to turn a profit. This is because while their overheads tend to be considerably lower than their established peers', their services are also significantly cheaper or even free. As a result, they need huge numbers of customers to begin generating meaningful revenue.
As they bid to become profitable, we anticipate many will try to become a one-stop shop for financial services — and that could result in plenty more fintechs following Raisin's footpath. From neobanks to investment-focused startups, we've already seen a slew of fintechs broaden their focus by bolstering their product suite to attract new customers and take advantage of cross-selling opportunities with their existing ones.trading services, for instance.
Such a move makes sense because it enables the likes of Raisin to side-step the heavy development costs of building and trialing these solutions in-house, while also enabling them to scoop up their peers' tech-savvy employees. Crucially, it will enable them to bring products to market at a rapid pace: To this end, Revolut took more than a year to roll out its trading services — slow, in the context of fintechs.Sign up for the Fintech Briefing to get it delivered to your inbox 6x a week.
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