The Fintech Blueprint Lex Sokolin
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- Technology
Finance is being pulled apart by the forces of frontier technology. From AI, to blockchain and DeFi, mixed reality, chatbots, neobanks, and roboadvisors — the industry will never be the same. Here is the blueprint for navigating the shift.
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The rise, fall, and turnaround of Better Mortgage, with CEO Vishal Garg
Lex chats with Vishal Garg, the CEO of Better Mortgage. Better is an all-in-one digital homeownership company. From finding a real estate agent and getting a mortgage, to shopping for homeowners insurance and title services, Better and its affiliates take customers through the entire homebuying process online. Garg shares the story of how he founded Better Mortgage after experiencing the difficulties of getting a mortgage online. He explains how he saw an opportunity to reimagine the mortgage industry and create a more efficient and consumer-friendly process. Garg discusses the challenges of scaling the company, going public through a SPAC, and navigating the changing market conditions. He also shares his optimism for the future of Better Mortgage, highlighting the company's focus on efficiency, automation, and sustainable growth.
MENTIONED IN THE CONVERSATION
Better's Website: https://bit.ly/456T3Ub
Vishal's LinkedIn: https://bit.ly/4e52szk
Topics: fintech, mortgage, digital lending, digital mortgage, SPAC, interest rates
Companies: Better.com, Better mortgage, Fannie Mae, Freddie Mac, Goldman Sachs, SoftBank
ABOUT THE FINTECH BLUEPRINT
🔥Subscribe to the Fintech Blueprint newsletter to stay at the forefront of Fintech and DeFi: https://bit.ly/3hyhlC2
🤝 Partner with Fintech Blueprint through sponsorships: https://bit.ly/3UZllsV
👉 Twitter: https://twitter.com/LexSokolin
TIMESTAMPS
1’33: Revolutionizing Mortgages: Vishal's Journey from Frustration to Fintech Innovation
6’41: Cracking the Mortgage Code: Leveraging Fintech Experience to Disrupt a Stagnant Industry
11’11: Overcoming Startup Challenges: Innovating in the Mortgage Industry and Securing Early-Stage Financing
15’25: Recruiting Top Talent: How to Attract High-Caliber Professionals to Revolutionize the Mortgage Industry
20’32: Scaling to Success: The Rapid Growth, Economics and Strategic Milestones of Better Mortgage
24’48: Balancing Growth and Profitability: Navigating Blitz Scaling and Cultural Shifts at Better Mortgage
28’17: Understanding the SPAC Process: The Market Conditions, Expectations, and Challenges of Going Public
34’20: Facing Macro Headwinds: The Declining Efficiency and Financial Challenges in a Changing Market
36’50: Balancing External Stressors and Internal Efficiency: Navigating Market Changes and Organizational Challenges
39’04: From Private to Public: Better Mortgage's Evolution, Current State, and Optimistic Future
43’11: Overcoming Market Shifts: Vishal Garg on Better Mortgage's Resilience and Path to Profitability
45’30: The channels used to connect with Vishal & learn more about Better Mortgages -
The AI-led digital wealth revolution, with Origin CEO Matt Watson
Lex chats with Matt Watson, the founder and CEO of Origin, a comprehensive money management platform for the modern workforce. Watson discusses his background as an entrepreneur and his first fintech experience working on Wall Street. He also talks about his previous business in the commercial insurance space and the challenges of building out the go-to-market function for that company. Watson then explains the concept behind Origin and its focus on providing a mass-market private banking experience for the underserved segment of the population with investable assets below $500,000. He discusses the company's go-to-market strategy, its target market, and its monetization strategy. Watson also touches on the collapse of Mint and the opportunity it created for Origin, as well as the role of generative AI in financial planning and guidance. He concludes by discussing the ownership of data and the challenges of accessing and utilizing consumer financial data in the industry.
MENTIONED IN THE CONVERSATION
Origin's Website: https://bit.ly/4bJcMvc
Matthew's LinkedIn: https://bit.ly/3ym8mMa
Topics: fintech, AI, artificial intelligence, PFM, personal financial management, embedded finance
Companies: Origin, Origin Finance, Mint, Mint.com, Plaid, LearnVest, Column Tax, Intuit, Yodlee, ChatGPT
ABOUT THE FINTECH BLUEPRINT
🔥Subscribe to the Fintech Blueprint newsletter to stay at the forefront of Fintech and DeFi: https://bit.ly/3hyhlC2
🤝 Partner with Fintech Blueprint through sponsorships: https://bit.ly/3UZllsV
👉 Twitter: https://twitter.com/LexSokolin
TIMESTAMPS
1’07: The Entrepreneurial Journey: From Family Influence to Fintech Ventures
3’55: Building the Go-to-Market Function: Penetrating and Innovating in the Insurance Agency Software Market
7’55: Challenges in Financial Vertical Software: Entrenched Systems and High Switching Costs
10’08: Exploring Origin: Addressing the Financial Services Gap for the Mass Affluent
18’16: Evolving Data Aggregation in Fintech: Addressing Costs and Open Banking Trends
22’30: Origin’s Business Model and Market Dynamics in Mass Affluent Financial Services: Lessons from Lead Generation Giants
26’01: Building Financial Solutions In-House: Origin's Approach to Planning, Investing, and Tax
29’24: The Collapse of Mint: Catalyzing Opportunities for Origin in B2B and B2C Markets
31’26: Leveraging Generative AI in Financial Planning: Enhancing Guidance and Managing Challenges
35’47: Understanding the Demand for AI Financial Planning: Challenges and Consumer Behavior
40’22: The Future of Financial Data Control: Consumer-Driven Analysis and Insights in a Tokenized World
41’07: The channels used to connect with Matthew & learn more about Origin -
Building Artificial Intelligence we can trust using ZK Proofs, with EZKL CEO Jason Morton
Lex chats with Jason Morton, CEO of EZKL - EZKL is a technology that helps people build around artificial intelligence using zero-knowledge proofs (ZK proofs) and the latest in technology. Jason explains that ZK proofs are a way to prove that a computation has been executed correctly without revealing any sensitive information. The proofs can be used to verify the execution of AI models, statistical models, and other computations on blockchain networks. EZKL provides a command line tool, a backend proving service, and a Python library for developers to use. The company's economic model involves licensing the components of the system and running backend services. In the future, EZKL aims to provide a more complete solution for interacting with the technology. The demand for verifiable AI and ZK proofs is expected to come from both Web2 and Web3 companies, as well as enterprise clients
MENTIONED IN THE CONVERSATION
EZKL's Website: https://bit.ly/4dx1wUb
Jason's Twitter: https://bit.ly/4boqumY
Topics: fintech, machine learning, ai, artificial intelligence, llm, zk-proofs, zero-knowledge proofs, blockchain, web3
Companies: EZKL, Ethereum, Bitcoin, DARPA
ABOUT THE FINTECH BLUEPRINT
🔥Subscribe to the Fintech Blueprint newsletter to stay at the forefront of Fintech and DeFi: https://bit.ly/3hyhlC2
🤝 Partner with Fintech Blueprint through sponsorships: https://bit.ly/3UZllsV
👉 Twitter: https://twitter.com/LexSokolin
TIMESTAMPS
1’18: From Mathematics to Machine Learning: Tracing the Journey of an AI Researcher"
3’47: Putting Theory Into Practice: Navigating the Evolution of Neural Networks and Blockchain
7’18: Understanding Zero-Knowledge Proofs: The Evolution and Impact of Cryptographic Privacy
11’02: Digital Trust and Privacy: How Zero-Knowledge Proofs Enhance Security and Authentication Online
16’15: From Consensus to Cryptography: Exploring the Transformative Impact of Zero-Knowledge Proofs on Blockchain Technology
22’30: Revolutionizing AI with Blockchain: The Strategic Focus of EZKL on Verifiable and Secure Machine Learning
28’18: Connecting Worlds: Bridging Advanced AI and Blockchain Technology for Economic and Computational Efficiency
31’21: Strategic Transparency: Integrating Proofs in Smart Contracts for Trustworthy Investment Strategies
35’44: EZKL Defined: Navigating the Blend of Product, Library, and Framework in Blockchain Proofs
38’48: Blurring Lines: Will Web3 Innovations or Traditional Web2 Enterprises Drive the Future Demand for EZKL?
40’28: The channels used to connect with Jason & learn more about EZKL -
How Affirm built the Buy Now Pay Later (BNPL) industry, with President Libor Michalek
Lex chats with Libor Michalek, the President of Affirm, a buy now, pay later (BNPL) company. Michalek discusses his early experiences with the internet and how it shaped his understanding of technology and its potential in the financial services industry. He explains how Affirm was founded with the goal of building honest financial products that improve people's lives, and how the convergence of e-commerce, mobile technology, machine learning, and access to consumer information enabled the company to create a credit product that aligned with consumer interests. Michalek also discusses the challenges of building a technology-driven finance company, the performance of Affirm's loans compared to credit cards and personal loans, and the company's approach to competition and future growth.
MENTIONED IN THE CONVERSATION
Affirm's Website: https://bit.ly/3Qo2DvI
Libor's LinkedIn: https://bit.ly/4bfsQVk
Topics: fintech, buy now pay later, BNPL, e-commerce, machine learning, loans, credit, credit cards, payments
Companies: Affirm, Thinking Machines Corporation, PayPal, Amazon
ABOUT THE FINTECH BLUEPRINT
🔥Subscribe to the Fintech Blueprint newsletter to stay at the forefront of Fintech and DeFi: https://bit.ly/3hyhlC2
🤝 Partner with Fintech Blueprint through sponsorships: https://bit.ly/3UZllsV
👉 Twitter: https://twitter.com/LexSokolin
TIMESTAMPS
1’00: Internet Pioneers and Business Innovation: Libor Michalek touches on Early Web Experiences
4’56: Digital Transformation and Commerce: Unpacking the Consumer Insights and Technological Advances That Fuelled the E-commerce Explosion
9’18: Beyond Traditional Finance: How Affirm's Founding Insights and Technological Integration Redefined Fintech in the 2010s
13’14: Redefining Credit: Exploring the Consumer Demand for Transparency and Fairness in Financial Products with Affirm
19’04: Integrating Innovation: How Affirm's Unique Approach to E-commerce and Payments Shaped Its Market Strategy
23’47: Machine Learning and Financial Innovation: Launching Affirm's Transaction-Specific Underwriting Models
27’56: Assessing Investment Opportunities: The Risk and Return Profile of Affirm's Customer Loans from an Institutional Perspective
32’11: Empowering Customers: Affirm's Commitment to Transparency and Support in Financial Services
37’42: Leading the Charge: Navigating Competition and Innovation in the Buy Now, Pay Later Market
41’22: Defining Innovation in FinTech: Distinguishing Between Technology-Driven and Finance-First Companies
43’29: The channels used to connect with Libor & learn more about Affirm -
Betterment's path to $45B and beyond, with CEO Sarah Levy
Lex chats with Sarah Levy, CEO of Betterment - the largest independent digital investment advisor. Levy kicks off the conversation by discussing her career journey from working in the media industry to leading a fintech company. Levy explains that she was attracted to Betterment's mission of making people's lives better and saw the potential for growth and scale in the company. She also highlights the importance of brand building and understanding the customer in creating a successful business. Levy discusses Betterment's core products, including its retail robo-advisory service and its 401(k) offering for small and medium-sized businesses. She explains that Betterment aims to be a holistic investing home for its customers, focusing on expanding access and offering more account types and asset classes. Levy also discusses the potential for Betterment to offer self-directed investing options in the future.
MENTIONED IN THE CONVERSATION
Betterment's Website: https://bit.ly/3Uq5gPK
Sarah's LinkedIn: https://bit.ly/4d5aGqJ
Topics: Fintech, embedded finance, banking, investment, RIA, Tax, roboadvisor, advisory, branding, 401k
Companies: Betterment, Nickelodeon, Disney, Viacom, Schwab, Fidelity
ABOUT THE FINTECH BLUEPRINT
🔥Subscribe to the Fintech Blueprint newsletter to stay at the forefront of Fintech and DeFi: https://bit.ly/3hyhlC2
🤝 Partner with Fintech Blueprint through sponsorships: https://bit.ly/3UZllsV
👉 Twitter: https://twitter.com/LexSokolin
TIMESTAMPS
1’10: From Nickelodeon to Betterment: Tracing Sarah Levy's Journey Through Media and FinTech
7’22: Brand Personification and Audience Engagement: Exploring Digital Transformation with a lens on the consumer
13’33: Mission and Brand Resonance: Transitioning Leadership at Betterment
16’50: Initial Impressions and Strategic Directions: Enhancing Betterment's Brand and Services
21’41: Refining FinTech: How Betterment Evolved to Meet the Needs of Modern Investors
24’58: Building Betterment's 401k Business: Strategic Growth and Market Opportunities
34’45: Revamping RIA Economics: Betterment's Innovative Approach to Advisor Services
39’41: Beyond the Super App: Betterment's Strategic Approach to FinTech Diversification
44’12: Focused Growth: Betterment's Strategic Decision to Prioritize Long-Term Investing Over Self-Directed Trading
47’09: The channels used to connect with Sarah & learn more about Betterment -
Powering $2.5T of Private Equity, with Carta Head of Policy Anthony Cimino
Lex chats with Anthony Cimino, the head of policy at Carta - an equity management company that builds the infrastructure for innovators, supporting approximately 35,000 companies, over 2.2 million stakeholders, and more than 5,000 funds. Cimino discusses his background in government and policy in the financial services industry and how he got involved in finance and policy. He explains the role of policy in the fintech industry and the importance of engagement with policymakers. Cimino also talks about Carta's core business of cap table management and valuation services, as well as their fund administration business. He discusses the challenges and opportunities in the private markets industry, including the barriers to entry for investors and the need for more access and standardization. Cimino also mentions Carta's focus on supporting founders and their plans to expand globally. He emphasizes the role of policy in unlocking capital and creating access to private markets.
MENTIONED IN THE CONVERSATION
Carta's Website: https://bit.ly/3U92K0w
Anthony's LinkedIn: https://bit.ly/3J6u5db
Topics: fintech, regulation, policy, private markets, fund administration
Companies: Carta, SEC, Committee on Financial Services
ABOUT THE FINTECH BLUEPRINT
🔥Subscribe to the Fintech Blueprint newsletter to stay at the forefront of Fintech and DeFi: https://bit.ly/3hyhlC2
🤝 Partner with Fintech Blueprint through sponsorships: https://bit.ly/3UZllsV
👉 Twitter: https://twitter.com/LexSokolin
TIMESTAMPS
1’23: From Capitol Hill to Financial Crisis Management: Tracing Anthony's Journey through Finance and Policy
6’24: Building Trust in Turbulent Times: The Crucial Link Between Public Engagement and Policy Formation
10’50: Shaping the Future of Finance: The Essential Role of Stakeholder Engagement in Policy and Regulation
14’50: Digitizing Equity: Carta's Impact on Private Markets and the Future of Financial Infrastructure
20’07: Unlocking Private Markets: Navigating Complexity and Challenging Paternalistic Regulations
24’17: Expanding Economic Opportunity: The Imperative of Broadening Access to Private Markets
27’27: Beyond Data: Carta's Vision for Empowering Founders and Investors in the Private Market Ecosystem
31’50: Tailoring Growth: How Carta Supports Founders from Startup to Public Transition
34’39: Navigating the Terrain: The Dynamics of Private Fund Administration in Changing Economic Climates
38’56: Charting the Future: Carta's Vision for Empowering Founders, Revolutionizing Fund Administration, and Expanding Global Footprints
40’57: The channels used to connect with Anthony & learn more about Carta