Fintech Bubblemania is back with a vengeance

Should Joe Public be concerned about these fantasy games that are played with 'valuations'? $3.5 bio for an operation that has a pitiful balance sheet of 150 Mio as per last data I could find. Even if double that it is still ridiculous. And what is the business 'model'? Offering an app and collect deposits? But that is the easy part in banking, if all they then can do is lending it to the wholesale market, mainly other banks, where is the added value? and how much margin is in this 'model'? And the investors that put money into this - and similar start ups - whose money do they look after? It is not their own money but the money that investors - the Joe Public again - have entrusted to them. So any losses are not suffered by the promoters/insiders. The media should be critical and not write adulating reports. And the regulators? Better not say too much, bad for my blood pressure.
On line Bank N26 valued at $3.6 Bio