Collision 2015 - Max Levchin of Affirm with Steve Bertoni of Forbes
summary
Company raises $275 million mix of debt and equity and plans to put most of it to work lending at the point of sale, not marketing. Claims 60–66% of millennials lack credit cards and builds credit products for online and offline retail plus lending at educational point of sale for bootcamps and training. Notes backend payment stacks still run like 1975 COBOL, expects NFC adoption but sees the real battle in software, predicts interchange caps kill card reward economics and says blockchain tech matters more than Bitcoin.
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chapters (12)
- 0:00Raising $275M for Affirm
- 1:05Millennials and financial trust
- 3:37Building a trustworthy bank
- 5:26Expanding credit products
- 6:50Reinventing credit cards
- 8:37Legacy banking software flaws
- 9:39Apple Pay and payment innovation
- 10:41Mobile banking necessity
- 11:46Advice for fintech startups
- 13:51Banks innovating well
- 15:15Future of rewards and payments
- 18:10Bitcoin and blockchain tech
