The core argument: fintech growth doesn't primarily fail due to lack of capital or product-market fit. It fails because structural complexity accumulates quietly, and by the time it's visible, it's already a hard ceiling. Neither practitioners nor researchers have fully mapped this dynamic.

I'd draw on concrete experience: the bank subsidiary tension at Überseehub, where product ambition and institutional structure created a specific kind of friction that no playbook had prepared me for. And on patterns I now see across the fintechs I work with through Aegirion Ventures, where the same ceiling appears in different shapes, at different stages, in different markets.