It’s particularly important to be a student of tech/venture business history, we’re seeing the same themes being repeated over and over, in relatively short time frames. The first fintech wave of 2015-2020 looks almost identical with the feature launches, adoption cycles, competition and saturation points, acquisitions and consolidation, as well as shut downs, as this cycle from 2021-2026. The same is true for SaaS and other plays. Study old TechCrunch articles, tweets, fundraises. History is repeating itself. As an example, FX and payments is the first fintech product to be saturated in both cycles. It’s the biggest global market, the easiest to launch, and always a race to the bottom. Those that build themselves to be the bottom (TransferWise, Revolut from the first era, and OpenFX in the 2nd era (alone for now imo), in the 2nd era) will win. Neobanking takes off in parallel. First with a few winners that launched early and found a focus, followed by dozens, if not hundreds that launch later and dwindle away with time as they have no focus. Neobanking is largely a first mover advantage game, but it turns into a niche focus, which Mercury vs Ramp vs Meow have showed. TBD which niches win for this stablecoin neobanking wave 2 era. Similar niches can be seen in lending (FundingCircle is a great use case of spraying and praying to oblivion to parallels we are seeing in the 2nd wave), as well as remittances, cards, etc. If you’ve seen other parallels I’d love to hear them