Thrive, Report Says
- In shift, executives say competing with banks no longer goal
- Partnerships can help fintechs with scale and distribution
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Financial technology startups are seeing no shortage of venture dollars flowing their way, but there are increasing concerns over whether they can survive without partnering with the industry they’re seeking to disrupt.
More than 75 percent of fintech executives surveyed in a new report said their primary business objective is to collaborate with traditional firms, such as banks and insurance companies. Only 18 percent said the main goal was to compete with the established players.