Major Banks and Fintech Startups Update Their Status to ‘Frenemies’

Techvibes | Brenda Bouw | Oct 18, 2016

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The relationship between big banks and financial technology startups has evolved in recent years.   First the banks were standoffish to fintech, looking at the industry as a lightweight in a heavyweight ring they've dominated for decades.  Then the banks started to see fintech as a threat, as the number of users of their online platforms grew.  Today banks and fintechs are striking partnerships and/or investment deals to build fintech solutions together.

The relationship continues to mature, but how cozy the two sides will become remains unclear, say some fintech startups.  It depends on how they work together, and consumers, over the longer term.

"I think the relationship will be more like frenemies.  We need each other," Chantel Chapman, a Financial Fitness Coach at Vancouver-based fintech Mogo told a crowd at the VanFUNDING 2016 conference in Vancouver on Tuesday, put on by the National Crowdfunding Association of Canada.

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The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding stakeholders across the country. NCFA Canada provides education, research, leadership, support and networking opportunities to over 1300+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding industry in Canada. Learn more at