Great article from Let's Talk Payments on how incumbent financial services players are making plays in fintech. 

Despite relatively low levels of M&A activity, the incumbents (e.g. banks, payment processors) have made multiple investments into emerging fintech companies. The wealth managers (e.g. BlackRock acquiring WealthFront) and insurers (e.g. AXA and MassMutual investing into PolicyGenius) should also be considered.

A key future theme in the sector will be consolidation. With more incumbents closely monitoring the space, a significant rise in M&A activity is likely over the next couple of years.