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All of a sudden, Big Tech is rushing into financial services. Google plans to offer “smart” checking accounts, powered by Citigroup and Stanford Federal Credit Union. Apple released a credit card with Goldman Sachs.

Facebook yet clings to Libra, its audacious digital payments dream. This is the web version of The Ledger, Fortune’s weekly newsletter covering financial technology and cryptocurrency. Sign up here to receive future editions. All of a sudden, Big Tech is rushing into financial services.

Google plans to offer “smart” checking accounts, powered by Citigroup and Stanford Federal Credit Union.

Apple released a credit card with Goldman Sachs. Facebook yet clings to Libra, its audacious digital payments dream. Should financial tech startups, or “fintechs,” fear the encroachment of much larger, lavishly funded tech giants? “Fintechs should be very concerned,” says Avivah Litan, an analyst at research firm Gartner, noting Big Tech’s penchant for crushing competitors.

These bigger rivals—with their phones, app stores, digital wallets, and billions of users—“own the user interface,” she says. She pointed to Apple Pay and Apple Card as a success story for Apple, but a threat to other card issuers.

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