Fintech Insider Podcast by 11:FS
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00:33:14 · Benjamin Ensor
[00:33:14] S0: Welcome back. Before we get into the second half of the news, a quick note to go and check out our most recent FinTech Insider Insight Show. Our chief executive, David Embria, is joined by ElevenFS's deputy chief executive, Jason Bates, to discuss the concept of fast following. They unpick what they mean by a fast follower and how, when, and why it's an appropriate strategy, but also when it's not. Is it always a bad thing? How can you get it right? What pitfalls to avoid getting it wrong, and what is the impact on the end customer? Listen to our latest Fintech Insider Insights and find out. So go check out that episode in our podcast feed. It should be the one just below this. Let's get back into the news. So Money twenty twenty has announced the launch of Twentyfold. This was announced at its own event in Las Vegas last week. Money twenty twenty is planning to launch a new platform to connect fintech professionals with investment and partnership opportunities. Twentyfold will be available to all Money twenty twenty customers with plans to roll out commercially to the rest of the industry. The platform believes its powerful discovery engine will enable more valuable connections more easily and improve the deal making workflow. It also boasts its own AI chatbot, aptly named Fin, to provide real time support to users. When the app launches in January 2024, over 80,000 fintechs will be listed and profiled. Maybe I'll come to you, Jeremy, first as someone launching a new FinTech. Is something like this needed? Do people need an app to connect better within the FinTech industry? What do you think?
00:34:47 · Jeremy Balkin
[00:34:47] S4: Well, so having just been at twenty twenty in Las Vegas, I will say that what separated this year from probably the previous ten years that I've been there is how the ecosystem, the conference, the community has evolved into not only launching this, but some other, I think really value added differentiators with the Money twenty twenty community, aligning the disruptors with the incumbents, the investors, the banks, all the different pieces of the ecosystem. I think this is much needed. I think different communities do things differently. I would say that this has been the missing piece for Money twenty twenty in many ways. They also announced a startup network where they handpicked five or six companies that they sort of have selected as sort of changing the various verticals within FinTech and payments. Today, And they happen to be one of them by coincidence. But I think it just shows how innovative Scarlett and Zach and the whole team have been to recognize the power of community, and they were really the first. And so what new evolution of that interaction can the conference not just be like three days of the year, it can live on for three sixty five days in a medium, whether it's through the app, through the chatbot, through the AI, through the connectivity to make this a living, breathing solution that adds value to all aspects of ecosystem, I think makes a ton of sense. And I'm glad that they're launching that sooner rather than later before somebody else does.
00:36:20 · Benjamin Ensor, Pranav Sood
[00:36:20] S0: So obviously it's good for money 2020, otherwise they wouldn't be doing it. I suppose the question is, is it good for everybody else? You're obviously a fan. Pranav, what do you think? [00:36:30] S3: I don't know. I mean, I feel like there are so many of these sorts of things where people pull together lists of of companies of various sorts and, connect, you know, connect the dots or offer to connect the dots between them. I think what Money twenty twenty have done over the last few years is incredible. I wasn't at LA this... Vegas this year, excuse me, but I was in in Amsterdam, and and we had, you know, big presence at both. But I also... I feel like I've got a little bit of fatigue of people wanting to connect people in fintech. So so sorry if I'm being the, the naysayer. [00:37:04] S0: Well, let's see where where where Kate is.
00:37:06 · Kate Moody
[00:37:06] S2: I suppose I'm interested because, know, we have lots of conversations with clients about various different platforms or platform plays. And I suppose the issue that you always have is about, you know, you've got two sides of the coin and you have to, in order for it to be feasible or attractive, you've got to get somebody, at least one of those sides onto the platform quite quickly in bulk. And so I suppose the thing I find interesting about this is the fact that they are saying that they're going to have 80,000 fintechs listed from day one, which obviously they're able to do because they've got this community, they've got all these registrations from from their conferences. So, yeah, I think it's I think it is interesting. I'm intrigued to kind of see how it plays out. I suppose the thing that I'd love to find out more about is, I suppose, what that value exchange is going to be really like on both sides, both the fintechs looking to find partnerships and also for the people looking to invest. I think when we've seen some of these platforms really take off is when they've provided really interesting analytics above and beyond just the straight matchmaking capabilities. So, you know, if you're a FinTech looking at partners, like what can you see about their profile, their portfolio, how long do they invest, know, what are their results and vice versa? Like actually, what are the metrics that partners can see? How can they compare one FinTech to another? And just sort of getting that initial connection right is really interesting, but also what they choose to do with the underlying data beneath that. So yeah, really, really hoping that I can speak to somebody once it's launched in January to find out a bit more about like what the actual experience is like of using it and would be keen to get like an investor perspective as well, because we have lots of really, really great leads who come onto the show from different investors who specialise in FinTech. I assume they put a lot of time and effort into building that specialism. So does something like this undermine them or does it see they see it as something that makes their lives easier? So I'm really keen to get that perspective too.
00:38:58 · Benjamin Ensor
[00:38:58] S0: One of my concerns is always about anything that's so any kind of content that's behind a walled garden that becomes inaccessible and that you start getting a sort of exclusive network that other people can't access. Money in 2020 is expensive, Going to 2020 costs a fair amount of money. Now obviously lots of people go and lots of people say that's a worthwhile investment because it is tougher if you're, let's say you're between jobs or let's say you're relatively junior and you're just starting out in your career. You can't get to 2020 because you probably can't get the budget and you maybe you can't afford it. And so I suppose one of my big questions is, well, who's gonna be able to use 20 fold? Is this gonna be open to everybody? Or do you have to be a money twenty twenty attendee? Do you have to have a certain sum of money? And does that mean that actually, people setting up FinTechs, people with great ideas who maybe, sorry, Jeremy, don't have as good, stronger reputation in network as someone like you already had. Does that make it harder for founders? Does that make it hard for founders from outside the industry? People trying to get in from retail? Is it a good thing to have a closed community?