True, some online lenders, including OnDeck and Lending Club are experiencing heavy losses and some, including CAN Capital, stopped lending altogether. However, what is currently happening in the FinTech industry is not unique in a new industry. FinTech is thriving because it greatly expanded access to capital to small business owners, including women, minorities and immigrants, who were under-served before technology leveled the playing field. FinTech is now taking hold in China where Alipay, Tencent and WeChat are revolutionizing the electronic payments industry. Myers listed three reasons the industry is failing.

Source: Forbes February 22, 2017 22:06 UTC