White-label fintech startups such as FIGO, Yodlee, Currency Cloud operate behind the scene, often in collaboration with incumbents. It's a de-risked approach that is less prone to unwanted attention from regulators. Next to that the cost of building a brand is substantially lower, margins as a result also and they do typically do not own the customer, with the risk that the big guys squeeze them out eventually. So this works nicely in a very fragmented market, with clear economics of scale.