Is the fintech scene really that innovative, or are startups just making better bank apps? This week Automata asks Unbank.Ventures founder and CEO Brett Noyes about what (if anything) is new in the industry — and what he’s looking for when he invests in fintech startups at their earliest stage.
Noyes: Fintech Isn’t Disruptive or ‘Scary’ Anymore – but Crypto Is
Remember when “fintech” was going to disrupt the entire banking industry and banks themselves feared it? Somehow that morphed into teams building better UIs for already-existing banking services, Noyes said.
On the other hand, cryptocurrency and blockchain does still scare the banks and is ‘cool’ in all those ways fintech isn’t. Of course, that means it’s facing more pushback from the traditional banking industry, who are “very risk averse”. That has led Unbank to take a more conservative approach with the startups it chooses, though it now also has a blockchain-specific program that’s looking for edgier ideas.
We’re looking more for blockchain technology ideas than cryptocurrency ones, though we’re not opposed to cryptocurrency startups either, Noyes said. Listen to the whole interview to hear all the details.
Unbank.Ventures has three programs: an incubator, an accelerator, and a blockchain-specific program called Unchain Ventures. They work with companies around the world.
About the Automata Podcast
“The future is automated.” Automata is a series of brief audio introductions to the projects that will drive the automated economies of the future. Pactum Capital‘s Daniel Cawrey and Bitsonline senior editor Jon Southurst chat with leaders in blockchain, cryptocurrencies, freer markets (and the occasional regulator) to find out where all this is going.
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Images via Daniel Cawrey, Jon Southurst, Pexels