The best example of this is Bloomberg. The first 20 terminals went to Merrill Lynch (https://www.fastcompany.com/3051883/the-bloomberg-terminal https://www.fast

The best example of this is Bloomberg. The first 20 terminals went to Merrill Lynch (https://www.fastcompany.com/3051883/the-bloomberg-terminal https://www.fastcompany.com/3051883/the-bloomberg-terminal). In fintech, I think both the regulatory hurdle you mention, in addition to solving semi-custom workflows can be a prerequisite for developing a useful product. Take Addepar for example. They have to integrate into the Bloomberg's of the world before they are useful. And, while specifically, a Bloomberg integration could be meaningless for the next customer who uses Capital IQ, neither are likely one-off integrations. Spending time customizing/connecting to other smaller/startup fintech services probably is likely disastrous.