The operators playbook: Opinions and thoughts from the QED collective

New QED Investors and McKinsey & Company report reveals that the global fintech industry has entered a new era defined by a balanced focus on scalability, profitability, and operational and regulatory maturity.

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.