Fintech Goes from the Business Section to the Style Section: 2021 is all about the Collision of Finance and Pop Culture
![American Singer/Song-writer Miley Cyrus and the Cash App](https://www.indexventures.com/media/images/miley-cashapp.original.format-jpeg.jpg)
In just a few months, Fintech has gone from the Business Section to the Style Section. How did we go from p2p loans and neobanks to hip-hop culture and Miley Cyrus stock giveaways? Our partner Mark Goldberg unpacks this phenomenon, sharing how the collision of finance and pop culture is re-writing the playbook for fintechs.
Someway, somehow, fintech has emerged in 2021 as a major influence on culture in:
- Art (Beeple’s record-breaking NFT sale at Christie’s)
- Music (Jay-Z on the board of Square)
- Politics (DeepFuckingValue goes to Congress).
![Beeple.png](https://www.indexventures.com/media/images/Beeple.original.format-jpeg.jpg)
Fintech has gone through a transformation on par with the classic 90s movie She’s All That -- the classic nerd has gone through a glow up to become a Prom Queen contender.
In 2021, fintech is running with the cool crowd.
![she's all that.png](https://www.indexventures.com/media/images/shes_all_that.original.format-jpeg.jpg)
Why now? Because the battleground for consumer finance has shifted from technology to brand. And pop culture has become the ultimate weapon.
- 1st Wave = Convenience (local bank branch)
- 2nd Wave = Technology (digital products)
- 3rd Wave = Brand (self-expression)
To stand out in 2021, fintechs need to do more than build products.
Take the battle between CashApp and Venmo: Both products are fast and free. Venmo was the first mover. But CashApp used influencers to grow and obliterate its competitor.
![Cash App vs. Venmo.png](https://www.indexventures.com/media/images/Cash_App_vs._Venmo.original.format-jpeg.jpg)
Google searches for CashApp vs Venmo in 2015 and Q4 2020, H/T Aika Ussenova
Square is continuing to invest hard into culture:
- Acquisition of Tidal / Jay-Z joining board
- Mentions from 500+ songs on Spotify
- Miley Cyrus stock giveaway
- CashApp clothing store.
![Miley.png](https://www.indexventures.com/media/images/Miley.original.format-jpeg.jpg)
The other important change is in how people (esp young people) talk and think about money.
Money is a vehicle of self-expression, not just a store of value.
The explosion of activity in Stonks, NFTs, and Crypto is as much about community as it is about getting rich.
A decade ago, people protested Big Finance with Occupy Wall Street -- this generation is doing it with Gamestop.
![Occupy Wall Street.jpeg](https://www.indexventures.com/media/images/Occupy_Wall_Street.2e16d0ba.format-jpeg.fill-1800x1200.jpg)
Occupy Wall Street
![Game Stop.png](https://www.indexventures.com/media/images/Game_Stop.2e16d0ba.format-jpeg.fill-1800x1200.jpg)
Gamestop
As money becomes a form of identity, influencers & celebrities have built huge followings by discussing it.
Look at how tweets from @elonmusk and @chamath can redefine the value of a stock/coin.
Or a plug from @charlidamelio can boost a fintech in front of rivals.
This means fintech founders need to do a few things differently:
- Lean into culture, not away from it.
- Know your audience.
- Be creative.
The fintechs who embrace culture will not just dominate the landscape, but maybe even find themselves on a red carpet or in a viral video.
Which fintech’s swag will you be wearing when the lockdown ends and we’re all together again??
![Screen Shot 2021-04-02 at 9.36.50 AM.png](https://www.indexventures.com/media/images/Screen_Shot_2021-04-02_at_9.36.50_A.original.format-jpeg.jpg)
The Official Fast Store. Which fintech's swag will you be wearing when the lockdown ends?
Note: This is a slightly edited version of @Mark_Goldberg_'s original post on Twitter.
Published — April 2, 2021