DeepSummary
The transcript is an interview with Drew Glover, General Partner of Fiat Ventures and Founding Partner of Fiat Growth, a growth consultancy helping to scale fintech companies. Drew discusses his journey into fintech and marketing, starting from his upbringing in a civic-minded family to realizing he wanted to make money while also creating positive impact. His company, Fiat Growth, acts as an outsourced growth team for fintech companies, handling everything from marketing technology infrastructure to partnerships and paid channels.
Drew talks about the challenges early on of implementing changes they knew would work but facing resistance, emphasizing the importance of having a seat at the executive table and access to clean, organized data from all departments. He also discusses Fiat Ventures, their $25 million fund focused on emerging fintech companies, and how they leverage their operational experiences from Fiat Growth to thoroughly vet potential investments.
The conversation delves into how different generations, particularly Gen Z, approach money and risk differently. Drew believes teaching risk assessment will be crucial as younger generations become more entrepreneurial and risk-taking with money. He also discusses the fine line between providing accessible financial products and being predatory, stressing the need for regulation as new markets emerge.
Key Episodes Takeaways
- Executive buy-in and access to clean data across departments are crucial for implementing effective growth strategies at fintech companies.
- Understanding generational differences in attitudes towards money and risk assessment is key for building successful fintech products.
- There is a fine line between increasing access to financial products and predatory practices that must be carefully navigated.
- Operational experience can provide valuable insights for vetting potential fintech investments.
- Thorough due diligence is essential, especially in more frenzied investment environments.
- Teaching financial literacy to younger generations will be important as they become more entrepreneurial and risk-taking with money.
- Regulation will play a major role in the development of new, innovative financial markets and products.
- Fintech innovation should strive to increase access responsibly while avoiding exploitative practices targeting vulnerable communities.
Top Episodes Quotes
- “One of the biggest challenges is, especially early on, is we'd be trying to make change, positive change, change that we knew that would work because we'd seen it happen before in previous companies in similar industries, and it was just tough to move it.“ by Drew Glover
- “I'm a big believer that the short term rental market is going to continue to grow over time, and that is a less risky investment than you going and investing in a card.“ by Drew Glover
- “Frankly, I like now, but I'm telling you, like, it's, it was a little bit fun in the wild west, but it was, it didn't make my life easier, I'll tell you that.“ by Drew Glover
- “There's a very fine line between making providing a type of access, it actually becomes predatory to communities.“ by Drew Glover
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Episode Information
The Consumer VC: Venture Capital I B2C Startups I Commerce | Early-Stage Investing I Brands
Mike Gelb
10/26/23
Today’s episode we focus on the wonderful world of consumer fintech and our guest today is Drew Glover, General Partner of Fiat Ventures and Founding Partner of Fiat Growth. Fiat Growth is a growth consultancy helping to scale some of the largest fintech companies out there - Chime, Lemonade, Copper. They decided to launch a VC fund that focuses on emerging fintech companies.
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