Fintech Nexus is the leading media and events company for innovation in financial services. This podcast feed contains audio from sessions held at past events, webinars, and news shows
The largest payments network, by volume, is the ACH network. A dollar value of several times US GDP flows through the network each quarter. It is a 50-year-old network that is reliable, ubiquitous, and still growing. While several shiny new payment rails have been developed, the workhorse of the economy remains ACH and will remain so for some time.My next guest on the Fintech One-on-One podcast is Jane Larimer, the President and CEO of Nacha, the organization that governs the ACH network. While I often feature people on this show to talk about cool and emerging technology, I also think it is critical that we understand the infrastructure that is in place today. And the ACH network is how the vast majority of payments are made.In this podcast you will learn:The origin story of the ACH network.The first use case for the network.How they moved from paper checks to electronic payments.The mission of Nacha.Why some banks become direct members of Nacha.The staggering scale of the payments flowing through the ACH network.How the timing works for payments on the ACH network.Why the ACH network is unable to process payments on weekends (but that may be changing)Jane's perspective on instant payments and why she believes it is complementary to ACH.The cost difference between Same Day ACH and standard ACH.The big barrier to the adoption of any alternative payment rails.How fraud has changed in the past decade.Details of the education available on their website.How Jane see the future of payments playing out over the next decade.Connect with Jane on LinkedInConnect with Nacha on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
[Editor's note: This interview was recorded on April 16, six days before the news of the Synapse bankruptcy and several weeks before any of the major problems that came to light at fintechs that were working with Synapse.]To say the banking-as-a-service space is having a moment is an understatement. But many banks have been doing this successfully for a number of years and have thriving partnerships with fintechs. One such bank is Pathward, formerly known as MetaBank.My next guest on the Fintech One-on-One podcast is Anthony Sharett. He is the President at Pathward, a position he has held since 2021. Pathward is one of the largest and most important banks in the fintech space, so I wanted to get him on the show at this critical time for the industry.In this podcast you will learn:How Anthony came to be at Pathward.The history of the company and the rebrand from Metabank to Pathward.Anthony's take on the state of banking-as-a-service today.Why the concept of middleware may not be dead yet.The services they offer and some of the fintechs they are working with.How they co-create new products with their fintech partners.How they have built their risk and compliance framework.How they manage the balance between creativity and compliance.Their status as far as taking on new fintech clients.What they are looking for in a new fintech.Anthony's advice to a startup fintech CEO today.What he thinks of the state of fintech innovation today.What the BaaS landscape will look like in 3-5 years.Connect with Anthony on LinkedInConnect with Pathward on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
When I think about the hottest areas in fintech these days identity verification is right at the top of the list. It impacts anyone doing business online so whether you are a bank or a fintech you need to stay on top of this fast-moving space.My next guest on the Fintech One on One podcast is Joel Sequeira, the Director of Product Management at IDology. Joel is an identity expert with a long history in the space and he talks about the new attack vectors that are in play today, particularly with Generative AI, and more importantly, what fintechs and banks can do to curtail fraud today.In this podcast you will learn:What Joel does exactly at IDology.The challenges for fintechs and banks in automating customer onboarding.How to incorporate automation and AI into your strategy.The role of human-supervised AI and how to maintain compliance.What he means by onboarding with inclusive customer journeys.How they define advanced identity verification.The different data sources that IDology works with.Why it is important to have deep data in different sectors.Some of the differences between KYC and KYB (Know Your Business).Examples of how Generative AI is being used to commit fraud.The trends that Joel is paying closest attention to.How fintechs and banks can future-proof their identity verification.Connect with Joel on LinkedInConnect with IDology on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
In the early days of the online lending space, when it came to institutional capital, one name seemed to be in more deals than any other: Victory Park Capital. And while the industry has matured a great deal since then, in no small part thanks to the capital invested by Victory Park, their thesis remains the same: lend money where banks won't.My next guest on the Fintech One-on-One podcast is Brendan Carroll, Co-Founder and Senior Partner of Victory Park. I am so pleased to finally get Brendan on the show after first inviting him many years ago. They have a great story to tell and they continue to fuel the growth of private credit, providing capital to a wide variety of different lenders.In this podcast you will learn:The founding story of Victory Park Capital.Their fortunate timing of the closing of their first institutional fund.What they saw as the opportunity in the early days of the online lending space.Why they pulled out of the peer-to-peer lending platforms fairly quickly.How they are able to get comfortable investing with new lending platforms.What types of lenders they are working with today and the regions they operate.Why businesses are staying with Victory Park a bit longer today.Why their check sizes are higher today than five years ago.The niche of consumer finance they are most bullish on today.How the equity funding pullback has impacted their business.How lenders can set themselves for success and get a deal with Victory Park done.Brendan's views on the future of asset-back private credit.Connect with Brendan on LinkedInConnect with Victory Park Capital on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
The payments processing space has seen a huge amount of innovation in the past decade, maybe more than any other area of fintech. This innovation has presented opportunities for non-fintech companies to earn a new revenue stream via payments processing, which in turn has created a new sub-niche for fintech companies.My next guest on the Fintech One-on-One podcast is Caleb Avery, the CEO and Founder of Tilled. They provide PayFac-as-a-Service to software companies looking to process payments for their customers. Basically, it is a simpler and quicker way for these software companies (called ISVs) to get set up as master merchants and generate payments revenue. Unsure how this all works? We explain in great detail in this interview.In this podcast you will learn:What attracted Caleb to the payments processing space very early on.The founding story of Tilled.The difference between a card-issuing bank and a merchant-acquiring bank.The definition of a payments processor.What an ISO (Independent Sales Organization) does.What an ISV (Independent Software Vendor) is.The definition of a payments facilitator (PayFac).Who the major PayFacs are today.What PayFac-as-a-Service is and why Tilled went all in on this idea.The scale of ISV that is the sweet spot for Tilled.Why ISOs work with Tilled rather than going direct to ISVs.The three key components of Tilled's software.How they are able to compete head to head with Stripe Connect.The different types of support they can provide for the ISVs.How their pricing model works.How the typical credit card fees are broken up between all parties.Caleb's views on the recent ruling between Visa and Mastercard and the Department of Justice.Where embedded payments is going and his vision for Tilled.Connect with Caleb on LinkedInConnect with Tilled on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
Latin America continues to be, in my opinion, the most dynamic and interesting region in the world when it comes to fintech innovation. And there are now significant billion dollar deals getting done as some of the biggest financial institutions on the planet are looking to make their mark in the region.My next guest on the Fintech One-on-One podcast is Daniela Binatti, she is the Co-Founder and CTO of Pismo. Pismo has created modern financial infrastructure to help banks move away from their legacy technology. Visa saw the potential of Pismo and announced last year that it was acquiring the company for $1 billion in cash. That deal was consummated in January of this year.In this podcast you will learn:The family affair that was the founding story of Pismo.The opportunity they saw in the Brazilian market.How they were able to start getting traction.Pismo's core offerings today.How they were able to sign the largest bank in Brazil very early on.What these large banks are using Pismo for.Some of the other big names that are using Pismo today.How Daniela views what is happening in the US and other developed markets.The impact that Pix has had on their business.Her personal take on what Pix has meant for Brazil.How they decided to take on international markets.How the acquisition conversation with Visa began.What they can do with Visa now that they couldn't do alone.What this acquisition means for Latin American fintech.What new innovations are they thinking about for the future.Connect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
Have you ever stopped to consider the data behind a debit or credit card transaction? I have not given it much thought, but there is a real treasure trove of information that, for the most part, is still not being used effectively.My next guest on the Fintech One on One podcast is Mitch Jacobs, the CEO and founder of Plink. You may recognize Mitch's name as he was the founder, CEO and Chairman of OnDeck for its first seven years. Back to Plink. It may well be the most important fintech company that you have never heard of. The work they are doing around transaction personalization is truly groundbreaking.In this podcast you will learn:Mitch's first entrepreneurial endeavor while in college.The other companies he has started.The idea that led to the founding of Plink.Why card transaction data is not used effectively today.How Plink has solved this problem.Why they focused on community banks and credit unions.How they enrich the raw card spending data.An example of how a Florida credit union is using Plink's data.How they are able to determine the relationships between cardholders and local businesses.Why the card data problem has its roots in copper wires in the 1980s.Why large card issuing banks have not solved this problem yet.The scale that Plink is already at today as far as number of merchants.The definition of a Plink.The opportunity for financial institutions to shape how cardholders are using their cards.What can happen you open up transaction personalization.The endgame for Plink.Connect with Mitch on LinkedInConnect with Plink AI on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
One of the many challenges for low and middle income (LMI) consumers is building wealth. If you are living paycheck to paycheck with no savings you are more focused on financial survival and likely don't feel you have the capacity to build wealth. This is where Stash comes in.My next guest on the Fintech One-on-One Podcast is Liza Landsman, the CEO of Stash, a position she has held for around a year now. They are laser-focused on the LMI consumer and have built a suite of tools to help these people save and build wealth. Their Stock-Back Card is truly innovative and is often the first time their customers have ever owned public equities.In this podcast you will learn:What drew her to the CEO role at Stash.How Liza describes Stash and its mission.Who the typical Stash customer is and how they are using the app.Some of the changes she has made at Stash since becoming CEO.How their Stock-Back technology works and why it has been groundbreaking.The Stash 100 and their approach to financial education.What their customer base is focused on when it comes to learning.Why they created Stash Core, their back-end infrastructure platform.The thinking behind launching a B2B platform.What they learned in their Hardworking Americans Survey.The scale they are at today.How sticky their customers are and what they are doing to reduce churn.Liza's vision for the future of Stash.Connect with Liza on LinkedInConnect with Stash on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
The anti-fraud space has really heated up this past 12 months as fraud attempts have been on the rise and bad actors have become more sophisticated. Often, it can feel like an increasingly difficult battle to win, but there is reason for optimism.My next guest on the Fintech One-on-One podcast is Tommy Nicholas, the CEO and Co-Founder of Alloy. Tommy lays out in exceptional detail and with great passion why there is reason for optimism today. He also provides a blueprint for how banks and fintechs should be approaching their anti-fraud efforts. This is the third and final interview in the series I conducted at Fintech Meetup.In this podcast you will learn:The inspiration and motivation for the founding of Alloy.A description of their product offerings.Why it was so difficult to build their products.How fraud attacks have changed over the last 12-18 months.How new fintechs develop their fraud protocols.How to avoid the death spiral to zero good customers.The role social media has had in increasing first-party fraud.What is leading to an increase in fraud attempts recently.The types of fraud he is seeing today and how it is preventable.Details of the newly announced Alloy for Embedded Finance.How it will transform bank-fintech partnerships.The luck they have had in the timing of this launch.Connect with Tommy Nicholas on LinkedInConnect with Alloy on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
I don't think any fintech company has done more for small business than Square. They started with payment acceptance and have since expanded into many different areas of fintech. In fact, their lending business is now the largest in all of fintech. But it was the addition of Square Banking that has allowed this fintech pioneer to bring it all together.My next guest on the Fintech One-on-One podcast is Christina Riechers, the General Manager of Square Banking. She has been at Square nine years and was one of the architects of Square's push into banking. This is the second podcast in the series that I recorded live at Fintech Meetup in early March.In this podcast you will learn:What first attracted Christina to Square.Block's mission and how that resonated with her.The origins of Square Banking and Christina's role in it.How they built out their banking capabilities.The different starting points for small businesses in joining their ecosystem.Why established small business switch to Square Banking.The scale they are at today for Square Lending.How they are underwriting these loans.How they are able to see a holistic view of the small business's finances.How their customers are using the proceeds from their Square loans.The astounding percentage of women-owned business they are serving.What is top of mind for Square sellers today.How their payroll service works.What integration opportunities there are between Cash App, Afterpay and Square Banking.What they doing around Generative AI.The fintech trends that Christina is paying closest attention to right now.Connect with Christina on LinkedInConnect with Square on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
The area of fintech that has been in the news most so far this year is, without doubt, banking as a service (BaaS). We have seen consent orders, layoffs, banks ending fintech programs, ongoing disputes between BaaS companies and fintechs and there have been pivots from some of the BaaS providers.My next guest on the Fintech One-on-One podcast is Chris Dean, the CEO and Co-Founder of Treasury Prime. They were one of the original BaaS providers and have recently announced a pivot to working directly with banks. This resulted in the layoff of around half of the company. We do a deep dive into this pivot during our conversation, which took place live at the recent Fintech Meetup in Las Vegas.In this podcast you will learn:How his experience at Silicon Valley Bank led to the founding of Treasury Prime.Their original three lines of business.The driving force behind their pivot to dealing with banks directly.The reaction they have received from their fintech clients.How their direct service works for banks.Why banks will continue to want to partner with fintechs.Details of the process they go through when onboarding a new bank.The different ways that are working with banks today.Why Chris thinks the original banking as a service model is dead.Why banks have been universally positive on their recent pivot.How involved they are with the fintech sales process at the bank.The impact on the fintech startup scene of banks only wanting to work with established fintechs.Their approach to compliance automation.Why he never sees the alternative core banking providers.How Chris sees the bank-fintech partnerships evolving in the long term.How he defines success going forward.Connect with Chris Dean on LinkedInConnect with Treasury Prime on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
Until fintech came along, there was a serious catch-22 when it came to establishing credit. There was no easy way to establish your own credit score without first obtaining credit. This became a real problem with Gen-Z and even younger millennials who have avoided credit cards. But for most people, successfully establishing a good credit score opens doors that are otherwise unavailable. Fintech has come up with some creative solutions to help both establish a credit score or reestablish one that has dropped significantly.My next guest on the Fintech One-on-One podcast is Julie Szudarek, the CEO of Self. She has been in this role for almost six months, taking over from founder James Garvey (listen to the episode with James here). Self was the inventor of the credit builder account and the space has grown a lot in the last few years as consumers are more aware than ever of the importance of a good credit score.In this podcast you will learn:What attracted Julie to the CEO role at Self.How she describes Self today.The different types of people who are coming to Self.How their credit builder account works.What people do once they have been through their 12-month program.What their customers like most about Self.How much on average the typical Self customer increases their credit score.Details of their new rent and bills reporting product.How they approach financial literacy with their customers.How she responds to the criticism of credit builder products.Why they decided to partner with SpringFour.What they do to help their customers when they get into financial difficulty.Why they decided to sponsor the San Antonio Spurs in the NBA.Where is Self going in the short to medium term.
The secondary loan market has played an important role in the history of fintech lending. It was important for those early loan buyers to know that there was a robust market in place if they needed to sell a loan portfolio. And sometimes platforms would hold the loans on their own balance sheet for a few months before offloading in a secondary loan sale. It was an essential ingredient in the growth of the space.My next guest on the Fintech One-on-One podcast is Dan Arlotta, Senior Vice President at Garnet Capital Advisors. He has been around the fintech lending space almost from the beginning and has been putting together loan portfolio sales across the industry. There are few people who know the ins and outs of the loan buying space better than Dan.In this podcast you will learn:How loan buying in the fintech space has evolved over the past decade.How fintech loans compare to banks and credit unions today.What Dan he being seen in activity in non-performing loans.How tightened credit boxes will impact secondary transactions.How high interest rates have impacted buyer activity.The types of buyers that Garnet works with on secondary sales.What lending platforms they are working with on the fintech side.How it was different working with Figure.The best practices for lenders looking to do secondary loan transactions.Connect with Dan on LinkedInConnect with Garnet Capital Advisors on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
AI is making its way into many areas of banking and fintech but one area where it already has a strong foothold is detecting financial crime. And there are some companies doing new and innovative things with this AI technology here.My next guest on the Fintech One-on-One podcast is Adam Famularo, the CEO of WorkFusion. His company has created these AI digital workers that are integrated into the workforce of a bank or fintech. These are real digital assistants that have been brought to life by WorkFusion.In this podcast you will learn:What attracted Adam to the CEO role at WorkFusion.How he describes the company today.How their AI Digital Workers operate and the different job roles they have.An explanation of the use cases for these digital workers.How they have trained the digital workers.How banks are augmenting these digital workers with their workforce.What kind of feedback they have received by humanizing their AI models.What is involved in the onboarding process.Where the AI digital workers fit within their core software.The typical organizations using WorkFusion today.A couple of case studies from banks using their software.How much they are reliant on LLMs and Gen AI.How they reduce the risk of errors or hallucinations.What this will all look like in five years.How this will impact the human workers interacting with the AI workers.Connect with Adam on LinkedInConnect with WorkFusion on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
When FedNow launched last July there was a lot of excitement in the financial community about the first new payments rail from the Fed in fifty years. There was also some trepidation. What would the rollout look like? Would banks take a wait-and-see approach? And how would the presence of RTP affect adoption?Now, almost eight months later we have answers to many of these questions. My next guest on the Fintech One-on-One podcast is Mark Gould, the Chief Payments Executive at the Federal Reserve Financial Services. He is the head of FedNow and has steered the Fed through its successful launch and now into its growth stage.In this podcast you will learn:The many different roles Mark has held at the Fed.What the Fed's role is exactly in the payments system.The number of banks that are now on board with FedNow.How the FedNow system actually works.What Mark's pitch is when talking to prospective banks.The difference between signing up for send and receive.How fintech companies should think about FedNow.The primary use cases that are flowing through FedNow right now.How Mark thinks about RTP from The Clearing House.The idea of interoperability between RTP and FedNow.How Mark expects the mix of payment types to evolve over the next decade.The tools that the Fed has in place to prevent fraud.The transaction limits that are in place today.The short term product roadmap for FedNow.When Mark thinks there will be ubiquitous availability of instant payments.What it will take for consumers to have an expectation that payments will be instant.Connect with Mark on LinkedInConnect with Federal Reserve Financial Services on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
When it comes to financial health there is still much work to be done. While fintech has certainly made an impact here the average consumer is no more financially healthy than they were a decade ago. This is a problem that fascinates me and I love it when I talk to companies that are making a real difference in this area.My next guest on the Fintech One-on-One podcast is Ana Mahony, the CEO and founder of Addition Wealth. Their financial health platform is targeted at employers to offer as a benefit to their employees but what makes them unique is the human interaction. While they have a lot of digital tools for employees they also offer free one-on-one sessions with CPA and Certified Financial Planners. In this podcast you will learn:How the idea for Addition Wealth first germinated.How the program at First Round Capital really helped launch the company.The breadth of their product offerings to enhance financial health.Why the human interaction is such a differentiator for Addition.How they can scale with a human plus digital approach.How they vet these financial advisors and ensure they are providing quality advice.How Ana's experience at Uber has helped develop their platform.What is involved in implementing Addition Wealth with a new employer.Details of their go-to-market strategy.The scale they are at today.What people care about most when it comes to their financial health.The average percentage of employees that engage with their offering.Her vision for the future of Addition Wealth.Connect with Ana on LinkedInConnect with Addition Wealth on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
Consider the humble email address. Most of us don't give this part of our identity a second thought but there is a wealth of information that can be gleaned from this one piece of data. And when it comes to fraud the email address is the most consistent predictor, more than any other data point.My next guest on the Fintech One-on-One podcast is Diarmuid Thoma, the head of fraud and data strategy at AtData. He has spent most of his 23-year career focused on fraud prevention and today he leads a team that has built the most extensive email database in the industry.In this podcast you will learn:The history of TowerData and the merger that resulted in the creation of AtData.The two areas of the company that Diarmuid leads.Why banks and fintech should care about email data.Why email is the most consistent fraud predictor.What other data points they take into consideration in their fraud models.The staggering percentage of every email in existence that are in their database.The number of new high risk domains that are being created every day.What is returned to the client when they provide an email address to AtData's API.How banks and fintechs are using this data today.Why they are included very early in the funnel for lenders.How the AtData quality score works and what it can tell their clients.How they have incorporated AI/ML into their fraud models.Details of their recent white paper on balance customer experience and fraud prevention.The trends that banks and fintechs should be paying attention to when it comes to email data.Connect with Diarmuid on LinkedInConnect with AtData on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
Small business lending is still not a solved problem in this country, or anywhere around the world for that matter, despite a decade or more attacking the problem. But today, we are seeing some new business models and new go-to-market approaches that have the potential to make a huge difference.My next guest on the Fintech One-on-One podcast is Luke Voiles, the CEO of Pipe. Luke has been around fintech for many years and he became CEO of Pipe about a year ago now. He has a different perspective on small business lending and how to make it work best for the lender which he goes into in some depth in this episode.In this podcast you will learn:Some of the big names in fintech where Luke has had leadership roles.Why he decided to take on the CEO role at Pipe.What he did in his first weeks as CEO to fully understand the state of the company.How he describes Pipe today.How their working capital product works and where they sit in the payments flow.The size of the small business they will lend to.Why it is so important to get the payments data for their underwriting.How they inject themselves into the payments flow so they are paid first.Why vertical SaaS companies are the new community banks (see Luke's article here).Luke's thoughts on Section 1071 of Dodd-Frank and why it is a good thing for fintech.How Pipe is accessing the capital they need to lend.Why we haven't yet solved the small business access to capital problem.Why they are not concerned with the expense side of a business.The vision for Pipe for the next five years.Connect with Luke on LinkedInConnect with Pipe on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
Embedded finance is a term that has only been around for a relatively short time. But some fintech companies have created services that could be embedded in non-financial firms for many years. It really began in the payments space and became a part of lending and we often called it lending-as-a-service before embedded lending was a thing. One of the pioneers of embedded lending is LiftForward.My next guest on the Fintech One-on-One podcast is Jeffrey Rogers, the CEO and founder of LiftForward, an embedded lending fintech that has been around since 2013. They have a fascinating story and might hold the record for the youngest fintech to partner with one of the tech behemoths.In this podcast you will learn:The founding story of LiftForward.How a small fintech company was able to land Microsoft.How their multi-faceted relationship with Microsoft works.How lenders are involved in this process.Details of how all the different parties come together.The demographic changes that are driving their business.The different types of payments plans and subscriptions they do.What the Mastercard Engage partner network is and how LiftForward is involved.What brands want to see when it comes to embedded lending.How LiftForward makes money.The changes they needed to make to become an international company very early on.The scale that LiftForward is at today.Where they are focusing this year when it comes to new markets.Jeffrey's vision for the future of LiftForward.Connect with Jeffrey on LinkedInConnect with LiftForward on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
Even though banks have been going through digital transformation now for a decade or more there is obviously so much work still to be done. Big banks need help with this process, particularly when it comes to personalization as banks have historically provided products that were more in the one-size-fits-all category.My next guest on the Fintech One-on-One podcast is Amalia Avramov, she is the president of financial services at Amdocs. Now, Amdocs is a large global company that got its start in telecommunications but has expanded into financial services. I have been hearing their name around more and more so I wanted to get Amalia on the show to learn more.In this podcast you will learn:Amalia's long history at Amdocs.The core industries where Amdocs operates.Why they decided to expand into financial services.The services they provide for the banking industry.What banks are getting wrong in digital transformation.What successful personalization in banking looks like.Some examples of banks that Amdocs are working with today.What they working on with large banks around AI.The work Amalia is doing to promote diversity and inclusion.How the war in Israel is impacting Amdocs and their workers there.What is Amdocs' vision for the future of the bank experience.Connect with Amalia on LinkedInConnect with Amdocs on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
When you think of cutting edge fintech you probably don't think about the Caribbean. But some interesting developments are happening there that we should all be paying attention to.On this episode of the Fintech One-on-One podcast, I talk with Curt Persaud, the Co-founder and CTO of Fintech Islands and Andrew B. Morris, the Chief Content Officer at Fintech Islands. This is the biggest fintech event in the Caribbean and it is happening next week (January 24-26) in Barbados. I will be there along with many other U.S. and Caribbean fintech leaders.The Caribbean is an under-appreciated region, it is in our backyard with more people (45 million) than Canada. There is a strong entrepreneurial spirit and a thriving fintech industry there already, that is poised to grow significantly in the near future.In this podcast you will learn:The founding story of Fintech Islands.Why Americans should care about Caribbean fintech.The important fintech trends in the region.Details about the Fintech Islands event.The different topics being covered on their agenda.How their startup competition will work.How people can engage with Caribbean fintech beyond the event.Connect with Andrew B. Morris on LinkedInConnect with Curt Persaud on LinkedInConnect with Fintech Islands on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
The small business lending space has seen a lot of innovation over the last decade with fintech leading the way. But there is still much more work to do as many small business still lack the access to capital that they deserve.My next guest on the Fintech One-on-One podcast is Steve Allocca, the head of Funding Circle USA. He has worked at some of the biggest names in fintech (PayPal, LendingClub, Bluevine and now Funding Circle) working on this challenge of helping small business access capital. Funding Circle is a pioneer in this space and recently they received the news that they have been approved for a new SBA 7(a) lending license.In this podcast you will learn:Steve's deep and varied history in the fintech space.Some of the lessons he has brought to Finding Circle.What attracted him to the role at Funding Circle.The typical terms of their core term loan product.Their approach to underwriting small businesses.The impact on demand of the increase in interest rates.What it means for Funding Circle to be approved to be an SBA 7(a) lender.The timetable for when they will be able to start making SBA loans.How they are building their lending as a service offering.How they interact with the Funding Circle head office in the UK.Some of the new hires they have made to the leadership team.How they can get a clearer picture of small business data.What is top of mind for Funding Circle for 2024.Connect with Steve on LinkedInConnect with Funding Circle on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
When we think about embedded finance one of the biggest opportunities is bringing financial services to vertical software companies. These software companies already have the relationship within their vertical and it often makes logical sense for them to add financial services as an add-on offering, as long as it is simple and easy to implement.My first guest of 2024 on the Fintech One-on-One podcast is Tom Bell, the CEO and co-founder of Maast (as in Money-as-a-service plus). They are a wholly owned subsidiary of Synovus Bank and have been in business for two years. They are bringing embedded payments acceptance and embedded banking to vertical software companies but doing it with the backing of a 130-year-old regional bank.In this podcast you will learn:Why Tom decided to come to Synovus and start Maast.The founding story of Maast.Why they decided to create a new brand rather than do it under Synovus.The suite of services that Maast provides todayWho they are working with today and their target market.Why software providers are a perfect match for embedded finance (see Tom's article here).The most interesting innovations in payments today.What is involved in integrating Maast into a software provider.How Maast stands out from other embedded finance providers.How they approach compliance requirements.Tom's view on the main trends in embedded finance that will be in play in 2024.How he thinks embedded finance is going to play out long term.Connect with Tom on LinkedInConnect with Maast on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
Around the world, several digital banks have achieved impressive scale. But most of these fintech companies have been focused just on their home market. It is difficult to scale a global digital bank because regulations and compliance requirements differ so much between countries. But we have seen some traditional banks achieve scale in multiple countries so there is no reason why we shouldn't see the same in fintech. My next guest on the Fintech One-on-One podcast is Sid Jajodia, the Chief Banking Officer for Revolut and the CEO of Revolut US. There is no other fintech company that is as focused on becoming a global fintech leader than Revolut. They already have 35 million customers in more than 30 countries around the world and they continue to open operations in new countries multiple times a year.In this podcast you will learn:What attracted Sid to the role at Revolut.How he describes Revolut today.What he means when he says it is a financial super app.The number of customers Revolut has globally.How Revolut is differentiated from other digital banking offerings in the US.The typical Revolut customer in the U.S. and globally.How they are getting the word out.Their ambition to be a bank in different markets.What Revolut 10 is and why it is important.Their approach to user experience.What CEO and founder Nik Storonsky is like to work with.What it is going to take for Revolut to reach scale in the US.Revolut's vision for the future of financial services.Connect with Sid on LinkedInConnect with Revolut on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
The Federal Home Loan Banks (FHLBs) have been part of the financial landscape in this country since 1932. They were created (before the New Deal) in response to the housing crisis during the Great Depression. But their role has changed from a focus on housing to becoming a liquidity provider for large banks. And this has had a major impact on our financial system, including the fintech space.My next guest on the Fintech One-on-One Podcast is Cornelius (Con) Hurley. He is a professor at the Boston University School of Law and was a founding member of the Online Lending Policy Institute that was folded into the American Fintech Council in 2021. Most importantly for this conversation, Professor Hurley was an independent director of the Federal Home Loan Bank of Boston for 14 years. He has become an outspoken critic of FHLBs in recent years and is a co-founder of the Coalition for FHLB Reform.Professor Hurley provides a detailed history and the current state of play for FHLBs but also focuses on the role fintech companies can play here.In this podcast you will learn:Why everyone should be interested in what Federal Home Loan Banks are doing.The origins of the Federal Home Loan Banks and why they were started.How the FHLBs are regulated.How the FHLBs can claim they have never made a loan that has defaulted.The governance culture of the FHLBs.Why FHLB loans to banks should be made public.How the mission of the FHLBs moved away from housing and community development.Why banks go to an FHLB for liquidity instead of the Federal Reserve.How the FHLBs are funded and what subsidies they receive.The recommendations for reform from the recent FHLB report.Why FHLB members will need to beef up their mortgage exposure.The potential role for fintech companies here.What comes next for FHLBs.Connect with Cornelius on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
While most of us would agree that we have seen significant innovation in fintech and banking over the last decade, we still don't really have a new framework for how we look at banking.My next guest on the Fintech One-on-One is someone who has thought deeply about innovation in banking and he has lived it as a co-founder of some of the biggest names in fintech. Jason Bates is currently the co-founder and Deputy CEO at consulting firm 11:FS but he is also a co-founder of both Starling Bank and Monzo, two of the big three in UK fintech. His framework of four layers for retail financial services provides an interesting perspective and a possible foundation for future innovation.In this podcast you will learn:How Jason first got involved in fintech.What it was like in the early days of Starling Bank and Monzo.The founding story of 11:FS.How he described 11:FS today.The difference between digital banking and digitized banking.The four different layers of retail banking.What we still need to work on in digital banking.An explanation of the "Jobs to be Done" innovation philosophy.The best ways to apply AI to banking.The state of fintech in the UK today.Comparing the US and UK fintech landscapes today.What Jason is looking at as far as 2024 fintech trends.What he is most excited about for the next three to five years.Connect with Jason on LinkedInConnect with 11:FS on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
There are many options for raising growth capital for established startups. With all the attention paid to venture capital, we sometimes forget that the vast majority of companies are not funded that way. Revenue-based financing has been around for more than a decade and it is a good alternative for certain types of companies.My next guest on the Fintech One-on-One Podcast is Melissa Widner, the CEO of Lighter Capital, a pioneer in the revenue-based financing space. We learn all about how this space works, what types of companies it works best for and how Lighter Capital has become one of the market leaders.In this podcast you will learn:How she first got involved with Lighter Capital.What attracted her to the CEO role.What it is like running a fintech company from Australia.The different countries where they are set up to lend.How revenue-based financing works (that was pioneered by Lighter).The types of companies that are in their sweet spot.The size and terms of their financing.How their underwriting works.Why most revenue-based financing lenders are not really doing revenue-based finance.The impact of the venture capital downturn on Lighter Capital.How the collapse of Silicon Valley Bank impacted demand for capital.Their historical loss rate.How loan demand has been overall in 2023.What it was like renewing their credit facility in the summer.Melissa's vision for the future of Lighter Capital.Connect with Melissa on LinkedInConnect with Lighter Capital on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
The use of machine learning models in underwriting for consumer loans has been around for more than a decade. While fintech clearly took the lead here it has really only been the last couple of years where traditional lenders are engaging with this technology. While these AI/ML models are different from the Generative AI craze that has embraced the business world in the past year, this phenomenon has certainly helped with awareness.My next guest on the Fintech One-on-One podcast is Laura Kornhauser, the CEO and Co-Founder of Stratyfy. Her company is on a mission to enable greater financial inclusion for people while also helping financial institutions better manage and mitigate risk. They do that by implementing their advanced AI models and, of course, through the dedication of their people.In this podcast you will learn:The founding story of Stratyfy.The company's mission and how it has evolved?The different types of financial institutions they work with today.How they differentiate themselves from others in the space.How their UnBias product works.What being transparent means for adverse action notices.What is top of mind for most banks and fintechs today.The types of data their clients are using that are most important.What is involved in implementing Stratyfy into a lender's system.How their AI models have improved over time.How the popularity of AI through ChatGPT has impacted Stratyfy.What it was like raising an equity round in 2023.The biggest challenge Stratyfy is facing today.How AI will continue to improve when it comes to credit and risk decisions.Connect with Laura Kornhauser on LinkedInConnect with Stratyfy on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
There has been endless talk in fintech over the past year and a half about the pullback from equity investors and how difficult it is to raise money in this environment. Less is being talked about the debt investment landscape.So, I wanted to bring Jacob Haar, Founder and Managing Partner of Community Investment Management (CIM), back on the show (he was previously a guest in 2015 and 2020). He has been a debt investor in fintech for almost a decade now and he has deep experience with fintech lending not just in the United States but increasingly around the world.In this podcast you will learn:How he describes CIM today.How the pandemic played out for them.What areas of fintech he finds most interesting today.What countries he is focused on.Examples of some recent deals CIM has closed.The size of the typical debt facilities they provide.The factors CIM considers today when making an investment decision.Why they decided to move outside small business lending.How their investors view impact versus a financial return.How the deal between Camino Financial (podcast here) and Fundation (podcast here) came together.Jacob's thoughts on transparency in small business lending and the regulatory movement there.Some of the key milestones that fintech lending has reached in the past 10 years.Why he is optimistic about the next decade.Connect with Jacob on LinkedInConnect with Community Investment Management on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
Trillions of dollars is spent on credit and debit cards every year in the US. These payments are all processed on one of the most expensive card processing networks in the world, costing merchants tens of billions of dollars. Account-to-account payments, otherwise known as pay-by-bank, is yet to take off in this country but it does have the potential to put some of these card processing dollars back in merchants' pockets.My next guest on the Fintech One-on-One podcast is Eric Shoykhet, the founder and CEO of Link Money. His company has built the infrastructure needed to bring scale to pay-by-bank in this country. After we recorded this conversation there were several big announcements in this space, so it looks like 2024 could be a big year for pay-by-bank.In this podcast you will learn:The founding story of Link Money.Why the US has the highest card processing costs in the world.How Link Money's pay-by-bank offering works.The data access partners they are using.Why this is not an established payment option in the US yet?The different components that Link Money needed to develop.The coverage they have of the total number of deposit accounts.How you get consumers to adopt this new payment method.Where this makes the most sense for potential merchants.How Eric looks at the competitive payments rails in the U.S.Why pay-by-bank will be part of digital wallets.The challenges Link Money needs to overcome to be successful.His vision for the future of retail payments.Connect with Eric on LinkedInConnect with Link Money on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
There is no technology that has generated more buzz this year than generative AI. We have all played around with ChatGPT and marveled at its capabilities. But what is really happening with this technology in financial services? Or more importantly, what is going to happen?My next guest on the Fintech One-on-One podcast is Anu Sachdeva, Global Business and Service Line Leader at Genpact. She has deep knowledge of banking and fintech and has become an expert on generative AI and how it will impact financial services. This is our first deep dive into generative AI on the podcast, but it will certainly not be the last.In this podcast you will learn:How Genpact works with banks and fintechs.How Anu first became interested in generative AI.What Genpact is doing with generative AI internally.How financial services can help unlock the potential of generative AI.The use case of using generative AI in anti-money laundering.The fundamental principles that Genpact employs when engaging with banking partners.How we should be thinking about generative AI.The impact of generative AI on the employee makeup of banks and fintechs.Will fintechs or banks take the lead with incorporating generative AI.How we should think about compliance risk when it comes to generative AI.The opportunity for better personalization.A look to the future of where generative AI is going.Connect with Anu on LinkedInConnect with Genpact on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
There are tens of millions of Americans who have limited access to credit. Those with thin files or FICO scores below 650 often have difficulty accessing credit. Many have to resort to payday loans or pawn shops when they incur an unexpected expense. But there are fintech companies whose sole focus is serving this population with affordable credit access.My next guest on the Fintech One-on-One podcast is Todd Schwartz, the CEO and Founder of OppFi. OppFi has been around since 2011 (they have a fascinating founding story) and are now a public company that has helped more than 1.3 million people with affordable loans. I did have the previous CEO, Jared Kaplan, on the show in 2020, but this is the first time I have had the founder on.In this podcast you will learn:The founding story of OppFi.Why he started the company with a physical store front.How the pandemic really turbo charged the business.Why they decided to go public.How being public has changed their business.For underwriting, why understanding the primary bank account is critical.Details of their Turn Up program.The impact of the entry of banks into the small dollar loan space.What the consumer advocate don't understand about small-dollar lending.What happens when states, such as Illinois, ban higher APR small-dollar lending.Why they are focused on the states when it comes to engaging with regulators.How they make sure that OppFi customers end up better off financially.Connect with Todd on LinkedInConnect with OppFi on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
Medical debt is the number one reason people go bankrupt in the United States. So, you would think there would be a plethora of fintech companies attacking this problem from many angles. And while there are certainly lenders willing to finance medical procedures there are few companies taking a holistic approach to patient financial health.My next guest on the Fintech One-on-One podcast is Itzik Cohen, the CEO and Co-Founder of PayZen. He saw the problems medical debt has created firsthand when working in the debt settlement space and he decided to do something about it. PayZen is the first company that looks at all the options available for patients as they try to afford their healthcare.In this podcast you will learn:The idea that led to the founding of PayZen.The state of medical debt in the United States today.What the "operating system for healthcare affordability" means.Their north star at PayZen.The different types of products they offer.How they are finding and analyzing all this medical and financial data.What kinds of providers they are working with.How they are able to integrate their technology so quickly.Itzik's thoughts on removing medical bills from their credit report.His vision for PayZen.Connect with Itzik on LinkedInConnect with PayZen on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
The people who lead the national banking regulatory agencies typically come from long careers in banking and law with a traditional view of the banking world. But there has been one exception to this rule.My next guest on the Fintech One-on-One Podcast is Brian Brooks, the former acting head of the OCC and a current partner at O'Melveny & Myers. Now, don't get me wrong, Brian has had a long career in banking and law but he has also spent time outside of traditional finance, thinking deeply about financial innovation.He came to the OCC from Coinbase and he has been an advisor or board member to several other companies in crypto and fintech. So, his perspective on the banking industry, as you will hear in this interview, is very different from your typical banking regulator.In this podcast you will learn:How the financial crisis shaped his career.The three dimensions of finance he is trying to knit together.How he came to join the OCC from Coinbase.How Brian was able to gain the trust of the big bank CEOs.The most important idea that he had while leading the OCC.How he looks back at his 10 months as OCC head.How we could have easily avoided the FTX blowup.Why the regulators were reluctant to make these simple changes.The core ideological debate that Republicans and Democrats have over crypto.Why the failures of Silvergate and Signature were more about concentration risk than specifically crypto.What he says to people who want to ban crypto.How decentralized finance can get scale and not run afoul of US regulators.How US-dollar stablecoins could help mitigate the risk of de-dollarization.What regulatory changes need to happen to take advantage of new financial technology.Connect with Brian on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
As recently as six or seven years ago modern payments infrastructure in Latin America didn't really exist. Most countries had a monopoly when it came to payments processing and these monopolies sit on old technology that is difficult and expensive to maintain.A lot has changed today. Digital payments infrastructure has been built and while those old monopoly companies still exist there is now digital payments infrastructure throughout the region.My next guest on the Fintech One-on-One podcast is Aron Schwarzkopf, the CEO and Co-Founder of Kushki. The mission of the company is "connecting Latin America through payments" and they are doing this by building new technology that others can build on to provide a comprehensive digital payments experience. In this podcast you will learn:Why Aron decided to head back to Latin America after some time in the US.The three big problems he encountered there.How the payments landscape has evolved in Latin America.What Kushki does exactly.The two types of clients they serve.How easy it is to accept international payments online.The countries they operate in today.Why the prevalence of cash means a green field opportunity for Kushki.Why the growth of real-time payments is helping grow the market.What it meant when the government of Ecuador named Kushki as the first payment aggregator.Why they acquired BillPocket in Mexico.The key takeaways from the recent report they published with Statista.Why Kushki experiences less fraud than others in Latin America.Aron's vision for the future of digital payments in Latin America.Connect with Aron on LinkedInConnect with Kushki on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
In the consumer lending space, fintech lenders have been using AI in their underwriting models for many years. But there are still many consumers who slip through the cracks and get declined for credit when they should have been approved.My next guest on the Fintech One-on-One podcast is Gal Krubiner, the CEO and Co-Founder of Pagaya. They work with a large number of both traditional and fintech lenders and apply their sophisticated modeling to find consumers who have been mispriced. Their two-sided marketplace then works with investors to fund these consumer loans.In this podcast you will learn:The founding story of Pagaya.Why they decided to focus on consumer credit.How they are partnering with both fintech and traditional lenders today.Who they are working with on the investor side of the marketplace.The types of data they are using in their underwriting.How their underwriting models have evolved over time.How investor demand for their ABS deals is trending.How the US consumer is holding up when it comes to loan repayments.Trends in credit availability for consumers.Why the lack of credit availability is a good thing for Pagaya.The impact of rising interest rates on consumer credit.Why all the attention that AI is getting is helping Pagaya.What happened when they invited ChatGPT to their earnings call.How being a public company has changed Pagaya.How he is thinking about the macro environment in 2024.Connect with Gal on LinkedInConnect with Pagaya on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
When you stop and think about it, it is kind of crazy that we don't have a global network for moving money instantly and cheaply. The internet is more than 30 years old now and it seems to me that this should be a solved problem by now. But it isn't, at least not yet.My next guest on the Fintech One-on-One podcast is David Marcus, the CEO and Co-Founder of Lightspark. If David's name sounds familiar that is because he was the leader of the now-defunct Libra/Diem project at Facebook a few years ago. He is passionate about creating a real-time global network for money movement which is why he founded Lightspark.In this podcast you will learn:His fascinating background in tech.The thought process that went into the Libra/Diem project at Facebook.Why he decided to start Lightspark.An explanation of the Lightning Network that sits on top of Bitcoin.Why they chose to build their technology for the Lightning Network.What Lightspark actually does and who they are working with.Who is using their technology today.The potential throughput for number of transactions per second.How he thinks about solving micro-payments.The regulatory challenges that might come with reaching scale.Why we should think of what Lightspark is doing as an alternative payments rail.Why this is a technology play and nothing really to do with crypto.The potential use cases that can be developed.How he thinks about programmable money.Why it is important that payments systems behave just like the internet (open, real-time and interoperable).The different goegraphies where they have clients today.How their business model works.Why the combination of real-time payments and Lightning is so powerful for the last mile.What a future with real-time global payments could mean for commerce.Connect with David on LinkedInConnect with Lightspark on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
One of the richest areas of fintech innovation right now is in instant payments. The launch over the summer of FedNow has brought heightened awareness to instant payments but there have been other offerings available in this country for some time.My next guest on the Fintech One-on-One podcast is David Watson, the President and CEO of The Clearing House. They are the creator of the first instant payments network in the USA called Real Time Payments, a network that has been operating for over five years now. We talk about the mechanics behind instant payments and the benefits for both consumers and businesses.In this podcast you will learn:What David saw at The Clearing House that was really attractive to him.A short history of the 170-year-old company.The total volume of payments flowing through the US payments system.Who The Clearing House serves.How the ACH payments system works.The enhancements The Clearing House provides for wires.How they work with physical checks today.The technology behind their Real Time Payments system.Who is using RTP today.The different use cases that are flowing through RTP.What happens when you send a real time payment to a bank that is not in the network.The difference between RTP and FedNow.How David feels about competing with FedNow.His thoughts on the card network's instant payment offerings.How fraud in instant payment networks can be mitigated.His vision for the future of instant payments.Connect with David on LinkedInConnect with The Clearing House on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
Much has been written about the student loan challenges for domestic students in this country. But what about international students, those people coming to the U.S. to study for a Master's or Bachelor's program? There are few good loan alternatives for international students as they are ineligible for federal student loan programs.My next guest on the Fintech One-on-One podcast is Manu Smadja, the CEO and Co-Founder of MPOWER Financing. They are working to address this problem, providing affordable financing for international students looking to study at American and Canadian universities.In this podcast you will learn:The hardship story that was the trigger for starting MPOWER.The biggest challenges for international students coming to this country.Why demand from international students is stronger than ever.Their mix of graduate and undergraduate students.How they are underwriting these people.Why the type of major is a critical data point in the underwriting process.How they approach loan pricing.The typical terms of an MPOWER student loan.What kind of documentation is needed to obtain a loan.What MPOWER does to help students beyond providing the loan.The percentage of these students that stay in the U.S. after graduation.Their experience with loan performance.How they are funding their loans.The scale they are at today.Why they decided to become a B-Corporation.Manu's vision for the future of MPOWER.Connect with Manu on LinkedInConnect with MPOWER Financing on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
Why is it that, in 2023, we are still getting paid on a fixed schedule? It seems crazy to me that payroll systems that were built for batch processing on mainframe computers still maintain this batch mindset in a world where everything can be instant. We should be able to choose the exact cadence of when and how we want to be paid.My next guest on the Fintech One-on-One Podcast is Kevin Coop, the CEO of DailyPay. The team at DailyPay has created the largest Earned Wage Access (EWA) business on the planet where employees of DailyPay customers can get early access to their earned wages whenever they want. This is a huge deal for those people living paycheck to paycheck.In this podcast you will learn:What attracted Kevin to the CEO role at DailyPay.Why we are all still getting paid on these fixed time periods.How DailyPay actually works.What their app shows employees.How often employees access their earned wage before payday.The different features that they provide employees.How they integrate with the employer payroll systems.How these advances are funded.The benefits for employers of adding DailyPay.How DailyPay earns money.How this is improving the financial health of employees.How DailyPay is engaging with regulators at the state and federal level.How they are partnering with the large payroll providers.The different segments that are popular with DailyPay.How Kevin thinks about the competitive moat that DailyPay has built.The impressive scale they are at today.His vision for the future of DailyPay.Connect with Kevin on LinkedInConnect with DailyPay on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
The first wave of fintech focused on helping those people who already had money. The bottom half of the population was mostly ignored, and those companies that did try failed to get traction. But in recent years, there has been a new breed of fintech company emerging squarely focused on helping those people who are living on the financial edge.My next guest on the Fintech One-on-One podcast is Rodney Williams, the President and Co-Founder of SoLo Funds. They call themselves a community finance platform and they are squarely focused on the subprime market. In fact, 82% of their members live in underserved zip codes. They are supplying a loan product that is sorely needed in these places.In this podcast you will learn:The essential need that led to the founding of SoLo Funds.How their loan platform works.The three verifications new borrowers must go through.How many loans a typical borrower uses in a 12-month period.What the typical use cases are for the borrowed funds.Rodney's favorite stat on their borrowers.How they maintain the balance between borrowers and lenders on their marketplace.Their regulatory challenges and where they stand with regulators today.The three different ways they make money.The list of investors backing them.Why they recently decided to expand to Nigeria.Why their p2p lending model is perfect for the subprime market.Connect with Rodney on LinkedInConnect with SoLo Funds on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
It seems like every day there is a story coming out of Washington that can have a major impact on fintech. Whether it is the CFPB, OCC, SEC, the Fed or new legislation being proposed, fintech companies can be profoundly impacted by what happens in our nation's capital. That is why it is important to have an independent trade association making our ideas and opinions known.My next guest on the Fintech One-on-One podcast is Phil Goldfeder, the CEO of the American Fintech Council, a job he has held since March of this year. He is advocating for our industry every day, not just in Washington, but also in statehouses around the country.In this podcast you will learn:What attracted Phil to the job at the American Fintech Council.What the AFC does exactly.The basic story that Phil tells legislators about fintech.The core issues that the AFC is working on in Washington.How they are engaged at the federal level on earned wage access.Why he wrote a recent op-ed in American Banker.Why fintech should not reflexively push back on new regulation.Details of the AFC Policy Summit in Washington DC in November.What needs to happen for fintech to have a seat at the table.Why Phil is optimistic that there can be change in Washington that is positive for fintech.Connect with Phil on LinkedInConnect with American Fintech Council on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
One of the early players in the fintech lending space is Best Egg, formerly known as Marlette Funding. At one stage they were the fastest-growing lender in the country. While their growth has slowed down they continue to be one of the largest online lenders by originations.My next guest on the Fintech One-on-One podcast is Paul Ricci, the new CEO of Best Egg. He recently took over from the founding CEO, Jeffrey Meiler (see my interview with Jeffrey from 2019). This is Paul's very first interview since becoming CEO in June and we cover a lot of territory. He is no newcomer to the industry having been Best Egg's CFO since the very beginning.In this podcast you will learn:His role at Best Egg before he became CEO.How the transition to CEO has gone.A profile of their target customer.The competitive dynamics of the personal loan market today.How they have adjusted their underwriting given the changing environment.Why they launched a credit card and how it is going.How their innovative home equity loan product works.Why they decided to acquire Till and the new product that became part of Best Egg.Why they are not looking to get their own banking license.How they know their products are having an impact on their customers' financial health.The scale that Best Egg is at today.How fintech lending is doing as an industry.Connect with Paul on LinkedInConnect with Best Egg on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
All areas of fintech are changing fast. But it is in payments where the most groundbreaking changes are happening right now. After years of development, we finally saw the launch of FedNow last month (on time!) as this country begins its transition to instant payments in earnest.My next guest on the Fintech One-on-One podcast is Stephany Orum, the CEO and Co-Founder of Orum. I wanted to get her back on the show (she was last on in 2021) to discuss FedNow and what it is going to mean for the payments landscape. Orum works with several banks that are part of FedNow and they provide an infrastructure layer for most payments rails.In this podcast you will learn:How Stephany describes Orum today.How banks and fintechs should think about the various payments rails.An explanation of payments orchestration.Why FedNow is a game changer for faster payments.Some of the advantages of FedNow.Feedback from some of the participating banks operating in FedNow's first week.Why it is more important for banks to work on receiving first for FedNow.How the mindset is changing inside banks towards a real-time operation.What the Fed has learned from the experience of RTP.Why interoperability between instant payment rails is inevitable.The role of the other types of payment rails.How banks and fintechs can combat fraud in an instant payments world.What it will mean for the country when most payments are instant.Connect with Stephany on LinkedInConnect with Orum on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
When it comes to running an e-commerce store there is no bigger name than Shopify. They have been helping entrepreneurs run all aspects of their e-commerce business for well over a decade. And in recent years they have quietly built up an impressive suite of financial products.My next guest on the Fintech One-on-One Podcast is Vikram Anreddy. He is the Head of Product for Financial Services at Shopify. With Shopify Credit launching just this week the company now has all the major components of a typical bank or fintech: bank account, bill pay, installment loans and credit cards. We delve into each of these products and more in this interview.In this podcast you will learn:What attracted Vikram to Shopify.How Shopify Capital works.The amazing growth they have seen at Shopify Capital.The unique data points they are able to use in underwriting.How Shopify Balance is different to a regular bank account.Why they attract brand new entrepreneurs with Balance.What they are doing with Shopify Bill Pay.The differentiators for their new Shopify Credit Card.How they are using the learnings from Shopify Capital for their credit cardWhat having a full suite of financial products does for Shopify.How they think about expanding their financial products into international markets.Some of the fintech companies and products that inspire Vikram.The keys to a successful launch of a new product line.How they are bringing different products into a unified design.Their plans to add more products to their financial services offerings.What is exciting about the future of financial products at Shopify.Connect with Vikram on LinkedInConnect with Shopify on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
It wasn't that long ago that robo-advice was this exciting new industry that was going to bring automated investing to the masses. Today, much of that initial promise has been realized and all the major investment firms have this as part of their offerings. But there is much more work needed to be done here.My next guest on the Fintech One-on-One podcast is Sarah Levy, the CEO of Betterment. Betterment was one of the pioneers in the space and it is interesting to see how they have evolved since launching 13 years ago. As you will find out, it is about far more than consumer robo-advice today.In this podcast you will learn:What prompted Sarah to move into fintech from the media business.What attracted her to Betterment specifically.The different business lines they have today.How the narrative has changed since their early days.Details of their Cash Reserve account that pays 5.25%.How the banking crisis in March impacted their business.Their typical customer and target demographic.Why Sarah championed their business-to-business offerings.The four different marketing channels they focus on.What their customers value most when it comes to investment choices.Why they decided to add crypto to their offerings.Sarah's views on the lack of women-run fintech companies.What we can do to create changes at the top.The diversity programs they have inside Betterment.Her vision for the future of Betterment.Connect with Sarah on LinkedInConnect with Betterment on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
Last month we announced a groundbreaking partnership with Fintech Meetup that is going to transform the fintech space.With that in mind, I thought it would be helpful to dive more deeply into the partnership between Fintech Nexus and Fintech Meetup. So, on the next episode of the Fintech One-on-One podcast we have my good friend and partner, Bo Brustkern, CEO and Co-Founder of Fintech Nexus and Jon Lear, the President and Co-Founder of Fintech Meetup.In this podcast you will learn:Background of how Fintech Meetup began.The genesis of the discussions between Fintech Nexus and Fintech Meetup.What the partnership entails exactly.What this means for existing Fintech Nexus sponsors and attendees.The different components of the Fintech Meetup 2024 event.How their meetings program works.Why their Table Talks program is so important.How they are going to run their co-located events.Details about their location: The Venetian in Las Vegas.How Fintech Meetup fits in with the broader Hyve Group.How Fintech Nexus is developing our digital media products.What is most exciting about this new partnership.Connect with Bo on LinkedInConnect with Fintech Nexus on LinkedInConnect with Jon on LinkedInConnect with Fintech Meetup on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
It was the best of times, it was the worst of times. That is pretty much how you could describe the environment for fintechs at the height of the pandemic. Some industries were booming while the world was reeling from the global pandemic. But in the fintech lending business, if you weren't involved in the PPP you were likely struggling. You would not think this was good timing to launch a working capital offering for small business.My next guest on the Fintech One-on-One podcast is Alek Koenig, the CEO and Co-Founder of Settle. They launched in the summer of 2020 with an accounts payable product paired with working capital. The business took off because they found an underserved niche in desperate need of capital: e-commerce businesses.The founding story of Settle.How they launched the company.Why launching at the height of the pandemic was fortuitous timing.How their core accounts payable software works.How the working capital offering integrates into this software.The maximum term they are financing today.How their underwriting process works.The range of interest rates they charge.How they are funding their working capital loans.What makes their AP software unique.Some of the brands they are working with today.How the movement towards embedded finance has made their life easier.How Alek's time at Affirm informs how he runs Settle today.How he built his Ukrainian team.The scale that Settle is at today.How they have navigated the downturn in fintech the last 12 to 18 months.His vision for Settle.Connect with Alek on LinkedInConnect with Settle on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
Where fintech has had a dramatic impact already is in international payments. Sure, there is still work to do but there are companies out there today facilitating payments, often instantly, to people all around the world.My next guest on the Fintech One-on-One podcast is Charles Rosenblatt, the President of PayQuicker. What PayQuicker does is help companies pay their gig workers in 200+ countries and those workers can receive these funds instantly. They have been doing this for more than a decade.In this podcast you will learn:What attracted Charles to the role at PayQuicker.What PayQuicker does exactly.The different geographies they operate in.The most common use cases for their payouts technology.What is exciting about their Payouts OS product.Why PayQuicker does not take possession of the money.The big value proposition for PayQuicker's clients.What they are doing in their partnership with Mastercard.How the end consumer receives their money.His view on crypto and stablecoins as a payments tool.How they partner with global banks.How they facilitate instant payouts.Why fraud is not a major problem for PayQuicker.What's next for PayQuicker.Connect with Charles on LinkedInConnect with PayQuicker on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes
This recording is from Fintech Nexus USA held at the Javits Center in New York City on May 10-11, 2023.Session: "The Challenging Questions: Ask the Experts" from the Innovation ZoneFeaturing:Simon Taylor, SardineNicole Casperson, Fintech is FemmeMiguel Armaza, GilgameshLex Sokolin, Fintech BlueprintJulie Verhage-Greenberg
This recording is from Fintech Nexus USA held at the Javits Center in New York City on May 10-11, 2023.Session: "Fintech Islands: The Local Mission and Global Impact of Caribbean Fintech" from the Innovation ZoneFeaturing:Carmelle Cadet, EMTECHChristopher Burns, First Atlantic CommercePascale Elie, CellPay Andrew B. Morris, Fintech Islands
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