The financial landscape has undergone a significant shift in recent times, with fintech companies emerging as formidable contenders against conventional banks. One of the most compelling developments is the transition of these tech-driven firms from partnerships with banks to operating as banks themselves. For instance, payment innovator Stripe Inc. and banking solutions provider Fiserv Inc. have made strides by applying for a specialized banking charter in Georgia.

The recent 10% baseline tariff introduced by former President Donald Trump on products imported from all countries has caused significant disruptions in global financial markets. Fintech companies such as Robinhood and Affirm now find themselves under pressure, grappling with potential risks surrounding the deteriorating financial well-being of consumers. This complex situation highlights the far-reaching implications of economic policies on fintech businesses and the broader market.