Much has been made of the fact that a new breed of financial technology (or fintech) companies is unbundling banks in the developed world. Startups are attacking all of the components of the traditional bank value proposition (e.g., accounts, portfolio management, mortgages, car loans, person-to-person payments). Over the past five to six years there has been a rush of capital and talent into startups; investment in them has grown nearly eightfold since 2011. While their innovative products have been a boon to consumers in mature economies, the resulting efficiency and security benefits have largely bypassed the 2 billion consumers in the developing world who lack formal banking services altogether.