The operators playbook: Opinions and thoughts from the QED collective

2025 has become the year of the bank charter in the US, with a surge in bank licensing activity from fintechs and non-traditional applicants. Since January, 20 filings for de novo charters, bank acquisitions, or conversions have been submitted, representing an all-time high1. This may only be the leading edge of a broader wave, given expectations of more filings in the pipeline.

The global fintech industry is turning the page to a new chapter—one characterized by the coming of age of a class of scaled fintechs, the emergence and application of new technologies and business models, including AI, and investors’ unrelenting focus on profitable growth.

QED Investors surveyed 400 U.S. startup founders to gain insight into their inner thoughts, how they approach building their company during challenging times and anticipated behavior over the next 12 months.