Are we on the verge of a new normal as fintechs pursue bank charters?

ALEXANDRIA, Va. (Oct. 8, 2025) -- QED Investors, a leading global fintech venture capital firm, and Oliver Wyman, a global leader in management consulting and a business of Marsh McLennan (NYSE:MMC), today announced a new report titled, Seizing the Bank Charter Moment: Implications for Fintechs and Banks.

Informed by expert insight, secondary research, proprietary analysis and conversations with over a dozen C-suite executives at leading fintechs, QED Investors and Oliver Wyman examine key considerations, challenges and opportunities for fintechs and nonbanks in the pursuit of a charter.

Bank charters have emerged as a top-of-mind consideration for fintech C-suite executives. The report serves as a primer on the bank charter journey and comes out on the heels of 20 applications filed this year for charters or bank acquisitions by fintechs, digital-native banks or nonbanks, representing an all-time high.

The fintechs and nontraditional entities considering charter pursuits include global neobanks, online lenders, digital asset and crypto fintechs, online brokerage firms and robo-advisors, B2B payments providers, payment processors, money transfer providers and captive lenders.

But what is driving this trend? According to the report, the recent urgency is driven by:

• Maturation of scaled fintechs increasing their suitability for a bank operating model
• An emerging window for charter approvals due to shifting political and regulatory winds
• Concern about long-term risks to the sponsor bank model beyond the current administration

The joint report addresses:  

• The appeal of the bank charter and the drivers behind the 2025 uptick in charter pursuits
• An assessment of which types of fintechs should pursue charters and an exploration of the economic trade-offs that come with bank status
• Detailed hypotheses on how the current wave of charters will alter the future competitive landscape
• Calls to action for different stakeholders in the ecosystem

In addition, the QED Investors Oliver Wyman report provides recommendations on best practices for successful charter pursuits, considerations for whether a fintech should apply de novo or acquire an existing bank, analysis of the valuation implications of a charter, potential impacts to the banking-as-a-service model and sponsor banks and possible scenarios for stablecoin and digital assets.

“The current macro and regulatory environments have created a unique window for a specific category of fintechs to secure a bank charter,” said QED Investors Managing Partner Nigel Morris, “For mature fintechs with scaled lending businesses, the door is wide open, albeit for an unknown period of time, to gain stability and trust through a charter. With access to lower-cost funds and reduced reliance on sponsor banks, these fintechs can continue to take market share from the 4,500 banks in the U.S., many of which remain subscale, slow in adopting digital, and tied to outdated branch infrastructures. This moment could act as a real inflection point in the history of financial services.”

Added Oliver Wyman Partner Ryan Feeley: “With the ongoing charter wave reflecting increased maturity and ambition among fintechs, U.S. banks can no longer afford to overlook the significant threat posed by these challengers. To maintain their long-term competitiveness, banks must embrace a customer-centric mindset, modernize their technology and proactively pursue fintech acquisitions and partnerships.”

A copy of the QED Investors Oliver Wyman report is here.

About QED Investors

QED Investors is a global leading venture capital firm based in Alexandria, Va. Founded by Nigel Morris and Frank Rotman in 2007, QED Investors is focused on investing in disruptive financial services companies worldwide. QED Investors is dedicated to building great businesses and uses a unique, hands-on approach that leverages its partners’ decades of entrepreneurial and operational experience, helping companies achieve breakthrough growth. Notable investments include AvidXchange, Betterfly, Bitso, Caribou, ClearScore, Creditas, Credit Karma, Current, Flywire, Kavak, Klarna, Konfio, Loft, Mission Lane, Nubank, QuintoAndar, Remitly, SoFi, Wagestream and Wayflyer.

About Oliver Wyman

Oliver Wyman, a business of Marsh McLennan (NYSE: MMC), is a management consulting firm combining deep industry knowledge with specialized expertise to help clients optimize their business, improve operations and accelerate performance. Marsh McLennan is a global leader in risk, strategy and people, advising clients in 130 countries across four businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. With annual revenue of over $24 billion and more than 90,000 colleagues, Marsh McLennan helps build the confidence to thrive through the power of perspective. For more information, visit marshmclennan.com, follow us on LinkedIn and X.

Contact

Ashley Marshall‍

Director, PR and Communications, QED Investors

ashley@qedinvestors.com

(518) 577-9984

‍

Jung Kim

Oliver Wyman

jung.kim@oliverwyman.com  

(347) 260 3819