Fintech spent the last decade trying to prove it didn’t need banks. Now the most successful companies are either becoming banks or wiring themselves directly into the financial system.
Three stories today show how the industry is maturing. Revolut just secured a full banking license in its home market. BitGo (NYSE: BTGO) is investing in infrastructure meant to make stablecoins usable for institutions. And Mastercard (NYSE: MA) just revealed a large group of fintech and crypto partners that it wants to bring deeper into its network.
In other words, fintech isn’t trying to disrupt the system anymore. It’s becoming part of the system.
🏦 Revolut and the Bank Charter Reality Check
For years it felt like Revolut was already a bank in the UK. The app offers deposits, cards, investing, crypto, and loans. But technically it was operating under an e-money license, which limited how it could hold deposits and issue credit.
That changed this week when the London fintech secured a full UK banking license. The company, founded in 2015 by CEO Nikolay Storonsky, now serves more than 40 million customers globally and has been pushing aggressively into lending, subscriptions, and business banking.
The banking license matters for a simple reason: lending is where the real money is. Payments and interchange are great for growth, but interest income is what turns fintech apps into actual financial institutions. A license also means Revolut can hold deposits directly instead of routing them through partner banks.
This development is interesting timing because Revolut recently applied for a U.S. bank charter which we included last week. Getting approval in the UK first could help build credibility with U.S. regulators who tend to move slowly when fintech asks for a seat at the banking table.
Takeaway: If you want to compete with banks at scale, eventually you probably need to become one.
Btw, if you want exposure to Revolut as a private company, you can purchase shares of Robinhood’s new private venture fund called $RVI.
🧱 BitGo, Ubyx and the Infrastructure Layer
The second story is less flashy but arguably more important long term.
Crypto custody firm BitGo (BTGO) announced that it is investing in Ubyx and joining the network as a settlement agent. Ubyx is building infrastructure designed to standardize how stablecoins are redeemed and settled across financial institutions.
Right now stablecoins operate in fragmented systems. Each issuer has different redemption processes, liquidity relationships, and banking connections. That fragmentation makes it difficult for institutions to move large amounts of money between stablecoins and traditional financial systems.
Ubyx is trying to create something closer to a clearing network for stablecoins, where institutions can move funds between issuers in a standardized way. BitGo joining as a settlement agent means firms using its custody services could eventually access that infrastructure.
This matters because institutional adoption of crypto has always been less about speculation and more about operational plumbing. Asset managers, trading firms, and fintech platforms need predictable infrastructure before they move serious money into a system.
BitGo wants to position itself as core infrastructure for digital assets rather than just a custody provider.
Takeaway: If crypto becomes part of the global financial stack, companies building the boring infrastructure may end up being the most valuable.
🌐 Mastercard and the On Chain Network Effect
The third story shows how traditional payments companies are adapting to that same shift.
Mastercard (MA) announced a large group of banking, fintech, and crypto partners that will work more closely with the company as it expands its digital asset initiatives.
The list includes banking partners such as CBW Bank, Cross River Bank, Lead Bank, WebBank, and SoFi (NASDAQ: SOFI). On the fintech infrastructure side, companies like Marqeta (NASDAQ: MQ), Galileo (NASDAQ: SOFI), Highnote, Pomelo, and Episode Six are also involved.
Mastercard’s goal appears straightforward: connect traditional banking systems with blockchain-based settlement rails without forcing consumers or merchants to care about the underlying technology.
Stablecoins and blockchain payments offer near-instant settlement and lower cross-border costs, but they still need connections to bank accounts, cards, compliance systems, and payment processors. Mastercard already sits in the middle of that global network.
Instead of competing with crypto, Mastercard is effectively plugging it into its ecosystem. If successful, that approach lets the company remain central to digital payments even if settlement technology evolves.
It’s a classic incumbent move.
Takeaway: When a new technology emerges, the smartest strategy isn’t always fighting it. Sometimes it’s simply making sure it runs through your network.
Recap
Revolut becoming a licensed bank shows how mature fintech companies are moving closer to traditional financial models. BitGo’s investment in stablecoin infrastructure highlights how much institutional crypto still depends on behind-the-scenes plumbing. And Mastercard’s growing fintech partner network suggests the largest payment companies intend to integrate blockchain technology rather than be disrupted by it.
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Disclaimer
This content is for information and entertainment only and is not investment advice. I may or may not hold positions in some of the companies mentioned. Assume I at least own a fintech hoodie and a bunch of debit cards.