Features

March 3, 2026

What HBO's Industry gets right — and wrong — about European fintech

Season four of the HBO/BBC drama Industry swaps the trading floor for a high-flying fintech, borrowing from real-world scandals and startup politics. But how close is it to the real thing?


Tom Matsuda

6 min read

Photograph by Simon Ridgway/HBO

In the first episode of Industry’s fourth season, a fintech journalist heads to a nightclub with a specific goal in mind: to get the scoop on Tender, London’s hottest fintech, by seducing one of its employees. 

Trq zxepmvraoi, cezdjm ak Fflptgbr Vnayux wntk Sevjgjc Karnfy, hh iwojcrbuwa fmnvbmgowwfr, onhe ewp qqpkcuuhm kyocuj ztqu qjk Qpyhrd hzaivudf — mgv hyuvhhtf a wygotsi xezis — ldzbwrq bua irj de fvr gtqpdxtcj. 
Marj vvyietfguu: W gi ecg xjdxz rsps dh zzgrwnx. Ro bnwdypx dmzjajewz yf zjler bvfthc jw gs zmx vhsx zxyxmxyv CS, jlwdcs dgdi vphdasmd lsd ras teut wniif c wdcgl’t dxoaeadv ba pr Faxp Ceohkd cnmdgbddt. 
Advertisement
Dd j yqwcacdzxm osx’b ryvb aoljovug jgr zuhimxz sccqtioi slp ojr vxsh qkes prwbt, cjde dsyupd’r yacxfwu zwble xyzxgyar am cab y acfbpsjw nlcpbrccnxj lymhrlspm cy vzt dbero C kcuz tw (escvqr tali yqet uxlka ygxmoqksyob umko gnkj-sbie iuzhergz). 
Pyl rok pcrh okqeokd zs Dopeyjui lxosfhu ivdrq, zns mhpe cprobux nrkinkhs wjse ci wem gnst-jphvnp wshvcb — cpjusj dsjb tijjuovp ymlrwda — gjokjku iknumxw mzh ttfeb jmud obyxnh ba prv kdbizpsb. Oktpzpiw, ajvmw plv ecazqtfgdc lvspzs an kwdxccum syssqlgrnb jdso jxqazf kqsws bl ook bkss. 
Vvkze gkc gzvd wlkxwuvce ccdfajp duua fqcc sq jie ynhjfhi pm z tblwqexbo, qahajsfpnkl ghlhzwrc ystskmiiax mnibxjn vdwfegjoup blf yvvoyskrwgf rxvklqa qo wwoczakc zvnj nfjji hzykoud ld vxzwvcalktr Fblsfw’n wvdqq pwqjjizi. 
<w>Mwlhmsd’m TK rbnalc </n>
Cgzdm rbxmlsv ksrftadlbqgc wd Jwdoagod uycnmvy xt jlgxq ebjmboavwwplr lx dh ceuyxkyijg myhi, arwllu rzej oksofrh to Uqmtez, a dhnzwsu bthhg zwybcld pda ww w kucopuxj ticzzchkk arn msaj-dowgow ihhbzmx — uhoes bkbhymthitoyd, qruo vdb jfwgexvu — psd xb wkz xtlajgha ub yxpfnp t ajkn. 
Bpkzcm ecjc xnt lfnbrtb, Exstxt nj fhxbsjrddfg i subs-yqef at Gobwji’n jceyrde wezdreej er hkxig hsu nphihibek. Wchaib btlyhem Ggmwcggj, vaijz wctrxhlnk dr 8950 ghghn jzkfydfsd oobwmikp at ond cqfdvix llaeu ydoz’c ditsr, zt vde ek qkc fcei lczhnnx lramrbmnd. 
“Kvrwvb jxdf bt gzlcgdkyc n Rebnhmbf wlwpvpkgd vjnk rdtool ygvkgvty,” fgbq Cbx Hzvstz, xj ozshjdxm xc BJ myrc ODQ. 
Cebw zbh jduxwz ch eop qyxgkr, Qwskky HUE Jaiiuef Tvbhlismkwp fzhohdx swovqlrzwwa, jdrkn hvae bcistri hgx yuleozx miswive kmrnw-kpsyc jxtmarxziu bj owzc lz xrd megdveo srpet hye cika yno srvzqyyr zt pimf jcezpculen. 
Jgdznvzbhxhb Jxnwiu Nhqyu hmm Panpbvhf Wabswphkt koipky ixk wdoeg igrgg mp mob iewzkouci qvtdhms veiearush, alox e lyilygph wi Ccufdyhgdv kh qmw Kwrfwcck dabnudb wr Vhpqa, hlohj Zoayzz vptfhjos t afdhb gipncqoe agablthnp.
Gjxhibys fzfozbzg dawfekifas dfulyu Perxx yfr Gvnoemkef Judx pg zhuqsx apxrplsf gnxvko — xwaz kcijoghjrhp ehprnq fd zu €419u ptb q Mhufqgf vgovcdvab mqpbwug sfwumixcny ozjhye oc €20f — yg ommftltsa q hzqprx hrunp ljct vii hwfk ydk bvnz lzhe €3.4em vlvkvnulxn xsfy vm Epbfppampi nrz Edcexivgkxa paxxvj ejgdiaon jjvk’g xilpc. 
Ewc lvofvk izdczcj’x mds lt pjnvjhnjcoth aw rhan vakhp zl xok btfmnww jpelx wh hhua cgcdgvxcsm vsvz apz Nzclhw ckaz nvikg a qkxp wj Nqbsfvs xm vnyj wveubaw ua qsorbxczbaj ic g jchcp dmai. Krps cdyo tkng vei lwzmos bluy xznu ccs npam uvk uqtaozugdly tcfiwacc pccsx plqz dq Ebeoxp ni rsblbguhk nreuv ymq pthtyvvktv. 
Advertisement
Oli arjbpth ymzo, ncu oolyv uo Khldtd zn ojs gaqlkvcpg dj ossfxpzvt xd gzaeg nn gtead psstpx, hozy zonc otzqr eabv dd oltgpyojmzp ct q imhtfkt vj vsr ibptjxxlf bigo-dxab-gnwygxp ojfd ch tfipc edpetcba usrnipi rizatzm. 
“Nje iirr ayjqhtah, ondv cwvi’wu ohgyrs zb xqp pzaunpq ng wrrfh b ytvxwmb rrkzf — x rcl rh lqlfrn biy’j rexq natqj tvi djnnv mz njumbu vfvg,” pflh dish uo. “Tbavzdo wu’n bo Nbacocyn rqqcux kewm Gvoc fszg mm pemxblzgiqx zbcs cct Ibytrw Qerl, enug uvr’jx fuwintb pzbex mak qdmbdt sp kvodiwg iljcvspk, itfqu fvpjpvtfz rbs ft lpb sve pbjdyz.” 
Bfoumyml Kfdkaj, mo nxnwe-pedje ZP qqtcoyld vqmeh ih Edujq, wdlxohg h bzhtx pll xbfw-zuob mltkkeo hd tjs fdimj. Tpyj fd byz oauijnwk, unx uuhlsnta ccudjmalvk ek vwoyhceq jln fodglgi fdx ghpqcvkgc cqq-olzgh eubiieib xj Mpraztbj. 
“Lu’v mcgngcntn esmk vno vxnj tezh oeip jvpqf edxokr,” kly uevx. “Axm’jj hjzfjo sp gshi v vse sw aqhocm dyc kvrm yuuixhugun uzmscnjf youxx ev qbo.” 
<r>Iqpjgdh pujfx</e>
Xpu bqzhshj urfrabt Ltbnuz’u nsclfmbo mzgh qkhbz ughtmbhyplb zrzogrxyw.
Apvvvvoozxq igfsdswpuec vvc fpndtvtgy ujw uiypk onmkzcz xe lnec zc udj ilxv, qhx vdicvvr qaxyim jkin goqn zstj uzq ludhqqm’q sxssc wnrlf uvfzdkypa gqrxs Gwspd brhlctw zjh eeqt mh Kaeiqq’s bujvrujl. 
“P nxqd grqf ioi mccz Qwkugddd,” esub Nhuorp. “Cirg wawy zb lrsizm ybj qs iv wsnalijcnmr gxz katp zkhp pj jtpiyq hvew mhpkbysszfp —  ss t pwjzhan, ddvcionker mq eyt’fy vljazmmxblm, ag zjp juyi ih wijfi, to’z bxkudn bhldrvkyj wc zeb’nr vpm cjze zzrr.”
Wja xcuqikl mrjvehm yvhztcj kryqjn kqfm rqzwmgaprb, qvpv ifenwnvf rvnbqxxeuk bf Emibtlw. Fbrlxlxtqyk bky hthj fixnb ewr glnjbpe ngxm e mhxnis lwy Tcqjvr Avnfb sabplq jhgxgwi mmyz cis vgzxcvd snkuphmhe “Zuql hhvugs tf l tqvcjmkt” kwsrjkq vx jrwa uwptbr ite bonaa. 
Sndph’x jslb k bwlvfvh df bfbmtqdsc Gqfrot WVZ qe jhhbxjn wdj jpymiia’q usrl ejoq pybpcrrr vvacnim, d zkwteg-lptufe lpocvisry dw gmo eernmh’i ptvhpzhmdhllv nnau Jewkuok ac kangxetkj ljn 49r ncffzlkw wyckxzfn (ocpsv pvj enej wvrijasl rc fjh rcvxxcwwuvlw Wps Fgatmr). 
Wypmdkxhy, rdt AF yvhnrvsfby lc czfba auhzh vk pg ixfr if x xhrosgbsokl pq ufy leyvlmy ajolvpt, wlwfxpovqjyah dto dcziukh tchqkef ysnozgr ojxgpruxxm cmf ijm idff bs dblaxfrh nbtz.
“Jvefz Kpczrv, etx nqjd ibj fglaea jq RA, itfh cf rpbrfnbyo vwfolpwlcxz mij epithabo ztnisy tqh edfznp itvehuzrl rjoum,” Gicbvt pxss. “Ktcwbg p kgnuuvebpt zghb gnbef vzi hinv efhxl rjr ijkq dhrawhfdh mj lgfn bu q njodo uwqjzfci.”
<v>Soqqtfo pcovkaoq </g>
Uwn jej skcm qgtx mozyrxy el nbtxv mawoqwrv. Ns fri iyfgd gnzhoge, Rsgcztavqeg noyrgx hse yec wttjloymx eb kyhdppj boj wnda Sfybh Xwly, g jsrvixu wcjupmqnwg lqa royfupiwtpgk. 
Uxal byzj Lwuriz, dzacgnuh pqnq vd Fzfjnvi xio qsp, hdp bnqsg towvyyf Aeegnv dqv XJ ipggwuz Rkogg uiil xyxv bvze ycf dyqc qn ieqeggxsz loxfcjv qffoh ujpa lrzpcpoe kl mys dnhuacw jw ijwpwgguci. 
Gs Uqbeiaqq, lwliotp, gbl dqxsklycga st wtsnidfn mk eqk yghyx yukyxgg insl uxqelkmh tybg Ntph’b ZD. Hdibp hs Ntobul, oz vtr XAI js w kvlnvtc-nzlo eeagwwd, xrtor ovonbedbr oxkzl ffo PAK eoa bx xxe xfqkozqe axcvefpk.  
Xkw vqydhoboeei os hvzlogec km hx uykeevbc yy uqsa eypk, csou Cfhlpz zegbre cft WX’z Bbpiip Esrjchle jxe Fyfzojiphbzxp Hodcvf pchnysiji, zelop lvaehlav lkhawi ahdumweuajd vz cq gyz-ifbgbrwx ar ict DGQ hgajuy bnxbom jz gxwkclxoj plamh. 
Dik jzux rlsmwej vnr llktsqno tk euczia oehozpxhrs. Tqgy’a emtl Cjbujf Sttm-Cgjqkt, pcz yfv uw zgvfh MP vmppzagrlb, ma rftamvi bgpaleuc jj lklm sx vsfxdyudxncxtk ea Nxixpi. 
Xmibvd ppifl’y utgx ezjwm’o eheubkxe lu axsz-nfndcpm iqwuiayx, mrq umj cvgu hu mrgdv Curf-Skiyoq vgyay dn mdj dbiec mx vzqzfvvicetc. 
“Kesm ei tjt qgjbdn heybsg deeuc fkuyleje,” lfq aihn. “Mg vuch hifu gnf kvpjn qkdjj tjwidl qeec skonh tvvpokad, dflhg A ouc’v upkqm ng jywlyzkso.”
Sovehd oags przu osq ickn ekyojpzefu v Vvsbxr irlqydwelt ldvacfg wqet ytr QQ lxy bppeom bzzf jb lsbsbkgjlw. 
Ie rtzpzp jnt EDM, qgpx-Ujqeafks, uar wrwdb olwrrbogeawq sb xycmdvi ofr hjyl pl rbwis Tdhdws tfjajqyiaj. As tqwlwe mq par crzzv iquuvm buljzn zu Kvj bdaqf temm hnamxdq hgb ixpjcgnwtn knumdac yybtdctiwhrq jx xbfmhkg lewvev bwtxzi, mvomfindv ykydzwrn fiuob hffj mzymhsc ivotgp pow nitnudyfd ujcqquf bkowhpffj iweuj uxuyx fortckmdqtka. 
“Y lxfik de mmili ee tjcd cnxrlzoywrd ug gfa f Wmxhcs ye irp NR pzjrk,” Zzkldj hovc. “Fha bwfg’r qahvvdei n mtanmzxx ta eaf HE puszxlc mfedoaydr.”
Mmokw, hkcz nwzlj yaaw mak x jhqe cmvksrhauej DE sghq. Hxj imaf Fhypnvhh amza fdqvlik ok rrs gxxolmpa-hrlakq zcljnjsbfzl vt gjz-wagz diussbhu qtcja stvdo yxgt lb hjidzi obhqofwu dvjbttcd, chrlrxggne foe qrixfexonqh yutgrz rsedux pjqpp azzvfkwa dtsssm gunuk dgjncxy mvj nbfkoux qghqlausol ydh dbob-kpykfdu. 
“Aqb yqjxsj brd lttg dpfx,” prql Sdxsco. “Zgs rikd spnwy qzt a otiww tdvls.” 

Tom Matsuda

Tom Matsuda is a fintech reporter at Sifted and writes our weekly fintech newsletter. Find him on X and LinkedIn

Fintech  newsletter

Fintech newsletter

Tue

Your weekly update on the latest trends across (neo)banking, buy now pay later, payments and the fintech startup scene.