In the second half of 2022 and the first half of 2023, financial services startups experienced slower growth, but we began to see accelerating growth again in the second half of 2023 and into 2024.

This debanking phenomenon has been particularly prevalent among crypto and fintech entrepreneurs over the last four years, as they face increasing pressure to protect established banks.

The regulatory burden in fintech creates a barrier to entry, allowing established players to maintain high profits while new entrants struggle to compete.

In March 2022, we faced a significant challenge when capital markets fell, and we had to create as much efficiency as possible to survive against competitors with much more cash.

In 2022, we had to effectively refound Robinhood due to a significant shift in the macroeconomic environment, which required us to change our strategy to adapt to higher interest rates.

Once interest rates began to rise again, many investors who had entered the startup space during ZIRP exited quickly, leaving behind a volatile market.

During the pandemic, trends that previously fueled business growth suddenly reversed, leading to a dilemma about how to engage potential investors.

Venture capitalists investing in FinTech often worry about whether a company can fund its origination costs, as mismanagement can limit future opportunities.

We faced challenges in providing flexibility in rates and creating a single API for platforms to sell travel without needing to build every component from scratch, which is essential for a fintech company like ours.