Strategic Alternatives

Amid the SaaSpocalypse panic, fintech companies remain relatively resilient, protected by the specialized and highly-regulated nature of the financial market. But investors are looking for strong retention and growth, including AI-driven revenues. Jason Gurandiano, Head of U.S. Technology Banking and Global Head of Fintech Banking, is joined by colleagues Matt Thomas and Asif Ahsan to analyze what will set the winners apart from the competition.
Key Points
Public and private markets in fintech remain robust.
While affected by AI disruption, the sector has been more resilient than the broader software market.
Investors are looking for high retention and growth, including AI-driven revenues.
Wealthtech and Insurtech are attracting most interest and are set to see strong M&A.

Opening and introductions [00:06]
Jason Guardiano, Head of U.S. Technology Banking and Global Head of Fintech Banking, summarizes RBC’s 11th annual fintech conference. It attracted the biggest engagement of the past five years: 430 delegates and 740 investor interactions. He introduces Matt Thomas, Managing Director in Technology Investment Banking, and Asif Ahsan, Managing Director in M&A.

Hunt for investments [02:15]
Fintech innovation is accelerating. Private investors are actively seeking new investments; public investors are striving to understand the impact of AI on current investments. The winners will be companies demonstrating high gross retention as well as growth that is at least partly driven by AI features.

Fintech’s resilience [7:37]
The specialized and highly-regulated nature of finance is providing fintech with some protection from the disruption affecting software more broadly. But there is a bifurcation, with successful companies achieving robust trading multiples and perceived losers trading near cyclical lows.

Embedding offers insulation [9:10]
Fintechs that are strongly embedded with their end customers have most protection, and have the opportunity to go on the offense with new products.

Areas of opportunity [11:36]
Wealthtech and Insurtech are attracting most interest: M&A is likely to remain strong in these subverticals over the next 12 to 18 months. Capital markets software has strong interest, but incumbents face threats from customers with their own AI budgets.

AI infrastructure investment, M&A activity and evolving treasury demands are reshaping how companies access capital and manage liquidity. Vito Sperduto, Head, RBC Capital Markets U.S., Raja Khanna, Head of U.S. Corporate Banking, and Kartik Kaushik, Head of U.S. Cash Management, discuss what's driving capital deployment, how financing strategies are evolving and why treasury is becoming an increasingly strategic function.
Key points:
Corporate borrowers continue to navigate elevated rates, growing lender competition and an evolving private credit landscape.
AI infrastructure investment and M&A activity are driving demand for financing and reshaping capital structure decisions.
Treasury is moving from a cost-centre view to becoming an increasingly important part of strategic planning, capital allocation and transaction readiness.
As companies manage cash across multiple markets and currencies, visibility, transparency and control remain key priorities.
For borrowers, flexibility in capital structure and financing options remains a priority, while treasury teams continue to focus on liquidity visibility and working capital control.

Listen and subscribe to Strategic Alternatives on Apple Podcasts, Spotify or wherever you get your podcasts. To learn more about corporate banking, treasury management, liquidity solutions or capital markets strategy, please contact your RBC Capital Markets representative or visit rbccm.com.

China’s electric vehicle leadership is reshaping the global audio industry. In this episode, host Joe Coletti speaks with Tom Narayan, Lead Equity Analyst in Global Autos at RBC Capital Markets, to explore how China built its EV advantage, why its OEMs are expanding into Europe and eyeing the U.S., and what this means for Western automakers, suppliers, and consumers.
Key points:
China’s EV advantage is rooted in battery supply chains, subsidies, labor costs and domestic market scale.
Chinese OEMs are expanding beyond their home market through exports and localization in Europe.
European OEMs may lose share, but Western suppliers could benefit if Chinese OEMs rely on them abroad.
Chinese OEMs are technically ready for the U.S. market, but policy volatility and tariffs remain major barriers.
Chinese consumers are shaping the next phase of electric vehicle technology through demand for autonomy and tech-forward features.

Listen and subscribe to Strategic Alternatives on Apple, Spotify, or wherever you get your podcasts. If you enjoyed this episode, please leave us a review and share the podcast with others.
To learn more about RBC Imagine, access the flagship report, or continue the conversation, contact your RBC representative or visit rbccm.com/imagine.

Amid soaring power demand and energy security concerns, will the market start to place more value on conventional oil and gas production again? Ben Rodgers believes that it will, and that APA Corporation is well placed to benefit when the moment comes. In this episode of Innovators and Ideas, he sets out the company’s strategy across diverse territories and commodities.

Key Points
• Oil and gas group APA Corporation has continued to explore as well as produce.
• Producing oil and gas, and working across continents, offers diversified exposure.
• The company has brought in Total for a joint venture in Suriname.
• A major restructuring was designed to advance APA’s objective of being a cost leader.

Global power demand is rising sharply, and geopolitical instability is accelerating the need for secure, affordable, and diversified energy systems. In this episode, host Joe Colletti speaks with Robert Kwan, Head of Global Power, Utilities & Infrastructure Research, and Maurice Choy, Canadian Energy Infrastructure Analyst, to explore how RBC Imagine themes—energy security, affordability, crisis capitalism, synthetic technologies, and shifting superpowers—are reshaping the sector.
The conversation highlights how utilities, midstream operators, and infrastructure investors are navigating a world where energy transition, digital demand, and geopolitical conflict collide. As Robert notes, “this current environment is hammering home to a broad population how important energy is to everybody’s daily lives”.
Key Points
Geopolitical conflict is reinforcing a global “all of the above” approach to energy supply.
Rising energy prices are intensifying affordability pressures across households and industries.
Hyperscalers and digital platforms are rapidly becoming dominant global electricity consumers.
Utilities are investing heavily in resilience to manage climate, cyber, and grid instability risks.
Synthetic technologies are improving efficiency and reducing supply‑chain vulnerabilities.
Canada is increasingly well‑positioned to expand global energy exports across fuels and electricity.
Massive infrastructure investment is required to deliver diversified, secure global energy systems.