Fintech entrepreneur and co-founder of Gold Bullion International Savneet Singh explained in a post on Medium.com the unique challenges of developing a transformative fintech business.

“FinTech is really hard and the hubris I see in entrepreneurs and investors entering the space makes me worry that people have no idea what they’re getting into,” Singh writes.

Here’s a look at five reasons why Singh believes breaking into the world of fintech is more difficult than it may seem.

1. Fintech businesses don’t scale quickly. In fact, Singh points out that all the loans originated by LendingClub Corp LC 1.12%, SoFi and Prosper combined don’t come anywhere close to the amount of lending that top U.S. banks are doing.

2. Early adoption can be misleading. Many fintech startups provide a product or service that is exactly what a handful of initial clients need only to find out years later that those handful of clients make up nearly the entire market for the product or service.

3. There are…

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