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The Incumbents vs. Challengers MapIn our mapping, the challengers include the new fintechs and startups that were formed in the last ten years. The incumbents form the rest of the mapping. Ten years serves as a good marker to draw the line between the two groups:
- The few years after the Great Recession saw hardly any new companies established due to tighter capital markets and little appetite for risk-taking across financial services.
- Of the three most funded startups in the space, TransferWise, WorldRemit were established in 2010 and Remitly in 2011.
- Technology, especially mobile was entering a new phase ten years ago. The first iPhone had just been launched (in 2007) and smartphones usage in the US was only starting to even be tracked (at less than one third of the population compared to close to three quarters now).