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In interviews with financial outlets like the Financial Times and Bloomberg, the CEO emphasized that the platform was forced into this position due to these external pressures, essentially blaming the banking industry for their decision.
The Underlying Factors: Venture Capital and Regulatory Pressures
While the official narrative cites banks as the main culprits, industry insiders suggest the situation is more complex. Sources point to venture capitalists’ hesitations about dumping money into a platform associated heavily with adult content. Since its inception, OnlyFans struggled with profitability—similar to Patreon in its early years—and has been seeking additional investment to expand and diversify.