Fintech Recap: The 2025 Themes That Will Define 2026

Jan 7, 2026

Regulatory changes took center stage as leadership shifts led to increased centralization, raising concerns over consumer protection. 2025 also marked the breakout of stablecoins, accelerated by the GENIUS Act, prompting debates on their potential impact on traditional deposits. Meanwhile, the cultural infiltration of gambling through prediction markets sparked ethical discussions. The IPO window reopened for several fintech giants, a move that hints at underlying market dynamics. Predictions for 2026 include potential financial crises and growing instability.

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ADVICE

Watch Aggregator Contract Renewals Closely

Expect contract renewals with aggregators to redefine pricing, data use, and product availability.
Monitor renegotiations closely to anticipate product changes from pay-by-bank to underwriting shifts.

INSIGHT

Prediction Markets Became De Facto Gambling Apps

Prediction markets exploited regulatory arbitrage and morphed into de facto nationwide sports-betting platforms.
Their growth sidestepped state gaming laws and raised new moral and regulatory concerns.

INSIGHT

Gambling UX Normalizes Speculation In Investing Apps

Embedding gambling-like prediction markets into investing apps flattens risk perception and exploits behavioral design.
Hosts warned this normalizes speculation for younger, less-experienced users and deepens financial nihilism.

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Welcome back to Fintech Takes. I’m Alex Johnson, joined (as always) by my partner in Fintech Recapping, Jason Mikula. In our first episode of the new year, we recap all of 2025 — through the big themes that shaped the industry and set the stage for 2026 (you’ll want to catch our predictions at the end).

First up, Regulation in the Upside Down. We dig into Trump’s second-term reshuffle which replaced independence with centralization. Tailoring became code for deregulation, and regulators started talking less about consumer protection and more about “making community banks great again” (their shorthand for rolling back rules under the guise of helping small banks).

Next up, stablecoins. With the GENIUS Act signed into law, 2025 was their breakout year. PayPal, Klarna, SoFi, and even Wyoming launched coins. We dig into whether yield-bearing stablecoins will reshape deposit markets or just become the modern equivalent of the free toaster you used to get for opening an account.

Then, it’s the latest in the open banking saga. And then, it’s looking at gambling as our national culture. (Prediction markets like Kalshi and Polymarket became sports betting apps in all but name, monetizing financial nihilism with bets on divorces, political violence, even war.)

Finally, the IPO window reopened. Klarna, Chime, Circle, eToro, Figure, and Wealthfront all went public. (And we both agree that staying private isn’t always a sign of strength, but some structure is better than none.)

We wrap with 2026 predictions (tune in to find out!), and in Can’t Let It Go, we offer up a crypto neobank that launched with a WWE-style promo, plus eerily targeted sports betting ads on YouTube…

This episode is brought to you by Plaid.

Plaid helps lenders approve more creditworthy borrowers without taking on more risk, combining real-time cash flow data with behavioral insights. It’s a fast, familiar experience people trust, and that actually converts. Learn more at www.plaid.com/ftt

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