Fintech is dead, cloud and mobile are no longer the driving forces of disruption in financial services. Intelligence tokens and value tokens are the new driving forces

The author argues fintech's defining technologies—mobile, cloud, APIs—are now table stakes, and finance's next era rests on three shifts: decisions moving to AI models, records to shared ledgers, and customers becoming agents with wallets. Fintech's venture share fell from 14.5% of deals in 2021 to 12.3% in 2025, while AI's share of fintech deals rose to 70–80%. Examples include Revolut's PRAGMA model (+130% bad-credit detection), Figure Connect's $2.8bn quarterly volume, and Robinhood's 100,000 agent-linked accounts. The author predicts the first trillion-dollar finance company will be AI-first and token-first.

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