Product–market fit (PMF) is often described as a breakthrough moment: growth accelerates, customers buy effortlessly, and the product “clicks.” In fintech, that narrative is misleading. Based on original qualitative research conducted for my MA thesis  (Full title “How High-Performance Estonian Fintech Startups Achieve Product-Market Fit” at  Estonian Business School 2025 )— including in-depth interviews with founders, product leaders, and executives from ten high-performing Estonian fintech companies — this article examines how product–market fit actually emerges in regulated financial markets. The findings challenge popular startup myths and point to a more grounded reality: in fintech, PMF is not a single milestone,…