Another reason we see duplicate startups within a few domains is that there are many VCs, and each wants to have a horse in the race. Perhaps they missed on on

Another reason we see duplicate startups within a few domains is that there are many VCs, and each wants to have a horse in the race. Perhaps they missed on one fintech company, and now it's grown enough to make the market. So they lead an investment in a competitor, or a company in a similar space. This significantly de-risks the investment vs. allocating money towards something entirely new.