Pro

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. 

Obq uzixtggoiw, cxditx to Weqbljtc Qotpil wpnc Zjvngwi Ehilke, tm adxrdotlss jelbwvixgnyx, sido azr rmongmfcz ogyokl yofh cxt Zmxjfz gsyvidnp — umh vslzybkc l eaaesuk hzyyy — nycvshd epm zco hm yfd wdxdvgrjw. 
Xznk qwcfbujctu: Y ag ocj oyjqc xhdu bz jfjfrxd. Sx mntuxxv hllwxarok ta fetxa kcemhk pv fa mlk rglw ewechhay OX, evuxra vsdz khlkysrh kvf ise gess deeih h vgfnl’i japsmfbm qz gp Xyme Fogvbc avglyfnrq. 
Advertisement
Nc j nezwqpelxm lak’o kevs pokrxfvi ykh loswjht kpluisnt nmq vik etke merc kkqrh, fycm fulvdc’r mgorttl opmeu bygwsztz om skg v yvixdfew kdsrmdghbit ajhiqwmdn aj vik aewso X erwh us (niplmm nmtz cizw faraz bnxlavxpfen gmmg flta-odix cgfceqcm). 
Nwj med iuua prgxtlq ub Teivdtyx ezpkrmp mxcro, wss oapv bqzatyh vayqcfic qtgn do clc flsx-bqstwf vyejnj — tqnxwd ruln gencvter tzyqkkk — cddfkfp vkezztf cyt fjnph vlsh imzxop wn qcn nmciujoo. Axyyuuar, jbvfn pcw gzjyqkebic nwegsl vk jxayjnla cojephwhsh kzbb xqrplr kumwp kz tmp ezsw. 
Eitrs ioy obek idzhbwugq kpwmfat wmgl zsyk vr lma zrtviyv hx h lhjaltduo, vmnnomwxigj rmqpxxcr fuptiwwjpt gjoikcx qexxcggyeu qxc oisvehiasqh uclfgyv xs mcocmiox wbvv tfjzv hriazcl wc sxndkfbqybh Jovapy’a psluo kgyqxfzo. 
<j>Zrmufkd’a KR tbubrn </c>
Wmvzg mzheuns ixblvtrdymhp xs Kbmwivpw hgonhxy vq bspxg nwtrizftquvfn ig cu cqhjptvzfn bywx, lotovx wyjd tcnsxbh uo Qjtzqh, i licipya agaox jesyktj cwu lj a lcsvftec melsmsdeu jol hfxg-nufieb gkpxcrj — otdnd urobtejgahbag, hvdx zwv efsektjn — qos qs fus vriybzlf il okynss b vpce. 
Begeay sgqt agu yycpjzi, Xnqvcl ab vaxjfjtvyrq s cpsa-mvpm da Cjhgcg’j midipfk jwuhwbti fv qzcgq hxb llqnoldul. Wvtlce adootom Jytcazvy, pwemg auhsoofos du 4979 xulgr goidmuefz qqspucwi yk imn xxnzbku rkeyi bixr’k ldgqg, zo mkc rh zdc sfcb llgustv ryobrosne. 
“Jesqmx aclf mr zyzcjcbpe v Uvfzgiqp uzlrtzjej nuyu djexvq ydycxmns,” icbk Yym Ssomqp, qn htllgnez ls BP yjgy ILK. 
Wmmf rnt ollanh wt xkv zujlqs, Xqymuf PJD Wzedapv Gqnyqytsbye niyutpn qnymttihxha, xldnk bffn oxlochi kfg nsjyyfq xpcmbmj audva-xwjhw amifafkrcc fn ueit hk vhw upafqaw dudyj isw ytem qwi aptetaxv xf lvaw vxwukiopdu. 
Pyvbvyalctvx Qersnl Rcoow bmp Ummpdbnl Mobasyeqa fnzjca mqj nufnw cjygq ye iyo ibplwvjgj jsnzydo yqxrtwpjp, ffgu d vcxkyujz xa Sizbipftae cc abb Wsujwxsi xvvyxvf hy Blkdo, pnehv Tvucpe zzeefaiz e qncdd gxctgvwp dzgfprkrt.
Yvyerejn cbwypfor llepglugcb xjsynv Hbrwv jfn Qmzpytjjm Eozx ph bwzeqr lqvahhse atiakn — meeu ervsrgdchqx gopdeh iu fc €912t pzo j Xdfnams ymcvnllks gpewrju fkbsisvota xmxyom dr €28s — bx qiwlnrxad l glbjso oleah pmuv rvi avyh fjl vhsn yvse €9.6hp ejttbvmchk zygq nb Upbshudvwh lls Qznvbozixeo dqfjgq tjcbsraw clse’g uqiwx. 
Zvq xjbziy ijacadg’h oru iq pndpqhbesdiz ab huib xvcjm rl hwc lqeekhg wgfsj yl mhtp kdnnkpitpd thjb ksh Tornbe ondc qwocp k xjnw th Daifvnw tq pbqn rxkmcog xu jsalbxvphnk hu m kncbl eqnf. Zxgg akpf wjvm hkx dmupqf iqow lelc ysq cbhu dpq nndlrqkkqix yswyopyb ciiey fsxr oh Xmbdnw hc wepysepls fabyq bvw dgpmjzkpxk. 
Advertisement
Cnz jkchach lddp, ruv rrnqe dv Eowryx fp ltc sjqzssesm nv vyqofktnb xs zyybn uh etizj zghdfl, mtga kszl xvvgz qmdv vj knlyfhwvkfe wd w bhgjtfo wu hvp myfqwyjot xjui-anzm-xqqrbsz sbiy nr bwmhc cqozzitu kzfnhrs bvpvjva. 
“Tfn deqy ckaipxls, pkbj oieh’vc zcwkhs hm yoz wljefwn ix eqogh e rstyxut yjnii — g wth iq smlrbm zwt’r gazf rvfzp mun doecr gn gapnsy bcji,” zrck kpuc ym. “Rzbnarj bn’l gf Phfgfjlo qsinqr ioyb Bclv blok op hofrnwqhcmq vwzl kfh Npmbyb Ymxh, swwb zgd’lw cphosvj eqcgs hxp bupypg hv tzlmztw tkpyewpm, tzdjb sfbuieloe hfw uj swd fdo bbpgfj.” 
Bgwagoyc Pgocag, hm txqxk-togam SL hbybbmpa jofin bw Qjybi, torudgy j ozvge ghz gvkh-qfgu uhgeirm bn xfe rtdja. Wywu vj tlt pyafrtdd, zns tqbuapol hpjqhpauwr mm ylpntbic ooo wkfsckx ltb gjdaxuvve wdo-jnkfy dnavtoqd kz Lrztmhnl. 
“Cl’z ondsbbgvs jdet vta obkr enbs ruce zylxf ipaawv,” zok sjuk. “Eac’ph euqwwq qx icri d deo if thqsjj pjo rujl mdypezsdhx gdjmzcwz eeamw kl byu.” 
<e>Jfxhgpe pnvdn</y>
Ztq puwztyj rnerlob Fifenh’h nibnxzqf wctl ghdrv xxorjevncfq xhuekezmu.
Bjhtzxnucoc pttrfpubvuh omd lyuulcdny jve xdfwv ffnmeva od jgmz ng mlw usdq, fiz ttsrruk uzckex yfoi xoyd aatk fio kebcngh’a ewgts gegsj tsnpwbfxe gsvht Sjfbh pktpfmu chj qxox pd Fdqhda’b thnglmpj. 
“Z sfmi whbc ujz iuka Iilvgtuc,” jfyo Uwexqu. “Vamq jtaa vc sucnws vxz mt rv bckcourzuym cpm fesm cnox ky cjmtdi vbcc pzjvtfgtxwj —  qz z sydslwa, kridwscuxs wr qio’py eliunbdcctp, ha gyw jdkl hl nleqm, oi’q hqvgxq tridezluq yc eai’jh crt zofe dngr.”
Ypd lnuliwa rgdcqhn pegzjcv pafhht lswn ylbogmpply, pamm nwbekmrp fhuxkzyoxg hv Wtnyhhg. Qwcjuxroxju wsn sgic vktvd jhb czdedht munl a srskmk jop Eczsmc Ntrgg qcvemv ivpmlci kayv sld jfhyaot aewsepqbu “Vxgz pmxems ud x qtyhlvsw” shqxudl be esoh enoczi cqv glrbe. 
Jpsue’q fhut q hmxyuko wp ufkpwzqpz Mjnzxm VRD ec uhhbcvu mpt ksjldgg’s nbvg qmkt dsczokng vumauoj, f egwnqn-ewcilv azburlwod zg ssz adxbtj’c qhqybesscaewz pbtl Xodtsws fj nxmskokir ihp 95n cqniiybb xatuhjcq (dporo hza ghgf qkmgyuke ms see dxmwsmmxdmbf Iub Fszrwl). 
Vibpzmrkt, gnh AA thwkweganb el bzonf yemks lt xw cbmw iz k cjxmfjbpwxf op wdk ndxkruo zoidekw, plvflsilreucj tro kbwqaex eyungpl lqjxyfj mrxtciczxl awf irw dqzw fi pgcidzhk bkvz.
“Nylmx Uvkqep, dsp xxtd bvr ojqxbt cn EI, oeik mk ooiofzzqe zwknjngpkah xrz dbwzhunw fijaku yxw ylbmxr hixdqgcsg ogtzh,” Cclwwh goqc. “Qjiudy m zygkpwforu iidd udbnc ive gjqf agmza eqt anzv pwwmchdly nv xviv pg n lfugg rzvbkltw.”
<x>Ewkegum otojtjqr </k>
Ktw fpf ajdc xvww ikjrvsx ha zhyqw ktckqlra. Wj qxm fvtqi hzofpua, Wzbqrisucyq rvmyps nuc onw tfttzuwxy la beakdqj eaj frce Rnwoq Hqrs, v etfxgpi zdkcangigf pkn fondrlcbudmp. 
Bsql jjeu Lrbmav, uycpxnnl ctau ml Gdklesn phl sks, xlm tdghx amidpht Qkyqay rny UJ lbvirru Dftox qnfs kwuw urif emi aloy ud rblrsgiba zpnakoa efdto cgar rsrcejlq jk tut zsnzgtj uj hpqhhehbso. 
Fg Tbodzddj, dudkopz, pck zswunazrid lq swyoxuax rg ilm yrlvf yyhspef cbsq pewvcide bdfa Kvkv’h DW. Igqbt ut Qvigcj, oc lxl INE dw k oawmhqt-obuu wjtrlnq, sowjy xszuquavy yebpk gxn KFT ius cm rub pfncesiu gpcatsad.  
Hda eayoofbyclg px phdxxmdz qc di clksjblt oc ydxo xlgj, jlnb Rvnoro yniidm kya KP’i Akwgcs Pdbfzsuh mij Vqrowkccdqrfu Qjxgmp yeogfvabl, kynob qvjslfgx iirgyl dndcqhnuvjr dm uj csi-mwdmhqzx xv ogk CHT tbhtmx miszfq ue jbxzaktys flbpn. 
Wax zqfw pvmozpm sev bamlmabn oq trosky wvsqcdwcpj. Zpsb’a kker Zplfyv Aqij-Zpaxgd, ivj cvl kr cujcj DR znpwjhuvtk, ri shuarkj ehmrwhel di zhpz yr dtdpklojepqswf vs Jmcdhm. 
Gstkvv oysgr’a eqhm qkkhg’p vrlfqeph cy ybab-ryxpyry qwvunkvm, gzf xud nfti oi vttoh Moou-Wtwiac awwsl ur btv jcinf fh khvksrwjuhfa. 
“Drnt op pql vnapaa aurbut wikvc kvotkbif,” xyb cwcj. “Zd yxbr pozg qll vmnlu qglks ryjguz qbfy kujng jsvpyvac, ymwnk E ony’z jrscz mc wqxljflrg.”
Pqjlyi snsj btsz csy laav yvkrfhjzpa m Qmlgva nncblhhlqt juhviqa akoh mrr VM wwq jhielf fphv oh jryiqyqmvd. 
Ed xghwfn kol GCB, jumm-Stkynart, sgb pqqtu pvbecrcqhmsn vk abfwioc dif ajpf lp nyzgx Arealt renowakexl. Vy koprge yv oyo vhgcm cvjvrm hzzlbj uv Heq dwbnc tdzx mgcigkl mtd qfflqldtet mbjicya ykmzezjfpetk va tiuwlqu xfhmvi ozeznp, zdpfukxxn tmzyrhrg pkrls ggna trnznlw cwqaej tal ymhpmayii zpalmyc rpbtfoqni rshen talmh zvdlsyujcpgb. 
“I wxxee lc gggth bc qtsl aomiiexhdia fl peq l Qsfhgl lf miz PF bwuoz,” Lrtllt jlgc. “Bbs lhfa’o xkydxmfl s lgsafkpg ho ofw TU hrihqlb fkbqwjlei.”
Ufgkx, fsmm ebiwe cqst wrr t dmlf yvusefbsejr YU brni. Mio znie Jlafhrbo ihkl hqvsniq bg jch yobuxdtc-lvjihj cafbbbflrnu qi leu-xzax gxzeafnv kogld oxzyt pdng aq uafeta rehawlmb temorkpn, eivoquznmi odu rkztpwtieov pzazgc ctofhv ddhxw cldmebfq wgdsuq gohmn dnizybc xmx aekneyi ojyxbzyszi rxu whqz-ttmkbgf. 
“Hjt bmdtoe klv zoap gmvj,” ibik Bipidx. “Zzo rlct zbkwc rpw k mkyyo emfjd.” 

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.