Michael Fraccaro’s Post

Wil Suthers and I are presenting at FinTech West's Annual Conference tomorrow on what we've been doing to help build the #FinTech ecosystem here on the South Coast. And there's one key point we'll be making... We don't see the steering group as a steering group - and yes I know that sounds weird as I type it. Instead, we view it as a new startup. Over the last 10 months, we have launched our MVP, gained customer feedback through events and other activities, and regularly iterated on the offering and the impact we seek to deliver. And each member of the steering group isn't just a member. They have specific roles including marketing, operations, comms, sales, stakeholder engagement, finance etc. Just like a regular startup. This makes us much more effective as it gives each of us specific responsibilities and accountability. So how is it going? We'll give you the update at the conference and I'll share the highlights afterwards on LI.

Building a startup is a roller-coaster 🎢 Building a fintech startup is like being on a roller-coaster while trying to solve a Rubik’s cube... in mid-air 🧩✈️ And building fintech in emerging markets? Well, that feels like riding a roller-coaster while laying down the tracks in front of you! 🛤️ Constantly changing regulations, security concerns, market dynamics that shift at a moment’s notice—it can be overwhelming. Sometimes, it feels like you’re fighting battles on multiple fronts just to keep things moving forward. ⚔️ But that's also what makes these markets so full of potential. The opportunities are massive if you can navigate the complexities. 💡 That’s why I’m hosting a fireside chat during SF Tech Week. The goal is simple: to bring together those of us grinding it out in emerging markets, to share the real challenges, and to shine a spotlight on the hard but meaningful work we're doing. 🔦 It’s a chance to be real about what it takes to build in these spaces. If you're around, I'd love to have you there. RSVP here: https://lnkd.in/dqaKGiNH

Last week, we wrapped our 2nd cohort of The Mint, Better Tomorrow Ventures’s fintech focused pre-seed program! Curious about The Mint? Next cohort starts in August - time to apply, or tell your friends! A summary + why we decided to launch the program: The Mint is a 10-week, in-person, structured experience with curated programming & easy access to Team BTV & our network. With resources tailored to each company in the cohort, we offer a focus on whats core to company building, such as product, GTM, or hiring the best talent. Each week, we offer talks, brainstorming sessions, fireside chats, founder-led panels, office hours, and time working IRL with mentors + the BTV team. Within this structure, we encourage founders to make sure their time is spent on whatever their biz needs most that day. The second cohort featured off-the-record fireside chats with CEOs of prolific companies, including Mercury, Albert, Kin, and Lattice. It also featured office hours with seasoned operators from companies such as Affirm, Airbnb, Google, Plaid, and Square. For extra support, we paired each company with a seasoned fintech operator who served as their mentor throughout the program. These mentors helped each company set ambitious targets + met with them weekly to hold them accountable to their progress. Why did we do this? It's a lot of work...But we felt there was a gap in the market for a fintech-specific accelerator & see it as a way to help scale BTV to work with more founders. At BTV, we are creating a platform that is a magnet for fintech talent, so we want to be the first call for people who are thinking of starting fintech companies. We are builders first, and this was our way to double down on what we do best. We’re already planning and accepting applications for the next cohort, which starts in August! Send us your favorite pre-seed founders, or send them here to learn more + apply: https://www.themint.vc/

If you’ll be in Vegas next week for #FintechMeetup, be sure to catch Hans Tung at 10 a.m. PST Monday when he shares his views on how fintech is changing the role of the CFO—and the potential that he sees in a modern software stack. #CFOs #fintech

I think I heard a concerning noise last week - the first death knell of inclusivity being a top concern for Fintechs & VC. Anyone else hearing it? I have been incredibly lucky to have been able over the last year to build a diverse and highly talented team who are charged up to build products that will both better serve the financial needs of households living on low or moderate incomes AND disrupt the entrenched predatory debt system. We were excited to come together at an in-person fintech event in NYC - for many of them it would have been their first introduction to this community. And then we were told by the organizers of the event that we did not “qualify” for the fintech discounted price but instead had to pay the full “financial institution” price. This decision came from an anonymous email. I was sure, as an optimist, that once I explained to a real person our situation they would understand the opportunity that having our group attend their conference would provide to them. I was wrong. I got the same email from the organizer of the event. I believe in the power of grace and steely compassion (thanks to Lucinda J. Garthwaite). I am not naming the event or organizer because they are a product of their environment and I am sure have good reasons for this decision. I have no interest in being responsible for generating more divisiveness. Until the leaders of the fintech ecosystem, ie those with money and power, decide to make diversity a “must have” this will not change. My team will be in NYC on Wednesday, April 10 and would love to meet up at, what are calling, #ALTFintech. If you are a fintech interested in disrupting the financial system so it bends towards economic justice, come join us. We will co-create a day of sharing & learning. Reach out to Christopher Dargin, Theo Vaughn or me and spread the word through your networks. If you hear the #deathknellofinclusion in your networks, I encourage everyone to write about it, with grace and steely compassion.  #financialinclusion #fintechs #fintechstartups #innovation #economicjustice

What happens when the biggest corporate banks meet the smartest fintech startups? At the Telfer Conference on Corporate Finance and Banking I found the answer: striking increases in investment (but not in acquisition) by the banks results in increased collaborations and knowledge transfer. Left alone, these parties may find a way to coexist and grow together! The rest of the presentations were equally interesting, from the surprising incentive effects of executive compensation votes to the stock-price effects of "hyped" technology disclosures. Many thanks to the presenters for sharing their new research, and to Telfer School of Management at the University of Ottawa for hosting such an exciting event.

No single company is going to solve the Cost of Living crisis 🫣 So forming the right partnerships is essential 🤝 Catch22 has a long history (over 200 years!) of supporting impact-led ventures - so we're excited to announce that SuperFi has been selected for its latest programme - GoodTech Ventures 🚀 Through the programme we'll also receive support from the Social Tech Trust, Unity Ventures, Ufi VocTech Trust, Microsoft - as well as our good friends at the Greater London Authority 💂♀️🇬🇧 The next few months are set to be our busiest yet, so if you'd like to learn more about how SuperFi enables bill providers to help their customers stay on top of their bills and out of problem debt - get in touch. #SuperFi #tech4good #FinTech4Good #CostofLivingCrisis #SocialImpact #GoodTechVentures #Catch22 #SocialTechTrust #UnityVentures #UfiVocTechTrust #Microsoft #GreaterLondonAuthority

🙏Thank you to Gerd Weissenboeck and Zelig Technology along with Ali Ramadan and Goodwin for hosting yesterday's "Fintech in Focus" panel discussion along with Kara Byun, Head of Fintech and Venture Investments, HSBC, Lucile CORNET Partner at Eight Roads, and Adam Battersby, Partner at Apis Partners. 🔑 My key takeaways (panel feel free to factcheck!) ⭐️ 2023 was a funding wasteland with high valuations as a hang over from post covid recovery hindering companies getting new investors in. ⭐️ "Good" companies still got funded, but valuations needed to be 'reset' to more realistic pre-covid norms. ⭐️ Investible companies demonstrate a solid grip on their financials, namely growth rate and also a manageable burn rate. High burn rate = investor flight. ⭐️ 'Structured rounds' where new investors are incentivised with preferential treatment over existing investors are to be avoided - it annoys original investors / management who typically now get a worse deal and it makes analysis of an exit painful. "It needs to be the last time you ask for money if you do this" ⭐️ Don't hide your problems as this weakens trust - be upfront about them and how you have a plan to manage / improve. ⭐️ VCs are still skewing toward later stage Series A / B rounds, with expected returns of 3-5x investment, with 5-10 year runways (although can be as low as 4). ⭐️ VCs don't invest without an existing relationship - so even if you are early (not yet generating £10m ARR) it is still worth starting to build relationships now, as trust in team takes months to build ("It could be a 10 year relationship you have to trust each other" - Adam Battersby). My personal takeaway is - I need to go to more events! The relationships you can initiate in person are dramatically better than through zoom calls. Thanks again to all speakers and look forward to continuing the dialogue 😊 #fintech #investment #innovation

UK fintech returns in Q1 2024 start-up funding, hinting at a stabilising investment climate. Despite a minor drop from the last quarter, the Series A scene remains positive. Fintech's appeal extends beyond giants like Monzo, signalling a wider investor interest revival. Emerging hotspots like Edinburgh and Brighton join London, diversifying the UK's start-up ecosystem - from quantum computing to life sciences. With VCs returning to the market with interest, it's intriguing to ponder the potential opportunities in store for innovative UK start-ups. Amid lower inflation and steady interest rates, cautious optimism permeates the market, though IPO and M&A activities remain subdued. It's time to watch how sectors like #Climatetech, #Quantum, #AI, and #Biotech dominate the investment landscape.

The Fintech Times Edition 58 - Friendship Meets Finance 💷 The concept of group payments has always been more than just financial - it's about shared experiences and connections. Yet, despite the technological advances in finance, paying together often involves unnecessary hassle. 💷 We sat down with Elena Churilova, CEO and co-founder of Cino is tackling this issue and how group payments can simplify expense sharing for Gen Z. "As a young startup, we live by perseverance and empathy. We like to innovate through creativity and purpose - always with our main focus on our present and future users." Read more: https://lnkd.in/eF9Z2r4S