HBO’s financial thriller “Industry” is drawing praise for its remarkably accurate portrayal of tech fraud, specifically focusing on the rise and potential fall of a fictional fintech company called Tender. The show’s fourth season isn’t just compelling drama; it’s a surprisingly precise depiction of the mechanics of modern financial deception and the regulatory pressures that can expose it.
The central narrative follows Harper Stern, now leading her own investment firm, as she seeks a company ripe for a “short” – a bet that its stock will decline. A tip from a journalist leads her to Tender, a payment processing platform initially focused on adult content. Harper dispatches associates Sweetpea and Kwabena to Ghana to investigate, uncovering a disturbing reality: the company’s success is built on fabricated numbers. As Sweetpea succinctly puts it, “Fake users drive fake revenue drives fake cash. The thing is nothing.”
What sets this season apart, according to observers, is its timeliness. Tender’s origins in the adult content space immediately place it under scrutiny due to the UK’s recently implemented Online Safety Bill. This legislation introduces stricter age verification and content regulation, creating an existential threat for companies reliant on that market. The show illustrates how this regulatory squeeze forces companies like Tender to pivot – often towards more ambitious, and potentially fraudulent, ventures.
Tender’s leadership, embodied by its CFO-turned-CEO Whitney, embodies familiar tech industry tropes. He’s driven by the “move fast and break things” ethos, aggressively lobbying for a banking license and pursuing mergers to legitimize the company. This pursuit of rapid growth and disregard for established norms is a key element of the fraud depicted in the series.
The show doesn’t shy away from the human element either. Harper’s journey is complicated by her past, including being labeled a “DEI plant” at a previous firm – a pointed reference to the recent decline in diversity, equity, and inclusion initiatives. Her ambition clashes with the personal connections of those around her, notably Yasmin, who is married to Tender’s CEO, Henry, and is managing the company’s public relations and lobbying efforts. This creates a compelling dynamic of personal and professional conflict.
“Industry” doesn’t just present a fictional scenario; it mirrors real-world patterns of tech fraud. The show accurately portrays how companies inflate metrics, manufacture revenue, and create circular financial flows to appear successful. This isn’t a new phenomenon, but the series captures the speed and scale at which it can occur in the modern tech landscape. The show’s accuracy has even been noted by those within the industry, with one Black British founder commenting that it accurately portrays “how detached the UK upper class is from consequence” and “the ruthlessness of the British elite.”
The parallels to real-world cases are striking. The show’s depiction of a company attempting to rapidly pivot into banking under regulatory pressure echoes the story of Wirecard, a German fintech that collapsed in 2020 after admitting that billions of euros in reported cash reserves didn’t actually exist. Like Tender, Wirecard faced scrutiny from short sellers who identified discrepancies in its financial reporting – individuals the show acknowledges as “alternative whistleblowers.” The Wirecard case also involved allegations of espionage and a COO who went on the run, highlighting the extreme lengths to which some companies will go to conceal fraud.
Another example cited is the case of Charlie Javice’s Frank, where deception was used to overinflate success and ultimately defraud investors. The show’s willingness to depict these tactics, and the potential consequences, adds to its realism.
The show also touches on the political dimensions of tech fraud, referencing the rise of “technofascism” and the lobbying efforts of tech barons. A character’s reluctance to sell his family bank to Whitney, whose last name is a Jewish-sounding Halberstram, hints at broader ideological conflicts at play. This adds another layer of complexity to the narrative, suggesting that financial fraud isn’t simply a matter of individual greed, but can be intertwined with political agendas.
While Harper Stern’s character is described as a compelling force, some question her plausibility. One industry insider questioned whether the UK establishment would truly allow a Black American woman to rise through their ranks and succeed in the cutthroat world of finance. However, this perceived implausibility is seen by some as a deliberate artistic choice, highlighting the systemic barriers that exist within the industry.
“Industry” Season 4 offers a chillingly realistic portrayal of the dark side of the tech world. It’s a story of ambition, deception, and the relentless pursuit of profit, even at the expense of ethical considerations. The show’s success lies in its ability to capture the nuances of this world, and to remind us that, as one reviewer put it, “reality itself starts to feel like satire.”
