A lot of fintechs have to fix their business models, say VCs who invest in fintechs TechCrunch

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  • A lot of the usage is still there, but some of the fundamentals need to be shifted.” (Many outfits, for example, spent too heavily on marketing, or right now face rising delinquency costs, having used comparatively loose underwriting standards compared with some of their traditional counterparts.
  • That’s where I think there is a lot of opportunity in 2023.”If you’re a fintech founder, investor, or regulator, you might want to catch the full conversation — which also touches on regulation, talent in the industry, and crypto — below.
  • Said Albergotti, “They don’t really have 4 million customers.”Williams agreed, but said there are positives and negatives for fintechs right now.
  • On the positive side, she said, “from a consumer standpoint, it’s still rather early days” for fintech startups.
  • “Certain sectors of financial services are going to have a brutal year ahead,” she said, “and in particular lending.
  • “PayPal is down.” He brought up Frank, the college financial aid platform that was acquired by JPMorgan in the fall of 2021 by blatantly lying to the financial services giant about its user base.
In recent years, working for, or banking with, a traditional financial institution was decidedly uncool. Far cooler was working for or banking with one of the many fintech startups that seemed to thu [+4638 chars]