PitchIt: Recent Episodes
Todd Anderson
Which early stage fintech startup will become the next big thing? How do VC’s pick the right startup? Join Todd Anderson, Chief Product Officer of LendIt Fintech, each week as he interviews the next class of fintech startups, the venture capitalists that invest in them and has some fun along the way.
On today's episode, I talk with Kelly Fryer, Executive Director of the FinTech Sandbox.
Kelly and I talk about the mission of the FinTech Sandbox, why she enjoys working with startups, current market conditions for fintech startups, why access to data is so critical for startups, the market shift to open banking, the banking crisis, horseback riding, and much more.
One quick PSA. If you want to reach the best fintech community, we have all the tools you need to shape your message and reach new clients. Sponsor an episode, sponsor a webinar, buy ad space; we have it all. Please reach out anytime: todd@fintechnexus.com.
Without further ado, I present Kelly Fryer, Executive Director of the FinTech Sandbox.
Episode highlights include
- Kelly's interest in startups
- Techstars experience
- The mission of the FinTech Sandbox
- Fintech Sandbox participants and partners
- Barriers to underrepresented founders
- Fintech fundraising
- Open banking and data access
- Kelly's love for horseback riding
- The banking crisis
- And much more…
Connect with Kelly on LinkedIn
Connect with Fintech Sandbox on LinkedIn
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On today's episode, we conclude PitchIt 2023. Before we start, I wanted to share a special thanks to our judges and participating companies.
You will hear from the following finalists:
- Boss Insights
- Calque
- Debbie
- FinGoal
- Grounded Technologies
- Momnt
- Neofin
- Uplinq
PitchIt is a personal passion project for me; getting a peak into what’s coming next in fintech is a privilege. All the founders are building fascinating companies. Innovation is alive and well.
One quick PSA. If you want to reach the best fintech community, we have all the tools you need to shape your message and reach new clients. Sponsor an episode, sponsor a webinar, buy ad space; we have it all. Please reach out anytime: todd@fintechnexus.com.
Without further ado, I present the finals of PitchIt 2023. I hope you enjoy the show.
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On today's episode, I talk with Gavin Nachbar, Co-Founder & CEO of Column Tax. Please note this episode was recorded live at Fintech Nexus USA 2023.
Gavin and I discussed the founding story behind Column Tax, tax refunds versus more money per paycheck, why taxes are so interesting, embedded finance, raising capital, and much more.
One quick PSA. If you want to reach the best fintech community, we have all the tools you need to shape your message and reach new clients. Sponsor an episode, sponsor a webinar, buy ad space; we have it all. Please reach out anytime: todd@fintechnexus.com.
Without further ado, I present Gavin Nachbar, Co-Founder & CEO of Column Tax. I hope you enjoy the show.
Episode highlights include
- Column Tax founder story
- Why taxes are so complicated
- Tax education
- API accountant
- The lack of innovation in the tax market
- Embedded finance
- Raising capital
- And much more…
Connect with Gavin on LinkedIn
Connect with Column Tax on LinkedIn
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On today's episode, I am joined by Rodney Robinson, President & Co-Founder of TabaPay.
Rodney and I discuss the shift toward faster payments, what that means for the overall payments market, and where the US sits today in payments innovation. TabaPay is a platform built for real-time money movement.
One quick PSA. If you want to reach the best fintech community around we have all the tools you need to shape your message and reach new clients. Sponsor an episode, sponsor a webinar, buy ad space; we have it all. Please reach out anytime: todd@fintechnexus.com.
Without further ado, I present Rodney Robinson, President & Co-Founder of TabaPay. I hope you enjoy the show.
Episode highlights include:
- TabaPay's founding story
- There And Back Again
- Faster payments costs
- FedNow
- The banking crisis
- US vs. International payments systems
- Raising capital
- Recommended reading - The Martian by Andy Weir
- And much more…
Connect with Rodney on LinkedIn
Connect with TabaPay on LinkedIn
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On today's episode, I am joined by Oscilar's Co-Founders Neha Narkhede and Sachin Kulkarni.
Neha, Sachin, and I talk about the founding story behind Oscilar, the importance of no code, the efficiency of out-of-the-box solutions, the benefits of engineering talent from all industries, the rising importance of fighting fraud, being married as co-founder, raising capital, and much more.
One quick PSA. If you want to reach the best fintech community, we have all the tools you need to shape your message and reach new clients. Sponsor an episode, sponsor a webinar, buy ad space; we have it all. Please reach out anytime: todd@fintechnexus.com.
Without further ado, I present Oscilar's Co-Founders, Neha Narkhede and Sachin Kulkarni. I hope you enjoy the show.
Episode highlights include:
- Oscilar's founding story
- No code
- Out-of-the-box solutions
- Fintech, BNPL, BaaS
- The importance of diverse engineering talent
- Fraud to the top of the stack
- AI risk management
- Being married as co-founders
- Raising capital
- And much more…
Connect with Neha on LinkedIn
Connect with Sachin on LinkedIn
Connect with Oscilar on LinkedIn
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On the news show this week we discussed First Republic, JPMorgan Chase & Co., Pacific Western Bank, Western Alliance Bank, Federal Deposit Insurance Corporation (FDIC), Apple, Venmo, #Crypto, QED Investors, Boston Consulting Group (BCG) and more.
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
PitchIt is back and better than ever for its 9th year!
PitchIt, a competition for fintech startups, provides selected finalists unparalleled access to industry experts and invaluable exposure, branding, and more.
16 semifinalists. Best and Brightest VCs. 1 chance to Change your Future.
Semifinal round 1
- Boss Insights
- Conductiv, Inc.
- FinGoal
- Grounded Technologies
- Momnt
- Paperstack
VC Judges include - Citi Ventures, JAM FINTOP, Team8, Prosus, BankTech Ventures, CMFG Ventures, Sutton Bank.
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On today's episode, I am joined by José Carlos, Co-Founder & Co-CEO of Palenca.
José and I talked about the differences between the US and LatAm fintech markets, how hard it is for lenders to get an accurate picture of a borrowers income, Palenca's pivot from a lender to a data provider, Mexico's fintech journey and where fintech is today in Mexico, tae kwon do, raising capital, and much more.
A couple of short PSAs:
Applications for PitchIt have now closed; keep a lookout for the semifinals on April 26 and April 27. The finals will occur at Fintech Nexus USA on May 11 at The Innovation Zone on the Expo Floor.
If you want to sponsor an episode, come on as a guest, or sponsor one of our many digital or in-person offerings, please reach out anytime at todd@fintechnexus.com.
Without further ado, José Carlos, Co-Founder & Co-CEO of Palenca. I hope you enjoy the episode.
Episode highlights include:
- Palenca's founding story
- José's time at Uber
- Why they pivoted away from lending
- The differences between the US and LatAm fintech markets
- Open banking
- Financial inclusion
- Raising capital
- Tae kwon do
- Recommended reading - The Cold Start Problem: How to Start and Scale Network Effects by Andrew Chen
- And much more…
Connect with José Carlos Aguilar on LinkedIn
Connect with Palenca on LinkedIn
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On today's episode, I am joined by Ron Ross, Co-Founder, President & COO of Everee.
Ron and I talk about his journey to starting a company, his CFO experience in raising capital, the problems with and incentives around payroll, the path to payday becoming every day, the Boston Red Sox, and much more.
A couple of short PSAs:
Applications for PitchIt have now closed. Keep a lookout for the semifinals on April 26 and April 27. The finals will occur at Fintech Nexus USA on May 11 at The Innovation Zone on the Expo Floor.
If you want to sponsor an episode, come on as a guest, or sponsor one of our many digital or in-person offerings, please reach out anytime at todd@fintechnexus.com.
Without further ado, Ron Ross, Co-Founder, President & COO of Everee.
Episode highlights include
- Ron's journey from four-time CFO to founder
- The meaning of the word Everee
- The history of payroll
- Real-time beer rations
- Misaligned incentives around payroll
- Payroll as a competitive advantage
- How payday becomes every day
- The SVB crisis
- Raising capital
- And much more…
Connect with Ron on LinkedIn
Connect with Everee on LinkedIn
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On today's episode, I'm joined by Ron Benegbi, Founder & CEO of Uplinq.
Ron and I discuss his history of entrepreneurship and how it ties closely to his family's journey as immigrants. We talk about the SMB credit score, the shifting definition of small business, the overuse of as-a-service, getting more lenders to yes, fraud detection as a byproduct, raising capital, the NFL Draft, and much more.
A couple of short PSAs:
We are still accepting applications for PitchIt at Fintech Nexus USA 2023, head to (https://www.fintechnexus.com/usa/2023/startups/) Fintech Nexus dot com for details. The link will be in the show notes.
If you want to sponsor an episode, come on as a guest, or sponsor one of our many digital or in-person offerings, please reach out anytime at todd@fintechnexus.com.
Without further ado, Ron Benegbi, Founder & CEO of Uplinq. Enjoy the show.
Episode highlights include
- Ron's entrepreneurial background
- The founding story behind Uplinq
- The lack of an SMB credit score
- The overuse of as-a-service
- The various definitions of small business
- How lenders get to yes more often
- Better data equals lower defaults
- The fraud byproduct
- No regrets
- Recommended reading - Good to Great by Jim Collins
- The struggles of raising capital
- And much more…
Connect with Ron on LinkedIn
Connect with Uplinq on LinkedIn
Apply for PitchIt at Fintech Nexus 2023 HERE
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On today's episode, I'm joined by Lamine Zarrad, CEO and Founder of StellarFi.
Lamine and I discuss his unique journey to the US and fintech, the inequities in the credit system, rebuilding your credit, why he chose to be a public benefit corporation, the health of the US consumer, banking regulation and failures, raising capital, and much more.
A couple of short PSAs:
We are still accepting applications for PitchIt at Fintech Nexus USA 2023, head to (https://www.fintechnexus.com/usa/2023/startups/) Fintech Nexus dot com for details. The link will be in the show notes.
If you want to sponsor an episode, come on as a guest, or sponsor one of our many digital or in-person offerings, please reach out anytime at todd@fintechnexus.com.
Without further ado, Lamine Zarrad, CEO and Founder of StellarFi. Enjoy the show.
Episode highlights include:
- Lamine's unique journey to the US and StellarFi
- The importance of being a public benefit corporation
- The current credit health of the US consumer
- Why credit building and repairing are so complicated
- Is the credit score outdated?
- Lessons from his time in public service
- Thoughts on the current bank crisis
- Bank failures and financial inclusion
- Recommended reading -
- The Ghosts of Cannae: Hannibal and the Darkest Hour of the Roman Republic by Robert L. O'Connell
- Raising capital
- And much more...
Connect with Lamine on LinkedIn
Connect with StellerFi on LinkedIn
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On today's episode, I'm joined by Rujul Zaparde, Co-Founder & CEO of Zip.
Rujul and I talked about the frustrations he and his co-founder encountered, which led to the idea behind Zip, the importance of a consumer-grade solution, the growth trajectory Zip is currently on, raising capital, Roger Federer, and much, much more.
A couple of short PSAs:
We are still accepting applications for PitchIt at Fintech Nexus USA 2023, head to (https://www.fintechnexus.com/usa/2023/startups/) Fintech Nexus dot com for details. The link will be in the show notes.
If you want to sponsor an episode, come on as a guest, or sponsor one of our many digital or in-person offerings, please reach out anytime at todd@fintechnexus.com.
Without further ado, Rujul Zaparde, Co-Founder & CEO of Zip. Enjoy the show.
Episode highlights include:
- Zip's founding story
- A consumer-grade experience
- More spend visibility across the organization
- Better audit trail
- Easier budget management
- "Zip is where you do your best work"
- Recommended reading
- The Master: The Long Run and Beautiful Game of Roger Federer by Christopher Clarey
- Raising capital
- And much more…
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On today's episode, I'm joined by Christian Maynard-Philipp, Founder & CEO at Pattern.
Christian and I discussed Pattern's origin story, why Pattern is different from some of the investing apps in the market, scalability, and financial advisors, the investing education gap, her time in the public sector, the best fundraising story I've heard, and much more.
A couple of short PSAs:
We are still accepting applications for PitchIt at Fintech Nexus USA 2023, head to (https://www.fintechnexus.com/usa/2023/startups/) Fintech Nexus dot com for details. The link will be in the show notes.
If you want to sponsor an episode, come on as a guest, or sponsor one of our many digital or in-person offerings, please reach out anytime at todd@fintechnexus.com.
Without further ado, Christian Maynard-Philipp, Founder & CEO at Pattern. Enjoy the show.
Episode highlights include:
- Christian’s founder story
- Her time at Acorns and Cash App
- The investing education gap
- Consumer advocacy
- Smart scalability
- Financial health and inclusion
- Compliance, Compliance, Compliance
- The gender gap in fintech
- Recommended reading
- Ride of a lifetime, by Robert Iger
- Better not Bitter, by Yusef Salaam
- Raising capital
- And much more…
Connect with Christian on LinkedIn
Connect with Pattern Financial on LinkedIn
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On today's episode, I'm joined by Susan Tanski, Co-Founder & Head of Strategy at Sunstone Credit.
Susan and I talked about Sunstone's origin story, what drove her interest in the climate, how Sunstone is helping SMBs finance solar power, the 1 trillion dollar opportunity in commercial solar, raising capital, and much more.
A couple of short PSAs:
We are still accepting applications for PitchIt at Fintech Nexus USA 2023, head to (https://www.fintechnexus.com/usa/2023/startups/) Fintech Nexus dot com for details. The link will be in the show notes.
If you want to sponsor an episode, come on as a guest, or sponsor one of our many digital or in-person offerings, please reach out anytime at todd@fintechnexus.com.
Without further ado, Susan Tanski, Co-Founder & Head of Strategy at Sunstone Credit. Enjoy the show.
Episode highlights include:
- Sunstone Credit’s founding story
- An Inconvenient Truth
- Why Sunstone Credit focused on SMBs
- Commercial solar’s TAM
- Where we are today on the Climate
- Why everyone needs to do more on sustainability
- The broader embedded finance market
- Recommended reading
- The Great Gatsby by F. Scott Fitzgerald
- The Water Will Come by Jeff Goodell
- Raising capital
- And much more…
Connect with Susan on LinkedIn
Connect with Sunstone Credit on LinkedIn
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On today's episode, I'm joined by Olga Chin, Founder & CEO of InterPrice Technologies, Inc.
Olga and I discussed InterPrice's founding story, her path to financial services, how InterPrice helps corporate treasury teams, the most significant problems treasury teams face, an unlikely byproduct of their platform, raising capital, and much more.
A couple of short PSAs:
We are still accepting applications for PitchIt at Fintech Nexus USA 2023, head to (https://www.fintechnexus.com/usa/2023/startups/) Fintech Nexus dot com for details. The link is in the show notes.
If you want to sponsor an episode, come on as a guest, or sponsor one of our many digital or in-person offerings, please reach out anytime at todd@fintechnexus.com.
Without further ado, Olga Chin, Founder & CEO of InterPrice Technologies. Enjoy the show.
Episode highlights include:
- InterPrice's founding story
- Olga's acing of the MCATs
- Investment banking
- The funny story about their web domain
- Biggest impediments for corporate treasurers
- Relationship banking
- Dealmaking myths
- Advice from the founder of Noom
- Raising capital in good times and bad
- Recommended reading - Reboot: Leadership and the Art of Growing Up by Jerry Colonna
- And much more fun along the way
Connect with Olga on LinkedIn
Connect with InterPrice Technologies, Inc. on LinkedIn
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On today's episode I am joined by Marcos Fernandez, Managing Partner of Fiat Ventures.
Fiat Ventures is an emerging VC focused on supporting and growing the next generation of market leading early-stage companies in the fintech space.
It's a fascinating time in fintech, one one hand, you have a lot of bad news with layoffs happening almost daily, but on the other you also have these incredible stories of growth and excitement.
Marcos and I delved into where fintech sits today, how early stage founders should think about capital and when to raise, the precarious position crypto is in, the lack of diversity within the ecosystem, operator versus investor, the Las Vegas Raiders, and much more.
A couple of short PSAs:
We are still accepting applications for PitchIt at Fintech Nexus USA 2023; head to https://www.fintechnexus.com/usa/2023/startups/ for details.
If you want to sponsor an episode, come on as a guest, or sponsor one of our many digital or in person offerings, please reach out anytime at todd@fintechnexus.com.
Without further ado, Marcos Fernandez, Managing Partner of Fiat Ventures. I hope you enjoy the show.
Session highlights include
- Marcos's journey to Fiat
- Where the name Fiat Ventures came from
- Fiat's investing thesis
- Fiat's portfolio companies
- Fiat's differentiated approach to investing
- The state of fintech today
- The current fundraising environment
- The lack of diversity in venture capital
- Why crypto and Web3 still have a bright future
- Marcos's love for the Oakland (Las Vegas) Raiders
- Recommended reading
- The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of the Walt Disney Company by Bob Iger
- Secrets of Sand Hill Road by Scott Kupor
- And much more…
Connect with Marcos on LinkedIn
Connect with Fiat Ventures on LinkedIn
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On today’s episode, I’m joined by Patrick Sells, Co-Founder of True Digital Group.
True Digital Group's mission is to help financial institutions embrace digital innovation through investments in culture, capabilities, and capital.
It really is a mission for Patrick and the team at True Digital Group. Over the last few years, he’s had the chance to speak to 1,100 financial institutions. You can say he truly has the pulse of the banking community.
Patrick and I discussed common themes from the 1,100 conversations; the biggest barriers banks still face today, the education gap amongst banks and fintechs, Mindshift, blockchain and crypto, raising capital, and much more.
If you want to sponsor an episode, come on as a guest, or sponsor one of our many digital or in-person offerings, please reach out anytime at todd@fintechnexus.com.
Without further ado, Patrick Sells, Co-Founder of True Digital Group. I hope you enjoy the show.
Episode highlights include:
- Patrick’s journey through banking to True Digital Group
- 1,100 bank conversations
- The Mindshift product
- Top impediments banks face today
- The education gap
- Selling to banks vs. credit unions
- Blockchain and crypto
- The impending recession
- Raising capital
- Recommended reading - When Breath Becomes Air by Paul Kalanithi
- And much more…
Connect with Patrick on LinkedIn
Connect with True Digital Group on LinkedIn
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On today’s episode, I’m joined by Joe Cianciolo, Founder & CEO of HomePace.
HomePace's mission is to enable homeowners gain financial flexibility. They do this by allowing homeowners to unlock the equity in their homes.
HomePace's innovation gives homeowners more financial freedom without taking on more debt and gives institutional investors access to the real estate asset class.
Joe and I talked about where the HomePace idea originated from, his time at SecondMarket and FutureAdvisor, the typical use of funds through this transaction, how the overall real estate market impacts their business, playing football at Penn State, raising capital, and much more.
If you want to sponsor an episode, come on as a guest, or sponsor one of our many digital or in-person offerings, please reach out anytime at todd@fintechnexus.com.
Without further ado, Joe Cianciolo, Founder & CEO of HomePace.. I hope you enjoy the show.
Episode highlights include:
- Joe’s journey to HomePace
- Lesson’s learned from FutureAdvisor & BlackRock
- HomePace’s model
- Correlation to the broader housing markets
- Equity v. Debt
- The education gap for equity housing transactions
- Raising Capital
- His time playing football at Penn State
- Recommend reading for kids: Charlie and the Chocolate Factory by Ronald Dahl
- Recommend reading for founders: Moneyball by Michael Lewis
- And much more…
Connect with Joe on LinkedIn
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On today’s episode, I’m joined by Dani Pensack, Co-Founder & CEO of Rightfoot.
Rightfoot enables developers to add debt repayment to any application.
Founding stories are always unique, but Dani and Rightfoot are thus far the most interesting to date. They moved into a retirement home to test out their initial idea. Yup, a retirement home, and only one out of 150 said yes.
The idea was that high school kids could make good money by helping retirees with technical tasks like coding; the money would then go into a 529 education account.
While the initial idea didn’t pan out, it helped them to figure out their current business and gave them a life experience like no other. Dani is one of the most resourceful founders I’ve met thus far; just wait until you hear the vacation van story.
Dani and I also discussed the core problems associated with debt repayment, how debt impacts households, her time in Southeast Asia, raising capital, and much more.
If you want to sponsor an episode, come on as a guest, or sponsor one of our many digital or in-person offerings, please reach out anytime at todd@fintechnexus.com.
Without further ado, Dani Pensack, Co-Founder & CEO of Rightfoot. I hope you enjoy the show.
Episode highlights include
- Dani’s journey to Rightfoot
- Rightfoot’s founding story
- Dani’s time at IBM in SE Asia
- How Rightfoot’s API works
- Embedded finance
- Financial Inclusion
- The barriers women-led startups face raising capital
- Tips on raising capital
- Recommended reading - The Messenger by Markus Zusak
- And much more…
Connect with Danielle on LinkedIn
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On today's episode, I’m joined by Craig McLaughlin, Co-Founder & CEO of Finalytics.
Finalytics.ai is the first customer-centric data platform designed to help credit unions translate high-touch service onto the digital channel. I find the community bank and credit union space fascinating, they do not have the luxury of throwing money at problems as they have to be strategic in how they solve their tech needs.
Craig and I talked about the community bank and credit union market, how small financial institutions differ from large ones, current economic conditions, raising capital, the San Francisco 49ers, and much more.
We have a lot of great offerings available at Fintech Nexus, you can sponsor the pod, sponsor a webinar, or one of our large-scale events. Feel free to reach out to me anytime, at todd@fintechnexus.com.
Now with our further ado, my conversation with Craig McLaughlin, Co-Founder & CEO of Finalytics. I hope you enjoy the show.
Episode highlights include:
- Craig’s journey to Finalytics
- The importance of the cloud
- The community bank and credit union tech mindset
- Why data is so critical
- Common mistakes made by community banks and credit unions
- The evolution of the fintech-bank relationship
- Human high touch vs. digital high touch
- Raising capital
- The San Francisco 49ers
- And much more…
Connect with Craig on LinkedIn
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On today's episode, I was joined by Ben Weiss, Co-Founder & CEO of CoinFlip.
CoinFlip is the world's leading bitcoin ATM operator, making it easy to buy and sell bitcoin via cash, card, or bank transfer.
This was a refreshing interview on many levels. Even though we are in the midst of the latest Crypto Winter, Ben and the CoinFlip team are as bullish as ever on the prospects of crypto and blockchain-based financial products.
The other refreshing part of the discussion centered around bootstrapping, which CoinFlip has done to date. Many startups feel the need to raise venture capital, and seeing a successful bootstrapped company is quite refreshing.
Ben and I talked about how he became interested in crypto, CoinFlip's growth to more than 300 employees and 4,000 ATMs, current market conditions, financial health and inclusion, CoinFlip's new product Olliv, bootstrapping, the realities and motivations of raising money, state of mind, and much more.
I hope you enjoy the episode and don't forget to rate the show. Now without further ado, Ben Weiss, Co-Founder & CEO of CoinFlip.
Episode highlight include
- Ben's journey to CoinFlip
- Why is asking advice asking permission
- The Crypto Winter
- Traditional FI adoption of blockchain
- The differences between crypto and blockchain tech
- Bootstrapping
- Learning to clear your mind
- Olliv
- Financial health and inclusion
- People matter
- The Crypto Experience Centre
- And much more….
Connect with Ben on LinkedIn
Connect with Ben on Twitter
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On today's episode, I was joined by Andrew Brown, Founder & CEO of Check.
The Check platform makes embedded payroll possible. Check helps leading companies launch a successful payroll business in a fraction of the time for a fraction of the cost.
Embedded products have taken off in recent years, which has helped enable companies like Check. Embedded finance has quickly become one of the hottest areas in fintech.
Payroll is another area in fintech that's catching fire. Payroll is one of the biggest challenges for small business owners, especially since we've moved to a more distributed workforce. Check enables companies to offer payroll within a suite of management tools. The Check platform of platforms frees small business owners to focus on growing their companies.
Andrew and I discuss the fragmented payroll market, the future of payday, the larger embedded finance trend, stories from the fundraising trail, and much more. I hope you enjoy the episode and don't forget to rate the show.
Episode highlights include:
- Andrew's journey to Check
- What's a platform of platforms?
- Why is payroll so complicated
- The fragmented payroll market
- The rise of embedded finance
- The changing nature of payday.
- Recommended reading - Barbarian Days: A Surfing Life by William Finnegan
- Raising Capital
- And much more...
Connect with Andrew on LinkedIn
Connect with Check on LinkedIn
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
The Fintech Nexus weekly news show covers the top stories in fintech.
Get ready for this week by catching up on last week's top stories:
- Bloomberg | Sam Bankman-Fried’s Path to Jail Took Just Weeks in Speedy US Probe
- NY Times | Prosecutors Say FTX Was Engaged in a ‘Massive, Yearslong Fraud’
- Atlantic Council | It’s official: The United States is developing a bank-to-bank digital currency
- American Banker | Lawmakers caution SBA on admitting fintech lenders to 7(a) program
- American Banker | Figure-affiliated SPAC plans to merge with mortgage bank
- TechCrunch | Why Checkout.com lowered its internal valuation
- Fintech Nexus | LatAm22: VC ‘dry powder’ can outwait everyone, McLaughlin warns
- Fintech Nexus | LatAm22: Pix hits 64 million user milestone, Central Bank official says
- Fintech Nexus | LatAm22: No magic to growth, Covalto CEO says
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On today's episode, I sat down with Jean Smart, Founder & CEO of Penelope.
Penelope is the retirement savings platform for small businesses & entrepreneurs. Small is the key term; Penelope focuses on the smallest of the small businesses.
Penelope currently serves companies that have no more than 15 employees. A lot of these small firms are local mom-and-pop shops. One of the biggest barriers these companies face is finding and retaining talent.
Penelope offers them a chance to compete. Retirement accounts are one of the top asks from prospective employees. Having the chance to offer retirement savings helps level the playing field.
Jean and I discussed her journey to Penelope, her family's immigrant journey, how Penelope designs content & education, do-it-yourself investing apps, risky asset classes like crypto, raising capital, and much more.
Episode highlights include:
- Jean's professional journey to Penelope
- The biggest barriers SMBs face in trying to offer benefits
- Lessons learned from Schwab, TD Ameritrade, and others
- Language and education barriers
- Financial inclusion
- Changing the perception of SMBs
- Crypto
- Raising Capital
- And much more
Connect with Jean on LinkedIn
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
The Fintech Nexus weekly news show covers the top stories in fintech. With Fintech Nexus LatAm approaching, we focused on Latin American fintech news.
Last week's top stories:
- MercadoLibre in talks with WhatsApp on business messaging payments -CFO
- PIX could go international as Brazil’s central bank shares protocols
- Brazil's Nubank announces $330 million equity capitalization in Mexico
- Argentine Fintech Ualá to Start Giving Personal Loans in Mexico
- Brazil postpones capital requirements deadline for fintechs amid weak economy
- The Crypto Industry Struggles for a Way Forward
- Plaid lays off 20% of staff
- Meeting the hype of fintech in remittance
- Destácame closes $10 million series B round to consolidate expansion in Mexico
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On this week's episode, I was joined by Chip Castille, Founder & CEO of GoalBased Investors.
GoalBased Investors is the first goals-based investment community for investors and financial advisors. The real differentiator for GoalBased Investors is connecting to advisors.
The retail investor has plenty of do-it-yourself options, with many fintechs filling that space over the last 5 years. Connecting to advisors and their expertise could be a game changer for investors.
Chip and I discussed his journey to starting GoalBased Investors, how BlackRock enabled the founder mindset, why Chip decided to move to the startup world, investor education, crypto as an asset class, raising money as an older founder, and much more.
Don't forget to register for Fintech Nexus LatAm taking place next week in Miami. LatAm's premier fintech event features all the biggest names across the region. Register now.
Episode highlights include:
- Chip's journey to starting GoalBased Investors
- How BlackRock enabled entrepreneurship
- Lessons learned from BlackRock
- Why financial advisors are the key
- The structural issues around building wealth
- The problems with do-it-yourself financial education
- Recommended reading
- Abe: Abraham Lincoln in His, by David S. Reynolds
- Why Information Grows: The Evolution of Order, from Atoms to Economies, by César A. Hidalgo
- Raising Capital
- And much more…
Connect with Chip on Twitter
Connect with Chip on LinkedIn
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
The Fintech Nexus weekly news show covers the top stories in fintech.
Get ready for this week by catching up on last week's top stories:
- Sam Bankman-Fried said he didn’t know about Alameda’s exposure
- Sam Bankman-Fried Blames ‘Huge Management Failures’ for FTX Collapse
- BlackRock CEO Says ‘Next Generation for Markets’ Is Tokenization
- BlackRock’s Larry Fink
- Crypto Lender BlockFi Follows FTX Into Bankruptcy
- As Pipe’s founding team departs, tensions rise over allegations
- Bankers design a new blockchain that works like bitcoin — but it's regulated
- ‘The more you submit, the more we get paid’: How fintech fueled covid aid fraud
- Can the SBA make its 7(a) loan program attractive to fintechs?
- Surviving FTX: Fintechs and banks untangle themselves
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
Thanks again for tuning into this week's episode of PitchIt. I recently sat down with Perry Rahbar, Founder & CEO of dv01.
dv01 is a leading data intelligence platform with integrated loan-level consumer credit data and analytics that drives transparency in lending markets.
Perry talks about his time in banking and some of the lessons learned from the Global Financial Crisis; dv01 helps to solve some of the structural issues that plagued market participants back then. The insight you get from data, and its transparency allows potential issues to be caught early before they blow into a Lehman-type crisis.
Perry and I talk about his time in banking, why he decided to start dv01, the meaning behind the name, the evolution of fintech lending since starting the firm, what a recession might do to the lending markets, the acquisition by Fitch, adventures on the fundraising trail, visiting Iran, and much more.
Before you begin the episode, please take a minute to rate the show and provide feedback; I take listener comments very seriously. And don't forget to join us in Miami on December 13 - 14 for Fintech Nexus LatAm; this is LatAm's premier fintech event.
Without further ado, I present dv01's Founder & CEO, Perry Rahbar. I hope you enjoy our conversation.
Episode Discussion points include:
- Perry's journey to dv01
- When he got the entrepreneurial itch
- The asset classes they cover and report on
- Acquisition by Fitch
- How the acquisition impacts dv01's future
- How fintech lending has evolved
- The impact of Covid on lenders
- How lenders can adjust for the impending recession
- The importance of transparency
- Recommended reading - The Divine Matrix by Gregg Braden and The Shah by Abbas Milani
- Visiting Iran
- Raising Capital
- And much more…
Connect with Perry on LinkedIn
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
The Fintech Nexus weekly news show covers the top stories in fintech.
Get ready for this week by catching up on last week's top stories:
- New Chief Calls FTX’s Corporate Control a ‘Complete Failure’
- Sam Bankman-Fried tries to explain himself
- Will the FTX crash hurt fintech overall?
- U.S. banks to pounce on fintech deals as valuations plunge
- Treasury calls for more fintech oversight
- How Chase Plans to Revolutionize Rent Payments with a Digital Solution
- Custodia Bank’s master account lawsuit against Fed advances
- How deep of a banking threat is Walmart’s One?
- Shopify, Balance teaming up to modernize B2B payments
- Why the Investing Pros Were Such Suckers for FTX
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
Thanks again for tuning into this week's episode of PitchIt. I sat down with Able's Co-Founder, Diego Represas.
Commercial lenders use Able to quickly collect information from borrowers, streamline the loan process, and book loans faster.
The commercial lending process is still very document-driven; while many documents have moved online, the overall market is still using a process developed years ago. Able is helping to change that equation by streamlining the lending process.
By using Able, lenders can cut down on mistakes and repetitive tasks and save time on the overall process, increasing the time to yes.
Diego and I talk about Able's technology, how AI can help automate aspects of a commercial loan, the impact Able can have on the bottom line, Diego's time in the Army, raising capital, and much more.
Before you begin the episode, please take a minute to rate the show and provide feedback; I take listener comments very seriously. And don't forget to join us in Miami on December 13 - 14 for Fintech Nexus LatAm. This is LatAm's premier fintech event.
Without further ado, I present Able's Co-Founder, Diego Represas. I hope you enjoy our conversation.
Episode Discussion points include:
- Diego's journey to Able
- Biggest pain points in commercial lending
- How AI can help lenders get to yes quicker
- The state of commercial lending today
- The acceleration of digital lending
- The impact of Covid and the PPP on commercial lending
- How Able integrates into existing tech stacks
- Diego's experience in the Army
- Recommended reading: The Power Broker by Robert Caro -
- Raising capital
- And much more…
Connect with Diego on LinkedIn
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
The Fintech Nexus weekly news show covers the top stories in fintech.
Get ready for this week by catching up on last week's top stories:
- Binance Walks Away From Deal to Buy FTX
- FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall
- Sam Bankman-Fried Says Alameda Winding Down, Promises FTX US Customers' Funds Are 'Fine'
- SEC, DOJ Investigating Crypto Platform FTX
- Coinbase CEO Says Company Doesn't Have 'Any Material Exposure' to FTX or Alameda
- Elon Musk details his vision for a Twitter payments system
- Goldman Sachs, Eager to Grow Cards Business, Courted Credit-Card Technology Firms
- How Upgrade became a ‘marketing engine’ for deposit-hungry banks
- FedNow gives fee holiday in 2023
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
Thanks again for tuning into this week's episode of PitchIt. I sat down with Klavi’s Co-Founder & CEO, Bruno Chan.
Klavi is a SaaS platform that provides Open Finance (or Open Banking) solutions. The company has a mission of becoming a leader in Open Finance solutions in Brazil.
Open finance has the potential to help reshape the financial services market. The impact is felt very differently depending on where you live and what the regulatory appetite is for open finance.
Bruno and I talked about his unique background, which included 9 years in China during their fintech boom. We also talk about the biggest potential impact of open banking, whether or not consumers want to control their own data, misplaced anger from the banks, why Klavi is the key, raising capital, and much more.
Before you begin the episode, please take a minute to rate the show and provide feedback; I take listener comments very seriously. And don't forget to join us in Miami on December 13 - 14 for Fintech Nexus LatAm. This is LatAm's premier fintech event.
Without further ado, I present Klavi's Co-Founder & CEO, Bruno Chan. I hope you enjoy our conversation.
Episode Discussion points include:
- Bruno's journey to Klavi
- His nine years in China
- Klavi is the “key”
- The status of opening banking in Brazil
- Financial inclusion
- Why bankers misunderstand open banking
- Regulation as an open banking enabler
- Recommended reading: Shoe Dog by Phil Knight and Genghis Khan by Conn Iggulden
- Raising Capital
- And much more…
Connect with Bruno on LinkedIn
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
Thanks again for tuning into this week's episode of PitchIt. I sat down with Unifimoney's Co-Founder & CEO, Ben Soppitt.
Unifimoney is a multi-asset investment and money management platform that makes building and protecting your wealth effortless. It is the only fully integrated digital consumer financial solution in the US.
What Unifimoney does is help FI’s become a money superapp by offering a comprehensive range of self-direct investment services accessed via the bank or credit unions existing digital infrastructure.
Ben and I talked about why they chose the focus on community banks and credit unions, the rise of the retail investor, how they got their name from a pretzel barter, raising capital, and much more.
Before you begin the episode please take a minute to rate the show and provide feedback, I take listener comments very seriously. And don’t forget to join us in Miami on December 13 - 14 for Fintech Nexus LatAm, this is LatAm’s premier fintech event.
Without further ado, I present Unifimoney's Co-Founder & CEO, Ben Soppitt. I hope you enjoy our conversation.
Episode Discussion points include:
- Ben's journey to Unifimoney
- The drag that is working at big corporates
- His time in Southeast Asia
- Why they chose to focus on community banks and credit unions
- Customer acquisition cost
- The retail investing boom
- The Amazon of digital wealth management
- The average millennial has 50 money apps on their phone
- The complexity of payments infrastructure in the U.S.
- Raising capital
- And much more…
Connect with Ben on LinkedIn
Connect with Ben on Twitter
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
Thanks again for tuning into this week's episode of PitchIt. I sat down with Commonstock's Founder & CEO David McDonough.
Commonstock is a social network that amplifies the knowledge of the best investors, verified by actual track records for signal over noise.
David describes it best during our conversation, investing has been democratized, but information has not been. Commonstock aims to change that by providing investors with verified information and track records.
David and I talk about the rise of the retail investor, the impact of the various meme stocks on the overall market, the perception of the markets, payment for order flow, crypto, raising capital, and much more.
Before you begin the episode, please take a minute to rate the show and provide feedback; I take listener comments very seriously. And don't forget to join us in Miami on December 13 - 14 for Fintech Nexus LatAm; this is LatAm’s premier fintech event.
Without further ado, I present Commonstock's Founder & CEO David McDonough. I hope you enjoy our conversation.
Episode Discussion points include:
- David's journey to Commonstock
- The democratization of stock investing
- Democratizing the flow of information
- Stock market perception
- Fractionalized investing
- Crypto markets and speculation
- The social aspect of investing
- Payment for order flow
- The impending recession and retail investors
- Raising capital
- Recommended reading - The Shoe Dog by Phil Knight and Crossing the Chasm by Geoffrey Moore
- And much more
Connect with David via LinkedIn
Connect with David via Twitter
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
The Fintech Nexus weekly news show covers the top stories in fintech.
Get ready for this week by catching up on last week's top stories:
- CFPB announces open banking rule
- Marqeta launches demand deposit accounts in banking push
- Payments Giant Adyen Starts Offering Banking Services, Going Head To Head With Stripe, Square And PayPal
- Cross River issuing AmEx cards on behalf of Fintechs
- Andreessen Horowitz Went All In on Crypto at the Worst Possible Time
- Ex-Goldman Sachs Partner Adam Dell’s Crypto Startup Stumbles
- Small-Business Lender Fundbox Cuts 40% Of Workforce In Latest Fintech Layoff
- LendingClub has a warning about the marketplace model
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
Thanks again for tuning into this week’s episode of PitchIt. I sat down with our 2022 PitchIt Winner Sivo. Joining me for our conversation was Sivo's CEO, Ravi Sattuluri, and Sivo's Co-Founder and Chief Product Officer, Kate Hiscox.
Sivo provides debt as a service for fintechs, neobanks, and gig platforms to lend money to their users at scale. Sivo is changing the way debt capital is acquired and deployed.
The debt capital process has always been built on relationships, handshakes, and bad terms. Sivo changes all of that, they enable lenders and investors of all shapes to raise or deploy capital efficiently.
Ravi, Kate, and I talk about the Sivo founding story, the flexibility of Sivo to scale with lenders, the top 5 issues with raising debt capital the traditional way, the macroeconomic environment, the impact of programs like YC and PitchIt, raising capital and much more.
Before you begin the episode, please take a minute to rate the show and provide feedback; I take listener comments very seriously. And don't forget to join us in Miami on December 13 - 14 for Fintech Nexus LatAm; this is LatAm's premier fintech event.
Without further ado, I present Sivo's CEO, Ravi Sattuluri, and Sivo's Co-Founder and Chief Product Officer, Kate Hiscox. I hope you enjoy our conversation.
Episode discussion points include:
- Kate’s journey to starting Sivo
- Ravi’s journey to Sivo’s CEO role
- Debt as a service
- The story behind the name Sivo
- Why debt capital traditionally takes 7 months to raise
- How debt capital constraints founders
- How debt as a service scales
- Debt as a service provides lenders and investors with flexibility
- Real-time reporting and compliance
- Sivo Ignite
- Raising capital
- The importance of competitions like PitchIt
- Recommended reading - Light in August by William Faulkner, Blood Meridian by Cormac McCarthy, and Token Engineering by Lisa Tan
- And much more…
Connect with Ravi on LinkedIn
Connect with Kate on LinkedIn
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
The Fintech Nexus weekly news show covers the top stories in fintech.
Get ready for this week by catching up on last week's top stories:
- Goldman Plans Sweeping Reorganization, Combining Investment Banking, and Trading
- Also - NY Times
- Mastercard will help banks offer cryptocurrency trading
- Voyager crypto customers may recover 72% from a bankruptcy sale
- Chase’s Playbook to Beat PayPal and Square in Digital Payments
- Plaid Unveils ‘Wallet Onboard’ Tool, Promises Crypto Product Push
- Brazil’s Largest Digital Lender Nubank to Roll Out Own Token to 70M Users in 2023
- SBA wants to add fintechs to its biggest lending program
- SEC Management Receives Stinging Report from Office of the Inspector General
- Warren roasts Wells Fargo’s ‘severely bad performance’ on Zelle fraud
- How much fraud is on Zelle? Depends who you ask
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
Thanks again for tuning into this week’s episode of PitchIt. I sat down with Alex Liegl, Co-Founder and CEO of Tenet.
Tenet is changing the way consumers buy and finance electric vehicles. Financing through Tenet will enable consumers to save hundreds of dollars every month, track their carbon emission savings and vehicle performance, and help them achieve their sustainability goals.
Tenet is ultimately a technology platform that enables investors to fund consumer loans to buy EVs.
Alex and I discuss his journey to Tenet from Stanford Business School, the motivations behind building Tenet, where the climate economy stands today, why using Tenet in a recession would make even more sense, raising capital, and much more.
Before you begin the episode, please take a minute to rate the show and provide feedback. I take listener comments very seriously. And don't forget to join us in Miami on December 13 - 14 for Fintech Nexus LatAm; this is LatAm's premier fintech event.
Without further ado, I present Alex Liegl, Co-Founder & CEO of Tenet. I hope you enjoy our conversation.
Episode Discussion points include:
- Alex's journey from Germany to Tenet
- Bitcoin mining to stabilize energy grids
- The infancy of the climate economy
- Why financing is the missing piece in the climate economy
- Why electric vehicles hold value
- Consumer permissioned data
- Future sustainability products
- Recommended reading: The Prize by Daniel Yergin
- Raising Capital
- Much more…
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
The Fintech Nexus weekly news show covers the top stories in fintech.
Get ready for this week by catching up on last week's top stories:
- Under Pressure, Goldman CEO Ditches Dream of Consumer Domination
- Apple partners with Goldman Sachs to introduce high-yield savings accounts for Apple Card holders
- Neobank Step Raises $300 Million in Debt Financing, Targets Next Generation with Investing Services Including Crypto
- America’s Oldest Bank, BNY Mellon, Will Hold That Crypto Now
- Custodia Bank Files Court Petition
- Buy Now, Pay Later’ Is Still a Credit-Score Blind Spot
- OCC wants more data on banks’ crypto-related activities
- October Becomes Worst Month for Crypto Hacks With Two Weeks to Go
- Morgan Stanley Says Crypto Ecosystem Is Becoming Less Decentralized
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
The Fintech Nexus weekly news show covers the top stories in fintech.
Get ready for this week by catching up on last week's top stories:
- Crypto Could Threaten Financial System, Federal Risk Panel Warns
- What the White House's blueprint for an AI bill of rights means for banks
- Crypto Overhaul Fizzles in Congress, Leaving Industry and Investors in Limbo
- Banks send each other $500 million on day of blockchain launch
- Afterpay Launches 12 Month BNPL Payment Option
- Biden’s War On ‘Junk Fees’ Won’t Help Americans’ Overdraft Problem
- PPP loan servicer KServicing files for bankruptcy amid fraud probes
- Kim Kardashian pays over $1 million to settle SEC charges linked to a crypto promo on her Instagram
- The Fintech 250: The most promising fintech companies of 2022
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On episode 66 I talk with Demetrius Gray, CEO & Founder of Captain. Captain is a new fintech platform that helps homeowners rebuild 6x faster in the wake of natural disasters.
Captain offers a solution, so homeowners do not have to pay their deductible upfront. Captain offers a reprieve — up to 36 months with 0% interest — to pay it back, so their current available assets can instead be used for more pressing expenses such as food and temporary housing.
Flexibility and insurance don't go hand in hand, this is where Captain steps in. Demetrius and the team offer homeowners an option, one that allows them to get back into their home a lot faster.
Demetrius and I talk about how he became involved in the space, the entrepreneurial bug he got from his father and grandfather, the size and scope of the market, the differences between insured, underinsured and non-insured, raising capital, pickle ball, and much, much more.
Without further ado, I present Demetrius Gray, CEO & Founder of Captain. I hope you enjoy the episode.
Episode discussion points include:
- Demetrius’s journey to Captain
- The influence of Demetrius’s father and grandfather
- Everyone needs a Captain in a time of crisis
- $92bn of insured losses in 2019
- $200bn of uninsured losses in 2019
- The insurance gap
- The impact of climate change
- Most consumers misunderstand their insurance rights
- Insurance company mistreatment
- "the hard things about hard things"
- Recommended reading: Burn Rate by Andy Dunn
- Raising Capital
- Much more…
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
The Fintech Nexus weekly news show covers the top stories in fintech.
Get ready for this week by catching up on last week's top stories.
- FTX in talks to raise up to $1 billion at valuation of about $32 billion, in-line with prior round
- Stash debuts its own core system
- Binance and FTX Make Top Bids for Bankrupt Lender Voyager
- Adyen Selected as Fintech Platform to Introduce Cash App Pay Outside Square Ecosystem
- Nasdaq Starts Crypto Custody Service for Institutional Clients
- Sardine raises $51.5M led by a16z to sniff out fishy fintech transactions
- CFPB to Unleash BNPL Rules that Would Also Impact Data Mining
- Digital Bank Marcus, Part of Goldman Sachs, Being Queried by Federal Reserve: Report
- Synctera announced the first Baas industry line of credit product.
- Celsius Network: the flaming car wreck that keeps on burning
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On episode 65 I talk with Archie Ravishankar, Founder, and CEO of Cogni. Cogni is a next-gen platform that combines banking, commerce, and lifestyle.
Cogni's mission is to offer personalized banking products suited to the lifestyles of those 18-to-35. Too many banking products talk with a single voice for all customers; Cogni is aiming to change that dynamic.
Archie and I discuss how he's building a financial platform that is suited for people's lifestyles, why he thinks it's now more attractive to build on web3 than web2, and his vision for the company and advice to young entrepreneurs just getting started.
We also touch on bank partnerships, reducing carbon footprints, FDIC insurance, raising capital, and much more. Without further ado, I present Archie Ravishankar, Founder, and CEO of Cogni. I hope you enjoy the episode.
Episode discussion points include:
- Archie's journey to Cogni
- Why building for people's lifestyles is so important
- Whether or not focusing on 18 - 35-year-olds is a risk
- How they came to launch the digital gift card product
- How Cogni navigated the pandemic to survive
- Why Web3 is so attractive
- The importance of reducing carbon footprints
- Whether or not FDIC insurance is a must-have
- Lessons for fellow founders
- Raising capital
- And much more…
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
The Fintech Nexus weekly news show covers the top stories in fintech.
This week's list of top stories includes:
- Ethereum switches to proof-of-stake consensus after completing The Merge
- Milk, Diapers and Checking Accounts: Banking Comes to Walmart
- Embedded Finance Transactions Predicted to Jump to $7 Trillion by 2026: Report
- Varo’s CEO Addresses Missteps & Reveals the Neobank’s Rebuilding Plan
- Amid a market of faltering crypto platforms, EDX Markets is born
- Fintech Ramp Introduces Network for SMB Lending
- JPMorgan Chase acquires payments fintech Renovite to help it battle Stripe and Block
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On episode 64 I talk with Lily Liu, Founder & CEO of Piñata. Piñata®, the reward and credit building program for renters, lets you earn rewards, save on everyday expenses and boost your credit score for a sweeter rental experience.
The rental market is changing. There is still a large segment that wants to own a home eventually, but more people than ever before want flexibility.
Piñata comes in and helps them get credit for the rent they're paying. Piñata reports rental payments to the bureaus and offers rewards so renters can shop or save.
Lily and I discuss some of the misconceptions about renters, the credit scoring system, her time politics, the psychology behind rewards for renters, raising capital, surfing, and a whole lot more.
Without further ado, I present Lily Liu, Founder & CEO of Piñata. I hope you enjoy the episode.
Episode discussion points include:
- Lily’s journey to Piñata
- Her background in the public sector
- The problem Piñata is solving for renters
- Lily has paid more than $350,000 in rent
- The different renter cohorts
- Transparency is the biggest problem with the credit scoring system
- Rewards are the primary reason renters sign up for Piñata
- Homeownership is better solved by the private sector
- Homeownership is not the dream it once was
- $20 or $30 in cash back can be a big deal for consumers
- "You don't know what you don't know"
- "Stay persistent"
- Recommended watching - The Offer on Paramount+
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On episode 63 I talk with Brendon Kensel, CEO and Founder of PrimaHealth Credit. PrimaHealth Credit is a fintech company that's working to democratize access to healthcare by improving financing options available to patients
Healthcare is one of the top reasons why people go bankrupt. People do not always understand the terms they agree to take on, and providers typically hide fees within these plans.
PrimaHealth Credit aims to solve this issue by making healthcare financing simple and straightforward. Brendan comes from the dental industry and has first-hand knowledge of the issues patients face.
Brendon and I discuss the simplicity of their model, what procedures are covered through their platform, the complicated world of insurance, bank partners, how they approve close to 90 percent of borrowers, raising capital, and a whole lot more.
Without further ado, I present Brendon Kensel, CEO and Founder of PrimaHealth Credit. I hope you enjoy the episode and be prepared to learn:
- Brendon's journey to PrimaHealth Credit
- What it's like to produce 50-plus rodeos
- The inequities in healthcare
- The problems with patient financing
- How to move beyond the prime plus borrower
- Lesson's learned from his time in the dental industry
- Bank partnerships
- How PrimaHealth is able to approve 89 percent of borrowers
- "Business plans typically don't survive contact with reality"
- Recommended reading: Amp It Up by Snowflake CEO Frank Slootman
- Raising Capital
- And much more…
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
The Fintech Nexus weekly news show covers the top stories in fintech.
This week's list of top stories includes:
- The 30-Year-Old Spending $1 Billion to Save Crypto
- Goldman may tap brakes, again, on consumer unit's next big thing
- Goldman Sachs Should Kill Its Planned Marcus Checking Account
- Fintech Ramp Dives Into ‘Buy Now, Pay Later’ Market With New ‘Flex’ Offering For Businesses
- As Crypto Slumps, Goldman Sachs Aims for a Wall Street Built on Blockchain
- A showdown is coming over who is liable for P2P payments fraud
- Coinbase CEO says crypto exchange has ongoing plans to cut costs and is actively engaged with regulators
- Andreessen Horowitz Says Crypto Can Shift Power Away From Big Internet Companies: Report
- Bank of America Beefs Up Tech Offerings as Digital Logins Rise to a Record
- Tornado Cash sanctioned by US Department of Treasury, OFAC.
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On episode 62 I talk with Charles Phillips, Founder & CEO of Sawa Credit. Sawa Credit is creating a community debt servicing technology platform to help the underserved pay their bills so they don't lose their homes.
Keeping people in their homes can have a profound impact, not only on the individual household but also on the community. Sawa ensures people stay in their homes with the help of the community.
The concept dates back to Charles's childhood when his father ran the local church. He was able to offer help to his local community through the church. That sense of community is what drives the mission of Sawa.
Charles and I discuss the impact of George Floyd's murder on Sawa's founding story, why the community should be the 5th C in accessing credit, paying it forward, credit scoring and the credit systems, raising capital, and a whole lot more.
Without further ado, I present Charles Phillips, Founder & CEO of Sawa Credit. I hope you enjoy the episode and be prepared to learn:
- Charles's journey to Sawa Credit
- The meaning behind the word Sawa
- The impact of his father and how he ran the local church
- The importance of community
- The 5 C's of credit
- The credit scoring system and character
- The partnership with Comment Cents Lab
- The underserved debt market is $140bn annually
- Helping to crowd out predatory lenders
- How to get people talking about money with good information
- Raising capital
- "Be quick but don't hurry"
- "Plan B is no plan"
- Recommended reading: The Once and Future King by T. H. White
- And much more...
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
The Fintech Nexus weekly news show covers the top stories in fintech.
This week's list of top stories includes:
- Federal Reserve Finalizes Guidelines for Access to Its Payment Systems
- What Would A Bank Account From Apple Look Like?
- Can the Visa-Mastercard duopoly be broken?
- Affirm CEO Says Next Recession Will Silence Fintech Lender’s Doubters
- Rising Interest Rates Put the Squeeze on Fintech Lenders
- BitGo seeks $100M in damages from Galaxy Digital for calling off $1.2B acquisition
- PoW vs PoS and why you should care
- Crypto Is Taking a Few Small Banks on a Wild Ride
- Federal Reserve issues guidance for banks considering crypto activities
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On episode 61 I talk with Stefanie Sample, Founder & CEO of Fundid. Fundid is driven by a mission to empower business owners on their growth journeys by simplifying business finance and access to capital.
I have to say this might be my favorite episode thus far. Stefanie was incredibly candid and engaging, she is as passionate a founder as I’ve come across.
The smallest of small businesses have never been served by banks, and as Stefanie points out, they really haven’t been served by fintechs yet either. Most of these companies have fewer than 10 employees, and many have 1 or 2.
Stefanie and I talked about some of the main barriers these small business owners face when looking to raise capital, why it’s a myth you cannot serve these companies, how her marketing background played a crucial role in raising capital, and much more.
Without further ado, I present Stefanie Sample, Founder & CEO of Fundid. I hope you enjoy the episode and be prepared to learn:
- Stefanie's journey to starting Fundid
- Her extensive small business experience
- Why the problems with the PPP mobilized her
- How she used her marketing expertise to solve CAC
- Brex never served, nor were they focused on small businesses
- Why the "can't make margins on SMBs" argument falls flat
- Why coming from a small business is a differentiator
- Failure rate metrics are misleading
- Trust your gut
- Fundraising: "I prepared for it as if I was like preparing for a battle."
- Play your own game
- Stefanie prefers reading email over books
- And much more...
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
The Fintech Nexus weekly news show covers the top stories in fintech.
This week's list of top stories includes:
- Plaid deal lets Wise customers use fintech apps bank-free
- Inside Goldman Sachs CEO David Solomon's struggles to right his Marcus consumer banking unit
- U.S. Sanctions Crypto Platform Tornado Cash, Says It Laundered Billions
- Also this
- Figure Teams With Visa to Improve Banking in a Box Platform
- CFPB fines fintech Digit $2.7M over ‘faulty’ savings algorithm
- Coinbase Under SEC Scrutiny Over Its Crypto-Staking Programs
- Coinbase Reports 63 Percent Drop in Revenue Amid Industry Slump
- Marqeta Seeks New CEO, Founder Looks to New Role
- Upstart earnings disappoint
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On episode 60 I talk with Carlos Antequera, Founder & CEO of Novel Capital.
Novel Capital provides software entrepreneurs with non-dilutive capital and resources to accelerate growth. Non-dilutive is the key term as many entrepreneurs focus on traditional loans from banks or venture capital, which can come with various terms.
Founders, especially first-time founders can get caught in the echo chamber of Silicon Valley. We need to raise capital from this big-time fund or that big-time fund. The reality is founders need to raise money that best suits their business and their situation.
Carlos and I discussed his journey to Novel Capital, the challenges founders face trying to raise capital, resources beyond capital to help a company’s growth trajectory, the potential impact a recession might have on capital sources, and much more.
Without further ado, I present Carlos Antequera, Founder & CEO of Novel Capital. I hope you enjoy the episode and be prepared to learn about:
- Carlos's journey to Novel Capital
- Why the bank fired Carlos as a customer
- Lessons he learned from his time as an Angel Investor
- Why do founders focus so much on traditional debt and equity capital
- The importance of advice and services alongside capital
- The potential impact of the looming recession
- How challenging it is to change the capital mindset of entrepreneurs
- Resist the easy path
- Recommended reading: The Hard Thing About Hard Things by Ben Horowitz
- Raising Capital
- And much more...
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
The Fintech Nexus weekly news show covers the top stories in fintech.
This week's list of top stories includes:
- Coinbase partners with BlackRock
- Robinhood Markets Cuts 23% of Staff in Sweeping Overhaul
- Robinhood, PayPal, SoFi earnings show fintech distinctions
- Push to Give Derivatives Regulator More Sway Over Crypto Trading Gains Steam
- JPMorgan Is Building a Giant Travel Agency
- Ron Shevlin
- Equifax Sent Lenders Inaccurate Credit Scores on Millions of Consumers
- Super Apps Aren’t Going To Make It In America
- Rising household debt has more Americans struggling: NY Fed
- A pair of hacks rattle an already jittery crypto industry
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On episode 59, I talk with Ravi Sandepudi of Effectiv. By using AI to help detect anomalies and patterns quickly, Effectiv’s fraud and compliance solutions reduce operational costs and protect your account holders while enabling risk teams to customize goal-based risk thresholds.
Ravi and I discuss where fraud stands today and how much the last two years has impacted the space.
We also discuss his time at Simility, the types of fraud he is most worried about, finding the right friction balance, why fraud is more than just an on-boarding problem, raising capital, and much more.
I hope you all enjoy the show and be prepared to learn:
- Ravi's journey to Effectiv
- Why his time at Simility was so important
- Where fraud stands today
- First-party fraud
- Third-party fraud
- Synthetic ID fraud
- Why being a no-code, out-of-the-box solution is important
- How good actors can be enabled more.
- Cooperation amongst institutions and fintechs
- How a recession can impact fraud
- Raising Capital
- Much much more...
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
The Fintech Nexus weekly news show covers the top stories in fintech.
This week's list of top stories includes:
- Apple Accused Of Potential Consumer Data Misuse With Its ‘Buy Now, Pay Later’ Service
- Coinbase shares tumble 21% after report that it’s facing SEC probe
- House punts on stablecoin bill after Yellen raises flags over key provision
- Kraken, a U.S. Crypto Exchange, Is Suspected of Violating Sanctions
- Barclays Expected to Invest 'Millions of Dollars' in Copper's Funding Round: Report
- Upstart Stock Tumbles 94% As End Of Stimulus Pulls Rug Out From Under Fintech Lender
- How fintechs are responding to their falling valuations
- Quadrata launches Web3 passport NFT
- Shopify laying of 10 percent of staff
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On episode 58 I bring to you a special episode, the PitchIt at Fintech Nexus Semifinals round 1. The semifinals took place on May 11 and May 12.
Our PitchIt startup competition features the next generation of fintech founders. Semifinalists were selected from a larger group of more than 100 applicants.
Companies squared off in a rapid-fire round of 7-minute pitches followed by 3 minutes of grilling from our judges, which featured some of the leading fintech venture capitalists.
Semifinal round 1 featured the following startups:
- Konduit
- Netswitch
- New Silver
- Sila
- Sivo
- Upswot
Our judging panel included:
- Andrew Steele, Activant Capital
- Hillel Olivestone, Cross River
- Keira Moon, Translink Capital
- George Ravich, Ravco Marketing, LLC
- Rakefet Russak-Aminoach, Team8.
Without further ado, I present PitchIt @ Fintech Nexus Semifinals round 1. I hope you all enjoy the show.
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On episode 57, I talk with Chris Aguas of CoreChain Technologies. CoreChain is the only network built for scale and security on enterprise blockchain to streamline the exchange of B2B payments transaction data and funds.
The B2B payments space still uses paper checks; 60 percent of B2B payments are done via paper checks.
Chris and I discuss the issues behind B2B payments and why moving to a blockchain-based system would unlock more value for companies and B2B payments networks.
We also discuss current market conditions in crypto, fears that companies have when moving to a blockchain-based payments network, misconceptions around blockchain technology, raising capital, and much more.
I hope you all enjoy the show and be prepared to learn:
- Chris's journey to CoreChain Technologies
- Why 60 percent of B2B payments are still done via paper checks
- The impact of the Crypto Winter and why it's necessary for the long-term health of the market
- Why the conversation about blockchain needs to be separated from Crypto
- How CoreChain struggles when using the word blockchain in marketing materials
- The importance of regulatory clarity
- The Gartner Hype Cycle & crypto
- Easy button easy
- How CoreChain embeds payment functionality
- The blockchain education gap
- The all-consuming nature of raising capital
- Recommended reading: Steve Jobs by Walter Isaacson
- And much more...
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
The Fintech Nexus weekly news show covers the top stories in fintech.
This week's list of top stories includes:
- Crypto Broker Voyager Digital Files for Bankruptcy Protection
- Also this
- Start-Up Funding Falls the Most It Has Since 2019
- FTX Presses for Crypto Derivatives Approval, Agitating Legacy Exchanges
- Crypto lender Nexo offers to buy embattled rival Vauld as market consolidates
- Meta is pulling the plug on its crypto payments wallet, Novi
- Klarna valuation slashed again to $6.5bn, report suggests
- Also WSJ
- DeFi Is Real, Whatever Happens To Cryptocurrency
- How Banks Can Compete In The Post-Neobank Era
- Goldman Sachs people are quitting en masse for this fintech
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On episode 56 I talk with Pat White of Bitwave. Bitwave unlocks digital assets for enterprise finance.
Bitwave combines tax and accounting capabilities with workflow and process expertise, allowing enterprises to survive and thrive in the financial revolution made possible by cryptocurrency.
Crypto continues to have ups and downs, since this recording many believe we are at the start of another crypto winter. There is a big difference this time, crypto is now believed to be inevitable. How that takes shape is still anyone’s guess.
Pat and I dig deep into the current market turmoil, the potential impacts this downturn can have on fellow founders and investors, how a simple transaction can have so many after-effects for an enterprise, raising capital, and a whole lot more.
I hope you all enjoy the show and be prepared to learn:
- Pat's journey to Bitwave
- Pat's view on current market conditions
- Potential impacts of the Crypto Winter on fellow founders
- The challenges of bringing digital assets to enterprises
- The cascading impacts of a crypto transaction on your business
- User experience
- DeFi vs. CeFi
- Why DeFi is safer and more transparent
- Raising Capital
- Recommended reading for founders: Zero to One by Peter Thiel
- And much, much more...
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
The Fintech Nexus weekly news show covers the top stories in fintech.
This week's list of top stories includes:
- FTX closes in on a deal to buy embattled crypto lender BlockFi for $25 million in a fire sale
- Bankman-Fried's FTX says no talks to acquire Robinhood
- Behind the Celsius Sales Pitch Was a Crypto Firm Built on Risk
- NFT giant OpenSea reports major email data breach
- Cambridge Centre for Alternative Finance Publishes Fintech Report, Reviews Industry Resilience During Time of COVID
- Fintech Amount, which was valued at $1B last year, lays off 18% of staff
- How the SEC threw a wrench in bank regulators’ crypto custody efforts
- Banks’ Bitcoin Holdings Should Be Capped, Basel Committee Proposes
- How Apple Will Boost The Apple Card With Buy Now Pay Later
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On episode 55 I talk with Hany Fam of Markaaz. This episode was recorded at Fintech Nexus USA 2022, which took place in NYC on May 25 - 26.
Markaaz is building the definitive and trusted place for all businesses to connect, small and big, powered by its world's first pre-verified directory of over 100 million businesses.
Covid reminded us how work is still needed to help companies of all sizes. From 1-2 person shops to large corporates, all of these companies have very different needs.
Markaaz helps connect companies to an all-in-one Dashboard with insights and notifications. Companies are pre-scanned, and all the bad actors have been removed.
Hany and I discuss his road to creating Markaaz, the origins of the word Markaaz, the unique problems facing small businesses, the accelerant Covid provided to digital transformation, raising capital, and much more.
I hope you all enjoy the show and be prepared to learn:
- Hany's journey to Markaaz
- The meaning of the word Markaaz
- Why SMB's are the focus for Markaaz
- The importance of data
- How Markaaz amassed so much data and how they keep it up to date
- Biggest pain points facing SMBs
- How Covid helped accelerate SMB trends
- Why founders need to be all in when building a company
- Lessons learned since launching Markaaz
- Building with a great team
- Raising capital
- And much more...
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On episode 54 I talk with Michael Broughton of Altro. Altro helps you build credit and financial power through the recurring payments and subscriptions you use every day.
There are so many different facets and problems with someone’s credit profile. It is still amazing with the amount of data that exists today that a person still needs to go into debt to build a proper credit score and profile.
Michael and the team at Altro has begun to change that issue by bringing payments and subscriptions into the core credit profile, a trade line as it is called. Many other firms help bring some of this data as an additive to a profile, an alternative data boost.
Altro puts this data into your credit profile as if it were a loan or a credit card. This helps lenders and other financial firms begin to better asses your willingness to pay based on how you live. This type of innovation helps those outside the traditional credit spectrum the most.
Michael and I talk about how Altro was able to work with bureaus to create this trade line, where the credit score is today, financial health and inclusion, getting a stamp of approval and meeting Jay-Z, raising capital and a whole lot more.
So without further ado, I present Michael Broughton of Altro. I hope you enjoy the show and be prepared to learn:
- Mike’s journey to Altro
- Mike’s personal story with credit
- The meaning of the word Altro
- The importance of adding this data as a trade line
- The difference between alternative and trade line data
- How they worked with the credit bureaus
- Revamping the credit score
- The importance of education
- How much Jay-Z and Marcy Ventures meant to their story
- Recommended reading - The Invention of Hugo Cabret by Brian Selznick
- Recommended reading - Principles by Ray Dalio
- And much more…
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
The Fintech Nexus weekly news show covers the top stories in fintech.
This week's list of top stories includes:
- Coinbase CEO says it is laying off 18% of its workers
- Also BlockFi laying off 20%
- Celsius Is Crashing, and Crypto Investors Are Spooked
- PayPal expands its ‘pay later’ options with a more flexible ‘PayPal Pay Monthly’ service
- Buy Now, Pay Later Will Get More Than One Bite at the Apple
- Proptech, meet fintech: HomeLight raises $60M and gobbles up Accept
- NYC Mayor Eric Adams Wants State's Governor to Veto 2-Year Moratorium on PoW Mining: Report
- Abra and American Express Partner on Crypto Card
- Bucking trend, some crypto firms go on hiring spree
- Crypto Winter Is Here. The Weak Will Die, and the Strong Will Eat Their Bones
- ECB Would Limit Digital Euro to Maximum 1.5T, Says Fabio Panetta
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On episode 53 I talk with Dimitry Gershenson of Enduring Planet. Enduring Planet provides growth capital for climate entrepreneurs, they offer rapid financing without dilution, personal guarantees, or collateral.
Climate has quickly become one of the most interesting topics out there today. There is a lot of discussion around the topic but depending on where you live the action being taken differs widely.
For Dimitry and the Enduring Planet team, the climate is not just a job, it's a passion. When talking to Dimitry you begin to understand that a lot has started to change but there is still monumental work to be completed.
Enduring Planet is doing its part to help fill the giant capital hole that exists in climate change. There is a chasm of underinvestment overall. Without more firms like Enduring Planet and their portfolio companies, we will continue to see the devastating impacts of climate change increase.
There is hope, the momentum is starting to build and there are a lot of exciting founder stories that are all helping to make needed change. Dimitry and I talk about the types of founders they fund, why they decided to structure the firm the way they did, raising capital, and a whole lot more.
So without further ado, I present Dimitry Gershenson of Enduring Planet. I hope you all enjoy the show and be prepared to learn:
- Dimitry's journey to Enduring Planet
- Lessons from emerging markets
- Why the climate conversation has started to change in the last 10 years
- We underinvest in the climate between $3 - $5 trillion
- They have a broad definition of climate focused fintech
- Why the last couple of years has give Dimitry hope about the climate
- Why they structured Enduring Planet the way they did
- Biggest lesson learned - capital education is needed
- Best advice received - it's a marathon, not a sprint
- Recommended reading - Dark Tower Series by Stephen King
- And much more...
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
The Fintech Nexus weekly news show covers the top stories in fintech.
This week's list of top stories includes:
- Apple is turning your iPhone into fintech service taking on PayPal, Affirm and more
- PayPal is finally allowing users to move their cryptocurrency to other wallets
- Bipartisan crypto regulatory overhaul would treat most digital assets as commodities under CFTC oversight
- Crypto Bank Custodia Sues Federal Reserve
- $40 billion payments giant Checkout.com starts accepting stablecoins in major crypto push
- CFPB ends no-action letter with fintech lender Upstart Network
- ‘The mood is very grim’: Once-hot fintech sector faces IPO delays and consolidation
- The Fintech 50 2022
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On episode 52 I talk with Alex Porto of Riverwood Capital. Riverwood Capital invests in high-growth technology and technology-related companies in need of capital and expertise to scale on a global basis.
The growth stage has seen a wild ride over the last few years, especially in 2020 and 2021, the market accelerated to an incredible pace with rounds happening faster and more frequently than ever before.
Alex and I talked through this insane ride of the last two years, why Riverwood’s approach is different, why infrastructure is a big focus across their investment portfolio, the differences in investing across different markets like the U.S. and LatAm, board makeup, Formula One racing, valuations, and a whole lot more.
So without further ado, I present Alex Porto of Riverwood Capital. I hope you all enjoy the show and be prepared to learn:
- Alex's journey to Riverwood Capital
- Riverwood's investment thesis and companies they target
- Why they like to invest in the "Office of the CFO"
- How they invest in established markets vs emerging markets
- How the investing landscaped has shifted in the last two years
- Why they lead rounds and join the board
- Great "founding moments" are surfaced during turbulent times
- Infrastructure is a core competency
- 2020 - 21 is cause for some investment soul searching from founders and investors
- Do no harm
- Recommended reading: The Outsiders by William Thorndike
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
LendIt Fintech's weekly news show covering the top stories in fintech.
This week's list of top stories include:
- Crypto Exchange FTX Expands Into Stock Trading
- Plaid officially expands into identity and income verification, fraud prevention and account funding
- SoftBank-Backed Fintech Giant Klarna Looks for New Funds at Lower Valuation
- Brazilian neobank giant Nubank reports "strongest quarter" in history as bags 5.7 million customers
- Robinhood to let users hold their own crypto and NFTs as it reaches for growth beyond stock trading
- FDIC, CFPB target crypto firms that make false claims of deposit insurance
- Keep Financial raises $9M led by a16z to help employers offer forgivable loans as a retention tool
- Southeast Asian payments infrastructure unicorn Xendit banks $300M
- 2022 Online Bank Ranking: Chime At The Top, Current Coming On Strong
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
We have a special episode this week, our Fintech Nexus 2022 preview show. The first order of business, LendIt Fintech is doing a rebrand to Fintech Nexus.
Our PitchIt name will remain, so we will now be PitchIt at Fintech Nexus!
We couldn’t be more excited to be back in person next week in NYC, this episode will give you a complete breakdown of the event. Content overview, what parties are happening, how to arrange meetings, and much more.
I am joined by my colleagues Bo Brustkern, CEO & Co-Founder, and Peter Renton, Chairman & Co-Founder. We take you through the different components of the event so attendees can get the most out of the show.
In this podcast you will learn:
- What it feels like to be back to in-person events.
- How we build the themes for the event.
- How the content is structured.
- How attendees can take advantage of the networking opportunities.
- What is involved in the VIP Networking program.
- Highlights of some of the parties and social events.
- Details of our Women in Fintech program.
- The favorite keynotes we are looking forward to.
- The different breakout track topics.
- Why we created two pre-conference workshops focused on crypto.
- A sneak peek on our rebrand to Fintech Nexus.
So with our further ado, I present the Fintech Nexus 2022 preview show.
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
LendIt Fintech's weekly news show covering the top stories in fintech.
This week's list of top stories include:
- Crypto and stablecoin meltdown - WSJ, CNBC, CoinDesk
- US Treasury Secretary Janet Yellen pushes for stablecoin regulation by end of year
- Coinbase Says Users’ Crypto Assets Lack Bankruptcy Protections
- Tiger Global, hit by $17B in hedge fund losses, has nearly depleted its latest VC fund
- Chainalysis Raises $170M at $8.6B Valuation
- Chopra's expansive vision for CFPB authority is facing industry pushback
- How Higher Interest Rates May Upend The Fintech Business Model
- Visa’s top crypto executive Terry Angelos leaves for Softbank-backed brokerage start-up DriveWealth
- Robinhood shares pop more than 20% after Sam Bankman-Fried buys 7.6% stake
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On episode 51 I talk with Henry Yoshida of Rocket Dollar. Rocket Dollar makes it easy to unlock retirement savings and helps everyone access savings to follow their dreams.
Through Rocket Dollar savings can be used to fund a start-up, as a small business loan, peer-to-peer lending, buy real estate, and invest in cryptocurrency.
Alternative assets have skyrocketed in the last few years, with the last 18 months seeing greater interest than ever before.
Henry and I discuss some of the driving factors behind the alt boom, the definition of alternative investments, the language used to describe the accounts, why a simple fee structure works for the customers, raising capital, and a whole lot more.
So without further ado, I present Henry Yoshida of Rocket Dollar. I hope you all enjoy the show and be prepared to learn:
- Henry's journey to Rocket Dollar
- Why Henry likes having Dollar in company names
- Lessons from his days at Merrill Lynch
- The definition of alternative assets
- How Rocket Dollar works with different partners
- The simplicity of subscriptions
- The education gap that exists with retirement accounts
- Why calling them retirement accounts is wrong
- The key drivers behind alt boom
- The risky nature, or not, of alts
- The growth of crypto and why is surpassed the alt definition
- Recommended reading: The Sovereign Individual by James Dale Davidson
- And much more...
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
LendIt Fintech's weekly news show covering the top stories in fintech.
This week's list of top stories include:
- Stripe flexes its fintech muscle with Financial Connections to pull banking data automatically
- The Yuga Labs Catastrophe Could Have Been Prevented
- Robinhood Launches Stock-Lending Program
- Payments Startup Affirm Teams Up With Fiserv in Latest Expansion
- California Gov. Newsom Issues Executive Order for Crypto Business Rules
- Bigger Guns: SEC Ramps Up Enforcement Team on Crypto, Doubles Headcount at Crypto Assets and Cyber Unit
- NFT Sales Are Flatlining
- SEC Climate Risk Disclosure: What are People Saying About Proposed Rules?
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On episode 50 I talk with Chris Peacock of Aquaoso. Aquaoso is a climate fintech company providing data, analytics, and risk reports to financial institutions.
The climate is one of the most interesting topics out there today, there is a lot of discussion around the topic but depending on where you live the action being taken differs widely. Europe versus the US is the clearest example.
Aquaoso is helping lenders get a better handle on climate risks for making loans, especially agriculture loans.
Chris and I take a deep dive into where the climate discussion is today, what climate data is available and what it looks like, regulatory policy, the generational divide on climate policy and action, raising capital, and a whole lot more.
So without further ado I present Chris Peacock of Aquaoso. I hope you all enjoy the show and be prepared to learn:
- Chris's journey to Aquaoso
- His passion for water and the climate
- Why he is an awful employee, hint: he is an entreprenuer
- The regulatory difference between Europe and the U.S.
- Why Europe is 5 - 7 years ahead of the U.S. with climate issues
- Data is hard to acquire and make actionable today
- The climate discussion is still focused on carbon and net zero
- There are 4 major trends: generational, the climate itself, regulation, and digital
- Aquaoso uses 70 - 80 different data sets
- Why standards can help change the comversation
- Biggest lesson: celebrate wins, no matter how small
- Take any advice with a grain of salt
- Favorite startup book: The Messy Middle by Scott Belsky
- Latest book read: Lead Upwards by Sarah Brown
- And much more...
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
LendIt Fintech's weekly news show covering the top stories in fintech.
This week's list of top stories include:
- CFPB plans to revisit the CARD Act, older regulations: Chopra
- Fidelity to Allow Retirement Savers to Put Bitcoin in 401(k) Accounts
- Robinhood cuts nine percent of workers
- Acting OCC comptroller calls for standards on stablecoins
- Starling bags £130.5m from existing investors to build "war chest" for acquisitions
- CFPB Dusts off Old Rule to Investigate FinTech
- LendingClub earnings beat Q1 expectations
- Nonbank jumps at rare chance to get into SBA 7(a) lending
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On episode 49 I talk with Urvashi Barooah of Redpoint Ventures. Redpoint partners with exceptional entrepreneurs starting at the earliest stages of the climb. They invest across consumer and enterprise and have partnered with thousands of entrepreneurs over the past two decades.
Redpoint has backed some of the biggest fintechs in the world including Stripe, Nubank, Ramp, and others.
When looking at their portfolio and talking with Urvashi you find infrastructure is a common theme for the firm, not only within fintech but also in Web3. We take a deep dive into why they find so much value in the space and how much improvement is still needed.
We also talk about how much has changed in the last few years, the broader Web3 trends, valuations, raising capital, and a whole lot more.
So without further ado, I present Urvashi Barooah of Redpoint Ventures. I hope you all enjoy the show and be prepared to learn:
- Urvashi's journey to Redpoint Ventures
- Redpoint's investment thesis
- Why she chose the investment path versus the founder path
- Redpoint's hands-on in their approach with founders
- The decision to invest in the crypto and Web3 market
- Why infrastructure is so exciting, in fintech and Web3
- Stablecoins as an alternative means of payment
- Why we need more Web2.5 today
- How the pandemic could reshape the payments market
- Crypto can help push the financial inclusion trend further
- There is no substitute for talking with founders
- Early-stage investing has yet to see a correction
- Recommended reading: Steve Jobs by Walter Isaacson, Ride of a Lifetime by Bob Iger and Shoe Dog by Phil Knight.
- And much more...
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
LendIt Fintech's weekly news show covering the top stories in fintech.
This week's list of top stories include:
- Fintech Brex bets big on software, lands DoorDash as a customer
- Circle Raises $400M as BlackRock Explores USDC
- Larry Fink Says BlackRock Is Studying Cryptocurrencies
- Major US Clearing House Experiments with CBDC for Real-Time Settlements
- Justin Bieber, Gwyneth Paltrow and Ashton Kutcher are among dozens of celebrity investors piling into crypto startup MoonPay
- Step to add stock, crypto investing for teens
- Fireblocks and Fintech Major FIS Bring DeFi to Capital Markets
- Credit firm TransUnion used deceptive marketing and 'dark patterns,' lawsuit alleges
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On episode 48 I talk with Adam Nash if Daffy. Daffy’s mission is to help people be more generous, more often.
When talking to Adam you can tell this is beyond just a company for him, he has a passion for giving. While giving has always been a part of society, the last decade has seen the space skyrocket in popularity.
Adam and I discussed his extensive background in technology and startups, the mentality of working for a charity versus a for-profit company, the top reasons people forget to give even though they intend to donate, the technology that underpins Daffy, raising capital, and much more.
So without further ado, I present Adam Nash of Daffy. I hope you all enjoy the show and be prepared to learn:
- Adam's journey to Daffy
- What is a donor-advised fund
- Why he chose to start a non-profit company
- The technology that underpins Daffy
- The biggest pain points in charitable giving
- The mindset of giving and why people forget
- Why the wallet is a game-changer in giving
- Adam underestimated the mission and impact of giving
- The first time he built a remote-first company
- The authenticity of founder product fit
- Why now was the right time for investors
- Founders need to find the right type of investors for their company
- Advice for fellow founders: "You have to be in it for the long term"
- Favorite writer: Isaac Asimov
- Last book read: The Power Law by Sebastian Mallaby
- And much more.
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
LendIt Fintech's weekly news show covering the top stories in fintech.
This week's list of top stories include:
- Fintech Brex bets big on software, lands DoorDash as a customer
- Circle Raises $400M as BlackRock Explores USDC
- Larry Fink Says BlackRock Is Studying Cryptocurrencies
- Major US Clearing House Experiments with CBDC for Real-Time Settlements
- Justin Bieber, Gwyneth Paltrow and Ashton Kutcher are among dozens of celebrity investors piling into crypto startup MoonPay
- Step to add stock, crypto investing for teens
- Fireblocks and Fintech Major FIS Bring DeFi to Capital Markets
- Credit firm TransUnion used deceptive marketing and 'dark patterns,' lawsuit alleges
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On episode 47 I talk with Nelson Chu of Percent. Percent was founded with the belief that investing in alternative investments should be more transparent, more accessible, and more liquid than ever before.
There has been an explosion of interest in alternative investments in the last few years as traditional assets and low rates offered investors little upside.
Percent is helping make these assets more accessible to a larger segment of the population through innovative technology.
Nelson and I talk about his journey to percent from Wall Street, how they increase access and transparency to alternatives, the accredited investor rule, blockchain technology, and the web3 movement, building a culture for a growing team, raising capital, and much more.
So without further ado, I present Nelson Chu of Percent. I hope you all enjoy the show and be prepared to learn:
- Nelson's journey to Percent
- The growth of alternative investments
- How Percent defines alternative investments
- The accredited investor rule
- Low rates and the impact on the growth of alternative investments
- The impact of Web3 and blockchain on capital markets
- Nelson's thoughts on the Web3 movement overall
- Biggest lesson learned: the power of a good team
- Best advice received: surround yourself with people that are far smarter than you
- Advice to fellow founders: nothing is ever as bad as it seems, nothing is also ever as good as it seems
- Last book read: The Culture Code by Daniel Coyle
- Favorite book: Powerful by Patty McCord and Measure What Matters by John Doerr
- And much more.
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
LendIt Fintech's weekly news show covering the top stories in fintech.
This week's list of top stories include:
- Fast, the Troubled Fintech Startup, Is Shutting Down
- Jamie Dimon’s Annual Letter To JPMorgan Chase Shareholders Talks Technology
- Yellen says U.S. crypto rules should support innovation, manage risks
- SEC Chair Gensler says agency is planning greater oversight of crypto markets to protect investors
- UK Economic Secretary announces innovative approach to crypto technologies
- Blockchain and financial markets: will computers push out brokers?
- Democratic state AGs call on four big banks to eliminate overdraft fees
- Block Notifies 8.2M Customers After Breach of Cash App Investing
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
On episode 46 I talk with Aaditya Rathod of the Canny Co. The Canny Co ecosystem makes it easy for businesses and customers to save time and money. Their modular platform enables Fintechs to easily embed one or more of Canny’s products.
Embedded finance has quickly become one of the hottest areas in fintech, helping to provide seamless and simple products connecting banks, fintechs, and non-financial brands.
Aaditya and I talked about how Canny works with their different clients and partners, where they fit within the technology stack, some of the biggest pain points in cross-border payments, whether or not payments are becoming cheaper and fairer, the potential impact of web3 and much, much, more.
So without further ado, I present Aaditya Rathod of The Canny Co. I hope you all enjoy the show and be prepared to learn:
- Aaditya's Founder Journey
- What he learned from his long tenure in banking
- The payments gap they are trying to address
- Why flexibility, usability, and security are so important
- What they mean by having Canny Choices
- 4 pain points in cross-border payments: price, transparency, speed and access
- Average cost to send $200 is 6.4 percent
- Blockchain adoption will conitnue to bring down cost and increase transparency
- "When you are in startup, it’s not a job, it’s a mission"
- Biggest lesson - be cautious in defining priorities
- Advice for fellow founders - don't try to ride on two boats, go all in
- Favorite book: The Chimp Paradox by Prof. Steve Peters
- Latest book read: The Power of Habit by Charles Duhigg
- He is very passionate about cricket
- And much more...
Connect with PitchIt:
- Tweet me @ToddFintech
- Connect with me on LinkedIn
- Find previous PitchIt episodes
- Email me at todd@fintechnexus.com
Until next time.
This week's list of top stories include:
Apple Working to Bring More Financial Services In-House
- New effort is dubbed “Breakout”
- Payment processing, credit risk assessment, fraud analysis, credit checks
- Focused on future products
- Could impact GS, Green Dot and CoreCard
- Apple is working on BNPL, merchant processing,
Visa launches NFT program as it considers the digital art a new form of e-commerce
- Effort to bring SMB into the digital economy
- One year immersion: Visa Creator Program
- Artists, musicians, fashion designers and filmmakers
- Help them build their business with NFTs
Blockchain.com Raises New Funding at $14 Billion Valuation
- More than doubling their valuation
- Led by Lightspeed Venture Partners
- Last round was in March 2021, $300m at a $5.2b valuation
Cross River raises $620M Series D
- Values the company at > $3b
- Co-led by a16z and Eldridge Capital
- Banking partner of choice for many of the biggest names in fintech
CFPB’s Chopra promises crackdown on repeat offenders
- In speech Monday Rohit Chopra said the CFPB is going to get tougher.
- Revoking government privileges such as FDIC insurance
- Big banks that are repeat offenders: Citi, JPM, Wells, Amex and Discover
- Large firms are deterred by regulatory penalties
- Will establish a new dedicated unit with the CFPB’s enforcement division
Wells Fargo partners with Bilt Rewards to launch credit card for renters
- Rewards card for people paying rent
- Even if you pay by check or ACH can use Bilt to pay the rent and earn rewards
- No interchange on rent
- Rewards currency - can transfer to United, AA
- First premium card from Wells
Alviere, Coinbase Enter Coinbase Prime Partnership to Allow Brands to Offer Crypto Exchange
- Alviere offers embedded finance solutions for non-banks
- Already offer bank accounts, card issuing, merchant processing, money transfer
- This will allow them to offer crypto trading
Hackers Steal $540 Million in Crypto From ‘Axie Infinity’ Game
- Hackers stole 174,000 ETH and 25.5m USDC
- Not a technical hack, used social engineering
- Second largest crypto hack ever
- Axie Infinity has 1.7m daily users
On episode 45 I talk with Andrew Steele of Activant Capital. Activant is a global investment firm that partners with high-growth companies that transform commerce.
I wanted to bring in a growth investor to bring a different perspective to founders that tune into the show. While our core focus is early-stage companies and investing, I wanted to examine the next phase in the growth curve.
It was fascinating to hear about the evolution of Activant, they started out as a $75mn growth fund writing a handful of checks in the $15mn range. They have since transformed to have 4 funds with more than $2.1bn in assets under management.
Andrew and I talked through how Activant evaluates and invests in companies, why they focus on infrastructure themes, why investing is more than just writing a sizable check, how their investment thesis has evolved since fund one, valuations, what’s next in fintech, and much, much, more.
So without further ado, I present Andrew Steele of Activant Capital. I hope you all enjoy the show and be prepared to learn:
- Andrew's journey to Activant Capital
- Activant's investment thesis
- Activant's evolution since being founded in 2015
- The value add that comes alongside the check
- Why infrastructure is a focus for the fund
- Where valuations stand today
- How they counsel companies on good press and bad press
- What he is most excited about in fintech
- How he stays focused on their thesis as fintech moves at breakneck speed
- Why in-person meetings cannot be replicated by Zoom
- Why it's better to read than not read
- Favorite book: 1984 by George Orwell
- Last book read: Say Nothing by Patrick Radden Keefe
- And much more...
This week's list of top stories include:
Apple Acquires Credit Kudos
- One source said the deal valued Credit Kudos at about $150 million, a significant uplift on its last funding round.
- startup offers insights and scores on loan applicants drawn from bank data
- Tink and Aiia bought by Visa and Mastercard previously
- Unknown what Apple has planned
FTX Invests $100M in Banking App Dave, Forms Partnership for Crypto Payments
- FTX US will serve as the exclusive partner for any crypto offerings offered by Dave.
- $100 million investment from FTX Ventures was through a convertible note, a type of short-term debt.
- currently exploring how to introduce digital asset payments onto Dave’s platform.
Katie Haun debuts Haun Ventures with $1.5B in capital to back crypto startups
- Haun Ventures
- $1.5 billion in capital across two funds — a $500 million early-stage fund and a $1 billion “acceleration” fund.
- “We believe the next generation of the internet deserves a new generation of investors,” Haun wrote in a blog post announcing the fund.
- Haun Ventures will aim to lean into regulatory expertise as one of the firm’s defining advantages
Ramp confirms new $8.1B valuation after ‘a nearly 10x’ YoY increase in revenue
- secured $550 million in debt and $200 million in equity in a new financing that doubles its valuation to $8.1 billion.
- “Ramp is an example where we invested early then continued to double down as we saw the rapid velocity of execution and unprecedented customer adoption,” Founders Fund’s Keith Rabois said.
- “close to a 10x” bump in revenue year-over-year in 2021.
- the company started out focused on small-to-medium-sized businesses (SMBs), it now works with “businesses of all sizes”
Robinhood’s new debit card will automatically invest in stocks and crypto as you spend
- The card’s big new feature is the option for users to automatically invest in assets like stocks and crypto when spending money.
- Replaces 2019’s Cash Management debit card
- The card has no subscription fees, no account minimum, no overdraft fees, and no in-network ATM fees
- Random reward mechanisms might bring more criticism on RH who has dealt with past criticism on trading habits
How DeFi should suit up to succeed
- Op-Ed: Daniel Bulaevsky, partner and General Counsel at Klaros Group
- If DeFi is to realize the promise of better financial services, crypto companies building on top of DeFi must first connect to the traditional financial system.
- DeFi will lose in a vacuum.
Banks Can Trump Fintech as Zero-Rate Era Ends
- Can fintechs continue to thrive as rates rise?
- Savvy investors should seek those fintech firms that may continue to have a technology or business-model advantage.
- higher costs for equity capital as rates rise will make it harder to sustain any money-losing strategies to grab market share.
Fintech startup Jeeves raises $180M, quadruples valuation to $2.1B in half a year
- Jeeves has raised $180 million in a Series C round that values the company at $2.1 billion.
- quadrupled in value in just over six months
- another example of how competitive — and lucrative — the corporate card and expense management category has become.
- proprietary banking-as-a-service infrastructure, any company can spin up their finance function “in minutes”
How Mastercard is linking banks to BNPL
- Mastercard Installments will enable participating banks to give consumers BNPL offers managed within banks’ mobile apps and digital wallets like Apple Pay and Google Pay.
- Loans will be extended through a virtual, single-use Mastercard.
- One challenge Mastercard Installments faces will be getting consumers to consider new BNPL offers buried in their bank’s mobile apps or digital wallets
On episode 44 I talk with Samantha Ettus of Park Place Payments. Park Place is a women-owned company fundamentally changing the experience businesses have with their payment processor.
Payment processing and the payments industry overall are seeing a lot of innovation and change. Most of the innovations and new technologies are focused on 20 percent of the market, Park Place is different in that they focus on the other 80 percent, Main Street.
A lot of founders focus so much on the technology, but in talking with Samantha you can understand Park Place is so much more, especially with customer service.
Samantha and I discuss some of the biggest pain points in payments today, why technology is not always the answer for many Main Street businesses, the continued lack of diversity in payments, broader fintech and venture capital, finding time to read, raising capital, and a whole lot more.
So without further ado, I present Samantha Ettus of Park Place Payments. I hope you all enjoy the show and be prepared to learn:
- Samantha's founder story
- The Monopoly connection to Park Place Payments
- Main Street matters
- Scaling while keeping a difference-making customer service team
- The competitive landscape in payments
- Where the biggest pain points are in payments and payments infrastructure
- The importance of partnerships with Payroc and Clover
- The future of payments technology
- Why saying they're women-owned is important
- The lack of progress made on diversity, especially in Venture Capital
- What more can be done to advance diversity in fintech
- Biggest lesson learned about Park Place Payments
- Best piece of advice received
- Advice for fellow founders
- The trick to read a book a week
- Recommended books include An Ugly Truth, Empire of Pain, and Beautiful World, Where are You
- And much more...
This week's list of top stories in fintech:
Microsoft dives into Web3 with investment in Ethereum co-founder’s start-up ConsenSys
- ConsenSys now worth $7 billion with this $450m
- Led by ParaFi Capital, with participation from Microsoft, SoftBank and Temasek
- One of the first crypto-related investments for Microsoft
- Blockchain startups raised $25.2b in 2021
The EU voted not to ban bitcoin
- The MiCA (Markets in Crypto Assets) legislation advanced Monday with no ban on proof of work based crypto
- The EU aim to have a regulatory framework for digital assets by 2025
- The bill is now headed to further negotiations
Apple Is Crypto’s Biggest Wild Card
- CFPB began inquiry into BNPL in Dec 2021
- BNPL had until March 1 to provide answers to the regulator’s questions.
- Deadline for consumer comments is March 25
- CFPB will issue a set of reports on what they might do.
- Public complaint database found Affirm had the most complaints
CFPB urged to act quickly on buy now/pay later loans
- CFPB began inquiry into BNPL in Dec 2021
- BNPL had until March 1 to provide answers to the regulator’s questions.
- Deadline for consumer comments is March 25
- CFPB will issue a set of reports on what they might do.
- Public complaint database found Affirm had the most complaints
Quadrata launches data passport for AML in DeFi
- Quadrata began in August 2021
- First product is a low code web3 passport for DeFi KYC
- Uses Spring Labs Ky0x digital passport and creates an NFT
- TransUnion handles KYC offchain, no real wold identity is stored in the NFT
- Works just with Ethereum mainnet now
Green Dot, Plaid will provide financial services to underbanked
- Green Dot serves the underbanked population through Walmart stores
- Their digital bank Go2bank will now use Plaid to connect their bank account to 6,000 fintechs
- Joining many other banks in connecting through Plaid.
OppFi Asks for Injunction on Loan Interest Rates Caps
- OppFi filed a complaint against CA DFPI in regards to start interest rate caps
- State chartered banks can export their rates after a sale
- The loan is “valid when made”
- OCC and FDIC have reaffirmed this rule as well as a US District Court last month
American Express has Reportedly Filed Trademark Applications to Register Services in the Metaverse
- Amex has filed trademark applications for banking services in the metaverse
- Amex wants to offer virtual payments, NFTs, authentication and more in the metaverse
- Seven applications were filed on March 9
On episode 43 I talk with Bernardo Silva of Yave. Yave is a mortgage origination fintech from Mexico. They help Mexican families with financing so they can own a home.
Yave is really on the cutting edge as Bernardo explains in the episode. They are one of the only companies taking on the mortgage space in Mexico. The mortgage market in Mexico is dominated by a handful of lenders and the Mexican government.
Yave is looking to change that dynamic by offering a better experience and a willingness to serve a wider customer base than the small segment currently being served by the big banks.
Bernardo and I discuss the overall mortgage opportunity in Mexico, the Fintech Law in Mexico, their growing number of partners, raising capital, formula one racing, and much more.
So without further ado, I present Bernardo SIlva of Yave. I hope you all enjoy the show and be prepared to learn:
- Bernardo's founder journey
- Why Yave is the key to getting a home in Mexico
- The mortgage opportunity in Mexico
- Why the mortgage market is cornered by a handful of lenders and the government
- The lack of a secondary market and how that impacts mortgage lending
- How FHipo became a game-changing partnership for them
- The impact of the Fintech Law on the broader ecosystem
- Biggest lesson: truly understanding the problem they are solving
- Last book read: Mission Matters by Adam Torres
- Why Formula One quickly became his favorite sport
- And much more...
This week's list of top stories in fintech:
Biden Executive Order on Crypto
American Express, PayPal join payments industry boycott of Russia
Coinbase Touts Blacklist of 25K Russia-Linked Addresses Allegedly Tied to Illicit Activity
Better.com plans to lay off about 4,000 people this week, sources say
Marqeta Q4: Top Line Revenue $144 Million, Net Loss of $37 Million
Acorns squirrels away $300M Series F after scrapping SPAC, now worth nearly $2B
Marlette Announces a $225 Million Series E
Nilson Report: Upgrade Card is Recognized as Fastest Growing US Credit Card
Roofstock valued at $1.9 billion
On episode 42 I talk with Adam Dell of Domain Money. Domain Money is a comprehensive and secure wealth-building platform that empowers retail investors to take control and get serious about investing across both stocks and crypto.
The big difference Domain offers is that they are actively managed, they're designed to help the retail Investor better access equities and crypto.
Adam and I took a deep dive into crypto and how it is helping to reshape financial services as we know it. We discussed the regulatory issues of today and how the market itself is already heading in the direction of crypto & DeFi, he explained how most engineering teams have already started working with blockchain-based solutions.
We also talked about the differences in building a company today, versus when his career first started, trading fees and compression, corporate board construction, raising capital, and a whole lot more.
So without further ado, I present Adam Dell of Domain Money. I hope you all enjoy the show and be prepared to learn:
- Adam's entrepreneur journey.
- Solving problems with technology is core to what he believes.
- On average it takes two days and costs $2 to consummate an ACH transaction.
- A blockchain network can accomplish the same thing in two seconds for a 40th of a penny and a lower energy cost.
- Why the market needs actively managed portfolios of both stocks and crypto.
- It is difficult for the retail investor to wrap their heads around touching Ethereum versus touching Amazon.
- Politics follow the economy, it's not the other way around.
- No question that the federal government is over time going to issue digital dollars.
- No question that over time the federal government is going to find ways to regulate this industry.
- Domain Money is focused on the underlying trends of utilization and real market value.
- Ethereum has already passed Visa in transaction volume, in a fraction of the time.
- The thing that I've learned the most is just how quickly you can execute if you have a clear focus on what you're trying to get done.
- What is the specific problem you are solving and how do you communicate that solution to the end customer in a way that in less than five seconds they can get it.
- One of Adam's favorite books: Seeking Wisdom by Peter Bevelin
- Last book he read: The Coddling of the American Mind by Greg Lukianoff and Jonathan Haidt
- And much more...
This week's list of top stories in fintech:
How Visa-Mastercard Russian bank ban will disrupt commerce
- On Monday V & MC blocked access to their networks for a large share of Russian market
- Did not name specific banks but three banks make up 50% of the market
- There are 300m credit and debit cards in Russia
- V & MC control 72% of card market there
- Russians have to rely now on cash primarily, although getting money from ATMs will be difficult
War in the time of crypto
- Crypto is flowing in to both sides but it has a learning curve.
- Ukraine ranks 4th in the world now in crypto adoption
- Can Russia use it to avoid sanctions? “it is structurally impossible at scale”
- Companies like Chainalysis can detect nefarious activity from Russia.
- There is a spike it Rubles->BTC transactions
Home field advantage: SoFi stock pumps on earnings
- Revenue was $985m in 2021, up 74% over 2020
- Most of the revenue ($764m) was lending related
- Adjusted EBITDA was $30m for the year
- Added 1.6 million members last year
The Growing Domination Of Chime, Cash App, And PayPal In Banking
- The shift is happening, more people call digital banks their primary checking account
- 28% of Gen Z, 31% of millennials, 22%of Gen X
- Chime, PayPal and Cash App account for 60% of those with a digital bank
- Community banks show growth, credit unions do not
- “Digital banks aren’t the “challenger” banks, anymore. They won. “
Zip buying Sezzle as pressures on BNPL fintechs mount
- Zip will buy Sezzle for $356m
- The CFPB is looking at BNPL practices
- The combined company will have 13.3 million customers
- The deal is expected to close in Q3
Klarna’s widening losses driven by rapid expansion
- Klarna is now serving 147m active customers arond the world, up 70% year over year
- Credit losses approached US$500m in 2021
- Full year losses were US$730m on revenue of $1.4b
- No comment on future fundraising or IPO
Goldman Sachs advances further into embedded finance with GM partnership
- Goldman converted 3m GM cardholders to Marcus (took over from Cap One)
- They are making headway in their embedded finance push
- Will be helping GM build loyalty with their customers
- Marcus now has 13 million customers
- GreenSky acquisition should close this quarter
How Nubank Became the World’s Biggest Digital Bank
- Nubank now has 54 million customers
- They will stay focused on Latin America
- Rely only on word of mouth
- Branches could be in their future
Peter Thiel-backed digital bank N26 plans to be IPO-ready by end of 2022
- N26 will be “structurally IPO-ready” by the end of 2022
- But will likely wait until 2024 or even later
- Recently raised $900m at a $9b valuation
On episode 41 I talk with Jared Shulman and Jerry Shu of Lendica. Lendica is a truly embedded finance company focused on smart lending. They provide simple and transparent funding solutions for businesses at the point of decision.
Embedded finance has clearly taken off in recent years, and small businesses have become one of the biggest beneficiaries. SMBs finally have solutions that fit their needs, and Lendica is one of those solutions.
Jared, Jerry and I talk about the different terms being used to describe embedded finance, the potential of a branch free world in banking, how much fintech has helped SMBs, raising capital, founder advice and a whole lot more.
So without further ado I present Jared Shulman and Jerry Shu of Lendica. I hope you all enjoy the show and be prepared to learn:
- Jared and Jerry's founder stories
- Why they decided on the name Lendica
- What the typical SMB client looks like for Lendica
- The state of embedded finance today
- The changing landscape for small businesses
- The potentials of a branch free world
- The awareness and penetration of fintech for SMBs
- Whether or not SMBs want a fully automated lending solution
- Lesson's learned about the company since launch
- Raising capital
- Advice for fellow founders
- And much more...
On episode 40 I talk with John Paasonen of Maxwell. Maxwell helps lenders serve their communities by channeling mortgage and technology expertise to help small and midsize lending teams thrive.
Mortgages are still one of the slowest and most archaic processes in financial services. From gathering paper documents to lenders and processors sending CSV files via email. Maxwell is aiming to change this by digitizing the various pieces of the mortgage process for small lenders.
John and I talk about why Maxwell chose to work with smaller lenders, where we are on the innovation path for mortgages, whether or not we can and want to reach a fully digital mortgage process, what he learned from PayPal and Amex, raising capital and a whole lot more.
So without further ado, I present John Paasonen of Maxwell. I hope you all enjoy the show and be prepared to learn:
- John's journey to Maxwell
- The story behind the name Maxwell
- Why they decided to focus on local lenders and community banks
- Local lenders as a group originate more mortgages than large banks
- Why mortgages are not yet innovative
- Why we might not want a fully digitized mortgage process
- The human element still matters, especially for first-time buyers
- Why mortgages are still not fair for all borrowers
- Lessons learned from his time at PayPal and American Express
- Biggest lesson learned since launching his company
- Raising Capital
- Advice for fellow founders
- And much more...
This week's list of top stories in fintech:
BlockFi to Pay Record Penalty to Settle SEC Probe of Crypto Lending Business
- Paying $50m to SEC, $50m to states
- Will stop offering existing product and will register a new product BlockFi Yield
- Will file a new registration statement and SEC will have to sign off
- SEC also accused BlockFi of misleading statements playing down the risk
Cryptocurrency’s big Super Bowl ads sold FOMO, not the future
- Coinbase had 20 million people scan the QR code in 60 seconds, crashing their website.
- Crypto.com had LeBron James with his younger self
- FTX had Larry David missing out on big trends
- eToro talked about social investing
- Bud Light Next was promoted with NFT drops
Bank-fintech partnerships win key battle, but war is far from over
- Fintech scored a short term victory in California on the bank partnership model
- Interest rate exportation is still an unsettled issue
- FDIC and OCC may go back to revisit their rules
- Decision came right after the letter from advocacy groups was made public
JPMorgan Opens A Bank Branch In The Metaverse (But It’s Not What You Think It’s For)
- JPM opened a lounge in Decentraland
- Onyx is the bank’s blockchain unit
- Not much to see in the lounge but they do have a tiger
- Property prices have risen from $100 to $15k in 12 months
Discover backs card-free payments
- Buy It Mobility is partnering with Discover to bring ACH payments
- Discover merchants will allow their customers to pay by bank account
- Discover is an investor in BIM
- Consumers save money doing this at gas stations today
Cryptocurrency firm Circle doubles valuation to $9 bln in tweaked SPAC deal
- Circle was valued at $4.5b in their previous SPAC deal with Concord
- Now, renegotiated to double the valuation
- Reason: its financial outlook and market conditions had improved
- Circle operated the USDC stablecoin
Buyout firm Madison Dearborn to take MoneyGram private in $1.8 billion deal
- PE firm buying money transfer leader Moneygram for $1.8b
- Moneygram has 150m customers but has struggled in recent years
- Fed gov nixed an acquisition by Ant Financial in 2018
- Deal was originally rumored in December
NYSE moves closer to NFT trading with trademark application
- Registered NYSE as a marketplace for crypto and NFTs with USPTO
- No immediate plans to launch anything
- NYSE minted ints first NFTs back in April last year
On episode 39 I talk with Don Muir of Arc. Arc is the full-service finance platform for SaaS, providing software startups with the customized financial products they deserve.
The process of raising money is quite arduous, there is a lot of time and energy that founders need to set aside in order to raise capital. Arc is aiming to solve part of this equation with their state-of-the-art finance platform.
Arc helps companies unlock future revenue without taking on risky debt or diluting their equity any further. Don and I talk about the biggest pain points for founders when fundraising, how Arc’s solution can be additive to VCs, Arc’s partnership with Stripe, how his experience as an investor is helping to shape Arc, raising capital, and a whole lot more.
So without further ado, I present Don Muir of Arc. I hope you all enjoy the show and be prepared to learn:
- Don's journey to Arc
- Why entrepreneurship was always a passion
- The meaning behind the name Arc
- What Don and his Co-Founders learned from talking to hundreds of founders
- Why fundraising is so slow
- How they are additive to VCs and other types of lenders
- Why they are so excited about partnering with Stripe
- The Arc score takes into account more than 200 metrics
- Biggest lesson learned: "capital raising can be a really emotional decision"
- David Vélez of Nubank told them "ensure that there is no divide between the engineering and business teams"
- Favorite book: The Great Gatsby
- Last book read: Steve Jobs
- And much more
On episode 38 I talk with Sumita Pandit of dLocal. dLocal powers local payments connecting merchants with billions of emerging market consumers through one single API.
This special episode was recorded at LendIt Fintech LatAm in Miami on December 7th, 2021.
Sumita and I discussed dLocal’s journey from being a startup in Uruguay to a global publicly traded fintech firm that’s listed on the U.S. based NASDAQ. We talked about how dLocal was able to move beyond just LatAm to have a global reach and impact.
Are LatAm public companies viewed on the same footing as a U.S. based company, or is there still a discount attached to LatAm based companies? We also talked about the importance of focusing on emerging markets and why it takes a different mindset to operate and be successful in this environment.
So without further ado, Sumita Pandit of dLocal. I hope you all enjoy the show and be prepared to learn about:
- Sumita's journey to dLocal
- How dLocal managed to move beyond Uruguay
- Why it's all about the mindset
- How some countries in LatAm compare to India
- The LatAm discount, and whether or not it still exists
- Why dLocal focused on emerging economies
- Why nimbleness is such an asset
- Similarities in the regulatory environment of emerging economies
- 50 percent of credit card transactions can be declined in these markets
- The different meanings of financial inclusion
- Covid has had a positive impact on dLocals business and operations
- And much more...
On episode 37 I talk with Christine Kenna of Ignia. Ignia invests in world-class tech entrepreneurs solving problems faced by the emerging middle class in Latin America.
This special episode was recorded at LendIt Fintech LatAm in Miami on December 7th, 2021.
Christine and I discussed investing in the emerging middle class. We covered Ignia’s investment thesis, what the middle class looks like today in LatAm and how the pandemic has impacted this growing segment of the population.
We also touched on entry points into fintech, how much in LatAm has changed in recent years, especially the shift in funding rounds, and what’s next for the hottest fintech region in the world.
So without further ado, Christine Kenna of Ignia. I hope you all enjoy the show and be prepared to learn about:
- Christine's journey to Ignia
- Ignia's investment thesis
- Types of companies Ignia invests in and why
- The current state of LatAm's middle class
- Covid's impact on LatAm's middle class
- The state of fintech awareness in LatAm today
- The impact of fintech on people's lives
- The best ways to increase access to fintech
- The best entry point into fintech
- How much the startup ecosystem has changed in recent years
- The evolution of funding rounds in LatAm
- The exit paths for startups
- What's next for the region
- And much more...
On episode 36 I talk with Jordan Wright of Atomic Financial. Atomic are the trusted way for people to connect their payroll accounts to an app. Payroll connectivity has started to take off in fintech with the innovation from firms like Atomic.
Access to payroll data can give financial services firms real-time insight into an individual’s current job status, income, and much more. Atomic is helping to eliminate the data lag that existed in finance for so long. Jordan explained that direct deposit switching and employment & income verification are the most common use cases today, with more interesting ones coming down the line.
The other fascinating topic Jordan and I touched on throughout the podcast was work/life balance. As someone who started multiple companies, Jordan has learned how to better balance professional and personal, along with that helping to set a culture for the team to have the same balance. It really was a great discussion. So without further ado Jordan Wright of Atomic Financial. I hope you all enjoy the show and be prepared to learn about:
- Jordan's journey to Atomic
- Why payroll data is a game-changer
- The most common use cases for Atomic today
- The endless use cases payroll data can unlock in the future
- How earned wage access can impact financial wellness
- The current state of financial wellness
- The differences between his first venture and his current venture
- Jordan's lessons from his previous companies
- Why his co-founder offered up the best piece of advice
- The importance of work/life balance
- Building the right culture
- Lessons from his time as an angel investor
- The realities of raising capital
- He recommends reading the Wheel of Time series
- And much more...
This week's list of top stories in fintech:
SoFi stock soars after clearing final regulatory hurdle to become a bank
- Got approval from OCC, the Fed
- Stock up more than 35% over past two days
- Deal to acquire Golden Pacific Bank should close next month
Small banks set to go live with bitcoin trading
- 300 banks will go live with bitcoin trading by the end of Q2
- NYDIG is enabling this method, needed integrations have been completed
- Regulatory and security concerns have been worked out
- Endorsed by the ABA and ICBA, both have invested in NYDIG
Bank-Fintech Partnerships Are Under-Performing: What’s Going Wrong?
- New report from Cornerstone Advisors
- 89% of banks say fintech partnerships are important
- 65% of banks have entered into a fintech partnership, 35% have invested
- Only 14% have realized at least a 5% gain in revenue because of a fintech partnership
What JPMorgan is doing with that $12 billion tech spend
- Half the budget is on run the bank and half on change the bank.
- Modernization, data strategy and product operating model
- 59 million digital chase users
Crypto.com loses $34 million in hack that affected 483 accounts
- Crypto.com was hacked last weekend
- Initially CEO said that no funds were lost
- Noticed that some withdrawals were occurring without 2FA so they suspended all withdrawals
- 4,836 ETH and 444 BTC were stolen worth around $34m
Facebook's parent company Meta is looking to launch NFT marketplace: Report
- Plans to allow users to display NFTs on their profile
- Facebook and Instagram are looking at NFT integration
- Also looking at a way for users to create/mint their own NFT (and maybe a marketplace)
- Twitter is also exploring NFTs
Coinbase NFT platform will use Mastercard
- New Coinbase NFT platform will allow purchases by Mastercard
- Pledging an easier on-ramp for the NFT market
- Coinbase is working with Mastercard to classify NFTs as digital goods
Truist joins industry's pivot away from overdraft fees
- Latest top 10 bank making overdraft moves
- Truist One Banking will be a new account, launching this summer, will eliminate overdraft and NSF fees
- Will reduce overdraft income by $300m or 60%
- Hope to offset this by client acquisition and more deposits
Russia proposes ban on use and mining of cryptocurrencies
- Russia’s central bank has proposed banning the use and mining of crypto
- Russia is third largest bitcoin miner at 11.2% of total
- Estimated annual crypto transaction of $5b
- Russia is planning a digital version of the ruble
On episode 35 I talk with Sergei Terentev of B9. B9 is a fintech company that offers a full suite of app-based financial services to unbanked workers in the U.S. who are underserved by traditional banks, often first- and second-generation immigrants.
There are millions of people who can now access the financial system in large part due to fintechs like B9. Fintech has started to level the playing field and it gives all sorts of workers, be it those living paycheck to paycheck or gig economy workers, a chance to participate in the digital economy.
B9 is also helping to put predatory lenders out of business with their paycheck advance product which allows users access to funds two weeks early. The wealth of data available today is also helping change to underwriting process and experience. Sergei and I discuss how his personal experiences have helped shape what B9 is doing. We also talk about the state of financial inclusion, the thinking behind their subscription tier, raising capital, and a whole lot more.
So without further ado, Sergei Terentev of B9. I hope you all enjoy the show and be prepared to learn about:
- Sergei's founder journey and why he started B9
- How and why they use data they way they do
- Why B9 offers consumers their paycheck up to two weeks early
- Why banks are still ignoring consumers on the lower end of the income spectrum
- How fintechs will set the way forward in creating an updated credit score
- B9's subscription tier and why they believe it is a differentiator
- Why technology can help eliminate payday lenders
- Why the debt cycle is so dangerous
- Why the company is organizing a 3 month retreat with the team
- Sergei recommends reading Business Adventures
- And much more...
This week's list of top stories in fintech:
Checkout.com raises $1B round at $40B valuation
- Building a full stack payments company
- Unlike Stripe they focus on large global merchants
- Raised $450m at $15b just 12 months ago
- Has 1,700 employees across 19 countries
- Will use this money to focus on the US market
Fintech Brex confirms $12.3B valuation, snaps up Meta exec to serve as its head of product
- Raised $300m at $12.3b valuation
- Last April it raised $425m at $7.4b
- Revenue has more than doubled last year
- Moving beyond startups to mid-market and larger companies
- Hired Karandeep Anand as chief product officer
PayPal poses big threat to banks in race to develop stablecoins
- PayPal is considering issuing its own stablecoin
- Could create a payments network as it has money transmitter licenses in many countries
- March, it launched Checkout with Crypto
- A few banks have crypto initiatives but most are playing the waiting game.
Wells Fargo joins Bank of America in overdraft-stemming moves
- B of A is reducing overdraft fees from $35 to $10 starting in May.
- Will eliminate NSF fees starting next month.
- Wells will also eliminate NSF fees
- Will also give customers 24 hour grace period
- Wells will also launch a short term credit product by the end of 2022.
TransUnion Brings Credit Data Checks to Crypto Lending
- TU partnering with Spring Labs, will bring credit and identity data on chain.
- Your identity info will be able to be stored inside your digital wallet.
- Will allos DeFi and Web3 applications to provide permissioned data.
- Could help get regulators on board.
Stablecoins everywhere: Where is the Fed?
- Powell testified before the Senate Finance Committee this week.
- New stablecoin report will be ready in weeks.
- Project Hamilton is also coming out soon.
- Powell sees no problem with a privately issued stablecoin and a CBDC to coexist
US Banks Plan USDF Stablecoin
- New stablecoin USDF will be offered by five US banks.
- Four of the banks are top 100 by assets
- USDF operates through the Provenance blockchain.
- Could be used for capital calls and supply chain finance
A card for people with more crypto than credit history
- New Titan card aimed at crypto holders
- Does not do a hard credit check on applicants.
- Underwriting involves looking at applicants crypto holdings, savings and investments
- No spending limit, it is a charge card that must be paid off every month.
- Rewards are geared towards crypto
On episode 34 I talk with Adriana Saman of Clocktower Technology Ventures. Clocktower Technology Ventures is the technology investing arm within Clocktower Group, a global macro investment firm based in Santa Monica, CA, and investing worldwide.
LatAm continues to be the hottest fintech market in the world and Clocktower is one of the leading VC firms investing in the market. So much has changed in recent years with investment rounds continuing to skyrocket, unicorns going public in the U.S., and crypto beginning to take off.
I sat down with Adriana to talk about Clocktower’s focus in the region, how the firm has managed the region’s rapid change, their overall mission of investing in entrepreneurs that help make financial services more impactful, and what’s coming next for this rapidly evolving ecosystem.
Quick programming note, we recorded this interview before LendIt Fintech LatAm, in case you hear reference to the event during our discussion.
So without further ado, Adriana Saman of Clocktower Technology Ventures. I hope you all enjoy the show and be prepared to learn about:
- Adriana's journey to Clocktower Technology Ventures
- Why she fell in love with fintech and financial inclusion
- Clocktower's mandate to never lead rounds or take board seats
- What investment ideas are hot right now in LatAm fintech
- Differences between the U.S. and LatAm embedded finance trends
- How LatAm banks can leverage fintech to better serve customers
- How talent is rapidly changing in LatAm
- The multiple fundraising phenomenons taking place
- The dangers of weaponizing capital
- Why payments infrastructure is so exciting
- Founders need to know their numbers, it's unacceptable to not know your economics
- Adriana recommends reading The Shadow of the Wind
- Inspired by people who are not afraid to speak up and pursue their passions
- And much more...
This week's list of top stories in fintech:
The seven 2021 fintech trends that will shape 2022
- Buy Now Pay Later Faces a Reckoning
- Fintech Goes Public
- We are Finally Seeing Changes in Overdrafts
- Embedded Finance Takes Center Stage
- Cash Flow Underwriting Becomes the Data Enrichment Layer
- Central Bank Digital Currencies Continue to Develop
- The Rise of Web3 in Banking
Dave challenger bank goes public through SPAC
- Closed up 3% to $8.53
- Raised $210m in PIPE led by Tiger Global
- Valuation at more than $3.2b
- 10 million members
- Saved members over $1b in overdraft fees
Petal nears unicorn status with fresh $140M in capital to upend ‘broken’ traditional credit system
- The company’s new valuation is $800 million — more than triple what Petal was valued at when it announced a $55 million Series C round in September of 2020
- Petal has tripled its user base and more than quadrupled its revenue
China’s digital currency comes to its biggest messaging app WeChat, which has over a billion users
- Tencent-owned WeChat, China’s largest messaging app and one of the country’s biggest payment services, will begin supporting the country’s sovereign digital currency.
- The move by WeChat, which has over 1 billion users, to support the digital currency could provide it with a huge boost if people begin to pay with it.
Experian, TransUnion bringing buy now/pay later loans into credit reports
- Beginning in the next few weeks, Equifax will add a business industry code for BNPL to classify data such as payment history, a move that will make BNPL loans visible on credit reports.
- Equifax research points to a 21-point score increase for thin file consumers
Fintech founders accuse Starling's Boden of trying to stifle innovation
- Starling Bank chief Anne Boden has been accused by 53 fintech founders of trying to thwart innovation in financial services, following her comments to a Treasury Select Committee that Open Banking has failed to encourage bank account switching.
- Boden told MPs in October that “Open Banking has not been a success", arguing that other measures would be best deployed to encourage customers to switch accounts.
On episode 33 I talk with Shamir Karkal of Sila. Sila’s mission is to accelerate the next generation of financial innovation. Shamir is certainly no stranger to the innovation space as he was one of the earliest pioneers in fintech with Simple. Sila is one of the companies helping to bridge fintech and web3.
We talked a great deal about the evolution of fintech in the last 10 plus years. An entire ecosystem has been created since Simple first began, and now you have the beginnings of a new layer with web3.
Change is now happening at a faster pace than any of us have seen before, the key for companies today is to be as nimble as possible. This brings me back to what Shamir is building with Sila through APIs. Companies can now adjust and change quickly. Shamir and I discuss fintech’s evolution, the importance of clarity when it comes to regulation, centralized versus decentralized, raising capital, and a whole lot more. So without further ado, Shamir Karkal of Sila. I hope you all enjoy the show and be prepared to learn about:
- Shamir's journey from Simple to Sila
- The evolution of fintech
- Why the world needs platforms
- Sila is the oldest word that is connected to money
- What's behind the mission to accelerate the next generation of financial services
- Why fintech has yet to deliver on its promise
- Sila's current customer base
- The problem of outdated banking technology and how big of a barrier it is
- Bank tech, "it all sucks"
- Basic infrastructure and API awareness has gotten a lot better
- It took Simple 70 plus investors to raise their first seed round
- Crypto is not a unitary thing
- "Get good lawyers," scale will bring oversight
- Shamir recommends reading Electronic Value Exchange and Debt: The First 5,000 Years
- And much more...
On Episode 32, I talk with Neal Desai of Kafene. Kafene is a mission-driven company with the goal of empowering flexible ownership solutions. They use technology to bring innovation to lease to own purchasing options for furniture, appliances, electronics, tires & wheels, and a whole lot more. When talking with Neal, flexibility is really the key word to all of these, they really do work with their consumers to give them options, not only when purchasing an item, but also if you miss a payment. These are consumers that are typically sub-prime borrowers and in many cases tend to deal with predatory financial products.
The Kafene product approves almost anyone so you don't have to worry about missing out on accessing an item that you need for your home or your family. They have multiple payment structures which give you the option to choose the best plan for your situation. Companies like Kafene are where the real change is beginning to happen in financial inclusion. Not only are they giving options to the consumer, but they're also doing it at a fair rate. Neal and I get into the overall mission of Kafene, why they targeted that subprime consumer, "buy now, pay later," raising capital, and a whole lot more. So, without further ado, Neal Desai of Kafene. I hope you all enjoy the show.
- Neal's path to being a founder
- Financial inequality has always been a focus
- Over 100 million people are underbanked or subprime
- Flexibility is at the core of what they do
- The unlocked economic potential is probably in the trillions
- Better credit reporting in BNPL will lead to more opportunity
- The delivery mechanism of credit is evolving fast
- The credit score is in desperate need of change
- "raise way more money than you ever think you’ll need"
- Neal recommends reading Predictably Irrational and The Giant Jam Sandwich
- "raising money is not the same as building value"
- And more...
This week's list of top stories in fintech:
Institutional Bitcoin Broker NYDIG Valued at $7B in Whopping $1B Funding Round
- Largest funding round in crypto history
- Led by Westcap, a lot of demand; other investors are mainly TradFi: Affirm, FIS, Fiserv, MassMutual, Morgan Stanley and New York Life
- Raised $200m in March of this year
- May not hold the record for long as FTX is raising a mega round
- Nydig = crypto banking, entirely BTC
Anchorage Digital raises $350 million in funding round led by KKR
- $350m Series D at a $3b valuation
- Huge syndicate of TradFis: Goldman Sachs, Alameda Research, Andreessen Horowitz, Apollo credit funds, funds and accounts managed by BlackRock, Blockchain Capital, Delta Blockchain Fund, Elad Gil, GIC, GoldenTree Asset Management, Innovius Capital, Kraken, Lux Capital, PayPal Ventures, Senator Investment Group, Standard Investments, Thoma Bravo and Wellington Management
- Services are perhaps more ETH centric, including governance
- Institutional crypto custody has momentum
MoneyLion agrees to acquire Even Financial for $440M, sees accretion
- $360M upfront payment
-
- $15M in cash
- $345M in preferred shares that are convertible into 34.5M MoneyLion common shares at $10/share
- $80M earn-out, payable up to 8M in preferred shares valued at $10 per share
- Current price is $3.75; it’s hard to read whether or not the preferred shares are actually worth anything or if they are like underwater stock options.
Fintech, CDFI offer small-dollar loan with new twist
- Small dollar loans from a CDFI, NAAC Finance in partnership with Asenso Finance
- Low interest 3.5% - 20%, up to $2,500
- Financial education is a requirement to get the loan on the FDIC website
- Two week turnaround to get the money
The Top 5 Trends In Fintech And Banking For 2022
- The great overdraft overhaul
- The cryptofication of banks
- Faster payments and payments modernization
- Embedded finance grows
- The open banking battle heats up
ConsenSys Collaborates With Mastercard on New Ethereum Scaling System
- Consensys Rollups allow for much greater speeds… 10,000 TPS (transactions per second)
-
- Currently Visa handles approx 1700 TPS, and claims to be able to handle more than 20K TPS if necessary.
- This was a Collaboration with MC
- Works for any EVM-compatible blockchain
-
- Can be a private blockchain
- Potential payment rails to challenge Visa, among many uses cases
- This uses a “zk-rollup” technology which is a Layer 2 scalability solution that allows blockchains to validate transactions faster while also ensuring that gas fees remain minimal. Merkle Trees!
Kevin Durant Signs Deal to Promote Crypto Platform Coinbase
- Durant’s company, Thirty Five Ventures, have signed a multiyear deal to promote Coinbase
- Durant will become the face of the brand
- Coinbase already has a deal with the NBA
- First ad is being released today
- Thirty Five ventures is an investor in Coinbase
On Episode 31, I talk with Gaurav Sharma of Capitalize. Capitalize helps you keep track of your retirement account when you move from one employer to the next. They help you choose a new retirement account so you don't lose access and advantages of the old retirement account. They also handle all the paperwork at no cost to you, the consumer.
I thought this episode was particularly interesting because I didn't know much about this problem. It's fascinating to hear all the different ways that people lose access and lose track of their retirement savings. Some lose it because they leave it with a previous employer and it just sits in that old account. Some decide this is my money so I'm going to take it out and they lose more than 30 percent of their money to taxes and fees.
Gaurav and the team at Capitalize solve this problem by simplifying it and taking all the headaches away. We talk about how common a problem this is, how aware people are of the Capitalize solution, why retirement accounts need to evolve like many other financial accounts, especially now that we're living in the digital age, raising capital, and a whole lot more.
Before we go ahead and get into the episode, I wanted to ask if you, as a listener, could take a minute to rate the show and please write a review. I use those reviews to help make the show better and if you have specific comments, you can always reach out to me at todd@lendit.com. So without further ado, Gaurav Sharma of Capitalize. I hope you all enjoy the show.
- Gaurav's journey through Wall Street to Capitalize
- Why retirement accounts are tied to employers
- More than 15 million people change jobs each year
- Those retirement accounts left behind are lost or forgotten
- The IRS collects $30bn in yearly fees from early withdrawals
- 3 million people leave accounts behind
- $1.3tn is currently in dormant accounts
- Capitalize removes all heavy lifting
- They help you remove your money and explain where you can move it
- Consumers will end up with an IRA and an active 401k
- A new retirement account is needed for the fintech era
- Named to Time’s List of 100 Best Inventions 2021
- Best piece of advice, "do things that don’t scale"
- Gaurav recommends reading The Great Gatsby, The Unbearable Lightness of Being and Team of Rivals
- And much more...
This week's list of top stories in fintech:
Brazil’s Nubank raises $2.6 billion in NYSE IPO
- Priced at $9 a share, at the top end of the range
- Raised $2.6b, largest IPO in fintech history
- Valued at $41b, the most of any financial institution in Latin America
Brazil’s Nubank Jumps in Debut After IPO Raises $2.6 Billion
- NU priced at $9, opened at $11.25 and closed the day at $10.33, up 15%
- Nubank is now valued at $48b
- David Velez is now worth $10b, Cristina Junqueira is now a billionaire.
Crypto executives urge light touch as Congress mulls new regulation
- Execs from Coinbase, Circle, FTX, Paxos, Stellar and Bitfury testified before the HFSC.
- Fell mainly along party lines with Republicans supporting the industry, Democrats skeptical
- Execs would welcome regulatory clarity
- Mainly a fact finding exercise.
- Crypto execs were mostly happy with the hearing
Interview with Sergio Furio
- Banks are benefiting from partnering with fintechs
- Expanding into a new country is not a good idea for most companies.
- Created an independent team that can operate autonomously
- Lights a candle and prays for Nubank
LatAm 2021: Credijusto bought a bank, CEO shares experience
- Underestimated how challenging it was going to be, took longer than expected.
- Gain regulatory clarity and cheaper capital
- Can address a broader swath of the market
- Credibility of a bank, tech of a fintech helps win deals -> Uber Eats
- Will be expanding to address to U.S.-Mexico trade corridor
How Fintech is Building the Future in LatAm - Paulo Passoni of Softbank
- Runs Softbank $5b investment fund for LatAm
- VC penetration as a percentage of GDP: LatAm has caught up with US and Europe.
- When markets correct it tends to mean something
- Have 60 portfolio companies, don’t optimize for 100% success, looking for 60-70% success
- Favorite space right now is crypto
LatAm 2021: Mexican mortgage startup Yave wins PitchIt
- Embedded finance platform to power digital home mortgages.
- In Mexico 5 large banks dominate 98% of the mortgage market
- Allow partners to offer online mortgages
- Have programs with banks, debt funds and REITs to buy the loans
- Have no balance sheet
Better.com CEO apologizes for firing 900 workers via Zoom
- Fired 900 workers by Zoom on Dec 1
- Closed $750m in funding just days before in renegotiated SPAC deal
- Backlash against the callous nature of the firing
- CEO Vishal Garg apologized for his handling of it
On Episode 30, I talk with Lorenzo Garavito of Iris. Iris is the first neobank focused on the corporate and business sector in Colombia. The needs of entrepreneurs have evolved and they now need digital solutions to help them move in this new world. When Iris first launched, they started with a digital business savings account that included free transactions, it was interest-bearing and had no maintenance fee. This was light years different than what traditional lenders and banks would offer these either small or entrepreneurial-type businesses.
Lorenzo and I discussed the current state of small and medium enterprise banking or SME banking in Colombia, why they’ve decided to launch a new digital brand, how much small business commerce has changed and so much more. I hope you all enjoy the show.
- Lorenzo's career path that led him to Iris
- Why they decided to launch Iris
- The Iris offering
- The Colombian SME market & opportunity
- The continued reliance on cash
- The growth potential with digital wallets
- How technology is helping to formalize the Colombian economy
- How receptive the Colombian government is to fintech
- "you have to forget everything you know in order to create new products for your clients"
- Why Iris gives them a fresh start in the Colombia banking world
- Why they believe in having one umbrella for two brands
- Lorenzo recommends reading Nudge, and The Dangers of Smoking in Bed
- And more...
This week's list of top stories in fintech:
Jack Dorsey’s Square changes corporate name to Block
- Crypto-focused business called TBD
- Square Crypto, a separate part of the company “dedicated to advancing Bitcoin,” will change its name to Spiral
- Shares are down roughly 2% so far this year, as investors rotate away from higher-growth tech names.
Capital One says it is ditching all consumer overdraft fees, giving up $150 million in annual revenue
- Customers who paid the fees will be automatically rolled over into a free overdraft protection service early next year, the bank said. Those who opt out of the service will simply have overdrawn transactions declined at no fee.
- Overdraft service will be similar to Chime’s
Why New York Community Bank is minting stablecoins
- “We see a ton of disruption out there,” Kaplan said, from decentralized finance and fintech companies. “If NYCB and other banks don't lean into that and become part of it, they're going to be excluded from it and potentially become a dinosaur.”
- Figure is working with NYCB and a consortium of other banks.
- Provides instant settlement for between banks
Facebook’s top crypto executive David Marcus is leaving the company
- What is the over/under of him starting his own company? What’s his non-compete?
- What does this mean for Facebook’s crypto efforts for the metaverse?
- Libra->Diem->Novi - lots of false starts
- Probably frustrated by the slow moving Meta project
‘Winner-Take-Most’: Anthony Noto’s Ambitions for SoFi Take Shape
- Spending $625 million over two decades for naming rights to the stadium of the NFL’s Los Angeles Rams and Chargers.
- Users surged to 2.9 million as of Sept. 30, but it includes people who don’t make any money for SoFi.
- “When you do need a second product, we have better odds of you choosing us so that we get that second relationship with you, which produces revenue with no second customer acquisition costs,” said Noto
- “I decided that SoFi could be positioned as the company that could be the winner-take-most in financial services; it had all the right ingredients that I had seen in other places that I could build off of”
Thought Machine now a cloud banking unicorn thanks to JP Morgan, Standard Chartered, and ING
- A swathe of new investors joined Thought Machine’s cap table, with a $200m Series C funding round that pushes the cloud banking provider’s valuation to more than $1bn.
- Nyca Partners, Standard Chartered, ING and JP Morgan Chase
- “We set out to eradicate legacy technology from the industry and ensure that all banks deployed on Vault can succeed and deliver on their ambitions,” said Thought Machine’s CEO and founder Paul Taylor. “These new funds will accelerate the delivery of Vault into banks around the world who wish to implement their future vision of financial services.”
Fundbox, a fintech focused on SMBs, raises $100M at a $1.1B valuation
- Fundbox announced it has raised $100 million in a Series D round at a valuation of $1.1 billion.
- Healthcare of Ontario Pension Plan (HOOPP) led Fundbox’s Series D financing, which brings the company’s total equity raised to $410 million since its 2013 inception.
- The startup, which saw a pandemic-related boost in business, crossed $100 million in annual revenue run rate earlier this year
Digital Bank Nubank Cuts Valuation Target From $55 Billion To $42 Billion
- Brazilian digital bank Nubank amended its Form-1 with the U.S. Securities and Exchange Commission a week ahead of its initial public offering to reduce the price range of its shares from $10 to $11 each to $8 to $9. Now the company is planning to sell 289.2 million shares, which will start trading on Dec. 8.
- This cut would bring their valuation down from an expected $55 billion to about $42 billion, which would still place it ahead of the world’s most valuable digital bank, European fintech Revolut, valued at $33 billion. Even with the lowered valuation, Nubank could be worth more than its largest domestic rival, Itau Unibanco, which has a market capitalization of $37.5 billion.
- it trimmed the price range to be “more aligned with the current conditions in the financial markets”
- The company’s revenue for the first half of 2021 was more than $716 million
On Episode 29, I talk with Petr Kozyakov of Mercuryo. Mercuryo is a cryptocurrency infrastructure company helping to provide a range of payment solutions. With crypto being one of the hottest, if not the hottest, topics in all of fintech today, I think it was a really interesting interview to talk about how someone is building a company that’s looking to help meld the worlds of crypto and fiat together.
We dig into not only what they mean when they describe themselves as a crypto infrastructure company, but we also talk about where crypto is today. The ease at which some transactions in crypto can be done, such as buying Bitcoin or buying altcoins. The complicated nature of other transactions makes the space not very consumer-friendly today.
There is work being done to fix that problem partly by companies like Mercuryo. We also talk about regulation as a barrier to innovation in the crypto space and what are some of the things that Mercuryo is doing to ultimately help connect the various worlds together. I think it’s a really fascinating interview so without further ado, Petr Kozyakov of Mercuryo. I hope you all enjoy the show.
- Petr's journey to starting Mercuryo
- What the crypto moment was for Petr to jump into the space
- Mercuryo comes from Mercury being the god of trading
- The real mission for crypto goes beyond the price of Bitcoin
- The worlds of crypto and fiat need to work together
- Fiat and crypto will learn to leverage each other over time
- The crypto user experience needs to be simplified
- The right infrastructure can help solve it all
- 3 years in crypto can feel like 10-15 years in fiat
- Best advice recieved, "Don't be afrais to merge crypto and fiat, trust your ideas"
- "Don't stop when investors say no"
- And more...
On Episode 28, I talk with Ennie Lim of HoneyBee. HoneyBee empowers HR leaders to track new talent and improve retention with best-in-class supplemental financial wellness programs that help meet the needs of today’s workforce. I talk with a lot of founders and why they started companies, when talking with Ennie, her personal story, I think it’s just really fascinating.
The issues she encountered when going through a divorce and how that cut her off from the financial system. We dig into how much of society is still not financially healthy or financially literate, even though we’ve had fintech around for the better part of a decade.
Ennie and I jump into what are the various gaps out there, and how does a HoneyBee-type fintech help to begin closing those gaps. The importance to show employers that they work with, that HoneyBee itself is a diverse company. I think that sets a really great example of how important it would be for financial education to be a part of our everyday curriculum, especially for young kids going through that today. We dig into a lot of these issues as well as what does community mean, HoneyBee is a community and what that means to Ennie and the team. So, without further ado, Ennie Lim of HoneyBee. I hope you all enjoy the show.
- Ennie's journey to HoneyBee
- Why they chose the name HoneyBee
- HoneyBee's mission is to provide free access to financial support in the workplace
- Financial wellness benefits help attract and retain talent
- 66 percent of Americans are considered unhealthy financially
- Fintech has yet to deliver on its promise
- "It's mindblowing that finance is not part of our curriculum"
- 1 in 6 in America relied on food banks during 2020
- Access to tech, smartphones, computers and more, is not a given
- Loans through the employer channel are safer
- What community means to HoneyBee and why it is so important
- Eighty-nine percent of users are people of color and women,
- Best advice: "The importance of humility and never forget why you’re doing it."
- "Be comfortable with the uncomfortable"
- Ennie recommends reading Let My People Go Surfing and Mixed Plate
- And more...
This week's list of top stories in fintech:
SEC rejects VanEck ETF that sought to track bitcoin directly
- News came out late Friday last week
- Application by the Cboe CBZ Exchange filed in March
- SEC wants Cboe to do more to prevent fraudulent trading to protect investors
- Several other bitcoin ETF applications are pending
German Digital Bank N26 to Withdraw From the U.S., Close 500,000 Accounts
- N26 will discontinue in the US early next year
- In Jan 2019 CEO said they have a “huge shot to be the leading mobile bank in the U.S.”
- Have had regulatory issues in Germany
- Will try to redeploy U.S. employees in other areas
Credit card start-up Upgrade jumps 83% in valuation in just four months to $6.28 billion
- Closed $280m Series F led by Coatue Management and DST Global
- Revenue climbed 70% from June to October, valuation climbed 83%
- Main product is now the Upgrade card, the fastest growing credit card in the country.
- Be ready to go public in 2023
Visa Tumbles on Amazon Ban in U.K. as Fight on Card Fees Expands
- Amazon will stop accepting UK Visa cards in January 2022 (credit cards only)
- They cited the cost of accepting card payments
- Amazon offering £20 to switch
- Brexit meant that transactions between UK and EU no longer capped
Oportun to Purchase Digit, become Neobank
- Digit being acquired for $213 million.
- 100 employees will become part of Oportun
- Digit gas 600,000 customers who have saved $7b since inception.
- Both Oportun and Digit use Metabank as their bank partner
- Oportun withdrew OCC application in part because of this acquisition.
BlockFi Faces SEC Scrutiny Over High-Yield Crypto Accounts
- SEC looking at whether BlockFi yield account is a security and should be registered.
- BlockFi have not been accused of wrongdoing.
- NJ, KY, AL, VT are also looking at BlockFi.
- Have 500,000 retail accounts, on pace to have $475m in revenue in 2021
Fintech claims 88% of US consumers versus 95% by traditional banking: new Plaid report
- New report from Plaid called The Fintech Effect
- Online survey of 2,000 adults in US and UK
- Focused on the benefits and value fintech brings for users.
- Use of fintech in US rose from 58% to 88% of entire population. 48% use every day.
- 7 in 10 feel more confident about their finances because of fintech
Crypto.com buys naming rights to Lakers' Staples Center in a $700 million deal
- Staples Center will be renamed on Christmas Day
- 20-year deal for $700m
- Crypto.com has 10m users
- Crypto companies are making inroads with sports sponsorships.
Americans’ Shadow Financial Lives: Why Banks Don’t Know Jack (Or Jill)
- Millennials can have 30-40 financial providers
- The great unbundling has already occurred
- Banks have been left behind here.
- Now, we need tools to help consolidate or simply all these disparate accounts
On Episode 27 I talk with Kareem Saleh of FairPlay. FairPlay is the first Fairness-as-a-Service solution for fair lending compliance that uses AI-powered tools to help assess a lender's automated decisioning models which can help not only with fairness but as profits as well. You know, Kareem and I dig into what exactly do they mean when it says Fairness-as-a-Service, the types of fairness and inequalities that they're trying to fix here, you know, racial, gender, economic, all the above.
We also take a pretty deep dive into bias and since algorithms are inherently created by humans, they'll have some bias in them and so we dig a bit deeper into that and how they are working to essentially limit bias as much as possible. We also dig into the work that Kareem did prior to being a Founder for FairPlay, you know, he worked with retailers, worked in politics in the Obama Administration and so I think it's a really fascinating and interesting interview, especially when you dig into some of the stuff going on in financial health and wellness today. So, without further ado, Kareem Saleh of FairPlay, I hope you all enjoy the show.
- Kareem's Journey to FairPlay
- The origins of the name FairPlay and how it ties back to the Olympics
- What they mean by fairness as a service
- Types of fairness they aim to help fix, including gender and racial bias
- How to limit bias in algorithms
- How fair are AI lending models today?
- What lessons Kareem takes from his time in politics
- The shifting dynamic of regulators and how different they can be from one administration to the next
- The current state of financial wellness today
- Whether or not we are becoming too automated
- He recommends reading Boss and The Good Fight
- And more...
This week's list of top stories in fintech:
Amazon is adding a Venmo checkout option next year
- 80 million US consumers
- Will be able to use Venmo in checkout next year
- PayPal will not be a payment option
- Is payment by crypto coming?
Robinhood says a hacker who tried to extort the company got access to data for 7 million customers
- Data breach happened on Nov 3
- No SSN or bank data was shared
- 5 million email addresses
- 2 million had full names as well
- 310 people had more complete data stolen
Should stablecoin issuance be confined to FDIC-insured banks?
- Avanti is applying for FDIC insurance in response to the Biden report on stablecoins
- NYDFS oversees the top U.S. stablecoin issuers, Circle, Paxos and Gemini.
- States are creating their own regulatory framework
- Cato Institute proposed stablecoin issuers be regulated as limited purpose investment companies, overseen by the SEC
Identity verification startup Socure raises $450M at $4.5B valuation, adding Tiger Global as new investor
- $450M Series E led by Accel and T. Rowe Price
- $4.5B valuation up from $1.3B in March
- Have 12 of the top 15 banks as customers, plus many leading fintech companies
- Looking to go public in 2023
Ripple to launch crypto service for financial companies amid legal battle with the SEC
- Ripple launches Liquidity Hub
- Companies will be able to offer trading in major crypto assets
- Set to launch in 2022
- Think of it as like a Google Flights type offering
- Will expand to NFTs in the future
Coinbase Slumps After Reporting Lower-Than-Forecast Revenue
- Revenue $1.31b, down 41% q/q
- EBITDA $618m, down 46%
- Monthly users dropped to 7.4m from 8.8m
- Verified users grew to 73m.
- NFT platform will be a big part of the business
Affirm shares soar after company announces expanded deal with Amazon, fiscal Q1 revenues beat estimates
- Revenue $269m, beating analysts expectation
- Guidance is $320-$330m this quarter
- Stock went up on expanded partnership with Amazon
- Adjusted loss was $45m
SoFi Touts More Finance, Lending Options in Q3
- Revenue $272m, up 35% y/y
- Added 2.9m members in Q3
- Lending revenue was $210m
- Tech platform revenue was $50m
- Adjusted EBITDA profits of $10m
Upstart’s red-hot rally may be cooling as stock sinks 20% despite earnings beat
- Revenue $228m, above expectations
- Q3 profit of $29m
- One year since they went public
- Stock is up 670% this year
- Looking at starting in small business lending
On episode 26 I talk with Carlos Torras of Fintech Collective. Fintech Collective is a venture capital firm that partners with founders with vision and persistence – founders with a desire to reshape markets.
I’ve known a few of the investors with Fintech Collective, they truly are a bleeding-edge VC firm. Carlos focuses on one of the world's hottest fintech markets in LatAm.
We discuss what the LatAm landscape looks like today, how much has changed over the last few years, the impact exits are having on building out the ecosystem, advice for founders, raising capital, and a whole lot more.
- Carlos’s journey to Fintech Collective
- Fintech Collective targets seed and series A companies
- Why they focus on emerging markets like LatAm
- The reasons behind LatAm’s digital acceleration
- Repatriation of talent has helped expand the ecosystem
- Payments are the top of the fintech spear
- The urbanization of LatAm has helped fintech
- Current successes create pathways to the next group of companies
- AUM for LatAm banks creates oligopolistic tendencies
- Expression pattern matching is dangerous when it comes to comparing different countries
- Crypto has the potential to emerge faster in an emerging market
- Best advice is always to keep your team first and never, never be cheap with your equity
- Nothing replaces human interaction when investing
- Carlos recommends reading books written by Henry Kissinger and Red Notice
- He is a HUGE FC Barcelona fan
This week's list of top stories in fintech:
Nubank officially files for IPO on NYSE
- Filed F-1 on Monday
- Targets $50b valuation
- 48.1 million customers, 35.3m monthly active
- Revenue in Q3: $481m
- Cost of customer acquisition: $5
Biden administration calls on Congress to take the lead regulating stablecoins
- President’s Working Group on Financial Markets called for stablecoin regulation
- Stablecoin issuers should be insured depository institutions.
- Need AML enforcement for wallet issuers
- Want Congress to pass legislation
Financial System Makes Big Promises on Climate Change at COP26 Summit
- Mark Carney leading a UN group for financial services companies.
- Companies with $130 trillion in assets have signed on.
- Banks will now incorporate carbon emissions into lending decisions.
Q3 global fintech funding smashes records
- Fintech raised $31b across 1,185 deals.
- There were 94 deals of $100m+
- On track to cross $120b for the year
- 43 new unicorns, now 206 globally
Klarna launches new super app, reduces reliance on partnerships
- Klarna launched a super app
- Do all shopping, unlock deals, manage payments, loyalty, track deliveries
- Can use Klarna at any online store for BNPL through virtual one-time cards
- Available in iOS and Android now
Korean online payment service Kakao Pay surges nearly 114% on the first day of trading
- Kakao Pay raised $1.3b at a $9b valuation
- Largest payments app in South Korea
- Founded in 2014, it claims 36.5m users with 20m monthly active
- It is incorporated into KakaoTalk messaging app
DeFi — the ‘Wild West’ of crypto — is next on regulators’ hit list
- AML watchdog released guidance that included rules for DeFi.
- Startup founders may need to provide information on originators.
- Risk of financial crime is the primary focus
- Could curb false marketing
CBA partners with Gemini and Chainalysis to roll out crypto services
- CBA has AUD$1 trillion in assets
- First large bank to offer crypto trading in their app
- Will offer 10 crypto assets
- Gemini will provide custodian services
- Chainalysis will monitor and mitigate fraud
On episode 25 I talk with Duy Vo of Productfy. Productfy is a fast and easy developer-first platform for any company to build, test, and launch financial products.
They're essentially building a distributed network for traditional finance. They work with small community banks and credit unions to help put the right pieces in place that you would need to launch financial products.
We had a really fascinating discussion not only about technology and where it is, but also beyond the technology, the programs, the way in which they’re building these new applications. We discuss where the product is today, what they're looking to launch towards the end of the year, fundraising, intentional culture for a distributed team and a whole lot more. I really hope you enjoy the show.
- Duy’s journey to launch Productfy
- How financial services are moving towards the edge
- Why Shopify is a good comparison
- How non-banks can bring products to the customer, no matter the venue
- How to ensure you are aligned with our clients and their values
- Productfy hopes to help clients launch a product within a week in Q1 next year
- Why program construction is so important
- Similar to railroads, change needs to be built in along the way
- What they mean by building DeFi for traditional finance
- Most startups die by suicide not by homicide
- Why building with a distributed workforce is easier
- Duy Vo recommend reading Algorithms to Live By
- Underwater hockey is a real thing, and it should be an Olympic Sport
- And more…
This episode was sponsored by Zendesk, a service-first CRM company that builds software designed to improve customer relationships. Qualifying startups get Zendesk free for 6 months.
This week's list of top stories in fintech:
Nubank files to go public
- The filing is private but we know it exists.
- May mean a public filing by year end.
- Filed in both the U.S. and Brazil.
- Biggest fintech IPO ever?
Chime In Talks To Go Public At $35 Billion To $45 Billion Valuation
- Targeting a March 2022 IPO
- Revenue will be $900m - $1b this year
- At a $45b valuation Chime would be a top 50 bank in the world.
Stripe Strikes Tie-Up With Klarna After Frenzy of Rival Deals
- Stripe retailers can now offer Klarna BNPL
- Huge win for Klarna, biggest partnership to date
- Flurry of partnerships in the BNPL space
Justice Department Probes Visa’s Relationships With Fintech Firms
- Part of antitrust investigation of Visa
- Visa offered financial incentives to PayPal
- Similar incentives offer to Cash App
- Question is if Visa is providing disincentives for payments over other rails.
Mastercard to offer pay with crypto partnership with Bakkt
- Mastercard costumes will be able to pay with crypto and earn rewards
- One billion cardholder globally will soon have crypto payments capability
- Bakkt stock was up 200% on the news.
The SEC is likely to get the green light to target stablecoins this week, report says
- New report will detail the SEC’s powers in regulating stablecoins.
- Market is worth $131 billion
- Report will highlight how Biden admin will regulate the sector with SEC, CFTC
- Report expected to be published this week.
Robinhood shares tank as revenue falls way short of expectations on lighter crypto trading
- Total revenue was $365m, $51m from crypto trading
- Down from $233m in crypto trading in Q2
- Net loss of $1.32b, much bigger than expected
- Stock dropped 10% on Wed
LendingClub Loan Originations Up 14% Q/Q, Marketplace Revenues Gain 15%
- Originations up 14% to $3.1b in Q3
- Revenues $246m, up 20%
- Auto finance business up 85%
- Beat guidance in all areas, stock up 33% today
On episode 24 I talk with Carl-Alain Memnon of Grain. Grain is the Digital Credit Card for Everyone, they provide a line of credit based on your cash flow, not your credit score.
That is one of the most interesting things about the company, they don’t use credit scores to extend credit. Grain uses your cash flow to understand your credit profile and extends a line of credit based on that.
Carl and I dig deep into the current credit system, the state of financial wellness, where the concept of Grain came from, and a whole lot more. I hope you enjoy the show.
In this podcast you will learn:
- Carl’s founder story
- Growing up in Haiti with co-founder Christian
- The systematic generational wealth problem
- Challenges of getting credit until making it to law school
- The dual meaning of the name Grain
- How Grain is the alternative to traditional credit card, without issuing a credit card
- The practicality of using the revolving line of credit
- Why community banks align with the values of Grain
- The concept of credit and why the system needs to be changed
- Carl recommends reading The Great Gatsby and The Brief Wondrous Life of Oscar Wao
And more…
This episode was sponsored by Zendesk, a service-first CRM company that builds software designed to improve customer relationships. Qualifying startups get Zendesk free for 6 months.
This week's list of top stories in fintech:
Plaid Pushes Into Payments Business After Scuttled Visa Deal
- Teaming up with Square, Stripe, Marqeta and others
- Competes directly with Visa, MC and Amex
- Plaid says it is a compliment, not a competitor
- Makes payments more efficient, cheaper for consumers and better for SMBs for more sales
SEC-approved Bitcoin futures ETF goes live
- ProShares bitcoin futures ETF goes live
- Big moment for crypto, though overall stance from the SEC has not yet changed
- the fund will allocate “approximately 25 percent” towards buying month-out bitcoin futures contracts traded on the CME
Facebook selects Coinbase as custody partner for its Novi cryptocurrency wallet
- Novi users will be able to transact paxos dollar, a stablecoin whose value is pegged to the US dollar.
- Coinbase is custody partner
- David Marcus, head of Novi, chose USDP because it is fully backed by the US dollar and is held 100% in cash and cash equivalents
PayPal is in late-stage talks to acquire Pinterest
- PayPal has discussed acquiring the company for a potential price of around $70 a share, which would value Pinterest at about $39 billion
- Shopify pressure in part why PayPal is doing the deal
- Growing social commerce space
Two Crypto-Lending Firms Ordered Shut by New York’s James
- Crypto lending firms ordered shut by NY AG
- AG sent three other platforms letters with questions about their operations
- Nexo and Celsius - though it seems Nexo was incorrectly sent to them
- Regulators stance toward space continues to be confrontational
Fixed-income titan Pimco is starting to embrace cryptocurrencies, CIO says
- Pimco has dabbled in cryptocurrencies and plans to gradually invest more in digital assets
- Speaking to investors, taking baby steps
- You have to understand decentralized finance, because it will be disruptive, and it very well may disrupt our industry, in our business in particular
FTX Trading Gets $25 Billion Valuation in $420 Million Funding Round
- FTX’s user base has reportedly grown 48% and its average trade volume has increased by 75%
- FTX US, acquired LedgerX, and has recently launched a global NFT marketplace, FTX NFTs.
- MLB and NFL sponsor, spend a lot on marketing to consumers
Challenger bank N26 raises $900 million at $9 billion valuation
- Big jump in valuation from their last round, 2.5x larger
- 7 million users in 25 countries
- Refocusing on EU
- It gives us a lot of time over the next three to four years to line up for an IPO - co-founder and CEO Valentin Stalf
This week's list of top stories in fintech:
Coinbase is launching its own NFT platform to take on OpenSea
- NFT platform will launch by the end of year
- Will make “minting, purchasing, showcasing, and discovering NFTs easier than ever.”
- Will support ETH blockchain, no layer-2 integrations
- Becoming competitive marketplace
NerdWallet IPO Filing Shows 21M Unique Visitors Per Month
- Dropped S-1 last Friday
- 2020 revenues of $245m
- Seeking valuation of $5b
- Showing strong revenue growth in 2021
Crypto Lender Celsius Network Raises $400M in Bid to Reassure Regulators
- The investment gives the company a $3 billion valuation.
- Last year they raised $30m at $120m
- This is about credibility.
- Regulatory trouble with KY, AL, NJ and TX
Tala grabs $145M to offer more financial services in emerging markets
- Series E funding led by Upstart
- Valuation north of $400m
- Have served 6 million people with microcredit
- Wants to become a full financial account
- Plans to develop the first mass market crypto product for emerging markets
Crypto could cause 2008-level meltdown, Bank of England official warns
- Deputy governor of BofE says crypto could cause a global financial crisis
- Regulators should not overreact, now risks are limited
- Questions whether major price corrections can be absorbed
Oportun pulls bank charter application, says it plans to refile
- 22 consumer advocacy groups wrote for OCC head to wait until CFPB probe is completed
- Has a large number of debt collection lawsuits
- Partners with MetaBank to operate in 33 states
- They remain committed to pursuing a bank charter
Bank Dora: The First Neo-Credit Union in the U.S.
- Started by four east coast credit unions
- Neobank strategy for credit unions
- Launched last month
- They are saying Bank is a verb
- Will have full bilingual integration
New custom fintech stock market ticker launches
- New ticker of 21 public fintech companies
- Show rolling stock price on home page
- Started in 1998 or later (year PayPal began)
- Publicly traded in the US.
Jamie Dimon says bitcoin is ‘worthless’
- Continues his negative view of bitcoin
- But he will serve his clients who want to own bitcoin
- He thinks “regulators are going to regulate the hell out of it.”
Canopy Connect is building the infrastructure that powers best-in-class insurance experiences. They empower consumers to gain value and convenience from their own data and enable businesses to securely and quickly support their customers.
Canopy Connect is making the process of sharing your insurance data so much simpler and more efficient, you no longer have to fumble around for a VIN number or insurance papers. Tolga and I discuss how far insurance is behind as compared to fintech, the importance of consumer permissions data, raising capital, and a whole lot more. I hope you enjoy the show.
In this podcast you will learn:
- Tolga's founder story
- What he learned from his time at Nova Credit
- The importance of consumer permissioned data
- How the benefits of Canopy Connect extend to both the consumer and insurance agent
- The importance of the work done by Plaid, Finicity and Yodlee
- Data sharing is now normalized for consumers
- Insurance could be 5 - 10 years behind fintech with innovation
- He is a casual Warriors and Raptors fan
- Tolga recommends reading Never Split the Difference and Sphere
- And more…
This episode was sponsored by Zendesk, a service-first CRM company that builds software designed to improve customer relationships. Qualifying startups get Zendesk free for 6 months.
This week's list of top stories in fintech:
Google Kills the Google Plex
- Google is abandoning plans to offer the Google Plex checking account, first announced Nov 2019
- Google wants to focus on delivering digital enablement, not offer services themselves
- Consumer showed strong interest
- Current partners were caught by surprise
- Big banks not joining might have pushed Google to make this decision
Return of The Postal Bank: Another New Rival or a Bad Joke?
- New pilot is being rolled out in four cities
- One service so far: cashing checks under $500 in exchange for a visa gift card
- Could soon include bill payments, ATM, wire transfers, improved money orders
- Bank lobby groups are not happy
How card issuers inadvertently fueled the buy now/pay later boom
- Card issuers clamped down on credit to new customers
- Credit card issuers have changed fees and rewards, but personalization is top of mind for consumers
- Cash flow control also a big concern, BNPL allows consumers to spread our cash
Facebook down, and so was its digital payments site Novi
- Stablecoin was also down when Facebook was down
- Would have been a big issue if the product was live
- if the servers go down for cryptocurrency wallets or exchanges, the consequences are unknown
US Bank launches bitcoin custody service
- Crypto demand is main driver behind the move
- The offering will help investment managers store private keys for bitcoin, bitcoin cash and litecoin with the help of sub-custodian NYDIG
- Crypto being seen as more legitimate by large scale FI’s
SEC Chairman Gary Gensler Looks to Rein in Crypto Exchanges, Digital Assets and Stablecoins
- Testimony focused on the need for more regulation and greater investor protection provisions.
- Non-committal on previous guidance from Clayton on ethereum and Bitcoin
- Gensler: Stablecoins are used to avert AML
- Regulation by enforcement
Fintech’s Explosive Growth Has Regulators Scrambling
- The pandemic has seen a huge rise in the fortunes of many fintech companies.
- There will be fintech failures (in the UK we have had Wirecard and Greensill already)
- Government should do more to reduce the risks of a fintech failure.
- But regulators can’t keep up.
In episode 22 I talk with Kurtis Lin of Pinwheel.
Pinwheel is a payroll connectivity API company used by the biggest financial institutions to securely update direct deposits, access income and employment data. As their founding ethos says, they are trying to make the financial system fairer.
The really interesting piece for a firm like Pinwheel is that their products not only help the consumer, but also help lenders and financial firms have near real time information. Kurtis and I dig deep into where the financial system is today when it comes to fairness, why payroll connectivity is a game changer, gig workers, raising capital and a whole lot more. I hope you enjoy the show.
In this podcast you will learn:
- Kurtis's founder story
- What he learned from his time at Volvo about HSAs
- Why we need to move away from FICO scores
- The use cases can be infinite with payroll connectivity
- Payroll data holds a wealth of information
- Critical mass was a key in order make a real impact
- Income needs to be rethought
- Payroll is the highest piece of the financial stack
- Culture, especially in the current world, needs to be built intentionally
- How Pinwheel has built a remote first culture
- The key to raising money is tying the story back to how the investor can also succeed
- Kurtis is not a bandwagon Warriors fan
- Kurtis recommends reading Atomic Habits and Only the Paranoid Survive
- And more…
This episode was sponsored by Zendesk, a service-first CRM company that builds software designed to improve customer relationships. Qualifying startups get Zendesk free for 6 months.
Lightyear is a simple and approachable way to invest your money globally without unnecessary barriers and fees. We saw a huge influx of retail investors over the past 18 months and not all markets around the world are in the same place when it come to technology and access.
Lightyear is looking to help UK based retail investors gain access to US markets. Martin, Mihkel and I discuss why they decided to start with U.S. markets, the impact of a Robinhood on their business and how it increased awareness for trading, their future roadmap, raising money and a whole lot more. I hope you enjoy the show.
In this podcast you will learn:
- Martin & Mihkel's founder story
- What they learned from Transferwise
- How complicated & expensive trading is for UK consumers today
- Robinhood has had an overall positive impact on their business
- The pandemic helped accelerate interest in global and crypto markets
- ETF penetration in EU is quite low
- How Lightyear is trying to navigate different cultures, currencies and more
- How they plan to make money
- How they partnered with the right investors interested in solving this problem
- And more…
This episode was sponsored by Zendesk, a service-first CRM company that builds software designed to improve customer relationships. Qualifying startups get Zendesk free for 6 months.
PowerPay is a digital lending platform that offers home improvement financing for contractors, their customers and everyday consumers. When talking with David I found out they launched in January of 2020, right before the world changed.
It turned out to be a big stroke of luck for PowerPay, while stuck in their homes people started to examine those projects that got pushed down the personal to do list. Whether it was a bathroom renovation, fixing a leaky roof or installing new windows, there ended up being record demand for these projects.
David and I discuss PowerPay’s journey over the last 18 months, the exponential growth they saw in the home improvement space, working with bank partners, raising capital, unfortunately USC football, and a whole lot more. I hope you enjoy the show.
In this podcast you will learn:
- David's founder story
- What he learned from his early drive for money
- The difference between intrepreneur and entrepreneur
- They serve super prime, prime and sub prime
- How PowerPay works with banks
- How PowerPay works with contractors
- How they went from $0 to $1bn in loans originated during the pandemic
- They have long term digital banking plans
- He recommends reading The Talent Code
- He enjoys teaching the young workers within the organization
- He is a diehard Philadelphia sports fan
- And more…
This episode was sponsored by Zendesk, a service-first CRM company that builds software designed to improve customer relationships. Qualifying startups get Zendesk free for 6 months.
With 18 founders under my belt I thought it was time to start bringing investors on the podcast. Flourish are a venture firm investing in entrepreneurs whose innovations help people achieve financial health and prosperity. As an evergreen fund, they deploy patient capital with a long-term perspective.
They are really one of the leaders in the impact space. Emmalyn and I covered a range of topics including where we’re at on the path to financial inclusion, the best way to increase access to those who need it most, whether or not blockchain based tech is fairer, building diverse teams and boards, advice for founders and a whole lot more. I hope you enjoy the show.
In this podcast you will learn:
- Emmalyn's story to venture
- Flourish's focus and mandate
- The current state of financial inclusion & wellness
- The best entry point into fintech
- Why financial education has been a taboo subject
- Why Flourish is bullish on CBDC's
- How banks need to reimagine products for the mass market
- How Flourish leads on diversity
- Best piece of advice she received was "be yourself, lead with compassion"
- She recommends The Tattooist of Auschwitz and The Gift of Failure.
- And more…
This episode was sponsored by Zendesk, a service-first CRM company that builds software designed to improve customer relationships. Qualifying startups get Zendesk free for 6 months.
In episode eighteen of PitchIt: the fintech startups podcast we talk with Berbix Co-Founder Eric Levine.
This was a special live episode, we recorded in front of a virtual audience. Berbix instantly and accurately validate photo IDs, driver licenses, and passports. Instantly is the key word there, they do it in real time to help ensure the user experience is smooth and someone is not forced to restart the on-boarding process.
Eric and I discuss how the last 18 months has impacted fraud, the complicated nature of IDs from different states, countries, synthetic identity fraud, raising capital and a whole lot more. I hope you enjoy the show.
In this podcast you will learn:
- Eric's founder story
- The funny origin of the name Berbix
- Lessons learned from Airbnb
- The complicated process of verifying IDs
- How Berbix verifies ID's in real-time
- The impact of Covid on fraud
- The growing problem of synthetic identity fraud
- How to balance user experience & friction
- The differences between malicious, opportunistic and accidental fraudsters
- The path to digital identities
- Eric recommends Love in the Time of Cholera and Children of Dune
- And more...
In episode seventeen of PitchIt: the fintech startups podcast we talk with Dapp Co-Founder & CEO Antonio Pelaez Diaz.
Dapp is a payment wallet that uses QR codes and biometrics to make payments faster and more secure for Mexicans. One of the things I love about fintech is how much innovation is taking place all over the world. Mexico, and LatAm more generally, is one of those places that fintech is taking off.
Dapp is a fascinating story as they are creating a payments ecosystem outside the traditional payments rails. User and merchants can use digital wallets to send money or pay for purchases. Antonio explains how the Dapp ecosystem works, why this payments ecosystem has eliminated the fear of fraud, trying times early on in the pandemic, raising capital and a whole lot more. I hope you enjoy the show.
In this podcast you will learn:
- Antonio's founder story
- The new payments ecosystem Dapp is creating
- The importance of QR codes
- Passwordless sign in can eliminate fraud
- Dapp has yet to see a case of fraud
- Crypto is growing rapidly in LatAm
- Dapp's tech is crypto friendly
- How they grew from 100 merchants to 25,000 in one year
- Dapp is in a pilot with UnionPay for Asia users who travel to Mexico
- Antonio recommends The Code of an Extraordinary Mind and The Miracle Morning
- And more...
In episode sixteen of PitchIt: the fintech startups podcast we talk with Abound Co-Founder & CEO Trent Bigelow.
Abound helps the best businesses in the Independent Economy win by improving the financial security, wealth and wellness of self-employed Americans.
Trent and I dig deep into the larger trend of independent and gig workers, the complicated tax scenarios, working with ecosystem partners, raising capital and a whole lot more. We had a lot of fun and I hope you enjoy the show.
In this podcast you will learn:
- Trent's founder story
- Why independent workers have complicated tax scenarios
- If the right tools existed Trent and his co-founders would still be freelancing
- The difference between employment and non-employment income
- Abound view themselves as a real-time tax ledger that makes the banking stack much more valuable to independent workers
- How they went from 5 employees in 5 years to more than 20 in the last 2 years
- Trent and his co-founders need to be more intentional with decision making for a distributed team
- Objectives and key results, or OKRs drive the team
- Why early investors passed
- He recommends reading All the Devils Are Here, High Output Management and The 80/20 Manager.
- And more...
In episode fifteen of PitchIt: the fintech startups podcast we talk with Yotta Co-Founder Adam Moelis.
Yotta was founded to help Americans become more financially secure. They help make saving fun while also offering better economic value than most savings accounts. Getting people to save is not an easy task, there are a lot of barriers to contend with and financial education from an early age is lacking.
Adam and I delve into the psychology behind savings and the lottery, Yotta is using some of this to acquire customers but going further to offer a safer and more sustainable path to savings. We also discuss how they avoid becoming a gimmick, crypto, raising capital and a whole lot more. We had a lot of fun and I hope you enjoy the show.
In this podcast you will learn:
- Adam's founder story
- Why people spend so much on the lottery
- Average American household spends $640 on the lottery
- 60 - 70 percent of what you put into the lottery is lost
- Savings is a significantly better and safer bet with your money
- Fun drives a lot of the behavior behind the lottery
- The importance of financial education at a young age
- Lower earning households spend a lot more of their income on the lottery as a percentage
- Yotta must be thoughtful to avoid being labeled a gimmick
- They view themselves as a digital or neobank
- Gamification can be a slippery slope
- Adam recommends reading Red Notice
- And more...
In episode fourteen of PitchIt: the fintech startups podcast we talk with Lance CEO & Co-Founder Oona Rokyta.
Lance is an intuitive business bank account designed for freelancers. Freelance and gig work has really take off in the last few years, and the pandemic only accelerated this shift. People are now choosing a the life they want to lead and fitting a career or work around that life.
Lance helps freelancers decide how much they make, budget their savings and helps them to manage their taxes. Oona and I talk about where freelancer work is going, the technology behind Lance, how it is to be a fintech outsider, raising capital and a whole lot more. We had a lot of fun and I hope you enjoy the show.
In this podcast you will learn:
- Oona's freelancer story
- We all could use a pocket CFO
- Lance provides a self driving business bank account with sub accounts
- The importance of cash flow
- Freelancers will account for 50 percent of workforce in 10 years
- 9 to 5ers are also getting into freelance work
- Freelancer education is still very piecemeal
- Being a fintech outsider allowed the team to be more thoughtful in developing Lance
- Lance views the banking approach as a mechanism
- They solve arguments through testing
- Investors appreciate how the nature of work is changing
- Female founders are more practical and conservative on numbers and growth trajectories
- Oona recommends reading Atomic Habits, Behold the Dreamers and Untamed
- And more...
In episode thirteen of PitchIt: the fintech startups podcast we talk with Esusu Co-Founder & Co-CEO Abbey Wemimo.
Esusu automates credit building by reporting monthly rent payments to credit bureaus, boosting credit scores one rent payment at a time. It’s pretty astonishing how long its taken to get data points like rental payments and utilities included into credit scoring, this really underscores the fact that the the financial system has historically overlooked certain groups, especially communities of color and immigrants.
Abbey and I delve deep into the benefits of rental payments, the state of financial wellness today, revamping the credit score and a whole lot more. We had a lot of fun and I hope you enjoy the show.
In this podcast you will learn:
- Abbey's journey from Lagos, Nigeria
- The benefits of the Esusu rent payment product for renters and landlords
- $45mn people in the U.S. don't have credit scores and average debt of $92,000
- There are 140 million renters in the U.S.
- Fintechs have a big opportunity to build trust without baggage
- The credit score needs continuous improvement, not a radical overhaul
- Rental payments are a better gauge of ability to pay than credit card payments
- Society needs to invest more in people
- Esusu has grown 800 percent during the pandemic
- Abbey's favorite books include Never Eat Alone, The Wright Brothers and A Promised Land
- And more...
In episode twelve of PitchIt: the fintech startups podcast we talk with Rho CEO & Co-Founder Everett Cook.
Rho is a unique SMB banking platform focused on high growth corporates, not the mom and pop shops that many other fintechs are helping. One of the biggest issues scaling startups face is keeping track of everything going on with a growing business. Who is spending what, who has what cards, what invoice was generated and to whom. The Rho platform has brought all this into one convenient place that allows firms to accelerate that push for scale.
Everett and I discuss the acceleration Covid caused in the space, the flexibility of the platform, the state of SMB banking today and much more. We had a lot of fun and I hope you enjoy the show.
In this podcast you will learn:
- Everett enjoyed his time on Wall Street
- The U.S. fintech market is more complex than people realize
- The name Rho comes from options math
- Rho is a metaphor for improving clients trajectory
- Small SMB's are served well and scaling companies are not
- Digital is no longer optional
- They do not believe in fees
- Rho is not a one size fits all platform
- We are entering the second phase of fintech
- Rho has always believed in a distributed workforce
- Everett recommends The Inner Game of Tennis and Cable Cowboy
- And more...
In episode eleven of PitchIt: the fintech startups podcast we talk with Stubenefits Founder & CEO Char Saintilus.
Stubenefits offers student loan benefit and repayment solutions for employers, employees, consumers and more. Student debt is one of the hottest topics today, and companies all across the fintech spectrum are looking to develop solutions to ease this burden.
Offering the solution as an employment benefit is beneficial to both the employer and employee, this type of thinking is exactly what we need to solve the student debt problem. Char and I discuss the benefits of offering this solution, the overall student debt problem, financial wellness and a whole lot more. We had a lot of fun and I hope you enjoy the show.
In this podcast you will learn:
- Char's personal connection to student loans
- Lessons learned from Char's first two ventures
- Stubenefits at its core is a personal finance platform
- Community is crucial
- Student debt is an economics and public policy problem
- Student debt needs a comprehensive solution
- Financial wellness is impacted greatly by student debt
- There are two ecosystems in the student debt universe, pre and post loan
- The post loan ecosystem is winning
- Human potential amazes Char
- And more...
In episode ten of PitchIt: the fintech startups podcast we talk with Finimize Founder & CEO Max Rofagha.
Retail investors have captured the attention of financial institutions, media outlets and fintechs alike. Finimize aims to empower everyone to become their own financial advisor. Providing the information and tools you need to invest with confidence. With this massive influx of retail investors, more people than ever before are in need of quality, digestible financial information.
Finimize break down information into digestible bites for the users to consumer and understand. The Finimize community also play a key role in educating the retail investor, community members often help each other understand investments. Retail investors have made similar pushes in the past, but the fintech tools allow these investors to have more staying power than previous periods.
I really enjoyed the conversation as we delve into the financial education gap, investment trends in crypto, DeFi and traditional financial markets, the biggest financial community in the world and tennis.. I hope you enjoy the show.
In this podcast you will learn:
- Max's personal story of investing his savings
- What the retail investor really looks like
- How users consume information
- The retail investor has staying power
- Finimize is not the place to push Doge Coin
- Community really matters
- There is a massive acceleration in market awareness
- It's all about delivering the right content, at the right time, through the right medium
- Retail investors as a group hold power
- Max recommends "Deep Work" by Cal Newport
- And more...
Neobanks have been sprouting up all over the U.S. in recent years and these days it feels as if someone is starting a bank each week. HMBradley’s approach is focused on savers, those who want to build a nest egg for the future.
Savings is not something that comes natural to most Americans, Zach and the team are trying to change that with their novel approach. Not only do we dig deep into the various products offered by HMBradley but we take a look at Zach’s journey as an entrepreneur. We found out that the genesis for the company was built a long time ago with the help of Zach’s parents.