‘Industry’ season 4 captures tech fraud better than any show on TV right now Dominic-Madori Davis 4:06 PM PST · February 6, 2026 HBO’s hit financial thriller “Industry” has delivered one of its most compelling storylines yet this season: a hunt to expose a fraudulent fintech company called Tender.
The show follows Harper Stern, who’s leading her newly launched investment firm and looking for a company to short — essentially, betting that its stock will crash. After a journalist tips her off that something’s wrong with Tender, she sends her associates, Sweetpea and Kwabena, to Ghana to investigate.
What they discover is damning. “Fake users drive fake revenue drives fake cash,” Sweetpea tells Harper. The entire company appears to be built on fabricated numbers. “The thing is nothing.”
What’s fascinating about this season of “Industry” is how well it speaks to this moment. Tender starts as a payment processing platform for adult content. The show references the very real (and still controversial) Online Safety Bill that the UK introduced, which has led to age verification and other enhanced rules for consuming adult content online. Because of its affiliation with adult content, Tender finds itself at odds with the new government’s regulation and must pivot or die, as the saying goes.
Its CFO-turned-leader, Whitney, wants the company to pivot into a bank and has a plan to make that happen, including making Tender’s CEO, Henry, the face of that transformation. Whitney is the embodiment of every tech baron cliche. Move fast, break things. Win at all costs. He’s lobbying politicians for a banking license and hunting for merger opportunities.
Harper, meanwhile, is leading her newly launched firm after feeling undermined at her previous firm and being called a DEI plant by the man who hired her (a nod to the decline of DEI in the past few years). She has teamed up with new friends and old frenemies and is looking for blood — meaning a company on the precipice of crashing. To her, Tender is that company.
This puts her at odds with her friend Yasmin, who is married to Henry and is crafting communication and lobbying strategies for Tender. It’s pride and prejudice — the sugar and spice that help make the world go round.
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There is commentary on fascism via the character Moritz, who lobbies against Western liberalism and is hesitant to sell his family’s bank to Whitney, whose last name is the Jewish-sounding Halberstram . The character is perhaps a nod to the rising “technofacism” criticism of some tech barons.
Harper, meanwhile, is still a calculating sociopath. “My real passion lies with finding dead men walking,” she says at an investor breakfast. She ends up raising millions for her new firm.
She is the one character whose existence strains credibility. Personality-wise, she has to be shrewdly calculating; unlike Yasmin and Henry, she has nothing to fall back on should she fail. But would the UK establishment, which is notoriously insular, exclusionary, and white, really let a Black American woman rise through their ranks and beat them at their own game?
“Who needs realism when she’s such a great character,” one Black British founder told me.
He said the show aptly captures how detached the UK upper class is from consequence and is actually one of the few shows he’s seen that “accurately portrays the ruthlessness of the British elite, specifically how they maneuver the media and governments to suit their own whims.”
“Nepotism and lack of boundaries at work, people sleeping together for trade secrets, is very realistic and common, unfortunately,” one European investor added.
Meanwhile, Yasmin is headed down a dark path. Earlier this season, she organized a ménage à trois between her husband, Henry, and Whitney’s assistant, Hayley. As the season continues, her behavior becomes so hedonistic that one reviewer has already likened her to Ghislaine Maxwell — perhaps a perfect emblem of what lies at the pits of money and power, and the role some women play in digging those holes.
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