IN PARTNERSHIP WITH

Hi, fintech fam 💜

I’m back in New York City — hyped because this week is stacked.

Season 2 of Fintech Mavericks drops tomorrow, and the guest list? 🔥 

Think power players, bold takes, and zero BS. We’re going bigger, louder, and more unfiltered than ever. Subscribe on Apple or Spotify to catch it first!

Also happening: I’m hosting an invite-only roundtable with 12 executives at Chief NYC to help shape our next event: the Emerald Climate Fintech Summit—where capital meets climate leadership and we make real impact happen.

Wanna be part of the room where the future gets built? Apply here to attend.

Because yeah, I could build this solo—but it’s way more powerful (and way more fun) doing it with you.

Now let’s get into today’s column: How open finance is quietly rewriting the growth playbook for fintech—and why it’s time to pay attention.

INNOVATION

How This Quiet Fintech Player Became Mission-Critical Infrastructure

In fintech, some of the most transformative products are the ones consumers never see.

They’re not the flashy apps or glossy cards. They’re the hidden systems—the secure APIs, the clean data pipes—that make everything else possible.

But what happens when the foundation fintech is built on turns out to be broken?

For years, screen scraping—a workaround that let apps extract your bank data with nothing more than a username and password—was the default.

You’d log into a budgeting app, link your bank account, and not think twice. But behind the scenes, those connections were brittle, opaque, and deeply risky.

It worked, until it didn’t.

As breaches piled up and trust eroded, one of the least sexy corners of fintech—data access—became one of the most urgent. Now, one open-finance-focused fintech is trying to fix the whole mess.

The Fix That Wasn’t Flashy—But Changed Everything

Akoya is a fintech infrastructure provider that almost no consumers know by name—but one that more fintech companies are now relying on.

Instead of screen scraping or one-off API integrations, Akoya offers secure, standardized data sharing between financial institutions and fintech. There are no logins, no workarounds, just clean, permissioned access—on the consumer’s terms.

“Ninety-one percent of consumers have linked their bank account to a third-party app, and among Gen Z, that number jumps to 96%,” Akoya CEO Paul LaRusso told me. “Whether or not people know the term ‘open banking,’ they’re already using it—and they’ll keep using it.” 

The challenge, he added, is making sure that usage is safe.

"How do you empower consumers while ensuring their data is protected?” he said. “That’s the question—and the opportunity."

Born at Fidelity, Built for Everyone Else

Akoya’s origin story is as practical as it is prescient.

Back in 2014, up to 40% of Fidelity’s website traffic came from third-party apps scraping user data. Concerned about privacy and system strain, CEO Abigail Johnson tasked a small team to create a secure alternative.

What began as the Fidelity Access API evolved into a broader vision. 

“Abby had this idea not just to solve the problem for Fidelity—but to do it for the whole ecosystem,” said LaRusso.

By 2020, Akoya had spun out as an independent company, backed by Fidelity, The Clearing House, and 11 of the largest banks in North America.

From the start, Akoya focused on consumer-first principles rooted in control, convenience, security, and data privacy.

“We’re empowering people to use innovative fintech products while acting as trusted stewards of their data,” LaRusso said. “That means only sharing what they’ve explicitly permissioned—no usernames, no passwords, and no unnecessary access.”

Trust Is the Growth Strategy

In an age of rising fraud and AI-driven complexity, infrastructure isn’t just about scaling faster—it’s about earning trust.

“Historically, consumers had no visibility or control over their data once it was shared,” LaRusso explained. “Now, through APIs, they can see where their data goes, and stop it if they want to.”

That transparency is more than a feature—it’s a growth enabler.

Akoya operates as a network layer—connecting financial institutions and fintechs without requiring them to stitch together dozens of bespoke contracts.

“Think of us as the middle layer that replaces screen scraping with secure APIs,” LaRusso said. “We’re not just solving a technical problem—we’re helping fintechs and banks scale safely.”

Because when data-sharing is controlled, transparent, and secure, everyone wins:

• Fintechs onboard faster, without compliance headaches.

• Banks maintain trust and reduce liability.

• Consumers get full control over their financial footprint.

“Financial services have matured,” said Courtney Robinson, Akoya’s Head of Policy & Communications. “Now it’s about responsible data use. Not just can you share data—but should you?”

The Regulatory Crosswinds

Akoya sits at the intersection of shifting regulatory tides and fast-moving consumer demands.

Section 1033 of the Dodd-Frank Act, intended to formalize secure data sharing through APIs, is currently tied up in a legal battle. The twist? The CFPB—the agency that introduced the rule—is now siding with the plaintiffs.

The lawsuit is playing out in Kentucky, and it’s left many wondering what enforcement will look like.

For Akoya, the strategy is clear: keep building anyway.

“If the rule stands, we help banks comply,” LaRusso said. “If it doesn’t, we make it easy for them to do the right thing regardless.”

That’s not idealism. That’s strategy. And it matters for fintech startups trying to earn consumer trust while staying ahead of risk.

“You don’t need to wait for regulation to do the right thing,” said Robinson. “It’s simply what consumers expect. And when you meet those expectations, you build lasting relationships.”

The Paradigm Shift

Let’s be real: consumer expectations have shifted.

Financial education exploded during the pandemic. TikTok made investing go viral. And now, digital-native users expect transparency in how their data is used—and demand the ability to revoke access at any time.

For fintech founders, this isn’t just a privacy issue. It’s a product imperative.

“Companies should think about this from day one,” said Robinson. “If your customer needs access to their financial data, we can get you live safely and fast.”

That speed matters when growth is on the line.

Here’s what’s really happening:

• Trust is becoming the biggest fintech growth lever.

• Privacy-first data access builds trust.

• Companies that build trust early are the ones scaling smarter.

“We’re helping fintechs of all sizes—from early startups to enterprise banks—give users the security they deserve without sacrificing speed or innovation,” LaRusso said.

And they’re doing it without chasing headlines.

Akoya isn’t the loudest name in fintech. But it may just be one of the most consequential.

When consumers control their data—and fintechs respect that control—everyone wins.

Privacy-first platforms won’t just check compliance boxes. They’ll drive growth.

They’ll be the ones users trust, regulators respect, and investors bet on.

As LaRusso put it: “It’s about whether your users trust you to manage their money in a digital world.”

That’s not a trend. That’s the new standard.

And Akoya is helping the industry rise to meet it.

_{WTF ELSE?}

• Wealthfront plans IPO amid warmer environment for fintechs 

• Instapay raises $3M to expand digital payments and B2B remittances

• SMB-focused Finom closes €115M as European fintech heats up 

• Fiserv debuts bank-friendly stablecoin as fintechs join digital dollar race

_{I WANT IT, I GOT IT}

• 🎧 Today’s Listen: Today's throwback episode of Humans of Fintech features Anna-Sophie Hartvigsen, co-founder of Female Invest, on flipping the finance world on its head. Since 2019: 90,000+ members. 120 countries. Endorsed by Emma Watson and Hillary Clinton. Loved chatting with her and getting real about building in fintech and financial education. Tune in here.

• 🚀 Today’s Watch: I’ve been obsessed with The Hollywood Reporter roundtables lately—so much so, I’m bringing that same energy to our private membership community, The Academy of Fintech. Starting this Friday, we’re experimenting with that style of content and connection in a new members-only virtual event. Proof that even the content I binge “just for fun” ends up fueling the work I love most.

• 🧘‍♀️Today’s Self-Care: This week’s self-care shoutout? The sun.

  Just got back from San Francisco, and I swear a full week of daily sunshine did something to my nervous system. Get outside this summer—even if beach lounging comes with a side of deal negotiations. (We’re builders, after all.)

_FINTUNES

🎵 Ruby Ibarra, 2025 Tiny Desk

Obsessed with Tiny Desk—and this performance by Ruby Ibarra is next level. A Filipina American rapper from the Bay, Ruby brings fire, poetry, and power in every bar.

_{LET’S CONNECT}

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That’s all for now! See you Thursday!

Love,

Nicole 💜