1093. Insights: What it’s really like to start a fintech in 2026

0:01The perfect lunch combo. That first bite of your favorite sub, followed by ice-cold Pepsi. Add a couple of friends, and now that's next level. Suddenly, the laughs get louder, the stories keep flowing, and the food tastes better. Because Pepsi brings out more flavor, more fun, and more of the moment. Food deserves Pepsi. Grab a Pepsi Zero Sugar today.

0:39Hello and welcome to Fintech Insider Insights. I'm David Breer, CEO here at 11FS. Today, we're asking a pretty simple question. What's it actually like to start a fintech in 2026? Wasn't that simple, really, was it? A decade ago, the first wave of fintech challenges were building in a very different world. Banking as a service barely existed. The regulatory paths for launching new propositions were far less established, and there were still huge areas of financial services being underserved by incumbent players. Fast forward to today, and the founders have access to better infrastructure, APIs, cloud technology, and AI, alongside a decade of lessons from fintechs that came before them.

1:23In theory, and theory is always an interesting one, there has never been an easier time to build a fintech product. But does that actually mean it's easier to build a successful fintech? Competition is tougher. Customer expectations are much higher. Funding has changed in terms of what it's backing and many of the obvious problems for the first generation of fintech went after has already really been solved in one way or another. So today, we want to find out whether fintech has become easier to build, but harder to win, and whether the next generation of founders still see opportunities to do something genuinely different in this space.

2:05And to do that, we're going straight to the people actually building fintech businesses right now. First up, we are joined by Batbada Rino, who is the CEO of JetBank, Albania's first digital-only bank. Batbada, welcome to Fintech Insider. To be the first in any geography is always, you know, you're lighting the pathway for other people. But for anybody who doesn't know, tell us a little bit about yourself and your company. Yeah, thank you for having me. It's always a pleasure to be here and discuss all the things that you already like looked like you covered in the interview. But, you know, the subject is very personal to me because I've been spending almost 25 years in traditional banking and now I'm leading JetBank, which is the first fully digital in Albania.

2:54And I have experienced, let me say, both parts or phases and changes in the industry itself. And the banking model that have been built before around branches, around paper, around legacy system, And now the new model that is being built around, obviously, technology about data and customers. So these are the fundamental change that, let me say personally, that the industry have changed drastically in the last 10 to 15 years, mostly. In my view, starting the FinTech in 2020, technology is easier. From the technology point of view, it's much easier and cheaper. than it was 10 years ago. But building a successful financial institution is not.

3:50It's, I would say, that it's getting more and more difficult. The infrastructure is better. You mentioned, like, the technology is more accessible. Customers are ready for digital service nowadays. But the expectations that they have are much higher from a financial institution. And the competition is greater. The trust remains difficult to build it over time. And I think that this is trust always have been one of the most difficult parts when it comes to a financial institution. So that is the challenge that we are dealing now at this moment. Yeah, it's interesting. And when you sort of talk of those founder stories, you know, whether it's Anne Bowden at Starling or if it's Nick at Revolue, actually, a lot of people who really stay the course for building something significant have had great experience in financial services in itself.

4:49So, I mean, I have myself, I always find it makes you much more empathetic to how difficult it actually is to solve those problems in those organizations. But what problem particularly was it that you were like, do you know what, I'm going to give this a go to fix it myself? Look, I've been always the person that's curious, changing things, being in bigger institutions, being part of the transformation. And actually, I mean, as you mentioned, I mean, looking at the customer expectation at this point, one of the main issue is underserving customer. We are not talking anymore about underbankable customer that we used to talk some years ago.

5:34But the traditional banks need to accelerate in underserving customers. So customer expectations are higher. They are not, you know, comparing us to the banks. They are comparing to the experiences that they have with other digital models. And this is quite different. So for me, even though, as you mentioned, I mean, 25 years I've been in traditional banking, but I always have been a person to change the things. I've always been there a doer. I was leading teams, but changing things. And this was a great opportunity for me to lead and to found this bank from zero. And in the market that actually doesn't exist, the fully digital bank.

6:23So for me, it's challenging, interesting, and have always been like, you know, a dream come true to be at the right place at the right moment and in a market that actually needs to have this change. Yeah, it's interesting in context that, as you say, the sort of view of the market being dramatically different today. You know, everybody thinks about, well, you know, I remember the, you know, the blue one worrying about the red one and the red one worrying about the green one and, you know, your immediate competitors. But the world that you're operating in today, you know, if Monzo from 2014 launched in any geography today, they'd be laughed out of that geography because the, you know, a very rudimentary app and a very rudimentary card does not really create any market differentiation.

7:16So, you know, let alone when you start looking at the lateral experiences that everybody uses on their phone on a day-to-day basis. So that sets a different bar for you, doesn't it? Which I guess is both the constant competitive landscape, but equally, you know, it makes sort of picking, we always talk about the minimum lovable products for market entry, the bar, the stakes are much higher than ever before, aren't they? Yeah, actually, I mean, what we are talking, what we used to talk some time ago, faster payments, virtual cards, or having immediate card now is like the minimum thing that you should have.

7:52It's like the door. I mean, then the house inside is a lot more challenging to do, but you need to create a team that is always exploring what is new, what the customer needs, what we need to offer more, and this, I mean, for me, it's One of the most important thing is that I have a team that they are thinking about one, two products a month that they can enter in the market. And none of the product that we have now, it's going to be there forever. So we are updating our app on a weekly basis. So improving experiences that they have, we find feedback and then we are changing things. So it's a total different kind of environment.

8:37I mean, I started this experience one year ago, and I cannot, when I sit back and I see what we can accomplish in one year is unbelievable. Unbelievable. Has that maybe been the biggest surprise then? Because obviously, as you, you know, we sort of alluded to a little bit on the technology side. Obviously, you know, we've seen cloud computing be commoditized, and you've seen sort of various different bank-as-as-a-service solutions come to market. it, you know, you've got more technology at your fingertips than ever before. But it sounds like from, you know, the biggest change from what you've known previously is the operating DNA of that organization.

9:17Is that the secret sauce, really? I will say yes. I mean, for me, the most important thing and lessons in this year that we started, it was to have like the top performers people in the team. I mean, we talked about technology. It's available there. But how to set up, what decision to take, how quick you are, how you take the decision, how you say that, you know, okay, I will take this decision. There are some risks into it, but we have to run because otherwise if we stop. So building the digital bank now needs some different ingredients when it comes to people. And I always talk about people because this is the major change, the mindset that the people have, how they are working, being in vacation, but still taking some decisions.

10:06So it's like the discipline, the resilience that you build. And you need to have the right people on the group to do that. Otherwise, it's not a one-man show. Yeah. Or a woman's show in this case. Yeah, I mean, I always say it's not what you do, it's the way that you do it. And actually, you're completely correct in that the approach to building software fundamentally changed, didn't it? And actually being able to sustain that rhythm and that test and learn the things that, you know, when I was at a big bank, I would have fantasized about being able to do with millions and millions of customers.

10:43Actually, you know, being really close to your customers and solving problems that they've got, that builds trust, doesn't it? And maybe, I mean, has trust been kind of a major barrier to get over in that space? Because obviously, the incumbent banks have been around for a really, really long time. Actually, how you build trust in a digital age is very different, isn't it? I think, yes. That is, I mean, it's obvious that trust is built over experience. So the customer will experience, they will see that everything is going fast. They will trust you because you answer to them very quickly. you solve their issue, you serve them in different product services that they have the need.

11:25And trust needs time. And that's why I'm always saying to everybody that we need some patience over that because it needs the time. But we should not lose, you know, the discipline to improve, improve all the time. And obviously to understand them. We are in a century that the data are there. I mean, this was even one important thing is we need to set up the data to understand exactly what is the customer behavior, how many times they're using, because it's nice figures to have like, I don't know, 100 ,000 customers in your app. But then how many of them are active, how many they are using the app every day, how many products they're using, how many services they're using.

12:13And then when you understand and you build all the journeys of the customer and the data that you understand the customer or view them, what they're doing in there, you can build those, you know, those moments that you communicate with the customer and improve the thing. So it's like a perpetual mobile thing that is, you are always improving, always improving. And then you need to have a very disciplined team to do that because they need to understand every aspect of the life of the customer. Yeah. Do you find, how have you managed that? And I'm going to sort of, you know, place that at your feet to sort of talk about as you will, because not everybody can make that transition.

13:01You know, not everybody can work in a gigantic corporate banking organization and, you know, be comfortable with raging against the machine to make it move quicker, but equally can dance to a faster beat when you, I think it's, you're a rare breed that you can live in both of those worlds effectively. I think that it comes like with the personality in itself. I mean, I think that no matter where you are, you have some kind of ingredients that are always there, the need to change things. I mean, that was very important for me, choosing the right sea level. I mean I had to have bankers but in the same time those bankers that have challenged things that they have been in transforming things or they have pushed the boundaries and this is a big difference because when you are building a financial institution not only a fintech but a bank you need to have even some experience in there so you cannot bring people that don't have that experience because it's all about you know, cyber security, it's all about risk, financial crime, so all the ingredients together.

14:13It's not just an app. You need to think of all the dimensions. But I believe that it was very important when choosing those people that are the A players in the team from the beginning, but always with that kind of personality that I want to change that. I don't like that. So, criticism and moving the thing. So it's important. It's important. It's an interesting trait, isn't it? Finding people who are continually impatient and patient at the same time. You know, they're impatient that they want to create the change in the industry and the geography and, you know, solve problems for customers, but are structured about how they put those things into, because it's not just being upset that it's not happening or we're upset that it's slow or whatever.

15:03It's about forcibly making those things happen, isn't it? You find there's a lot of good people to point out a problem, but it takes great people to be able to point out the problem and then be part of the solution, doesn't it? That is the most important thing because you need to find those people that are coming with solution, not with problems. I mean, problems will always happen in there. The point is to have those people that are coming, okay, we have a problem, but this is the solution. There is A, B, C, let's talk what is. And to be open-minded to hear everybody in the room. This is something that it was very important as well, because sometimes as leaders, we say, okay, I have to say that and everybody can take it for granted.

15:45You need to have this diversity in the team that people that are challenging even each other all the time. So the culture of the organization into fintech or in a digital bank, as I call it, is very important. And you need always to push those boundaries and to, you know, to promote these kind of behaviors. It's amazing. And, you know, in the intro, we talk so much about technology, but actually so much of the conversation is about people, you know, actually creating the right environment for people to do the best work that they can do. and, you know, finding those people that, you know, complement each other but are slightly antagonistic as well.

16:23So what about funding? I mean, obviously the world of investing has changed dramatically over the last, you know, 20 years really since the fintech has been, you know, really sort of booming. Would you say that the sort of the story playing out in different geographies had made, you know, know different other geographies a little bit easier to gain funding because yes essentially the people can kind of see the blueprint a little bit can't they yes it is i can say that rightly said from you i mean when it comes to the funding the difficulties is when you are it's always expecting that the innovation is coming from big countries and i mean market size it's important The discussion that we are doing with our investors or those that will be the future investors or for the funding whenever we are looking now for different funding and different institutions, we are always discussing about the greater plans.

17:27What does it mean? Because we live in Albania, but Albania is not the only country that we can expand because we have the Balkans that actually are having exactly the same things. And if we are, so Albania is the first step. So there is always all the Balkans that we can scale if we make it right in Albania. This is one thing. And what it is from Albania and other Balkans as well countries is that we have a big diaspora that is living outside of Albania, which is very, very connected, family connected to Albania and they are investing in their country and they sometimes have families in here that they send money.

18:10So the numbers are a little bit different from the population that are resident in Albania, that there is a bigger group that is outside and living, but still very, very connected to Albania. The same is for Balkans. I mean, I think that this is the part of the area of Europe that still don't have digital banks, that its innovation is very fragmented into different products. So that's why that is an interesting topic for investors to invest in this area of the European continent. But we need even to prove that big innovation don't come only in big countries. I mean, if you have the right people, technology is available now.

18:52If you have the right people, if you have the right strategy, if you know what you are doing, It can come even from a small country like Albania. Definitely. And like you say, with all of the advancements and with, you know, the ability to, as you say, prove a larger, you know, addressable market to go after, then actually the momentum of a great product market fit works everywhere, doesn't it? So I guess, you know, coming to the end, has there been anything really surprising? Has there been any sort of conventional wisdom you went into this thinking, this is how it will work or this is how it will structure?

19:31That is you've changed because, I mean, I'd say for my experience, pretty much every problem I've had in the last 10 years has not been technology. It's not been regulatory. It's all been people problems of one form or another. It's just, it's the things you don't often see coming. So is there any sort of fintech conventional wisdom that you would tell everybody else is not true at this stage? For me, as I said from the beginning, technology is not the challenge. I mean, obviously, it was being challenging there because working with different providers, how to build all the infrastructure, how the ecosystem will work.

20:13The main thing is building a very resilient team, building a very disciplined team, and building the trust and understanding that the customers are more important. So with the same care that you build the product for the customer, you need to take care of your team itself. And taking even the rough decisions sometimes that when the people don't fit into this culture, I mean, don't lose time. It's like something that you learn through the journey. Yeah, it's hard that, isn't it? I don't think everybody is for every business. You know, there's every culture. I've often said like, it's like freshwater fish and saltwater fish.

21:04You know, the environment creates the ability for them to flourish, doesn't it? And knowing that quickly is hard, isn't it? But it's a really hard thing to deal with, though. Particularly, I've had people that I really love as people, but actually it just never would work. And facing into that quickly is a hard thing to do, isn't it? That is, I mean, you said it. I mean, I agree totally what you are saying. You need the right people for this kind of business. And I think that is important. I mean, it's important to understand that. Well, congratulations with the success so far and everything you guys are doing at JetBank.

21:42For anybody who wants to get in touch or anybody who wants to sort of follow your progress, where can people learn a little bit more about all the good stuff you're up to? Jet.com. I mean, there's everybody. We have a website. But there are a lot of, even everywhere you can find us. Fantastic. Okay, Bardo, thank you so much. It's a really, really interesting journey and everything that goes on in the fintech space in 2026. And it's great to get different people's perspectives and different geographies' perspectives in terms of where the opportunities and challenges are for founders just starting out today.

22:15But of course, there is no single founder experience. Everybody's business and everybody's opportunities are obviously dramatically different. and different businesses are tackling very different problems. So we're going to bring in the next founder and get another perspective. Stay with us.

22:35Late night bites with friends? Already hard to beat. That first too hot bite of fries you couldn't wait for, followed by ice cold Pepsi. Now that hits different. Suddenly, the energy kicks back in. The night goes longer, and the laughs don't stop. Because Pepsi brings out more flavor, more fun, and more of the moment. Food deserves Pepsi. Grab a Pepsi Zero Sugar today.

23:03Welcome back to Fintech Insider Insights. We're exploring what it is actually like to start a fintech in 2026. And joining us now is Herbie Wildwood, who is the founder of Legacy, a non-profit fintech. Herbie, welcome back to Fintech Insider. I guess before we get into your experience of building in 2026, tell us a little bit about yourself. Tell us a little bit more about what you're building and major a little bit on the problem you're specifically trying to solve. Sure, yeah, happy to. So yeah, thanks for having me back on, David. It's my second time on FinTech Insider. It's good to be here.

23:38So yeah, I'm the founder and CEO of Legacy. So we're a non-profit FinTech platform serving the charitable sector. so our first product we're building is a is an app to make donating to charity easier and make it more rewarding and hopefully at the end of the day drive more money to the charitable sector that's kind of our end goal um so yeah we try to kind of bring the fintech revolution the kind of things that revolute did for banking to the charitable sector because there's a similar disconnect there five years ago 10 years ago the banks were slow it was all manual and that all change and we're trying to do the same thing with the charitable sector.

24:15Very good. And as you say into that, the changes that have happened over the years have maybe made this a little bit easier today to do than it would have been, you know, 5, 10, 15 years ago? Yes, for sure. I think there's a few compounding factors there. I think in general, tech gets better and better over time, the products gets better, the abstractions get better. So we're now in a place where you kind of have these money Legos that you can kind of combine together and build new consumer-facing applications on top of. And that just didn't exist 10 years ago. So we use Stripe for our payment processing and we also use Stripe Connect, which is our marketplace product, which enables us to process donations directly from the donor to our charitable distribution partner without hitting our bank, which is great.

25:03We also use Clerk, which is another SaaS provider default authentication, which used to be, I've been around for 15 years, this used to be a big problem and a massive headache when this was brought up in the product meetings, but now it's just blows easier. And compounding on top of that, we now have AI in the last kind of three years. So you have kind of this money Lego that you can put together and now we have AI making that 10 times faster. So for us as a startup, that's especially important because when you're an early stage startup as I'm sure you understand you're trying to find product market fit that requires lots of iteration lots of experimentation maybe a few pivots thrown in between there as well and the faster you can do that and the faster you can find product market fit and start scaling so for us now building on top of those third parties and using AI we can kind of release features in days rather than weeks and we can release an experiment with products in weeks farther than months, maybe months farther than years, but faster.

26:05Definitely. Well, as you say, that sort of weaving that tapestry together of bank as a service capabilities that wouldn't have existed then. I mean, that's sort of a different job in that regard, isn't it? So the things that you build yourselves today versus the things that you, you know, somebody's already built, you know, Patrick has done a great job at Stripe. It's working. Why try and reinvent that wheel, right? So what have you actually had to build yourself then? Is it orchestrating these marketplace capabilities? Yeah, exactly. So Latacy is really sitting on top of Stripe, but also Charities Trust, who are our donation distribution partner.

26:44So they have a big list of 11 ,000 charities. And we take those two things and put them together and put it in an amazing consumer-facing application, basically, to orchestrate that money flow, but also to make it much easier and more enjoyable for the end users. So that's the underlying foundations and how the money flows. And on top of that, the second part of our product isn't just about making it easier. A big thing for us is about making it more rewarding and more fun. Because at the end of the day, if you're giving to charity, you're doing a great thing. It should feel good. But at the moment, if you're doing it to charity, you start with a massive form.

27:25Six months later, you forget where the money is coming from and then you're on the phone or sending a few emails. So I've been through that a few times and it's not super fun. So we're trying to optimize that and build a great consumer product, which makes the whole process rewarding and easy for people. Yeah, rewarding somebody to do something good with a whole heap of admin doesn't seem like a good sort of surprise, does it? But is there anything, I guess, you find surprisingly more difficult than you would have expected? Because as you say, with all of the advancements that the fintech space has gone through and the changes in the market, that's had a pretty significant impact, I'd say, on the expectations of consumers.

28:10So does it change the adage of, you know, the put something out you're embarrassed by and iterate? Or, you know, does that beachhead for a startup have to be more sophisticated today because of that competitive landscape? I think it definitely does. I think people's expectations on products have just gone up and up and up, which is great. It forces us all to build better products and better applications. So I think that's definitely part of what's been harder. I think the other part is that now it's so easy to build things a lot of these things have been commoditized um that there's a flood of products on the market and it's really hard to stand out in a kind of um period of time where attention is already super fragmented people have social media notifications and those are new products being released and um it's very hard or harder than we expected it's been quite humbling to kind of overcome that challenge of getting people to see your app and to use it and then to trust it as well, which is obviously super important for FinTech.

29:14So yeah, a big part of it is building an amazing application, but arguably a bigger part of it, which my co-founder would agree on because she does go to market, is getting in front of people and getting people to fall in love with it. I think that's actually become harder because there's just so much more products out there. I can't remember the exact stat, but the number of apps on the App Store has gone parabolic since AI has come out. And it's just there's just an inundation of new things for people to try. And yeah, within that flood, it's hard to get people to see us. It's interesting that, isn't it?