Fintech Confidential podcast

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On August 20th, 1989, Lyle and Erik Menendez shot and killed their own parents. Until then, this Beverly Hills family had been a portrait of the American Dream. How did it go so wrong? To listen to all four episodes of 'The Menendez Brothers' right now and ad-free, go to IntoHistory.com . Subscribers enjoy uninterrupted listening, early releases, bonus content and more, only available at IntoHistory.com . If you or someone you know is in crisis, there is free help available at mhanational.org Learn more about your ad choices. Visit megaphone.fm/adchoices…

Fintech Confidential

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Entertaining information focused on Fintech industry insights, market trends, news, and life stories from Fintech leaders, thinkers, and doers.

103 episoder

#Business News #Business #News #Tech News #Tedd Huff

Fintech Confidential

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Entertaining information focused on Fintech industry insights, market trends, news, and life stories from Fintech leaders, thinkers, and doers.

103 episoder

#Business News #Business #News #Tech News #Tedd Huff

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In this episode of FinTech Confidential’s Leaders One on One series , Tedd Huff and Rodney Williams, co-founder and president of Solo Funds, tackle key topics impacting the fintech world. The conversation explores the challenges and opportunities within the industry, providing listeners with fresh insights into financial technology and the evolution of lending models. One of the central discussions revolves around the exodus of fintech founders . With many industry leaders leaving for other sectors, the conversation sheds light on the tough realities of fintech today. Increased regulatory scrutiny and a lack of investor enthusiasm are driving founders to seek opportunities outside the fintech space. Tedd and Rodney discuss what this means for the future of the industry and how remaining resilient is crucial for fintech entrepreneurs. A major theme is how Solo Funds is disrupting traditional lending models , particularly payday loans. By allowing borrowers to set their own loan terms, Solo Funds gives users control over their financial decisions. This borrower-first approach is a stark contrast to payday loans, which often come with high fees and rigid repayment schedules. By focusing on flexibility and transparency, Solo Funds is transforming the way underserved communities access financial resources. Another important topic is the role of transparency in building trust . The conversation highlights how Solo Funds provides borrowers with clear, upfront information on what others have paid for loans, ensuring users make informed decisions without hidden fees. This transparency not only increases borrower trust but also leads to better financial outcomes, including lower default rates. For fintech companies, transparency is presented as a key factor in earning user loyalty and reducing risk. A recurring issue in the fintech space is the challenge of regulatory compliance . Rodney and Tedd explore how fintechs often face unclear regulations, creating roadblocks for growth. They emphasize the importance of fintech companies educating regulators and working closely with them to create a framework that supports innovation while ensuring compliance. The conversation points out that navigating the legal landscape is one of the most significant challenges for fintech startups, making collaboration with regulatory bodies a necessity for long-term success. The episode also dives into the financial realities of launching a fintech company . Compliance and regulatory approval come with hefty costs, often in the millions, which can be a barrier for new entrants. For entrepreneurs looking to start a fintech business, understanding these hidden costs is essential. The discussion stresses that having financial backing and careful planning are critical for startups hoping to break into the competitive fintech market. A key highlight of the conversation is Solo Funds’ status as a certified B Corporation , reflecting its commitment to social impact. Unlike profit-driven corporations, B Corps must meet high standards of social and environmental performance. This certification sets Solo Funds apart as a company focused on financial inclusion and empowering underserved communities. The conversation emphasizes how aligning business with a social mission can differentiate a company in a crowded fintech space. An intriguing part of the discussion focuses on how Solo Funds empowers borrowers to become lenders . The platform not only helps borrowers access funds but also enables them to transition into lenders themselves over time. This unique model promotes long-term financial independence and provides a sustainable solution for users. The conversation illustrates how this approach fosters a cycle of empowerment, positioning Solo Funds as a model for creating financial autonomy. A key takeaway for listeners is the importance of purpose-driven business strategies . Rodney emphasizes that staying committed to a core mission—such as providing financial access to underserved communities—can help companies navigate challenges and thrive. Tedd echoes this sentiment, underscoring the growing trend of fintech companies prioritizing social impact and purpose alongside profitability. For fintech entrepreneurs, aligning business goals with personal values is presented as a strategy for long-term success in an increasingly competitive industry. Throughout the episode, Tedd and Rodney provide a comprehensive view of the current state of fintech , touching on regulatory challenges, financial transparency, and mission-driven business. Whether you are an entrepreneur, investor, or simply interested in fintech, the conversation offers valuable insights into the opportunities and obstacles shaping the future of financial technology. Key Highlights Why Are Fintech Founders Leaving for Netflix? Many fintech founders are leaving the industry, moving to companies like Netflix due to declining interest and increasing regulatory challenges. Rodney Williams highlights how these difficulties have shifted focus away from fintech and led entrepreneurs to seek opportunities elsewhere. The Secret to Solo Funds' Borrower-Controlled Lending Solo Funds introduces a unique approach where borrowers have full control over their loan terms. This borrower-driven model includes decisions on loan amounts, repayment schedules, and fees, resulting in lower default rates compared to traditional lending methods. How Solo Funds Outperforms the S&P 500 Lenders on Solo Funds enjoy annual returns exceeding 20%, outperforming the average S&P 500 return. The platform enables individuals to earn by lending small amounts to those in need, creating an accessible and profitable investment opportunity for everyday people. The Role of Transparency in Fintech Success Transparency plays a vital role in Solo Funds, allowing borrowers to view payment histories and loan terms from other users. This open approach builds trust, reduces default rates, and empowers borrowers to make informed financial decisions. Why Regulators Struggle with Fintech Fintech companies like Solo Funds face challenges when dealing with regulatory bodies due to a lack of clear guidelines for new financial products. This absence of regulation often stifles growth, forcing fintechs to adapt within an uncertain legal framework. The Real Cost of Starting a Fintech Company Starting a fintech company involves significant hidden costs, including compliance and regulatory approval expenses. Rodney Williams points out that securing sufficient financial backing is essential to overcome the barriers to entry in today’s market. Why Solo Funds Is More Than a Lending Platform Solo Funds is designed to foster financial autonomy for underserved communities. By allowing borrowers to become lenders over time, the platform encourages a cycle of financial empowerment and self-sufficiency. What It Means to Be a Certified B Corp in Fintech Solo Funds stands out as one of the few fintech companies certified as a B Corporation, reflecting its commitment to social impact. This certification aligns with its mission to provide fair, community-focused financial services, setting it apart from traditional financial institutions. How Solo Funds Keeps Default Rates Low Solo Funds maintains low default rates by giving borrowers control over their loan terms. This system fosters accountability and financial responsibility, contributing to a more reliable and successful lending process. Why Fintech Is Starving for Funding The fintech sector is experiencing a funding drought, with venture capitalists pulling back investments. This lack of financial support is forcing many fintech companies to shut down, highlighting the growing challenges within the industry. Takeaways 1️⃣ Stop Letting Lenders Control the Terms Solo Funds shows that giving borrowers control over their loan terms reduces defaults. Allowing borrowers to choose how much they borrow and when they repay leads to greater accountability and financial responsibility. 2️⃣ Boost Returns with Peer-to-Peer Lending Solo Funds provides lenders with a way to earn higher returns than traditional markets. By lending small amounts, everyday individuals can see significant growth in their earnings compared to other investment options. 3️⃣ Tackle Regulatory Hurdles with Empathy Rodney emphasizes the importance of fintech companies working with regulators, not against them. By understanding the limitations regulators face, fintech companies can foster better cooperation and create smoother pathways for growth. 4️⃣ Cut Startup Costs by Planning for Compliance Fintech startups must factor in the high costs of compliance and regulation from the start. Planning for these expenses early can help new companies avoid unexpected financial roadblocks down the line. 5️⃣ Turn Borrowers into Lenders for Long-Term Growth Solo Funds empowers borrowers to eventually become lenders. This approach not only helps individuals become more financially independent but also strengthens the platform's overall community by keeping capital within the system. Links: Rodney Williams LinkedIn Profile: www.linkedin.com/in/rodneybwilliams Instagram: instagram.com/rodneybwilliams X : https://x.com/rodneybwilliams SoLo Funds Website: https://solofunds.com LinkedIn: linkedin.com/company/solo-funds Facebook: facebook.com/SoLoFundsInc Instagram: instagram.com/solofunds Fintech Confidential : Listen: https://fintechconfidential.com/listen Subscribe: https://fintechconfidential.com/access LinkedIn: https://www.linkedin.com/company/fintechconfidential X: https://x.com/FTconfidential Instagram: https://www.instagram.com/fintechconfidential Facebook: https://www.facebook.com/fintechconfidential Supporters Under: Transform Your Merchant Applications with Under. The Under platform revolutionizes the way ISOs handle merchant applications, offering a seamless transition to digital forms. Say goodbye to outdated processes and hello to efficiency. Discover the future of financial applications at https://under.io/ftc LoanPro: As default rates continue to rise and margins compress in lending, financial organizations are searching for solutions that combine operational efficiency with innovation. Look no further, as LoanPro allows lenders to enhance their origination, servicing, collections, and payments using the foundation of a modern lending core. Check out https://loanpro.io/demo to learn how 600+ financial organizations have modernized their tech stack with LoanPro. Skyflow, the leading data privacy platform trusted by top financial institutions. Protect your customers' data with Skyflow's innovative solutions. Get started at www.skyflowsecure.com HAWK: A game-changing approach to compliance. With real-time monitoring, adaptive learning, and advanced AI, it cuts false positives, simplifying your compliance efforts. Upgrade your surveillance with ease. Visit https://gethawkai.com for more intelligent, more effective compliance. Timestamps: 03:52 Rodney's Journey in Fintech 04:08 Rodney's Journey from Procter & Gamble to FinTech 05:01 Listener: The Early FinTech Venture 09:08 Inspiration for Creating Solo Funds 13:13 Lessons Learned from Previous Ventures 17:35 Solo Funds' Mission and Impact 22:27 Transparency and Borrower Choice in Solo Funds' Model 24:41 Overcoming Skepticism: The Early Days 25:39 Empowering Borrowers: Transparency and Control 27:08 Regulatory Challenges and FinTech Evolution 29:37 Navigating Regulatory Challenges in Fintech 32:41 The Cost of Starting a FinTech 38:34 B Corp Certification and Doing Good in Fintech 41:25 The Future of Solo Funds and the Fintech Market 44:20 The Importance of Purpose in FinTech 45:36 Final Thoughts About: Guest Rodney Williams: Rodney Williams is the Co-founder of SoLo Funds, the largest community finance platform in the US. Since 2018, SoLo has surpassed 1M loans funded and redefined access to capital and returns for 1.5 million users. As the U.S.’s only Black-led Certified B Corp fintech, SoLo continues its leadership, grounded in the hope and mission of building a community that enables financial autonomy for all. Before founding SoLo, Rodney founded LISNR and led the company to over $40M in funding, numerous awards, and partnerships across retail and financial services. Rodney’s career began at Procter & Gamble in brand management, where he was a catalyst in the company’s digital strategy and social media initiatives. He has received numerous awards, including Ad Age’s 40 Under 40 in 2012 and the Cannes Gold Lion award in 2015. Rodney is a graduate of West Virginia University and Howard University and a member of the 2019 Class of Henry Crown Fellows within the Aspen Global Leadership Network at the Aspen Institute. SoLo Funds: SoLo is the largest Black-owned personal finance app and the only Black-owned Fintech B-Corp that offers a peer-to-peer lending marketplace rooted in community, based on the idea of “people helping people.” This is also known as community finance. Host: Tedd Huff: Tedd Huff is the Co-Founder of Voalyre, and the President & Founder of Diamond D3, a professional services consulting firm focused on global payments and marketing. He is also a video podcast host and producer of Fintech Confidential. Over the past 24 years, he has contributed to FinTech startups as an Advisory Board Member, Co-Founder, and Chief Experience Officer, providing strategic and tactical direction for Global Payments OpenEdge, Heartland Payments, Nuvei, and TSYS, among others, focusing on growth while delivering innovation, process improvements and user experience-driven value to simplify the complexity of payments. Diamond D3, Media: A media creation, management, and production company delivering engaging content globally…

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Empowering Women, Erasing Student Debt - Michelle Tran Leading at Summer & NYC Fintech Women 43:59

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In this episode of Accrued, Tedd Huff and Colton Pond welcome Michelle Tran from Summer. Their discussion tackles some of the most important topics in fintech today. The focus is on real-world problems and practical solutions, making the conversation both relevant and accessible to anyone interested in finance. One of the major topics is the $1.7 trillion student loan crisis. The group dives into how this debt disproportionately impacts minorities and women and examines how companies like Summer are stepping up to guide borrowers through government programs. These programs can help reduce or even forgive student loans, offering significant relief. The discussion highlights the real impact on individuals, showing how targeted support can change lives. The importance of financial wellness in the workplace is another key area of discussion. The group underscores that more companies are recognizing the need to support their employees’ financial health. With a large portion of the workforce burdened by student loans, effective financial wellness programs are becoming essential. These programs don’t just ease financial stress—they contribute to a more satisfied and productive workforce, which benefits everyone involved. When it comes to challenges faced by women in fintech, the conversation turns to visibility and funding. The group addresses the ongoing struggle for women to gain recognition and secure the necessary resources to succeed in the industry. They discuss the importance of initiatives that amplify the achievements of women, ensuring they get the opportunities they deserve. These efforts are crucial in building a more inclusive fintech industry. The discussion also covers the significance of being a certified B Corporation. This certification isn’t just about status—it reflects a company’s commitment to doing business in a way that benefits society. For companies like Summer, this means designing products and services that genuinely help people manage their financial challenges, rather than just focusing on profit. Regulation in fintech is another topic that gets a thorough examination. While regulation is often viewed as a hurdle, the group argues that it can push companies to improve their processes and better serve their customers. They explore how simplifying access to government programs can make a significant difference for borrowers, turning what might seem like a challenge into an opportunity for better service. Finally, the group looks at the future of financial literacy and social responsibility, particularly in the workplace. They agree that employers will increasingly play a critical role in helping employees manage their finances, whether it’s through saving for retirement or paying down student loans. This approach not only benefits employees but also leads to a more engaged and productive workforce. This episode of Accrued offers clear insights into the challenges and opportunities within fintech. Through a well-rounded discussion, Tedd, Colton, and Michelle provide valuable perspectives on how to address financial issues and promote diversity in the industry. Key Highlights The Hidden Impact of Student Loans on Minorities Student loans affect everyone, but did you know minorities and women face the biggest burden? In this segment, Michelle Tran explains how Summer helps these groups by lowering or even erasing their debt. Learn how technology can make a difference in people’s lives by reducing financial stress and offering a clearer path to financial freedom. Why Financial Wellness at Work Matters More Than You Think Financial stress isn’t just a personal issue—it affects job performance too. Michelle Tran discusses why companies should care about their employees’ financial health. By offering wellness programs that help manage debt, companies can create a more productive and satisfied workforce. Discover the benefits of focusing on financial wellness in the workplace. The Challenge of Funding Female Founders Ever wondered why so few female founders get funding? Michelle Tran sheds light on this issue and shares how NYC FinTech Women is working to change the game. Through networking and recognition, this organization is helping women gain the visibility they need to secure investment and grow their businesses. How Summer Simplifies Student Loan Forgiveness The process of getting student loans forgiven can be complicated, but Summer makes it easy. Michelle Tran explains how the company uses technology to streamline the application process, helping borrowers access the benefits they deserve. Find out how Summer is saving people thousands by making loan forgiveness more accessible. Certified B Corp: What It Means for You What does it mean for a company to be a certified B Corporation? Michelle Tran breaks down how this certification ensures that Summer is committed to making a positive impact, not just profits. Learn why being a B Corp matters and how it benefits both the company and its customers. Real-Life Success Stories from Summer Want to hear how Summer is making a real difference? Michelle Tran shares inspiring stories of people who have significantly reduced or even eliminated their student debt thanks to Summer. These success stories highlight the power of financial wellness and the importance of accessible loan forgiveness programs. Why Regulation Can Be Good for Fintech Regulation often gets a bad rap, but Michelle Tran argues that it can actually drive progress. By pushing companies to comply with strict rules, regulation encourages innovation in areas like financial services. Find out how regulation has led to new solutions that make it easier for people to manage their money. AI in Fintech: More Than Just a Buzzword Artificial intelligence is often misunderstood, but it has real benefits, especially in fintech. Michelle Tran talks about how AI is being used to personalize financial services and make them more efficient. Learn how AI can help you manage your finances more effectively by providing tailored advice and simplifying complex tasks. The Future of Financial Literacy: Employers Take the Lead Who will teach us about money in the future? Michelle Tran believes employers will play a bigger role in financial education. By integrating financial planning tools into the workplace, companies can help their employees make better financial decisions. Discover how this approach can benefit both employees and businesses. NYC FinTech Women: More Than Just a Meetup NYC FinTech Women started as a small group but has grown into a community of over 15,000 members. Michelle Tran explains how this organization is empowering women in fintech by offering opportunities for networking, learning, and career advancement. See how this community is making a difference in the lives of women in the industry. Takeaways 1️⃣ Join Power Networks Like NYC FinTech Women Want to fast-track your fintech career? Get involved with communities like NYC FinTech Women. These groups are goldmines for networking, career tips, and insider support that can push your career to the next level. Don’t miss out—join today! 2️⃣ Secure That Funding: Be Bold and Get Noticed If you’re a female founder, don’t let funding challenges hold you back. Get aggressive with your networking, target female-friendly investors, and use platforms that spotlight women entrepreneurs to boost your chances of landing that investment. 3️⃣ Double Your Money: Ask About Student Loan Perks Is your employer offering to match your student loan payments with 401k contributions? If not, it’s time to bring it up! This simple move could grow your retirement savings while you pay off debt—talk to your HR today. 4️⃣ Get Paid What You Deserve: Ask for That Raise Tired of being underpaid? It’s time to step up. Do your homework, know your worth, and confidently ask for the raise you deserve. A bold ask could mean a big boost to your income. 5️⃣ Crush Financial Stress with Fintech Tools Don’t let money worries weigh you down. Use fintech apps to budget smarter, save more, and knock out debt faster. Take charge of your finances and see how it transforms your peace of mind. Links: Michelle Tran LinkedIn: www.linkedin.com/in/michellektran Summer: Website: www.meetsummer.com LinkedIn: www.linkedin.com/company/savewithsummer NYC FinTech Women: https://nycfintechwomen.com Fintech Confidential YouTube: https://fintechconfidential.com/watch Podcast: https://fintechconfidential.com/listen Notifications: https://fintechconfidential.com/access LinkedIn: https://www.linkedin.com/company/fintechconfidential Instagram: https://www.instagram.com/fintechconfidential Facebook: https://www.facebook.com/fintechconfidential Supporters LoanPro: As default rates continue to rise and margins compress in lending, financial organizations are searching for solutions that combine operational efficiency with innovation. Look no further, as LoanPro allows lenders to enhance their origination, servicing, collections, and payments using the foundation of a modern lending core. Check out loanpro.io/demo to learn how 600+ financial organizations have modernized their tech stack with LoanPro. CheckAlt: a game-changer in the financial world: ClearingWorks. Simplify your financial management with a one-stop solution for all your AR needs and with a single login. Intrigued? Visit https://clearingworks.com to schedule your demo today. Skyflow, the leading data privacy platform trusted by top financial institutions. Protect your customers' data with Skyflow's innovative solutions. Get started at www.skyflowsecure.com Under: Transform Your Merchant Applications with Under. The Under platform revolutionizes the way ISOs handle merchant applications, offering a seamless transition to digital forms. Say goodbye to outdated processes and hello to efficiency. Discover the future of financial applications at https://under.io/ftc HAWK:AI - A game-changing approach to compliance. With real-time monitoring, adaptive learning, and advanced AI, it cuts false positives, simplifying your compliance efforts. Upgrade your surveillance with ease. Visit https://gethawkai.com for more intelligent, more effective compliance. About: Guest Michelle Tran: Michelle Tran brings over 15 years of expertise in enterprise sales and partnerships with notable roles at BlackRock, Apex Clearing Corporation, Harness Wealth, and Vestwell. Currently, she holds the position of Head of Commercial at Summer. Michelle is not only a fintech powerhouse but also the founder of NYC Fintech Women, a vibrant community of over 12,000 women in fintech across the greater New York area. Her contributions have earned her recognition as one of FinTech Magazine’s Top 100 Women in Fintech . Summer: Summer partners with financial institutions and employers to empower their populations to reduce education costs and student debt through proven technologies, policy expertise and human support. Founded in 2017 by industry experts, Summer’s mission is to alleviate student loan debt for 46 million borrowers by providing leading solutions for college cost planning, automated enrollment for loan assistance plans, tuition assistance, student loan contributions and retirement matching, and emergency savings. Summer is a certified B Corporation. NYC FinTech Women: NYC FinTech Women is an organization with more than 10,000 members across startups, traditional finance, and VCs. Our mission is to connect, promote, and empower women to advance their careers in FinTech. We fulfill our mission through hosting events, featuring women in FinTech Female Fridays and the Inspiring FinTech Females annual list, showcasing FinTechs in our Fireside Chat Minute, and providing a job board, #HireHer. Hosts: Tedd Huff: Tedd Huff is the Co-Founder of Voalyre and the President & Founder of Diamond D3, a consultancy renowned for its expertise in global payments and marketing. With over two decades of experience in FinTech, Huff has played a pivotal role in shaping the industry through his contributions to various startups and established companies, focusing on growth, innovation, process improvements, and enhancing user experience in the complexity of payments. Colton Pond: Colton Pond is a seasoned marketing executive with a strong fintech and financial services background. In his latest role, Colton is the CMO for LoanPro's API-first lending platform, aiming to meet the increasing market demands. His track record includes a significant tenure at Truv, where he led the marketing team to achieve a 300% growth in year-over-year revenue. Colton has also held key marketing and sales positions at MX, Lucid, and HealthEquity, demonstrating his ability to drive success and innovation within the fintech sector. DD3, Media: DD3 Media is a media creation, management, and production company delivering engaging content globally…

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