M&A by some of the world's largest banks.
Last week, we talked about CPG players not being naturally acquisitive (esp of the tech and $1B+ variety). In other words, Unilever’s purchase of Dollar Shave Club is an anomaly — not the norm.
The same can be said of large financial services players.
And since most VC-backed tech companies exit via M&A to strategics, this may be one of the most significant headwinds facing the larger fintech space.