So very good question. I mean, fintech can seem quite narrow in some regards, but actually, it's an incredibly broad space. And it's probably worth outlining it in the way that we think about it at Mauro, at least.
So we're quite thesis orientated as a fund and at a very high level, we try and split it down into three broad categories.
The first being infrastructure, and what I mean by that is, if you have a look at a bank, or if you have a look at an insurer, and we invest more broadly than just fintech, we bring insure tech and B2B SaaS and as well, but if you look at the traditional stack, the traditional technology stack of a banker and insurer, there are so many layers of old archaic technology, inefficiencies across that whole stack. So we see a massive opportunity. And this is kind of bread and butter fintech, really, it's 'fintech 010', of basically improving the efficiency, the accuracy, the ability, for large incumbents to modernise the technology that they're sitting on.
But then the flip side of that is obviously if you can improve the stack that you build financial products on, that brings a whole new number of challenges in, and lower barriers to entry for challenges as well. So that first bucket, as I say is the banking and insurance stack. And I would include things like KYC (know your customer), AML (anti-money laundering), core banking, collection, servicing - a suite of different things within there, within that infrastructure category.
We're also quite bullish on the infrastructure as a service space. What I mean by that is historically, there's a bank that's fully regulated and the bank has its technology partners, and they build the full vertical solution, or increasingly, we're seeing this trend and there's a lot of other VCs investing in this space of what we call embedded finance. Which means non financial brands will start to embed financial services within their product suite. And there's infrastructure that will both enable that from a technology perspective, but also from a licensing and regulation perspective. So that's bucket one, that infrastructure broadly.
Second bucket is around what we call the challengers. So take any financial product, take a mortgage, take SME lending, take personal lending, you name it, there are attacks from all angles from new challengers who are either serving a different segment that historically been ignored, or using a new data set or data approach, that means that you can underwrite or offer products to customers that that weren't possible before.
In the past, it could be a new business model, they could be completely rethinking pricing and how that works. Or it could be a technology solution that they've got, that just means you can rethink that financial product. So that for us means challengers. So we have backed Upgrade, for instance, which is a challenger bank out of North America, and similarly Klar, down in Mexico. But then in Europe, we've also just backed in the last six month, Uncapped, which is a revenue-based lender. So there are all types of businesses, which are really just rethinking what a financial product is and service and, challenging the incumbents basically. So that's category two, which is the challengers.
The third one, is super interesting, but also a little bit further out, which I call transcending fintech. But, but this is kind of really thinking about those massive societal shifts that are occurring, be it sustainability, and climate, education, mobility, lots of these things are fundamentally going to shift over the next 10-20 years. And therefore, the role of finance is going to completely change as well. And I often use the example of cars. So historically, you would want to buy a car, you'd finance the car, and then you go and insure the car. An example being that actually the service that we want is to get from A to B, and mobility is going to completely change, be it driverless cars, services that you can subscribe to cars, all those types of things. So we're really thinking beyond the constraints of a traditional financial product, and looking forward for what these kind of big societal shifts will mean for the way that we interact and use money.