// startup autopsy
SanMarinoFin
San Marino's fintech for 34,000 people who were already using Italian banks
market sizeSlow Death
Years-long decline before final shutdown · Fatal mistake: San Marino 34K population surrounded by Italy; all major Italian banks served San Marino residents; BCSM banking regulations required Italian correspondent relationships that made independent fintech unviable
| Founded | 2019 |
|---|---|
| Closed | 2021 |
| Country | San Marino |
| Sector | Fintech |
// the model, blind
Evaluating only SanMarinoFin’s profile at its peak — without knowing the outcome — the model ranked Market too small as the #1 likely cause. That’s exactly how it died.
Key Events Timeline
FOUNDING
MILESTONE
SHUTDOWN