Financial times
Fintech startups disrupt less and less | Canadian Insurance

Fintech startups disrupt less and less

"I wouldn't want to punch [banks] any more than we need to."

Fintech–that’s financial technology–startups aren’t all about disrupting established banks and insurers these days, the Financial Times reports.

Read: Peer-to-peer insurance is changing the broker’s role

“We’ve really never been anti-bank as such,” says Kristo Kaarmann, CEO of currency transfer startup TransferWise. “But we find there’s this product that doesn’t quite work for consumers where people are charged fees every time money’s changing currency.”

Kaarmann describes his company as taking on bank products rather than the banks themselves. “Banks are having a pretty hard time without us. They have big problems to solve. I wouldn’t want to punch them any more than we need to.”