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Citi’s Thierry Jenar on fintech’s biggest hurdles: Can you grow and keep investors happy?

Thierry Jenar, Citi’s Global Head of Digital, Tech, and Comms, discusses fintech’s biggest challenges with Bobsguide—from shifting investor demands and complex global regulations to the growing need for partnerships with traditional banks.

  • Marina Mouka
  • October 31, 2024
  • 8 minutes

As fintech continues to redefine the financial services sector, its influence is now more widely felt than ever. From payments to digital banking, fintech is transforming how businesses and consumers interact with finance.

But alongside this rapid growth come new challenges, particularly around how companies are valued, how they navigate global regulations, and how they work with traditional financial institutions. Investors are demanding clearer paths to profitability, regulators are closely watching the sector, and banks and fintechs are increasingly finding value in collaboration.

To understand this shifting landscape, Bobsguide sat down with Thierry Jenar, Global Head of Digital, Tech, and Comms for Citi’s Commercial Bank. Thierry has been pivotal in building Citi Commercial Bank’s coverage of technology and digital mid-sized corporates globally, beginning with building out the commercial bank’s U.S. Technology, Media, and Telecom Group and the Digital Venture Banking Group.

Here, Thierry shares insights on the evolving market forces shaping fintech, investor expectations, and the unique opportunities and challenges of fintech-banking partnerships.

Evolving investor expectations for fintech valuations

The way investors value fintech companies has transformed significantly in recent years. In 2021, global fintech funding reached a record $210 billion. Back then, investors prioritised rapid growth, focusing on top-line revenue increases with less emphasis on profitability. Today, however, the narrative has shifted. As inflation rises and economic uncertainty continues, investors are looking for more than just growth; they want fintechs to show a clear pathway to profitability.

“Investors are definitely more cautious now,” says Thierry. “Pre-pandemic, it was all about rapid growth—revenue gains mattered most, and profitability was more of a ‘later’ concern. That’s changed. Investors still want to see growth, but they’re equally focused on whether that growth is sustainable.”

Thierry explains that this shift means fintechs must demonstrate not only that they can expand but that they can do so responsibly. “For fintechs, it’s no longer enough to capture market share alone. They need to prove they can maintain that growth over time without burning through cash endlessly. Investors are valuing operational sustainability now,” he says.

This change in expectations forces fintechs to adapt. Companies are now under more pressure to align their operational strategies with profitability goals earlier than before. Thierry describes this as a necessary but challenging transition: “Fintechs need to tighten up and become more strategic. Investors are asking harder questions: What’s your timeline for profitability? What’s the break-even point? Fintechs that have clear answers are the ones that stand out.”

Navigating the regulatory maze

As a fintech grows, it’s facing increasing regulatory scrutiny, especially in areas like payments and data protection. In the European Union, regulations such as the Revised Payment Services Directive (PSD2) and the General Data Protection Regulation (GDPR) have introduced new compliance requirements. Similarly, the U.S. and other regions are now stepping up oversight as fintech becomes an essential part of the financial services ecosystem.

For fintechs aiming to expand internationally, this diverse regulatory landscape can be a major hurdle. Thierry refers to it as “the regulatory maze,” explaining that companies often need to navigate different rules in each region where they operate. “Regulation is one of the biggest challenges for fintechs. It doesn’t just impact the founders—it affects partners, customers, and, ultimately, the bottom line,” he says.

Thierry notes that some regulators are proactive, creating a stable framework that fintechs can use to plan their strategies. “In some places, regulators are forward-looking, which allows fintechs to understand the rules and adapt accordingly,” he explains. “But in other regions, regulations are more reactive. They often come as a response to issues, which makes the environment unpredictable and challenging.”

This fragmented regulatory landscape makes scaling costly. Thierry points out, “Operating in multiple regions requires fintechs to have substantial resources dedicated to compliance—legal teams, regulatory advisors, compliance specialists. It’s not optional if you’re aiming for global reach. For many companies, it’s one of the biggest costs as they scale.”

These regulatory demands mean that fintechs need to remain agile, ready to pivot based on changes in different regions. For Thierry, this adaptability is essential: “A fintech has to be quick on its feet, adapting its model to fit evolving regulations. The cost and complexity of this can’t be underestimated, and it’s a factor every scaling fintech has to consider.”

The shift from competition to collaboration with banks

Digital banking is on the rise, with forecasts suggesting the number of users could reach 3.6 billion by the end of 2024. The relationship between banks and fintechs has evolved along with this growth. Where once they might have competed, banks and fintechs are now finding ways to work together to offer customers more comprehensive services. Thierry describes this collaboration as a shift from “banking as a service,” where banks provided infrastructure for fintechs, to “fintech as a service,” where banks incorporate fintech solutions directly into their platforms.

“We’re seeing a real shift,” Thierry says. “Banks are asking themselves, ‘Do we build these services ourselves, or do we partner with fintechs who already have the solutions?’ It’s a big question for banks today, and increasingly, the answer is partnership.

This partnership approach allows banks and fintechs to leverage their respective strengths. “Banks bring scale and resources, while fintechs bring agility and innovation,” Thierry explains. “Together, they create a more robust offering. It’s a model that benefits both sides and, ultimately, the customer.”

Thierry adds that the decision to partner often comes down to a “buy versus make” choice. “Some banks realise they’re better off partnering with fintechs. It allows them to skip the R&D phase and bring new products to market faster. By working with fintechs, banks can offer solutions that they might not have been able to develop in-house.”

This collaborative approach has led to a more symbiotic relationship, where banks can focus on what they do best—providing financial security and trust—while fintechs bring in the innovation and user-centric designs. “It’s a new era of collaboration that’s creating a stronger financial ecosystem,” Thierry says.

Emerging markets as innovation hubs

Emerging markets, particularly in Latin America and parts of Asia, have become significant hubs for fintech innovation. In these regions, traditional banking systems often struggle to meet the needs of the population, and fintech companies are stepping in to fill the gaps. Thierry highlights these areas as prime examples of how fintech can drive financial inclusion.

“Wherever you find complexity in the banking system, you find opportunities for fintech,” he explains. “In Latin America, for instance, a large part of the population is still unbanked. Fintechs are coming in to close that gap and provide financial services to people who previously didn’t have access.”

India, in particular, is a standout market, thanks in part to strong government support for digital growth. “India’s government has a very clear strategy around digitisation and financial inclusion, and they’ve been very supportive of fintech development. It’s a unique environment that’s enabling innovation on a large scale,” Thierry says.

In these regions, fintechs are solving real, practical problems. “The fintechs that thrive here are those that address specific needs, whether it’s expanding financial access or simplifying payment processes. They’re not just adding new features—they’re meeting essential needs,” he notes.

For Thierry, these emerging markets showcase the power of fintech to drive positive change. “The challenges in these areas push fintechs to come up with practical solutions. It’s not about adding bells and whistles—it’s about real impact. And that’s what makes fintech so valuable in these markets.”

Adapting for success in fintech

As the fintech industry continues to grow, companies are facing a more complex landscape. Investors are demanding sustainable growth, regulatory bodies are enforcing stricter standards, and banks and fintechs are increasingly seeing the value of working together. Thierry’s insights reveal that for fintechs, the ability to adapt quickly, prioritise sustainability, and form strategic partnerships isn’t just a competitive edge—it’s essential to their success.

“Fintech is a space that changes constantly,” Thierry says. “The companies that succeed are the ones that are prepared to shift gears when needed. Adaptability is key, and it’s something every fintech needs to embrace to stay relevant.”


Thierry Jenar joined Citi Commercial Bank (CCB) in 2012 to build its U.S. technology strategy and launched the U.S. Technology, Media, and Telecom (TMT) Group, serving companies with $100M–$3B in revenues. In 2016, he expanded globally, establishing CCB’s Digital Segment across EMEA, APAC, LATAM, and Mexico, and in 2018, launched the Digital Venture Banking Group for early-stage, venture-backed firms. Appointed CCB’s first Global Industry Head in 2022, Thierry oversees Digital, Tech, and Comms, supported by 130 bankers worldwide. Based in San Francisco, he is a Business Senior Credit Officer and a member of Citi’s Payment Intermediaries Oversight Committee.