In a golden era of fintech investment, low interest rates created pools of investors who could direct money toward consumer-oriented companies that grabbed market share (as measured in users) and left profitability and revenue to the future. That era is now over.

With investment capital tighter, there’s less interest in untested, unproven startups and more of an emphasis on coming out of the chute with products that are ready for the market and ready to drive profit. What’s more, fintechs are now looking at partnerships with the incumbents they once disdained or wanted to disrupt. This Javelin Strategy & Research note examines the playing field for 2023 as fintech investors formulate their plans.