Lessons from Nik Milanović

On the Nature of Fintech and Innovation

On the evolution of fintech: Milanović frequently highlights how much the fintech landscape has changed, noting that just a few years ago, acronyms like BaaS (Banking as a Service) and BNPL (Buy Now, Pay Later) were not part of the common vernacular. [1]
The long road of fintech: "We're still at a very, very early chapter in the FinTech story." [2] This quote underscores his belief that despite the rapid advancements, the industry is far from mature.
The power of being "unloved": Milanović has a contrarian investment philosophy, suggesting that the most transformative companies often emerge from areas that are initially overlooked. He posits that while nine out of ten "unloved" companies may fail, the tenth can "tap into this deep resentment of the existing customer set" and transform an entire market. [3]
The "why" behind fintech: His interest in fintech is deeply rooted in microfinance and its potential for social impact. "My core interests are eventually getting back to how you can help people improve their financial situations. I think we have the means and the technology and the global interconnectivity to really pull people out of extreme poverty on a level that we haven't before in history." [4]
Global perspective is key: He often points out that the U.S. is not always at the forefront of innovation, citing examples from Asia and other regions as being more advanced in areas like contactless payments. [5]
Embedded fintech's potential: The idea that financial services will become increasingly integrated into non-financial platforms is a recurring theme in his analysis. [5]

For Startups and Founders

Survival is a primary goal: "Often just staying alive is the most important determinant of success." [3] He emphasizes that outlasting competitors and making it to the next funding round is a crucial, if unglamorous, part of the startup journey.
Don't let perfect be the enemy of the good: Milanović advises startups to ship imperfect products frequently. The focus in the early days should be on getting a viable product to market rather than striving for perfection, a luxury that can be addressed later. [3]
The customer experience is paramount: "It doesn't matter what's happening behind the scenes, you'll figure it out, you'll scale, just make the customer feel like they're really getting a premier experience." [3]
Total Addressable Market (TAM) can be misleading for early-stage startups: In a Forbes article, he argued that over-focusing on TAM can be counter-productive for new companies. [6]
The winding path of a startup career: Recounting his early days at Funding Circle, he describes the reality of working in a startup as chaotic and multifaceted. "I worked kind of 20 different jobs at the same time because there was nobody else to do them." [3]
The importance of prioritizing: For early-stage companies with limited resources, he stresses the need to be "good at identifying what the top three" priorities are out of a list of ten. [3]

On Career and Personal Development

The value of learning to learn: For those starting their careers, he advises: "what you do, for the first couple years of your career, like really doesn't matter, so long as you are learning to work. And you are learning to learn, and you are around really smart people who are going to push you." [2]
Challenge yourself among smart people: "Go someplace you're going to be around smart people, where you're going to have to challenge yourself, and they're going to challenge you as well." [2]
Embrace being wrong: He speaks candidly about the need to be willing to look foolish in the short term to achieve long-term success. "You have to look crazy for a long time before you look like a genius." [3] This is a sentiment he connects to a quote by Andre Gide about discovering new lands.
Identity shift in the tech workforce: Milanović has observed a cultural shift where employees identify more with their industry (e.g., as a "fintech person") than with a specific company, leading to more movement between roles. [7]
The reality of the employer-employee relationship: He notes a move away from the "family" culture in startups to a more transactional and honest relationship. "People came to understand that you know even if your company prefaces to you that you're all family that doesn't necessarily mean that they won't fire you." [7]

On Community Building

The genesis of "This Week in Fintech": The now-massive newsletter started as a simple internal email to his team at Petal to keep them updated on industry news. [4]
The power of in-person connection: Despite the rise of remote work, he emphasizes the high demand for in-person interaction to build trust and collaboration. "Interacting like personally builds a lot more trust... you meet somebody in person you you want to like them as your first instinct." [7]
From newsletter to ecosystem: "This Week in Fintech" has grown beyond a media outlet into a global community with events on five continents, a large Slack community, and a venture fund, all complementing each other. [7][8]

Learn more:

Lessons from Nik Milanović

On the Nature of Fintech and Innovation

For Startups and Founders

On Career and Personal Development

On Community Building

Written by Antoine Buteau

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