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The platform political economy of FinTech: reintermediation, consolidation and capitalisation.

Langley, P. and Leyshon, A. (2021) 'The platform political economy of FinTech: reintermediation, consolidation and capitalisation.', New political economy., 26 (3). pp. 376-388.


‘FinTech’ is the digital sector of retail money and finance widely proclaimed to be transforming banking in the global North and ‘banking the unbanked’ in the global South. This paper develops a perspective for critically understanding FinTech as a platform political economy that is marked by three distinctive and related processes: reintermediation, consolidation, and capitalisation. Through experimentation with the platform business model and building on the digital infrastructures and data flows of the broader platform ecosystem, a constellation of organisations – including start-ups, early-career firms, BigTech companies and incumbent banks – are engaged in processes of platform reintermediation. Changing the bases of competition in retail money and financial markets and encouraging oligopoly and even monopoly, the reintermediation processes of FinTech are presently manifest in strong tendencies towards platform consolidation. The imagined potential of FinTech has also triggered intensive processes of capitalisation, with platforms receiving significant prospective investment by venture capital, private equity funds, banks and BigTech firms.

Item Type:Article
Full text:(AM) Accepted Manuscript
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Publisher statement:This is an Accepted Manuscript of an article published by Taylor & Francis in New political economy on 20 May 2020, available online:
Date accepted:22 April 2020
Date deposited:23 April 2020
Date of first online publication:20 May 2020
Date first made open access:20 November 2021

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